Common use of Extension of Stated Maturity; Adjustment of Stated Maturity Upon an Exchange Clause in Contracts

Extension of Stated Maturity; Adjustment of Stated Maturity Upon an Exchange. If specified as contemplated by Section 3.1 with respect to the Securities of a particular series, the Company shall have the right to (a) change the Stated Maturity of the principal of the Securities of such series upon the liquidation of the applicable Assured Guaranty Trust and the exchange of such Securities for the Preferred Securities of such Assured Guaranty Trust, or (b) extend the Stated Maturity of the principal of the Securities of such series; provided that, at the time any election to extend such Stated Maturity is made and at the time of such extension, (i) neither the Company nor the Guarantor is in bankruptcy, otherwise insolvent or in liquidation, (ii) neither the Company nor the Guarantor is in default in the payment of any interest or principal or Additional Amounts on the Securities of such series or under the Guarantee in respect thereof, as the case may be, and no deferred interest payments thereon have accrued, (iii) the applicable Assured Guaranty Trust is not in arrears on payments of Distributions on its Preferred Securities and no deferred Distributions thereon have accumulated, (iv) the Securities of such series are rated not less than BBB- by Standard & Poor’s Ratings Services or Baa3 by Xxxxx’x Investors Service, Inc. or the equivalent by any other nationally recognized statistical rating organization and (v) the extended Stated Maturity is no later than the 49th anniversary of the initial issuance of the Preferred Securities of the applicable Assured Guaranty Trust; provided, further, that, if the Company exercises its right to liquidate the applicable Assured Guaranty Trust and exchange the Securities of such series for the Preferred Securities of such Assured Guaranty Trust as specified in clause (a) above, any changed Stated Maturity of the principal of the Securities of such series shall be no earlier than the date that is five years after the initial issue date of the Preferred Securities and no later than the date 30 years (plus an extended term of up to an additional 19 years if the above-referenced conditions are satisfied) after the initial issue date of the Preferred Securities of the applicable Assured Guaranty Trust.

Extension of Stated Maturity; Adjustment of Stated Maturity Upon an Exchange. If specified as contemplated by Section 3.1 202 with respect to the Securities of a particular series, the Company shall have the right to (a) change the Stated Maturity of the principal Date of the Securities of such series upon the liquidation of the applicable Assured Guaranty a Hartford Trust and the exchange of such Securities for the Preferred Securities of such Assured Guaranty Trust, or Hartford Trust and (b) extend the Stated Maturity of the principal of for the Securities of such series; provided thatprovided, that at the time any election to extend such Stated the Maturity Date is made and at the time of such extension, (i) neither the Company nor the Guarantor is not in bankruptcy, otherwise insolvent or in liquidation, (ii) neither the Company nor the Guarantor is not in default in the payment of any interest or principal or Additional Amounts on the Securities of such series or under the Guarantee in respect thereof, as the case may be, and no deferred interest payments thereon have accrued, (iii) the applicable Assured Guaranty Hartford Trust is not in arrears on payments of Distributions on its Preferred Securities and no deferred Distributions thereon have are accumulated, (iv) the Securities of such series are rated not less than BBB- by Standard & Poor’s 's Ratings Services or Baa3 by Xxxxx’x Xxxxx'x Investors Service, Inc. or the equivalent by any other nationally recognized statistical rating organization and (v) the extended Stated Maturity is no later than the 49th anniversary of the initial issuance of the Preferred Securities of the applicable Assured Guaranty Hartford Trust; provided, further, that, if the Company exercises its right to liquidate the applicable Assured Guaranty Hartford Trust and exchange the Securities of such series for the Preferred Securities of such Assured Guaranty Hartford Trust as specified in clause (a) above, any changed Stated Maturity of the principal of the Securities of such series shall be no earlier than the date that is five years after the initial issue date issuance of the Preferred Securities and no later than the date 30 years (plus an extended term of up to an additional 19 years if the above-referenced conditions are satisfied) after the date of the initial issue date issuance of the Preferred Securities of the applicable Assured Guaranty Hartford Trust.

