Delayed Draw Loan. A Loan that requires one or more future advances to be made by the Borrower and which does not permit the re-borrowing of any amount previously repaid by the related Obligor; provided that, such Loan shall only be considered a Delayed Draw Loan for so long as any future funding obligations remain in effect and only with respect to any portion which constitutes a future funding obligation.

Delayed Draw Loan is defined in Section 2.1.

Delayed Draw Loan. Any Loan with respect to which the Issuer is obligated to make or otherwise fund future term-loan advances to a borrower, but such future term-loan advances may not be paid back and reborrowed.

Examples of Delayed Draw Loan in a sentence

For the avoidance of doubt, PIK Interest paid in respect of (a) the Tranche A Loan shall have the effect of increasing the principal amount of the Tranche A Loan (which increase shall not, for the avoidance of doubt, constitute a Delayed Draw Loan), and (b) the Tranche B Loan shall have the effect of increasing the principal amount of the Tranche B Loan (which increase shall not, for the avoidance of doubt, constitute a Delayed Draw Loan).
Subject to the terms and conditions and relying upon the representations and warranties set forth herein, the Lender hereby agrees to make the Tranche A Loan and the Tranche B Loan (excluding the Delayed Draw Loan) to the Borrower on the Closing Date in the aggregate principal amount of $366,250,000 (the “Initial Loan”).
The obligation of the Lender to make the Delayed Draw Loan hereunder is subject to the satisfaction of the following conditions: (a) the Initial Loan shall have been made, (b) an Insolvency Proceeding has not occurred with respect to the Borrower and (c) the conditions to issuance and purchase of the related notes under the Subordinated Facility shall have been satisfied.

More Definitions of Delayed Draw Loan

Delayed Draw Loan means a loan with respect to which the Issuer may be obligated to make or otherwise fund future term-loan advances to a borrower, but such future term-loan advances may not be paid back and reborrowed; provided that for purposes of the Portfolio Criteria, the principal balance of a Delayed-Draw Loan, as of any date of determination, refers to the sum of (i) the funded portion of such Delayed-Draw Loan as of such date and (ii) the unfunded portion of such Delayed-Draw Loan as of such date.

Delayed Draw Loan has the meaning given to such term in the Reference Obligation Indenture.

Delayed Draw Loan shall have the meaning assigned to such term in Section 2.01.

Delayed Draw Loan means, as of any date, a term loan that has not yet been fully funded.