Common use of TERRORISM RISK INSURANCE PROGRAM REAUTHORIZATION ACT Clause in Contracts

TERRORISM RISK INSURANCE PROGRAM REAUTHORIZATION ACT. A. Any financial assistance the Company receives under the Terrorism Risk Insurance Program Reauthorization Act of 2007 (“TRIPRA”) and any other replacements, extensions or amendments thereto, shall apply as follows: 1. Except as provided in subparagraph 2 below, any such financial assistance shall inure solely to the benefit of the Company and shall be entirely disregarded in applying all of the provisions of this Contract. 2. If losses occurring hereunder result in recoveries made by the Company both under this Contract and under TRIPRA, and such recoveries, together with any other reinsurance recoverables made by the Company applicable to said losses, exceed the total amount of the Company’s insured losses, any amount in excess thereof shall reduce the Ultimate Net Loss subject to this Contract for the losses to which the TRIPRA financial assistance applies. These recoveries shall be returned in proportion to each Reinsurer’s paid share of the loss. B. Nothing herein shall be construed to mean that the losses under this Contract are not recoverable until the Company has received financial assistance under TRIPRA.