Extension of Stated Maturity; Adjustment of Stated Maturity Upon an Exchange. If specified as contemplated by Section 3.1 with respect to the Securities of a particular series, the Company shall have the right to (a) change the Stated Maturity of the principal Date of the Securities of such series upon the liquidation of the applicable Assured Guaranty a Lincoln Trust and the exchange of such Securities for the Preferred Securities of such Assured Guaranty Trust, or Lincoln Trust and (b) extend the Stated Maturity of the principal of for the Securities of such series; provided thatprovided, that at the time any election to extend such Stated the Maturity Date is made and at the time of such extension, (i) neither the Company nor the Guarantor is not in bankruptcy, otherwise insolvent or in liquidation, (ii) neither the Company nor the Guarantor is not in default in the payment of any interest or principal or Additional Amounts on the Securities of such series or under the Guarantee in respect thereof, as the case may be, and no deferred interest payments thereon have accrued, (iii) the applicable Assured Guaranty Lincoln Trust is not in arrears on payments of Distributions distributions on its Preferred Securities and no deferred Distributions distributions thereon have are accumulated, (iv) the Securities of such series are rated not less than BBB- by Standard & Poor’s Ratings Services or Baa3 by Xxxxx’x Investors Service, Inc. or the equivalent by any other nationally recognized statistical rating organization and (v) the extended Stated Maturity is no later than the 49th anniversary of the initial issuance of the Preferred Securities of the applicable Assured Guaranty Lincoln Trust; provided, further, that, if the Company exercises its right to liquidate the applicable Assured Guaranty Lincoln Trust and exchange the Securities of such series for the Preferred Securities of such Assured Guaranty Lincoln Trust as specified in clause Clause (a) above, any changed Stated Maturity of the principal of the Securities of such series shall be no earlier than the date that is five years after the initial issue date issuance of the Preferred Securities and no later than the date 30 years (plus an extended term of up to an additional 19 years if the above-referenced conditions are satisfied) after the date of the initial issue date issuance of the Preferred Securities of the applicable Assured Guaranty Lincoln Trust.

Extension of Stated Maturity; Adjustment of Stated Maturity Upon an Exchange. If specified as contemplated by Section 3.1 with respect to the Securities of a particular series, the Company shall have the right to (a) change the Stated Maturity of the principal of the Securities of such series upon the liquidation of the applicable Assured Guaranty Trenwick Trust and the exchange of such Securities for the Preferred Securities of such Assured Guaranty Trenwick Trust, or (b) extend the Stated Maturity of the principal of the Securities of such series; provided that, at the time any election to extend such Stated Maturity is made and at the time of such extension, (i) neither the Company nor the Guarantor is in bankruptcy, otherwise insolvent or in liquidation, (ii) neither the Company nor the Guarantor is in default in the payment of any interest or principal or Additional Amounts on the Securities of such series or under the Guarantee in respect thereof, as the case may be, and no deferred interest payments thereon have accrued, (iii) the applicable Assured Guaranty Trenwick Trust is not in arrears on payments of Distributions on its Preferred Securities and no deferred Distributions thereon have accumulated, (iv) the Securities of such series are rated not less than BBB- by Standard & Poor’s 's Ratings Services or Baa3 by Xxxxx’x Investors Moodx'x Xxxestors Service, Inc. or the equivalent by any other nationally recognized statistical rating organization and (v) the extended Stated Maturity is no later than the 49th anniversary of the initial issuance of the Preferred Securities of the applicable Assured Guaranty Trenwick Trust; provided, further, that, if the Company exercises its right to liquidate the applicable Assured Guaranty Trenwick Trust and exchange the Securities of such series for the Preferred Securities of such Assured Guaranty Trenwick Trust as specified in clause (a) above, any changed Stated Maturity of the principal of the Securities of such series shall be no earlier than the date that is five years after the initial issue date of the Preferred Securities and no later than the date 30 thirty (30) years (plus an extended term of up to an additional 19 nineteen (19) years if the above-referenced conditions are satisfied) after the initial issue date of the Preferred Securities of the applicable Assured Guaranty Trust.above-

