Repayment Limitations. Repayment of the loan is subject to the following additional limitations, among others: those on defeasance, refinancing and advance refunding, termination, and default and recovery of payments.
Repayment Limitations. Notwithstanding anything else to the contrary herein, the Term B-2 Borrowers and the German Revolver Borrower shall not be obligated to make any repayments (x) with respect to the Term B-2 Borrowers, in respect of the Term B-1 Facility or any Revolving Facility or any other Incremental Facility, Term Loan Commitments or Loans that are not incurred by such Term B-2 Borrower and (y) with respect to the German Revolving Borrower, in respect of the US Revolving Facility or any Term B Facility or any other Incremental Facility, Term Loan Commitments or Loans that are not incurred by such German Revolving Borrower, and in each case, shall have no liabilities or Obligations with respect thereto.
Repayment Limitations. Any payment of principal or interest by the Insurer on this Surplus Note must be approved by the Commissioner, who shall approve the payment unless the Commissioner determines that such payment will Substantially Impair the financial condition of the Insurer. If such a determination is made, the Commissioner shall approve such payment that will not Substantially Impair the financial condition of the Insurer. The Board will seek approval of payments from the Commissioner and wiI1 notify any Insurer if a payment of principal and/or interest has been disapproved or, if a lower amount has been approved, the amount by which the usual payment is to be reduced. (5) Default: Conditions, Consequences, and Insurer Responsibilities. (a) Conditions Resulting in Default: 1. Failure to reach the Minimum Writing Ratio within 60 days of an Insurer receiving the proceeds of the Surplus Note distributed by the Board or the failure to maintain the Minimum Writing Ratio once reached unless a supplemental agreement is provided for in the Surplus Note that allows the Insurer more rime to reach the Minimum Writing Ratio due to financial considerations. 2. Failure to submit quarterly filings of Form SBA 15-3 to the Office. 3. Failure to maintain the Minimum Required Surplus except for situations involving the payment of losses resulting from a catastrophic event or a series of events resulting in catastrophic losses or where Minimum Required Surplus is reduced as a result of the accounting treatment for deferred acquisition costs. 4. Misuse of Program Proceeds: The Surplus Note will be in default if proceeds received pursuant to the Surplus Note are converted into any asset not authorized under Part 11 of Chapter 625, F.S. 5. Failure to make thee payment of interest and/or principal where the payment by the Insurer has been approved by the Office. 6. Failure to make a payment of interest and/or principal where the payment by the Insurer has not been approved by the Office, but alternative payments have been approved. 7. False or Misleading Statements. Any representations, including those made in the application and/or accompanying documentation, which is false or misleading. 8. When the Insurer pays my ordinary or extraordinary dividend when there are payments of principal or interest payments that are past due under the Surplus Note. (b)
