Class B Advances definition
Examples of Class B Advances in a sentence
Proceeds of the Class A Advances and the Class B Advances have been used only as permitted under Section 2.3. No part of the proceeds of the Class A Advances or the Class B Advances will be used directly or indirectly to purchase or carry Margin Stock, or to extend credit to others for the purpose of purchasing or carrying any Margin Stock, in violation of any of the provisions of Regulations T, U or X of the Board of Governors of the Federal Reserve System.
The Borrower will only use the proceeds of the Class A Advances and the Class B Advances as permitted under Section 2.3.
With respect to the Class B Advances, the Class A Lenders shall have funded the requested Class A Advances on such Funding Date.
The Trustee shall, or shall cause the Registrar, to record all Class B Advances and Class B Decreases such that the principal amount of the Class B Notes that are outstanding accurately reflects all such Class B Advances and Class B Decreases.
On any Business Day during the Revolving Period, the Issuer, subject to this Sub-Clause 2.2(b) (Class B Advances), may increase the Class B Principal Amount (such increase, including any increase resulting from a Class B Investor Group Maximum Principal Increase Amount, is referred to as an “Class B Advance”), by increasing the principal amounts of the Class B Notes allocated ratably by their respective Class B Commitment Percentages in accordance with Sub-Clause 2.2(b)(iv) (Class B Advance Allocations).
The Trustee shall, or shall cause the Registrar to, record all Class B Advances and Class B Decreases such that the principal amount of the Class B Notes that are outstanding accurately reflects all such Class B Advances and Class B Decreases.
For the avoidance of doubt, no Unused Fee shall be due in connection with an Optional Repayment by Borrowers of all Class B Advances Outstanding and the termination of the Class B facility.
With respect to any Class B Advances requested, the Borrower shall only request and is only permitted to request Class B-II Advances if the amount of outstanding Class B-I Advances is equal to the Class B-I Commitment.
The Commitment Termination Date shall not have occurred, nor shall it occur as a result of making such Advance, nor has the Availability Period ended (and, with respect to any requested Class B Advances, the Class B Availability Termination Date shall not have occurred).
The Class B Notes (i) can be funded by Class B Advances on any Class B Funding Date in a minimum amount of $250,000 and any higher amount (subject to the Class B Maximum Invested Amount), and (ii) subject to subsequent Class B Advances pursuant to this Section 2.11(a), are subject to prepayment in whole or in part, at the option of the Issuer as provided in Article X herein.