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<br />~aN-aS-%eot <br />5: , . E? <br />FRi 10:37 Rh <br />In determining the amount of recoveries, salvages or reimbursements, there <br />shall first be deducted from any amount recovered the expanses incurred <br />In effecting the recovery (excluding salaries and expenses of officers and <br />employees of the Reinsured). <br />All salvages, recoveries or reimbursements, after deduction of all expenses <br />allowed as set forth above, recovered and received subsequent to an <br />Utimate Net Loss reimbursement by Reinsures under this Contracrt shall be <br />applied as (f recovered and received prior to the aforesaid settlement and <br />ali necessary adjustments shall be made by the parties hereto; provided <br />that nothing in this Artlcle shall be construed to mean that Ultimate Net <br />Losses under this Contract are net recoverable urttil ali saMage, recovery <br />and reimbursement has been determined. <br />8. In consideration of the amendments set forth in paragraphs 5, 6 and 7 of <br />this Endorsement No. 1, Frontier Insurance Company shall pay to the <br />Reinsures an Additional Premium in the amount of $6,697,000 (United States <br />Dollars six million six hundred ninety-seven thousand). Such Addif)anal <br />Premium shall be payable as of July 1, 2000, and shall accrue Interest at <br />the rata of 3 month U.S. Treasury Securities in effect as of June 30. 2000. <br />Payment of such Additional Premium shall be made in accordance with <br />paragraph 9 below. <br />9. The Reinsures shall be paid ali sums due under this Endorsement No. 1 <br />and specified in paragraphs 3, 4 and 8 above in immediately available U.S. <br />funds by wire transfer no later than January 5, 2001 to the following <br />instructions: <br />FAX N0, <br />Wells Fargo Bank Nebraska, N.A. <br />Omaha, Nebraska <br />A8A #104000058 <br />For the account of National Indemnity Company <br />Accourrt No.t150001492 <br />10. All ether terms and conditions of the Reinsurance Agreement remain <br />unchanged to the extent not inconsistent with the taregoing. <br />11. This Fsdorsement constitutes a valid and enforceable amendment of the <br />Reinsurance Agreement as provided for In Article 11. <br />?.OL. <br />P. 07 <br />:~. <br />. .. r <br />_~ ;.~:. <br />.; <br />Page 6 <br />