Examples of Settlement Loan in a sentence
Settlement Loan - as defined in Section 3.1.3(ii) of the Agreement.
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.
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 participating interest in such Settlement Loan in an amount equal to its Applicable Percentage of such Settlement Loan by transferring to the Agent, in immediately available funds, the amount of such participation, without duplication for any payment previously made.
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 Settlement Loans shall be evidenced by a single Settlement Loan Note payable to the order of Wachovia in the original principal amount of $10,000,000.