AICI definition
Examples of AICI in a sentence
Borrowings hereunder will be made by AICI and, following the satisfaction of certain conditions set forth herein, by AICI and AI.
The subordination provisions contained in the Surplus Notes, and other instruments entered into or issued in respect of the Surplus Notes, are enforceable against AICI and the holders thereof, and the Loans are within the definition of "Indebtedness" included in such provisions.
Copies of the articles of incorporation of the Borrower, together with all amendments thereto, certified as of a date not earlier than 10 days prior to the date of this Agreement, by the appropriate governmental officer in the State of Indiana, together with (i) a certificate of existence as to the Borrower from the State of Indiana and (ii) a certificate of compliance as to AICI from the Indiana Department of Insurance.
The Borrowers have heretofore -------------------- furnished to the Lenders (a) the December 31, 2000, audited consolidated financial statements of AICI and its subsidiaries, (b) the unaudited consolidated financial statements of AICI and its subsidiaries through June 30, 2001, (c) the December 31, 2000, Annual Statement of AICI and (d) the June 30, 2001, Quarterly Statement of AICI (collectively, the "Financial Statements").
The Obligations will constitute joint and several obligations of AICI and AI.
Maintain a minimum Net Worth as of the ----------------- last day of each Fiscal Quarter after the date hereof of an amount at least equal to the sum of (a) 75% of the Net Worth of AICI as of June 30, 2001, plus ---- (b) 50% of positive Net Income, if any, of the Parent for each Fiscal Quarter ending after the June 30, 2001, Fiscal Quarter and prior to the time of determination.
Each of AICI, AIC, AGIC and AMAG is duly organized, validly existing and in good standing under the laws of the state of its organization and has the requisite corporate power and authority to carry on the operations of its business as they are now being conducted.
A certificate, executed by the Secretary or --------------- Assistant Secretary of AI, certifying that the Demutualization (except for the payment of a portion of the net proceeds from the public offering of AI common stock to certain eligible statutory members of AICI, which will occur after the date of this Agreement) has been completed substantially in accordance with the terms of the Plan of Conversion, a copy of which shall be attached to such certificate.
The execution and delivery by each of AICI, AIC, AGIC and AMAG of this Agreement and of the Ancillary Agreements executed and to be executed by it, and the performance by each of AICI, AIC, AGIC and AMAG of its obligations hereunder and thereunder, have been duly authorized by all necessary corporate action on the part of each of AICI, AIC, AGIC and AMAG and its shareholders.
Copies of the --------------------------------------------- articles of incorporation of each Borrower, together with all amendments thereto, certified as of a date not earlier than 10 days prior to the date of this Agreement, by the appropriate governmental officer in the State of Indiana, together with (i) a certificate of existence as to each Borrower from the State of Indiana and (ii) a certificate of compliance as to AICI from the Indiana Department of Insurance.