Tranche B Loan Sample Clauses
The Tranche B Loan clause defines a specific portion of a larger loan facility, typically distinguished by its own terms, interest rates, and repayment schedule. In practice, Tranche B loans often have longer maturities and higher interest rates compared to Tranche A, and may be used to finance leveraged buyouts or other significant transactions. This clause ensures that the rights and obligations related to this particular tranche are clearly set out, helping to allocate risk and clarify repayment priorities among lenders and borrowers.
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Tranche B Loan. The parties hereby acknowledge and agree that, as of the date of the Amendment, the Banks no longer have any obligation or liability to make any Tranche B Loans (as defined by the Credit Agreement prior to the Amendment) and all Tranche B Loans shall be repaid simultaneously with the execution of the Amendment. Accordingly, the parties further agree that, as of the date of the Amendment, the Tranche B Commitment of each of the Banks is hereby fully, finally and irrevocably terminated. All references in the Credit Agreement to Tranche B Loans and related matters are no longer applicable from the date of the Amendment. Notwithstanding the foregoing, the UK Borrower and the Guarantors shall continue to be liable for the repayment of any Tranche B Loans outstanding until the full and final repayment thereof."
Tranche B Loan. AEF agrees, upon the terms and subject to the conditions set forth herein and in the Conversion Commitment Letter, to convert (herein referred to as "CONVERSION") Tranche A Loans (in an aggregate amount not exceeding the Conversion Commitment Amount) into the Tranche B Loan by furnishing a Notice of Conversion to the Customer on or after the date of Launch (or Reflight, as the case may be), PROVIDED that (i) the Satellite is not destroyed or lost during the period extending from the instant when the Launch (or Reflight, as the case may be) occurs and the instant when the Satellite has separated from the Launch Vehicle and (ii) the Satellite does separate from the Launch Vehicle. Subject to Section 2.04, the Conversion shall be effective for the period commencing on the date of Launch (or Reflight, as the case may be) and terminating on the Maturity Date. The Tranche B Loan to the extent that it is repaid or prepaid may not be reborrowed.
Tranche B Loan. To request the Borrowing of the Tranche B Loan, the Borrower shall notify the Administrative Agent of such request by telephone (x) in the case of a Eurodollar Borrowing, not later than 11:00 a.m., New York City time, on the date of the proposed Borrowing and (y) in the case of an ABR Borrowing, not later than 12:00 noon, New York City time on the date of the proposed Borrowing. Such telephonic notice shall be irrevocable and shall be confirmed promptly by hand delivery, courier or telecopy to the Administrative Agent of a written Borrowing Request in a form reasonably acceptable to the Administrative Agent and signed by the Borrower. Such telephone and written Borrowing Request shall specify the following information in compliance with Section 2.01:
(i) the aggregate amount of the requested Borrowing (which shall be the amount of the Total Tranche B Commitment);
(ii) the date of such Borrowing, which shall be a Business Day and the Effective Date;
(iii) the portion of the Tranche B Loan that is to initially be an ABR Borrowing and that is to initially be a Eurodollar Borrowing; and
(iv) in the case of such portion of the Tranche B Loan that is a Eurodollar Borrowing, the initial Interest Period applicable thereto, which shall be a period contemplated by the definition of the term “Interest Period”. If no election as to the Type of Borrowing is specified, then the Tranche B Loan shall initially be an ABR Borrowing. If no Interest Period is specified with respect to any portion of the Tranche B Loan that is to initially be a Eurodollar Borrowing, then the Borrower shall be deemed to have selected an Interest Period of one month’s duration. Promptly following receipt of the Borrowing Request in accordance with this Section 2.04(b), the Administrative Agent shall advise each Tranche B Lender of the details thereof and of the amount of such Tranche B Lender’s Loan to be made as part of the requested Borrowing (which shall be equal to such Tranche B Lender’s Tranche B Commitment).
Tranche B Loan. (i) Subject to the terms and conditions of this Agreement and relying on the representations and warranties set forth herein, each Lender, severally and not jointly, agrees to provide its share of the Tranche B Loan to the Borrower on the Tranche B Loan Borrowing Date in Dollars in a principal amount equal to such ▇▇▇▇▇▇’s Tranche B Loan Commitment. No Lender shall have an obligation to make a Tranche B Loan in excess of such ▇▇▇▇▇▇’s Tranche B Loan Commitment.
(ii) Subject to the terms and conditions of this Agreement (including Section 6.03), the Borrower shall deliver to the Administrative Agent a fully executed Borrowing Notice no later than 5 p.m. (New York City time) at least three (3) Business Days in advance of the proposed Tranche B Loan Borrowing Date.
