Subrogee Loan definition
Subrogee Loan means the $3,500,000 paid by the Mennen Trust (in its capacity as a guarantor of the Borrower Representative’s and RNK’s obligations under the Revolving Loan Agreement and the other Revolving Loan Documents) to the Revolving Lender on or about January 25, 2008, in connection with the Revolving Lender entering into a forbearance agreement with the Borrower Representative and RNK, which amount represented, and was applied to, principal and accrued but unpaid interest and fees under the Revolving Loan Agreement and the other Revolving Loan Documents, and with respect to such amount the Mennen Trust is subrogated to the rights of the Revolving Lender, including the right to be paid interest at the rates, at the time, and in accordance with the terms, covenants and conditions set forth in the Revolving Loan Agreement.
Examples of Subrogee Loan in a sentence
The Subrogee Loan shall be deemed a “Term Loan Advance” and a “Term Loan” hereunder, shall be included in the “Obligations” and shall be secured by a continuing lien on and security interest in the Collateral.
The Subrogee Loan will be evidenced by a term note in the form attached hereto as Exhibit D.