EXHIBIT 10.27
[COMERICA LOGO]
Comerica Bank
December 5, 2001
Xxxxxxx X. Xxxxxxxx
Xx. Vice President and General Counsel
Meadowbrook Insurance Group, Inc.
00000 Xxxxxxxxx Xxxx, Xxxxx 000
Xxxxxxxxxx, Xxxxxxxx 00000
Re: Meadowbrook Insurance Group, Inc. ("Borrower") Revolving Credit
Agreement dated August 3, 1999, as amended (the "Loan Agreement") among
Comerica Bank and Bank One (the "Lenders"), Comerica Bank, as agent
(the "Agent") and the Borrower
Dear Xx. Xxxxxxxx:
Borrower has requested a permanent reduction in the Revolving Credit
Aggregate Commitment from Forty Eight Million Dollars ($48,000,000) to Forty
Seven Million Five Hundred Thousand Dollars ($47,500,000) (the "Reduced
Amount"). Notwithstanding that Section 2.8 of the Loan Agreement requires that
each partial reduction of the Revolving Credit Aggregate Commitment be in an
aggregate amount equal to at least Two Million Dollars ($2,000,000) or a larger
multiple of One Million Dollars ($1,000,000), this letter shall constitute the
Lenders' and Agent's consent to the Reduced Amount; provided, however, (i) Agent
receives executed counterpart signature pages to this letter agreement from the
Lenders and Borrower within five (5) days of the date of this letter agreement,
(ii) Borrower prepays in accordance with the terms of the Loan Agreement, the
amount, if any, by which the sum of the aggregate unpaid principal amount of the
Revolving Credit Advances, plus the Letter of Credit Obligations, exceeds the
Reduced Amount, together with accrued but unpaid interest on the principal
amount of such prepaid Advances to the date of prepayment.
Capitalized terms not defined to the contrary herein have the meanings
given them in the Loan Agreement.
COMERICA BANK, Agent
By [SIG]
----------------------------------------
Its: Vice President
Acknowledged and Agreed to in
as many counterpart signature pages
as deemed necessary
----------------------------------------------
"Borrower"
MEADOWBROOK INSURANCE GROUP, INC.
By: /s/ Xxxxxx X. Xxxxxx
------------------------------------------
Xxxxxx X. Xxxxxx
Its: President and COO
-----------------------------------------
"Lenders"
COMERICA BANK
By:
------------------------------------------
Its:
-----------------------------------------
BANK ONE
By: /s/ Xxxxxxxxxx X. Xxxxxxx
------------------------------------------
Its: Xxxxxxxxxx X. Xxxxxxx
-----------------------------------------
Senior Vice President
2
as deemed necessary
----------------------------------------------
"Borrower"
MEADOWBROOK INSURANCE GROUP, INC.
By: /s/ Xxxxxx X. Xxxxxx
------------------------------------------
Xxxxxx X. Xxxxxx
Its: President and COO
-----------------------------------------
"Lenders"
COMERICA BANK
By: [SIG]
------------------------------------------
Its: Vice President
-----------------------------------------
BANK ONE
By:
------------------------------------------
Its:
-----------------------------------------
2
