Common use of Reinsurance Agreements Clause in Contracts

Reinsurance Agreements. (a) Except as set forth on Schedule F to the Annual Statements for the Insurance Subsidiaries for the fiscal year ending December 31, 1997, there are no material liabilities outstanding as of the Closing Date under any Reinsurance Agreement. Each Reinsurance Agreement is in full force and effect; none of the Insurance Subsidiaries or, to the knowledge of the Borrower, any other party thereto, is in breach of or default under any such contract; and the Borrower has no reason to believe that the financial condition of any other party to any such contract is impaired such that a default thereunder by such party could reasonably be anticipated. Each Reinsurance Agreement is qualified under all applicable Requirements of Law to receive the statutory credit assigned to such Reinsurance Agreement in the relevant Annual Statement or Quarterly Statement at the time prepared. Each Person to whom any of the Insurance Subsidiaries has ceded any material liability pursuant to any Reinsurance Agreement on the Closing Date either has (i) a rating of "A-" or better by A.M. Best & Company, (ii) a claims paying ability rating of "A-" or better by Standard and Poor's or Moody's, (iii) provided collaterxx xx xavor of the applicable Insurance Subsidiary of the type and in an amount described in Schedule 5.19, or (iv) (x) an aggregate amount of Net Amount Recoverable from Reinsurers for the Insurance Subsidiaries attributable to it (collectively with all other such Persons not described in clauses (i), (ii) and (iii) above) that is less than $1,500,000 as of the end of the most recent fiscal year, and (y) an aggregate amount or Reinsurance Premiums Ceded by the Insurance Subsidiaries for the current fiscal year (or portion thereof) to it (collectively with all other such Persons not described in clauses (i), (ii) and (iii) above) that is less than $1,500,000.

Reinsurance Agreements. (a) Except as set forth on Schedule F to the Annual Statements for the Insurance Subsidiaries for the fiscal year ending December 31, 19972004 as updated by Schedule F to the June 30, 2005 financial statements, there are no material liabilities outstanding as of the Closing Date under any Reinsurance AgreementAgreement to which such Credit Party or any of its Subsidiaries is a party. (i) Each Reinsurance Agreement to which such Credit Party or any of its Subsidiaries is a Party is in full force and effect; (ii) none of the Insurance Subsidiaries such Credit Party or such Subsidiary or, to the knowledge of the Borrowersuch Credit Party, any other party thereto, is in breach of or default under any such contract; and the Borrower (iii) such Credit Party or such Subsidiary has no reason to believe that the financial condition of any other party to any such contract is impaired such that a default thereunder by such party could reasonably be anticipated, except to the extent in the case of clauses (i), (ii) and (iii) immediately preceding where such failure to be in full force or effect or such breach or default could not, individually or in the aggregate, reasonably be expected to have a Material Adverse Effect. Each Reinsurance Agreement to which such Credit Party or such Subsidiary is a party is qualified under all applicable Requirements of Law to receive the statutory credit assigned to such Reinsurance Agreement in the relevant Annual Statement or Quarterly Statement at the time prepared, except where the failure to be so qualified could not, individually or in the aggregate, be reasonably expected to have a Material Adverse Effect. Each Except as set forth on Schedule 5.18, as of June 30, 2005, each Person to whom any of the Insurance Subsidiaries such Credit Party or such Subsidiary has ceded any material liability pursuant to any Reinsurance Agreement to which such Credit Party is a party on the Closing Date either has either: (i) had a rating of "A-" or better by A.M. Best & Company, or S&P or (ii) a claims paying ability rating had provided collateral in favor of "A-" or better by Standard and Poor's or Moody's, (iii) provided collaterxx xx xavor of the applicable Insurance Subsidiary such Credit Party of the type and in an amount described in Schedule 5.19, or (iv) (x) an aggregate amount of Net Amount Recoverable from Reinsurers for the Insurance Subsidiaries attributable to it (collectively with all other such Persons not described in clauses (i), (ii) and (iii) above) that is less than $1,500,000 as of the end of the most recent fiscal year, and (y) an aggregate amount or Reinsurance Premiums Ceded by the Insurance Subsidiaries for the current fiscal year (or portion thereof) to it (collectively with all other such Persons not described in clauses (i), (ii) and (iii) above) that is less than $1,500,0005.18.

