Tranche A Advances Sample Clauses
The 'Tranche A Advances' clause defines the terms and conditions under which a specific portion of a loan, known as Tranche A, is made available to the borrower. This clause typically outlines the maximum amount that can be drawn, the interest rate applicable, repayment schedule, and any conditions precedent that must be satisfied before funds are advanced. For example, Tranche A might be used to finance a particular phase of a project or acquisition, with its own distinct terms separate from other tranches. The core function of this clause is to clearly delineate the rights and obligations related to this segment of the loan, ensuring both parties understand how and when these funds can be accessed and repaid.
Tranche A Advances. Each Tranche A Lender severally agrees, on the terms and conditions hereinafter set forth, to make Tranche A Advances to any Borrower from time to time on any Business Day during the period from the Effective Date until the Termination Date applicable to such Lender in an amount (based in respect of any Advances to be denominated in a Committed Currency by reference to the Equivalent thereof in Dollars determined on the date of delivery of the applicable Notice of Borrowing) not to exceed such Lender’s Unused Tranche A Commitment. Each Tranche A Borrowing shall be in an amount not less than the Revolving Credit Borrowing Minimum or the Revolving Credit Borrowing Multiple in excess thereof and shall consist of Tranche A Advances of the same Type and in the same currency made on the same day by the Tranche A Lenders ratably according to their respective Tranche A Commitments. Within the limits of each Tranche A Lender’s Tranche A Commitment, any Borrower may borrow under this Section 2.01(a)(i), prepay pursuant to Section 2.10 and reborrow under this Section 2.01(a)(i).
Tranche A Advances. Lender agreed, on the Original Forbearance Effective Date, to convert a portion of the outstanding principal amount of Lender’s Commercial Loans equal to Lender’s Tranche A Commitment into a term loan to the Borrowers (each amount so converted, a “Tranche A Advance” and, collectively, the “Tranche A Advances”). Any portion of the Tranche A Advances that is subsequently repaid or prepaid may not be reborrowed.
Tranche A Advances. Each Lender severally agrees, on the terms and conditions hereinafter set forth, to make Tranche A Advances to each Borrower from time to time on any Business Day during the period from the Closing Date until the Termination Date in an aggregate amount (based in respect of any Advances to be denominated in any Optional Currency other than Dollars by reference to the Equivalent thereof in Dollars determined on the date of delivery of the applicable Notice of Revolving Credit Borrowing) not to exceed such Lender’s Unused Tranche A Commitment. Each such Borrowing shall be in a minimum amount of $10,000,000, in respect of Tranche A Advances denominated in Dollars (or the Equivalent in any other applicable Optional Currency thereof), or, if less, an aggregate amount equal to the amount by which the aggregate amount of a proposed Competitive Bid Borrowing requested by any Borrower exceeds the aggregate amount of Competitive Bid Advances offered to be made by the Lenders and accepted by such Borrower in respect of such Competitive Bid Borrowing, if such Competitive Bid Borrowing is made on the same date as such Tranche A Borrowing) and shall consist of Tranche A Advances of the same Type made on the same day by the Lenders ratably according to their respective Tranche A Commitments; provided that such minimum amount shall not apply with respect to any Revolving Credit Advances made in accordance with the provisions of Sections 2.04(b) or 2.07(c). Within the limits of each Lender’s Tranche A Commitment, each Borrower may borrow under this Section 2.01(a), prepay pursuant to Section 2.10 and reborrow under this Section 2.01(a).
Tranche A Advances. (a) Subject to the terms and conditions of this Agreement, and during the term of this Agreement, each Lender with a Tranche A Commitment agrees to make advances ("Tranche A Advances") to Borrowers in an amount at any one time outstanding not to exceed such Lender's Pro Rata Share of an amount equal to the lowest of (i) the Maximum Tranche A Amount less the then extant Letter of Credit Usage, (ii) the Borrowing Base less the then extant Letter of Credit Usage, or (iii) $50,000,000.
(b) Anything to the contrary in this Section 2.1 notwithstanding, Agent shall have the right to establish reserves in such amounts, and with respect to such matters, as Agent in its Permitted Discretion shall deem necessary or appropriate, against the Borrowing Base, including reserves with respect to (i) sums that Borrowers are required to pay (such as taxes, assessments, insurance premiums, or, in the case of leased assets, rents or other amounts payable under such leases) and have failed to pay under any Section of this Agreement or any other Loan Document, and (ii) amounts owing by Borrowers to any Person to the extent secured by a Lien (other than any existing Permitted Lien set forth on Schedule P-3 which is specifically identified thereon as entitled to have priority over Collateral Agent's Liens) on, or trust over, any of the Collateral, which Lien or trust, in the Permitted Discretion of Agent, would be likely to have a priority superior to the Liens of Agent, for the benefit of the Lender Group (such as landlord liens, ad valorem taxes, property taxes, or sales taxes where given priority under applicable law) in and to such item of the Collateral.
(c) The Lenders with Tranche A Commitments shall have no obligation to make additional Tranche A Advances hereunder to the extent such additional Tranche A Advances would cause the Tranche A Usage and the Tranche B Usage to exceed the Maximum Facility Amount.
(d) Anything in the Loan Documents to the contrary notwithstanding, the proceeds of any Tranche A Advance shall not be used to repay any outstanding Tranche B Advance unless Tranche A Advance Availability is greater than $7,500,000 after giving effect to such Tranche A Advance.
(e) Amounts borrowed pursuant to this Section may be repaid and, subject to the terms and conditions of this Agreement, reborrowed at any time during the term of this Agreement.
Tranche A Advances. (a) The Borrowers of the Tranche A Advances shall repay the outstanding principal amount of such Advances in semi annual instalments in the currency in which such Advances were drawn. An instalment shall fall due on each of the dates specified in column (1) below and be in the amount equal to the percentage (the “Required Percentage”) of the Tranche A Advances made (being the aggregate of the Tranche A Advances made as at close of business on the last day of the Availability Period for the Tranche A Term Facility) specified opposite that date in column (2) below. Any balance of the Tranche A Advances remaining outstanding on the Final Tranche A Maturity Date shall be repaid in full on that date.
(1) Maturity Date (2) Tranche A %
(b) If on any Maturity Date specified in column (1) above any Borrower elects to pay a percentage of the Tranche A Advances denominated in US Dollars, Sterling or Euro which is greater than the Required Percentage it may do so, provided that it pays to the Facility Agent (for the account of the Lenders) such greater amount of US Dollars, Sterling or Euro (as the case may be) as when converted into Euro, Sterling or US Dollars (as the case may be) at the Facility Agent’s Spot Rate of Exchange 3 Business Days prior to the relevant Maturity Date equals the amount which such Borrower would have been obliged to pay but for such election. For the avoidance of doubt any payment in a currency that exceeds the Required Percentage shall be applied in repayment of Advances denominated in that currency.
Tranche A Advances a Tranche A Advance if to do so would cause the aggregate of its participation in Tranche A Advances outstanding under this agreement to exceed its Tranche A Commitment;
Tranche A Advances. Borrowers shall pay interest in advance on the unpaid principal amount of each Tranche A Advance from the date of such Advance until such Advance is paid in full, at a per annum rate of interest equal to the Prime Rate determined as of the date of such Advance plus one hundred twenty-five (125) basis points, based upon a year of 360 days and actual days elapsed.
Tranche A Advances. The Borrower shall repay to the Agent for the ratable account of the Tranche A Lenders the aggregate outstanding principal amount of the Tranche A Advances on the third anniversary of the Funding Date.
Tranche A Advances. The Borrower shall repay the outstanding principal amount of each Tranche A Advance on the Tranche A Maturity Date.
Tranche A Advances. Borrower acknowledges that Lender is obligated, whether or not an Event of Default exists under this Loan Agreement or any other Loan Documents, to pay to Lehm▇▇ ▇▇▇ payments Borrower is required to make pursuant to the Repurchase Agreement in the event of a failure by Borrower to make such payments. Such obligation of Lender shall remain in full force and effect, notwithstanding the occurrence or continuation of an Event of Default under this Loan Agreement or any other Loan Documents, until all indebtedness evidenced by the Note (including the obligations of Borrower under the Repurchase Agreement) shall have been paid in full and the Repurchase Agreement has been terminated. Borrower acknowledges that any such disbursements shall constitute an obligatory Advance of a portion of Tranche A under the Note (each such advance, a "Tranche A Advance"). In the event of such payments by Lender, a Tranche A Advance shall be made simultaneously with, and in the amount of such payment and Borrower shall commence paying interest on such Tranche A Advance as provided in the Note. Borrower further acknowledges and agrees that, except as set forth in this Section 2.5, Borrower shall have no right to request an Advance of Tranche A, and that the maximum aggregate amount of Tranche A Advances shall not exceed $64,500,000.00.