(iii) The Borrower may make one borrowing under the Tranche B Loan Commitment which shall be on the Tranche B Loan Borrowing Date. Subject to Section 3.03, all amounts owed hereunder with respect to the Tranche B Loan shall be paid in full no later than the Maturity Date. Each Lender’s Tranche B Loan Commitment shall terminate immediately and without further action on the earlier of (x) the Tranche B Loan Borrowing Date after giving effect to the funding of such Lender’s Tranche B Loan Commitment on such date and (y) the Tranche B Loan Commitment Termination Date.
Tranche B Loan. Lender agrees to make a term loan to Borrower on the Tranche B Closing Date in a principal amount equal to the Tranche B Loan Amount (the “Tranche B Loan”). After repayment, no Term Loan may be re-borrowed.
Tranche B Loan. The Borrower shall on each Repayment Date that relates to all or part of the Tranche B Loan, repay to the Term Lenders such part of the Tranche B Loan as is required to be repaid by clause
Tranche B Loan. (a) Subject to and upon the terms and conditions contained herein, each Tranche B Lender agrees to make its Tranche B Loan to US Borrowers (other than SMTC Manufacturing Corporation of California) in US Dollars on the Closing Date in the original principal amount of US$13,000,000. US Borrowers agree that at no time shall any of the proceeds of the Tranche B Loan be advanced, loaned or provided to SMTC Manufacturing Corporation of California.
(b) If a Priority Event has occurred and is continuing, all payments shall be applied in accordance with Section 5.4. In the absence of a continuing Priority Event, the following payments shall be made:
(i) Repayment of the Tranche B Loan shall be made by US Borrowers to Agent, for the benefit of Tranche B Lenders, in quarterly installments in the amounts and on the dates set out on Schedule 2.3(b)(i) hereto with the final payment due in respect thereof (together with all outstanding interest thereon) payable on the Maturity Date.
(ii) Fifty (50%) percent of Excess Cash Flow for each fiscal year of SMTC Corporation ending December 31, 2008 and thereafter, calculated using the audited consolidated financial statements of SMTC Corporation delivered pursuant to Section 8.6(a)(iii), shall be applied as a permanent repayment of the Tranche B Loan; provided that, the foregoing repayment shall not be made in the event that:
(A) Total Excess Availability would be less than US$3,000,000 immediately after giving effect to such repayment or the average Total Excess Availability is less than US$3,000,000 for the fifteen (15) days immediately preceding such repayment, provided that, at such time as Total Excess Availability would be equal to or greater than US$3,000,000 immediately after giving effect to such repayment and the average Total Excess Availability is equal to or greater than US$3,000,000 for the fifteen (15) days immediately preceding such payment, SMTC Corporation shall make such payment and such payment shall be applied as a permanent repayment of the Tranche B Loan; provided further that if SMTC Corporation fails to make such repayment as a result of the failure to meet the foregoing Total Excess Availability Tests within thirty (30) days of it otherwise being due and payable the failure to make such payment may be deemed a “Priority Event” by Tranche B Agent, in its sole discretion; or
(B) a Priority Event shall have occurred and be continuing or would result from such repayment. Such repayments of the Tranche B Lo...
Tranche B Loan. Subject to the terms and conditions of this Agreement and relying on the representations and warranties set forth herein, each Lender, severally and not jointly, agrees to provide its share of the Tranche B Loan to Borrower on the Tranche B Loan
Tranche B Loan. Except as otherwise agreed to in writing by Lenders in connection with any Additional Term Loan, Borrowers shall use the proceeds of any and all Additional Term Loans for the purpose of funding (i) Permitted Acquisitions and/or other growth initiatives, (ii) refinancing Subordinated Debt, and (iii) the transaction costs, fees and expenses of such Additional Term Loans (and Permitted Acquisitions, if applicable).
Tranche B Loan. Subject to the satisfaction of the terms and conditions hereof and of the Second Amendment, each Tranche B Lender agrees to make a loan in Dollars to the Borrower on the Second Amendment Effective Date in a principal amount equal to the Tranche B commitment set forth opposite such Tranche B Lender’s name on Schedule 2.1 (collectively, the “Tranche B Loan”), and each Tranche B Lender shall deposit, via wire-transfer or direct deposit, into an account or accounts designated by Borrower an amount equal to the net proceeds of its portion of the Tranche B Loan; provided that no Tranche B Lender shall be liable for the failure of any other Lender to fund any portion of the Tranche B Loan and no Tranche B Lender will be required to fund any portion of the Tranche B Loan amount in excess of the commitment set forth opposite such Tranche B Lender’s name on Schedule 2.1. Amounts repaid or prepaid on the Tranche B Loan may not be reborrowed.