Document:

ALLOCATION AGREEMENT

 EXHIBIT 10.6(C) 
  
 ALLOCATION AGREEMENT 
  
 By and Among 
  
 American Safety Insurance Services, Inc. 
 American Safety Casualty Insurance
Company 
 American Safety Indemnity Company, and 
 American Safety Risk Retention Group 
  
 THIS ALLOCATION AGREEMENT entered into as of the 31st day of March 2002, and made effective January 1,
2002, by and between American Safety Insurance Services, Inc., a Georgia corporation (hereinafter referred to as “ASIS”), American Safety Casualty Insurance Company, a Delaware stock insurance company, American Safety Indemnity Company, an
Oklahoma stock insurance company, and American Safety Risk Retention Group, Inc., a Vermont risk retention group (each a “Company” and, collectively, the “Companies”). 
  
 WHEREAS, each of the Companies has separately entered into substantively similar program management agreements (each a “Program
Management” and, collectively, the “Program Management Agreements”) with ASIS for the performance of certain technical and administrative services; and 
  
 WHEREAS, Section “D” of each Program Management Agreement sets forth compensation to be paid to ASIS by the counterparty thereto;
and 
  
 WHEREAS, the parties hereto have determined that it serves to increase
efficiency and decrease costs to collectively share and allocate the costs and expenses arising out of the Program Management Agreements; 
  
 NOW, THEREFORE, for and in consideration of these premises and the mutual benefits accruing to the parties, it is hereby agreed as follows: 
  

	 	I.	Amendment of Program Management Agreements. 

  
 Each of the Program Management Agreements is amended by deleting Section “D” thereof entitled “Compensation.” 
  

	 	II.	Sharing of Cost and Expenses Incurred in Connection with the Program Management Agreements. 

  
 The Companies agree to share and allocate costs and expenses incurred by ASIS, as reasonably determined by ASIS, in
connection with the performance of its duties under the Program Management Agreement. Costs and expenses so determined shall be allocated based upon the following: 1) where practical, ASIS shall allocate specific costs and expenses to the entity
ASIS reasonably deems appropriate to bear such cost or expense; or 2) ASIS may allocate costs and expenses on the basis of direct written premium. 

	 	III.	Term of Agreement 

  
 This agreement is effective the 1st day of January 2002 and shall remain in effect through the last day of the current calendar year. Thereafter, this Agreement shall automatically be renewed on the same terms and conditions for successive one (1) year terms unless
any party terminates this agreement as provided in Article III below. On or before each annual anniversary, this agreement will be submitted to the Oklahoma Insurance Department for review and approval. 
  

	 	IV.	Termination 

  
 This agreement may be terminated by any party upon written notice given to the other parties. 
  

	 	V.	Miscellaneous 

  
 This agreement may be modified from time to time by written agreement of the parties. 
  
 IN WITNESS WHEREOF, the parties have caused this instrument to be executed and attested by their respective proper officers on the day and
date first hereinabove set out, and made effective January 1, 2002. 
  

	 AMERICAN SAFETY INSURANCE SERVICES, INC.

	
	 BY:

	 TITLE:

	
	 AMERICAN SAFETY CASUALTY INSURANCE COMPANY

	
	 BY:

	 TITLE:

	
	 AMERICAN SAFETY INDEMNITY COMPANY

	
	 BY:

	 TITLE:

	
	 AMERICAN SAFETY RISK RETENTION GROUP, INC.

	
	 BY:

	 TITLE:Thirteenth Supplemental Indenture to the 1983 Senior Indenture

 Exhibit 4(b)(vii) 
  

 
  
 MERRILL LYNCH & CO., INC. 
  
 TO 
  
 JPMORGAN CHASE BANK, 
 as Trustee 
  
  
  

  
 THIRTEENTH SUPPLEMENTAL INDENTURE 
  
 Dated as of July 31, 2002 
  

  
  
  
 Amending a series of Securities designated 
 Merrill Lynch & Co., Inc. 
 8% Callable STock Return Income DEbt Securities  
 due March 15, 2004 
 Payable at maturity with Corning Incorporated common stock 
  
  
  
 Supplement to Indenture 
 Dated as of April 1, 1983, 
 as Amended and
Restated 

 Thirteenth Supplemental Indenture, dated as of July 31, 2002 (the “Supplemental Indenture”), by
and between Merrill Lynch & Co., Inc., a corporation organized and existing under the laws of the State of Delaware, having its principal office at 4 World Financial Center, New York, New York 10080 (the “Company”), and JPMorgan Chase
Bank, formerly known as The Chase Manhattan Bank, formerly known as Chemical Bank (successor by merger to Manufacturers Hanover Trust Company), a corporation duly organized and existing under the laws of the State of New York and having its
Corporate Trust Office at 450 West 33rd Street, New York, New York 10001, as trustee (the “Trustee”). 
  
 WHEREAS, the Company has heretofore executed and delivered its Indenture, dated as of April 1, 1983 and restated as of April 1, 1987 (as amended and
supplemented to the date hereof, the “Principal Indenture”), to the Trustee to provide for the issuance from time to time of its unsecured and unsubordinated debentures, notes or other evidences of senior indebtedness (the
“Securities”), unlimited as to principal amount; and 
  
 WHEREAS, the Principal Indenture, as amended by the Trust Indenture Reform Act of 1990, and this Supplemental Indenture are hereinafter collectively referred to as the “Indenture”; and 
  
 WHEREAS, the Company proposes to amend a series of securities issued pursuant
to the Principal Indenture designated Merrill Lynch & Co., Inc. 8% Callable STock Return Income DEbt Securities due March 15, 2004 Payable at maturity with Corning Incorporated common stock (the “Callable STRIDES”); and 
  
