Document:

Reinsurance Trust Agreement

 Exhibit 10.32 
 REINSURANCE TRUST AGREEMENT 
 THIS REINSURANCE TRUST AGREEMENT (this “Agreement”) is
entered into on October 31, 2007 (the “Effective Date”), by and among MGA Insurance Company, Inc., a stock property and casualty insurance company domiciled in the State of Texas, as grantor (the “Grantor”),
General Agents Insurance Company of America, Inc., a stock property and casualty insurance company domiciled in the State of Oklahoma, as the beneficiary (together with any successor thereof by operation of law, including, without limitation, any
liquidator, rehabilitator, receiver or conservator, the “Beneficiary”) and Bank of Oklahoma, N.A., as trustee (the “Trustee”). The Grantor, the Beneficiary and the Trustee are each sometimes referred to herein
individually as a “Party” and collectively as the “Parties”. Capitalized terms used herein shall have the meanings assigned to such terms in Section 12 or elsewhere in this Agreement. 
 WHEREAS, the Grantor and the Beneficiary have entered into the Reinsurance Agreement identified in Exhibit A hereto (as it may be amended from
time to time, the “Reinsurance Agreement”); 
 WHEREAS, the Beneficiary desires the Grantor to secure payments of all
amounts at any time and from time to time owing by the Grantor to the Beneficiary under or in connection with the Reinsurance Agreement and desires to create a trust arrangement that complies with the Oklahoma Insurance Code; 
 WHEREAS, the Grantor desires to transfer to the Trustee for deposit to a trust account (the “Trust Account”) certain assets in order to
secure payments under or in connection with the Reinsurance Agreement; 
 WHEREAS, the Trustee has agreed to act as Trustee hereunder, and to
hold such assets in trust in the Trust Account at the Trustee’s office in the United States for the sole use and benefit of the Beneficiary as described herein; and 
 WHEREAS, this Agreement is made for the sole use and benefit of the Beneficiary and for the purpose of setting forth the duties and powers of the Trustee with respect to the Trust Account. 
  

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 NOW, THEREFORE, for and consideration of the premises and for other good and valuable consideration, the
receipt of which is hereby acknowledged, the Parties hereby agree as follows: 
 1. DEPOSIT OF ASSETS TO THE TRUST ACCOUNT. 
 (a) The Grantor shall establish the Trust Account for the sole use and benefit of the Beneficiary, and the Trustee shall administer the Trust Account in
its name as trustee for the Beneficiary. The Trust Account shall be subject to withdrawal by the Beneficiary solely as provided herein. 
 (b) Upon the establishment of the Trust Account, the Grantor shall transfer to the Trustee, for deposit to the Trust Account, the assets listed in Exhibit B hereto with a Fair Market Value of $11,506,072, which is equal to the sum of
(i) one hundred five percent (105%) of the sum of case reserves for losses and loss adjustment expenses and case IBNR reserves for losses and loss adjustment expenses and the actuarially determined IBNR reserves as of June 30, 2007,
all of which are calculated net of any and all amounts ceded by the Beneficiary under any Inuring Reinsurance, less the lesser of (A) the aggregate amount of losses and loss adjustment expenses paid, or (B) the aggregate amount of case
reserves for losses and loss adjustment expenses, plus the aggregate amount of case IBNR reserves for losses and loss adjustment expenses, with respect to claims closed after June 30, 2007 and before the Effective Date, with respect to the
liabilities ceded to the Grantor under the Reinsurance Agreement; (ii) for claims made after June 30, 2007 and before the Effective Date in excess of $499,999 in any individual case or in the aggregate, one hundred five percent
(105%) of the sum of case reserves for losses and loss adjustment expenses and case IBNR reserves for losses and loss adjustment expenses for such claims, as determined as of the month end for the most recent month for which the financial
statements have been completed prior to the Effective Date, all of which are calculated net of amounts ceded by the Beneficiary under any Inuring Reinsurance; (iii) the total amount of the formally disputed portions of reinsurance claims by or
on behalf of the Beneficiary which were outstanding on the Effective Date under any Inuring Reinsurance; and (iv) for each Inuring Reinsurance agreement pursuant to which the Beneficiary ceded liabilities to a third party reinsurer that has an
A.M. Best Company rating on the Effective Date that is lower than “A-”, the liability ceded to such reinsurer by the Beneficiary as determined as of the month end for the most recent month for which the financial statements have been
completed prior to the Effective Date. Thereafter the Grantor shall transfer to the Trustee, for deposit to the Trust Account, such other assets as it may from time to time be required to transfer hereunder (all such assets actually received in the
Trust Account are herein referred to individually as an “Asset” and collectively as the “Assets”). The Assets shall consist only of cash (United States legal tender) and Eligible Securities, or any combination
thereof. Reserves shall be calculated for the purposes of this Agreement in accordance with the same reserving practices utilized by the Grantor prior to the Effective Date. The monthly financial statements referenced in clause (ii) above shall
be as of a month end that is no more than thirty (30) days prior to the Effective Date, and the monthly financial statements referenced in clause (iv) above shall be as of a month end that is no more than forty-five (45) days prior to
the Effective Date. 
  

