EXHIBIT
10(t)
Dollars: $6,000,000.00
SURPLUS NOTE
KNOW ALL MEN BY THESE PRESENTS that
Dakota Fire Insurance Company, an insurance corporation organized
and existing under the laws of the State of North Dakota, (the
“Company”), acknowledges receipt of Six Million and
no/100 Dollars ($6,000,000.00) cash as a contribution to its
surplus by and from Employers Mutual Casualty Company. In
consideration of such contribution, the Company promises to pay to
Employers Mutual Casualty Company or the assignee of this Surplus
Note, at the office of Employers Mutual Casualty Company in Des
Moines, Iowa, or at such other location as any assignee of this
Surplus Note shall designate, the principal sum of Six Million and
no/100 Dollars ($6,000,000.00), and to pay interest on the unpaid
balance outstanding from time to time until paid in full at a rate
per annum of three and nine one hundredths percent
(3.09%).
Payments of principal and interest
shall be made in lawful money of the United States of America and
in immediately available funds.
The principal amounts of this note
and interest thereon shall be repaid only out of surplus earnings
of the Company. Such payments, including all payments of principal
and/or interest hereunder, are subject to the prior approval in
writing of the Commissioner of Insurance of the State of North
Dakota.
The indebtedness of the Company
evidenced by this Surplus Note, including the principal thereof and
interest thereon, is and shall be su
