6. Long-Term Debt

Long-term debt consists of the following as of the dates presented (in thousands):

	June 30,		December 31,
	2016		2015
Surplus note	$	15,073	$	15,809
Term loan		—		6,851
Promissory note		690		1,390
Total	$	15,763	$	24,050

See “—Note 7 (Stockholders’ Equity)” for details of the cancellation of the Term Loan.

UPCIC was in compliance with the terms of the surplus note as of June 30, 2016.

In addition to the long-term debt listed above, UVE has an unsecured line of credit which contains certain covenants and restrictions applicable while amounts are outstanding thereunder. Although UVE has not borrowed any amounts under this line of credit, if UVE were to do so and it were to be in default of any covenants or restrictions, then UVE would be prohibited from paying dividends to its shareholders.