Common use of Compliance with Insurance Law Clause in Contracts

Compliance with Insurance Law. The Borrower is duly licensed to transact business as a financial guaranty insurance corporation by the New York Insurance Department and (a) has all other requisite federal, state and other governmental licenses, authorizations, permits, consents and approvals to conduct its insurance and other business as currently conducted and proposed to be conducted in New York and in each jurisdiction in which it writes or issues policies of insurance (including without limitation any form of financial guaranty insurance, certain lines of surety insurance or credit insurance), surety bonds, guaranties, contracts of reinsurance or other undertakings similar to the foregoing (collectively, "Insurance Contracts") or in which it conducts business, except for failures, if any, to have such licenses, authorizations, permits, consents and approvals which singly or in the aggregate would not reasonably be expected to have a material adverse effect on the business, operations, property, assets, liabilities, prospects or condition (financial or otherwise) of the Borrower or the ability of the Borrower to perform its obligations under this Agreement or any of the other Credit Documents, (b) has made all filings of each of its forms of Insurance Contracts and of its rates and charges with the New York Insurance Department and all other federal, state and other administrative or governmental bodies required for the use thereof and has obtained all requisite approvals thereof, except for failures, if any, to file or to obtain such approvals which singly or in the aggregate would not reasonably be expected to have a material adverse effect on the business, assets, operations or financial condition of the Borrower or the ability of the Borrower to perform its obligations under this Agreement or any of the other Credit Documents, (c) has duly established and maintains all reserves required under the New York Insurance Law and other applicable federal, state and other laws, rules and regulations, except for failures, if any, to maintain reserves which would not reasonably be expected to have a material adverse effect on the business, assets, operations, property or condition (financial or otherwise) of the Borrower or the ability of the Borrower to perform its obligations under this Agreement or any of the Credit Documents and (e) is in compliance (and has not received any notice from the New York Insurance Department or similar administrative or governmental body or an authorized representative thereof claiming that it is not in compliance) with the New York Insurance Law and with all other applicable federal, state and other laws relating to its insurance and other businesses, except with respect to failures, if any, to comply which singly or in the aggregate would not reasonably be expected to have a material adverse effect on the business, assets, operations, property or condition (financial or otherwise) of the Borrower or the ability of the Borrower to perform its obligations under this Agreement or any of the other Credit Documents.

Compliance with Insurance Law. The Borrower is duly licensed to transact business as a financial guaranty insurance corporation by the New York Insurance Department and (a) has all other requisite federal, state and other governmental licenses, authorizations, permits, consents and approvals to conduct its insurance and other business as currently conducted and proposed to be conducted in New York York, Maryland and in each other jurisdiction in which it writes or issues policies of insurance (including without limitation any form of financial guaranty insurance, certain lines of surety insurance or credit insurance), surety bonds, guaranties, contracts of reinsurance or other undertakings similar to the foregoing (collectively, "“Insurance Contracts"”) or in which it conducts business, except for failures, if any, to have such licenses, authorizations, permits, consents and approvals which singly or in the aggregate would could not reasonably be expected to have a material adverse effect on the business, operations, property, assets, liabilities, prospects or condition (financial or otherwise) of the Borrower or the ability of the Borrower to perform its obligations under this Agreement or any of the other Credit Documents, (b) has made all filings of each of its forms of Insurance Contracts and of its rates and charges with the Department, the New York Insurance Department and all other federal, state and other administrative or governmental bodies required for the use thereof and has obtained all requisite approvals thereof, except for failures, if any, to file or to obtain such approvals which singly or in the aggregate would could not reasonably be expected to have a material adverse effect on the business, assets, operations or financial condition of the Borrower or the ability of the Borrower to perform its obligations under this Agreement or any of the other Credit Documents, (c) has duly established and maintains all reserves required under the New York Insurance Law, Maryland Insurance Law and other applicable federal, state and other laws, rules and regulations, except for failures, if any, to maintain reserves which would could not reasonably be expected to have a material adverse effect on the business, assets, operations, property or condition (financial or otherwise) of the Borrower or the ability of the Borrower to perform its obligations under this Agreement or any of the Credit Documents and (e) is in compliance (and has not received any notice from the Department, the New York Insurance Department or similar administrative or governmental body or an authorized representative thereof claiming that it is not in compliance) with the New York Insurance Law, Maryland Insurance Law and with all other applicable federal, state and other laws relating to its insurance and other businesses, except with respect to failures, if any, to comply which singly or in the aggregate would could not reasonably be expected to have a material adverse effect on the business, assets, operations, property or condition (financial or otherwise) of the Borrower or of the Borrower and its Subsidiaries taken as a whole or the ability of the Borrower to perform its obligations under this Agreement or any of the other Credit Documents.

