Uncommitted Loans definition
Examples of Uncommitted Loans in a sentence
In determining whether Loans outstanding secured by Eligible Mortgage Loans are Committed Loans or Uncommitted Loans, such Loans shall first be deemed Committed Loans up to the Maximum Committed Amount, and then the remainder shall be deemed Uncommitted Loans.
Uncommitted Loans shall be evidenced by a promissory note of Borrowers payable to the order of Lender in the original principal amount of $10,000,000, substantially in the form of Exhibit C (the “Uncommitted Note”).
The Uncommitted Loans of the Uncommitted Bank shall be evidenced by a single Note payable to the order of the Uncommitted Bank in an amount equal to the Uncommitted Amount or, if less, the aggregate unpaid principal amount of the Uncommitted Bank’s Uncommitted Loans, plus interest thereon as provided below.
The date and amount of each Uncommitted Loan, each prepayment of principal thereof by Borrower and each transfer between this Note and a Monthly Uncommitted Loan Note shall be endorsed by Lender on the Schedule of Loans attached hereto, or on a continuation of such schedule attached to and made part hereof, provided that the failure to make any such endorsement on such schedule shall not limit or extinguish the obligation of Borrower to repay all Uncommitted Loans hereunder.
The determination of the Lenders to provide Uncommitted Loans in the amount set forth above was discretionary as provided in Section 2.1(b) of the Credit Agreement, and the Company acknowledges that the Lenders are not required to provide any Loans.
Subject to the terms and ----------------- conditions of this Agreement, Lender may, in its absolute and sole discretion, and without obligation to do so, make Uncommitted Loans to Borrower upon Borrower's request from time to time, provided that the aggregate of all Uncommitted Loans shall not exceed the Maximum Amount of Uncommitted Loans.
The date and amount of each Uncommitted Loan, each prepayment of principal thereof by Borrower and each transfer between this Note and the Master Uncommitted Loan Note shall be endorsed by Lender on the Schedule of Loans attached hereto, or on a continuation of such schedule attached to and made part hereof, provided that the failure to make any such endorsement on such schedule shall not limit or extinguish the obligation of Borrower to repay all Uncommitted Loans hereunder.
Accordingly (i) each Uncommitted Loan outstanding on the date hereof is due and payable in full on the date hereof (together with accrued interest thereon), and (ii) the Credit Agreement is hereby amended by deleting therefrom Section 2.02 and all references to Uncommitted Loans and to the Uncommitted Line.
Lender does not have any commitment to make any Uncommitted Loans hereunder.
Principal of each Uncommitted Loans is payable on the earlier of (i) the date that is 45 days after the date of the Borrowing of such Uncommitted Loan and (ii) the Facility Termination Date.