Investment Constraints Sample Clauses

Investment Constraints. The segmented portfolio will consist of fixed-income securities (including private placements) and commercial mortgage loans. The percentages stated in this section of this Schedule I are based on statutory admitted asset value. The fixed-income securities in the segmented portfolio shall have a weighted average quality rating of “A-” or better. No more than 40% of the fixed-income securities will be invested in BBB-rated securities. No more than 10% of the fixed-income securities will be invested in securities with quality ratings below BBB-. Commercial mortgages shall not exceed 20% of the portfolio. Name and size limitations shall be 5% of the portfolio. No investments will be made in real estate (unless acquired through foreclosure of a commercial mortgage), equity related securities, or securities issued by parents, affiliates, or subsidiaries of the Reinsured or the Reinsurer. Sufficient liquidity shall be maintained such that plausible negative cash flows can be covered through the ability to sell segmented assets.

Investment Constraints. The Segregated Portfolio will consist of fixed-income securities (including private placements) and commercial mortgage loans. The percentages stated in this section of this Schedule I are based on statutory admitted asset value. The fixed-income securities in the Segregated Portfolio shall have a weighted average quality rating of “A-” or better. No more than 40% of the fixed-income securities will be invested in BBB-rated securities. No more than 10% of the fixed-income securities will be invested in securities with quality ratings below BBB-. Commercial mortgages shall not exceed 20% of the portfolio. Name and size limitations shall be 5% of the portfolio. No investments will be made in real estate (unless acquired through foreclosure of a commercial mortgage), equity related securities, or securities issued by parents, affiliates, or subsidiaries of the Reinsured or the Reinsurer. FUV-011 – May 1, 2007 34 Sufficient liquidity shall be maintained such that plausible negative cash flows can be covered through the ability to sell Segregated assets.

Investment Constraints. The key investment constraint of the Program as applied to a Fund is that it does not invest in equities (although it may gain indirect exposure to equity markets via investments in equity index futures). It may invest long and short using leverage in non-equity markets that Winton believes are s▇▇▇▇▇▇ently liquid, and for which there is sufficient data available. The Program is subject to a long-term gross volatility target of 10%.

Investment Constraints a. Asset Allocation and Diversification Portfolio assets will be invested across a range of asset classes to achieve diversification and reduce overall portfolio risk. New asset classes and strategies will be presented to the Investment Committee of United Fire Group’s Board of Directors (“Investment Committee”) for approval before they are implemented or added to the Portfolio. The Portfolio will be composed of fixed income assets, including publicly traded debt securities such as corporate and municipal bonds, mortgage-backed securities and structured products, as well as sovereign and governmental agency debt. Portfolio assets will generally be invested across these asset class categories in accordance with the guidelines given below: Domestic Investment Grade 90% 100% Domestic Non-Investment Grade - 10% Non-U.S. - 5%

Investment Constraints. All investments will be made in accordance with all applicable legislation including all applicable Lloyds rules. No investments shall be made in securities of Fairfax or related parties of Fairfax without the prior approval of the Investment Committee. INDIVIDUAL INVESTMENT LIMITS Any combination of investments in any one corporate issuer will be limited to a maximum of 5% of admitted assets. Exposure beyond 5% will require approval of the Investment Committee. QUALITY CONSTRAINTS The Investment Manager may invest in the permitted investment categories listed in the Investment Objectives and Policy Statement subject to the following quality constraints: Investments in money market instruments (less than or equal to 1 year term) will be limited to those included on the list approved by the Company. This list will include money market instruments of the U.S. Treasury, Agencies of the U.S. government, and as a minimum commercial paper rated A1 or higher by Mood▇'▇ ▇▇▇ rated P1 or higher by Standard & Poor's. Investments in bonds and preferreds will be limited by quality tier as follows: LIMITS AS A % OF THE FIXED INCOME PORTFOLIO BOND RATING % OF TOTAL MIN./MAX. ----------- ---------- --------- A or better 65% Min. BBB 35% Max. BB,B 10% Max. C,D 0% The above limits are subject to adjustment to conform with applicable regulatory requirements. Limits are determined on a cost basis and include convertible securities. Downgrades will be taken into account when making new investments but will not necessarily result in the sale of existing positions. Securities un-rated by the public rating agencies must be rated by the Investment Manager and included as part of the categories above for the purposes of determining overall exposure by quality tier. Any exceptions to the above must be approved by the Investment Committee. PROHIBITED INVESTMENTS No loans will be made in any of the investment portfolios. No Real Estate will be purchased without Investment Committee approval. No Mortgages on real estate will be purchased without Investment Committee approval. The exceptions to this are obligations issued by an agency of the U.S. Government, or by U.S. domiciled corporations that are issued as part of a registered public offering that also meet the minimum quality tier requirements. FOREIGN INVESTMENT LIMITS Foreign Securities may be purchased in compliance with established regulatory guidelines and with the policy on foreign exchange risk outlined herein. Foreign inves...