Compliance with Insurance Law. The Borrower MBIA is duly ------------ ----------------------------- licensed to transact business as a financial guaranty insurance corporation by the New York Insurance Department and (a) has all other requisite federal, state and other governmental licenses, authorizations, permits, consents and approvals to conduct its insurance and other business as currently presently conducted and proposed to be conducted in the State of New York and in each other jurisdiction in which it writes or issues policies of insurance (including without limitation any form of financial guaranty insurance, certain lines of fidelity and surety insurance or credit insurance), surety bonds, guaranties, contracts of reinsurance or other undertakings similar to the foregoing (collectively, "Insurance Contracts") or in which it conducts business, except for failures, if any, to have such licenses, authorizations, permits, consents and approvals which singly or in the aggregate would do not reasonably be expected to have a material adverse effect on the business, operations, property, assets, liabilities, prospects operations or financial condition (financial or otherwise) of the Borrower MBIA or the ability of the Borrower MBIA to perform its obligations under this Agreement or any of the other Credit Loan Documents, (b) has made all filings of each of its forms of Insurance Contracts and of its rates and charges with the New York Insurance Department and all other federal, state and other administrative or governmental bodies required for the use thereof and has obtained all requisite approvals thereof, except for failures, if any, to file or to obtain such approvals which singly or in the aggregate would do not reasonably be expected to have a material adverse effect on the business, assets, operations or financial condition of the Borrower MBIA or the ability of the Borrower MBIA to perform its obligations under this Agreement or any of the other Credit Loan Documents, (c) has duly established and maintains all reserves required under the New York Insurance Law and the regulations of the Department thereunder and other applicable federal, state and other laws, rules and regulations, except for failures, if any, to maintain reserves which would do not reasonably be expected to have a material adverse effect on the business, assets, operations, property operations or financial condition (financial or otherwise) of the Borrower MBIA or the ability of the Borrower MBIA to perform its obligations under this Agreement or any of the Credit Documents Loan Documents, (d) has duly filed all annual statements, financial statements and other information and reports required to have been filed with the Department and each other federal, state and other administrative or governmental body, except for failures, if any, to file which singly or in the aggregate do not have a material adverse effect on the business, assets, operations or financial condition of MBIA or the ability of MBIA to perform its obligations under this Agreement or any of the Loan Documents, and (e) is in compliance (and has not received any notice from the New York Insurance Department or similar administrative or governmental body or an authorized representative thereof claiming that it is not in compliance) with the New York Insurance Law and the regulations of the Department thereunder and with all other applicable federal, state and other laws laws, rules and regulations relating to its insurance and other businessesbusiness, except with respect to failures, if any, to comply which singly or in the aggregate would do not reasonably be expected to have a material adverse effect on the business, assets, operations, property operations or financial condition (financial or otherwise) of the Borrower MBIA or the ability of the Borrower MBIA to perform its obligations under this Agreement or any of the other Credit Loan Documents.

Compliance with Insurance Law. The Borrower is duly licensed to transact business as a financial guaranty insurance corporation by the New York Insurance Department and (a) has all other requisite federal, state and other governmental licenses, authorizations, permits, consents and approvals to conduct its insurance and other business as currently conducted and proposed to be conducted in New York York, Maryland and in each other jurisdiction in which it writes or issues policies of insurance (including without limitation any form of financial guaranty insurance, certain lines of surety insurance or credit insurance), surety bonds, guaranties, contracts of reinsurance or other undertakings similar to the foregoing (collectively, "Insurance Contracts") or in which it conducts business, except for failures, if any, to have such licenses, authorizations, permits, consents and approvals which singly or in the aggregate would could not reasonably be expected to have a material adverse effect on the business, operations, property, assets, liabilities, prospects or condition (financial or otherwise) of the Borrower or the ability of the Borrower to perform its obligations under this Agreement or any of the other Credit Documents, (b) has made all filings of each of its forms of Insurance Contracts and of its rates and charges with the Department, the New York Insurance Department and all other federal, state and other administrative or governmental bodies required for the use thereof and has obtained all requisite approvals thereof, except for failures, if any, to file or to obtain such approvals which singly or in the aggregate would could not reasonably be expected to have a material adverse effect on the business, assets, operations or financial condition of the Borrower or the ability of the Borrower to perform its obligations under this Agreement or any of the other Credit Documents, (c) has duly established and maintains all reserves required under the New York Insurance Law, Maryland Insurance Law and other applicable federal, state and other laws, rules and regulations, except for failures, if any, to maintain reserves which would could not reasonably be expected to have a material adverse effect on the business, assets, operations, property or condition (financial or otherwise) of the Borrower or the ability of the Borrower to perform its obligations under this Agreement or any of the Credit Documents and (e) is in compliance (and has not received any notice from the Department, the New York Insurance Department or similar administrative or governmental body or an authorized representative thereof claiming that it is not in compliance) with the New York Insurance Law, Maryland Insurance Law and with all other applicable federal, state and other laws relating to its insurance and other businesses, except with respect to failures, if any, to comply which singly or in the aggregate would could not reasonably be expected to have a material adverse effect on the business, assets, operations, property or condition (financial or otherwise) of the Borrower or of the Borrower and its Subsidiaries taken as a whole or the ability of the Borrower to perform its obligations under this Agreement or any of the other Credit Documents.

