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Exhibit 10.37
AMENDMENT NO. 1 TO THE
BINDER OF REINSURANCE
I. PARTIES:
Company: PHOENIX HOME LIFE MUTUAL INSURANCE COMPANY Rensselaer,
New York; and AMERICAN PHOENIX LIFE & REASSURANCE COMPANY
Hartford, Connecticut
Reinsurer: EUROPEAN REINSURANCE COMPANY OF ZURICH (BERMUDA BRANCH)
Xxxxxxxx, Bermuda
II. AGREEMENT AMENDED: The Binder of Reinsurance effective September 30,
1999 and executed by the Company and the Reinsurer on September 30,
1999.
III. EFFECTIVE DATE OF AMENDMENT: This Amendment No. 1 shall be effective at
September 30, 1999.
IV. AMENDMENT:
1. The second paragraph subtitled "Section B" of the section
entitled "COMPANY RETENTIONS" is hereby deleted in its
entirety and the following substituted in lieu thereof:
"Section B: The Section B Aggregate Retention shall equal
one-hundred-million dollars ($100,000,000) plus an amount
equal to (x) minus (y), where:
(x) is equal to premiums collected by the Company on or
after October 1, 1999 on Section B Subject Business,
net of that portion of such premiums paid by the
Company on or after October 1, 1999 for reinsurance
that inures to the benefit of the Reinsurer hereunder
on Section B Subject Business; and
(y) is equal to any fees and/or commissions paid by the
Company on or after October 1, 1999 to entities not
affiliated with the Company that are contractually
required and directly related to (x) above."
2. The section entitled "SUBSTITUTION OF REPUDIATION LOSSES" is
hereby deleted in its entirety.
3. Exhibit A, as referred to in the Agreement, is hereby attached
to the Agreement and incorporated therein.
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V. OTHER TERMS: All other terms and conditions remain the same.
IN WITNESS WHEREOF, the parties hereto have caused this Amendment No. 1
to be executed by their duly authorized representatives,
In Rensselaer, New York, this 1st day of February, 2000
PHOENIX HOME LIFE MUTUAL INSURANCE COMPANY
Attest: /s/ Xxxxxxx X. Xxxxxx By: /s/ Xxxxx X. Xxxxxxxx
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Name: Xxxxxxx X. Xxxxxx Name: Xxxxx X. Xxxxxxxx
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Title: Administrative Assistant Title: Executive Vice President and
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Chief Financial Officer
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And in Hartford, Connecticut, this 1st day of February, 2000
AMERICAN PHOENIX LIFE & REASSURANCE COMPANY
Attest: /s/ Xxxxxxx X. Xxxxxx By: /s/ Xxxxx X. Xxxxxxxx
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Name: Xxxxxxx X. Xxxxxx Name: Xxxxx X. Xxxxxxxx
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Title: Administrative Assistant Title: Executive Vice President and
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Chief Financial Officer
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And in Hamilton, Bermuda, this 31st day of February, 2000
EUROPEAN REINSURANCE COMPANY OF ZURICH (BERMUDA BRANCH)
By: /s/ Xxxxx X. Xxxxxxx By: /s/ Xxxxx Xxxxxxx
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Name: Xxxxx X. Xxxxxxx Name: Xxxxx Xxxxxxx
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Title: Member of Senior Management Title: Member of Management
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Exhibit A
[*]; EXHIBIT A WHICH IS 48 PAGES IS A CONFIDENTIAL PORTION AND HAS BEEN OMITTED
PURSUANT TO A REQUEST FOR CONFIDENTIAL TREATMENT AND THE OMITTED MATERIAL HAS
BEEN FILED SEPARATELY WITH THE COMMISSION.
