or better by S&P, Baa3 or better by Moody's or
NAIC-2 or better by the NAIC on the date of determination (or downgraded from
such ratings within the last 180 days):
$
Is (a)(ii) greater
than (b)?
Yes/No 2.
Clause (e)
(a)
Maximum:
$
(i)
Total Investment Portfolio on the date of determination:
$
(ii)
4% of (a)(i)
$
(b)
Actual:
$
Aggregate Investment in debt securities not satisfying standards set forth in
clause (b) or (d) of Section 6.14:
Is (a)(ii) greater than (b)
Yes/No
3.
Clause (f)
(a)
Aggregate Investments in equity securities:
(i)
Maximum:
(A)
Total Investment Portfolio on the date of
determination:
$
(B)
10% of (a)(i)(A):
$
(ii)
Actual:
Aggregate Investments by the Borrower in equity
securities on the date of determination:
$
Is (a)(i)(B)
greater than (a)(ii)?
Yes/No
(b)
Individual Investments in equity
securities:
(i)
Maximum:
(A)
100% of (a)(ii):
$
(B)
20% of (b)(i)(A):
$
(ii)
Actual:
Largest single equity securities investment by the Borrower and its
Subsidiaries on the date of determination:
$
Is (b)(i)(B)
greater than (b)(ii)?
Yes/No 4.
Clause (g)
(a)
Maximum:
(i)
Total Investment Portfolio on the date of determination:
$
(ii)
1% of (a)(i):
(b)
Actual:
Other Investments on date of
determination:
$
Is (a)(ii) greater than (b)?
Yes/No
5.
Clause (h)
(a)
Maximum:
(i)
Consolidated Net Worth of the
Borrower and its Consolidated Subsidiaries on the date of determination:
$
(ii)
5% of (a)(i):
(b)
Actual:
Amount of
Acquisitions from beginning of Fiscal Year through date of determination:
$
Is (a)(ii) greater than (b)?
Yes/No
Section 6.23(a) - Minimum Consolidated Tangible Net Worth
Period:
Fiscal
Quarter ended
,
1.
Minimum: $[
]
$
2.
Actual:
Consolidated Tangible Net Worth (excluding the effect of
unrealized gain or loss under SFAS 115):
$
Is (2) greater than
(1)?
Yes/No Section 6.23(b) - Minimum Statutory Surplus of Navigators
Period:
Fiscal Quarter ended
,
1.
Minimum: $[
]
$
2.
Actual:
Statutory Surplus of Navigators:
$
Is (2) greater than (1)?
Yes/No Section 6.23(c) - Leverage
Ratio
1.
Maximum:
0.30:1.0 2.
Actual:
(a)
Consolidated
Indebtedness of the Borrower and its Consolidated Subsidiaries (excluding
Indebtedness with respect to undrawn letters of credit) on date of
determination:
$
(b)
Consolidated Net Worth on date of
determination:
$
(c)
(a) plus (b):
$
(d)
Ratio of (a) to (c):
:1.0
Is the ratio of (a) to (c) less than 0.30:1?
Yes/No
Section 6.23(d) - Minimum Risk-Based Capital1
1. Minimum: 150% 2. Actual: (a) Total Adjusted Capital on date of determination:
$
(b) Company Action Level RBC on date of determination:
$
(c) Ratio of (a) to (b) (expressed as a percentage):
% Is the
ratio of (a) to (b) greater than 150%? Yes/No Section 6.23(e) - Adjusted Primary
FAL for Year of Account 2015 1. Minimum: (a) Total Letter of Credit Obligations
$
(b) 40% of (1)(a) 2. Actual: (a) Amount of Primary FAL provided by
the Corporate Member on the date of determination: (1) Cash/investment assets at
Lloyd's $