AUTOMOBILE RESIDUAL VALUE INSURANCE POLICY (the “Policy”) BETWEEN ACE BERMUDA INSURANCE, LTD. Hamilton, Bermuda (hereinafter “Company”) AND ACE CAPITAL RE LIMITED Hamilton, Bermuda (hereinafter “Insurer”) PREAMBLEAutomobile Residual • April 2nd, 2004 • Assured Guaranty LTD • Surety insurance
WHEREAS, Gramercy Place Insurance, Limited (a single purpose licensed Cayman insurance company “Gramercy”) issued three insurance policies (the “Gramercy Policies”) to Toyota Motor Credit Corporation (“TMCC”) to insure TMCC against potential losses in respect of the residual value risk associated with a related identified pool of retail closed-end lease contracts for automobile and light duty trucks originated by authorized Toyota and Lexus vehicle dealers and assigned to and serviced by TMCC; and
