Borrowing Tranches Sample Clauses
The 'Borrowing Tranches' clause defines how a borrower can access funds in separate portions, or tranches, under a loan agreement. Each tranche may have distinct terms, such as different interest rates, repayment schedules, or conditions for disbursement, and the borrower typically draws down funds as specific milestones are met or at agreed intervals. This structure allows for greater flexibility in financing, ensuring that funds are provided as needed and reducing the borrower's interest costs by only accruing interest on amounts actually drawn.
Borrowing Tranches. Lender’s determination of interest rates and any change therein will, in the absence of manifest error, be conclusive and binding upon all parties hereto. If at any time the designated rate applicable to any portion of the Loan made by Lender exceeds such Lender’s Maximum Legal Rate, the rate of interest on such Lender’s Loan is limited to such Lender’s Maximum Legal Rate. Borrower has the right to select from the following Interest Rate Options:
Borrowing Tranches. The net spread (the “Net Spread”) applicable for any Borrowing Tranche shall be as set forth in Schedule 3.2. With respect to the Extension Option, the Net Spread applicable for any Borrowing Tranche during such extension period shall be determined by Lender in its sole discretion and communicated to Borrower (provided, that Lender will communicate indicative (but not final) Net Spreads for such extension period to Borrower at least two (2) Business Days prior to the Scheduled Maturity Date). With respect to the expansion option set forth in Section 2.1.2, the Net Spread applicable for any Borrowing Tranche for such expanded amount of the Commitment shall be determined by Lender in its sole discretion and communicated to Borrower (provided, that Lender will communicate indicative (but not final) Net 48127372_10 Spreads for such expansion to Borrower at least two (2) Business Days prior to the Expansion Option Date and such Net Spread for such expanded amount of the Commitment shall be blended together with the Net Spread then in effect as determined by Lender, Lender and Borrower shall evidence any new or blended applicable Net Spread pursuant to this Section 2.4.6.2, by executing a confirmation substantially in the form attached hereto as Schedule 2.2.
Borrowing Tranches. After receipt by Lender of a Loan Request pursuant to SECTION ------- 2.5, and subject to the Sublimits of Section 2.5.1 and the provisions of SECTION --- ------- 5.2, Lender, relying on the truth and accuracy of the matters set forth in the --- Loan Request (but without any obligation to inquire into the truth and accuracy of such matters), shall fund the amount requested in such Loan Request to Borrower in U.S. Dollars and immediately available funds on the Borrowing Date. The Borrowing Date shall be the Business Day set forth in the Loan Request, provided that such date is at least two (2) but not more than five (5) Business Days after the date of the Loan Request. Lender shall fund the amounts requested in any Loan Request by 3:00 p.m. Eastern Time on the Borrowing Date.
Borrowing Tranches. 21 2.7. The Note................................................................ 21 2.8. Use of Proceeds......................................................... 22