Tranche C Commitments Clause Samples
The 'Tranche C Commitments' clause defines the specific obligations of lenders to provide a designated portion of financing, referred to as Tranche C, under a broader loan agreement. This clause typically outlines the amount, conditions, and timing under which Tranche C funds are made available to the borrower, and may specify eligibility criteria or particular uses for these funds. Its core practical function is to clearly delineate the terms and structure of this segment of the overall loan, ensuring both parties understand when and how these additional funds can be accessed, thereby facilitating orderly and predictable funding arrangements.
Tranche C Commitments. Subject to the terms and conditions set forth herein, each Tranche C Lender agrees to make Tranche C Revolving Loans denominated in US Dollars to the Tranche C Borrowers from time to time during the Availability Period in an aggregate principal amount at any time outstanding that will not result in (i) the aggregate Tranche C Revolving Credit Exposures exceeding the aggregate Tranche C Commitments or (ii) the Tranche C Revolving Credit Exposure of any Lender exceeding its Tranche C Commitment. Within the foregoing limits and subject to the terms and conditions set forth herein, the Tranche C Borrowers may borrow, prepay and reborrow Tranche B Revolving Loans.
Tranche C Commitments. Any part of the Tranche C Commitments not utilised under this agreement before the expiry of the Tranche C Availability Period will be cancelled automatically on the expiry of the Tranche C Availability Period.
Tranche C Commitments. (a) Subject to the satisfaction of all of the conditions precedent set forth in Section 5 hereof, as of the Tenth Amendment Effective Date, each Tranche C Lender hereby:
(i) severally commits to make one or more Tranche C Loans to the Borrower pursuant to the provisions of, and subject to the conditions contained in, the Amended Credit Agreement in an amount up to the commitment amount set forth next to such Tranche C Lender’s name on Exhibit A attached hereto under the caption “Tranche C Commitments”; and
(ii) agrees to make Tranche C Loans to the Borrower pursuant to the Amended Credit Agreement upon execution of this Agreement in the amount set forth next to such Tranche C Lender’s name on Exhibit A attached hereto under the caption “Tranche C Loans to be Funded within 3 BDs of the Tenth Amendment Effective Date” (the “Funded Tranche C Commitments”) (and notwithstanding the notice period required by Section 2.01(d) of the Credit Agreement) within three (3) Business Days of the Tenth Amendment Effective Date.
(b) As of the Tenth Amendment Effective Date, only $22,000,000 of the Tranche C Commitments have been committed by Tranche C Lenders, all of which shall be funded in accordance with Section 1(a)(ii) above. The parties hereto acknowledge and agree that one or more Lenders may become a Tranche C Lender for any uncommitted portion of the Tranche C Facility (any such upsizing Lender, a “Tranche C Upsizing Lender”) subject to the written consent of such Tranche C Upsizing Lender (in its sole discretion) and the Administrative Agent, and the Administrative Agent shall promptly thereafter deliver an updated Exhibit A to this Agreement to the other parties hereto thereafter; provided that, any and all Tranche C Commitments and Tranche C Loans (including the Tranche C Loans funded on the Tenth Amendment Effective Date or thereafter) shall have the same terms and covenants (other than any differences in interest amounts due based on the date such Tranche C Loans were funded). After execution of any such amendment, each Tranche C Upsizing L▇▇▇▇▇ agrees, subject to the satisfaction of the conditions set forth in Section 4.03 of the Amended Credit Agreement and the other provisions of the Financing Documents, to make Tranche C Loans to the Borrower pursuant to the Amended Credit Agreement in multiple draws from the date of such future amendment to this Agreement until the expiration of the Availability Period in an aggregate amount not to exceed the commitment a...