Tranche E Clause Samples
The 'Tranche E' clause defines a specific segment or portion of a larger loan or financing arrangement, typically distinguished by unique terms such as interest rate, maturity date, or repayment schedule. In practice, Tranche E may refer to an additional layer of debt provided to a borrower, often subordinated to earlier tranches and possibly used for specific purposes like refinancing or funding additional projects. This clause allows lenders and borrowers to structure complex financing deals with tailored risk and repayment profiles, ensuring flexibility and clarity in large-scale financial transactions.
Tranche E. The Interest Periods relating to Advances under Tranche E will be of one (1), three (3) or six (6) months duration at the option of the Borrower (or such shorter period as is required in order for the Interest Periods of the Advances under Tranche E to end on the Scheduled First Repayment Date).
Tranche E. Subject to the terms and conditions of this Agreement, and conditioned on approval by the Lenders’ investment committee(s) in their sole and unfettered discretion, Parent, on behalf of Borrower, may, at any time from the Closing Date until June 1, 2025, request and Lenders will severally (and not jointly) make one or more additional Term Loan Advances in minimum increments of Twenty-Five Million Dollars ($25,000,000) (or if less, the remaining amount of Term Loan Advances available to be drawn pursuant to this Section 2.1(a)(v)) in an aggregate principal amount up to the Tranche E Commitments in accordance with their respective Tranche E Commitments (such Term Loan Advances, the “Tranche E Advances”). The Tranche A Advances, the Tranche B Advances, the Tranche C Advances, the Tranche D Advances and the Tranche E Advances are hereinafter referred to individually as a “Term Loan Advance” and collectively as the “Term Loan Advances”. The aggregate outstanding Term Loan Advances may be up to the Maximum Term Loan Amount, plus, for the avoidance of doubt, any amount equal to the Term Loan PIK Interest added to principal pursuant to Section 2.1(c)(ii). Each Term Loan Advance of each Lender shall not exceed its respective Term Commitment plus, for the avoidance of doubt, any amount equal to the Term Loan PIK Interest added to principal pursuant to Section 2.1(c)(ii). Except as otherwise set forth above, proceeds of any Term Loan Advance shall be deposited into an account that is subject to a first priority perfected security interest in favor of the Agent perfected by an Account Control Agreement.
Tranche E. (a) The Borrower may request the Advance under Tranche E during the Tranche E Availability Period, if the Lender receives not later than 11:00 a.m. on the fifth (5) Business Day prior to the Drawdown date, provided that:
(i) the conditions precedent under Clause 5.1 have been satisfied and being fulfilled to the Lender;
(ii) the Lender shall have received a duly completed Drawdown Notice in respect of each Drawdown on the fifth (5) Business Day prior to the Drawdown date; and
(iii) the written report showing the progress of the construction, duly signed by the engineer responsible for the project.
(iv) the Lender shall have received a written report showing the progress of the construction, duly certified by the engineer responsible, before each Drawdown.
(b) Any remaining sum under Tranche E undrawn at the expiry of Tranche E Availability Period shall be no longer available for any further Drawdown.
Tranche E. Except as otherwise agreed by the Lender, the Borrower shall reduce the Indebtedness under Tranche E by repayment to Lender in 78 monthly installments as follows The first repayment date shall be made on the following month after the end of grace period.
Tranche E. (i) the Vessel E Contract Assignment Consent and Acknowledgement, and the Refund Guarantee Consent and Acknowledgement with respect to the Vessel E Contract;
(ii) evidence that the Refund Guarantee under Vessel E Contract has been issued in form and substance acceptable to the Bank and, if in letter form, received in original by the Bank and no default having occurred under such Refund Guarantee;
(iii) duly certified copy of the Vessel E Contract and no default having occurred under the Vessel E Contract;
(iv) evidence that all sums payable by LAKEVIEW under the Vessel E Contract have been paid in full, and/or will be available with the Bank for payment.