Common use of Deferred Amounts Clause in Contracts

Deferred Amounts. Unless the Court or the Rehabilitator (in his sole and absolute discretion) has permitted an Alternative Resolution of a Policy Claim, the Rehabilitator shall cause the Segregated Account to establish a Deferred Amount for each Policy in respect of which an Interim Payment has been made or has been deemed to be made pursuant to Section 2.18 of the Original Payment Guidelines, or in the case of a Policy that insures multiple Insured Obligations, each Insured Obligation insured by such Policy in respect of which an Interim Payment has been made or has been deemed to be made. In the case of Certain Multi-CUSIP Policies, subject to Section 2.7 hereof, the Deferred Amount relating to such Policies shall be established, allocated and/or paid in a manner that is substantially similar to the procedure shown in the “Reallocation of Deferred Loss Amount Example” attached hereto as Exhibit E, except to the extent that any Trustee or Holder of such Multi-CUSIP Policies directs otherwise, but in each case as determined by the Rehabilitator and communicated by the Management Services Provider to the Holder during the Reconciliation process described in Section 2.5 of these Payment Guidelines. In no event shall an uninsured bondholder receive or be allocated any Deferred Amount or Payment. With respect to each such Policy Claim or Insured Obligation, as the case may be, the Deferred Amount shall be: (A) as of the first Bond Distribution Date occurring after the first Interim Payment made or deemed made by the Segregated Account in respect of a Permitted Policy Claim relating to such Policy or Insured Obligation, or such earlier date as may be determined by the Management Services Provider in its sole discretion, the higher of (i) the amount equal to the Permitted Policy Claim Amount less the amount of any Payment and less any Recovery Amount, in each case established, paid or received with respect to such Policy or Insured Obligation since the immediately preceding Bond Distribution Date, and (ii) zero; and (B) as of each subsequent Bond Distribution Date, or such earlier date as may be determined by the Management Services Provider in its sole discretion, the higher of (i) the amount equal to Deferred Amount as of the immediately preceding Bond Distribution Date, and (x) with respect to each Pre-Record Date Deferred Amount, plus any Accretion Amounts accrued between the immediately preceding Bond Distribution Date and the Effective Date, and (y) with respect to all Deferred Amounts, plus any Permitted Policy Claim Amount, less the amount of any Payment, less any Recovery Amount, and less any and all amounts which reduce the Deferred Amount pursuant to Sections 2.14, 4.2 and 4.3 in each case in this subparagraph (B)(i), as established, paid or received with respect to such Policy or Insured Obligation since the immediately preceding Bond Distribution Date, and (ii) zero.

Deferred Amounts. Unless (a) In addition to the Court rate of interest otherwise payable with respect to the Notes and all other amounts payable hereunder or the Rehabilitator (in his sole and absolute discretion) has permitted an Alternative Resolution of a Policy Claimconnection herewith, the Rehabilitator Company shall cause the Segregated Account to establish a Deferred Amount for each Policy in respect of which an Interim Payment has been made or has been deemed to be made pursuant to Section 2.18 of the Original Payment Guidelinespay, or in the case of a Policy that insures multiple Insured Obligationsby no later than January 15, each Insured Obligation insured by such Policy in respect of which an Interim Payment has been made or has been deemed to be made. In the case of Certain Multi-CUSIP Policies2004, subject to Section 2.7 hereof, the Deferred Amount relating to such Policies shall be established, allocated and/or paid in a manner that is substantially