ENDORSEMENT NO. 1
Attaching to and forming part of the 100% QUOTA SHARE REINSURANCE
AGREEMENT between AMERICAN HALLMARK INSURANCE COMPANY OF TEXAS, Dallas,
Texas (hereinafter called the "Reinsurer") and STATE AND COUNTY MUTUAL
FIRE INSURANCE COMPANY, Fort Worth, Texas (hereinafter called the
"Company").
IT IS AGREED, effective 12:01 A.M., Central Standard Time on July 1,
1996 that the following changes are made to this Agreement:
1. ARTICLE V - COMMENCEMENT AND TERMINATION, Item B.8. is added as
follows:
B.8. Upon written notice by the REINSURER to the COMPANY to
coincide with the termination of the related Quota Share Retrocession
Agreement(s) ("RETROCESSION").
2. ARTICLE XVII - INSOLVENCY, paragraph C. will read as follows and
not as heretofore:
C. It is further understood and agreed that, in the event of the
insolvency of the COMPANY, the reinsurance under this AGREEMENT shall be
payable directly by the REINSURER to the COMPANY or to its liquidator,
receiver or statutory successor, except as provided by applicable state
law or except (a) where the AGREEMENT specifically provides another
payee of such reinsurance in the event of the insolvency of the COMPANY;
and (b) where the REINSURER with the consent of the direct insured or
insureds has assumed such policy obligations of the COMPANY as direct
obligations of the REINSURER to the payees under such policies and in
substitution for the obligations of the COMPANY to such payees.
3. ARTICLE XXVI - MISCELLANEOUS, Item C. will read as follows and not
as heretofore:
C. All acts and payments under this AGREEMENT are performable and
payable at the offices of the COMPANY in Dallas, Texas. The address of
the COMPANY, for the purpose of this AGREEMENT, is 0000 Xxxxxxxx
Xxxxxxxxx, Xxxx Xxxxx, Xxxxx 00000. The address of the REINSURER for
the purpose of this AGREEMENT is 00000 Xxxxxx Xxxxxxx, Xxxxx 000,
Xxxxxx, Xxxxx 00000.
ALL OTHER TERMS AND CONDITIONS REMAIN UNCHANGED.
IN WITNESS WHEREOF, the parties hereto by their respective duly
authorized officers have executed this AGREEMENT in duplicate as of the
date undermentioned at:
Fort Worth, Texas, as of this_______ day of ____________________,
1997
STATE AND COUNTY MUTUAL FIRE
INSURANCE COMPANY
By:_____________________________________
Its:____________________________________
Dallas, Texas, as of this _______ day of ____________________, 1997
AMERICAN HALLMARK INSURANCE
COMPANY OF TEXAS
By:_____________________________________
Its:____________________________________
