CREDIT AGREEMENTamongSELECTIVE INSURANCE GROUP, INC.,as Borrower,THE LENDERS NAMED HEREINandWELLS FARGO BANK, NATIONAL ASSOCIATION,as Administrative Agent$30,000,000 Revolving Credit FacilityWELLS FARGO SECURITIES, LLCSole Lead Arranger and Sole Lead...Credit Agreement • October 31st, 2013 • Selective Insurance Group Inc • Fire, marine & casualty insurance • New York
(1 ) Base for calculating Consolidated Net Worth: $$769,000,000 (2 ) (a) Consolidated Net Income for each fiscal quarter (if positive) beginning with the fiscal quarter ending after the Closing Date: $____________ (b) Net income adjustment: Multiply Line 2(a) by 50% $____________ (3 ) (a) Aggregate increases in shareholders’ equity of the Borrower by reason of the issuance or sale of Capital Stock of the Borrower or any Subsidiary or other capital contributions realized or received after the Closing Date. $____________ (b) Equity securities adjustment: Multiply Line 3(a) by 50% $____________ (4 ) Minimum Consolidated Net Worth as of the date of determination:Add Lines 1, 2(b) and 3(b) $____________ (5 ) Consolidated shareholders’ equity of the Borrower and its Subsidiaries as of the date of determination, determined in accordance with GAAP, excluding any Disqualified Capital Stock (except to the extent deducted in determining such consolidated shareholders’ equity) $____________
