Settlement Loans Sample Clauses

Settlement Loans. (i) In order to facilitate the administration of the Revolving Loans under this Agreement, the Lenders agree (which agreement shall not be for the benefit of or enforceable by the Borrower) that settlement among the Lenders with respect to the Revolving Loans may take place on a periodic basis on dates determined from time to time by the Agent (each a "Settlement Date"), which may occur before or after the occurrence or during the continuance of a Default or Event of Default and whether or not all of the conditions set forth in ARTICLE 9 of this Agreement have been satisfied, provided that any such Settlement Loan for which settlement is to be made must have been advanced prior to the date on which the Commitments have been terminated pursuant to SECTION 6.01. On each Settlement Date, payment shall be made by or to each Lender in the manner provided herein and in accordance with the settlement report delivered by the Agent to the Lenders with respect to such Settlement Date so that, as of each Settlement Date, each Lender shall hold its Commitment Percentage of all Revolving Loans then outstanding. As of the Closing Date, the Agent intends to request settlement with the Lenders once every five (5) Domestic Business Days.
Sample 1
AutoNDA by SimpleDocs
Settlement Loans. Between Settlement Dates, the Agent may but shall not be obligated to advance (or may request that one of its Affiliates advance), to the Borrower out of the Agent's (or such Affiliate's) own funds up to $7,500,000 in the aggregate of Borrowings that are Base Rate Revolving Loans requested or deemed requested pursuant to this Agreement (any such Borrowing funded exclusively by the Agent or its Affiliate being referred to as a "SETTLEMENT LOAN"). Each Settlement Loan shall constitute a Revolving Loan hereunder and shall be subject to all of the terms, conditions and security applicable to other Revolving Loans, except that all payments thereon shall be payable to the Agent (or its Affiliate) solely for its own account. The obligation of the Borrower to repay such Settlement Loans to the Agent (or its Affiliate) shall be evidenced by the records of the Agent and need not be evidenced by any promissory note. The Agent shall not (and shall not permit any of its Affiliates to) make any Settlement Loan if (i) the Agent shall have received written notice from any Lender that one or more of the applicable conditions precedent set forth in Sections 6.1 or 6.2 hereof will not be satisfied on the requested funding date of the applicable Borrowing or (ii) the Agent has actual knowledge that the requested Borrowing would exceed the limitations set forth in Section 2.1 on the funding date. On each Settlement Date, or, if earlier, upon demand by the Agent for payment thereof, the then outstanding Settlement Loans shall be immediately due and payable. The Borrower shall be deemed to have requested Loans to be made on each Settlement Date in the amount of all outstanding Settlement Loans and the proceeds of such Loans shall be applied to the repayment of such Settlement Loans. The Agent shall notify the Lenders of the outstanding balance of the Loans prior to 1:00 p.m. (Boston time) on each Settlement Date and each Lender shall deposit with the Agent an amount equal to its Applicable Percentage of the amount of Revolving Loans deemed requested in immediately available funds not later than 3:00 p.m. (Boston time) on such Settlement Date, and without regard to whether any Default or Event of Default exists or any of the conditions in Sections 6.1 or 6.2 are not satisfied. If any Settlement Loan is not repaid on the due date thereof, then on the second Business Day after the Agent's request each Lender (other than the Agent in its capacity as a Lender) shall purchase a partic...
Sample 1Sample 2
Settlement Loans. (i) In order to facilitate the administration of the Revolving Loans under this Agreement, the Lenders agree (which agreement shall not be for the benefit of or enforceable by any Borrower) that settlement among the Lenders with respect to the Revolving Loans up to an aggregate principal amount outstanding at any time of $2,000,000 may take place on a periodic basis on Friday of each week or on such other dates determined from time to time by the Agent (each a "Settlement Date"), which may occur before or after the occurrence or during the continuance of a Default or Event of Default, provided that any such Settlement Loan for which settlement is to be made must have been advanced in accordance with subsection (ii). On each Settlement Date, payment shall be made by or to each Lender in the manner provided herein and in accordance with the Settlement Report delivered by the Agent to the Lenders with respect to such Settlement Date so that, as of each Settlement Date, each Lender shall hold its Commitment Percentage of all Revolving Loans then outstanding.
Sample 1

Related to Settlement Loans

  • LOANS, ADVANCES, INVESTMENTS Make any loans or advances to or investments in any person or entity, except any of the foregoing existing as of, and disclosed to Bank prior to, the date hereof.

