Common use of Payments by the Issuer Clause in Contracts

Payments by the Issuer. (a) Unless Regulatory Approval has previously been obtained, not later than fifteen (15) calendar days prior to any Quarterly Payment Date or the Stated Maturity Date, the Issuer shall request Regulatory Approval to (i) make payments on the Surplus Notes in an amount equal to or greater than the accrued interest as of such Quarterly Payment Date and (ii) repay the principal of the Surplus Notes on the Stated Maturity Date, as applicable, and use its best efforts to obtain such approval. To the extent Regulatory Approval is obtained, the Issuer shall make payment on the Surplus Notes in accordance with the terms of this Agreement. Interest unpaid on any Payment Date shall be deferred until Regulatory Approval is obtained for the payment of such interest, and no interest shall accrue on any such deferred interest. Payment of any principal remaining outstanding as of the Stated Maturity Date shall be deferred until Regulatory Approval shall have been obtained for such payment. Pursuant to Section 1307(b) of the New York Insurance Law, interest and principal shall be repaid only out of free and divisible surplus of the Issuer with the approval of the Superintendent whenever, in his judgment, the financial condition of the Issuer warrants. In the event of insolvency of the Issuer, unearned premiums shall be deemed to be part of its free and divisible surplus. (b) Principal that has not been paid on the Stated Maturity Date shall continue to accrue interest at the Applicable Interest Rate up to but excluding the date on which such amount is actually paid. (c) All payments required to be made by the Issuer with respect to this Article III shall be made: (i) by Wire Transfer of immediately available funds not later than 1:00 p.m., New York City time, and (ii) to the account of the applicable Holders, or to such other account as such Holders may have most recently designated in writing for such purpose by notice to the Issuer. (d) The Issuer and any agent of the Issuer may treat the Person in whose name any Surplus Note is registered on the Surplus Note Register as the owner of such Surplus Note on the applicable Record Date for the purpose of receiving payments of principal and interest on such Surplus Note and on any other date for all other purposes whatsoever (whether or not such payment is overdue), and neither the Issuer nor any agent of the Issuer shall be affected by notice to the contrary.

Payments by the Issuer. The Issuer shall deposit funds in the amounts described below into the corporate trust account of the Fiscal Agent in such form as shall be immediately available by 11:00 A.M. (aat the place of payment or at such other time as may be specified in such Securities) Unless Regulatory Approval has previously been obtainedor, not later than fifteen in the case of payment of the principal amount of the Securities at stated maturity, by 12:00 noon (15at the place of payment or at such other time as may be specified in such Securities) calendar days prior to any Quarterly on the applicable Payment Date. If a Payment Date or occurs in any place of payment on the Stated Maturity DateSecurities on a day that is not a Business Day, the Issuer shall request Regulatory Approval deposit funds on the last preceding day that is a Business Day. Funds deposited pursuant to this Section 5(b) shall be deposited in Dollars in the following amounts: (i) make payments Amounts sufficient to pay the interest becoming due on such Securities on each related Payment Date therefor (each, an “Interest Payment Date”). The Fiscal Agent shall apply such amounts to the Surplus Notes in an amount equal to or greater than the accrued interest as payment of such Quarterly Payment Date and (ii) repay the principal of the Surplus Notes on the Stated Maturity Date, as applicable, and use its best efforts to obtain such approval. To the extent Regulatory Approval is obtained, the Issuer shall make payment on the Surplus Notes interest in accordance with the terms of this Agreementthe Securities. Interest unpaid payable on any the Securities on an Interest Payment Date shall (except as provided in Section 5(c) hereof) be deferred paid to each Holder of the Securities at the close of business on the Record Date (as defined below) for such Interest Payment Date by check mailed by the Fiscal Agent to the last address for such Holder appearing on the register of Securities (or in the case of the Holder of a Global Security or at the option of each Holder of at least $10,000,000 in aggregate principal amount of Securities, by wire transfer to a bank account designated by the Holder in writing (such designation to be signed by two authorized officers of such Holder if it is not an individual) to the Fiscal Agent at least 10 days prior to such Interest Payment Date). If for any reason the amounts paid to the Fiscal Agent pursuant to this paragraph are insufficient to satisfy all such claims for interest payable in respect of all Securities, the Fiscal Agent shall not be obliged to pay any such claims until Regulatory Approval is obtained for the Fiscal Agent has received the full amount of the monies then due and payable; and (ii) An amount which shall equal the principal amount of all the Securities Outstanding at the maturity date. The Fiscal Agent shall apply such amount to the payment of such interest, and no interest shall accrue on any such deferred interest. Payment of any the principal remaining outstanding as of the Stated Maturity Date shall be deferred Securities in accordance with the terms thereof. However, unless and until Regulatory Approval shall have been obtained for such payment. Pursuant to Section 1307(b) the full amount of the New York Insurance Law, interest and principal shall be repaid only out of free and divisible surplus of amount has been made to the Issuer with the approval of the Superintendent whenever, in his judgmentFiscal Agent, the financial condition of the Issuer warrants. In the event of insolvency of the Issuer, unearned premiums Fiscal Agent shall not be deemed bound to be part of its free and divisible surplusmake such payments. (b) Principal that has not been paid on the Stated Maturity Date shall continue to accrue interest at the Applicable Interest Rate up to but excluding the date on which such amount is actually paid. (c) All payments required to be made by the Issuer with respect to this Article III shall be made: (i) by Wire Transfer of immediately available funds not later than 1:00 p.m., New York City time, and (ii) to the account of the applicable Holders, or to such other account as such Holders may have most recently designated in writing for such purpose by notice to the Issuer. (d) The Issuer and any agent of the Issuer may treat the Person in whose name any Surplus Note is registered on the Surplus Note Register as the owner of such Surplus Note on the applicable Record Date for the purpose of receiving payments of principal and interest on such Surplus Note and on any other date for all other purposes whatsoever (whether or not such payment is overdue), and neither the Issuer nor any agent of the Issuer shall be affected by notice to the contrary.

