Common use of Minimum Statutory Surplus Clause in Contracts

Minimum Statutory Surplus. The Borrower will cause the Significant Insurance Subsidiaries to maintain an aggregate Statutory Surplus of not less than (i) $110,272,875 in each Fiscal Quarter ending on or before December 31, 2003, and (ii) at all times thereafter, the sum of (a) $110,272,875, plus (b) 50% of the cumulative positive aggregate Statutory Net Income, if any, earned by the Significant Insurance Subsidiaries from January 1, 2004 to the date of calculation, plus (c) 75% of the Net Available Proceeds of any equity issuance (including any capital contribution to surplus of any Significant Insurance Subsidiary in respect of which no additional shares are issued) by any Significant Insurance Subsidiary after the Closing Date.

Minimum Statutory Surplus. The Borrower will cause the Significant Insurance Subsidiaries to maintain an aggregate Statutory Surplus of not less than (i) $110,272,875 in each Fiscal Quarter ending 175,000,000 on or before December 31, 20032004, and (ii) at all times thereafter, the sum of (a) $110,272,875175,000,000, plus (b) 50% of the cumulative positive aggregate Statutory Net Income, if any, earned by the Significant Insurance Subsidiaries from January 1, 2004 2005 to the date of calculation, plus (c) 75% of the Net Available Proceeds of any equity issuance (including any capital contribution to surplus of any Significant Insurance Subsidiary in respect of which no additional shares are issued) by any Significant Insurance Subsidiary made on or after the Closing DateOctober 1, 2004.

Minimum Statutory Surplus. The Borrower will cause the Significant Insurance Subsidiaries to maintain an aggregate Statutory Surplus of not less than (i) $110,272,875 111,000,000 in each Fiscal Quarter ending on or before December 31, 2003, and (ii) at all times thereafter, the sum of (a) $110,272,875111,000,000, plus (b) 50% of the cumulative positive aggregate Statutory Net Income, if any, earned by the Significant Insurance Subsidiaries from January 1, 2004 to the date of calculation, plus (c) 75% of the Net Available Proceeds of any equity issuance (including any capital contribution to surplus of any Significant Insurance Subsidiary in respect of which no additional shares are issued) by any Significant Insurance Subsidiary made on or after the Closing DateOctober 1, 2003.

Minimum Statutory Surplus. The Borrower will at all times cause the Significant Insurance Subsidiaries to maintain an aggregate Statutory Surplus of not less than (i) $110,272,875 in each Fiscal Quarter ending on or before December 31, 2003, and (ii) at all times thereafter, the sum of (a) $110,272,875106,883,000, plus (b) 50% of the cumulative positive aggregate Statutory Net Income, Income if any, earned by the Significant Insurance Subsidiaries from January 1in each Fiscal Quarter beginning with the Fiscal Quarter ended September 30, 2004 to the date of calculation1998, plus (c) 75% of the Net Available Proceeds of any equity issuance (including any capital contribution to surplus of any Significant Insurance Subsidiary in respect of which no additional shares are issued) by any Significant Insurance Subsidiary after the Closing Date.