Surplus Debentures definition

AI-Powered Contracts

Draft, Review & Redline at the Speed of AI

Surplus Debentures as to any Insurance Subsidiary, debt securities of such Insurance Subsidiary the proceeds of which are permitted to be included, in whole or in part, as Capital and Surplus of such Insurance Subsidiary as approved and permitted by the applicable Department.

Surplus Debentures means the surplus debenture made by Laurel to Seller, dated December 31, 2004, in the principal amount of $5,946,045.13, and the surplus debenture made by Laurel to Seller, dated June 30, 2000, in the principal amount of $25,000,000.

Examples of Surplus Debentures in a sentence

Neither such Credit Party nor any of its Restricted Subsidiaries has received any notice from the NAIC, any other Governmental Authority or any other insurance regulatory authority that its Insurance Subsidiaries will not be permitted to pay dividends or interest, as applicable, on any Surplus Debentures or Notes.
On the terms and subject to the conditions set forth in this Agreement, at Closing, Seller agrees to sell, transfer and assign the Shares and the Surplus Debentures to Buyer, and Buyer agrees to purchase the Shares and the Surplus Debentures from Seller, free and clear of all Liens (the “Share Purchase”).
Seller owns beneficially and of record all of the Shares and Surplus Debentures, free of any Lien or Stock Restriction of any kind or character whatsoever.
Except as set forth on Schedule 5.20, neither such Credit Party nor any of its Subsidiaries has received any notice from the NAIC, any other Governmental Authority or any other insurance regulatory authority that its Insurance Subsidiaries will not be permitted to pay dividends or interest, as applicable, on any Surplus Debentures or Notes.
All other prior surplus debentures issued by the Company, including those certain Surplus Debentures dated October 5, 1992 (in the amount of $2,500,000.00) and dated December 31, 1993 (in the amount of $2,600,000.00) have been repaid, retired or otherwise extinguished, and there are no obligations or liabilities of the Company remaining with respect thereto.

More Definitions of Surplus Debentures

Surplus Debentures means, as to Nationwide Mutual, debt securities of Nationwide Mutual the proceeds of which are permitted to be included, in whole or in part, as Statutory Surplus as approved and permitted by the insurance department of Nationwide Mutual's state of domicile.

Surplus Debentures means any subordinated surplus debentures payable by CICA to Borrower issued after the date of this Agreement in connection with an Acquisition Advance in the original principal amount of such Acquisition Advance.

Surplus Debentures means, as to any Insurance Subsidiary, debt securities of such Insurance Subsidiary issued to the Corporation or any other Subsidiary the proceeds of which are permitted to be included, in whole or in part, as Capital and Surplus of such Insurance Subsidiary as approved and permitted by the applicable Department.

Surplus Debentures means, as to any Insurance Subsidiary, debt securities of such Insurance Subsidiary issued to the Company or any other Subsidiary the proceeds of which are permitted to be included, in whole or in part, as Capital and Surplus of such Insurance Subsidiary as approved and permitted by the applicable Department. “Swap Contract” means any agreement relating to any transaction (whether or not arising under a master agreement) that is a rate swap, basis swap, forward rate transaction, commodity swap, commodity option, equity or equity index swap or option, bond, note or bill option, interest rate option, futures contract, forward foreign exchange transaction, cap, collar or floor transaction, currency swap, cross-currency rate swap, swaption, currency option, credit derivative transaction or any other similar transaction (including any option to enter into any of the foregoing) or any combination of the foregoing, and any master agreement relating to or governing any or all of the foregoing. “Swap Termination Value” means, in respect of any one or more Swap Contracts, after taking into account the effect of any legally enforceable netting agreement relating to such Swap Contracts, (a) for any date on or after the date such Swap Contracts have been closed out and termination value(s) determined in accordance therewith, such termination value(s) and (b) for any date prior to the date referenced in clause (a), the amount(s) determined as the mark-to-market value(s) for such Swap Contracts, as determined by the Company based upon one or more mid-market or other readily available quotations provided by any recognized dealer in such Swap Contracts (which may include any Lender). “Swing Line Lender” means KeyBank in its capacity as Swing Line Lender hereunder, together with its permitted successors and assigns in such capacity. “Swing Line Loan” means a Loan made by Swing Line Lender to the Company pursuant to Section 2.03. “Swing Line Note” means a promissory note in the form of Exhibit B-2, as it may be amended, restated, supplemented or otherwise modified from time to time. “Swing Line Sublimit” means the lesser of (i) $5,000,0007,500,000 and (ii) the aggregate unused amount of Revolving Commitments then in effect. “Taxes” means all present or future taxes, levies, imposts, duties, deductions, withholdings, assessments, fees or other charges imposed by any Governmental Authority, including any interest, additions to tax or penalties applicable thereto. “Term Loan” m...

Surplus Debentures means those three Surplus Debentures effective November 8, 1996, December 31, 1998, and December 31, 1998, in the original aggregate principal amount of $27,000,000.00 issued by SLIC to Borrower, of which $27,000,000 is outstanding on the date hereof.

Surplus Debentures means the Amended and Restated Contribution Note, dated October 30, 1996, payable by Madison to IFSC in the principal amount of $15,000,000, the Amended and Restated Contribution Note, dated October 30, 1996, payable by Madison to IFSC in the principal amount of $5,000,000 and the Contribution Note, dated October 31, 1996, payable by Madison to IFSC in the principal amount of $5,000,000, all of which have been pledged to the Lender pursuant to Pledge Agreement II.

Surplus Debentures means the surplus debentures issued by the Company to Seller, consisting of (i) the $13,000,000 original principal amount surplus debenture dated November 8, 1996, (ii) the $8,000,000 original principal amount surplus debenture dated December 31, 1998 and (iii) the $6,000,000 original principal amount surplus debenture dated December 31, 1998.