7. Long-Term Debt

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

	March 31,		December 31,
	2017		2016
Surplus note	$	13,971	$	14,338
Promissory note		—		690
Total	$	13,971	$	15,028

UPCIC was in compliance with the terms of the surplus note as of March 31, 2017.

In addition to the long-term debt listed above, UVE has an unsecured line of credit that contains certain covenants and restrictions applicable while amounts are outstanding thereunder. UVE had not borrowed any amounts under this line of credit as of March 31, 2017. Should UVE borrow and default on this unsecured line of credit, it will be prohibited from paying dividends to its shareholders.