similar additional interest to the procedure shown Noteholders in the “Reallocation of Deferred Loss Amount Example” attached hereto as Exhibit E, except accordance with their respective pro rata principal amount in an amount equal to the extent that any Trustee or Holder of such Multi-CUSIP Policies directs otherwise, but in each case as determined by the Rehabilitator and communicated by the Management Services Provider to the Holder during the Reconciliation process described in Section 2.5 of these Payment Guidelines. In no event shall an uninsured bondholder receive or be allocated any Deferred Amount or Payment. With respect to each such Policy Claim or Insured Obligation, as the case may be, the Deferred Amount shall be: (A) as of the first Bond Distribution Date occurring after the first Interim Payment made or deemed made by the Segregated Account in respect of a Permitted Policy Claim relating to such Policy or Insured Obligation, or such earlier date as may be determined by the Management Services Provider in its sole discretion, the higher aggregate of (i) the amount each Series A Deferred Principal Amount multiplied by a rate per annum equal to 2.00% per annum from the Permitted Policy Claim date such Series A Deferred Principal Amount less is created and determined hereunder until the amount of any Payment and less any Recovery Amountdate such Series A Deferred Principal Amount has been paid in full plus (ii) each Series A Deferred Principal Amount multiplied by a rate per annum equal to 1.00% per annum from the date such Series A Deferred Principal Amount has been paid in full (through voluntary prepayments pursuant to Section 8.2 hereof) to (but not including) January 15, 2004 (the amounts referred to in each case established, paid or received with respect to such Policy or Insured Obligation since the immediately preceding Bond Distribution Date, clauses (i) and (ii) zero; and (B) hereof are collectively referred to as of "Deferred Principal Amount Fees"). Each such voluntary prepayment shall be applied to the earliest occurring Series A Deferred Principal Amount and, after the same has been paid in full, thereafter to each subsequent Bond Distribution Dateimmediately succeeding Series A Deferred Principal Amount until all Series A Deferred Principal Amounts have been paid in full. On January 15, or such earlier date as may be determined by the Management Services Provider in its sole discretion2004, the higher of (i) the amount equal to Company shall pay all Series A Deferred Amount as of the immediately preceding Bond Distribution DatePrincipal Amounts. As used in this Section 8.7(a), and (x) "Deferred Principal Amount" means, with respect to each Pre-Record monthly repayment of the Amortization Debt occurring on or after the Second Amendment Effective Date Deferred Amountbut prior to January 1, plus any Accretion Amounts accrued between 2004, the immediately preceding Bond Distribution Date and the Effective Dateexcess, and if any, of (x) $4,958,333 minus (y) with respect to all Deferred Amounts, plus any Permitted Policy Claim Amount, less the actual amount of such repayment; it being understood and agreed that each occurrence of such an excess will create a new and independent Deferred Principal Amount. As used in this Section 8.7(a), "Series A Deferred Principal Amount" means the Series A Note Principal Allocation times each Deferred Principal Amount. The Company agrees that in connection with any Payment, less any Recovery Amount, and less any and all amounts which reduce payment of fees payable to the Specified Holders similar to the Deferred Principal Amount pursuant Fees, the Company shall pay to Sections 2.14, 4.2 and 4.3 in each case in this subparagraph (B)(i), as established, paid or received with respect to the Noteholders a pro rata amount of such Policy or Insured Obligation since the immediately preceding Bond Distribution Date, and (ii) zeropayment.

