Common use of Conversions, Replacements and Exchanges Clause in Contracts

Conversions, Replacements and Exchanges. (i) For purposes of the Reinsurance Agreement and this Amendment No. 3, all conversions, exchanges and replacements of the Reinsured Policies and the Third Amendment Additional Policies shall be coinsured by the Reinsurer on a 100% quota share basis. For the avoidance of doubt, the provisions of Section 2.4 of the Reinsurance Agreement with respect to Other Reinsurance shall apply to such conversions, replacements and exchanges. (ii) For purposes of Amendment No. 2, all conversions, exchanges and replacements of the Second Amendment Additional Policies (as such term is defined in Amendment No. 2) shall be coinsured by the Reinsurer on a 100% quota share basis net of the Excluded Share as specified in Amendment No. 2. For the avoidance of doubt, the provisions of Section 2.4 of the Reinsurance Agreement with respect to Other Reinsurance shall apply to such conversions, replacements and exchanges. For purposes of Amendment No. 2, the term “Excluded Share” (as defined therein) shall be deemed to include (x) any Excluded Share specified in Annex A-1 thereto and (y) any policy ceded to Raven Re as a conversion, exchange or replacement of a Reinsured Policy or a Second Amendment Additional Policy. For the avoidance of doubt, the Excluded Share with respect to the Second Amendment Additional Policies shall be ceded to the Reinsurer pursuant to this Amendment No. 3, subject to the occurrence of the Third Amendment Closing Date.