Extension of Stated Maturity; Adjustment of Stated Maturity Upon an Exchange. If specified as contemplated by Section 3.1 with respect to the Securities of a particular series, the Company shall have the right to (a) change the Stated Maturity of the principal of the Securities of such series upon the liquidation of the applicable Assured Guaranty ACE Trust and the exchange of such Securities for the Preferred Securities of such Assured Guaranty ACE Trust, or (b) extend the Stated Maturity of the principal of the Securities of such series; provided that, at the time any election to extend such Stated Maturity is made and at the time of such extension, (i) neither the Company nor the Guarantor is in bankruptcy, otherwise insolvent or in liquidation, (ii) neither the Company nor the Guarantor is in default in the payment of any interest or principal or Additional Amounts on the Securities of such series or under the Guarantee in respect thereof, as the case may be, and no deferred interest payments thereon have accrued, (iii) the applicable Assured Guaranty ACE Trust is not in arrears on payments of Distributions on its Preferred Securities and no deferred Distributions thereon have accumulated, (iv) the Securities of such series are rated not less than BBB- by Standard & Poor’s 's Ratings Services or Baa3 by Xxxxx’x Xxxxx'x Investors Service, Inc. or the equivalent by any other nationally recognized statistical rating organization and (v) the extended Stated Maturity is no later than the 49th 49/th/ anniversary of the initial issuance of the Preferred Securities of the applicable Assured Guaranty ACE Trust; provided, further, that, if the Company exercises its right to liquidate the applicable Assured Guaranty ACE Trust and exchange the Securities of such series for the Preferred Securities of such Assured Guaranty ACE Trust as specified in clause (a) above, any changed Stated Maturity of the principal of the Securities of such series shall be no earlier than the date that is five years after the initial issue date of the Preferred Securities and no later than the date 30 years (plus an extended term of up to an additional 19 years if the above-referenced conditions are satisfied) after the initial issue date of the Preferred Securities of the applicable Assured Guaranty ACE Trust.

Extension of Stated Maturity; Adjustment of Stated Maturity Upon an Exchange. If specified as contemplated by Section 3.1 with respect to the Securities of a particular series, the Company shall have the right to (a) change the Stated Maturity of the principal Date of the Securities of such series upon the liquidation of the applicable Assured Guaranty a Republic New York Trust and the exchange of such Securities for the Trust Preferred Securities of such Assured Guaranty Trust, or Republic New York Trust and (b) extend the Stated Maturity of the principal of for the Securities of such series; provided thatprovided, however, that at the time any election to extend such Stated the Maturity Date is made and at the time of such extension, (i) neither the Company nor the Guarantor is not in bankruptcy, otherwise insolvent or in liquidation, (ii) neither the Company nor the Guarantor is not in default in the payment of any interest or principal or Additional Amounts on the Securities of such series or under the Guarantee in respect thereof, as the case may be, and no deferred interest payments thereon have accrued, (iii) the applicable Assured Guaranty Republic New York 25 32 Trust is not in arrears on payments of Distributions on its Trust Preferred Securities and no deferred Distributions thereon have are accumulated, and (iv) the Securities of such series are rated not less than BBB- by Standard & Poor’s Ratings Services or Baa3 by Xxxxx’x Investors Service, Inc. or the equivalent by any other nationally recognized statistical rating organization and (v) the extended Stated Maturity is no later than the 49th anniversary of the initial issuance of the Trust Preferred Securities of the applicable Assured Guaranty Republic New York Trust; provided, further, however, that, if the Company exercises its right to liquidate the applicable Assured Guaranty Republic New York Trust and exchange the Securities of such series for the Trust Preferred Securities of such Assured Guaranty Republic New York Trust as specified in clause (a) above, any changed Stated Maturity of the principal of the Securities of such series shall be no earlier than the date that is five years after the initial issue date issuance of the Trust Preferred Securities and no later than the date 30 years (plus an extended term of up to an additional 19 years if the above-referenced conditions are satisfied) after the initial issue date of the initial issuance of the Trust Preferred Securities of the applicable Assured Guaranty Republic New York Trust.

Extension of Stated Maturity; Adjustment of Stated Maturity Upon an Exchange. If specified as contemplated by Section 3.1 with respect to the Securities of a particular series, the Company shall have the right to (a) change the Stated Maturity of the principal of the Securities of such series upon the liquidation dissolution of the applicable Assured Guaranty ACE Trust and the exchange of such Securities for the Preferred Securities of such Assured Guaranty ACE Trust, or (b) extend the Stated Maturity of the principal of the Securities of such series; provided that, at the time any election to extend such Stated Maturity is made and at the time of such extension, (i) neither the Company nor the Guarantor is in bankruptcy, otherwise insolvent or in liquidation, (ii) neither the Company nor the Guarantor is in default in the payment of any interest or principal or Additional Amounts on the Securities of such series or under the Guarantee in respect thereof, as the case may be, and no deferred interest payments thereon have accrued, (iii) the applicable Assured Guaranty ACE Trust is not in arrears on payments of Distributions on its Preferred Securities and no deferred Distributions thereon have accumulated, (iv) the Securities of such series are rated not less than BBB- by Standard & Poor’s 's Ratings Services or Baa3 by Xxxxx’x Xxxxx'x Investors Service, Inc. or the equivalent by any other nationally recognized statistical rating organization and (v) the extended Stated Maturity is no later than the 49th anniversary of the initial issuance of the Preferred Securities of the applicable Assured Guaranty ACE Trust; provided, further, that, if the Company exercises its right to liquidate dissolve the applicable Assured Guaranty ACE Trust and exchange the Securities of such series for the Preferred Securities of such Assured Guaranty ACE Trust as specified in clause (a) above, any changed Stated Maturity of the principal of the Securities of such series shall be no earlier than the date that is five years after the initial issue date of the Preferred Securities and no later than the date 30 years (plus an extended term of up to an additional 19 years if the above-referenced conditions are satisfied) after the initial issue date of the Preferred Securities of the applicable Assured Guaranty ACE Trust.

