Litigation Trust Loan definition

Litigation Trust Loan means Cash in the amount of $375,000 to be loaned on a non-recourse basis to the Litigation Trust by Reorganized Casino to fund the fees, expenses, and costs of the Litigation Trust.

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Litigation Trust Loan shall have the meaning ascribed to such term in Section 4.1 herein.

Litigation Trust Loan means a Cash loan in an amount of $3 million, to be loaned to the Litigation Trust by New TOUSA on the terms specified in the Litigation Trust Agreement and to be repaid with first priority out of any Litigation Trust Recovery Proceeds.

Examples of Litigation Trust Loan in a sentence

On or after the Effective Date, Paragon International Finance Company (the “Paragon Loan Party”) shall provide an interest-free delayed draw term loan up to the Term Loan Commitment (the “Litigation Trust Loan”) to fund the Litigation Trust Expenses on the terms set forth in this Section 4.1. The Litigation Trust Loan shall not be funded by Paragon Offshore Limited or any other Paragon Entity or any other Debtor.
On and subject to the terms and conditions hereof, the Paragon Loan Party agrees to make available the Litigation Trust Loan to the Litigation Trust in the form of one or more loans of at least $250,000.00 per loan made to the Litigation Trust (each such loan, a “Term Loan”) from time to time, on or after the Effective Date, on no more than one occasion per a month, in an aggregate amount not to exceed the Term Loan Commitment.
The Paragon Loan Party’s obligation to fund the Litigation Trust Loan shall terminate upon the receipt by the Litigation Trust of proceeds of the Trust Assets in the aggregate amount of the Term Loan Commitment.
The Litigation Trust Management may supplement the funding of the Litigation Trust Expenses provided by the Litigation Trust Loan, including, through (i) settlement payments and the collection of judgments, (ii) Additional Litigation Funding Loans, and (iii) by retaining contingent fee counsel.
The failure to so record any such amount or any error in so recording any such amount shall not, however, limit or otherwise affect the Loan Obligations of Litigation Trust hereunder to repay the principal amount of the Litigation Trust Loan, including any Term Loan, hereunder.
The Litigation Trust shall only receive and retain Cash, including Cash from the Litigation Trust Loan and any Additional Litigation Funding Loans, not in excess of a reasonable amount to meet claims and contingent liabilities or to maintain the value of the Trust Assets and administer the Litigation Trust; provided, for the avoidance of doubt, that the Litigation Trust shall only request Term Loans to the extent necessary to pay anticipated near term Litigation Trust Expenses.
The Litigation Trust Management may from time to time, on at least one Business Day’s written notice to the Paragon Loan Party not later than 1:00 p.m. New York time on such day, prepay the Litigation Trust Loan, including any Term Loan, in whole or in part, with the consent of the Litigation Trust Committee, acting by majority.
All fees, expenses, and costs of the Litigation Trust (including interest on the Litigation Trust Loan) shall be paid by the Litigation Trust as Litigation Claims Costs, and Reorganized Greektown shall not be responsible for any fees, expenses and costs of the Litigation Trust.
The Litigation Trust Loan and accrued interest on that loan shall be paid in accordance with the Litigation Distribution Schedule.
The Litigation Trust Loan shall be evidenced by a note payable by the Litigation Trust to Reorganized Casino, the form of which is included in the Plan Supplement.

More Definitions of Litigation Trust Loan

Litigation Trust Loan means a loan of up to $1,500,000 to be provided by the Reorganized Debtors to the Litigation Trust on the Effective Date to provide funding in connection with the investigation and/or prosecution of the Litigation Trust Causes of Action, with any such amount to be repaid to the Reorganized Debtors if, as and when provided for in Article IV.R.12; provided, however, that the amount of the Litigation Trust Loan shall be reduced on a dollar-for-dollar basis (up to $750,000) for any amounts actually paid to the Creditors’ Committee under the Additional Investigation Budget before the Effective Date to fund the investigation and prosecution of the Litigation Trust Causes of Action pursuant to the DIP Order.

Litigation Trust Loan means a Cash loan to the Litigation Trust in an amount of $7 million to be funded by the Debtors on the Effective Date on the terms specified in the Litigation Trust Agreement and to be repaid to the Post-Effective Date Debtors, and paid into the Proceeds Account, with first priority out of any Litigation Trust Recovery Proceeds.