Common use of Tranches Clause in Contracts

Tranches. Each Loan made by the Lenders in the same Lender Group on any Borrowing Date shall be allocated to one or more "Tranche Periods" as set forth in the definition of such term. Any portion of a Loan having one Tranche Period and one Rate Type and denominated in the same Approved Currency is referred to herein as a "Tranche". Either the Borrower or (following a Termination Event or an Incipient Termination Event) the Funding Agent for the applicable Lender Group may, upon notice to the other party received at least three Business Days prior to the last day of any Tranche Period in the case of the Borrower giving notice, or up to the last day of such Tranche Period in the case of the Funding Agent giving notice, either (i) divide any Tranche originating on such last day or having a Tranche Period ending on such last day into two or more Tranches having an aggregate Principal Balance equal to the Principal Balance of such divided Tranche, or (ii) combine any two or more Tranches originating on such last day or having Tranche Periods ending on such last day into a single Tranche having a Principal Balance equal to the aggregate of the Principal Balance of such Tranches; provided, however, that no Tranche owned by any Conduit Lender may be combined with a Tranche owned by any other Lender, a Tranche held by the Committed Lenders in any Lender Group may not be combined with any Tranche held by the Committed Lenders in any other Lender Group and a Tranche denominated in one Approved Currency may not be combined with a Tranche denominated in another Approved Currency.

Tranches. Each Loan made by the Lenders in the same Lender Group on any Incremental Borrowing Date shall be allocated to one or more "Tranche Periods" Periods as set forth in the definition of such termterm with one or more Rate Types as selected by the Servicer; provided that if any Funding Agent shall have determined that the CP Rate shall not apply to a given Loan (or portion thereof) at a time when no Facility Event is continuing, such Funding Agent shall so notify the Servicer and the Servicer may select whether interest shall be calculated by reference to the Eurodollar Rate or the Base Rate until such time as a Facility Event occurs or such Funding Agent determines (after consultation with the Servicer) that interest shall be calculated by reference to the CP Rate for such Loan (or portion). Any portion of a given Class A Loan or Class B Loan, as applicable, having one Tranche Period and one Rate Type and denominated in the same Approved Currency is referred to herein as a "“Tranche". Either the Borrower or (following a Termination Event or an Incipient Termination Event) the .” The Funding Agent for the applicable each Lender Group may, upon notice to (after consultation with the other party received at least three Business Days prior to the last day of any Tranche Period in the case of the Borrower giving notice, Servicer if a Facility Event has not occurred) or up to the last day of such Tranche Period in the case of the Funding Agent giving notice, for each Lender Group may either (ia) divide any Tranche originating on such last day or having a Tranche Period ending on such last day into two or more Tranches having an aggregate Principal Balance equal to the Principal Balance of such divided Tranche, Tranche or (iib) combine any two or more Tranches originating on such last day or having Tranche Periods ending on such last day into a single Tranche having a Principal Balance equal to the aggregate of the Principal Balance of such Tranches; provided, however, that no Tranche owned by any Conduit Lender may be combined with a Tranche owned by any other Lender, Lender and a Tranche held by the Committed Lenders in any Lender Group may not be combined with any Tranche held by the Committed Lenders in any other Lender Group and a Tranche denominated in one Approved Currency may not be combined with a Tranche denominated in another Approved CurrencyGroup.

Tranches. Each Loan Investment made by the Lenders Purchasers in the same Lender Purchaser Group on any Borrowing Investment Date shall be allocated to one or more "Tranche Periods" Periods as set forth in the definition of such termterm with one or more Rate Types as selected by the applicable Purchaser Agent. Any portion of a Loan an Investment having one Tranche Period and one Rate Type and denominated in the same Approved Currency is referred to herein as a "“Tranche"”. Either the Borrower Master Servicer (acting on behalf of the Seller) or (following a Facility Termination Event or an Incipient Termination Portfolio Event) the Funding Purchaser Agent for the applicable Lender each Purchaser Group may, upon notice to the other party received at least three four Business Days prior to the last day of any Tranche Period in the case of the Borrower Seller giving notice, or up to the last day of such Tranche Period in the case of the Funding Purchaser Agent giving notice, either (ia) divide any Tranche originating on such last day or having a Tranche Period ending on such last day into two or more Tranches having an aggregate Principal Balance Invested Amount equal to the Principal Balance Invested Amount of such divided Tranche, Tranche or (iib) combine any two or more Tranches originating on such last day or having Tranche Periods ending on such last day into a single Tranche having a Principal Balance an Invested Amount equal to the aggregate of the Principal Balance Invested Amount of such Tranches; provided, however, provided that no Tranche owned by any Conduit Lender Purchaser may be combined with a Tranche owned by 66 any other LenderPurchaser, a Tranche held by the Committed Lenders Purchasers in any Lender Purchaser Group may not be combined with any Tranche held by the Committed Lenders Purchasers in any other Lender Purchaser Group and a Tranche denominated in one Approved Currency may not be combined with a Tranche denominated in another Approved Currency.

Tranches. Each Loan Investment made by the Lenders Purchasers in the same Lender Purchaser Group on any Borrowing Investment Date shall be allocated to one or more "Tranche Periods" Periods as set forth in the definition of such termterm with one or more Rate Types as selected by the applicable Purchaser Agent. Any portion of a Loan an Investment having one Tranche Period and one Rate Type and denominated in the same Approved Currency is referred to herein as a "“Tranche"”. Either the Borrower Master Servicer (acting on behalf of the Seller) or (following a Facility Termination Event or an Incipient Termination Portfolio Event) the Funding Purchaser Agent for the applicable Lender each Purchaser Group may, upon notice to the other party received at least three four Business Days prior to the last day of any Tranche Period in the case of the Borrower Seller giving notice, or up to the last day of such Tranche Period in the case of the Funding Purchaser Agent giving notice, either (ia) divide any Tranche originating on such last day or having a Tranche Period ending on such last day into two or more Tranches having an aggregate Principal Balance Invested Amount equal to the Principal Balance Invested Amount of such divided Tranche, Tranche or (iib) combine any two or more Tranches originating on such last day or having Tranche Periods ending on such last day into a single Tranche having a Principal Balance an Invested Amount equal to the aggregate of the Principal Balance Invested Amount of such Tranches; provided, however, provided that no Tranche owned by any Conduit Lender Purchaser may be combined with a Tranche owned by any other LenderPurchaser, a Tranche held by the Committed Lenders Purchasers in any Lender Purchaser Group may not be combined with any Tranche held by the Committed Lenders Purchasers in any other Lender Purchaser Group and a Tranche denominated in one Approved Currency may not be combined with a Tranche denominated in another Approved Currency.