Cut through clause

It is understood and agreed that if so required by the Original Insured, the

Reinsurers shall pay directly to the Original Insured that proportion of any claim
due to the Original Insured which represents the liability of the Reinsurers to the
Ceding Company under the terms of this policy; it being agreed that such
payment by the Reinsurers to the Original Insured shall fully discharge and
release the Reinsurers from any and all liability in connection with such claim.

CUT-THROUGH CLAUSE

Attached to and forming part of the policies to be issued by the above named Insurer for
the account of for the following risks:

In the event the above Insurer fails to pay any loss payable under the above identified
policies, the undersigned Reinsurer hereby agrees that it will immediately become liable
for shares accepted by the undersigned Reinsurer, and will make payment thereof at
once directly to subject always
to other terms of the said policies. The undersigned convenant that this agreement takes
precedence over any other reinsurance agreement, contract or arrangement between
them to the extent that the undersigned Reinsurer shall not be subject to duplicate
liability because of the payment or payments made under the terms hereof and they
further convenant that this agreement shall not be altered or modified while the said
policies are in force; that this is a valid and binding contract which they have the right to
make and that the persons signing for them below are duly authorized for the purpose.