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.