Contractual Obligations and Commitments Other Contractual Obligations and Commitments We have various contractual obligations that are recorded as liabilities in our consolidated financial statements. Other  items, including payments under operating lease agreements, are not recorded on our consolidated balance sheets as liabilities  but represent a contractual commitment to pay . The following table summarizes certain of our contractual obligations and commitments, including our expected claim  payments on insurance policies, as of December 31, 2012 (after giving effect to the Exchange Offer described below), and the  future periods in which such obligations are expected to be settled in cash.  Additional details regarding these obligations are  provided in the narrative following the table and in the Notes to Consolidated Financial Statements that are referenced in the  table. On January 4, 2013, Radian Group completed an of fer to exchange its outstanding 5.375% Senior Notes due June 15,  2015 for a new series of 9.000% Senior Notes due June 15, 2017and additional cash consideration in certain circumstances  for  purposes of improving its debt maturity profile. See  “ Liquidity and Capital Resources —Radian Group Short Term Liquidity  Needs—Exchange of 2015 Debt”  below. In addition to the contractual obligations set forth in the table above, we have the following contractual obligations and  commitments. Investment Commitments . As part of the non-investment grade component of our investment portfolio, we had unfunded  commitments of $9.5 million at December 31, 2012, related to alternative investments that are primarily private equity  structures. These commitments have capital calls expected through 2015, with the possibility of additional calls through 2017,  and certain fixed expiration dates or other termination clauses. GSE Approvals. In February 2012, the GSEs each approved RMAI to write new mortgage insurance in certain RBC  States, subject to certain terms and conditions. Pursuant to the GSE  Approvals, Radian Group will be required to make a $50  million capital contribution to Radian Guaranty upon Radian Guaranty’ s breach of a Statutory RBC Requirement such that the  use of RMAI is required to continue to write new business in the applicable RBC State. In addition, the GSE  Approvals are  conditioned upon our compliance with a broad range of conditions and restrictions. See “Business—Regulation—State  Regulation— Risk-to-Capital .” 134 (1)  Amounts represent management’s estimate of credit loss payments (recoveries) related to these transactions as described  in “Results of Operations—Financial Guaranty” above. (2)  Our reserve for losses and LAE reflects the application of accounting policies described below in “Critical  Accounting  Policies—Reserve for Losses.” The payments due by period are based on management’ s estimates and assume that all of  the loss reserves included in the table will result in claim payments, net of expected recoveries. Included in the uncertain  category is $13.6 million of unearned premium reserves, which are included in our reserve for losses and LAE. Negative  amounts presented are primarily related to expected recoveries on our financial guaranty transactions. (3)  The timing of these potential payments is uncertain given the nature of the obligations.  Payments Due by Period (In thousands) Total Less than 1 Year 1-3 years 3-5 years More than 5 years Uncertain Long-term debt obligations (principal  and interest) (Note 13) . . . . . . . . . . . . . . . $ 908,145 $ 115,244 $ 114,626 $ 678,275 $ — $ — Operating lease obligations (Note 19) . . . 43,141 12,863 22,881 7,397 — — NIMS . . . . . . . . . . . . . . . . . . . . . . . . . . . . 15,019 67 8,832 315 5,805 — Derivative instruments and VIEs (1). . . . (73,842) 1,678 846 (8 ) (76,358 ) — Reserve for losses and LAE (Note 10) (2) 3,149,936 967,882 2,194,578 7,878 (20,368 ) (34 ) Unrecognized tax benefits (Note 15). . . . 167,015 — — — — 167,015 (3) Total . . . . . . . . . . . . . . . . . . . . . . . . . . $ 4,209,414 $ 1,097,734 $2,341,763 $ 693,857 $ (90,921 ) $166,981