Deferred Amounts. Unless the Court or the Rehabilitator (in his sole and absolute discretion) has permitted an Alternative Resolution of a Policy Claim, the Rehabilitator shall cause the Segregated Account to establish a Deferred Amount for each Policy in respect of which an Interim Payment has been made or has been deemed to be made pursuant to Section 2.18 of the Original Payment Guidelines, or in the case of a Policy that insures multiple Insured Obligations, each Insured Obligation insured by such Policy in respect of which an Interim Payment has been made or has been deemed to be made. In the case of Certain Multi-CUSIP Policies, subject to Section 2.7 hereof, the Deferred Amount relating to such Policies shall be established, allocated and/or paid in a manner that is substantially similar to the procedure shown in the “Reallocation of Deferred Loss Amount Example” attached hereto as Exhibit E, except to the extent that any Trustee or Holder of such Multi-CUSIP Policies directs otherwise, but in each case as determined by the Rehabilitator and communicated by the Management Services Provider to the Holder during the Reconciliation process described in Section 2.5 of these Payment Guidelines. In no event shall an uninsured bondholder receive or be allocated any Deferred Amount or Payment. With respect to each such Policy Claim or Insured Obligation, as the case may be, the Deferred Amount shall be: (A) as of the first Bond Distribution Date occurring after the first Interim Payment made or deemed made by the Segregated Account in respect of a Permitted Policy Claim relating to such Policy or Insured Obligation, or such earlier date as may be determined by the Management Services Provider in its sole discretion, the higher of (i) In addition to the rate of interest otherwise payable with respect to the Notes and all other amounts payable hereunder or in connection herewith, the Company shall pay, by no later than January 15, 2004, additional interest to the Noteholders in accordance with their respective pro rata principal amount in an amount equal to the Permitted Policy Claim aggregate of (a) each Series I Deferred Principal Amount less multiplied by a rate per annum equal to 2.00% per annum from the amount of any Payment date such Series I Deferred Principal Amount is created and less any Recovery Amountdetermined hereunder until the date such Series I Deferred Principal Amount has been paid in full plus (b) each Series I Deferred Principal Amount multiplied by a rate per annum equal to 1.00% per annum from the date such Series I Deferred Principal Amount has been paid in full (through voluntary prepayments pursuant to paragraph 4C hereof) to (but not including) January 15, 2004 (the amounts referred to in each case established, paid or received with respect to such Policy or Insured Obligation since the immediately preceding Bond Distribution Date, clauses (a) and (iib) zero; and (B) hereof are collectively referred to as of "Deferred Principal Amount Fees"). Each such voluntary prepayment shall be applied to the earliest occurring Series I Deferred Principal Amount and, after the same has been paid in full, thereafter to each subsequent Bond Distribution Dateimmediately succeeding Series I Deferred Principal Amount until all Series I Deferred Principal Amounts have been paid in full. On January 15, or such earlier date as may be determined by the Management Services Provider in its sole discretion2004, the higher of (i) the amount equal to Company shall pay all Series I Deferred Amount as of the immediately preceding Bond Distribution DatePrincipal Amounts. As used in this paragraph 4G(i), and (x) "Deferred Principal Amount" means, with respect to each Pre-Record monthly repayment of the Amortization Debt occurring on or after the Second Amendment Effective Date Deferred Amountbut prior to January 1, plus any Accretion Amounts accrued between 2004, the immediately preceding Bond Distribution Date and the Effective Dateexcess, and if any, of (x) $4,958,333 minus (y) with respect to all Deferred Amounts, plus any Permitted Policy Claim Amount, less the actual amount of such repayment; it being understood and agreed that each occurrence of such an excess will create a new and independent Deferred Principal Amount. As used in this paragraph 4G(i), "Series I Deferred Principal Amount" means the Series I Note Principal Allocation times each Deferred Principal Amount. The Company agrees that in connection with any Payment, less any Recovery Amount, and less any and all amounts which reduce payment of fees payable to the Specified Holders similar to the Deferred Principal Amount pursuant Fees, the Company shall pay to Sections 2.14, 4.2 and 4.3 in each case in this subparagraph (B)(i), as established, paid or received with respect to the Noteholders a pro rata amount of such Policy or Insured Obligation since the immediately preceding Bond Distribution Date, and (ii) zeropayment.

