CREDIT AGREEMENT DATED AS OF OCTOBER 18, 2006 AMONG FIRST MERCURY FINANCIAL CORPORATION, THE GUARANTORS AND JPMORGAN CHASE BANK, N.A.Credit Agreement • November 14th, 2006 • First Mercury Financial Corp • Fire, marine & casualty insurance • Michigan
For purposes of determining the Applicable Margin, the Applicable Margin will be adjusted, if necessary, quarterly as of the 1st day of month following the month in which the Lender receives the financial statements required under Section 5.4(b) for each of the first three fiscal quarters of each fiscal year and under Section 5.4(d) for the last fiscal quarter of each fiscal year, based on the Leverage Ratio as of the most recently ended fiscal quarter of the Company, provided that upon the occurrence and during the continuance of any Event of Default or Default the Applicable Margin shall be as set forth in column III above. As of the Effective Date the Applicable Margin shall be as set forth in column I above.
