Common use of Risk-Based Capital Clause in Contracts

Risk-Based Capital. The Borrower will not permit the respective "total adjusted Capital" (within the meaning of the Risk-Based Capital for Insurers Model Act as promulgated by the NAIC as of the date hereof (the "Model Act")) of Reinsurance as of the last day of any fiscal year, beginning with the fiscal year ended December 31, 1996, to be less than 150% of the applicable "Company Action Level RBC" (within the meaning of the Model Act) for Reinsurance as of such date.

Risk-Based Capital. The Borrower will not permit the respective "total adjusted Capitalcapital" (within the meaning of the Risk-Based Capital for Insurers Model Act as promulgated by the NAIC as of the date hereof Original Credit Agreement Date (the "Model Act")) of Reinsurance GNIC or VICW as of the last day of any fiscal year, beginning with the current fiscal year ended December 31, 1996year, to be less than 150% of the applicable "Company Action Level RBC" (within the meaning of the Model Act) for Reinsurance GNIC or VICW, as applicable, as of such date.

Risk-Based Capital. The Borrower will not permit the respective "“total adjusted Capital" capital” (within the meaning of the Risk-Based Capital for Insurers Insurance Model Act as promulgated by of the NAIC Effective Date) of any of its existing or future U.S. Regulated Insurance Companies, in each case, as determined as of the date hereof (the "Model Act")) end of Reinsurance as of the last day of any each fiscal year, beginning commencing with the fiscal year ended ending December 31, 19962012, to be less than 150200.0% of the applicable "“Company Action Level RBC" ” (within the meaning of the Model Act) for Reinsurance as of such dateRegulated Insurance Company.

Risk-Based Capital. The Borrower will not permit the respective "total adjusted Capitalcapital" (within the meaning of the Risk-Based Capital for Insurers Model Act as promulgated by the NAIC as of the date hereof (the "Model Act")) of each of Odyssey Reinsurance Corporation and Odyssey America Reinsurance Corporation to be less than one hundred fifty percent (150%), as of the last day of any fiscal yearquarter, beginning with the fiscal year ended quarter ending December 31, 19962001, to be less than 150% of the applicable "Company Action Level RBC" (within the meaning of the Model Act) for Reinsurance as of such date).

Risk-Based Capital. The Borrower will not permit the respective "“total adjusted Capital" capital” (within the meaning of the Risk-Based Capital for Insurers Insurance Model Act as promulgated by of the NAIC Effective Date) of any of its existing or future U.S. Regulated Insurance Companies, in each case as determined as of the date hereof (the "Model Act")) end of Reinsurance as of the last day of any each fiscal year, beginning commencing with the fiscal year ended ending December 31, 19962010, to be less than 150200.0% of the applicable "“Company Action Level RBC" ” (within the meaning of the Model Act) for Reinsurance as of such dateRegulated Insurance Company.