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 (c) The Grantor agrees to deposit with the Trustee additional Assets necessary to maintain an amount in
the Trust Account (based on the Fair Market Value of the Assets as of the end of each calendar quarter and including accrued interest as of the end of each calendar quarter) equal to the amount of the Obligations as of the end of such calendar
quarter plus five percent (5%) of the amount determined pursuant to clause (i) of the definition of Obligations in Section 12 (the amount so determined, the “Quarterly Obligations Amount”); provided, however, if the
Grantor defaults in its obligations to make any deposit hereunder and such default continues for thirty (30) days after written notice thereof, thereafter for the remaining term of this Agreement, the Quarterly Obligations Amount shall be equal
to the Obligations as of the end of the applicable calendar quarter plus twenty-five percent (25%) of the amount determined pursuant to clause (i) of the definition of Obligations in Section 12. The Quarterly Obligations Amount shall
be determined in accordance with Sections 1(d) and (e). The deposit of any such necessary additional Assets by the Grantor will be made within ten (10) Business Days after the Quarterly Obligations Amount becomes operative for purposes of this
Agreement in accordance with Section 1(d). Upon delivery of such Assets, the Grantor shall advise the Beneficiary in writing that such delivery has been effected. 
 (d) Within forty-five (45) days after the end of each calendar quarter, the Grantor shall deliver to the Beneficiary its calculation of the Quarterly Obligations Amount, and all actuarial and other data
reasonably necessary for the Beneficiary to calculate the Quarterly Obligations Amount for such quarter (including updated case reserves and, at Grantor’s sole option and expense, either its own or an independent third party’s analysis or
calculation of the IBNR reserves). Within ten (10) Business Days after the Beneficiary’s receipt of the Grantor’s calculation of the Quarterly Obligations Amount and the related data, the Beneficiary may object to the Grantor’s
calculation thereof by delivering written notice of such objection to the Grantor and providing a reasonably detailed explanation specifying a reasonable basis for the Beneficiary’s objection and a revised Quarterly Obligations Amount
acceptable to the Beneficiary. If the Beneficiary does not object within such ten (10) Business Day period, the Quarterly Obligations Amount calculated by the Grantor shall be operative for purposes of this Agreement. If the Beneficiary objects
within such ten (10) Business Day period, the Grantor and the Beneficiary shall use commercially reasonable efforts to resolve such objection within ten (10) Business Days after receipt by the Grantor of the Beneficiary’s notice of
objection. If the Grantor and the Beneficiary are unable to agree on the Quarterly Obligations Amount within such ten (10) Business Day period, then each of them shall submit its final Quarterly Obligations Amount (as modified by any partial
agreement reached between the Grantor and the Beneficiary during such ten (10) Business Day period) before the end of such ten (10) Business Day period, and the operative Quarterly Obligations Amount shall be equal to the average of their
final Quarterly Obligations Amounts. All calculations of the Quarterly Obligations Amount, whether made by the Grantor or the Beneficiary, shall be made (i) in accordance with the Standards of Practice issued by the Actuarial Standards Board
(including the Casualty Actuarial Society’s Statement of Principles Regarding Property and Casualty Loss and Loss Adjustment Expense Reserves) as those standards may exist from time to time and (ii) after analysis of the claims insured
under the Reinsurance Agreement only on their own merits, without a view to any extraneous factors. 
  

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 (e) Prior to February 15 of each year during the term of this Agreement, the Grantor shall submit to
the Tillinghast division of Towers, Perrin, Forster & Crosby, Inc. or another independent actuarial firm selected by the Beneficiary and reasonably acceptable to the Grantor (such firm or such other independent actuarial firm, the
“Independent Actuary”), such information as the Independent Actuary shall reasonably require to prepare its annual actuarial report (but not an actuarial opinion) and to make a calculation of the Quarterly Obligations Amount for the
fourth quarter of the prior calendar year. The Independent Actuary’s calculation of the Quarterly Obligations Amount for the fourth calendar quarter shall be operative for purposes of this Agreement. All fees, costs, charges and expenses of the
Independent Actuary for the preparation of the annual actuarial report for the business reinsured under the Reinsurance Agreement (including the determination of gross and net reserves, but not the actuarial certification of such reserves) and the
Quarterly Obligations Amount for the fourth quarter shall be borne equally by the Grantor and the Beneficiary. The Grantor and the Beneficiary may at any time by mutual written consent, waive the provisions of this Section 1(e) and instead
choose to calculate the Quarterly Obligations Amount pursuant to Section 1(d). 
 (f) The Grantor hereby represents and warrants that
all Assets transferred by the Grantor to the Trustee for deposit to the Trust Account shall (i) be in such form that the Trustee, upon receipt of a written direction from the Beneficiary, will be able to immediately negotiate any such Assets
without consent or signature from the Grantor or any person other than the Trustee in accordance with the terms of this Agreement and (ii) consist only of cash (United States legal tender) and Eligible Securities, or any combination of the
foregoing, which are free and clear of all liens, claims and other encumbrances. 
 (g) The Trustee shall have no responsibility to determine
whether the Assets in the Trust Account are sufficient to secure the Grantor’s liabilities under the Reinsurance Agreement. 
 2. WITHDRAWAL OF
ASSETS FROM THE TRUST ACCOUNT. 
 (a) The Beneficiary shall have the right, at any time and from time to time, to withdraw from the Trust
Account, upon written notice to the Trustee with a copy to the Grantor (the “Withdrawal Notice”), such Assets as are specified in such Withdrawal Notice. The Withdrawal Notice shall designate a Party or third party (the
“Designee”) to whom the Assets specified therein shall be delivered. The Beneficiary need present no statement or other document in addition to a Withdrawal Notice in order to withdraw any Assets, nor is said right of withdrawal or
any other provision of this Agreement subject to any conditions or qualifications not contained in this Agreement; provided, however, that subsequent to any withdrawal, upon the Grantor’s written request, the Beneficiary shall furnish the
Grantor with an explanation and reasonably specific supporting documentation for such withdrawal. 
 (b) Upon receipt of a Withdrawal Notice,
the Trustee shall immediately take any and all steps necessary to transfer absolutely and unequivocally all right, title and interest in and to the Assets specified in such Withdrawal Notice and shall deliver physical custody of such assets to or
for the account of the Designee specified in such Withdrawal Notice. 
  

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 (c) Subject to paragraph (a) of this Section 2 and to Section 4 of this Agreement, in the
absence of a Withdrawal Notice, the Trustee shall allow no substitution or withdrawal of any Asset from the Trust Account. 
 (d) The Trustee
shall have no responsibility whatsoever to determine that any Assets withdrawn from the Trust Account pursuant to this Section 2 will be used and applied in the manner contemplated by Section 3 of this Agreement. 
 (e) Within ten (10) Business Days after the end of each calendar month, the Grantor, at its option, may deliver to the Beneficiary a notice
substantially in the form of Exhibit C hereto (the “Claims Closed Notice”) setting forth (i) the following information with respect to each individual claimant claim covered by the Reinsurance Agreement and closed during
such calendar month: (a) the amount of losses paid; (b) the amount of allocated loss adjustment expenses paid; (c) the amount received or recoverable by the Beneficiary under any Inuring Reinsurance;
(d) the case reserve for losses and loss adjustment expenses, net of Inuring Reinsurance recoverable (as updated by the Grantor as of the end of such month); and (e) the case IBNR reserve for losses and loss adjustment
expenses, net of Inuring Reinsurance recoverable (as updated by the Grantor as of the end of such month); and (ii) the Grantor’s calculation of the amount that the Beneficiary would be obligated to direct the Trustee to withdraw under
Section 2(g) if the Claims Closed Notice became operative (the “Withdrawal Amount”). The Grantor’s Claims Closed Notice shall also include, with respect to each individual claimant claim referenced therein, a copy of the
signed settlement agreement, proof of payment of the claim and such other evidence that such claim is closed as the Beneficiary may reasonably request. 
 (f) Within ten (10) Business Days after its receipt of the Claims Closed Notice, the Beneficiary may object to some or all of the information contained in the Claims Closed Notice by delivering to the Grantor a
notice (the “Claims Objection Notice”) providing (i) a reasonably detailed explanation specifying a reasonable basis for the Beneficiary’s objections and (ii) a revised Claims Closed Notice, including a Withdrawal
Amount acceptable to the Beneficiary. If the Beneficiary does not deliver a Claims Objection Notice to the Grantor within such ten (10) Business Day period, the Withdrawal Amount shown in the Grantor’s Claims Closed Notice shall be
operative for purposes of this Agreement. If the Beneficiary delivers a Claims Objection Notice within such ten (10) Business Day period, the Grantor and the Beneficiary shall use commercially reasonable efforts to resolve their disagreements
within ten (10) Business Days after receipt by the Grantor of the Claims Objection Notice. If the Grantor and the Beneficiary cannot mutually agree within such ten (10) Business Day period, then each of them shall submit its final Claims
Closed Notice (as modified by any partial agreement reached between the Grantor and the Beneficiary during such ten (10) Business Day period) before the end of such ten (10) Business Day period, and the operative Withdrawal Amount shall be
equal to the average of the Withdrawal Amounts shown on their final Claims Closed Notices. 
  

