Tranche B Loan Commitment Clause Samples
The Tranche B Loan Commitment clause defines the lender's obligation to provide a specific portion of the total loan, known as Tranche B, under the terms of a credit agreement. This clause typically outlines the maximum amount available for borrowing under Tranche B, the conditions that must be met before funds can be drawn, and the timeline for making such advances. By clearly delineating the terms and limits of this particular loan tranche, the clause ensures both parties understand the scope of the lender's commitment and helps manage expectations regarding the availability of funds.
Tranche B Loan Commitment. Subject to the terms and conditions hereof and in reliance upon the representations and warranties set forth herein each Tranche B Lender severally agrees to make available to the Borrower on the Fifth Amendment Effective Date such Tranche B Lender’s Commitment Percentage of a term loan in Dollars (the “Tranche B Loan”) in the aggregate principal amount of ONE HUNDRED AND THIRTY MILLION DOLLARS ($130,000,000) (the “Tranche B Loan Committed Amount”). The Tranche B Loan may consist of Base Rate Loans or Eurodollar Loans, or a combination thereof, as the Borrower may request; provided, however, that no more than 4 Eurodollar Loans which are Tranche B Loans shall be outstanding hereunder at any time (it being understood that, for purposes hereof, Eurodollar Loans with different Interest Periods shall be considered as separate Eurodollar Loans, even if they begin on the same date, although borrowings, extensions and conversions may, in accordance with the provisions hereof, be combined at the end of existing Interest Periods to constitute a new Eurodollar Loan with a single Interest Period). Amounts repaid on the Tranche B Loan may not be reborrowed.
Tranche B Loan Commitment. Subject to the terms and conditions hereof and in reliance upon the representations and warranties set forth herein each Lender with a Tranche B Loan Commitment on the Closing Date made available to the Borrower on the Closing Date such Lender’s Commitment Percentage of a term loan in Dollars (the “Initial Tranche B Loan”) in the aggregate principal amount of ONE HUNDRED TEN MILLION DOLLARS ($110,000,000) (the “Initial Tranche B Loan Committed Amount”). The aggregate outstanding principal amount of the Initial Tranche B Loan as of the First Amendment Effective Date is equal to ONE HUNDRED SEVEN MILLION TWO HUNDRED FIFTY THOUSAND DOLLARS ($107,250,000). Subject to the terms and conditions hereof and in reliance upon the representations and warranties set forth herein each Additional Tranche B Lender severally agrees to make available to the Borrower on the First Amendment Effective Date such Additional Tranche B Lender’s Additional Tranche B Loan Commitment Percentage of a term loan in Dollars (the “Additional Tranche B Loan”, together with the Initial Tranche B Loan, the “Tranche B Loan”) in the aggregate principal amount of SEVENTY SEVEN MILLION SEVEN HUNDRED FIFTY THOUSAND DOLLARS ($77,750,000) (the “Additional Tranche B Loan Committed Amount”, together with the Initial Tranche B Loan Committed Amount, the “Tranche B Loan Committed Amount”). The Tranche B Loan may consist of Base Rate Loans or Eurodollar Loans, or a combination thereof, as the Borrower may request; provided, however, that no more than six (6) Eurodollar Loans which are Tranche B Loans shall be outstanding hereunder at any time (it being understood that, for purposes hereof, Eurodollar Loans with different Interest Periods shall be considered as separate Eurodollar Loans, even if they begin on the same date, although borrowings, extensions and conversions may, in accordance with the provisions hereof, be combined at the end of existing Interest Periods to constitute a new Eurodollar Loan with a single Interest Period). Amounts prepaid or repaid on the Tranche B Loan may not be reborrowed.
Tranche B Loan Commitment. Each Lender agrees to make loans to the Borrower from time to time in an aggregate principal amount up to the Tranche B Commitment Amount (each a “Tranche B Advance” and collectively, the “Tranche B Loans”). The Credit Extensions under this Section 2.01(b) shall be made by the Lenders ratably in proportion to their respective Tranche B Percentages of the Tranche B Commitment.
Tranche B Loan Commitment. Lender agrees to make a loan to Purchaser on or before December 30, 1999 (the "Tranche B Loan") substantially on the terms and conditions set forth in Exhibit C, hereto, subject to (i) the Closing of the Tranche A Loan occurring, (ii) no Default or Event of Default having occurred with respect to the Tranche A Loan, (iii) GMAC shall be diligently pursuing completion of the Proposed GMAC Financing, to the reasonable satisfaction of Lender and (iv) documentation of the Tranche B Loan in form and substance reasonably satisfactory to Lender and its counsel.