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.. '•ian. -'J9' U liFRI l 16:46 FRG:\TIcR TEL: dd~"9d'9 ~fi p, pp~ _ JAN-05-?001 FR 110 36 Atl FAX N0. P. 05 through data of receipt of payment by Reinsures at the rate of 3 month U.S. Treasury Sewrroes in effect as of June 30, 2000, less any sums paid in respect of such business from July 1, 2000 through date of receipt of payment by Reinsures, plus premium coined after September 30, 2000 on all bonds (net of external acquisition costs), which shall be in addition to the premium referenced above and paid to the Reinsures as earned, on a quarterly basis. For Frontier Pacific: the sum of $6,089,799, payable as of October 1,2000, together with Interest thereon from October 1, 2000 through date of receipt of payment by Reinsures at the rate of 3 month U.S. Treasury Securities In effect as of September 30, 2000, less any sums paid in respect of such business from October 1, 2000 through date o1 receipt of payment by Reinsures, plus premium coined after September 30, 2000 on all bonds (net of extamal acquisition costs}, which shall be in addition to the premium referenced above and paid to the Reinsures as earned, an a quartery basis. It is understood and agreed that, as premium earned after September 30, 2000 (net of external acquisition costs) is paid to Reinsures each quarter prospectively as set forth above, the Agreement shall be endorsed to increase the Reinsurers aggregate limit of liabllhy set forth in paragraph 2 above, and the respective sublimits far each Frontier and Frontier Padflc as applicable for each company, on adollar-for-dollar basis for each dollar of earned premium (net of external acquisition costs) actually paid to Reinsures In such quarter. 5. With effect from the Effective Date of the Reinsurance Agreement, Article 4, Definitions, section C, Is hereby deleted and replaced with the following: Wherever used in this Reinsurance, the term "Ultimate Net Loss" shall mean the net Ilabiliry of the Reinsured i.e., the liability of the Reinsured less all Reinsurance Recoverables) in respect of Covered UabII>Ues paid on or after the Effective Date, save as othervvise excluded under Article 3. Ultimate Net Loss shall include, but is not limited to, punklve damages, settlements, judgments, arbitration panel awards, claim payments, Allocated Loss Adjustment Expenses, Unallocated Loss Adjustment F~cpenses, Administrative Costs, expenses and fees far determining coverage tinder any Insurance Policy/Relnsurance Convect, and any other fees or expenses Page 4 -: :: ~=- ~: ~ "_ -` <- .. .,.. - ~,T~ _ . ~`~ ;~_ ~~>== ~= _ ~.~ .a J µ °• _.~~v _.~ .