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 (g) Within fifteen (15) Business Days after the Withdrawal Amount becomes operative, the Beneficiary
shall deliver a Withdrawal Notice to the Trustee naming the Grantor as the Designee thereunder and instructing the Trustee to pay to the Grantor an amount from the Trust Account equal to the lesser of (i) the aggregate amount of losses paid,
plus the aggregate amount of allocated loss adjustment expenses paid, less the aggregate amount received or recoverable by the Beneficiary under any Inuring Reinsurance, with respect to claims closed during the calendar month, or (ii) the
aggregate amount of case reserves for losses and loss adjustment expenses, net of any Inuring Reinsurance recoverable, plus the aggregate amount of case IBNR reserves for losses and loss adjustment expenses, net of any Inuring Reinsurance
recoverable, with respect to claims closed during the calendar month, all as set forth in the operative Claims Closed Notice. Notwithstanding the foregoing, to the extent that the calculation of a Quarterly Obligations Amount is not operative for
purposes of this Agreement within forty-five (45) days after the end of a given calendar quarter as a result of an objection made pursuant to Section 1(d), the Beneficiary’s obligation to cause the Trustee to make the payment to the
Grantor pursuant to the immediately preceding sentence shall be suspended until such time as the calculation of a Quarterly Obligations Amount in accordance with Section 1(d) becomes operative for purposes of this Agreement. 
 (h) Within ten (10) Business Days after the Quarterly Obligations Amount becomes operative for purposes of this Agreement in accordance with
Section 1(d) or (e), to the extent that the amount of Assets in the Trust Account exceeds the Quarterly Obligations Amount, the Beneficiary shall deliver a Withdrawal Notice to the Trustee naming the Grantor as the Designee thereunder and
instructing the Trustee to pay the Grantor an amount from the Trust Account equal to such excess. 
 3. APPLICATION OF ASSETS. 
 (a) The Beneficiary hereby covenants to the Grantor that it shall use and apply any withdrawn Assets, without diminution because of the insolvency of the
Beneficiary or the Grantor, for the following purposes only: 
 (i) to pay or reimburse the Beneficiary for the Grantor’s
share under the Reinsurance Agreement regarding any losses and allocated loss adjustment expenses paid by the Beneficiary but not recovered from the Grantor (or any third party reinsurer), if not otherwise paid by the Grantor in accordance with the
terms of the Reinsurance Agreement; 
 (ii) to pay Grantor pursuant to Section 2(g) or (h); or 
 (iii) where the Beneficiary has received a Termination Notice (as hereinafter defined) pursuant to Section 11 of this Agreement and
where the Grantor’s entire Obligations remain unliquidated and undischarged ten (10) days 

  

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prior to the Termination Date (as hereinafter defined), to withdraw amounts equal to such Obligations and deposit such amounts in a separate account, in the
name of the Beneficiary, in any Qualified Fiduciary United States Financial Institution, apart from its other assets, in trust for the uses and purposes specified in clauses (i) and (ii) of this Section as may remain executory after such
withdrawal and for any period after such Termination Date. 
 (b) The existence of the Trust Account, as security for the Obligations, shall
not affect the Grantor’s liabilities under the Reinsurance Agreement, nor shall the Assets of the Trust Account be used as an offset by the Grantor against any Obligations. 
 4. REDEMPTION, INVESTMENT AND SUBSTITUTION OF ASSETS. 
 (a) The Trustee shall, upon call or at
maturity of any Asset, surrender such Asset for redemption or payment and shall deposit the principal amount of the proceeds of any such redemption or payment in the Trust Account. 
 (b) From time to time, at the written order and direction of the Grantor or its designated representative, the Trustee shall invest Assets in the Trust
Account only in Eligible Securities. 
 (c) From time to time the Grantor or its designated representative may direct the Trustee to
substitute Eligible Securities for other Eligible Securities held in the Trust Account at such time and shall give notice thereof to the Beneficiary. 
 (d) All investments and substitutions of securities referred to in Sections 4(b) and (c) shall be Eligible Securities. The Trustee shall have no responsibility whatsoever to determine that any Assets in the Trust
Account are or continue to be Eligible Securities. Any instruction or order concerning such investments or substitutions of securities shall be referred to herein as an “Investment Order.” The Trustee shall execute Investment Orders
and settle securities transactions by itself or by means of an agent or broker. The Trustee shall not be responsible for any act or omission, or for the solvency, of any such agent or broker unless said act or omission is the result, in whole or in
part, of the Trustee’s negligence, willful misconduct or lack of good faith. Unless otherwise instructed by Grantor, the Trustee shall invest and reinvest the Assets in the American Performance U.S. Treasury Fund (the “Money Market
Fund”). 
 (e) Any loss incurred from any investment pursuant to the terms of this Section 4 shall be borne exclusively by the
Trust Account. The Trustee shall have no liability for any loss sustained as a result of any investment made pursuant to the terms of this Agreement or as a result of any liquidation of any investment prior to its maturity or for the failure of the
Grantor and the Beneficiary to give the Trustee instructions to invest or reinvest the Trust Account. The Grantor shall make additional deposits pursuant to Section 1(c) in the event such loss is incurred resulting in a deficiency in the Trust
Account. 
  