 WHEREAS, Section 901 of the Principal Indenture provides that, without the
consent of any Holders, the Company, when authorized by a Board Resolution, and the Trustee, at any time and from time to time, may enter into one or more indentures supplemental to the Principal Indenture, in form satisfactory to the Trustee, to
add to the covenants of the Company, for the benefit of the Holders of all or any series of Securities (and if such covenants are to be for the benefit of less than all series of Securities, stating that such covenants are expressly being included
solely for the benefit of such series) or to surrender any right or power herein conferred upon the Company; and 
  
 WHEREAS, the Company has duly authorized the execution and delivery of this Supplemental Indenture, and all things necessary to make this Supplemental
Indenture a valid agreement of the Company, in accordance with its terms, have been done; 
  
 NOW, THEREFORE, the Company and the Trustee, in consideration of the premises and for other good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, hereby covenant and agree, for
the equal and proportionate benefit of all Holders of the Callable STRIDES, as follows: 
  

 2 

 Article I 
  
 AMENDMENT OF CERTAIN PROVISIONS OF THE CALLABLE STRIDES 
  
 Section 101     Amendment to Callable STRIDES.     Each Callable STRIDES is hereby amended by adding the
following provision thereto: 
  
 “If a redemption is
triggered pursuant to the terms of the fifth paragraph of the Callable STRIDES under the heading “General” (i.e., if the Closing Market Price of one share of Corning common stock is less than $2.00) then on such redemption date for each
Unit of Callable STRIDES, Merrill Lynch & Co., Inc. will deliver, in addition to such number of shares of Corning common stock equal to the then current Share Multiplier plus accrued and unpaid interest to such redemption date, a cash amount
equal to the present value of the interest payments that would have been paid through the Stated Maturity but for the early redemption of the Callable STRIDES. The present value of such interest payments shall be calculated at the sole discretion of
the Calculation Agent, whose determination shall be conclusive for all purposes and binding on the Company and the Holders and beneficial owners of the Callable STRIDES. 
  
 Section 102     Application of Supplement Indenture.     This Supplemental
Indenture applies to the series defined herein as Callable STRIDES and does not affect any other series issued pursuant to the Principal Indenture. 
  

 3 

 Article II 
  
 MISCELLANEOUS 
  
 Section 201     Effect of Supplemental Indenture.     The Principal Indenture, as supplemented and amended
by this Supplemental Indenture and all other indentures supplemental thereto, is in all respects ratified and confirmed, and the Principal Indenture, this Supplemental Indenture and all indentures supplemental thereto shall be read, taken and
construed as one and the same instrument. 
  
 Section
202     Conflict with Trust Indenture Act.     If any provision hereof limits, qualifies or conflicts with another provision hereof which is required or deemed to be included in this Supplemental
Indenture by any of the provisions of the Trust Indenture Act, such required or deemed included provision shall control. 
  
 Section 203     Definitions.     Capitalized terms used in the Note dated March 15, 2002, relating to the
Callable STRIDES (the “Note”) and this Supplemental Indenture but not defined herein are used as they are defined in the Note. Capitalized terms used in the Principal Indenture and this Supplemental Indenture, but not used in the Note and
not defined herein, are used as they are defined in the Principal Indenture. 
  
 Section 204     Successors and Assigns.     All covenants and agreements in this Supplemental Indenture by the Company shall bind its successors and assigns, whether so
expressed or not. 
  
 Section 205    
Separability Clause.     In case any provision in this Supplemental Indenture or in the Callable STRIDES shall be invalid, illegal or unenforceable, the validity, legality and enforceability of the remaining provisions (or
of the other series of Securities) shall not in any way be affected or impaired thereby. 
  
 Section 206     Benefits of Supplemental Indenture.     Nothing in this Supplemental Indenture, express or implied, shall give to any Person, other than the parties
hereto and their successors hereunder and the Holders of the Callable STRIDES, any benefit or any legal or equitable right, remedy or claim under this Supplemental Indenture. 
  
 Section 207     Governing Law.     THIS SUPPLEMENTAL INDENTURE SHALL BE
DEEMED TO BE A CONTRACT MADE UNDER THE LAWS OF THE STATE OF NEW YORK AND THIS SUPPLEMENTAL INDENTURE SHALL BE GOVERNED BY AND CONSTRUED IN ACCORDANCE WITH THE LAWS OF THE STATE OF NEW YORK. 
  
 Section 208     Execution in Counterparts.
    This Supplemental Indenture may be executed in any number of counterparts, each of which shall be an original; but such counterparts shall together constitute but one and the same instrument. 
  
 Section 209     Responsibility for Recitals.
    The recitals contained herein shall be taken as statements of the Company, and the Trustee assumes no responsibility for their correctness. The Trustee makes no representations as to the validity or sufficiency of the
Principal Indenture or this Supplemental Indenture. 
  

 4 

 IN WITNESS WHEREOF, the parties hereto have caused this Supplemental Indenture to be duly executed, all
as of the day and year first above written. 
  

	 	 	 	 	MERRILL LYNCH & CO., INC.
					
	 	 	 	 	 	 	By:	 	/S/    JOHN STOMBER
	 	 	 	 	 	 	 	

	 	 	 	 	 	 	Name:	 	John C. Stomber
	 	 	 	 	 	 	Title:	 	Senior Vice President and Treasurer

  
  

	 	 	 	 	 JPMORGAN  CHASE BANK,
 as  Trustee

					
	 	 	 	 	 	 	By:	 	/S/    NATALIE PESCE
	 	 	 	 	 	 	 	

	 	 	 	 	 	 	Name:	 	Natalie Pesce
	 	 	 	 	 	 	Title:	 	Trust Officer

  

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