Investment Constraints. The credit is to be used for the acquisition of machinery and productive equipment and materials. The constitution of new enterprises will be supported by buying the first materials for the first three months up to a maximum of 20% of the entire amount of the investment. • Inscription by Court. Foundations act and Company Status. • Inscription certificate at the tax duty office…. (License) • Certificate on the identification number of taxed person • Declaration by the tax duty office for the fiscal obligation of the last 6 months (VAT+ withholding tax) • Declaration for the last 6 months obligatory social insurance registration (payment). • Documents certifying the ownership of the property, which is going to be pledged. • A certificate issued by the immovable properties registry office that confirms the actual property proposed as a guarantee. • Evaluation act of the property (confirmed by other persons) • Insurance policy of the pledged property. • Life insurance of the borrower. • Previous year of business audited financial statements and current interim financial statement • Actual business plan • Agreements or contracts with suppliers or consumers. • A certificate issued from the financial institution, which confirms that such property is not pledged. • Bankruptcy Statement • Passport or identity document (notarised photocopy) • Other personal certificate with photo (if one of the above mentioned documents is missing).

Investment Constraints. The credit is to be used for the acquisition of machinery and productive equipment as well as to invest in the improvement of tourist services at local and national level, etc. The constitution of new enterprises will be supported by buying the first gross materials for the first three months until to a maximum of the 15% of the whole amount of the investment. The working capital will be financed for a maximum of 15% of the whole amount of the credit request. • Inscription by Court. Foundations act and Company Status. • Inscription certificate at the tax duty office…. (License) • Certificate on the identification number of taxed person • Declaration by the tax duty office for the fiscal obligation of the last 6 months (Vat + withholding tax) • Declaration for the last 6 months obligatory social insurance registration (payment). • Documents certifying the origin of the property which is going to be pledged. • A certificate issued by the immovable properties registry office that confirms the actual property suggested as a guarantee. • Evaluation act of the property (confirmed by other persons) • Insurance policy of the pledged property. • Life insurance of the borrower.

Investment Constraints. The credit is to be used for the acquisition of machinery and productive equipment. The constitution of new enterprises will be supported by buying the first materials for the first three months up to a maximum of the 15% of the entire amount of the investment. • Inscription by Court. Foundations act and Company Status. • Inscription certificate at the tax duty office…. (License) • Certificate on the identification number of taxed person • Declaration by the tax duty office for the fiscal obligation of the last 6 months (Vat + withholding tax) • Declaration for the last 6 months obligatory social insurance registration (payment). • Documents certifying the origin of the property which is going to be pledged. • A certificate issued by the immovable properties registry office that confirms the actual property suggested as a guarantee. • Evaluation act of the property (confirmed by other persons) • Insurance policy of the pledged property. • Life insurance of the borrower. • Previous year of business audited financial statements and current interim financial statement • Actual business plan including the business market and the concurrence, the future perspective, table of cash flow, loss and profit statement. • Agreements or contracts with suppliers or consumers. • A certificate issued from the financial institution, which confirms that such property is not pledged. • Bankruptcy Statement • Passport or identity document (notarised photocopy) • Other personal certificate with photo (if one of the above mentioned documents is missing).

Investment Constraints. All investments will be made in accordance with all applicable legislation including applicable Lloyd’s rules.