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TERM NOTE

Promissory Note

TERM NOTE | Document Parties: MEADOWBROOK INSURANCE GROUP INC | RBS CITIZENS, NATIONAL ASSOCIATION You are currently viewing:
This Promissory Note involves

MEADOWBROOK INSURANCE GROUP INC | RBS CITIZENS, NATIONAL ASSOCIATION

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Title: TERM NOTE
Governing Law: Michigan     Date: 7/31/2008
Industry: Insurance (Prop. and Casualty)     Sector: Financial

TERM NOTE, Parties: meadowbrook insurance group inc , rbs citizens  national association
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Exhibit 10.3

TERM NOTE

July 31, 2008

          FOR VALUE RECEIVED, the undersigned (the “ Borrower ”), hereby promises to pay to RBS CITIZENS, NATIONAL ASSOCIATION, D/B/A CHARTER ONE or registered assigns (the “ Lender ”), in accordance with the provisions of the Agreement (as hereinafter defined), the principal amount of the Term Loan from time to time made by the Lender to the Borrower under that certain Credit Agreement, dated as of July 31, 2008 (as amended, restated, extended, supplemented or otherwise modified in writing from time to time, the “ Agreement ;” the terms defined therein being used herein as therein defined), among the Borrower, the Lenders from time to time party thereto, and Bank of America, N.A., as Administrative Agent and L/C Issuer.

          The Borrower promises to pay interest on the unpaid principal amount of the Term Loan made by the Lender from the date of such Loan until such principal amount is paid in full, at such interest rates and at such times as provided in the Agreement. All payments of principal and interest shall be made to the Administrative Agent for the account of the Lender in Dollars in immediately available funds at the Administrative Agent’s Office. If any amount is not paid in full when due hereunder, such unpaid amount shall bear interest, to be paid upon demand, from the due date thereof until the date of actual payment (and before as well as after judgment) computed at the per annum rate set forth in the Agreement.

          This Term Note is one of the Term Notes referred to in the Agreement, is entitled to the benefits th


 
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