the First Tranche Loan definition
Examples of the First Tranche Loan in a sentence
The purpose of the First Tranche Loan was for the payment of the Final Dividend, or any other purpose as the Lender considers appropriate.
On 4 February 2020, the Borrower only drew the First Tranche Loan of RMB230,000,000 with the remaining Loan lapsed in accordance with the Loan Agreement.
As the First Tranche Loan falls under the scope of the Subordination Agreement, the First Tranche Loan would be required to be further extended under the Subordination Agreement.
Taking into the current financial conditions of the Company and the arrangement agreed with the Aetos Parties to resolve the outstanding payables pursuant to the Final Award, the Borrower and the Lender agreed to further extend the repayment date of the First Tranche Loan to enable the Company to repay the Aetos Parties in priority pursuant to the Subordination Agreement.
The Final Dividend was paid by the Company on 12 February 2020 and it was then the Company’s plan to obtain other additional financing and/or utilise its internal resources to fulfill the repayment obligations of the First Tranche Loan.
The Borrower may irrevocably request that the First Tranche Loan be made by delivering to the Lender a Loan Request on or before 10:00 a.m. New York time on a Business Day at least one Business Day prior to the proposed Closing Date.
The Final Dividend was paid by the Company on 12 February 2020 and it was then the Company’s plan to obtain other additional financing and/or utilise its internal resources to fulfill the repayment obligations of the First Tranche Loan under the aforementioned incidents together with the impact brought to the Group as a result of the outbreak of COVID-19 since the beginning of year 2020, have caused difficulties for the Group to obtain new financing.
On 9 June 2020, the Borrower and the Lender entered into the Second Extension Agreement in order to extend the repayment date of the First Tranche Loan to 31 March 2021 and revised the loan amount to the Revised Loan by taking into account the unpaid interests charged on the First Tranche Loan.
For purposes of this Section 2, the “Funding Date” shall mean the respective dates on which the Company receives the First Tranche Loan Amount, the Second Tranche Loan Amount and the Third Tranche Loan Amount.
On 11 March 2021, the Borrower and the Lender entered into the Third Extension Agreement in order to further extend the repayment date of the First Tranche Loan from 31 March 2021 (which was originally extended pursuant to the Second Extension Agreement) to 31 October 2021 and revised the loan amount to the Revised Loan by taking into account the unpaid interests charged on the First Tranche Loan.