Common use of Statutory Surplus Clause in Contracts

Statutory Surplus. State Auto Mutual shall not permit its Statutory Surplus at any time to be less than (a) $989,347,000, at any time prior to the occurrence of a catastrophe giving rise to Loans being outstanding under the Credit Agreement (provided that no Loans are outstanding at such time) and (b) $931,150,000, at any time during the period from and including the date of occurrence of a catastrophe giving rise to Loans being outstanding under the Credit Agreement to but excluding the date all Loans shall have been required to be repaid in full pursuant to the terms of the Credit Agreement. State Auto Mutual shall not permit the Statutory Surplus of State Auto P&C to be less than (a) $337,955,000, at any time prior to the occurrence of a catastrophe giving rise to Loans being outstanding under the Credit Agreement (provided that no Loans are outstanding at such time) and (b) $318,076,000, at any time during the period from and including the date of occurrence of a catastrophe giving rise to Loans being outstanding under the Credit Agreement to but excluding the date all Loans shall have been required to be repaid in full pursuant to the terms of the Credit Agreement.

Statutory Surplus. State Auto Mutual shall will not permit its Statutory Surplus at any time to be less than (a) $989,347,000621,000,000, at any time prior to the occurrence of a catastrophe giving rise to Loans being outstanding under the Credit Agreement (provided PROVIDED that no Loans are outstanding at such time) and (b) $931,150,000585,000,000, at any time during the period from and including the date of occurrence of a catastrophe giving rise to Loans being outstanding under the Credit Agreement to but excluding the date all Loans shall have been required to be repaid in full pursuant to the terms of the Credit Agreement. State Auto Mutual shall will not permit the Statutory Surplus of State Auto P&C to be less than (a) $337,955,000202,000,000, at any time prior to the occurrence of a catastrophe giving rise to Loans being outstanding under the Credit Agreement (provided PROVIDED that no Loans are outstanding at such time) and (b) $318,076,000191,000,000, at any time during the period from and including the date of occurrence of a catastrophe giving rise to Loans being outstanding under the Credit Agreement to but excluding the date all Loans shall have been required to be repaid in full pursuant to the terms of the Credit Agreement.

Statutory Surplus. State Auto Mutual shall not permit its Statutory Surplus at any time to be less than (a) $989,347,000775,000,000, at any time prior to the occurrence of a catastrophe giving rise to Loans being outstanding under the Credit Agreement (provided that no Loans are outstanding at such time) and (b) $931,150,000730,000,000, at any time during the period from and including the date of occurrence of a catastrophe giving rise to Loans being outstanding under the Credit Agreement to but excluding the date all Loans shall have been required to be repaid in full pursuant to the terms of the Credit Agreement. State Auto Mutual shall not permit the Statutory Surplus of State Auto P&C to be less than (a) $337,955,000242,000,000, at any time prior to the occurrence of a catastrophe giving rise to Loans being outstanding under the Credit Agreement (provided that no Loans are outstanding at such time) and (b) $318,076,000228,000,000, at any time during the period from and including the date of occurrence of a catastrophe giving rise to Loans being outstanding under the Credit Agreement to but excluding the date all Loans shall have been required to be repaid in full pursuant to the terms of the Credit Agreement.

Statutory Surplus. State Auto Mutual shall will not permit its Statutory Surplus at any time to be less than (a) $989,347,000637,000,000, at any time prior to the occurrence of a catastrophe giving rise to Loans being outstanding under the Credit Agreement (provided PROVIDED that no Loans are outstanding at such time) and (b) $931,150,000600,000,000, at any time during the period from and including the date of occurrence of a catastrophe giving rise to Loans being outstanding under the Credit Agreement to but excluding the date all Loans shall have been required to be repaid in full pursuant to the terms of the Credit Agreement. State Auto Mutual shall will not permit the Statutory Surplus of State Auto P&C to be less than (a) the sum of $337,955,000, 180,000,000 plus 85% of the net available proceeds raised from a surplus note issuance by State Auto P&C at any time prior to the occurrence of a catastrophe giving rise to Loans being outstanding under the Credit Agreement (provided PROVIDED that no Loans are outstanding at such time) and (b) $318,076,000, 170,000,000 plus 80% of the net available proceeds raised from a surplus note issuance by State auto P&C at any time during the period from and including the date of occurrence of a catastrophe giving rise to Loans being outstanding under the Credit Agreement to but excluding the date all Loans shall have been required to be repaid in full pursuant to the terms of the Credit Agreement.