Compliance with Insurance Law. The Borrower is duly licensed to transact business as a financial guaranty insurance corporation by the New York Insurance Department and (a) has all other requisite federal, state and other governmental licenses, authorizations, permits, consents and approvals to conduct its insurance and other business as currently conducted and proposed to be conducted in New York and in each jurisdiction in which it writes or issues policies of insurance (including without limitation any form of financial guaranty insurance, certain lines of surety insurance or credit insurance), surety bonds, guaranties, contracts of reinsurance or other undertakings similar to the foregoing (collectively, "Insurance Contracts") or in which it conducts business, except for failures, if any, to have such licenses, authorizations, permits, consents and approvals which singly or in the aggregate would could not reasonably be expected to have a material adverse effect on the business, operations, property, assets, liabilities, prospects or condition (financial or otherwise) of the Borrower or the ability of the Borrower to perform its obligations under this Agreement or any of the other Credit Documents, (b) has made all filings of each of its forms of Insurance Contracts and of its rates and charges with the New York Insurance Department and all other federal, state and other administrative or governmental bodies required for the use thereof and has obtained all requisite approvals thereof, except for failures, if any, to file or to obtain such approvals which singly or in the aggregate would could not reasonably be expected to have a material adverse effect on the business, assets, operations or financial condition of the Borrower or the ability of the Borrower to perform its obligations under this Agreement or any of the other Credit Documents, (c) has duly established and maintains all reserves required under the New York Insurance Law and other applicable federal, state and other laws, rules and regulations, except for failures, if any, to maintain reserves which would could not reasonably be expected to have a material adverse effect on the business, assets, operations, property or condition (financial or otherwise) of the Borrower or the ability of the Borrower to perform its obligations under this Agreement or any of the Credit Documents and (ed) is in compliance (and has not received any notice from the New York Insurance Department or similar administrative or governmental body or an authorized representative thereof claiming that it is not in compliance) with the New York Insurance Law and with all other applicable federal, state and other laws relating to its insurance and other businesses, except with respect to failures, if any, to comply which singly or in the aggregate would could not reasonably be expected to have a material adverse effect on the business, assets, operations, property or condition (financial or otherwise) of the Borrower or the ability of the Borrower to perform its obligations under this Agreement or any of the other Credit Documents.

