Tranche B Term Commitment Clause Samples
The Tranche B Term Commitment clause defines the lender's obligation to provide a specific portion of a term loan, known as Tranche B, under a credit agreement. This clause typically outlines the maximum amount available, the conditions for drawing funds, and the timeline for disbursement. For example, it may specify that Tranche B is available for a set period and subject to certain financial covenants or milestones. Its core function is to clearly allocate and structure the lender's commitment, ensuring both parties understand the terms and limits of this particular loan tranche.
Tranche B Term Commitment. Subject to the terms and conditions hereof and in reliance upon the representations and warranties set forth herein, each Lender severally agrees to make available to the Borrower on the Closing Date such Lender's Tranche B Term Loan Percentage of a term loan in Dollars (the "Tranche B Term Loan") in the aggregate principal amount of ONE HUNDRED FIFTY MILLION DOLLARS ($150,000,000) (the "Tranche B Term Loan Committed Amount"). The full principal amount of the Tranche B Term Loan shall be disbursed on the Closing Date as a Base Rate Loan, and no portion of the Tranche B Term Loan shall consist of a Eurodollar Loan until the date which is 5 Business Days after the Closing Date. Thereafter, the Tranche B Term 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 five (5) Eurodollar Loans which are Tranche B Term 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 Term Loan may not be reborrowed.
Tranche B Term Commitment. Subject to the terms and conditions hereof and in reliance upon the representations and warranties set forth herein, each Tranche B Term Lender severally agrees to make available to the Borrower on the Closing Date such Lender's Tranche B Term Loan Commitment Percentage of a term loan in Dollars (the "Tranche B Term Loan") in the aggregate principal amount of SIXTY MILLION DOLLARS ($60,000,000) (the "Tranche B Term Loan Committed Amount") for the purposes hereinafter set forth. The Tranche B Term 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 10 Eurodollar 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 Term Loan may not be reborrowed.
Tranche B Term Commitment. On the terms and subject to the conditions of this Agreement (including Article IV), each Lender severally and for itself alone agrees to make a single term loan (relative to such Lender, its “Tranche B Term Loan”) on the Closing Date to the Borrower pursuant to, and in an aggregate principal amount equal to, its Tranche B Term Commitment. The commitment of each Lender described in this Section 2.1.2 is herein referred to as its “Tranche B Term Commitment” and shall be in the amount set forth on Schedule 1 to the Lender Addendum of such Lender as such Lender’s “Tranche B Term Commitment.”