Synthetic Loan definition
Examples of Synthetic Loan in a sentence
Notwithstanding any other provision of this Agreement, no Synthetic Loan shall be made, and no Synthetic Letter of Credit shall be Issued under the Synthetic Facility, if after giving effect thereto the aggregate amount of the Credit-Linked Deposits would be less than the Synthetic Fronted Exposure after giving effect thereto.
Each Lender acknowledges the potential conflict of interest between GE Capital as a Lender holding disproportionate interests in the Loans and Synthetic Loan Credit-Linked Deposits and GE Capital as Administrative Agent.
The assigning Lender shall be relieved of its obligations hereunder with respect to its Commitments and Synthetic Loan Participations or assigned portion thereof from and after the date of such assignment.
The purchase price for the Synthetic Loan Participation of each Synthetic Loan Lender shall equal the amount set forth opposite such Synthetic Loan Lender's name in Annex J under the heading "Synthetic Loan Commitment" (the "Synthetic Loan Credit-Linked Deposit").
Administrative Agent shall compute all amounts due under this paragraph (d)(i) and shall notify Borrower and such Synthetic Loan Lender of each such amount due.
Each Synthetic Loan Lender shall pay to Administrative Agent its Synthetic Loan Credit-Linked Deposit in full on the Closing Date.
This Agreement or counterparts hereof shall have been duly executed by Borrower, each other Credit Party, Administrative Agent, the Majority Lenders and the Synthetic Loan Lenders; and Administrative Agent shall have received such documents, instruments, agreements and legal opinions listed in the Closing Checklist attached hereto as Annex D, each in form and substance (unless indicated otherwise) satisfactory to Administrative Agent.
All payments and repayments of Synthetic Loan Reimbursement Amounts and interest or earnings in respect of the Synthetic Loan Credit-Linked Deposits shall be applied pro rata among the Synthetic Loan Lenders in accordance with the Synthetic Loan Participations of such Synthetic Loan Lenders.
Each Lender's obligation under this Section 9.8 shall be in addition to and not in limitation of its obligations to purchase a participation in an amount equal to its Pro Rata Share of the (a) Swing Line Loans under Section 1.1, (b) the Revolving Loan Letter of Credit Participation, as provided in Annex B and (c) the Synthetic Loan Participation, as provided in Annex B, as applicable.
Such interest will be paid to the Synthetic Loan Lenders by Administrative Agent monthly in arrears when Letter of Credit fees are payable pursuant to paragraph (f) below.