Compliance with Insurance Law. The Borrower MBIA is duly licensed to transact business as a financial guaranty insurance corporation by the New York Insurance Department and (a) has all other requisite federal, state and other governmental licenses, authorizations, permits, consents and approvals to conduct its insurance and other business as currently presently conducted and proposed to be conducted in the State of New York and in each other jurisdiction in which it writes or issues policies of insurance (including without limitation any form of financial guaranty insurance, certain lines of fidelity and surety insurance or credit insurance), surety bonds, guaranties, contracts of reinsurance or other undertakings similar to the foregoing (collectively, "Insurance Contracts") or in which it conducts business, except for failures, if any, to have such licenses, authorizations, permits, consents and approvals which singly or in the aggregate would do not reasonably be expected to have a material adverse effect on the business, operations, property, assets, liabilities, prospects operations or financial condition (financial or otherwise) of the Borrower MBIA or the ability of the Borrower MBIA to perform its obligations under this Agreement or any of the other Credit Loan Documents, (b) has made all filings of each of its forms of Insurance Contracts and of its rates and charges with the New York Insurance Department and all other federal, state and other administrative or governmental bodies required for the use thereof and has obtained all requisite approvals thereof, except for failures, if any, to file or to obtain such approvals which singly or in the aggregate would do not reasonably be expected to have a material adverse effect on the business, assets, operations or financial condition of the Borrower MBIA or the ability of the Borrower MBIA to perform its obligations under this Agreement or any of the other Credit Loan Documents, (c) has duly established and maintains all reserves required under the New York Insurance Law and the regulations of the Department thereunder and other applicable federal, state and other laws, rules and regulations, except for failures, if any, to maintain reserves which would do not reasonably be expected to have a material adverse effect on the business, assets, operations, property operations or financial condition (financial or otherwise) of the Borrower MBIA or the ability of the Borrower MBIA to perform its obligations under this Agreement or any of the Credit Documents Loan Documents, (d) has duly filed all annual statements, financial statements and other information and reports required to have been filed with the Department and each other federal, state and other administrative or governmental body, except for failures, if any, to file which singly or in the aggregate do not have a material adverse effect on the business, assets, operations or financial condition of MBIA or the ability of MBIA to perform its obligations under this Agreement or any of the Loan Documents, and (e) is in compliance (and has not received any notice from the New York Insurance Department or similar administrative or governmental body or an authorized representative thereof claiming that it is not in compliance) with the New York Insurance Law and the regulations of the Department thereunder and with all other applicable federal, state and other laws laws, rules and regulations relating to its insurance and other businessesbusiness, except with respect to failures, if any, to comply which singly or in the aggregate would do not reasonably be expected to have a material adverse effect on the business, assets, operations, property operations or financial condition (financial or otherwise) of the Borrower MBIA or the ability of the Borrower MBIA to perform its obligations under this Agreement or any of the other Credit Loan Documents.

Compliance with Insurance Law. The Borrower is duly licensed authorized under Bermuda law to transact conduct the business of insurance and/or reinsurance as a financial guaranty insurance corporation permitted by its certificate of registration under Bermuda Insurance Law (the New York “Certificate of Registration”). The Borrower is in compliance in all material respects with all applicable provisions of the Bermuda Insurance Department Law and applicable regulations thereunder. Without limiting the generality of the foregoing, the Borrower (a) has all other requisite federal, state and other governmental licenses, authorizations, permits, consents and approvals to conduct its insurance and other business as currently presently conducted and proposed to be conducted in New York Bermuda and in each jurisdiction other jurisdiction, if any, in which it writes or issues policies of insurance (including without limitation any form of financial guaranty insurance, certain lines of fidelity and surety insurance or credit insurance), surety bonds, guaranties, contracts of reinsurance or other undertakings similar to the foregoing (collectively, "“Insurance Contracts"”) or in which it conducts business, except for failures, if any, to have such licenses, authorizations, permits, consents and approvals which singly or in the aggregate would do not reasonably be expected to have a material adverse effect on the business, operations, property, assets, liabilities, prospects operations or financial condition (financial or otherwise) of the Borrower or the ability of the Borrower to perform its obligations under this Agreement or any of the other Credit Loan Documents, (b) where required, has made all filings of each of its forms of Insurance Contracts and of its rates and charges with the New York Insurance relevant Department and all other federal, state and other administrative or governmental bodies required for the use thereof and has obtained all requisite approvals thereof, except for failures, if any, to file or to obtain such approvals which singly or in the aggregate would do not reasonably be expected to have a material adverse effect on the business, assets, operations or financial condition of the Borrower or the ability of the Borrower to perform its obligations under this Agreement or any of the other Credit Loan Documents, (c) has duly established and maintains all reserves required under the New York Bermuda Insurance Law and the regulations of the relevant Department thereunder and other applicable federal, state and other laws, rules and regulations, except for failures, if any, to maintain reserves which would do not reasonably be expected to have a material adverse effect on the business, assets, operations, property operations or financial condition (financial or otherwise) of the Borrower or the ability of the Borrower to perform its obligations under this Agreement or any of the Credit Documents other Loan Documents, (d) is in compliance with all conditions attached to its Certificate of Registration and continues to meet and maintain the relevant solvency margin(s), liquidity and other ratios applicable under the Bermuda Insurance Law, (e) has duly filed all annual statements, financial statements and other information and reports required to have been filed with the relevant Department and each other administrative or governmental body, except for failures, if any, to file which singly or in the aggregate do not have a material adverse effect on the business, assets, operations or financial condition of the Borrower or the ability of the Borrower to perform its obligations under this Agreement or any of the other Loan Documents, and (ef) is in compliance (and has not received any notice from the New York Insurance relevant Department or similar administrative or governmental body or an authorized representative thereof claiming that it is not in compliance) with the New York Bermuda Insurance Law and the regulations of the relevant Department thereunder and with all other applicable foreign, federal, state and other laws laws, rules and regulations relating to its insurance and other businessesbusiness, except with respect to failures, if any, to comply which singly or in the aggregate would do not reasonably be expected to have a material adverse effect on the business, assets, operations, property operations or financial condition (financial or otherwise) of the Borrower or the ability of the Borrower to perform its obligations under this Agreement or any of the other Credit Loan Documents.

