Issuer Loans definition
Examples of Issuer Loans in a sentence
To the extent that the Company makes a payment on the Guarantee, it will be deemed to have made a payment on the Issuer Loans then outstanding, such payments to be allocated pro rata to each of Tranches of the Loan and pro rata to the Loan and the Other Loans.
The Servicer shall use commercially reasonable efforts to service and collect the Issuer Loans in good faith, accurately and in accordance with industry standards customary for servicing loans such as the Issuer Loans.
If a Default shall have occurred and be continuing at the time of receipt of the cash consideration with respect to such Sold Mortgaged Rig, the Company will also be required to prepay other Issuer Loans on a pro rata basis in an aggregate amount equal to the excess of such Net Available Cash attributable to such Sold Mortgaged Rig over such Sale Redemption Amount.
The Servicer shall comply with and perform its servicing obligations with respect to the Issuer Loans in accordance with the applicable Credit and Collection Policy, except insofar as any failure to so comply or perform would not adversely affect the Noteholders in any material respect.
In accordance with the foregoing, the Issuer agrees that it will report its income for such federal, state, foreign and local income or franchise taxes, or for purposes of any other taxes on or measured by income, on the basis that it is the owner of the Issuer Loans.
The agreement contained in this Section 7.03 shall survive the collection of all Issuer Loans, the termination of this Indenture and the payment of all amounts otherwise payable hereunder.
For the avoidance of doubt, it is clarified that if any HoldCos/SPV(s) have any outstanding Permitted Other Obligor Indebtedness owed to Existing Senior Creditors, the said amounts with respect to the Issuer Loans, shall be credited to the Escrow Account in accordance with the cashflow waterfall agreed by such HoldCo(s) and/ or SPV(s) with such Existing Senior Creditors.
SFC as the Issuer, Sirrom as the initial Servicer and First Trust as Trustee, are parties to that certain Master Trust Indenture and Security Agreement of even date herewith (as amended, modified or supplemented from time to time, together with any "Supplements" thereto, the "Indenture") pursuant to which SFC has pledged, among other things, the Issuer Loans to the Trustee, for the benefit of the Noteholders.
The Issuer shall use the net proceeds of the offering of the Secured Notes to acquire the Issuer Loans.
The Lock-Box Banks are the only institutions holding Lock-Box Accounts for the receipts of payments in respect of Issuer Loans (subject to such changes as may be made from time to time in accordance with Section 4.02(b)).