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 5. INTEREST AND DIVIDENDS. The Trustee shall collect, receive and hold in the Trust Account in accordance with
this Agreement any dividends, interest or other income received in respect of the Assets in the Trust Account, but shall have no responsibility with respect to the collection of such income beyond the exercise of due care. 
 6. RIGHT TO VOTE ASSETS. The Trustee shall forward all annual and interim stockholder reports and all proxies and proxy materials relating to the Assets in the
Trust Account to the Grantor. The Grantor shall have the full and unqualified right to exercise any voting rights associated with the Assets in the Trust Account. 
 7. ADDITIONAL RIGHTS AND DUTIES OF THE TRUSTEE. 
 (a) The Trustee shall notify the Grantor and the Beneficiary in writing
within five (5) Business Days following each deposit to, or withdrawal from, the Trust Account. 
 (b) Before accepting any Asset for
deposit to the Trust Account, the Trustee shall determine that such Asset is in such form that the Trustee, upon receipt of written direction by the Beneficiary will be able to immediately negotiate such Asset without consent or signature from the
Grantor or any person or entity other than the Trustee in accordance with the terms of this Agreement. 
 (c) All Assets in the Trust Account
shall be held by the Trustee in a safe place at the Trustee’s office within the United States; provided, however, that the Trustee may deposit any Assets in the Trust Account in a book-entry account maintained at the Federal Reserve Bank of New
York or in depositories such as the Depository Trust Company, and Assets may be held in the name of a nominee maintained by the Trustee or by any such depository. 
 (d) The Trustee shall accept and open all mail directed to the Grantor or the Beneficiary in care of the Trustee. 
 (e) The Trustee shall furnish to the Grantor and the Beneficiary a statement of all Assets in the Trust Account upon the inception of the Trust Account and at least the end of each calendar quarter thereafter. 
 (f) Upon the request of the Grantor or the Beneficiary, the Trustee shall promptly permit the Grantor or the Beneficiary, their respective agents,
employees and independent auditors to examine, audit, excerpt, transcribe and copy, during the Trustee’s normal business hours, any books, documents, papers and records relating to the Trust Account or the Assets. 
 (g) The Trustee is authorized to follow and rely upon all instructions furnished to the Trustee from time to time by the Grantor and the Beneficiary,
respectively, and by attorneys-in-fact acting under written authority furnished to the Trustee by the Grantor or the Beneficiary, including, without limitation, instructions 

  

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given by letter, facsimile transmission, telegram, teletype, cablegram or electronic media, if the Trustee believes such instructions to be genuine and to
have been signed, sent or presented by the proper party or parties. The Trustee shall not incur any liability to anyone resulting from actions taken by the Trustee in reliance in good faith on such instructions. The Trustee shall not incur any
liability in executing instructions (i) from an attorney-in-fact prior to receipt by it of notice of the revocation of the written authority of the attorney-in-fact or (ii) from any officer of the Grantor or the Beneficiary. 
 (h) The duties and obligations of the Trustee shall only be such as are specifically set forth in this Agreement, as it may from time to time be amended,
and no implied duties or obligations shall be read into this Agreement against the Trustee. The Trustee shall only be liable for its own negligence, willful misconduct or lack of good faith. 
 (i) No provision of this Agreement shall require the Trustee to take any action which, in the Trustee’s reasonable judgment, would result in any
violation of this Agreement or any provision of law. 
 (j) The Trustee may confer with counsel of its own choice in relation to matters
arising under this Agreement and may rely in good faith and in accordance with opinion of such counsel. 
 8. THE TRUSTEE’S COMPENSATION, EXPENSES
AND INDEMNIFICATION. 
 (a) The Grantor shall pay the Trustee, as compensation for its services under this Agreement, a fee computed at
rates as may be agreed to from time to time in writing by the Trustee and the Grantor. The Grantor shall pay or reimburse the Trustee for all of the Trustee’s reasonable expenses and disbursements in connection with the exercise of its duties
under this Agreement (including attorney’s fees and expenses), except any such expense or disbursement as may arise from the Trustee’s negligence, willful misconduct or lack of good faith. The Grantor also hereby indemnifies the Trustee
for, and holds it harmless against, any loss, liability, costs or expenses (including attorney’s fees and expenses) incurred or made without negligence, willful misconduct or lack of good faith on the part of the Trustee, arising out of or in
connection with the performance of its obligations in accordance with the provisions of this Agreement, including, without limitation, any loss, liability, costs or expenses arising out of or in connection with the status of the Trustee and its
nominee as the holder of record of the Assets. In no event shall the Trustee be liable for special, indirect or consequential loss or damage of any kind whatsoever (including, without limitation, lost profits), even if the Trustee has been advised
of the likelihood of such loss or damage and regardless of the form of action. 
 (b) The Trustee shall be entitled to deduct its
compensation and expenses from payments of dividends, interest and other income in respect to the Assets held in the Trust Account, but in no event shall the trust corpus be utilized for paying compensation, or reimbursing expenses of the Trustee.

  

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 9. TAXPAYER IDENTIFICATION NUMBER (TIN). The Grantor and the Beneficiary each represent that their correct
Taxpayer Identification Numbers (TINs) assigned by the Internal Revenue Service or any other taxing authority are set forth in Schedule 1. The Grantor and the Beneficiary acknowledge this Trust constitutes a grantor trust as that term is defined in
the Internal Revenue Code. All interest, dividends, Asset sales or exchanges shall be deemed attributable to the Grantor and the Grantor shall be liable for all taxes, penalties, interest or similar governmental charge with respect to any Asset or
any transaction related thereto. Trustee shall prepare and file, or cause to be prepared and filed, such reports and returns as may, from time to time, be required by regulations of the Internal Revenue Service or state tax authorities. 

10. RESIGNATION OF THE TRUSTEE. 
 (a) The Trustee
may resign at any time by giving not less than ninety (90) days’ written notice thereof to the Beneficiary and to the Grantor, such resignation to become effective upon the acceptance of appointment by a successor trustee and the transfer
to such successor trustee of all Assets in the Trust Account in accordance with Section 10(b). 
 (b) Upon receipt of the Trustee’s
notice of resignation, the Grantor and the Beneficiary shall appoint a successor trustee. Any successor trustee must be a bank that is a member of the Federal Reserve System and a Qualified Fiduciary United States Financial Institution and must not
be a Parent, a Subsidiary or an Affiliate of the Grantor or the Beneficiary. Upon the acceptance of the appointment as trustee hereunder by a successor trustee, payment of all fees due the Trustee and the transfer to such successor trustee of all
Assets in the Trust Account, the resignation of the Trustee shall become effective. Thereupon, such successor trustee shall succeed to and become vested with all the rights, powers, privileges and duties of the Trustee, and the Trustee shall be
discharged from any future duties and obligations under this Agreement, but the Trustee shall continue after its resignation to be entitled to the benefits of the indemnities provided herein for the Trustee. 
 (c) If the Trustee consolidates with, merges or converts into, or transfers all or substantially all of its corporate trust business or assets to,
another corporation or banking association, the resulting, surviving or transferee corporation, without any further act, shall be the successor Trustee; provided that any such successor Trustee must be a bank that is a member of the Federal Reserve
System and a Qualified Fiduciary United States Financial Institution and must not be a Parent, a Subsidiary or an Affiliate of the Grantor or the Beneficiary. 
 11. TERMINATION OF THE TRUST ACCOUNT. 
 (a) The Trust Account and this Agreement, except for the indemnities provided
herein, may be terminated only after (i) the Grantor or the Beneficiary has given the Trustee written notice of its intention to terminate the Trust Account (the “Notice of  