Compliance with Insurance Law. The Borrower is duly licensed to transact business as a financial guaranty Class 3 insurance corporation limited liability company by the New York Insurance Department Bermuda Registrar of Companies and (a) has all other requisite federal, state and other governmental licenses, authorizations, permits, consents and approvals to conduct its insurance and other business as currently presently conducted and proposed to be conducted in New York Bermuda and in each jurisdiction in which it writes or issues policies of insurance (including without limitation any form of financial guaranty insurance, certain lines of fidelity and surety insurance or credit insurance), surety bonds, guaranties, contracts of reinsurance or other undertakings similar to the foregoing (collectively, "Insurance Contracts") or in which it conducts business, except for failures, if any, to have such licenses, authorizations, permits, consents and approvals which singly or in the aggregate would could not reasonably be expected to have a material adverse effect on the business, operations, property, assets, liabilities, prospects or condition (financial or otherwise) of the Borrower or the ability of the Borrower to perform its obligations under this Agreement or any of the other Credit Documents, (b) has made duly established and maintains all filings of each of its forms of reserves required under the Bermuda Insurance Contracts Act 1978 (the "Bermuda Insurance Act") and of its rates and charges with the New York Insurance Department and all other federal, state and other administrative or governmental bodies required for the use thereof and has obtained all requisite approvals thereofrelated regulations, except for failures, if any, to file or to obtain such approvals maintain reserves which singly or in the aggregate would could not reasonably be expected to have a material adverse effect on the business, operations, property, assets, operations liabilities, prospects or condition (financial condition or otherwise) of the Borrower or the ability of the Borrower to perform its obligations under this Agreement or any of the other Credit Documents, (c) has duly established and maintains filed all reserves required under the New York Insurance Law annual statements, financial statements and other applicable federal, state information and other laws, rules and regulationsreports required to have been filed with the Bermuda Registrar of Companies, except for failures, if any, to maintain reserves file which would singly or in the aggregate could not reasonably be expected to have a material adverse effect on the business, operations, property, assets, operationsliabilities, property prospects or condition (financial or otherwise) of the Borrower or the ability of the Borrower to perform its obligations under this Agreement or any of the Credit Documents Documents, and (ed) is in compliance (and has not received any notice from the New York Insurance Department or similar any administrative or governmental body or an authorized representative thereof claiming that it is not in compliance) with the New York Bermuda Insurance Law Act and with all other applicable federal, state and other laws relating to its insurance and other businessesrelated regulations, except with respect to failures, if any, to comply which singly or in the aggregate would could not reasonably be expected to have a material adverse effect on the business, operations, property, assets, operationsliabilities, property prospects or condition (financial or otherwise) of the Borrower or the ability of the Borrower to perform its obligations under this Agreement or any of the other Credit Documents.

