Tranche C Term Loan Commitment Sample Clauses
The Tranche C Term Loan Commitment clause defines the lender's obligation to provide a specific portion of the overall loan, known as Tranche C, under the terms of a credit agreement. This clause typically outlines the maximum amount available for borrowing under Tranche C, the conditions that must be met before funds can be drawn, and the timeline for making such advances. By clearly specifying the lender's commitment and the borrower's rights regarding this particular tranche, the clause ensures both parties understand the scope and limitations of the financing, thereby reducing uncertainty and facilitating effective financial planning.
Tranche C Term Loan Commitment. (i) Each Tranche C Lender, severally and not jointly with the other Tranche C Lenders agrees, upon the terms and subject to the conditions herein set forth, to make available to the Borrower on the Effective Date term loans in an aggregate principal amount equal to such Tranche C Lender s Initial Tranche C Commitment (all such loans, collectively, the Initial Tranche C Loan ), in each case as provided in Section
4.01. The Initial Tranche C Commitment of each Tranche C Lender shall be reduced to zero upon the funding of the Initial Tranche C Loan on the Effective Date.
(ii) Each Tranche C Lender, severally and not jointly with the other Tranche C Lenders agrees, upon the terms and subject to the conditions herein set forth, to make available to the Borrower on the last day of the then Interest Period of the Initial Tranche C Loan term loans in an aggregate principal amount equal to such Tranche C Lender s Subsequent Tranche C Commitment (all such loans, collectively, the Subsequent Tranche C Loan ). The Subsequent Tranche C Commitment of each Tranche C Lender shall be reduced to zero on the earlier of (x) the funding date of the Subsequent Tranche C Loan and (y) June 9, 2008 (such date, the Subsequent Tranche C Commitment Termination Date ).
(iii) Each of the Initial Tranche C Loan and the Subsequent Tranche C Loan shall be made by the Tranche C Lenders pro rata in accordance with their respective Initial Tranche C Commitment or Subsequent Tranche C Commitment, as the case may be; provided, however, that the failure of any Tranche C Lender to make its Initial Tranche C Loan or Subsequent Tranche C Loan shall not in itself relieve the other Tranche C Lenders of their obligations to lend.
(iv) Once repaid, no Tranche C Loan may be reborrowed.
Tranche C Term Loan Commitment. (i) Each Tranche C Lender, severally and not jointly with the other Tranche C Lenders agrees, upon the satisfaction (or waiver) of the conditions set forth in Section 4.03 and upon the other terms and subject to the conditions herein set forth, to make available to the Borrower on the Closing Date term loans in an aggregate principal amount equal to such Tranche C Lender’s Tranche C Commitment (all such loans, collectively, the “Tranche C Loan”). Once repaid, the Tranche C Loan may not be reborrowed. The Tranche C Commitment of each Tranche C Lender shall be reduced to zero upon the funding of the Tranche C Loan on the Closing Date.
(i) The Tranche C Loan shall be made by the Tranche C Lenders pro rata in accordance with their respective Tranche C Commitment; provided, however, that the failure of any Tranche C Lender to make its Tranche C Loan shall not in itself relieve the other Tranche C Lenders of their obligations to lend.