  

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Intention”), (ii) the Trustee has given the Grantor and the Beneficiary the written notice specified in Section 11(b), (iii) the
Reinsurance Agreement shall have terminated, and (iv) the Beneficiary has given the Trustee written notice that all obligations of the Grantor under the Reinsurance Agreement have been extinguished. The Notice of Intention shall specify the
date on which the notifying Party intends the Trust Account to terminate (the “Proposed Date”). 
 (b) Within ten
(10) Business Days following receipt by the Trustee of the Notice of Intention, the Trustee shall give written notification (the “Termination Notice”) to the Beneficiary and the Grantor of the date (the “Termination
Date”) on which the Trust Account shall terminate. The Termination Date shall be (i) the Proposed Date (or, if the Proposed Date is not a Business Day, the next Business Day thereafter), if the Proposed Date is at least thirty
(30) days but no more than forty-five (45) days subsequent to the date the Termination Notice is given; (ii) thirty (30) days subsequent to the date the Termination Notice is given (or if not a Business Day, the next Business Day
thereafter), if the Proposed Date is fewer than thirty (30) days subsequent to the date the Termination Notice is given; or (iii) forty-five (45) days subsequent to the date the Termination Notice is given (or if not a Business Day,
the next Business Day thereafter), if the Proposed Date is more than forty-five (45) days subsequent to the date the Termination Notice is given. 
 (c) On the Termination Date, upon receipt of the written approval of the Beneficiary, the Trustee shall transfer to the Grantor any Assets remaining in the Trust Account, at which time all liability of the Trustee
with respect to such Assets shall cease. 
 12. DEFINITIONS. Except as the context shall otherwise require, the following terms shall have the
following meanings for all purposes of this Agreement (the definitions to be applicable to both the singular and the plural forms of each term defined if both such forms of such term are used in this Agreement): 
 “Affiliate” shall mean, with respect to any corporation or other business organization, another corporation or business organization
which, directly or indirectly through one of more intermediaries, controls or is controlled by, or is under common control with, such corporation or other business organization. The term “control” (including the related terms
“controlled by” and “under common control with”) shall mean the ownership, directly or indirectly, of more than fifty percent (50%) of the voting power of a corporation or the equity interests of another business
organization. 
 “Business Day” shall mean any day other than a Saturday, Sunday or any other day on which the Trustee
located at the notice address set forth on Schedule 1 is authorized or required by law or executive order to remain closed. 
 A
claimant’s claim will be considered “closed” when evidence of final settlement or release in accordance with customary claims handling practices (which may be comprised of attorney correspondence) has been received by the
Grantor, the Beneficiary or any of their Affiliates. 
  

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 “Eligible Securities” shall mean and include certificates of deposit issued by a United
States bank and payable in United States legal tender, and readily marketable securities issued in the United States, listed by the Securities Valuation Office (SVO) of the National Association of Insurance Commissioners (NAIC), and of the type
permitted by the Oklahoma Insurance Code; provided, however, that no such securities shall have been issued by a Parent, a Subsidiary or an Affiliate of either the Grantor or the Beneficiary. 
 “Fair Market Value” shall mean, (i) with respect to Eligible Securities, the Fair Market Value of such securities as shown on
reports issued by the Securities Valuation Office (SVO) of the National Association of Insurance Commissioners (NAIC), and (ii) with respect to any other assets, the Fair Market Value of such assets as determined by another method mutually
acceptable to the Grantor and the Beneficiary. 
 “Inuring Reinsurance” means all reinsurance and retrocessional treaties and
agreements pursuant to which the Beneficiary ceded any reinsurance to third parties on or prior to the Effective Date. 
 “Obligations” shall mean (i) the Grantor’s share, net of amounts ceded by the Beneficiary under any Inuring Reinsurance, of the case reserves for losses and loss adjustment expenses and case IBNR reserves for the
losses and loss adjustment expenses and the actuarially determined IBNR reserves as of the end of the calendar quarter for liabilities ceded to the Grantor under the Reinsurance Agreement, (ii) the total amount of the formally disputed portions
of reinsurance claims by or on behalf of the Beneficiary which were outstanding at the end of the calendar quarter under any Inuring Reinsurance, and (iii) for each Inuring Reinsurance agreement pursuant to which the Beneficiary has ceded
liabilities to a third party reinsurer that has an A.M. Best Company rating at the end of the calendar quarter that is lower than “A-”, the liability ceded to such reinsurer by the Beneficiary. 
 “Person” shall mean and include an individual, a corporation, a partnership, an association, a trust, an unincorporated organization or a
government or political subdivision thereof. 
 “Parent” shall mean a corporation or other business organization that,
directly or indirectly, controls another corporation or other business organization. 
 “Qualified Fiduciary United States Financial
Institution” shall mean an institution that is (i) organized, or, in the case of a United States branch or agency office of a foreign banking organization, licensed, under the laws of the United States or any state thereof and has been
granted authority to act with fiduciary powers; and (ii) regulated, supervised and examined by federal or state authorities having regulatory authority over banks and trust companies. 
  

