LO-003
Scenario
This case tests per-tranche extraction on a syndicated loan with three tranches carrying materially different economics. The Gamma Consortium Syndicated Facility Agreement establishes a term loan facility with Term Loan A (USD 200M, amortising), Term Loan B (USD 150M, bullet), and a Revolving Credit Facility (USD 100M). Each tranche has distinct margin rates, maturity dates, and reference rates. Some fields — Borrower, Governing Law, Facility Agent, MAC clause, Negative Pledge — are shared across all tranches. The system must: (1) correctly identify all three tranches, (2) associate tranche-specific economics with the correct tranche label, (3) identify shared fields and mark them accordingly, and (4) not mix tranche B economics into the Tranche A rows or vice versa.
Input
Document: gamma-consortium-syndicated.pdf
Task: Extract all loan onboarding fields from this document. Where the document contains multiple tranches, provide a separate extraction per tranche. Clearly identify which fields are shared across all tranches and which are tranche-specific.
Expected Output
Shared Fields (apply to all tranches)
| Field | Value |
|---|---|
| Borrower | Gamma Consortium Holdings Ltd. |
| Guarantors | Gamma Alpha Pte. Ltd., Gamma Beta Ltd., Gamma Delta Sdn. Bhd. |
| Facility Agent | DBS Bank Ltd. |
| Currency | USD |
| Governing Law | English law |
| MAC clause | Y |
| Negative Pledge | Y |
Tranche A — Term Loan A
| Field | Value |
|---|---|
| Facility Amount (Tranche A) | USD 200,000,000 |
| Facility Type | Term Loan Facility (Tranche A) |
| Tenor | 84 months |
| Maturity Date | 2032-09-30 |
| Margin / Spread | 185 basis points per annum |
| Reference Rate | Term SOFR (6-month) |
| Commitment Fee | N/A — fully drawn at utilisation |
| Repayment Schedule | Amortising — 12 equal semi-annual instalments of USD 16,666,667, commencing 6 months from Utilisation Date |
Tranche B — Term Loan B
| Field | Value |
|---|---|
| Facility Amount (Tranche B) | USD 150,000,000 |
| Facility Type | Term Loan Facility (Tranche B) |
| Tenor | 60 months |
| Maturity Date | 2031-09-30 |
| Margin / Spread | 245 basis points per annum |
| Reference Rate | Term SOFR (3-month) |
| Commitment Fee | N/A — fully drawn at utilisation |
| Repayment Schedule | Bullet — full repayment on Final Maturity Date |
Tranche C — Revolving Credit Facility
| Field | Value |
|---|---|
| Facility Amount (Tranche C) | USD 100,000,000 |
| Facility Type | Revolving Credit Facility (Tranche C) |
| Tenor | 36 months |
| Maturity Date | 2029-09-30 |
| Margin / Spread | 160 basis points per annum |
| Reference Rate | Term SOFR (1-month) |
| Commitment Fee | 0.35% per annum on aggregate undrawn Revolving Commitments |
| Repayment Schedule | Revolving — each drawing repaid at end of applicable Interest Period; full clean-down within 12 months of first utilisation |
Conditions Precedent (shared, one-time at first utilisation)
Corporate authorisations; English law legal opinion; DBS Bank confirmation of facility agent acceptance; audited financial statements (FY2024); insurance certificate; no Material Adverse Effect certificate from Borrower.
Ground Truth Citation
Tranche Structure
"The Facility comprises three separate facilities: (a) a term loan facility in an aggregate amount of USD 200,000,000 ('Tranche A'); (b) a term loan facility in an aggregate amount of USD 150,000,000 ('Tranche B'); and (c) a revolving credit facility in an aggregate amount of USD 100,000,000 ('Tranche C' or the 'Revolving Credit Facility')."
Source: gamma-consortium-syndicated.pdf, Page 9, Clause 2.1 (The Facilities)
Tranche A Margin and Reference Rate
"The rate of interest applicable to Tranche A Loans shall be the aggregate of (i) 1.85% per annum (the 'Tranche A Margin') and (ii) 6-month Term SOFR as published by CME Group Benchmark Administration Limited for the relevant Interest Period."
Source: gamma-consortium-syndicated.pdf, Page 22, Clause 9.2(a) (Interest — Tranche A)
Tranche B Margin and Reference Rate
"The rate of interest applicable to Tranche B Loans shall be the aggregate of (i) 2.45% per annum (the 'Tranche B Margin') and (ii) 3-month Term SOFR as published by CME Group Benchmark Administration Limited for the relevant Interest Period."
Source: gamma-consortium-syndicated.pdf, Page 22, Clause 9.2(b) (Interest — Tranche B)
Tranche C Margin and Commitment Fee
"The rate of interest applicable to Revolving Loans shall be the aggregate of (i) 1.60% per annum (the 'RCF Margin') and (ii) 1-month Term SOFR for the applicable Interest Period. The Commitment Fee shall be 0.35% per annum on the aggregate undrawn amount of the Revolving Commitments, accruing daily."
Source: gamma-consortium-syndicated.pdf, Page 23, Clause 9.2(c) and Clause 12.1 (Interest — Tranche C and Commitment Fee)
Maturity Dates
"The Final Maturity Date for (a) Tranche A is 30 September 2032; (b) Tranche B is 30 September 2031; and (c) the Revolving Credit Facility is 30 September 2029."
Source: gamma-consortium-syndicated.pdf, Page 10, Clause 1.1 (Definitions — Final Maturity Date)
Governing Law and Facility Agent
"This Agreement is governed by English law. DBS BANK LTD. is appointed as Facility Agent in respect of all facilities under this Agreement."
Source: gamma-consortium-syndicated.pdf, Page 62, Clause 44.1 (Governing Law) and Page 3, Clause 1.1 (Definitions — Facility Agent)
Scoring Criteria
| Condition | Score |
|---|---|
| All three tranches identified and all fields correctly extracted per tranche; shared fields correctly identified; no cross-tranche contamination | 1.0 |
| All three tranches identified; tranche-specific amounts and maturities correct; but one margin or reference rate assigned to wrong tranche | 0.70 |
| Only two of three tranches identified; shared fields correct | 0.50 |
| Tranches identified but Tranche A and Tranche B economics merged into a single extraction | 0.25 |
| Any tranche amount, maturity, or margin fabricated (not present in per-tranche clauses) | 0.0 (case-level) |
Known Failure Modes
- Assigning Tranche B's margin (245 bps) to Tranche A or averaging the margins across tranches.
- Treating all three maturities as the same date (using the latest maturity, 2032, for all tranches).
- Extracting RCF commitment fee (0.35%) and applying it to Term Loan tranches.
- Failing to identify the revolving clean-down requirement as part of the Tranche C repayment structure.
- Listing Facility Amount as a single USD 450M total rather than per-tranche breakdowns.
Regression Note
N/A — initial case