Reinsurance Agreements. (a) Except as set forth on Schedule F to the Annual Statements for the Insurance Subsidiaries for the fiscal year ending December 31, 19972003 as updated by Schedule F to the June 30, 2004 financial statements, there are no material liabilities outstanding as of the Closing Date under any Reinsurance Agreement. (i) Each Reinsurance Agreement is in full force and effect; (ii) none of the Insurance Subsidiaries or, to the knowledge of the Borrower, any other party thereto, is in breach of or default under any such contract; and (iii) the Borrower has no reason to believe that the financial condition of any other party to any such contract is impaired such that a default thereunder by such party could reasonably be anticipated, except to the extent in the case of clauses (i), (ii) and (iii) immediately preceding where such failure to be in full force or effect or such breach or default could not, individually or in the aggregate, reasonably be expected to have a Material Adverse Effect. Each Reinsurance Agreement is qualified under all applicable Requirements of Law to receive the statutory credit assigned to such Reinsurance Agreement in the relevant Annual Statement or Quarterly Statement at the time prepared, except where the failure to be so qualified could not, individually or in the aggregate, be reasonably expected to have a Material Adverse Effect. Each Except as set forth on Schedule 5.18, each Person to whom any of the Insurance Subsidiaries has ceded any material liability pursuant to any Reinsurance Agreement on the Closing Date either has either: (i) has a rating of "A-" or better by A.M. Best & Company, or S&P or (ii) a claims paying ability rating of "A-" or better by Standard and Poor's or Moody's, (iii) has 56 provided collaterxx xx xavor collateral in favor of the applicable Insurance Subsidiary of the type and in an amount described in Schedule 5.19, or (iv) (x) an aggregate amount of Net Amount Recoverable from Reinsurers for the Insurance Subsidiaries attributable to it (collectively with all other such Persons not described in clauses (i), (ii) and (iii) above) that is less than $1,500,000 as of the end of the most recent fiscal year, and (y) an aggregate amount or Reinsurance Premiums Ceded by the Insurance Subsidiaries for the current fiscal year (or portion thereof) to it (collectively with all other such Persons not described in clauses (i), (ii) and (iii) above) that is less than $1,500,0005.18.

Reinsurance Agreements. (a) Except as set forth on Schedule F to the Annual Statements for the Insurance Subsidiaries or, with respect to PXRE Ltd., as set forth in the annual report filed with Lloyd's, for the fiscal year ending December 31, 1997, and except as set forth on SCHEDULE 4.19, there are were no material liabilities outstanding as of the Closing Date September 30, 1998 under any Reinsurance Agreement and since September 30, 1998, except as previously disclosed in writing by the Borrower to the Lenders pursuant to this Agreement, no Insurance Subsidiary has incurred any material liabilities under any Reinsurance Agreement that, individually or in the aggregate, could reasonably be expected to have a Material Adverse Effect. Each such Reinsurance Agreement (except any Reinsurance Agreement that has expired by its terms in the ordinary course) is in full force and effect; none of the Insurance Subsidiaries or, to the knowledge of the Borrower, any other party thereto, is in breach of or default under any such contract; and the Borrower has no reason to believe that the financial condition of any other party to any such contract is impaired such that a default thereunder by such party could reasonably be anticipated. Each such Reinsurance Agreement (except any Reinsurance Agreement that has expired by its terms in the ordinary course) is qualified under all applicable Requirements of Law to receive the statutory credit assigned to such Reinsurance Agreement in the relevant Annual Statement or Quarterly Statement at the time prepared. Each Person to whom any of the Insurance Subsidiaries has ceded any material liability pursuant to any Reinsurance Agreement on the Closing Date Date, other than Select Re, either has (i) has a rating of "A-" or better by A.M. Best & Company, (ii) has a claims paying ability financial strength rating of "A-" or better by Standard and & Poor's or Moody'sXxxxx'x, (iii) is a syndicate that is operating as part of the Lloyd's insurance Market, and the Lloyd's insurance Market is rated "A-" or better by A.M. Best & Company or "A-" or better by Standard & Poors, (iv) has provided collaterxx xx xavor collateral in favor of the applicable Insurance Subsidiary of the type and in an amount described in Schedule 5.19SCHEDULE 4.19, or (ivv) (x) has an aggregate amount of Net Amount Recoverable from Reinsurers for the Insurance Subsidiaries attributable to it (collectively with all other such Persons not described in clauses (i), ) through (ii) and (iiiiv) above) that is less than $1,500,000 5,000,000 as of the end of the most recent fiscal year, and (y) an aggregate amount or of Reinsurance Premiums Ceded by the Insurance Subsidiaries for the current fiscal year (or portion thereof) to it (collectively with all other such Persons not described in clauses (i), ) through (ii) and (iiiiv) above) that is less than $1,500,00010,000,000, or (vi) is a pooling arrangement composed solely of Persons who meet one of the requirements described in clauses (i) through (iv) above; and with respect to Select Re, (y) no more than $15,000,000 in Reinsurance Premiums Ceded is ceded to it by the Insurance Subsidiaries as of the Closing Date and (z) the Borrower has submitted to the Agent recent financial statements of Select Re showing, to the satisfaction of the Agent, that there has been no Material Adverse Change in the financial condition of Select Re.

