Delayed Draw Loan Sample Clauses
Delayed Draw Loan. In the event (i) immediately upon the earlier of: (x) such time as the Borrower consents to the filing of a petition for an Insolvency Proceeding, or (y) such time as the Superintendent informs the Borrower that a filing of a petition for an Insolvency Proceeding in respect of the Borrower is imminent, (ii) there are outstanding obligations under the Senior Facility as of July 10, 2019, (iii) the Statutory Surplus of the Borrower is less than $65,000,000, (iv) the Available Liquidity less the Undrawn Delayed Draw Amount of the Borrower is less than $20,000,000, or (v) the Borrower determines that it requires the Delayed Draw Loan for liquidity purposes, the Borrower shall promptly submit a written request to the Lender to make a Delayed Draw Loan, and the Lender shall make such Delayed Draw Loan in the amount of the Undrawn Delayed Draw Amount; provided, however, in the event the Borrower submits a request for a Delayed Draw Loan on account of subsection (iv) above, the Borrower shall only be required to draw Delayed Draw Loans in increments of $12,500,000 until such time that subsection (iv) above is no longer applicable.
Delayed Draw Loan. (a) On the Delayed Draw Borrowing Date, the Lenders shall have received all fees due and payable to the Lenders on the Delayed Draw Borrowing Date and with respect to the Delayed Draw Loan under the terms of the Commitment Letter
(b) Simultaneously with the making of the Delayed Draw Loan, the TUA Reserve Account shall be funded in an amount sufficient to cause the aggregate amount on deposit in the TUA Reserve Account to be not less than $135,000,000.
Delayed Draw Loan. The obligation of the Lender to make the Delayed Draw Loan shall be subject to the prior making of the Initial Loan, the delivery of a Loan Request for such Delayed Draw Loan as required pursuant to Section 2.2, and the satisfaction of each of the conditions precedent set forth below in this Section 5.2.