Common use of Extinguishment of Obligations Clause in Contracts

Extinguishment of Obligations. Notwithstanding anything to the contrary in this Reinsurance Agreement, all obligations of and all claims against the Reinsurer hereunder or arising in connection herewith constitute limited recourse obligations of the Reinsurer, payable solely from the Collateral. Upon realization of the Collateral and the reduction thereof to zero, all claims against the Reinsurer hereunder or arising in connection herewith shall be extinguished and shall not thereafter revive. The Ceding Insurer shall have no further claim thereafter against the Reinsurer, its directors, officers or shareholders for any shortfall in the Collateral. The proceeds from the issuance of the Reinsurer’s ordinary shares (US $5,000), the amount of the transaction fees (US$1,500) paid to the Reinsurer in connection with each issuance of a Series of Notes by the Reinsurer, and any interest earned thereon on such excluded amounts, shall not form part of the assets available to satisfy the Reinsurer’s obligations. The provisions of this Section 19.4 shall survive the termination of this Reinsurance Agreement.

Extinguishment of Obligations. Notwithstanding anything to the contrary in this Reinsurance Agreement, all obligations of and all any claims against the Reinsurer hereunder or arising in connection herewith constitute limited recourse obligations of the Reinsurer, payable solely from the Collateral. Upon realization of the Collateral and the reduction thereof to zero, all claims against the Reinsurer hereunder or arising in connection herewith shall be extinguished and shall not thereafter reviverevive in the event that, at any time, the Collateral is exhausted (and there are no claims that may be asserted by the Reinsurer with respect to contractual obligations of third parties to the Reinsurer). The Ceding Insurer shall have no further claim thereafter against the Reinsurer, its directors, officers or shareholders for any shortfall in the Collateral. The Ceding Insurer shall only have recourse to the Collateral for satisfaction of the Reinsurer's obligations hereunder. The proceeds from the issuance of the Reinsurer’s 's ordinary shares (US $US$5,000), the an additional amount of the transaction fees (US$1,500) paid to the Reinsurer in connection with each issuance of a Series of Notes by the Reinsurer, 1,500 and any interest proceeds earned thereon on such excluded amounts, shall not form part of the assets available to satisfy the Reinsurer’s 's obligations. The provisions of this Section 19.4 18.4 shall survive the termination of this Reinsurance Agreement.