Amendment of Reinsurance Agreements. Any amendments, extensions, endorsements or alteration to the Reinsurance Agreements will be submitted to the Retrocessionaire for advance approval, and no amendment, extension, endorsement or alteration of any Reinsurance Agreement will be effective as between the Retrocedent and the Retrocessionaire unless the Retrocessionaire’s prior written approval has been obtained.
Amendment of Reinsurance Agreements. In the event that Borrower fails to pay the Note in accordance with the terms therein, Borrower acknowledges and agrees that WRL shall have the right to amend, and the Borrower shall consent to such amendment, the Reinsurance Agreements to i) cause a recapture of business previously ceded to WRL, the value of which is to be determined using pricing assumptions previously disclosed by WRL to WMALIC, Limited, sufficient to repay the Note, and ii) reduce the quota share percentages of the Reinsurance Agreements with regard to new business in a manner reasonably designed to eliminate the need for additional surplus or cash needs; provided, however, that the Reinsurance Agreements themselves shall continue in full force and effect otherwise. At such time that WMALIC is able to demonstrate to WRL that it has adequate additional surplus and cash, the parties shall agree to amend the quota share percentages to the amounts the parties had originally agreed.
