Surplus Note Sample Clauses

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.
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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.
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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.
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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).
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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.
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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.
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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.
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Related to Surplus Note

  • New Note Contemporaneously with the execution and delivery of this Amendment, the Borrower, as maker, shall execute and deliver a new revolving credit note, in the stated principal amount of $75,000,000, in favor of the Bank, as payee (the "New Note"), which New Note shall amend, restate and replace the Revolving Credit Note, dated as of October 18, 2005, from the Borrower, as maker, to the Bank, as payee, in the stated principal amount of $65,000,000, and which New Note, as the same may be amended, renewed, restated, replaced or other consolidated from time to time, shall be the "Revolving Credit Note" referred to in the Credit Agreement.

  • Subordinated Note At any time, directly or indirectly, pay, prepay, repurchase, redeem, retire or otherwise acquire, or make any payment on account of any principal of, interest on or premium payable in connection with the repayment or redemption of the Subordinated Note, except as expressly permitted in the Subordination Agreement.

  • Note The word "Note" means and includes without limitation Borrower's promissory note or notes, if any, evidencing Borrower's Loan obligations in favor of Lender, as well as any substitute, replacement or refinancing note or notes therefor.

  • Convertible Note 9 Section 3.8

  • Promissory Note The Promissory Note as set forth in Section 2;

  • Replacement Note Upon receipt of evidence reasonably satisfactory to Maker of the loss, theft, destruction or mutilation of this Note, and in the case of any such loss, theft or destruction, upon delivery of an indemnity agreement reasonably satisfactory to Maker or, in the case of any such mutilation, upon surrender and cancellation of this Note, Maker will execute and deliver to Holder in lieu thereof, a replacement note dated as of the date of this Note, identical in form and substance to this Note and upon such execution and delivery all references in the Mortgage to this Note shall be deemed to refer to such replacement note.

  • Debenture A Debenture(s) representing the principal amount of Debentures purchased by such Purchaser as set forth next to such Purchaser's name on Schedule I, registered in the name of such Purchaser, each in form satisfactory to the Purchaser;

  • Special Note The net present value calculation used to determine whether a loan should be modified based on the modification process above is distinct and different from the net present value calculation used to determine the covered loss if the loan is modified. Please refer only to the net present value calculation described in this exhibit for the modification process, with its separate assumptions, when determining whether to provide a modification to a borrower. Separate assumptions may include, without limitation, Assuming Institution’s determination of a probability of default without modification, a probability of default with modification, home price forecasts, prepayment speeds, and event timing. These assumptions are applied to different projected cash flows over the term of the loan, such as the projected cash flow of the loan performing or defaulting without modification and the projected cash flow of the loan performing or defaulting with modification. By contrast, the net present value for determining the covered loss is based on a 10 year period. While the assumptions in the net present value calculation used in the modification process may change, the net present value calculation for determining the covered loss remains constant.

  • one Warrant Debt Security [If Other Securities and Warrants—Warrant Certificates shall be initially issued in units with the Other Securities and each Warrant Certificate included in such a unit shall evidence Warrants for each [$ principal amount] [ shares] of Other Securities included in such unit].

  • Revolving Note The Revolving Loans made by each Lender shall, in addition to this Agreement, also be evidenced by a promissory note of the Borrower substantially in the form of Exhibit K (each a “Revolving Note”), payable to the order of such Lender in a principal amount equal to the amount of its Commitment as originally in effect and otherwise duly completed.

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