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 “Subsidiary” shall mean a corporation or other business organization that is controlled,
directly or indirectly, by another corporation or other business organization. 
 13. GOVERNING LAW AND VENUE. This Agreement shall be subject to and
governed by the laws of the State of Oklahoma. Each party hereto irrevocably waives any objection on the grounds of venue, forum non-conveniens or any similar grounds and irrevocably consents to service of process by mail or in any other manner
permitted by applicable law and consents to the jurisdiction of the courts located in Chicago, Illinois. The Parties further hereby waive any right to a trial by jury with respect to any lawsuit or judicial proceeding arising out of or relating to
this Agreement. 
 14. SUCCESSORS AND ASSIGNS. No Party may assign this Agreement or any of its obligations hereunder, without the prior written
consent of the other Parties; provided, however, that this Agreement shall inure to the benefit of and bind any Person who, by operation of law, becomes a successor to a Party, including, without limitation, any liquidator, rehabilitator, receiver
or conservator and any successor merged or consolidated entity; and provided further that, in the case of the Trustee, the successor trustee is eligible to be a trustee under the terms hereof. Any corporation or other business organization into
which the Trustee may be merged or converted or with which it may be consolidated, or any corporation or other business organization to which all or substantially all the escrow business of the Trustee’s corporate trust line of business may be
transferred, shall be the Trustee under this Agreement without further act. 
 15. SEVERABILITY. In the event that any provision of the Agreement
shall be declared invalid or unenforceable by any regulatory body or court having jurisdiction, such invalidity or unenforceability shall not affect the validity or enforceability of the remaining portions of this Agreement. 
 16. ENTIRE AGREEMENT. This Agreement constitutes the entire agreement among the Parties, and there are no understandings or agreements, conditions or
qualifications relative to this Agreement which are not fully expressed in this Agreement. 
 17. AMENDMENTS. This Agreement may be modified or
otherwise amended, and the observance of any term of this Agreement may be waived, if such modification, amendment or waiver is in writing and signed by all of the Parties. 
 18. NOTICES. Unless otherwise provided in this Agreement, all notices, directions, requests, demands, acknowledgments and other communications required or permitted to be given or made under the terms hereof
shall be in writing and shall be deemed to have been duly given or made (a) (i) when delivered personally, (ii) when made or given by prepaid telex, telegraph or facsimile, or (iii) in the case of mail delivery, upon the
expiration of three (3) days after any such notice, direction, request, demand, 

  

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acknowledgment or other communication shall have been deposited in the United States mail for transmission by first class mail, postage prepaid, or upon
receipt thereof, whichever shall first occur, and (b) when addressed as shown on Schedule 1 hereto. Notwithstanding the foregoing, communications pursuant to Section 1(d) or 2(e) may be transmitted via electronic mail. Notwithstanding the
foregoing, in the case of communications delivered to the Trustee pursuant to clause (a)(ii) or (iii) of this Section 18, such communications shall be deemed to have been given on the date received by the Trustee. In the event that the
Trustee, in its sole discretion, shall determine that an emergency exists, the Trustee may use such other means of communication as the Trustee deems appropriate. 
 19. COUNTERPARTS. This Agreement may be executed in any number of counterparts, each of which when so executed and delivered shall constitute an original, but such counterparts together shall constitute one and the same Agreement.
All signatures to this Agreement by the Parties may be transmitted by facsimile, and such facsimile will, for all purposes, be deemed to be the original signature of such Party whose signature it reproduces, and will be binding upon such Party.

 20. SECURITY PROCEDURES. In the event funds transfer instructions are given (other than in writing at the time of execution of this Agreement, as
indicated in Schedule 1 attached hereto), whether in writing, by telecopy or otherwise, the Trustee is authorized to seek confirmation of such instructions by telephone call-back to the person or persons designated on Schedule 2 hereto
(“Schedule 2”), and the Trustee may rely upon the confirmation of anyone purporting to be the person or persons so designated. The persons and telephone numbers for call-backs may be changed only in a writing actually received and
acknowledged by the Trustee. If the Trustee is unable to contact any of the authorized representatives identified in Schedule 2, the Trustee is hereby authorized to seek confirmation of such instructions by telephone call-back to any one or
more of Beneficiary’s executive officers (“Executive Officers”), which shall include the titles of chief executive officer, chief financial officer or treasurer, as the Trustee may select. Such Executive Officer shall deliver
to the Trustee a fully executed Incumbency Certificate, and the Trustee may rely upon the confirmation of anyone purporting to be any such officer. The Trustee and the Beneficiary’s bank in any funds transfer may rely solely upon any account
numbers or similar identifying numbers provided by the Beneficiary to identify (i) the Beneficiary, (ii) the Beneficiary’s bank, or (iii) an intermediary bank. The Trustee may apply any of the Trust Account for any payment order
it executes using any such identifying number, even when its use may result in a person other than the Beneficiary being paid, or the transfer of funds to a bank other than the Beneficiary’s bank or an intermediary bank designated. The Parties
acknowledge that these security procedures are commercially reasonable. 
 21. FORCE MAJEURE. In the event that any Party to this Agreement is unable
to perform its obligations under the terms of this Agreement because of acts of God, strikes, equipment or transmission failure or damage reasonably beyond its control, or other substantial cause reasonably beyond its control, such Party shall not
be liable for damages to the other Parties for any unforeseeable damages resulting from such failure to perform or otherwise from such causes. Performance under this Agreement shall resume when the affected Party is able to substantially perform
that Party’s duties. 
 [SIGNATURE PAGE FOLLOWS] 
  

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 IN WITNESS WHEREOF, the Parties hereto have caused this Reinsurance Trust Agreement to be executed and
delivered by their respective officers thereunto duly authorized as of the date first above written. 
  

			
	GENERAL AGENTS INSURANCE COMPANY OF AMERICA, INC.
		
	By:	 	/s/ Daniel J. Coots
		 	Daniel J. Coots
		 	Senior Vice President and Treasurer
	
	MGA INSURANCE COMPANY, INC.
		
	By:	 	/s/ Daniel J. Coots
		 	Daniel J. Coots
		 	Senior Vice President and Treasurer
	
	BANK OF OKLAHOMA, N.A., as Trustee
		
	By:	 	/s/ Barbara Bailey
	Name:	 	Barbara Bailey
	Title:	 	Vice President and Trust OfficerGuaranty Agreement