  • Equipment Loans Section 2.3(b) of the Loan Agreement shall be amended and restated in its entirety as follows:

  • Swingline Loans; Settlement (a) Agent may, but shall not be obligated to, advance Swingline Loans to Borrowers, up to an aggregate outstanding amount of $5,000,000, unless the funding is specifically required to be made by all Lenders hereunder. Each Swingline Loan shall constitute a Revolver Loan for all purposes, except that payments thereon shall be made to Agent for its own account. The obligation of Borrowers to repay Swingline Loans shall be evidenced by the records of Agent and need not be evidenced by any promissory note.

  • Acquisition Loans The proceeds of the Acquisition Loans may be used only for the following purposes: (i) for working capital and general corporate purposes, including, without limitation, the issuance of Letters of Credit and to pay outstanding Floor Plan Loans; and (ii) to make Permitted Acquisitions.

  • Loans, Advances, Investments, Etc Make or commit or agree to make, or permit any of its Subsidiaries make or commit or agree to make, any Investment in any other Person except for Permitted Investments.

  • Servicer Advances For each Settlement Period, if the Servicer determines that any Scheduled Payment (or portion thereof) that was due and payable pursuant to a Loan included in the Collateral during such Settlement Period was not received prior to the end of such Settlement Period, the Servicer may, but shall not be obligated to, make an advance in an amount up to the amount of such delinquent Scheduled Payment (or portion thereof) to the extent that the Servicer reasonably expects to be reimbursed for such advance; in addition, if on any day there are not sufficient funds on deposit in the Collection Account to pay accrued Interest on any Advance the Settlement Period of which ends on such day, the Servicer may make an advance in the amount necessary to pay such Interest (in either case, any such advance, a “Servicer Advance”). Notwithstanding the preceding sentence, any Successor Servicer will not be obligated to make any Servicer Advances. The Servicer will deposit any Servicer Advances into the Collection Account on or prior to 11:00 a.m. (New York City time) on the related Payment Date, in immediately available funds.

  • Remittances; P&I Advances (a) On the Master Servicer Remittance Date immediately preceding each Distribution Date, the Master Servicer shall:

  • Loans The Sponsor has agreed to make loans to the Company in the aggregate amount of up to $300,000 (the “Insider Loans”) pursuant to a promissory note substantially in the form annexed as an exhibit to the Registration Statement. The Insider Loans do not bear any interest and are repayable by the Company on the earlier of December 31, 2021 or the consummation of the Offering.

  • Bridge Loans For purposes of determining the maturity date of any Indebtedness, customary bridge loans that are subject to customary conditions (including no payment or bankruptcy event of default) that would automatically either be extended as, converted into or required to be exchanged for, permanent refinancing shall be deemed to have the maturity date as so extended, converted or exchanged.

  • The Advances and Letters of Credit (a) Each Lender severally agrees, on the terms and conditions hereinafter set forth, to make Advances to the Borrower from time to time on any Business Day during the period from the Effective Date until the Termination Date in an aggregate amount (based in respect of any Advances to be denominated in a Committed Currency by reference to the Equivalent thereof in Dollars determined on the date of delivery of the applicable Notice of Borrowing) not to exceed such Lender’s Unused Commitment at such time. Each Borrowing shall be in an amount not less than the Borrowing Minimum or the Borrowing Multiple in excess thereof and shall consist of Advances of the same Type and in the same currency made on the same day by the Lenders ratably according to their respective Revolving Credit Commitments. Within the limits of each Lender’s Revolving Credit Commitment, the Borrower may borrow under this Section 2.01(a), prepay pursuant to Section 2.10 and reborrow under this Section 2.01(a).

Time is Money Join Law Insider Premium to draft better contracts faster.