Renewal Loan Replacement definition

Renewal Loan Replacement means a Renewal effected on or prior to the last day of the Revolving Period in which (a) the applicable Renewal Loan (including the amount of the related Renewal Loan Advance) is sold by the applicable Seller to the Depositor and the Depositor Loan Trustee for the benefit of the Depositor and transferred by the Depositor and the Depositor Loan Trustee for the benefit of the Depositor to the Issuer and the Issuer Loan Trustee for the benefit of the Issuer and (b) the existing Loan Agreement with respect to the applicable Terminated Loan is terminated and replaced, on the day such Renewal is effected; provided, however, that if the Revolving Period is reinstated following the occurrence of an Early Amortization Event as contemplated in the definition of “Revolving Period,” the capacity to effect Renewal Loan Replacements shall be reinstated as well (subject to termination upon any subsequent expiration or termination of the Revolving Period).
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Renewal Loan Replacement means a Renewal effected by the Servicer or any Subservicer on behalf of the Issuer, after the Closing Date and during the Revolving Period, subject to certain amendments to the ABL Facility, and so long as it is an Eligible Loan, in which (a) the applicable Renewal Loan (including the amount of the related Renewal Loan Advance) is sold by the Seller to the Depositor and conveyed by the Depositor to the Issuer and (b) the existing Contract with respect to the applicable Terminated Loan is terminated on the day such Renewal is effected.
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Examples of Renewal Loan Replacement in a sentence

  • Such assignment shall be effective as of the date such Renewal Loan Replacement is effected, which date shall also be the Addition Date with respect thereto.

  • Immediately upon effecting any such Renewal Loan Replacement, the Seller shall xxxx its electronic records with respect to the related Renewal Loan with the designation required by Section 2.01(c).

  • Immediately upon such Renewal Loan Replacement being effected, the Depositor shall xxxx its electronic records with respect to the related Renewal Loan with the designation required by Section 2.01(d).

  • During the Revolving Period, the Depositor hereby agrees to, and immediately upon any Renewal Loan Replacement being effected and without further action hereby does, sell, transfer, assign, sets-over and otherwise convey, automatically and without further action, all of its rights as described in Section 2.01 above to each such Renewal Loan (to the extent not previously conveyed) to the Issuer.

  • The Cut-Off Date with respect to the related Renewal Loan Replacement will be the date of such Renewal Loan Replacement.

  • Such assignment shall be effective as of the date such on the date on which a Renewal Loan Replacement is effected, which shall also be the Addition Date with respect to such Renewal Loan.

  • In connection with any Renewal that constitutes a Renewal Loan Replacement, such marking of the electronic records shall include recordation of the loan number for the Terminated Loan subject to such Renewal in the Renewal File for the Renewal Loan.

  • A Renewal Loan Replacement may occur on any Business Day during the Revolving Period and is not subject to the requirement that no Reinvestment Criteria Event will exist after giving effect to such Renewal Loan Replacement.

  • The Issuer does hereby authorize the Servicer and Subservicers on the Issuer’s behalf to effect Renewals of Loans and, with respect to each Renewal, to elect whether to effect a Renewal Loan Replacement or to elect to receive the Terminated Loan Price; provided, that, the Servicer shall not take any action that would cause the Depositor or the Issuer to violate the Indenture or the Sale and Servicing Agreement.

  • Notwithstanding the foregoing, no such acquisition of any Additional Loans (other than any Renewal Loans in connection with a Renewal Loan Replacement) by the Issuer hereunder shall occur on any Addition Date unless, on or prior to such Addition Date, the Depositor shall have delivered to the Issuer an Additional Loan Assignment and an Additional Loan Assignment Schedule with respect to such Additional Loans.

Related to Renewal Loan Replacement

  • Collateral Loan means a Senior Secured Loan, a Senior Secured Bond, a First Lien/Last Out Loan or a Second Lien Loan or a Participation Interest in any Senior Secured Loan, First Lien/Last Out Loan or Second Lien Loan that as of the date of acquisition by the Borrower meets each of the following criteria:

  • Additional Loan means the Eligible Loans evidenced by a Note or Notes sold from time to time during the Supplemental Purchase Period pursuant to an Additional Purchase Agreement and related documentation, together with any guaranties and other rights relating thereto including, without limitation, Interest Subsidy Payments and Special Allowance Payments.

  • Benchmark Replacement means, with respect to any Benchmark Transition Event, the first alternative set forth in the order below that can be determined by the Administrative Agent for the applicable Benchmark Replacement Date: