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, 2004 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 Agreement 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 such Credit Party or such Subsidiary or, to the knowledge of such Credit Party, any other party thereto, is in breach of or default under any such contract; and (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 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. Except as set forth on Schedule 5.18, as of June 30, 2005, each Person to whom 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: (i) had a rating of "A-" or better by A.M. Best or S&P or (ii) had provided collateral in favor of such Credit Party of the type and in an amount described in Schedule 5.18.

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, 2004 2003 as updated by Schedule F to the June 30, 2005 2004 financial statements, there are no material liabilities outstanding as of the Closing Date under any Reinsurance Agreement to which such Credit Party or any of its Subsidiaries is a partyAgreement. (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 such Credit Party or such Subsidiary the Insurance Subsidiaries or, to the knowledge of such Credit Partythe Borrower, any other party thereto, is in breach of or default under any such contract; and (iii) such Credit Party or such Subsidiary 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 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 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. Except as set forth on Schedule 5.18, as of June 30, 2005, each Person to whom such Credit Party or such Subsidiary any of the Insurance Subsidiaries has ceded any material liability pursuant to any Reinsurance Agreement to which such Credit Party is a party on the Closing Date either: (i) had has a rating of "A-" or better by A.M. Best or S&P or (ii) had has 56 provided collateral in favor of such Credit Party the applicable Insurance Subsidiary of the type and in an amount described in Schedule 5.18.

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, 2004 1998, and except as updated by set forth on Schedule F to the June 30, 2005 financial statements4.19, 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 which such Credit Party or the Lenders pursuant to this Agreement, no Insurance Subsidiary has incurred any of its Subsidiaries is a party. (i) Each material liabilities under any Reinsurance Agreement that, individually or in the aggregate, could reasonably be expected to which have a Material Adverse Effect. Each such Credit Party or Reinsurance Agreement (except any of Reinsurance Agreement that has expired by its Subsidiaries is a Party terms in the ordinary course) is in full force and effect; (ii) none of such Credit Party or such Subsidiary the Insurance Subsidiaries or, to the knowledge of such Credit Partythe Borrower or the Guarantors, any other party thereto, is in breach of or default under any such contract; and (iii) such Credit Party or such Subsidiary 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 to the extent any Reinsurance Agreement that has expired by its terms in the case of clauses (i), (iiordinary course) 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. Except as set forth on Schedule 5.18, as of June 30, 2005, each Each Person to whom such Credit Party or such Subsidiary any of the Insurance Subsidiaries has ceded any material liability pursuant to any Reinsurance Agreement to which such Credit Party is a party on the Closing Date either: date hereof, other than Select Re, either (i) had has a rating of "A-" or better by A.M. Best or S&P or & Company, (ii) had has a financial strength rating of "A-" or better by Standard & Poor's or Xxxxx'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 collateral in favor of such Credit Party the applicable Insurance Subsidiary of the type and in an amount described in Schedule 5.184.19, or (v) 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 (iv) above) that is less than $5,000,000 as of the end of the most recent fiscal year, and an aggregate amount 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 (iv) above) that is less than $10,000,000, 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, 2004 as updated by Schedule F to the June 30, 2005 financial statements1997, there are no material liabilities outstanding as of the Closing Date under any Reinsurance Agreement to which such Credit Party or any of its Subsidiaries is a partyAgreement. (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 such Credit Party or such Subsidiary the Insurance Subsidiaries or, to the knowledge of such Credit Partythe Borrower, any other party thereto, is in breach of or default under any such contract; and (iii) such Credit Party or such Subsidiary 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 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. Except as set forth on Schedule 5.18, as of June 30, 2005, each Each Person to whom such Credit Party or such Subsidiary any of the Insurance Subsidiaries has ceded any material liability pursuant to any Reinsurance Agreement to which such Credit Party is a party on the Closing Date either: either has (i) had a rating of "A-" or better by A.M. Best or S&P or & Company, (ii) had a claims paying ability rating of "A-" or better by Standard and Poor's or Moody's, (iii) provided collateral in favor collaterxx xx xavor of such Credit Party the applicable Insurance Subsidiary of the type and in an amount described in Schedule 5.185.19, 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 or, with respect to PXRE Ltd., as set forth in the annual report filed with Lloyd's, for the fiscal year ending December 31, 2004 1997, and except as updated by Schedule F to the June 30, 2005 financial statementsset 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 which such Credit Party or the Lenders pursuant to this Agreement, no Insurance Subsidiary has incurred any of its Subsidiaries is a party. (i) Each material liabilities under any Reinsurance Agreement that, individually or in the aggregate, could reasonably be expected to which have a Material Adverse Effect. Each such Credit Party or Reinsurance Agreement (except any of Reinsurance Agreement that has expired by its Subsidiaries is a Party terms in the ordinary course) is in full force and effect; (ii) none of such Credit Party or such Subsidiary the Insurance Subsidiaries or, to the knowledge of such Credit Partythe Borrower, any other party thereto, is in breach of or default under any such contract; and (iii) such Credit Party or such Subsidiary 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 to the extent any Reinsurance Agreement that has expired by its terms in the case of clauses (i), (iiordinary course) 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. Except as set forth on Schedule 5.18, as of June 30, 2005, each Each Person to whom such Credit Party or such Subsidiary any of the Insurance Subsidiaries has ceded any material liability pursuant to any Reinsurance Agreement to which such Credit Party is a party on the Closing Date either: Date, other than Select Re, either (i) had has a rating of "A-" or better by A.M. Best or S&P or & Company, (ii) had has a financial strength rating of "A-" or better by Standard & Poor's or Xxxxx'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 collateral in favor of such Credit Party the applicable Insurance Subsidiary of the type and in an amount described in Schedule 5.18SCHEDULE 4.19, or (v) 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 (iv) above) that is less than $5,000,000 as of the end of the most recent fiscal year, and an aggregate amount 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 (iv) above) that is less than $10,000,000, 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 for the fiscal year ending December 31, 2004 as updated by Schedule F to the June 30, 2005 financial statements2006, there are no material liabilities outstanding as of the Closing Effective Date under any Reinsurance Agreement 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 such Credit Party or such Subsidiary or, to the knowledge of such Credit Party, any other party thereto, is in breach of or default under any such contract; and (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 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. Except as set forth on Schedule 5.18, as of June 30March 31, 20052007, each Person to whom 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: (i) had a rating of "“A-" ” or better by A.M. Best or S&P Standard & Poor’s or (ii) had provided collateral in favor of such Credit Party of the type and in an amount described in Schedule 5.18.