Deferred Amounts. Unless Notwithstanding anything herein to the Court or the Rehabilitator contrary, any and all payments owed by Client under this Agreement and in connection with Work Orders Nos. 1 and 2 (in his sole and absolute discretion) has permitted an Alternative Resolution of a Policy Claim, the Rehabilitator shall cause the Segregated Account to establish a Deferred Amount for each Policy in respect of which an Interim Payment has been made or has been deemed to be made pursuant to Section 2.18 of the Original Payment Guidelinesas amended), or in connection with the case termination of a Policy that insures multiple Insured Obligationsthis Agreement, each Insured Obligation insured up to an aggregate amount of $30 million (exclusive of any accrued interest as provided in clause (ii) below) (collectively, “Deferred Amounts”), may be withheld by such Policy in respect Client through the closing of which an Interim Payment has been made or has been deemed to be made. In the case of Certain Multi-CUSIP Policies, subject to Section 2.7 hereof, the Deferred Amount relating to such Policies Acquisition and shall be established, allocated and/or paid in on a manner that is substantially similar deferred basis and due to the procedure shown in the “Reallocation of Deferred Loss Amount Example” attached hereto Capgemini as Exhibit E, except to the extent that any Trustee or Holder of such Multi-CUSIP Policies directs otherwise, but in each case as determined by the Rehabilitator and communicated by the Management Services Provider to the Holder during the Reconciliation process described in Section 2.5 of these Payment Guidelines. In no event shall an uninsured bondholder receive or be allocated any Deferred Amount or Payment. With respect to each such Policy Claim or Insured Obligation, as the case may be, the Deferred Amount shall be: (A) as of the first Bond Distribution Date occurring after the first Interim Payment made or deemed made by the Segregated Account in respect of a Permitted Policy Claim relating to such Policy or Insured Obligation, or such earlier date as may be determined by the Management Services Provider in its sole discretion, the higher of follows: (i) Commencing March 31, 2009, all Deferred Amounts owed and unpaid by FairPoint shall be paid by FairPoint and due to Capgemini in equal quarterly installments commencing with the first payment on March 31, 2009 (the “First Deferred Payment Date”) and ending with a final payment on December 31, 2011; provided, however, that if the aggregate amount equal owed and unpaid by FairPoint on March 31, 2008 shall exceed $30 million, then such excess beyond $30 million shall be paid by FairPoint and due to Capgemini on or before December 31, 2008 (with interest at the Permitted Policy Claim Amount less rate and on the amount of any Payment and less any Recovery Amount, terms specified in each case established, paid or received with respect to such Policy or Insured Obligation since the immediately preceding Bond Distribution Date, and (ii) zero; below) and the remaining balance of $30 million (Bthe Deferred Amounts) as shall be paid in equal quarterly installments commencing on the First Deferred Payment Date and ending on December 31, 2011 (and any additional amounts owed by FairPoint after April 1, 2008 that exceeds the Deferred Amounts ($30 million) shall be paid in accordance with Section 4(a)); (ii) Commencing April 1, 2008, Deferred Amounts outstanding from time to time shall accrue interest at an annual rate of 6.25%, and such interest shall be due and payable by FairPoint on a monthly basis at the end of each subsequent Bond Distribution Datecalendar month beginning April 30, 2008 until such time as the Deferred Amounts have been repaid in full. For illustrative purposes only, Attachment D hereto sets forth examples of amounts deferred and payable amounts by FairPoint under certain circumstances; (iii) Provided, however, notwithstanding anything to the contrary, all Deferred Amounts outstanding (and any amount in excess of $30 million that was outstanding on March 31, 2008) owed by FairPoint to Capgemini shall be paid in full, with interest, by FairPoint on or such earlier date as may be determined by before thirty (30) days after the Management Services Provider in its sole discretion, the higher of (i) the amount equal to Deferred Amount as closing of the immediately preceding Bond Distribution DateAcquisition; and (iv) Further, notwithstanding the foregoing, FairPoint shall have the right, but not the obligation, to prepay any and (x) with respect to each Pre-Record Date Deferred Amount, plus any Accretion Amounts accrued between the immediately preceding Bond Distribution Date and the Effective Date, and (y) with respect to all Deferred Amounts, plus with interest if any, at any Permitted Policy Claim Amount, less the amount of any Payment, less any Recovery Amount, and less any and all amounts which reduce the Deferred Amount pursuant to Sections 2.14, 4.2 and 4.3 in each case in this subparagraph (B)(i), as established, paid or received with respect to such Policy or Insured Obligation since the immediately preceding Bond Distribution Date, and (ii) zerotime.