Tranche 1 Borrowing definition

Tranche 1 Borrowing means a borrowing consisting of simultaneous Tranche 1 Loans of the same Type and, in the case of Eurocurrency Rate Loans, having the same Interest Period made by each of the Tranche 1 Lenders pursuant to Section 2.01(a).

AI-Powered Contracts

Draft, Review & Redline at the Speed of AI

Tranche 1 Borrowing means a borrowing consisting of simultaneous Tranche 1 Loans of the same Type, in the same currency and, in the case of Eurocurrency RateTerm SOFR Loans or Alternative Currency Term Rate Loans, having the same Interest Period made by each of the Tranche 1 Lenders pursuant to Section 2.01(a). “Tranche 1 Commitment” means, as to each Tranche 1 Lender, its obligation to (a) make Tranche 1 Loans to the Borrowers pursuant to Section 2.01(a), (b) purchase participations in L/C Obligations, and (c) purchase participations in Swing Line Loans, in an aggregate principal amount at any one time outstanding not to exceed the Dollar amount set forth opposite such Tranche 1 Lender’s name on Schedule 2.01 or in the Assignment and Assumption pursuant to which such Tranche 1 Lender becomes a party hereto, as applicable, as such amount may be adjusted from time to time in accordance with this Agreement. “Tranche 1 Facility Fee” has the meaning specified in Section 2.09(a)(i). “Tranche 1 Lender” means a Lender with a Tranche 1 Commitment, holding Tranche 1 Loans or holding participations in any L/C Obligations or Swing Line Loans and, as the context requires, includes a Tranche 1 Lender in its capacity as an L/C Issuer, as a Swing Line Dollar Lender or a Swing Line Euro Lender, as applicable. “Tranche 1 Loan” has the meaning specified in Section 2.01(a). “Tranche 2” means the Tranche 2 Commitments. “Tranche 2 Borrowing” means a borrowing consisting of simultaneous Tranche 2 Loans of the same Type, in the same currency and, in the case of Eurocurrency RateTerm SOFR Loans or Alternative Currency Term Rate Loans, having the same Interest Period made by each of the Tranche 2 Lenders pursuant to Section 2.01(b). “Tranche 2 Commitment” means, as to each Tranche 2 Lender, its obligation to make Tranche 2 Loans to the Borrowers pursuant to Section 2.01(b) in an aggregate principal amount at any one time outstanding not to exceed the Dollar amount set forth opposite such Tranche 2 Lender’s name on Schedule 2.01 or in the Assignment and Assumption pursuant to which such Tranche 2 Lender becomes a party hereto, as applicable, as such amount may be adjusted from time to time in accordance with this Agreement. “Tranche 2 Facility Fee” has the meaning specified in Section 2.09(a)(ii). “Tranche 2 Lender” means a Lender with a Tranche 2 Commitment or holding Tranche 2 Loans. “Tranche 2 Loan” has the meaning specified in Section 2.01(b). “Transaction Agreements” has the meaning specified in ...

Examples of Tranche 1 Borrowing in a sentence

If such Tranche 1 Lender pays such amount (with interest and fees as aforesaid), the amount so paid shall constitute such Tranche 1 Lender’s Tranche 1 Loan included in the relevant Tranche 1 Borrowing or funded participation in the relevant Swing Line Loan, as the case may be.
If such Tranche 1 Lender pays such amount (with interest and fees as aforesaid), the amount so paid shall constitute such Tranche 1 Lender’s Tranche 1 Loan included in the relevant Tranche 1 Borrowing or L/C Advance in respect of the relevant L/C Borrowing, as the case may be.
Borrowings also may be classified and referred to by Class (e.g., a "Tranche 1 Borrowing") or by Type (e.g., a "LIBOR Borrowing") or by Class and Type (e.g., a "Tranche 1 LIBOR Borrowing").
In such event, the Company shall be deemed to have requested a Tranche 1 Borrowing of Base Rate Loans to be disbursed on the Honor Date in an amount equal to the Unreimbursed Amount, without regard to the minimum and multiples specified in Section 2.02 for the principal amount of Base Rate Loans, but subject to the amount of the unutilized portion of the Aggregate Tranche 1 Commitments and the conditions set forth in Section 4.02 (other than the delivery of a Committed Loan Notice).
On the Tranche 1 Borrowing Date, the Borrower shall pay to the Agent (for the pro rata benefit of the Lenders) a fee equal to two million five hundred thousand dollars ($2,500,000) (the “Upfront Fee”).
The Tranche 1 Borrowing Date shall have occurred on or before August 13, 2021.
The obligation of each Lender to make its Tranche 2 Loan on the Tranche 2 Borrowing Date shall be subject to the prior making of the Tranche 1 Loan on the Tranche 1 Borrowing Date, the delivery of a Borrowing Notice as required pursuant to Section 2.02 and the prior or concurrent satisfaction (or waiver thereof by the Agent) of each of the conditions precedent set forth below in this Section 6.02.
Upon receipt of such notice, the Company may revoke any pending request for a Borrowing of, conversion to or continuation of Eurocurrency Rate Loans in the affected currency or currencies or, failing that, will be deemed to have converted such request into a request for a Tranche 1 Borrowing of Base Rate Loans in the amount specified therein.
The Agent shall have received a solvency certificate substantially in the form of Exhibit I, duly executed and delivered by the chief financial or accounting Responsible Officer of the Borrower, dated as of the Tranche 1 Borrowing Date, in form and substance reasonably satisfactory to the Agent.
In such event, the Company shall be deemed to have requested a Tranche 1 Borrowing of Base Rate Loans to be disbursed on the Honor Date in an amount equal to the Unreimbursed Amount, without regard to the minimum and multiples specified in Section 2.01 for the principal amount of Base Rate Loans, but subject to the amount of the unutilized portion of the Aggregate Tranche 1 Commitments and the conditions set forth in Section 4.02 (other than the delivery of a Tranche 1 Loan Notice).

