Delayed Draw Term Loan Sample Clauses
A Delayed Draw Term Loan clause defines a loan arrangement where the borrower is permitted to access funds in multiple disbursements over a specified period, rather than receiving the entire loan amount upfront. Typically, the borrower must meet certain conditions before each draw, such as providing updated financial information or meeting performance covenants, and each draw reduces the remaining available loan balance. This structure provides the borrower with flexibility to access capital as needed for specific projects or expenditures, while allowing the lender to monitor ongoing compliance and manage risk.
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Delayed Draw Term Loan. (A) From the period commencing on the day immediately following the Closing Date through and including September 14, 2019 (the “Delayed Draw Term Loan Commitment Termination Date”), Borrowers may request from time to time that the Lender make a delayed draw term loan (each funding thereof, a “Delayed Draw Term Loan”) in an original principal amount not to exceed the then unfunded amount of the Lender’s Delayed Draw Term Loan Commitment. When repaid, the repaid portion of the Delayed Draw Term Loan shall not be re-borrowed.
(B) Each Delayed Draw Term Loan shall be made in the Lender’s sole discretion upon receipt of a request thereof from the Borrowers to the Lender at the address specified herein, provided, that (I) immediately before and after giving effect to the funding of each Delayed Draw Term Loan, no Default or Event of Default shall have occurred and be continuing, (II) the representations and warranties herein shall be true and correct in all material respects, and (III) the Lender shall have received all other documents and approvals (including any internal approvals) necessary or advisable (in the sole discretion of the Lender) in making any such Delayed Draw Term Loan. Notices of borrowing under this Section 2.01(a)(ii) must be given no later than 1:00 p.m. New York time at least five (5) Business Days prior to the proposed date of such borrowing. The Lender’s Delayed Draw Term Loan Commitment shall automatically be reduced concurrently with, and in the principal amount of, each Delayed Draw Term Loan made by the Lender, and any remaining unfunded Delayed Draw Term Loan Commitments of Lender shall terminate on the Delayed Draw Term Loan Commitment Termination Date. Any funded Delayed Draw Term Loan shall be deemed a “Term Loan” for all purposes of this Agreement.
(C) The aggregate original principal amount of Delayed Draw Term Loans requested by the Borrowers shall be in a minimum amount of $1,000,000 and shall be in integrals of $1,000,000 in excess thereof.
Delayed Draw Term Loan. Subject to the terms and conditions hereof and the satisfaction of the Delayed Draw Conditions, each Lender severally agrees to make, during the Delayed Draw Period, one or more Delayed Draw Term Loans to the Borrower in an aggregate amount not to exceed such Lender’s Delayed Draw Term Loan Commitment. Any amount borrowed under this Section 2.01(c) and subsequently repaid or prepaid may not be reborrowed and such amount borrowed from each Lender with a Delayed Draw Term Loan Commitment shall reduce such Lender’s Delayed Draw Term Loan Commitment in an equivalent amount. The Delayed Draw Term Loans may consist of Base Rate Loans or LIBOR Rate Loans, or a combination thereof, as further provided herein. Each Lender’s Delayed Draw Term Loan Commitment shall expire on the Delayed Draw Term Loan Commitment Expiration Date.
Delayed Draw Term Loan. (i) On the Delayed Draw Term Loan Borrowing Date, the Delayed Draw Term Loan was made to the Borrowers pursuant to Section 2.01(d) of the Second A&R Credit Agreement.
(ii) Subject to Section 3.03, all amounts owed hereunder with respect to the Delayed Draw Term Loan shall be paid in full no later than the Maturity Date.
Delayed Draw Term Loan. Subject to the terms and conditions set forth herein, each Lender with a Delayed Draw Term Loan Commitment severally agrees to make its portion of a term loan (the “Delayed Draw Term Loan”) to the Company in Dollars in a single advance during the Availability Period in an amount not to exceed such Lender’s Delayed Draw Term Loan Commitment. Amounts repaid on the Delayed Draw Term Loan may not be reborrowed. The Delayed Draw Term Loan may consist of Base Rate Loans or Eurocurrency Rate Loans, or a combination thereof, as further provided herein.
Delayed Draw Term Loan. The Delayed Draw Term Loan Lenders severally, and not jointly, agree, ratably in accordance with their respective Delayed Draw Term Loan Commitments, and on the terms and conditions hereinafter set forth (including subject to the satisfaction (or waiver) of the conditions precedent set forth in ARTICLE V hereof), to make one or more Loans (collectively, the "Delayed Draw Term Loan") to the Borrowers during the period from the Effective Date until the Delayed Draw Term Loan Commitment Termination Date in an aggregate principal amount not to exceed $25,000,000.