Extension of Stated Maturity; Adjustment of Stated Maturity Upon an Exchange. If specified as contemplated by Section 3.1 2.01 with respect to the Securities of a particular series, the Company shall have the right to (a) change the Stated Maturity of the principal of the Securities of such series upon the liquidation of the applicable Assured Guaranty a Kingsway Financial Capital Trust and the exchange of such Securities for the Preferred Securities of such Assured Guaranty Trust, or Kingsway Financial Capital Trust and (b) extend the Stated Maturity of the principal of for the Securities of such series; provided thatprovided, however, that at the time any election to extend such the Stated Maturity is made and at the time of such extension, (i) neither the Company nor the Guarantor is in bankruptcy, otherwise insolvent or in liquidation, (ii) neither the Company nor the Guarantor is in default in the payment of any interest or principal or Additional Amounts on the Securities of such series or under the Guarantee in respect thereof, as the case may be, and no deferred interest payments thereon have accrued, (iii) the applicable Assured Guaranty Kingsway Financial Capital Trust is not in arrears on payments of Distributions on its Preferred Securities and no deferred Distributions thereon have are accumulated, (iv) the Securities of such series are rated not less than BBB- by Standard & Poor’s Ratings Services or Baa3 by Xxxxx’x Investors Service, Inc. or the equivalent by any other nationally recognized statistical rating organization and (v) the extended Stated Maturity is no later than the 49th anniversary of the initial issuance of the Preferred Securities of the applicable Assured Guaranty Kingsway Financial Capital Trust, and (v) the Company has received an Opinion of Counsel, rendered by a law firm having a recognized national tax practice, to the effect that, (x) the Holders of the Outstanding Securities of such series will not recognize gain or loss for United States Federal income tax purposes as a result of such change to or extension of the Stated Maturity of the Outstanding Securities of such series and will be subject to United States Federal income tax on the same amount, in the same manner, and at the same times as would be the case if such change to or extension of the Stated Maturity of the Outstanding Securities of such series were not to occur, and (y) the Kingsway Financial Capital Trust will remain classified as a grantor trust and not as an association taxable as a corporation for United States Federal income tax purposes; provided, further, however, that, if the Company exercises its right to liquidate the applicable Assured Guaranty Kingsway Financial Capital Trust and exchange the Securities of such series for the Preferred Securities of such Assured Guaranty Kingsway Financial Capital Trust as specified in clause (a) above, any changed Stated Maturity of the principal of the Securities of such series shall be no earlier than the date that is five years after the initial issue date issuance of the Preferred Securities and no later than the date 30 years (plus an extended term of up to an additional 19 years if the above-referenced conditions are satisfied) after the date of the initial issue date issuance of the Preferred Securities of the applicable Assured Guaranty Kingsway Financial Capital Trust.

