Selection of Tranches Clause Samples
The 'Selection of Tranches' clause defines the process by which specific portions or segments (tranches) of a larger financial instrument, such as a loan or security, are chosen for particular treatment or allocation. This clause typically outlines the criteria, timing, and authority for selecting which tranches will be affected by certain actions, such as repayment, risk allocation, or distribution of proceeds. For example, it may specify that senior tranches are paid before junior tranches or detail how losses are absorbed across different tranches. The core function of this clause is to ensure transparency and fairness in the management and prioritization of different segments within a structured financial product, thereby reducing disputes and clarifying the order of operations.
Selection of Tranches. The applicable Borrowers may borrow from one or more Tranches selected by the Company, but each Committed Borrowing within a Tranche shall be made in a currency permitted under such Tranche of the same Type made simultaneously by all Lenders with a Commitment with respect to such Tranche ratably according to their Commitments with respect to such Tranche.
Selection of Tranches. Subject to the foregoing, the Borrower may borrow from either or both of the Dollar Tranche Term Loan and the Euro Tranche Term Loan as selected by the Borrower during the Availability Period for Term Loans, but the Borrowing under each Tranche shall be made in a currency permitted under such Tranche made simultaneously by all Term Lenders with respect to such Tranche and currency ratably according to their Commitments with respect to such Tranche. If the Borrower fails to draw any portion of the Term Loan on or prior to the end of the Availability Period for Term Loans, the Lenders’ Term Loan Commitment shall automatically terminate. If the Borrower elects to draw only one Tranche of the Term Loan, the Lenders’ Term Loan Commitment with respect to the other Tranche shall automatically terminate.
Selection of Tranches. The Agent shall, from time to time for purposes of computing Discount, divide the Aggregate Net Investment into Tranches, and the applicable Tranche Rate may be different for each Tranche. Gotham's Aggregate Net Investment shall be allocated to each Tranche by the Agent to reflect the funding sources therefor, so that:
(a) there will be one or more Tranches, selected by the Agent, reflecting the portion of the Aggregate Net Investment funded by outstanding Liquidity Loans; and
(b) there will be a Tranche equal to the excess of Aggregate Net Investment over the aggregate amounts allocated at such time pursuant to clause (a) above, which Tranche shall reflect the portion of the Aggregate Net Investment funded by Commercial Paper.