SUCH FINANCIAL STATEMENTS, TOGETHER WITH A
DESCRIPTION OF ALL CONTINGENT DEBT AND OFF-BALANCE SHEET LIABILITIES OF SUCH
RIC.
(III)
WITHIN 60 DAYS AFTER THE END OF EACH OF THE FIRST THREE FISCAL
QUARTERS OF BORROWER, A LOSS REPORT AS AT THE LAST DAY OF SUCH QUARTER.
(IV)
WITHIN 60 DAYS AFTER THE END OF EACH OF THE FIRST THREE FISCAL
QUARTERS OF BORROWER, A COMPLIANCE CERTIFICATE EXECUTED BY AN AUTHORIZED
SIGNATORY WHO IS A SENIOR FINANCIAL OFFICER OF BORROWER.
(V)
WITHIN 60 DAYS AFTER THE END OF EACH OF THE FIRST THREE FISCAL
QUARTERS OF BORROWER, UNAUDITED QUARTERLY FINANCIAL STATEMENTS, IN FORMAT AND
WITH SUPPORT INFORMATION ACCEPTABLE TO LENDER, SHOWING THE RESULTS OF EACH OF
THE PERSONAL AUTOMOBILE INSURANCE AND DISCONTINUED LINES OPERATIONS OF BORROWER
FOR THE FISCAL QUARTER ENDED ON SUCH DAY.
(VI)
WITHIN 60 DAYS AFTER THE END OF EACH OF THE FIRST THREE FISCAL
QUARTERS OF EACH RIC, AN ANALYSIS PREPARED BY ACTUARY OF THE LOSS AND LOSS
ADJUSTMENT EXPENSE RESERVES OF RICS ON A COMBINED BASIS, IN FORMAT AND WITH
SUPPORT INFORMATION ACCEPTABLE TO LENDER.
30
(C)
ANNUAL BUDGET.
AS SOON AS AVAILABLE, BUT
IN ANY EVENT WITHIN 60 DAYS AFTER THE FIRST DAY OF EACH FISCAL YEAR OF BORROWER,
A COPY OF THE ANNUAL CONSOLIDATED OPERATING BUDGET OF BORROWER AND SUBSIDIARIES
FOR SUCH FISCAL YEAR IN FORM AND SUBSTANCE SATISFACTORY TO LENDER.
(D)
APPLICABLE RATE CERTIFICATE.
WITHIN 60 DAYS
AFTER THE END OF EACH FISCAL QUARTER OF BORROWER COMMENCING WITH THE QUARTER
ENDING ON SEPTEMBER 30, 2005, AN APPLICABLE RATE CERTIFICATE AS AT THE LAST DAY
OF SUCH FISCAL QUARTER.
(E)
OTHER REPORTS.
PROMPTLY UPON REQUEST BY
LENDER, A COPY OF (I)
SUCH FINANCIAL STATEMENTS, REPORTS, NOTICES OR PROXY
STATEMENTS SENT BY IT TO STOCKHOLDERS, (II)
SUCH REGULAR OR PERIODIC REPORTS
AND ANY REGISTRATION STATEMENTS, PROSPECTUSES AND WRITTEN COMMUNICATIONS IN
RESPECT THEREOF FILED BY IT WITH ANY STATE INSURANCE DEPARTMENT, ANY SECURITIES
EXCHANGE, OR WITH THE SEC OR ANY SUCCESSOR AGENCY, AND (III)
ALL PRESS RELEASES
CONCERNING IT.
(F)
NOTICE OF DEFAULT.
PROMPTLY UPON THE
HAPPENING OF ANY CONDITION OR EVENT WHICH CONSTITUTES AN EVENT OF DEFAULT OR
DEFAULT, A WRITTEN NOTICE SPECIFYING THE NATURE AND PERIOD OF EXISTENCE THEREOF
AND WHAT ACTION IT IS TAKING AND PROPOSE TO TAKE WITH RESPECT THERETO.
(G)
NOTICE OF LITIGATION.
PROMPTLY UPON
BECOMING AWARE OF THE EXISTENCE OF ANY LITIGATION BEFORE ANY GOVERNMENTAL
AUTHORITY, ARBITRATOR OR MEDIATOR (BUT NO LATER THAN 10 DAYS AFTER THE FILING
THEREOF) INVOLVING IT, WHICH (I) IF RELATED TO THE INSURANCE BUSINESS OF
BORROWER AND ITS SUBSIDIARIES, UNDER NORMAL OPERATING STANDARDS WOULD RESULT IN
A CASE RESERVE BEING ESTABLISHED IN AN AMOUNT EQUAL TO OR GREATER THAN $250,000,
OR (II) COULD REASONABLY BE EXPECTED TO RESULT IN A MATERIAL ADVERSE CHANGE, A
WRITTEN NOTICE SPECIFYING THE NATURE THEREOF AND WHETHER IT WILL CONTEST SUCH
PROCEEDING.
(H)
NOTICE OF CLAIMED DEFAULT.
PROMPTLY UPON
BECOMING AWARE THAT THE HOLDER OF ANY NOTE OR ANY EVIDENCE OF INDEBTEDNESS OR
OTHER SECURITY OR PAYEE OF ANY