Extension of Stated Maturity; Adjustment of Stated Maturity Upon an Exchange. If specified specified, as contemplated by Section 3.1 2.01, with respect to the Securities of a particular series, the Company shall have the right to (a) change the Stated Maturity of the principal of the Securities of such series upon the liquidation of the applicable Assured Guaranty a Kingsway Financial Capital Trust and the exchange of such Securities for the Preferred Securities of such Assured Guaranty Trust, or Kingsway Financial Capital Trust and (b) extend the Stated Maturity of the principal of for the Securities of such series; provided thatprovided, however, that at the time any election to extend such the Stated Maturity is made and at the time of such extension, (i) neither the Company nor the Guarantor is in bankruptcy, otherwise insolvent or in liquidation, (ii) neither the Company nor the Guarantor is in default in the payment of any interest or principal or Additional Amounts on the Securities of such series or under the Guarantee in respect thereof, as the case may be, and no deferred interest payments thereon have accrued, (iii) the applicable Assured Guaranty Kingsway Financial Capital Trust is not in arrears on payments of Distributions on its Preferred Securities and no deferred Distributions thereon have are accumulated, (iv) the Securities of such series are rated not less than BBB- by Standard & Poor’s Ratings Services or Baa3 by Xxxxx’x Investors Service, Inc. or the equivalent by any other nationally recognized statistical rating organization and (v) the extended Stated Maturity is no later than the 49th anniversary of the initial issuance of the Preferred Securities of the applicable Assured Guaranty Kingsway Financial Capital Trust, and (v) the Company has received an Opinion of Counsel, rendered by a law firm having a recognized national tax practice, to the effect that, (x) the Holders of the Outstanding Securities of such series will not recognize gain or loss for United States Federal income tax purposes as a result of such change to or extension of the Stated Maturity of the Outstanding Securities of such series and will be subject to United States Federal income tax on the same amount, in the same manner, and at the same times as would be the case if such change to or extension of the Stated Maturity of the Outstanding Securities of such series were not to occur, and (y) the Kingsway Financial Capital Trust will remain classified as a grantor trust and not as an association taxable as a corporation for United States Federal income tax purposes; provided, further, however, that, if the Company exercises its right to liquidate the applicable Assured Guaranty Kingsway Financial Capital Trust and exchange the Securities of such series for the Preferred Securities of such Assured Guaranty Kingsway Financial Capital Trust as specified in clause (a) above, any changed Stated Maturity of the principal of the Securities of such series shall be no earlier than the date that is five years after the initial issue date issuance of the Preferred Securities and no later than the date 30 years (plus an extended term of up to an additional 19 years if the above-referenced conditions are satisfied) after the date of the initial issue date issuance of the Preferred Securities of the applicable Assured Guaranty Kingsway Financial Capital Trust.

Extension of Stated Maturity; Adjustment of Stated Maturity Upon an Exchange. If specified as contemplated by Section 3.1 202 with respect to the Securities of a particular series, the Company shall have the right to (a) change the Stated Maturity of the principal Date of the Securities of such series upon the liquidation of the applicable Assured Guaranty a Hartford Trust and the exchange of such Securities for the Preferred Securities of such Assured Guaranty Trust, or Hartford Trust and (b) extend the Stated Maturity of the principal of for the Securities of such series; provided thatprovided, that at the time any election to extend such Stated the Maturity Date is made and at the time of such extension, (i) neither the Company nor the Guarantor is not in bankruptcy, otherwise insolvent or in liquidation, (ii) neither the Company nor the Guarantor is not in default in the payment of any interest or principal or Additional Amounts on the Securities of such series or under the Guarantee in respect thereof, as the case may be, and no deferred interest payments thereon have accrued, (iii) the applicable Assured Guaranty Hartford Trust is not in arrears on payments of Distributions on its Preferred Securities and no deferred Distributions thereon have are accumulated, (iv) the Securities of such series are rated not less than BBB- by Standard & Poor’s 's Ratings Services or Baa3 by Xxxxx’x Xxxxx'x Investors Service, Inc. or the equivalent by any other nationally recognized statistical rating organization and (v) the extended Stated Maturity is no later than the 49th anniversary of the initial issuance of the Preferred Securities of the applicable Assured Guaranty Hartford Trust; provided, further, that, if the Company exercises its right to liquidate the applicable Assured Guaranty Hartford Trust and exchange the Securities of such series for the Preferred Securities of such Assured Guaranty Hartford Trust as specified in clause (a) above, any changed Stated Maturity of the principal of the Securities of such series shall be no earlier than the date that is five years after the initial issue date issuance of the Preferred Securities and no later than the date 30 years (plus an extended term of up to an additional 19 years if the above-referenced conditions are satisfied) after the date of the initial issue date issuance of the Preferred Securities of the applicable Assured Guaranty Hartford Trust.

Extension of Stated Maturity; Adjustment of Stated Maturity Upon an Exchange. If specified as contemplated by Section 3.1 with respect to the Securities of a particular series, the Company shall have the right to (a) change the Stated Maturity of the principal of the Securities of such series upon the liquidation of the applicable Assured Guaranty PartnerRe Trust and the exchange of such Securities for the Preferred Securities of such Assured Guaranty PartnerRe Trust, or and (b) extend the Stated Maturity of the principal of the Securities of such series; provided that, at the time any election to extend such Stated Maturity is made and at the time of such extensionextension commences, (i) neither no Event of Default on the Company nor the Guarantor Securities has occurred and is in bankruptcy, otherwise insolvent or in liquidationcontinuing, (ii) neither the Company nor the Guarantor is in default in the payment of any interest or principal or Additional Amounts on the Securities of such series or under the Guarantee in respect thereof, as the case may be, and no deferred interest payments thereon have accrued, (iii) the applicable Assured Guaranty PartnerRe Trust is not in arrears on payments of Distributions on its Preferred Securities and no deferred Distributions thereon have accumulated, (iviii) the Securities of such series are and immediately after such extension will be rated not less than BBB- at least investment grade by either Standard & Poor’s Ratings Services (currently BBB - or Baa3 by above), Xxxxx’x Investors Service, Inc. (currently Baa3 or the equivalent by above) or any other nationally recognized statistical rating organization and (viv) the extended Stated Maturity is no later than the 49th anniversary of the initial issuance of the Preferred Securities of the applicable Assured Guaranty PartnerRe Trust; provided, further, that, if the Company exercises its right to liquidate the applicable Assured Guaranty PartnerRe Trust and exchange the Securities of such series for the Preferred Securities of such Assured Guaranty PartnerRe Trust as specified in clause (a) above, any changed Stated Maturity of the principal of the Securities of such series shall be no earlier than the date that is five 15 years after the initial issue date of the Preferred Securities and no later than the date 30 years (plus an extended term of up to an additional 19 years if the above-referenced conditions are satisfied) after the initial issue date of the Preferred Securities of the applicable Assured Guaranty PartnerRe Trust.

Extension of Stated Maturity; Adjustment of Stated Maturity Upon an Exchange. If specified as contemplated by Section 3.1 with respect to the Securities of a particular series, the Company shall have the right to (a) change the Stated Maturity of the principal of the Securities of such series upon the liquidation of the applicable Assured Guaranty ACE Trust and the exchange of such Securities for the Preferred Securities of such Assured Guaranty ACE Trust, or (b) extend the Stated Maturity of the principal of the Securities of such series; provided that, at the time any election to extend such Stated Maturity is made and at the time of such extension, (i) neither the Company nor the Guarantor is in bankruptcy, otherwise insolvent or in liquidation, (ii) neither the Company nor the Guarantor is in default in the payment of any interest or principal or Additional Amounts on the Securities of such series or under the Guarantee in respect thereof, as the case may be, and no deferred interest payments thereon have accrued, (iii) the applicable Assured Guaranty ACE Trust is not in arrears on payments of Distributions on its Preferred Securities and no deferred Distributions thereon have accumulated, (iv) the Securities of such series are rated not less than BBB- by Standard & Poor’s 's Ratings Services or Baa3 by Xxxxx’x Xxxxx'x Investors Service, Inc. or the equivalent by any other nationally recognized statistical rating organization and (v) the extended Stated Maturity is no later than the 49th anniversary of the initial issuance of the Preferred Securities of the applicable Assured Guaranty ACE Trust; provided, further, that, if the Company exercises its right to liquidate the applicable Assured Guaranty ACE Trust and exchange the Securities of such series for the Preferred Securities of such Assured Guaranty ACE Trust as specified in clause (a) above, any changed Stated Maturity of the principal of the Securities of such series shall be no earlier than the date that is five years after the initial issue date of the Preferred Securities and no later than the date 30 years (plus an extended term of up to an additional 19 years if the above-referenced conditions are satisfied) after the initial issue date of the Preferred Securities of the applicable Assured Guaranty ACE Trust.

Extension of Stated Maturity; Adjustment of Stated Maturity Upon an Exchange. If specified as contemplated by Section 3.1 3.01 with respect to the Securities of a particular series, the Company shall have the right to (a) change the Stated Maturity of the principal Date of the Securities of such series upon the liquidation of the applicable Assured Guaranty a Bancorp Hawaii Capital Trust and the exchange of such Securities for the Preferred Capital Securities of such Assured Guaranty Trust, or Bancorp Hawaii Capital Trust and (b) extend the Stated Maturity of the principal of for the Securities of such series; provided thatprovided, however, that at the time any election to extend such Stated the Maturity Date is made and at the time of such extension, (i) neither the Company nor the Guarantor is not in bankruptcy, otherwise insolvent or in liquidation, (ii) neither the Company nor the Guarantor is not in default in the payment of any interest or principal or Additional Amounts on the Securities of such series or under the Guarantee in respect thereof, as the case may be, and no deferred interest payments thereon have accrued, (iii) the applicable Assured Guaranty Bancorp Hawaii Capital Trust is not in arrears on payments of Distributions on its Preferred Capital Securities and no deferred Distributions thereon have are accumulated, and (iv) the Securities of such series are rated not less than BBB- by Standard & Poor’s Ratings Services or Baa3 by Xxxxx’x Investors Service, Inc. or the equivalent by any other nationally recognized statistical rating organization and (v) the extended Stated Maturity is no later than the 49th anniversary of the initial issuance of the Preferred Capital Securities of the applicable Assured Guaranty Bancorp Hawaii Capital Trust; provided, further, however, that, if the Company exercises its right to liquidate the applicable Assured Guaranty Bancorp Hawaii Capital Trust and exchange the Securities of such series for the Preferred Capital Securities of such Assured Guaranty Bancorp Hawaii Capital Trust as specified in clause (a) above, any changed Stated Maturity of the principal of the Securities of such series shall be no earlier than the date that is five years after the initial issue date issuance of the Preferred Capital Securities and no later than the date 30 years (plus an extended term of up to an additional 19 years if the above-referenced conditions are satisfied) after the initial issue date of the Preferred initial issuance of the Capital Securities of the applicable Assured Guaranty Bancorp Hawaii Capital Trust.

