Common use of Premium Amounts Clause in Contracts

Premium Amounts. (a) On the Business Day immediately preceding each Payment Date up to and including the earlier of (i) any Prepayment Date and (ii) the later of (x) the Scheduled Maturity Date or (y) the final Extended Maturity Date, the Ceding Insurer shall for each Coverage in effect pay an amount (the ‘‘Premium Payment’’) equal to the Premium Percentage multiplied by the Coverage Limit for each Coverage under this Reinsurance Agreement as of the first day of the relevant Interest Period, provided, however, that for the first four successive Interest Periods for each Coverage beginning on the Closing Date, the Ceding Insurer shall for each Coverage in effect pay an amount equal to the Premium Percentage multiplied by the Original Coverage Limit for such Coverage; provided, further, that in the event (A) there shall be a payment default or an event of default under any material indebtedness of the Ceding Insurer, (B) the Ceding Insurer's financial strength rating is downgraded below ‘‘A−’’ by A.M. Best, ‘‘A−’’ by S&P or ‘‘A3’’ by Moody’s or (C) an event of bankruptcy, insolvency, liquidation, receivership or similar event in respect of the Ceding Insurer (such an event, a ‘‘Ceding Insurer Bankruptcy Event’’) shall have occurred, payments made by the Ceding Insurer pursuant to this Section 9.1 shall be made (x) on the third Business Day immediately preceding the first Payment Date following any of (A), (B) or (C) above for the relevant Interest Period and, on an estimated basis, one succeeding Interest Period and (y) on the third Business Day immediately preceding each Payment Date thereafter, on an estimated basis, for one succeeding Interest Period, adjusted, if necessary, for any difference between the estimated Premium Payment made for the immediately preceding Interest Period and the actual calculated Premium Payment for such preceding Interest Period. On the later of the day that both (x) a Ceding Insurer Bankruptcy Event shall have occurred and (y) the Residual Amount (calculated in respect of the then next succeeding Payment Date) exceeds the then current Outstanding Principal Amount, the Ceding Insurer shall pay an additional premium equal to the excess of the Residual Amount (as so calculated), if any, over the Outstanding Principal Amount as of such date, to the extent such excess is greater than zero. In connection with any payment of the Residual Amount, if any, under the Credit Agreement, the Ceding Insurer shall pay an additional amount equal to such Residual Amount on the Business Day immediately preceding the date on which such Residual Amount is required to be paid under the Credit Agreement. In connection with any acceleration of Loans under the Credit Agreement, the Ceding Insurer shall pay upon demand an amount equal to the Premium Percentage multiplied by the applicable Coverage Limit as of the first day of the relevant Interest Period multiplied by a fraction, the numerator of which shall be the number of days elapsed in such Interest Period as of the date upon which such amount is paid by the Ceding Insurer and the denominator of which shall be 90. Following the occurrence of a Prepayment Event IV, the Ceding Insurer shall pay an additional premium equal to the Prepayment IV Amount on the Business Day immediately preceding the Prepayment Date. (b) Premium Payments shall be computed on the basis of the actual number of days elapsed and a 360-day year; provided, however, that with respect to any advanced payment upon the Ceding Insurer's downgrade described in Section 9.1(a) above, Premium Payments shall be computed for the entire succeeding Interest Period. (c) The Ceding Insurer shall make the following additional premium payments to the Reinsurer:

Premium Amounts. (a) On the Business Day immediately preceding each Payment Date up to and including the earlier of (i) any Prepayment Early Redemption Date and (ii) the later of (x) the Scheduled Maturity Redemption Date or (y) the final Extended Maturity Redemption Date, the Ceding Insurer shall for each Coverage in effect pay an amount (the ‘‘Premium Payment’’) equal to the Premium Percentage multiplied by the Coverage Limit for each the Coverage under this Reinsurance Agreement as of the first day of the relevant Interest Accrual Period, provided, however, that for the first four successive Interest Accrual Periods for each Coverage beginning on the Closing Date, the Ceding Insurer shall for each Coverage in effect pay an amount equal to the Premium Percentage multiplied by the Original Coverage Limit for such CoverageLimit; provided, further, that in the event (A) there shall be a payment default or an event of default under any material indebtedness of the Ceding Insurer, (B) the Ceding Insurer's financial strength rating is downgraded below ‘‘A−’’ by A.M. Best, ‘‘A−’’ by S&P or ‘‘A3’’ by Moody’s or (C) an event of bankruptcy, insolvency, liquidation, receivership or similar event in respect of the Ceding Insurer (such an event, a ‘‘Ceding Insurer Bankruptcy Event’’) shall have occurred, payments made by the Ceding Insurer pursuant to this Section 9.1 shall be made (x) on the third Business Day immediately preceding the first Payment Date following any of (A), (B) or (C) above for the relevant Interest Accrual Period and, on an estimated basis, one succeeding Interest Accrual Period and (y) on the third Business Day immediately preceding each Payment Date thereafter, on an estimated basis, for one succeeding Interest Accrual Period, adjusted, if necessary, for any difference between the estimated Premium Payment made for the immediately preceding Interest Accrual Period and the actual calculated Premium Payment for such preceding Interest Accrual Period. On the later of the day that both (x) a Ceding Insurer Bankruptcy Event shall have occurred and (y) the Residual Interest Amount (calculated in respect of the then next succeeding Payment Date) exceeds the then current Outstanding Principal Amount, the Ceding Insurer shall pay an additional premium equal to the excess of the Residual Interest Amount (as so calculated), if any, over the Outstanding Principal Amount as of such date, to the extent such excess is greater than zero. In connection with any payment of the Residual Interest Amount, if any, under the Credit AgreementIndenture, the Ceding Insurer shall pay an additional amount equal to such Residual Interest Amount on the Business Day immediately preceding the date on which such Residual Amount is required to be paid under the Credit AgreementIndenture. In connection with any acceleration of Loans Notes under the Credit AgreementIndenture, the Ceding Insurer shall pay upon demand an amount equal to the Premium Percentage multiplied by the applicable Coverage Limit as of the first day of the relevant Interest Accrual Period multiplied by a fraction, the numerator of which shall be the number of days elapsed in such Interest Accrual Period as of the date upon which such amount is paid by the Ceding Insurer and the denominator of which shall be 90. Following the occurrence of a Prepayment an Early Redemption Event IV, the Ceding Insurer shall pay an additional premium equal to the Prepayment Early Redemption IV Amount on the Business Day immediately preceding the Prepayment Early Redemption Date. (b) Premium Payments shall be computed on the basis of the actual number of days elapsed and a 360-day year; provided, however, that with respect to any advanced payment upon the Ceding Insurer's downgrade described in Section 9.1(a) above, Premium Payments shall be computed for the entire succeeding Interest Accrual Period. (c) The Ceding Insurer shall make the following additional premium payments to the Reinsurer: