Common use of Tranches Clause in Contracts

Tranches. Each Investment made by the Purchasers in the same Purchaser Group on any Investment Date shall be allocated to one or more Tranche Periods as set forth in the definition of such term with one or more Rate Types as selected by the applicable Purchaser Agent. Any portion of an Investment having one Tranche Period and one Rate Type and denominated in the same Approved Currency is referred to herein as a “Tranche”. Either the Master Servicer (acting on behalf of the Seller) or (following a Facility Termination Event or Portfolio Event) the Purchaser Agent for each Purchaser Group may, upon notice to the other party received at least four Business Days prior to the last day of any Tranche Period in the case of the Seller giving notice, or up to the last day of such Tranche Period in the case of the Purchaser Agent giving notice, either (a) divide any Tranche originating on such last day or having a Tranche Period ending on such last day into two or more Tranches having an aggregate Invested Amount equal to the Invested Amount of such divided Tranche or (b) combine any two or more Tranches originating on such last day or having Tranche Periods ending on such last day into a single Tranche having an Invested Amount equal to the aggregate of the Invested Amount of such Tranches; provided that no Tranche owned by any Conduit Purchaser may be combined with a Tranche owned by any other Purchaser, a Tranche held by the Committed Purchasers in any Purchaser Group may not be combined with any Tranche held by the Committed Purchasers in any other Purchaser Group and a Tranche denominated in one Approved Currency may not be combined with a Tranche denominated in another Approved Currency.

Tranches. Each Investment Loan made by the Purchasers Lenders in the same Purchaser Lender Group on any Investment Borrowing Date shall be allocated to one or more "Tranche Periods Periods" as set forth in the definition of such term with one or more Rate Types as selected by the applicable Purchaser Agentterm. Any portion of an Investment a Loan having one Tranche Period and one Rate Type and denominated in the same Approved Currency is referred to herein as a “"Tranche”". Either the Master Servicer (acting on behalf of the Seller) Borrower or (following a Facility Termination Event or Portfolio an Incipient Termination Event) the Purchaser Funding Agent for each Purchaser the applicable Lender Group may, upon notice to the other party received at least four three Business Days prior to the last day of any Tranche Period in the case of the Seller Borrower giving notice, or up to the last day of such Tranche Period in the case of the Purchaser Funding Agent giving notice, either (ai) divide any Tranche originating on such last day or having a Tranche Period ending on such last day into two or more Tranches having an aggregate Invested Amount Principal Balance equal to the Invested Amount Principal Balance of such divided Tranche Tranche, or (bii) combine any two or more Tranches originating on such last day or having Tranche Periods ending on such last day into a single Tranche having an Invested Amount a Principal Balance equal to the aggregate of the Invested Amount Principal Balance of such Tranches; provided provided, however, that no Tranche owned by any Conduit Purchaser Lender may be combined with a Tranche owned by any other PurchaserLender, a Tranche held by the Committed Purchasers Lenders in any Purchaser Lender Group may not be combined with any Tranche held by the Committed Purchasers Lenders in any other Purchaser Lender Group and a Tranche denominated in one Approved Currency may not be combined with a Tranche denominated in another Approved Currency.

Tranches. Each Investment Loan made by the Purchasers Lenders in the same Purchaser Lender Group on any Investment Incremental Borrowing Date shall be allocated to one or more Tranche Periods as set forth in the definition of such term with one or more Rate Types as selected by the applicable Purchaser AgentServicer; provided that if any Funding Agent shall have determined that the CP Rate shall not apply to a given Loan (or portion thereof) at a time when no Facility Event is continuing, such Funding Agent shall so notify the Servicer and the Servicer may select whether interest shall be calculated by reference to the Eurodollar Rate or the Base Rate until such time as a Facility Event occurs or such Funding Agent determines (after consultation with the Servicer) that interest shall be calculated by reference to the CP Rate for such Loan (or portion). Any portion of an Investment a given Class A Loan or Class B Loan, as applicable, having one Tranche Period and one Rate Type and denominated in the same Approved Currency is referred to herein as a “Tranche”. Either the Master Servicer (acting on behalf of the Seller) or (following a Facility Termination Event or Portfolio Event) the Purchaser .” The Funding Agent for each Purchaser Lender Group may, upon notice to (after consultation with the other party received at least four Business Days prior to the last day of any Tranche Period in the case of the Seller giving notice, Servicer if a Facility Event has not occurred) or up to the last day of such Tranche Period in the case of the Purchaser Funding Agent giving notice, for each Lender Group may either (a) divide any Tranche originating on such last day or having a Tranche Period ending on such last day into two or more Tranches having an aggregate Invested Amount Principal Balance equal to the Invested Amount Principal Balance of such divided Tranche or (b) combine any two or more Tranches originating on such last day or having Tranche Periods ending on such last day into a single Tranche having an Invested Amount a Principal Balance equal to the aggregate of the Invested Amount Principal Balance of such Tranches; provided provided, however, that no Tranche owned by any Conduit Purchaser Lender may be combined with a Tranche owned by any other Purchaser, Lender and a Tranche held by the Committed Purchasers Lenders in any Purchaser Lender Group may not be combined with any Tranche held by the Committed Purchasers Lenders in any other Purchaser Group and a Tranche denominated in one Approved Currency may not be combined with a Tranche denominated in another Approved CurrencyLender Group.

Tranches. Each Investment Loan made by the Purchasers Lenders in the same Purchaser Lender Group on any Investment Borrowing Date shall be allocated to one or more "Tranche Periods Periods" as set forth in the definition of such term with one or more Rate Types as selected by the applicable Purchaser Agentterm. Any portion of an Investment a Loan having one Tranche Period and one Rate Type and denominated in the same Approved Currency is referred to herein as a “"Tranche”". Either the Master Servicer (acting on behalf of the Seller) Borrower or (following a Facility Termination Event or Portfolio an Incipient Termination Event) the Purchaser Funding Agent for each Purchaser the applicable Lender Group may, upon notice to the other party received at least four three Business Days prior to the last day of any Tranche Period in the case of the Seller Borrower giving notice, or up to the last day of such Tranche Period in the case of the Purchaser Funding Agent giving notice, either (ai) divide any Tranche originating on such last day or having a Tranche Period ending on such last day into two or more Tranches having an aggregate Invested Amount Principal Balance equal to the Invested Amount Principal Balance of such divided Tranche Tranche, or (bii) combine any two or more Tranches originating on such last day or having Tranche Periods ending on such last day into a single Tranche having an Invested Amount a Principal Balance equal to the aggregate of the Invested Amount Principal Balance of such Tranches; provided provided, however, that no Tranche owned by any Conduit Purchaser Lender may be combined with a Tranche owned by any other Purchaser, Lender and a Tranche held by the Committed Purchasers Lenders in any Purchaser Lender Group may not be combined with any Tranche held by the Committed Purchasers Lenders in any other Purchaser Group and a Tranche denominated in one Approved Currency may not be combined with a Tranche denominated in another Approved CurrencyLender Group.