Extension of Stated Maturity; Adjustment of Stated Maturity Upon an Exchange. If specified as contemplated by Section 3.1 with respect to the Securities of a particular series, the Company shall have the right to (a) change the Stated Maturity of the principal of the Securities of such series upon the liquidation of the applicable Assured Guaranty EH Trust and the exchange of such Securities for the Preferred Securities of such Assured Guaranty EH Trust, or (b) extend the Stated Maturity of the principal of the Securities of such series; provided that, at the time any election to extend such Stated Maturity is made and at the time of such extension, (i) neither the Company nor the Guarantor is not in bankruptcy, otherwise insolvent or in liquidation, (ii) neither the Company nor the Guarantor is not in default in the payment of any interest or principal or Additional Amounts on the Securities of such series or under the Guarantee in respect thereof, as the case may be, and no deferred interest payments thereon have accrued, (iii) the applicable Assured Guaranty EH Trust is not in arrears on payments of Distributions on its Preferred Securities and no deferred Distributions thereon have accumulated, (iv) the Securities of such series are rated not less than BBB- by Standard & Poor’s 's Ratings Services or Baa3 by Xxxxx’x Xxxxx'x Investors Service, Inc. or the equivalent by any other nationally recognized statistical rating organization and (v) the extended Stated Maturity is no later than the 49th anniversary of the initial issuance of the Preferred Securities of the applicable Assured Guaranty EH Trust; provided, further, that, if the Company exercises its right to liquidate the applicable Assured Guaranty EH Trust and exchange the Securities of such series for the Preferred Securities of such Assured Guaranty EH Trust as specified in clause (a) above, any changed Stated Maturity of the principal of the Securities of such series shall be no earlier than the date that is five years after the initial issue date of the Preferred Securities and no later than the date 30 years (plus an extended term of up to an additional 19 years if the above-referenced conditions are satisfied) after the initial issue date of the Preferred Securities of the applicable Assured Guaranty EH Trust.

Extension of Stated Maturity; Adjustment of Stated Maturity Upon an Exchange. If specified as contemplated by Section 3.1 with respect to the Securities of a particular series, the Company shall have the right to (a) change the Stated Maturity of the principal of the Securities of such series upon the liquidation of the applicable Assured Guaranty QCH Capital Trust and the exchange of such Securities for the Preferred Securities of such Assured Guaranty QCH Capital Trust, or (b) extend the Stated Maturity of the principal of the Securities of such series; provided that, at the time any election pursuant to clause (b) above to extend such Stated Maturity is made and at the time of such extension, (i) neither the Company nor the Guarantor is not in bankruptcy, otherwise insolvent or in liquidation, (ii) neither the Company nor the Guarantor is not in default in the payment of any interest or principal or Additional Amounts on the Securities of such series or under the Guarantee in respect thereof, as the case may be, and no deferred interest payments thereon have accrued, (iii) the applicable Assured Guaranty QCH Capital Trust is not in arrears on payments of Distributions on its Preferred Securities and no deferred Distributions thereon have accumulated, (iv) the Securities of such series are rated not less than BBB- by Standard & Poor’s 's Ratings Services or Baa3 by Xxxxx’x Moody's Investors Service, Inc. or the equivalent by any other nationally recognized nationaxxx xxxognized statistical rating organization and (v) the extended Stated Maturity is no later than the 49th anniversary of the initial issuance of the Preferred Securities of the applicable Assured Guaranty QCH Capital Trust; provided, further, that, if the Company exercises its right to liquidate the applicable Assured Guaranty QCH Capital Trust and exchange the Securities of such series for the Preferred Securities of such Assured Guaranty QCH Capital Trust as specified in clause (a) above, any changed Stated Maturity of the principal of the Securities of such series shall be no earlier than the date that is five years after the initial issue date of the Preferred Securities and no later than the date 30 years (plus an extended term of up to an additional 19 years if the above-referenced conditions are satisfied) after the initial issue date of the Preferred Securities of the applicable Assured Guaranty QCH Capital Trust.

