Unsecured Line of Credit Agreement between The Progressive Corporation and National City Bank dated May 1, 1997
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The Progressive Corporation has agreed to a $10 million unsecured line of credit with National City Bank, effective May 1, 1997. The agreement includes a commitment fee, options for different borrowing rates, and requires Progressive to provide financial statements and SEC reports. The line of credit is subject to annual review.
EX-4.A 3 l99510aexv4wa.txt EX-4.A UNSECURED LINE OF CREDIT W/NATIONAL CITY BK Exhibit No. 4(A) May 7, 1997 Mr. Robert E. Little National City Bank 1900 East 9th Street Cleveland, OH 44114 Dear Mr. Little: Per our discussion, the Progressive Corporation hereby accepts the terms for the unsecured line of credit for ten million dollars ($10,000,000.00) as of May 1, 1997. Terms of the line are as follows: - 1/8 of 1% Commitment Fee - Borrowings options include Base rate, Libor + 3/8% (reserve adjusted or money market rate. - The line is subject to annual review. - Progressive will furnish interim and annual audited statements as well as Security and Exchange Commission reports and annual convention statements. THE PROGRESSIVE CORPORATION /s/ Marilyn A. Muzic Marilyn A. Muzic Director of Financial Operations
