Revolving Credit Tranche definition
Examples of Revolving Credit Tranche in a sentence
Each Swing Line Loan shall be allocated on a pro rata basis to the 2018 Revolving Credit Tranche and the 2020 Revolving Credit Tranche based on the Revolving Credit Commitments thereunder.
The obligations of the Revolving Credit Lenders of the applicable Revolving Credit Tranche under this clause shall survive the payment in full of the Obligations and the termination of this Agreement.
Each Loan Notice delivered in connection with a Revolving Credit Borrowing and each notice delivered in connection with a prepayment or repayment of Revolving Credit Loans shall specify the amount of Revolving Credit Loans to be incurred, prepaid or repaid, as applicable, under the 2018 Revolving Credit Tranche and the 2020 Revolving Credit Tranche, respectively.
In such event, the payment of each Revolving Credit Lender under the applicable Revolving Credit Tranche to the Administrative Agent for the account of the relevant L/C Issuer pursuant to Section 2.03(c)(ii) shall be deemed payment in respect of its participation in such L/C Borrowing and shall constitute an L/C Advance from such Lender in satisfaction of its participation obligation under this Section 2.03.
Immediately upon the issuance of each Letter of Credit, each Revolving Credit Lender under the applicable Revolving Credit Tranche shall be deemed to, and hereby irrevocably and unconditionally agrees to, purchase from the relevant L/C Issuer a risk participation in such Letter of Credit in an amount equal to the product of such Revolving Credit Lender’s Applicable Percentage of the applicable Revolving Credit Tranche times the amount of such Letter of Credit.
For the avoidance of doubt, each Letter of Credit shall be issued, at the Borrower’s election, under either, but not both of, the 2018 Revolving Credit Tranche or the 2020 Revolving Tranche.
The Equivalent in Australian Dollars of the portion of the Facility Exposure with respect to the Australian Dollar Revolving Credit Tranche denominated in Australian Committed Currencies (other than Australian Dollars) plus the portion of the Facility Exposure with respect to the Australian Dollar Revolving Credit Tranche denominated in Australian Dollars shall not at any time exceed the aggregate Australian Dollar Revolving Credit Commitments.
Immediately upon the issuance of each Letter of Credit, each Revolving Credit Lender under the applicable Revolving Credit Tranche shall be deemed to, and hereby irrevocably and unconditionally agrees to, purchase from the relevant L/C Issuer a risk participation in such Letter of Credit in an amount equal to the product of such Revolving Credit Lender’s Applicable Percentage of the applicable Revolving Credit TranchePercentage times the amount of such Letter of Credit.
If the Borrower fails to so reimburse such L/C Issuer by such time, the Administrative Agent shall promptly notify each Revolving Credit Lender under the applicable Revolving Credit Tranche of the Honor Date, the amount of the unreimbursed drawing (the “Unreimbursed Amount”), and the amount of such Appropriate Lender’s Applicable Percentage under the applicable Revolving Credit Tranche thereof.
If the Borrower fails to so reimburse such L/C Issuer by such time, the Administrative Agent shall promptly notify each Revolving Credit Lender under the applicable Revolving Credit Tranche of the Honor Date, the amount of the unreimbursed drawing (the “Unreimbursed Amount”), and the amount of such Appropriate Lender’s Applicable Percentage under the applicable Revolving Credit TranchePercentage thereof.