Common use of Minimum Statutory Surplus Clause in Contracts

Minimum Statutory Surplus. Permit the Statutory Surplus of any Material Insurance Subsidiary as of the end of any fiscal quarter to be less than the amount set forth opposite such Material Insurance Subsidiary’s name on Schedule 7.10, as such Schedule is amended pursuant to any Compliance Certificate in connection with the addition of a new Material Insurance Subsidiary. If a Subsidiary becomes a Material Insurance Subsidiary after the Merger Amendment Date, the minimum Statutory Surplus for such new Material Insurance Subsidiary shall be an amount equal to 75% of such Subsidiary’s Statutory Surplus as of the fiscal quarter end in which it became a Material Insurance Subsidiary.

Minimum Statutory Surplus. Permit the Statutory Surplus of any Material Insurance Subsidiary as of the end of any fiscal quarter to be less than the amount set forth opposite such Material Insurance Subsidiary’s name on Schedule 7.10, as such Schedule is amended pursuant to any Compliance Certificate in connection with the addition of a new Material Insurance Subsidiary. If a Subsidiary becomes a Material Insurance Subsidiary after the Merger Amendment Closing Date, the minimum Statutory Surplus for such new Material Insurance Subsidiary shall be an amount equal to 75% of such Subsidiary’s Statutory Surplus as of the fiscal quarter end in which it became a Material Insurance Subsidiary.