Synthetic Deposit definition
Examples of Synthetic Deposit in a sentence
All Synthetic Deposits shall accrue fees at all times that they are on deposit in the Synthetic Deposit Account.
The entries in the Register shall be conclusive, in the absence of manifest error, and the Borrowers, the Administrative Agent and the Lenders shall treat each Person in whose name a Loan or Synthetic Deposit is registered (or, if applicable, to which a Note has been issued) as the owner thereof for the purposes of all Loan Documents, notwithstanding notice or any provision herein to the contrary.
In addition, within two Business Days of any date set forth in the preceding sentence, the Administrative Agent shall pay (or cause to be paid) to each Synthetic Lender, on the same pro rata basis for any applicable Investment Period as set forth above in this Section, the Synthetic Deposit Earnings as of the date set forth in the preceding sentence for such Investment Period.
Such Synthetic Lender’s Synthetic Deposit shall be available for withdrawal by the Administrative Agent, in the amounts contemplated by and otherwise in accordance with Section 2.16(c)(i), to reimburse the Synthetic Issuing Bank for Synthetic Reimbursement Obligations.
In connection with each assignment of Synthetic Deposits, the Synthetic Deposit of the assignor Lender shall not be released, but shall instead be purchased by the relevant assignee and continue to be held for application (to the extent not already applied) in accordance with Article II to satisfy such assignee’s obligations in respect of Synthetic Deposit Letters of Credit.
Each Synthetic Lender’s Synthetic Letter of Credit Participation Obligation shall be cash collateralized (as provided in Section 2.16), in favor of the Synthetic Issuing Bank, by such Synthetic Lender’s Synthetic Deposit.
The Administrative Agent shall maintain records enabling it to determine at any time the amount of the interest of each Synthetic Lender in the Synthetic Deposit Account (the interest of each Synthetic Lender in the Synthetic Deposit Account, as evidenced by such records, being referred to as such Lender’s “Synthetic Deposit Sub-Account”).
Drawings under a Synthetic Letters of Credit shall be deemed to be reimbursed to the extent funds on deposit in the Synthetic Deposit Account are withdrawn and applied thereto in accordance with Section 2.16(c)(i).
Thereafter, such Synthetic Deposits, together with all Synthetic Deposits previously deposited in the Synthetic Deposit Account, shall be available, on the terms and subject to the conditions set forth in the Credit Agreement, for application pursuant to Section 2.16(d)(i), to reimburse such Lender’s Synthetic Deposit Percentage of Disbursements that are not reimbursed by EnergySolutions.
Such Synthetic Lender’s Synthetic Deposit shall be available for withdrawal by the Administrative Agent, in the amounts contemplated by and otherwise in accordance with clause (c)(ii) of Section 2.1.4, to reimburse the Synthetic Issuer for Synthetic Reimbursement Obligations.