More Definitions of Tranche 1 Borrowing

Tranche 1 Borrowing means a borrowing consisting of simultaneous Tranche 1 Loans of the same Type, in the same currency and, in the case of Eurocurrency Rate Loans, having the same Interest Period made by each of the Tranche 1 Lenders pursuant to Section 2.01(a). “Tranche 1 Commitment” means, as to each Tranche 1 Lender, its obligation to (a) make Tranche 1 Loans to the Borrowers pursuant to Section 2.01(a), (b) purchase participations in L/C Obligations, and (c) purchase participations in Swing Line Loans, in an aggregate principal amount at any one time outstanding not to exceed the Dollar amount set forth opposite such Tranche 1 Lender’s name on Schedule 2.01 or in the Assignment and Assumption pursuant to which such Tranche 1 Lender becomes a party hereto, as applicable, as such amount may be adjusted from time to time in accordance with this Agreement. “Tranche 1 Lender” means a Lender with a Tranche 1 Commitment, holding Tranche 1 Loans or holding participations in any L/C Obligations or Swing Line Loans and, as the context requires, includes a Tranche 1 Lender in its capacity as an L/C Issuer and (in the case of Bank of America) as Swing Line Dollar Lender and Swing Line Lender and (in the case of each of Bank of America and Citibank, N.A.) as Swing Line Euro Lender and Swing Line Lender. “Tranche 1 Loan” has the meaning specified in Section 2.01(a). “Tranche 2” means the Tranche 2 Commitments. 32

Tranche 1 Borrowing means a borrowing consisting of Tranche 1 Loans made on the same day by the Lenders in accordance with their respective Proportionate Share of the Commitment in an aggregate principal amount of $35,000,000. “Tranche 1 Loan” means each loan advanced by a Lender pursuant to Section 2.01(a) as part of a Tranche 1 Borrowing. “Tranche 2 Borrowing” means a borrowing consisting of Tranche 2 Loans made on the same day by the Lenders in accordance with their respective Proportionate Share of the Commitment in an aggregate principal amount of $15,000,000. “Tranche 2 Loan” means each loan advanced by a Lender pursuant to Section 2.01(a) as part of a Tranche 2 Borrowing. “Tranche 3 Borrowing” means a borrowing consisting of Tranche 3 Loans made on the same day by the Lenders in accordance with their respective Proportionate Share of the Commitment in an aggregate principal amount of $25,000,000. “Tranche 3 Loan” means each loan advanced by a Lender pursuant to Section 2.01(a) as part of a Tranche 3 Borrowing. “Transactions” means the execution, delivery and performance by each Obligor of this Agreement and the other Loan Documents to which such Obligor is intended to be a party, and the Borrowings (and the use of the proceeds of the Loans), the consummation of the purchase and sale of the Shares in connection with the exercise of the Share Purchase Option under and in accordance with the Option Agreement and the consummation of the other transactions contemplated by this Agreement and the other Loan Documents. “UCC” means the Uniform Commercial Code in effect in the State of New York; provided, however, that in the event that, by reason of mandatory provisions of Law, any or all of the attachment, perfection, or priority of, or remedies with respect to the Administrative Agent’s Lien on any Collateral is governed by the Uniform Commercial Code in effect in a jurisdiction other than the State of New York, the term “UCC” shall mean the Uniform Commercial Code as enacted and in effect in such other jurisdiction solely for purposes of the provisions thereof relating to such attachment, perfection, priority or remedies, and for purposes of definitions relating to such provisions. “U.S. Government Securities Business Day” means any day except for (a) a Saturday, (b) a Sunday or (c) a day on which the Securities Industry and Financial Markets Association recommends that the fixed income departments of its members be closed for the entire day for purposes of trading in United...