Stretch Loan definition

Stretch Loan means any advance under a Portfolio Loan or Purchased Participation or portion thereof where the advance rates used to determine the borrowing base exceed the concentration limits and advance rates set forth in clause (n)(ii) of the definition of Preliminary Eligible Portfolio Loan or where such advance is secured by Portfolio Loan Collateral but the amount of such advance is not determined in accordance with a collateral advance rate.
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Examples of Stretch Loan in a sentence

  • Upon transfer of any Purchased Stretch Loan to the Lenders pursuant to Section 1(a) of the Loan Purchase Agreement, the amount of the Purchased Stretch Loan, plus all accrued and unpaid interest thereon, shall be deemed discharged under the First Lien Credit Agreement and automatically converted to a Term Loan hereunder and the Borrower Parties shall be obligated to repay the Term Loan in accordance with the terms hereof.

  • Purchasers agree that no loans, fees or other amount shall be owing under the Reimbursement and Credit Agreement unless and until the Stretch Loan is purchased hereunder pursuant to a Stretch Loan Put Notice.

  • The Borrowers may not terminate this Agreement except until after the purchase of the Stretch Loan under the Loan Purchase Agreement and upon the payment in full of the aggregate principal amount of the Term Loan outstanding, together with accrued interest thereon.

  • When the Purchased Stretch Loan is purchased under the Loan Purchase Agreement, the aggregate amount so purchased shall automatically and without any action on the part of any Person, be deemed to be converted into a Term Loan from the Lenders to the Borrower Parties (as defined in the recitals hereto).

  • The Drawdown Fee shall be earned and payable in cash simultaneously with the purchase of the Purchased Stretch Loan.

Related to Stretch Loan

  • Total Loans at any time, the aggregate principal amount of the Loans of the Lenders outstanding at such time (after converting the outstanding principal amount of any Loans denominated in the Optional Currency into the Dollar Equivalent thereof at such time).

  • or "Loans means and includes without limitation any and all commercial loans and financial accommodations from Lender to Borrower, whether now or hereafter existing, and however evidenced, including without limitation those loans and financial accommodations described herein or described on any exhibit or schedule attached to this Agreement from time to time.

  • Unitranche Loan means a Bank Loan that is a First Lien Bank Loan, a portion of which is, in effect, subject to superpriority rights of other lenders following an event of default (such portion, a “second out” portion). The Borrower’s investment in the second out portion shall be treated as a Unitranche Loan for purposes of determining the applicable Advance Rate for such Portfolio Investment under the Facility.

  • Permitted Advance means an advance of funds by the Assuming Bank with respect to a Shared-Loss Loan, or the making of a legally binding commitment by the Assuming Bank to advance funds with respect to a Shared-Loss Loan, that (i) in the case of such an advance, is actually made, and, in the case of such a commitment, is made and all of the proceeds thereof actually advanced, within one (1) year after the Commencement Date, (ii) does not cause the sum of (A) the book value of such Shared-Loss Loan as reflected on the Accounting Records of the Assuming Bank after any such advance has been made by the Assuming Bank plus (B) the unfunded amount of any such commitment made by the Assuming Bank related thereto, to exceed 110% of the Book Value of such Shared-Loss Loan, (iii) is not made with respect to a Shared-Loss Loan with respect to which (A) there exists a related Shared-Loss Loan Commitment or (B) the Assuming Bank has taken a Charge-Off and (iv) is made in good faith, is supported at the time it is made by documentation in the Credit Files and conforms to and is in accordance with the applicable requirements set forth in Article III of this Commercial Shared- Loss Agreement and with the then effective written internal credit policy guidelines of the Assuming Bank; provided, that the limitations in subparagraphs (i), (ii) and (iii) of this definition shall not apply to any such action (other than to an advance or commitment related to the remediation, storage or final disposal of any hazardous or toxic substance, pollutant or contaminant) that is taken by Assuming Bank in its reasonable discretion to preserve or secure the value of the collateral for such Shared-Loss Loan.

  • SOFR Loan means a Loan that bears interest at a rate based on Adjusted Term SOFR, other than pursuant to clause (c) of the definition of “Base Rate”.