Incremental Tranche definition
Examples of Incremental Tranche in a sentence
No more than five increases in the aggregate for an Incremental Revolving Commitment or Incremental Tranche combined shall be permitted prior to the Maturity Date.
Any one or more Eligible Assignees may provide an Incremental Tranche with the consent of the Lead Borrower; provided, that any person other than an existing Term Lender or its Affiliates shall be subject to the approval of the Administrative Agent (such approval not to be unreasonably withheld, delayed or conditioned).
The Administrative Agent shall promptly notify the Borrowers and the Term Lenders of the final allocation of such increase or Incremental Tranche and the Term Increase Effective Date.
If the Term Loans are increased or an Incremental Tranche is added in accordance with this Section, the Administrative Agent and the Borrowers shall determine the effective date (the “Term Increase Effective Date”) and the final allocation of such increase.
Each prepayment of the outstanding Term Loans pursuant to this Section 2.05(a) shall be applied to the Term Facility and any Incremental Tranche, as the Borrowers may elect and, within such tranche, in direct order of maturity to the principal repayment installments thereof, (unless otherwise directed by the Lead Borrower), each such prepayment shall be paid to the Lenders in accordance with their respective Applicable Percentages in respect of each of the relevant Facilities.