Surplus Note Clause Samples
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Surplus Note. Parent shall have caused the Surplus Note to be assigned to the Company or, at the Purchaser’s direction, to any other Person designated by the Purchaser no later than 30 days after the date hereof so long as such assignment to any Person other than the Company does not result in any Adverse Consequences to the Parent, Seller or the Company (if such Adverse Consequences to the Company would have Adverse Consequences to the Parent or the Seller by operation of the indemnity for Pre-6/30 Taxes Section 7.2(b) hereof or otherwise result in Adverse Consequences to the Seller).
Surplus Note. That BCMI has heretofore issued a Surplus Note in the amount of $3,000,000 and dated December _____, 2010, which note NMI has purchased. A copy is attached hereto as Exhibit “C” and incorporated herein.
Surplus Note. (A) Within two (2) Business Days following the receipt by any Loan Party or any of its Subsidiaries of any proceeds in respect of any payment on the Surplus Note, whether principal, interest or otherwise, the Borrowers shall prepay the outstanding principal amount of the Term Loan in accordance with the terms hereof in an amount equal to 100% of the net cash proceeds received in connection therewith.
(B) Within two (2) Business Days following the Disposition of the Surplus Note, the Borrowers shall prepay all of the outstanding Obligations in cash in full.
(C) [Reserved].
Surplus Note. On the Initial Borrowing Date, the Borrower shall have delivered to the Collateral Agent the Surplus Note, together with an executed allonge endorsement in form reasonably satisfactory to the Collateral Agent.
Surplus Note. Subject to the terms of this Agreement and at the Closing (as defined below), Professionals, its subsidiary, PICOM, or a new subsidiary of Professionals will contribute $21,000,000 to MEEMIC in exchange for a surplus note (the "Surplus Note"). The Surplus Note shall bear interest at 8.5% per annum. Subject to applicable laws and regulatory authority, interest shall be paid quarterly on the Surplus Note until the twelfth anniversary of the Surplus Note at which time the entire principal shall be repaid. The terms and conditions on repayment of the Surplus Note shall be subject to prior written approval of the Michigan Insurance Commissioner (the "Commissioner"). The Surplus Note shall be in substantially the form and substance of the accompanying Exhibit A.
Surplus Note. In January 2002, WBM Corporation purchased a surplus note from the Company for $5,000,000, which thereby increased capital and surplus above the minimum requirements of the Michigan OFIR. Statutes for the State of Michigan require insurers to have a minimum capital and surplus of $7,500,000. The surplus note has an interest rate of 5% and the repayment of any principal can only be paid from the surplus earnings of the Company to WBM Corporation with the prior approval of the Company’s board of directors and the OFIR. As of December 19, 2006, the ownership of the surplus note was transferred to West Bend as part of the dissolution of WBM Corporation. Interest is noncumulative and paid annually, although starting in 2008 it was not accrued for until approved by the OFIR. Interest expense of $0 and $250,000 was recorded during 2008 and 2007, respectively.
Surplus Note. Borrower shall not during the term of this Agreement, directly or indirectly sell, assign, transfer, discount, pledge, encumber, convey, grant an option on or otherwise dispose of that certain Surplus Note held by Borrower.
Surplus Note. In January 2002, WBM Corporation purchased a surplus note from the Company for $5,000,000, which thereby increased capital and surplus above the minimum requirements of the Michigan OFIR. Statutes for the State of Michigan require insurers to have a minimum capital and surplus of $7,500,000. The surplus note has an interest rate of 5% and the repayment of any principal can only be paid from the surplus earnings of the Company to WBM Corporation with the prior approval of the Company’s board of directors and the OFIR. As of December 19, 2006, the ownership of the surplus note was transferred to West Bend as part of the dissolution of WBM Corporation. Interest is noncumulative and paid annually, although starting in 2008 it was not accrued for until approved by the OFIR. Interest expense of $250,000 and $0 was recorded during 2009 and 2008, respectively. Total cumulative interest and principal paid as of December 31, 2009 and 2008 was $1,000,000 and $750,000, respectively.
13. RELATED-PARTY TRANSACTIONS