Addendum to Credit Agreement between State Automobile Mutual Insurance Company and Milbank Insurance Company (May 2019)

Contract Categories: Business Finance › Credit Agreements
Summary

This addendum, effective May 19, 2019, updates the original Credit Agreement between State Automobile Mutual Insurance Company (the borrower) and Milbank Insurance Company (the lender). It clarifies the definition of the lender, extends the maturity date of the loan to May 19, 2029 (unless accelerated or extended), and sets the interest rate on the term loan at 4.05% per year. All other terms of the original agreement remain unchanged.

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EX-10.02 3 exhibit1002.htm EXHIBIT 10.02 Exhibit


Exhibit 10.02

Addendum

to

CREDIT AGREEMENT



This Addendum is effective May 19, 2019 and amends the Credit Agreement first effective May 19, 2009 (the "Agreement") by and between State Automobile Mutual Insurance Company ("Borrower") and Milbank Insurance Company ("Lender"), as follows:

1. Section 1.01 DEFINITIONS "Lender is deleted and replaced with the following:

"Lender" means Milbank Insurance Company, an Iowa corporation.

2. Section 1.01 DEFININTIONS "Maturity Date" is deleted and replaced with the following:

"Maturity Date means May 19, 2029 or such earlier date as a result of an acceleration of the maturity of the Term Loan Note as provided in this Agreement or such later date as the Lender may hereafter agree to, in its sole discretion."

3. Section 2.04(a) is deleted and replaced with the following:

Interest. (a) The Term Loan shall bear interest at the rate per annum of four and five one-hundredths percent (4.05%).

All other provisions of the Agreement remain unchanged.


BORROWER:

STATE AUTOMOBILE MUTUAL INSURANCE COMPANY

By: /s/ Michael E. LaRocco
Print Name:Michael E. LaRocco
Title:President & CEO


LENDER:

MILBANK INSURANCE COMPANY

By: /s/ Steven E. English
Print Name: Steven E. English
Title: SVP CFO