Operating Leverage. Permit the ratio of (i) any Insurance Subsidiary's Net Written Premiums in any fiscal year to (ii) the Statutory Surplus of such Insurance Subsidiary as of the end of such fiscal year, to exceed (A) 3.0 to 1.0 for each fiscal year through the fiscal year ending December 31, 1998, and (B) 2.5 to 1.0 for each fiscal year thereafter.
Operating Leverage. The Borrower will not permit the ratio of (y) the Insurance Subsidiaries' Consolidated Net Written Premiums for any period of four consecutive fiscal quarters beginning with the four quarters ending December 31, 1996, to (z) the Statutory Surplus of Reinsurance as of the end of such fiscal period to exceed 2.0 to 1.0.
Operating Leverage. 72 8.4 Statutory Surplus...........................................72 8.5 Risk-Based Capital..........................................72 ARTICLE IX NEGATIVE COVENANTS
Operating Leverage. At all times during the term of the Loan, Borrower shall maintain a maximum Operating Leverage of not more than 3.50 to 1.00. For purposes hereof, “Operating Leverage” shall mean total funded bank debt to EBITDA for the trailing 12-month period. This covenant shall be measured quarterly upon Lender’s receipt of the financial statements of Borrower required herein.
Operating Leverage. Commencing March 31, 1993 and determined as at the end of each calendar quarter (commencing as of such date), at all times after the date hereof, maintain a ratio for the four calendar quarters then ended of (a) Net Written Premiums to (b) aggregate Surplus as Regards Policyholders of less than or equal to 1.5 to 1.
Operating Leverage. 20 6.10. Private Act........................................................20
