Funded Participations definition

Funded Participations any participations in Swing Line Loans or Local Currency Loans that have actually been funded by a Lender pursuant to Section 2.5(c), 3.3(b) or 3.3(c), as applicable, and have not been repaid or converted into Loans.
View Source
Funded Participations has the meaning assigned to such term in Section 2.16(c).
View Source

Examples of Funded Participations in a sentence

  • For the purposes of the Interest Act (Canada), any amount of interest or fees calculated on the Facility Commitment or the Canadian Funded Participations using 360, 365 or 366 days per year and expressed as an annual rate is equal to the said rate of interest or fees multiplied by the actual number of days comprised within the calendar year, divided by 360, 365 or 366, as the case may be.

  • The parties agree that all interest with respect to the Facility Commitment or the Canadian Funded Participations accruing under this Agreement will be calculated using the nominal rate method and not the effective rate method, and that the deemed re-investment principle shall not apply to such calculations.

  • In the event that Canadian LIBOR is not determinable by the Servicer or it becomes impossible or illegal for the Servicer to calculate interest on the Canadian Funded Participations based upon Canadian LIBOR, the parties agree that in such event that interest on the Canadian Funded Participations shall bear interest at a rate per annum equal to the Canadian Prime Rate plus a mutually agreed upon spread based upon current market conditions.

  • In the event that LIBOR is not determinable by the Servicer or it becomes impossible or illegal for the Servicer to calculate interest on the US Funded Participations based upon LIBOR, the parties agree that in such event that interest on the US Funded Participations shall bear interest at a rate per annum equal to the Prime Rate plus a mutually agreed upon spread based upon current market conditions.

  • Upon the Sponsor’s receipt of notice of the commencement of a Benchmark Unavailability Period, any Funded Participations shall bear interest as set forth in Section 2.5(d)(i) or 2.5(d)(ii), as applicable.

  • In the event that Term SOFR is not determinable by the Servicer or it becomes impossible or illegal for the Servicer to calculate interest on the US Funded Participations based upon Term SOFR, the parties agree that in such event that interest on the US Funded Participations shall bear interest at a rate per annum equal to the Prime Rate plus a mutually agreed upon spread based upon current market conditions.

  • Further, to effect the foregoing, each Participant agrees to make cash settlements in respect of any outstanding Funded Participations, either directly or through the Servicer, as the Servicer may direct or approve, such that after giving effect to this Amendment, each Participant holds Funded Participations equal to its Pro Rata Share (based on the Participating Commitment of each Participant as set forth on Schedule 1.1(b) attached hereto).