Compliance with Insurance Law. The Borrower MBIA is duly licensed to transact business as a financial guaranty insurance corporation by the New York Insurance Department and (a) has all other requisite federal, state and other governmental licenses, authorizations, permits, consents and approvals to conduct its insurance and other business as currently presently conducted and proposed to be conducted in the State of New York and in each other jurisdiction in which it writes or issues policies of insurance (including without limitation any form of financial guaranty insurance, certain lines of fidelity and surety insurance or credit insurance), surety bonds, guaranties, contracts of reinsurance or other undertakings similar to the foregoing (collectively, "“Insurance Contracts"”) or in which it conducts business, except for failures, if any, to have such licenses, authorizations, permits, consents and approvals which singly or in the aggregate would do not reasonably be expected to have a material adverse effect on the business, operations, property, assets, liabilities, prospects operations or financial condition (financial or otherwise) of the Borrower MBIA or the ability of the Borrower MBIA to perform its obligations under this Agreement or any of the other Credit Loan Documents, (b) has made all filings of each of its forms of Insurance Contracts and of its rates and charges with the New York Insurance Department and all other federal, state and other administrative or governmental bodies required for the use thereof and has obtained all requisite approvals thereof, except for failures, if any, to file or to obtain such approvals which singly or in the aggregate would do not reasonably be expected to have a material adverse effect on the business, assets, operations or financial condition of the Borrower MBIA or the ability of the Borrower MBIA to perform its obligations under this Agreement or any of the other Credit Loan Documents, (c) has duly established and maintains all reserves required under the New York Insurance Law and the regulations of the Department thereunder and other applicable federal, state and other laws, rules and regulations, except for failures, if any, to maintain reserves which would do not reasonably be expected to have a material adverse effect on the business, assets, operations, property operations or financial condition (financial or otherwise) of the Borrower MBIA or the ability of the Borrower MBIA to perform its obligations under this Agreement or any of the Credit Documents Loan Documents, (d) has duly filed all annual statements, financial statements and other information and reports required to have been filed with the Department and each other federal, state and other administrative or governmental body, except for failures, if any, to file which singly or in the aggregate do not have a material adverse effect on the business, assets, operations or financial condition of MBIA or the ability of MBIA to perform its obligations under this Agreement or any of the Loan Documents, and (e) is in compliance (and has not received any notice from the New York Insurance Department or similar administrative or governmental body or an authorized representative thereof claiming that it is not in compliance) with the New York Insurance Law and the regulations of the Department thereunder and with all other applicable federal, state and other laws laws, rules and regulations relating to its insurance and other businessesbusiness, except with respect to failures, if any, to comply which singly or in the aggregate would do not reasonably be expected to have a material adverse effect on the business, assets, operations, property operations or financial condition (financial or otherwise) of the Borrower MBIA or the ability of the Borrower MBIA to perform its obligations under this Agreement or any of the other Credit Loan Documents.

Compliance with Insurance Law. The Borrower is duly licensed to transact business as a financial guaranty Class 3 insurance corporation limited liability company by the New York Insurance Department Bermuda Registrar of Companies and (a) has all other requisite federal, state and other governmental licenses, authorizations, permits, consents and approvals to conduct its insurance and other business as currently presently conducted and proposed to be conducted in New York Bermuda and in each jurisdiction in which it writes or issues policies of insurance (including without limitation any form of financial guaranty insurance, certain lines of fidelity and surety insurance or credit insurance), surety bonds, guaranties, contracts of reinsurance or other undertakings similar to the foregoing (collectively, "Insurance Contracts") or in which it conducts business, except for failures, if any, to have such licenses, authorizations, permits, consents and approvals which singly or in the aggregate would could not reasonably be expected to have a material adverse effect on the business, operations, property, assets, liabilities, prospects or condition (financial or otherwise) of the Borrower or the ability of the Borrower to perform its obligations under this Agreement or any of the other Credit Documents, (b) has made duly established and maintains all filings of each of its forms of reserves required under the Bermuda Insurance Contracts Act and of its rates and charges with the New York Insurance Department and all other federal, state and other administrative or governmental bodies required for the use thereof and has obtained all requisite approvals thereofrelated regulations, except for failures, if any, to file or to obtain such approvals maintain reserves which singly or in the aggregate would could not reasonably be expected to have a material adverse effect on the business, operations, property, assets, operations liabilities, prospects or condition (financial condition or otherwise) of the Borrower or the ability of the Borrower to perform its obligations under this Agreement or any of the other Credit Documents, (c) has duly established and maintains filed all reserves required under the New York Insurance Law annual statements, financial statements and other applicable federal, state information and other laws, rules and regulationsreports required to have been filed with the Bermuda Registrar of Companies, except for failures, if any, to maintain reserves file which would singly or in the aggregate could not reasonably be expected to have a material adverse effect on the business, operations, property, assets, operationsliabilities, property prospects or condition (financial or otherwise) of the Borrower or the ability of the Borrower to perform its obligations under this Agreement or any of the Credit Documents Documents, and (ed) is in compliance (and has not received any notice from the New York Insurance Department or similar any administrative or governmental body or an authorized representative thereof claiming that it is not in compliance) with the New York Bermuda Insurance Law Act and with all other applicable federal, state and other laws relating to its insurance and other businessesrelated regulations, except with respect to failures, if any, to comply which singly or in the aggregate would could not reasonably be expected to have a material adverse effect on the business, operations, property, assets, operationsliabilities, property prospects or condition (financial or otherwise) of the Borrower or the ability of the Borrower to perform its obligations under this Agreement or any of the other Credit Documents.