...or reinstate or else, (due to the absence of a request from the Borrowers),

English translation: question of getting the parsing right

14:46 Feb 6, 2018
English to English translations [PRO]
Bus/Financial - Law: Contract(s) / Term loan agreement
English term or phrase: ...or reinstate or else, (due to the absence of a request from the Borrowers),
The general context is a term loan agreement and, more particularly, cases of Mandatory Prepayment (by the Borrowers) of the term loan facility.

As you may know, term loans are usually granted to businesses for the financing of equipment, real estate or working capital.

One of the cases of mandatory prepayment in this loan agreement is indemnification for insured property damage losses received by the Borrowers (i.e. certain amount of the insurance compensation must be allocated to the prepayment of the loan).

My question: it is unclear to me what is meant by "OR ELSE" followed by "(DUE TO THE ABSENCE OF A REQUEST FROM THE BORROWERS)" in the sentence below. I have capitalized the 'bits' whose meaning I am unsure about.

If the amount of the indemnification received under the Insurance Agreements for property damage losses is equal to or exceeds EURO XXX XXX, Borrowers shall request the authorisation of the Lenders to carry out any replacement or reinstatement of the damaged assets. In this sense, if upon a Majority Lenders decision the Lenders deny their authorisation to the request of the Borrowers to replace or reinstate OR ELSE, (DUE TO THE ABSENCE OF A REQUEST FROM THE BORROWERS), the Borrowers shall be obliged to make a prepayment of the Term Loan Facility for the entire amount of the indemnification...

What does "OR ELSE" mean, in conjunction with "DUE TO THE ABSENCE OF A REQUEST..."?
Is it possible that "OR ELSE" refers to "or for any other reason Borrowers have not received the Lenders' authorization", and, correspondingly, "DUE TO THE ABSENCE OF A REQUEST FROM THE BORROWERS," is an specification of a reason why Borrowers may lack such mandatory authorization, i.e. because they did not request it in the first place?

Many thanks in advance for your help!
Rebeca Martín Lorenzo
Spain
Local time: 04:52
English translation:question of getting the parsing right
Explanation:
If the amount of the indemnification received under the Insurance Agreements for property damage losses is equal to or exceeds EURO XXX XXX, Borrowers shall request the authorisation of the Lenders to carry out any replacement or reinstatement of the damaged assets.

In this sense,
if

[case A]

upon a Majority Lenders decision
the Lenders deny their authorisation to
the request of the Borrowers to replace or reinstate


OR ELSE,

[case B]

(DUE TO THE ABSENCE OF A REQUEST FROM THE BORROWERS),


the Borrowers shall be obliged to make a prepayment of the Term Loan Facility for the entire amount of the indemnification...

IOW
"or reinstate" is part of one fragment of this sentence, and then
"or else" is the link with the next fragment of this sentence,
where these two fragments describe two cases when the "indemnification" has to passed to the Lenders.


REPHRASED FOR CLARITY:

IF

[case A] occurred:

by "a Majority of Lenders" Lenders decide to
deny their authorisation to
the request of the Borrowers to replace or reinstate
(the previously mentioned "replacement or reinstatement of the damaged assets.")

OR IF

[case B] occurred:

the Borrowers didn't made a all a request
to use the insurance money ("the amount of the indemnification")
to replace or reinstate the damaged assets."

THEN

the Borrowers shall be obliged to make a prepayment of the Term Loan Facility for the entire amount of the indemnification
(=all of the received "indemnification" should be passed to the Lenders in the form of "a prepayment of the Term Loan Facility")



--------------------------------------------------
Note added at 1 hr (2018-02-06 15:49:02 GMT)
--------------------------------------------------

... has to be passed to the Lenders.
Selected response from:

Daryo
United Kingdom
Local time: 03:52
Grading comment
Thank you!
4 KudoZ points were awarded for this answer



Summary of answers provided
5question of getting the parsing right
Daryo


Discussion entries: 10





  

Answers


1 hr   confidence: Answerer confidence 5/5
...or else, (due to the absence of a request from the borrowers),
question of getting the parsing right


Explanation:
If the amount of the indemnification received under the Insurance Agreements for property damage losses is equal to or exceeds EURO XXX XXX, Borrowers shall request the authorisation of the Lenders to carry out any replacement or reinstatement of the damaged assets.

In this sense,
if

[case A]

upon a Majority Lenders decision
the Lenders deny their authorisation to
the request of the Borrowers to replace or reinstate


OR ELSE,

[case B]

(DUE TO THE ABSENCE OF A REQUEST FROM THE BORROWERS),


the Borrowers shall be obliged to make a prepayment of the Term Loan Facility for the entire amount of the indemnification...

IOW
"or reinstate" is part of one fragment of this sentence, and then
"or else" is the link with the next fragment of this sentence,
where these two fragments describe two cases when the "indemnification" has to passed to the Lenders.


REPHRASED FOR CLARITY:

IF

[case A] occurred:

by "a Majority of Lenders" Lenders decide to
deny their authorisation to
the request of the Borrowers to replace or reinstate
(the previously mentioned "replacement or reinstatement of the damaged assets.")

OR IF

[case B] occurred:

the Borrowers didn't made a all a request
to use the insurance money ("the amount of the indemnification")
to replace or reinstate the damaged assets."

THEN

the Borrowers shall be obliged to make a prepayment of the Term Loan Facility for the entire amount of the indemnification
(=all of the received "indemnification" should be passed to the Lenders in the form of "a prepayment of the Term Loan Facility")



--------------------------------------------------
Note added at 1 hr (2018-02-06 15:49:02 GMT)
--------------------------------------------------

... has to be passed to the Lenders.

Daryo
United Kingdom
Local time: 03:52
Does not meet criteria
Specializes in field
Native speaker of: Native in SerbianSerbian, Native in FrenchFrench
PRO pts in category: 12
Grading comment
Thank you!
Login to enter a peer comment (or grade)



Login or register (free and only takes a few minutes) to participate in this question.

You will also have access to many other tools and opportunities designed for those who have language-related jobs (or are passionate about them). Participation is free and the site has a strict confidentiality policy.

KudoZ™ translation help

The KudoZ network provides a framework for translators and others to assist each other with translations or explanations of terms and short phrases.


See also:

Your current localization setting

English

Select a language

Term search
  • All of ProZ.com
  • Term search
  • Jobs
  • Forums
  • Multiple search