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Hr, .. -•09 ~;l fF31) ! ~5 ERG:~TiER • JAN-05-2001 FRI !0 iii Ali TEL:Bda"9~291G FAK N0. Insurance Company, the Reinsurer shall be liable for no more than U.S. $13t1,464,476 Ultimate Net Loss inclusive of all Expenses and Costs by reason of entering ir;to this P,ainsuranca. In respect of Frcntler Pacific, the Reinsurer shall be liable for no more than U.S. $47,089,799 Ultimate Net Loss inclusive of all Expenses and Costs by reason of entering into this Reinsurance. The sublimity set forth. in this paragraph are a part of and subject to the Aggregate Limit of Liability of U.S. $858.554,275. All paymerrts made by Reinsurer in respell of either Reinsured, whether made before, on, or after the date of this Endorsement No. 1, shall serve to erode the Aggregate Limit of Liability. 3. The Reinsureds shall pay to the Reinsurer a premium of $21 million (Untied States Dollars twenty-ane million) in consideration of the Reinsureds agreemem to include Frontier Paafic as a Reinsured under the Agreement. With respect to Frontier Pacific, references to "Effective Date" in the Reinsurance Agreement are understood to be to October 1, 2000. Such premium payment shall be payable as of October 1, 2000, and shall accrue interest at the rata of 3 month U.S. Treasury Securities in effect as of September 30, 2000. Payment of the premium due under this paragraph 3 shall be made in accordance with paragraph 9 below. 4. The Reinsureds and Reinsurer agree that, as the Reinsureds' surety business is in run-off, in consideration of the payment by each Reinsured of the Surety Premium, the Reinsurance Agreement shall provide coverage to the each Reinsured in respect of its surety business so that such business is included within the definltton of Covered Liabilities in the Reinsurance Agreement, It Is expressly understood that the Reinsureds' surety business as referenced herein does not indude their respective bail and appeal bond business. his furthermore expressly understood that certain bands are continuous in nature end will generate premium until exonerated. The deflnitlon of Covered Liabilities will include ail required renewals and extensions o} such bonds. his furthermore expressly understood and agreed that, with respell to the surety business referenced herein, Artide 3, Exclusions, section (E) is amended to provide an exception for the surety business. By execution of this Endorsement, any subject surety bond in-force as of December 31, 2000, and any subsequent extension or renewal thereof which the Reinsured is required to provide, shall be reinsured hereunder regardless of the date on which a loss is deemed to have occurred, been reported or discovered. The Surety Premium shall be payable in accordance with paragraph 9 below end by each Reinsured in the following amounts: For Frontier: the sum of 531,464,476 payable as of July 1, 2000, together with interest thereon From July 1, 2000 Page 3 F.U04 F• 04 _.; ~t= „--~ _;..~ ,•: :~ LE r' - - ^; _~ : . ~.. M.. .._ :~` ~ ~. .~- rr+.s_ .,~ :~` :,,,.,:z.;. .:. ~- M ..,.~.y -. ~'~.` ...:; . ,._ :. r: `....~~a ,. ts; f o