Delayed Draw Term Loan. (A) Unless terminated sooner pursuant to Section 2.05(a)(iii)(C), the Total Delayed Draw Term Loan Commitment shall terminate at 5:00 p.m. (New York City time) on the DDTL Commitment Expiration Date.
(B) Upon at least one (1) Business Day’s prior written notice (or such shorter period as shall be acceptable to the Administrative Agent) by the Administrative Borrower to the Administrative Agent, the Administrative Borrower shall have the right at any time and from time to time to terminate the Delayed Draw Term Loan Commitments and to permanently reduce to zero the remaining unfunded portion of the Delayed Draw Term Loan Commitments thereunder.
Delayed Draw Term Loan. Subject to the terms and conditions hereof, including Sections 8.1 and 8.2, L▇▇▇▇▇ agrees to make a term loan to the DDTL Borrowers in a single borrowing, to be funded on the Closing Date, in an aggregate principal amount equal to the DDTL Commitment (the “Delayed Draw Term Loan”). No part of the Delayed Draw Term Loan made to DDTL Borrowers may, after the repayment thereof, be redrawn or reborrowed.
(i) Administrative Borrower shall deliver to Lender a Notice of Borrowing with respect to the proposed borrowing of the Delayed Draw Term Loan, such Notice of Borrowing to be delivered no later than 2:00 p.m. (Cincinnati, Ohio time) (or such later time acceptable to Lender in its sole discretion) on the day that is two (2) Business Days prior to such proposed borrowing. Once given, a Notice of Borrowing shall be irrevocable and Borrowers shall be bound thereby.
(ii) The Delayed Draw Term Loan will be advanced to the Borrowers’ Account, unless Administrative Borrower otherwise instructs Lender.
Delayed Draw Term Loan. Borrowers hereby promise to pay to Lender, on each DDTL Principal Payment Date, commencing with and for July 1, 2021 continuing until the Delayed Draw Term Loan has been paid in full, the outstanding and unpaid principal balance of the Delayed Draw Term Loan in quarterly installments equal to (i) $68,750 for each of the first four (4) consecutive quarterly installments, then (ii) $137,500 for each of the next eight (8) consecutive quarterly installments, then (iii) $206,250 for each of the next consecutive quarterly installments through and including the DDTL Principal Payment Date of October 1, 2025, with (iv) the entire remaining principal amount of the Delayed Draw Term Loan being due and payable in full on the applicable Maturity Date.
Delayed Draw Term Loan. Subject to the terms and conditions set forth herein, each Delayed Draw Term Loan Lender severally agrees to make loans (each such loan, a “Delayed Draw Term Loan”) to the Borrower, in Dollars, from time to time (but in any event limited to a maximum of four (4) drawings, each in a minimum aggregate principal amount of $5,000,000), on any Business Day during the Delayed Draw Term Loan Availability Period, in an aggregate amount not to exceed at any time outstanding the amount of such ▇▇▇▇▇▇’s Delayed Draw Term Loan Commitment; provided, however, that after giving effect to any such Borrowing, the Total Delayed Draw Term Loan Outstandings shall not exceed the Delayed Draw Term Loan Facility. Once funded, Delayed Draw Term Loans shall be deemed to be an increase to the amount of Term Loans for all purposes hereunder and shall be part of the same Class as, and treated in all respects as, Term Loans. The Delayed Draw Term Loan may be repaid or prepaid but may not be reborrowed. Delayed Draw Term Loan may be Base Rate Loans or Term SOFR Loans, as further provided herein; provided, however, any Borrowings made on the Closing Date shall be made as Base Rate Loans.
Delayed Draw Term Loan. Until the Term Loan Maturity Date and subject to the terms and conditions hereof and in reliance upon the representations and warranties set forth herein, each Term Loan Lender severally, but not jointly, agrees to make available to the Borrowers (through the Administrative Agent) from time to time, in accordance with clause (b)(i)(C) below, such Term Loan Lender’s Term Loan Commitment Percentage of a term loan in Dollars (each, a “Delayed Draw Term Loan”) in the aggregate principal amount, after giving effect to all Delayed Draw Term Loan borrowings, of up to TWENTY TWO MILLION EIGHT HUNDRED NINETEEN THOUSAND SIX HUNDRED EIGHTY THREE DOLLARS AND SIXTY CENTS ($22,819,683.60), which amount shall not exceed the maximum aggregate Allocated Term Loan Amount for the future fundings approved by the Administrative Agent in its discretion on Term Loan Collateral identified on Schedule 1-B to the Fee Letter (the “Delayed Draw Term Loan Committed Amount”), for the purposes hereinafter set forth. A Delayed Draw Term Loan borrowing may consist of Alternate Base Rate Loans or LIBOR Rate Loans, or a combination thereof, as the Borrower may request. Amounts repaid or prepaid on a Delayed Draw Term Loan may not be reborrowed.
(i) Delayed Draw Term Loan Borrowings.