 Exhibit 10.33 
 GUARANTY AGREEMENT 
 THIS GUARANTY AGREEMENT (this “Guaranty”), dated as of
October 31, 2007 (the “Effective Date”), is made by GAINSCO, Inc., a Texas corporation (the “Guarantor”), for the benefit of General Agents Insurance Company of America, Inc., a stock property and casualty
insurance company domiciled in the State of Oklahoma (the “Company”). 
 WHEREAS, the Guarantor is the parent of MGA
Insurance Company, Inc., a stock property and casualty insurance company domiciled in the State of Texas (“MGA”); 
 WHEREAS, the Guarantor and MGA have agreed to sell to Montpelier Re U.S. Holdings Ltd., a Delaware corporation (“Montpelier”), all of the issued and outstanding capital stock of the Company pursuant to that certain Stock
Purchase Agreement dated as of August 13, 2007, by and among the Guarantor, MGA and Montpelier (the “Purchase Agreement”), resulting in the Company becoming a wholly owned subsidiary of Montpelier; 
 WHEREAS, pursuant to the terms of the Purchase Agreement, the Company and MGA have entered into that certain (i) 100% Quota Share Reinsurance
Agreement, a copy of which is attached hereto as Exhibit A (as amended from time to time, the “Reinsurance Agreement”), (ii) Reinsurance Trust Agreement, a copy of which is attached hereto as Exhibit B (as amended
from time to time, the “Trust Agreement”), (iii) Liability Assumption Agreement, a copy of which is attached hereto as Exhibit C (as amended from time to time, the “Assumption Agreement”),
(iv) Administration Agreement, a copy of which is attached hereto as Exhibit D (as amended from time to time, the “Administration Agreement”) and (v) Transfer and Assignment Agreement, a copy of which is attached
hereto as Exhibit E (as amended from time to time, the “Transfer and Assignment Agreement” and together with the Reinsurance Agreement, the Trust Agreement, the Assumption Agreement, the Administration Agreement and the
Transfer and Assignment Agreement, the “Ancillary Agreements”), pursuant to which MGA and the Company have undertaken and incurred certain obligations to each other; 
 WHEREAS, the Guarantor will receive substantial and direct benefit from the consummation of the transactions contemplated by the Purchase Agreement and
for purposes of inducing Montpelier to consummate the transactions contemplated by the Purchase Agreement, the Guarantor desires to guaranty all of the obligations of MGA to the Company under the Ancillary Agreements; and 
 WHEREAS, it is a condition precedent to Montpelier entering into the Purchase Agreement that the Guarantor enter into this Guaranty. 
 NOW, THEREFORE, for One Dollar and 00/100 and other good and valuable consideration, including the benefit to the Guarantor of the consummation of the
transactions contemplated by the Purchase Agreement, the receipt and sufficiency of which the Guarantor hereby acknowledges, the Guarantor does hereby covenant and agree with the Company as follows: 
  

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 ARTICLE 1 
 GUARANTY 
 1.1 Guaranty. The Guarantor hereby unconditionally guarantees to the Company the
full and prompt payment and performance of the Ancillary Agreements with respect to obligations of MGA thereunder (collectively, the “Obligations”). All payments by the Guarantor shall be paid in lawful money of the United States of
America. 
 1.2 Liability of the Guarantor is Primary. The liability of the Guarantor hereunder is primary, direct and independent of
the Obligations of MGA. This Guaranty shall be enforceable against the Guarantor as if the Guarantor were the primary obligor with respect to the Obligations. 
 1.3 Liability of the Guarantor is Absolute and Unconditional. The liability of the Guarantor under this Guaranty shall be absolute, present and continuing and shall remain in full force and effect until the
Obligations have been performed and/or paid in full. The liability of the Guarantor hereunder is in no way contingent upon any actions or omissions of the Company or upon any other action, occurrence or circumstance whatsoever other than the
occurrence of a default or breach on the part of MGA with respect to the Obligations. The Guarantor agrees that if, for any reason, MGA shall fail or be unable to pay or perform, punctually and fully, any of the Obligations, the Guarantor shall pay
such Obligations to the Company in full, or otherwise discharge such Obligations, immediately upon demand, without set-off, counterclaim, deduction or diminution; provided, however that the Guarantor shall be entitled to assert or to avail itself of
any defenses that MGA would have against the Company under or with respect to the Ancillary Agreements. 
 1.4 All Payments Are Final.
The Guarantor also guarantees that all payments made by MGA with respect to any liabilities hereby guaranteed will, when made, be final and agrees that if any such payment is recovered from or repaid by the Company in whole or in part in any
bankruptcy, insolvency or similar proceeding instituted by or against MGA, this Guaranty shall continue to be fully applicable to such liabilities to the same extent as though the payment so recovered or repaid had never been originally made on such
liabilities. The obligations of the Guarantor hereunder shall not be affected, modified or impaired upon the happening from time to time of any of the following, whether or not with notice to, or consent of the Guarantor: 
 (a) The failure to give notice to the Guarantor of the occurrence of any default under any of the Ancillary Agreements; 
 (b) The extension by the Company of time for payment or performance of the Obligations, except that the Guarantor shall be allowed the
same extension; 
 (c) The taking or the failure to take any of the actions by the Company referred to in the Ancillary
Agreements; 
 (d) Any failure, omission or delay on the part of the Company to enforce, assert or exercise any right, power
or remedy with respect to the Obligations; 
  

 2 

 (e) The full or partial discharge of MGA or any other impairment, modification, release
or limitation of the liability of MGA in any bankruptcy, insolvency or similar proceedings or any stay of actions or enforcement proceedings in any bankruptcy, insolvency or similar proceedings; or 
 (f) Any other fact or event (whether or not similar to any of the foregoing) that in the absence of this provision would constitute or
afford a legal or equitable discharge or release of or defense to a guarantor or surety other than the actual payment and performance by the Guarantor of the Obligations. 
 Notwithstanding the foregoing, the Guarantor shall be entitled to assert or to avail itself of any defenses that MGA would have against the Company under or with respect to the Ancillary Agreements. 
 1.5 No Delay or Omission. No delay or omission by the Company of exercising any right hereunder shall operate as a waiver of such right or any
other right. 
 1.6 Benefit. This Guaranty is entered into by the Guarantor for the benefit of the Company and its respective
successors and assigns, all of whom shall be entitled to enforce performance and observance of this Guaranty. 
 ARTICLE 2 
 RIGHTS AND REMEDIES OF THE COMPANY 
 2.1 Enforcement of Rights. The Company may proceed to enforce its rights hereunder whether by suit in equity or by action at law, whether for specific performance of any covenant or agreement contained in this Guaranty, or in aid of
the exercise of any power granted in this Guaranty, or it may proceed to obtain judgment or any other relief whatsoever appropriate to the enforcement of such rights, or proceed to enforce any legal or equitable right which the Company may have by
reason of the occurrence of any default hereunder. 
 2.2 Guarantor is a Principal Obligor. The Guarantor hereby agrees, as the
principal obligor and not as guarantor only, to pay forthwith upon demand, all reasonable and appropriate costs and expenses (including all reasonable attorneys’ fees and disbursements) incurred or expended by the Company in connection with the
enforcement of this Guaranty. 
 ARTICLE 3 
 MISCELLANEOUS 
 3.1 Governing Law and Venue. This Guaranty shall be governed by and construed
and enforced in accordance with the laws of the State of Delaware, without regard to its conflicts of laws principles. The parties irrevocably and unconditionally agree that the exclusive place of jurisdiction for any action, suit or proceeding
(“Actions”) relating to this Guaranty shall be in the courts of the United States of America sitting in the Northern District of Illinois or, if such courts 

