Surplus Notes Clause Samples
Surplus Notes. During the term of this Agreement, the Borrower may from time to time issue surplus notes (“Surplus Notes”); provided, that any such Surplus Notes of the Borrower (i) shall be subordinate at all times in right of payment of principal, interest or premium and any other amounts with respect thereto to all fees, expenses, LOC Reimbursement Obligations and other amounts due in connection with this Agreement and the Letter of Credit as provided in and pursuant to the terms of the Priority of Payments, (ii) shall bear interest at a rate not to exceed the then-applicable 5-year benchmark Treasury Rate plus [****] bps, (iii) shall not have a maturity date earlier than one year and one day following the later of (A) the Facility Maturity Date and (B) the date on which no obligations due hereunder are outstanding, (iv) shall be issued in a form reasonably acceptable to the Issuing Lender and (v) shall only be issued at times when the difference between the Statutory Reserves and the Economic Reserves is greater than the LOC Amount. Payments of principal, interest or premium in respect of any Surplus Notes of the Borrower shall only be made in accordance with, and subject to the restrictions set forth in, the Priority of Payments.
Surplus Notes. As part of the Form A approval process, Purchaser shall have obtained all permits, consents, approvals, and authorizations of Governmental Entities necessary to permit the repayment in full, and subsequent cancelation, of all of the Surplus Notes plus all accrued and unpaid interest thereon on the Closing Date without reservation or condition. In connection with such approval process, Purchaser shall commit to each applicable Governmental Entity to make a capital contribution to MIC at Closing in an amount sufficient to secure approval by each Governmental Entity of the replacement of the Surplus Notes, up to an amount of Eighteen Million and No/100 Dollars ($18,000,000.00).
Surplus Notes. Prior to the Closing, PPIC shall satisfy in full the PPIC Surplus Notes.
Surplus Notes. 62 8.21 Security . . . . . . . . . . . . . . . . . . . . . . . 62
Surplus Notes. Seller agrees not to infuse any additional money to PLAN in return for Surplus Notes without Buyer's consent.
Surplus Notes. The Borrower will cause American Exchange to issue to the Borrower, on the Initial Borrowing Date, one or more surplus notes having an aggregate principal amount of $70,000,000, the terms and provisions of which shall be reasonably satisfactory to the Administrative Agent (the "Surplus Notes").
Surplus Notes