Claims Paying Ratings. XL Capital will maintain at all times a claims-paying rating of at least "A" from A.M. Best & Co. (or its successor) and XL Insurance and XL Re will maintain at all times a rating of at least "A" from Standard & Poor's Rating Services (or its successor).
Claims Paying Ratings. Each Borrower which is a Regulated Insurance Company or has a Subsidiary which is a Regulated Insurance Company shall cause such Regulated Insurance Company which has a claims paying rating from A.M. Best Co. (or its successor) to maintain at all times a claims-paying rating of at least “B++” from A.M. Best & Co. (or its successor).
Claims Paying Ratings. The Company shall not permit the financial strength rating of Validus Re and each other Regulated Insurance Company that is material to the Company and its Subsidiaries, taken as a whole, to be less than “B++” from A.M. Best Company, Inc. (or its successor).
Claims Paying Ratings. The Company shall ensure that Validus Re and each other Regulated Insurance Company that is material to the Company and its Subsidiaries, taken as a whole, has in effect, at all times, a current financial strength rating of no less than "B++" from A.M. Best Company, Inc. (or its successor).
Claims Paying Ratings. Each of XL Insurance and XL Mid Ocean shall maintain at all times a claims-paying rating of at least "A" from Standard & Poor's Ratings Services and from A.M. Best Company.
Claims Paying Ratings. The Company shall not permit at any time the financial strength rating of any Regulated Insurance Company which has a rating in effect at any time on or after the Closing Date to be less than "B++" from A.M. Best & Co. (or its successor).
Claims Paying Ratings. The Borrower shall ensure that each Regulated Insurance Company that is material to the Borrower and its Subsidiaries, taken as a whole, has in effect, at all times (except to the extent such Regulated Insurance Company no longer exists as a result of a transaction expressly permitted by Section 6.03 or Section 6.05), a current financial strength rating of no less than “A-” from A.M. Best Company, if such Regulated Insurance Company is rated (it being understood that each of the Existing Regulated Insurance Companies (to the extent such entity is a Subsidiary of the Borrower) is material to the Borrower and its Subsidiaries, taken as a whole).
Claims Paying Ratings. Each Regulated Insurance Company which is a Material Subsidiary and which has a financial strength rating from A.M. Best Co. (or its successor) will maintain at all times a financial strength rating of at least “A-” from A.M. Best & Co. (or its successor); provided that if the rating system of A.M. Best Co. (or its successors) shall change, or if it (or its successors) shall cease to be in the business of rating the financial strength of insurance companies like the Regulated Insurance Companies, the Company and the Lenders shall negotiate in good faith to amend the references to specific A.M. Best Co. ratings in this Agreement to reflect such changed rating system or the non-availability of ratings from such rating agency (it being understood that any such amendment to such specific ratings shall in no event be effective without the approval of the Required Lenders).
Claims Paying Ratings. Each of XL Insurance and XL Mid Ocean shall maintain at all times a claims-paying rating of at least "A" from Standard & Poor's Ratings Group and from A.M. Best Company.
(k) Section 9.13 of the Credit Agreement is hereby amended by adding thereto, as a new paragraph (f) thereof, the following:
Claims Paying Ratings. The Borrower shall cause each Regulated Insurance Company (other than the Designated Subsidiaries) to maintain at all times a financial strength rating of at least "B++" from A.M. Best & Co. (or its successor); provided that any Regulated Insurance Company acquired or created after the Effective Date shall not be required to comply with this Section 5.10 until the date occurring 180 days after the date of such acquisition or creation.