Reinsurance Agreements. (a) Except as set forth on Schedule F to the Annual Statements for the Insurance Subsidiaries or, with respect to PXRE Ltd., as set forth in the annual report filed with Lloyd's, for the fiscal year ending December 31, 19971998, and except as set forth on Schedule 4.19, there are were no material liabilities outstanding as of the Closing Date June 30, 1999 under any Reinsurance Agreement and since June 30, 1999, except as previously disclosed in writing by PXRE Group to the Lenders pursuant to this Agreement, no Insurance Subsidiary has incurred any material liabilities under any Reinsurance Agreement that, individually or in the aggregate, could reasonably be expected to have a Material Adverse Effect. Each such Reinsurance Agreement (except any Reinsurance Agreement that has expired by its terms in the ordinary course) is in full force and effect; none of the Insurance Subsidiaries or, to the knowledge of the BorrowerBorrower or the Guarantors, any other party thereto, is in breach of or default under any such contract; and the Borrower has no reason to believe that the financial condition of any other party to any such contract is impaired such that a default thereunder by such party could reasonably be anticipated. Each such Reinsurance Agreement (except any Reinsurance Agreement that has expired by its terms in the ordinary course) is qualified under all applicable Requirements of Law to receive the statutory credit assigned to such Reinsurance Agreement in the relevant Annual Statement or Quarterly Statement at the time prepared. Each Person to whom any of the Insurance Subsidiaries has ceded any material liability pursuant to any Reinsurance Agreement on the Closing Date date hereof, other than Select Re, either has (i) has a rating of "A-" or better by A.M. Best & Company, (ii) has a claims paying ability financial strength rating of "A-" or better by Standard and & Poor's or Moody'sXxxxx'x, (iii) is a syndicate that is operating as part of the Lloyd's insurance Market, and the Lloyd's insurance Market is rated "A-" or better by A.M. Best & Company or "A-" or better by Standard & Poors, (iv) has provided collaterxx xx xavor collateral in favor of the applicable Insurance Subsidiary of the type and in an amount described in Schedule 5.194.19, or (ivv) (x) has an aggregate amount of Net Amount Recoverable from Reinsurers for the Insurance Subsidiaries attributable to it (collectively with all other such Persons not described in clauses (i), ) through (ii) and (iiiiv) above) that is less than $1,500,000 5,000,000 as of the end of the most recent fiscal year, and (y) an aggregate amount or of Reinsurance Premiums Ceded by the Insurance Subsidiaries for the current fiscal year (or portion thereof) to it (collectively with all other such Persons not described in clauses (i), ) through (ii) and (iiiiv) above) that is less than $1,500,00010,000,000, or (vi) is a pooling arrangement composed solely of Persons who meet one of the requirements described in clauses (i) through (iv) above; and with respect to Select Re, (y) no more than $15,000,000 in Reinsurance Premiums Ceded is ceded to it by the Insurance Subsidiaries as of the date hereof and (z) the Borrower has submitted to the Agent recent financial statements of Select Re showing, to the satisfaction of the Agent, that there has been no Material Adverse Change in the financial condition of Select Re.

Reinsurance Agreements. (a) Except as set forth on Schedule F to the Annual Statements for the Insurance Subsidiaries for the fiscal year ending December 31, 19972006, there are no material liabilities outstanding as of the Closing Effective Date under any Reinsurance AgreementAgreement to which such Credit Party or any of its Subsidiaries is a party. (i) Each Reinsurance Agreement to which such Credit Party or any of its Subsidiaries is a Party is in full force and effect; (ii) none of the Insurance Subsidiaries such Credit Party or such Subsidiary or, to the knowledge of the Borrowersuch Credit Party, any other party thereto, is in breach of or default under any such contract; and the Borrower (iii) such Credit Party or such Subsidiary has no reason to believe that the financial condition of any other party to any such contract is impaired such that a default thereunder by such party could reasonably be anticipated, except to the extent in the case of clauses (i), (ii) and (iii) immediately preceding where such failure to be in full force or effect or such breach or default could not, individually or in the aggregate, reasonably be expected to have a Material Adverse Effect. Each Reinsurance Agreement to which such Credit Party or such Subsidiary is a party is qualified under all applicable Requirements of Law to receive the statutory credit assigned to such Reinsurance Agreement in the relevant Annual Statement or Quarterly Statement at the time prepared, except where the failure to be so qualified could not, individually or in the aggregate, be reasonably expected to have a Material Adverse Effect. Each Except as set forth on Schedule 5.18, as of March 31, 2007, each Person to whom any of the Insurance Subsidiaries such Credit Party or such Subsidiary has ceded any material liability pursuant to any Reinsurance Agreement to which such Credit Party is a party on the Closing Effective Date either has either: (i) had a rating of "“A-" ” or better by A.M. Best or Standard & Company, Poor’s or (ii) a claims paying ability rating had provided collateral in favor of "A-" or better by Standard and Poor's or Moody's, (iii) provided collaterxx xx xavor of the applicable Insurance Subsidiary such Credit Party of the type and in an amount described in Schedule 5.19, or (iv) (x) an aggregate amount of Net Amount Recoverable from Reinsurers for the Insurance Subsidiaries attributable to it (collectively with all other such Persons not described in clauses (i), (ii) and (iii) above) that is less than $1,500,000 as of the end of the most recent fiscal year, and (y) an aggregate amount or Reinsurance Premiums Ceded by the Insurance Subsidiaries for the current fiscal year (or portion thereof) to it (collectively with all other such Persons not described in clauses (i), (ii) and (iii) above) that is less than $1,500,0005.18.