Payments by the Issuer. (a) Unless Regulatory Approval has previously been obtained, not later than fifteen (15) calendar days prior to any Quarterly Interest Payment Date or the Stated Maturity Date, the Issuer shall request Regulatory Approval to for (i) make payments the payment of the interest scheduled to be paid on the Surplus Notes in an amount equal to or greater than the accrued interest as of such Quarterly Interest Payment Date and (ii) repay the payment of principal of the Surplus Notes on the Stated Maturity Date, as applicable, and use its reasonable best efforts to obtain such approval. To the extent If Regulatory Approval is obtainedgranted for the payment of interest on any Interest Payment Date, the Issuer shall make payment pay interest on the Surplus Notes in accordance with the terms of this Agreement. Interest unpaid on any Payment Date ; otherwise, such interest payment shall be deferred until the granting of Regulatory Approval is obtained for the payment of such interest, and no interest shall accrue on any such deferred interest. Payment If Regulatory Approval is granted for the payment of any principal remaining outstanding as of on the Surplus Notes, the Issuer shall pay the amount due on the Stated Maturity Date Date; otherwise, the amount of principal otherwise payable shall be deferred until Regulatory Approval shall have been obtained for such payment. Pursuant to Section 1307(b) of the New York Insurance Law, interest and principal shall be repaid only out of free and divisible surplus of the Issuer with the approval of the Superintendent whenever, in his judgment, the financial condition of the Issuer warrants. In the event of insolvency of the Issuer, unearned premiums shall be deemed to be part of its free and divisible surplus. (b) Principal that has not been paid on the Stated Maturity Date shall continue to accrue interest at a rate per annum equal to the Applicable Interest Rate from and including the Payment Date therefore, up to but excluding the date on which such amount is actually paid. (c) All payments required to be made by the Issuer with respect to this Article III shall be made: (i) by Wire Transfer of immediately available funds not later than 1:00 p.m., New York City time, and (ii) to the account of the applicable Holders, or to such other account as such Holders may have most recently designated in writing for such purpose by notice to the Issuer. (d) The Issuer and any agent of the Issuer may treat the Person in whose name any Surplus Note is registered on the Surplus Note Register as the owner of such Surplus Note on the applicable Record Date for the purpose of receiving payments of principal and interest on such Surplus Note and on any other date for all other purposes whatsoever (whether or not such payment is overdue), and neither the Issuer nor any agent of the Issuer shall be affected by notice to the contrary.