OPINION OF THE COURT
AMBRO, Circuit Judge.
In 1980 Pacific Employers Insurance Company ("PEIC") purchased a certificate of reinsurance (the "Certificate") from Constitution Reinsurance Corporation ("Constitution"), the predecessor of Global Reinsurance Corporation of America ("Global"). In this case, one sentence from that Certificate stands in the spotlight. That sentence reads, "As a condition precedent, the Company [i.e., PEIC] shall promptly provide...
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