Extension of Stated Maturity; Adjustment of Stated Maturity Upon an Exchange. If specified as contemplated by Section 3.1 2.3 with respect to the Securities of a particular series, the Company Issuer shall have the right to (a) change the Stated Maturity of the principal of the Securities of such series upon the liquidation of the applicable Assured Guaranty Scottish Holdings Trust and the exchange of such Securities for the Preferred Securities of such Assured Guaranty Scottish Holdings Trust, or (b) extend the Stated Maturity of the principal of the Securities of such series; provided that, at the time any election to extend such Stated Maturity is made and at the time of such extension, (i) neither the Company nor the Guarantor Issuer is not in bankruptcy, otherwise insolvent or in liquidation, (ii) neither the Company nor the Guarantor Issuer is not in default in the payment of any interest or principal or Additional Amounts on the Securities of such series or under the Guarantee in respect thereof, as the case may be, and no deferred interest payments thereon have accrued, (iii) the applicable Assured Guaranty Scottish Holdings Trust is not in arrears on payments of Distributions on its Preferred Securities and no deferred Distributions thereon have accumulated, (iv) the Securities of such series are rated not less than BBB- by Standard & Poor’s 's Ratings Services or Baa3 by Xxxxx’x Moody's Investors Service, Inc. or the equivalent by any other nationally recognized nationaxxx xxxognized statistical rating organization and (v) the extended Stated Maturity is no later than the 49th anniversary of the initial issuance of the Preferred Securities of the applicable Assured Guaranty Scottish Holdings Trust; provided, further, that, if the Company Issuer exercises its right to liquidate the applicable Assured Guaranty Scottish Holdings Trust and exchange the Securities of such series for the Preferred Securities of such Assured Guaranty Scottish Holdings Trust as specified in clause (a) above, any changed Stated Maturity of the principal of the Securities of such series shall be no earlier than the date that is five years after the initial issue date of the Preferred Securities and no later than the date 30 years (plus an extended term of up to an additional 19 years if the above-referenced conditions are satisfied) after the initial issue date of the Preferred Securities of the applicable Assured Guaranty Scottish Holdings Trust.

Extension of Stated Maturity; Adjustment of Stated Maturity Upon an Exchange. If specified as contemplated by Section 3.1 with respect to the Securities of a particular series, the Company shall have the right to (a) change the Stated Maturity of the principal Date of the Securities of such series upon the liquidation of the applicable Assured Guaranty a Liberty Trust and the exchange of such Securities for the Preferred Securities of such Assured Guaranty Trust, or Liberty Trust and (b) extend the Stated Maturity of the principal of for the Securities of such series; provided thatprovided, that at the time any election to extend such Stated the Maturity Date is made and at the time of such extension, (i) neither the Company nor the Guarantor is not in bankruptcy, otherwise insolvent or in liquidation, (ii) neither the Company nor the Guarantor is not in default in the payment of any interest or principal or Additional Amounts on the Securities of such series or under the Guarantee in respect thereof, as the case may be, and no deferred interest payments thereon have accrued, (iii) the applicable Assured Guaranty Liberty Trust is not in arrears on payments of Distributions on its Preferred Securities and no deferred Distributions thereon have are accumulated, (iv) the Securities of such series are rated not less than BBB- by Standard & Poor’s 's Ratings Services or Baa3 by Xxxxx’x Xxxxx'x Investors Service, Inc. or the equivalent by any other nationally naturally recognized statistical rating organization and (v) the extended Stated Maturity is in no later than the 49th anniversary of the initial issuance of the Preferred Securities of the applicable Assured Guaranty Liberty Trust; provided, further, that, if the Company exercises its right to liquidate the applicable Assured Guaranty Liberty Trust and exchange the Securities of such series for the Preferred Securities of such Assured Guaranty Liberty Trust as specified in clause (a) above, any changed Stated Maturity of the principal of the Securities of such series shall be no earlier than the date that is five years after the initial issue date issuance of the Preferred Securities and no later than the date 30 years (plus an extended term of up to an additional 19 years if the above-referenced conditions are satisfied) after the date of the initial issue date issuance of the Preferred Securities of the applicable Assured Guaranty Liberty Trust.