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. N., i. =C9 OiiF~21) lb:d~ F@i)`;TIEn <br />JAN-05-2001 Fi? I Z 0: io Alf <br />TEL dda"941910 <br />FAff N0. <br />for which the Reinsured Is liable in respect of its net obligations for Covered <br />Liabilities. <br />6. Wrth effect from the Effective Oate of the Reinsurance Agreement, a new <br />subsection H is added to. ArtJcle 4, Defir~gng, as follows: <br />Wherever used in this Reinsurance, the term °Reinsurance Recoverabfes" <br />shall mean those sums tlue or to become due to Reinsured from all <br />reinsurance coverages of any kind (other than this Reinsurance) applicable <br />to the Covered Liabll'rties as of the Effective Date (L all reinsurance in <br />place relating to the business from which any and all Covered Liabilities <br />arise as of the Effective Oate). The Reinsurance Recoverables shat( be <br />deemeq collected as and whon the Reinsured makes any payment on the <br />Covered Liabilities which would involve the applicable reinsurance coverage, <br />and the Reinsurer hereunder shall be liable only for that portion of the loss, <br />Allocated Loss AdJustment Expenses or Unallocated Loss AdJustment <br />Expenses paid by the Reinsured net of the Reinsurance Recoverablee, <br />whether or not they are actually collected by Reinsured and notwithstanding <br />the failure of the Reinsured to make such collection, induding but not <br />limited to the Insolvency of any reinsures, the refusal to pay of any reinsures <br />or the compromise or Commutation of any reinsurence coverage applicable <br />to the Covered Liabilities, tt is the express intention of the parties hereto <br />that the Reinsured shall not assign or turn over to the Reinsurer any <br />reinsurance to which it is entitled in connection with the Covered Liabilities, <br />and that the Reinsurer shall not participate In the proceeds of any actual <br />reinsurance recoveries recouped by the Reinsured in connection with the <br />Covered Uabllltles. <br />7. With effect from the Effective Date of the Relnsuranoe Agreamerrt, Article 5, <br />Salvages. Subrogation and t?ther Recoveries, is deleted and replaced with <br />the following: <br />The Reinsurer shall be subrogated, as respects any Utimate Net Loss for <br />which the Reinsurer shall actually pay or becomes liable to pay, but only to <br />the extent of the amount of payment by, or the amount of liability of, the <br />Reinsurer, to all rights of the Reinsured against any person or other entity <br />who may be legally responsible in damages for sold Ultimate Net Loss. The <br />Reinsured hereby agrees to enforce such rights. In the event the Reinsured <br />shell fail or neglect to do so, the Reinsurer is hereby authorized and <br />empowered to bring any appropriate action in the name of the Reinsured <br />or in the name of a reinsured or insured under a reinsurance contract or <br />Insurance policy reinsured herein to enforce such rights. It is expressly <br />understood that this Article 5 does not apply to any reinsurance recoveries <br />of the Reinsured. <br />Page 5 <br />P. 006 <br />P. O6 <br />~~.z~; <br />b-~., <br />.. .,° <br />::, .'_ <br />;~.- <br />.~°vS <br />r` . ~'6"; <br />. Y ' -. <br />~- r <br /> <br />