DDTLs Clause Samples

A DDTL (Delayed Draw Term Loan) clause defines the terms under which a borrower can access additional loan funds after the initial closing, but within a specified period and subject to certain conditions. Typically, this clause outlines the maximum amount available for delayed draws, the time frame during which draws can be made, and any conditions precedent such as financial covenants or representations that must be satisfied before each draw. The core practical function of a DDTL clause is to provide borrowers with flexible access to capital as needed, while giving lenders control over the timing and conditions of additional disbursements, thereby balancing liquidity needs with risk management.
DDTLs. Subject to and upon the terms and conditions set forth herein and in reliance upon the representation and warranties of the Loan Parties contained herein, each DDTL Lender agrees, severally and not jointly, to make in Dollars a loan or loans (each, a “DDTL”) from time to time after the Closing Date until the DDTL Commitment Expiration Date on not more than five (5) occasions, in an aggregate principal amount not to exceed its DDTL Commitment. All such DDTLs in the aggregate shall not exceed the Total DDTL Commitment. Such DDTLs may be repaid or prepaid in accordance with the terms and conditions hereof, but once repaid or prepaid may not be re-borrowed. The DDTLs and the Initial Term Loans shall be deemed to part of the same Class of Loans for all purposes under this Loan Agreement.
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DDTLs. Each Lender agrees, severally on a Pro Rata DDTL basis up to its DDTL Commitment, on the terms set forth herein, to make delayed draw term loans (collectively, “DDTLs” and each a “DDTL”) to Borrowers from time to time from the Closing Date through the DDTL Commitment Termination Date.
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DDTLs. Each Lender with a DDTL Commitment agrees, severally on a Pro Rata DDTL basis up to its DDTL Commitment (as in effect from time to time), on the terms set forth herein, to make delayed draw term loans (collectively, “DDTLs” and each a “DDTL”) to Borrowers from time to time from the Second A&R Closing Date through the DDTL Commitment Termination Date. As of the Second A&R Closing Date, a principal payment shall be made in the amount of $43,300,521.88 in respect of the DDTLs used to purchase Real Estate prior to the Second A&R Closing Date and the satisfaction of the conditions precedent set forth in Section 6.1. Following receipt of such principal payment on the Second A&R Closing Date, the aggregate outstanding principal balance of the DDTLs shall be $20,061,555.00. Notwithstanding anything to the contrary set forth in this Agreement or any of the other Loan Documents, in no event shall the aggregate principal amount of the DDTLs exceed $52,919,230.46. The DDTL Commitment of each Lender with a DDTL Commitment shall (a) upon funding of a DDTL, be reduced by the amount of the portion of the DDTL made by such Lender and (b) expire on the DDTL Commitment Termination Date.
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DDTLs. Subject to the terms and conditions set forth herein, each DDTL Lender severally agrees severally and not jointly to make a loan or loans to the Borrower from time to time after the Closing Date (each such loan, a “DDTL”), which shall be either an Initial DDTL or an Additional DDTL, until the DDTL Commitment Expiration Date (or, solely with respect to Initial DDTLs, the date that is 12 months thereafter in accordance with the definitions of “Initial DDTL” and “DDTL Commitment Expiration Date”), in an aggregate principal amount not to exceed its DDTL Commitment. All such DDTLs in the aggregate shall not exceed the Total DDTL Commitment. Such DDTLs may be repaid or prepaid in accordance with the terms hereof, but once repaid or prepaid may not be re-borrowed. Notwithstanding anything to the contrary herein or otherwise, in no event shall more than $150,000,000 in aggregate principal amount of DDTLs be available or funded hereunder on or after the Amendment No. 2 Effective Date.
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DDTLs. Each Lender agrees, severally on a Pro Rata DDTL basis up to its DDTL Commitment, on the terms set forth herein, to make delayed draw term loans (collectively, “DDTLs” and each a “DDTL”) to Borrowers from time to time from the A&R Closing Date through the DDTL Commitment Termination Date. On the A&R Closing Date, DDTL Lenders shall make a DDTL to Borrowers in the amount of $29,250,000, which shall be secured by, among other things, Ray’s Station, which shall constitute a portion of the Exclusive DDTL Collateral. Notwithstanding anything to the contrary set forth in this Agreement or any of the other Loan Documents, in no event shall the aggregate principal amount of the DDTLs exceed $55,000,000 unless and until the SPAC IPO has been consummated and Agent has received the SPAC Joinder and the other documents and agreements specified in, and in accordance with, Section 10.1.9(c).
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Related to DDTLs

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