  

 3 

 
shall not have jurisdiction over the subject matter thereof, in the courts sitting in the city of Chicago, Illinois, and each such party hereby irrevocably
and unconditionally agrees to submit to the jurisdiction of such courts for purposes of any such Actions. Each party irrevocably and unconditionally waives any objection it may have to the venue of any Action brought in such courts or to the
convenience of the forum. 
 3.2 Severability. If any term, provision, covenant or restriction of this Guaranty is held by a court of
competent jurisdiction to be invalid, void or unenforceable, the Company and the Guarantor each direct that such court interpret and apply the remainder of this Guaranty in the manner that it determines most closely effectuates their intent in
entering into this Guaranty, and in doing so particularly take into account the relative importance of the term, provision, covenant or restriction being held invalid, void or unenforceable. 
 3.3 Assignability. This Guaranty may not be assigned by the Guarantor nor may any duty or obligation of the Guarantor hereunder be delegated to a
third party. Any assignment or delegation or attempted assignment or delegation in violation of this provision shall be void and of no effect. 
 3.4 Notices. Any notice or other communication required or permitted hereunder shall be in writing and shall be deemed given if delivered personally, by facsimile (which is confirmed) or sent by overnight courier (providing proof of
delivery), to the parties at the following address: 
 If to the Company, to: 
 General Agents Insurance Company of America, Inc. 
 c/o Montpelier Re U.S. Holdings Ltd. 
 One Constitution Plaza, 5th Floor 
 Hartford, Connecticut 06103 
 Attention:
Robert W. Heagney, Esq. 
      General Counsel 
 Facsimile: (860) 838-4492 
 Telephone:
(860) 838-4464 
 E-mail: rob.heagney@montpelierus.com 
 With a copy to: 
 Montpelier Re Holdings Ltd. 
 Montpelier House 
 94 Pitts Bay Road

 P.O. Box HM 2079 
 Hamilton HM
HX Bermuda 
 Attention: Jonathan B. Kim, Esq. 
     General Counsel 
 Facsimile: (441) 296-4358 
 Telephone: (441) 297-9595 
 E-mail:
jonathan.kim@montpelierre.bm 
  

 4 

 If to the Guarantor: 
 GAINSCO, INC. 
 3333 Lee Parkway, Suite 1200 
 Dallas, Texas 75219-5134 
 Attention: Chief
Financial Officer 
 Facsimile: (972) 629-4401 
 Telephone: (972) 629-4407 
 With a copy to: 
 GAINSCO, INC. 
 3333 Lee Parkway, Suite 1200

 Dallas, Texas 75219-5134 
 Attention: General Counsel 
 Facsimile: (972) 629-4401 
 Telephone: (972) 629-4411 
 Any party may, by notice
given in accordance with this Section 3.4 to the other party, designate another address or person for receipt of notices hereunder provided that notice of such a change shall be effective upon receipt. 
 3.5 Amendments. Neither this Guaranty, nor any term, covenant or condition hereof may be changed, waived, discharged, modified or terminated
except by a writing executed by the Guarantor and the Company. 
 3.6 Entire Agreement. This Guaranty constitutes the entire agreement
between the parties hereto relating to the subject matter hereof and supersedes all prior and contemporaneous agreements, understandings, negotiations and discussions, whether oral or written, of the parties relating thereto. 
 3.7 Negotiated Agreement. This Guaranty has been negotiated by the parties and the fact that the initial and final draft will have been prepared
by either party will not give rise to any presumption for or against any party to this Guaranty or be used in any respect in the construction or interpretation of this Guaranty or any of its provisions. 
 3.8 Successors and Assigns. The provisions of this Guaranty shall inure to the benefit of and be binding upon the parties hereto and their
respective successors and permitted assigns. 
  

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 3.9 Waivers. 
 (a) THE GUARANTOR ACKNOWLEDGES THAT THE OBLIGATIONS EVIDENCED HEREBY ARE COMMERCIAL TRANSACTIONS AND WAIVES ITS RIGHTS TO REQUEST THAT THE COMPANY POST A BOND, WITH OR WITHOUT SURETY, TO PROTECT GUARANTOR AGAINST
DAMAGES THAT MAY BE CAUSED BY ANY PREJUDGMENT REMEDY SOUGHT OR OBTAINED BY THE COMPANY. 
 (b) THE GUARANTOR WAIVES TRIAL BY JURY IN
ANY COURT IN ANY SUIT, ACTION OR PROCEEDING ON ANY MATTER ARISING IN CONNECTION WITH OR IN ANY WAY RELATED TO THE TRANSACTIONS OF WHICH THIS GUARANTY IS A PART AND/OR THE ENFORCEMENT OF THE COMPANY’S RIGHTS, INCLUDING WITHOUT LIMITATION, TORT
CLAIMS. THE GUARANTOR ACKNOWLEDGES THAT IT MAKES THIS WAIVER KNOWINGLY, VOLUNTARILY, WITHOUT DURESS AND ONLY AFTER CONSIDERATION OF THE RAMIFICATIONS OF THIS WAIVER WITH ITS ATTORNEYS. THE GUARANTOR FURTHER ACKNOWLEDGES THAT THE COMPANY HAS NOT
REPRESENTED TO THE GUARANTOR THAT THE PROVISIONS OF THIS PARAGRAPH WILL NOT BE FULLY ENFORCED IN ALL INSTANCES. 
 (c) THE GUARANTOR
ACKNOWLEDGES THAT IT MAKES THE FOREGOING WAIVERS AND AGREEMENTS, KNOWINGLY, VOLUNTARILY, WITHOUT DURESS AND ONLY AFTER CONSIDERATION OF THE RAMIFICATIONS OF SUCH WAIVERS WITH ITS ATTORNEYS. 
 [SIGNATURE PAGE FOLLOWS] 
  

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 IN WITNESS WHEREOF, the parties hereto by their duly authorized representatives have executed this
Guaranty to be effective on the Effective Date as provided herein. 
  

			
	GAINSCO, INC.
		
	By:	 	/s/ Glenn W. Anderson
	Name:	 	Glenn W. Anderson
	Title:	 	President and Chief Executive Officer
	
	GENERAL AGENTS INSURANCE COMPANY OF AMERICA, INC.
		
	By:	 	/s/ Daniel J. Coots
	Name:	 	Daniel J. Coots
	Title:	 	Senior Vice President

  

 7

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