third (Principal and Takeout Sample Clauses
The 'third (Principal and Takeout' clause typically defines the rights and obligations of a third party, often a lender or investor, in relation to the principal amount of a loan and the process for 'taking out' or repaying that principal. In practice, this clause may specify the conditions under which a third party can assume the principal obligation or how the original lender can be repaid by a new party, such as through refinancing or assignment. Its core function is to facilitate the transfer or repayment of the principal amount, ensuring that all parties understand the mechanisms for satisfying the original debt and managing the associated risks.
third (Principal and Takeout. Transaction Fee), to each Funding Agent on behalf of its related Lender Group, to the prepayment of Advances in accordance with Sections 2.8 and 2.12 (allocated ratably among the Lender Groups based on their Lender Group Percentages), together with the related Takeout Transaction Fee, if any;