Delayed Draw Term Loan Commitment Clause Samples
A Delayed Draw Term Loan Commitment is a provision in a loan agreement that allows the borrower to access loan funds in multiple disbursements over a specified period, rather than receiving the entire loan amount upfront. Typically, the lender commits to making a certain amount of funds available, and the borrower can request portions of the loan as needed, subject to agreed conditions and deadlines. This structure provides the borrower with flexibility in managing cash flow and project financing, while also ensuring that the lender's commitment is clearly defined and limited to the agreed terms.
Delayed Draw Term Loan Commitment. Subject to the terms and conditions set forth herein, the Lender may, in its sole discretion, make one or more delayed draw term loans (each, a “Draw Loan” and collectively, the “Delayed Draw Term Loan”) to the Borrower from time to time from and after the Restatement Effective Date and until the Delayed Draw Expiration Date in an aggregate outstanding principal amount not to exceed the Delayed Draw Commitment. The Delayed Draw Term Loan shall be evidenced by the Delayed Draw Term Note. The Borrower may not reborrow any repaid principal of any Delayed Draw Term Loan.
Delayed Draw Term Loan Commitment. (a) Delayed Draw Term Loan Commitment. Subject to the terms and conditions hereof, each Delayed Draw Term Loan Lender, by its acceptance hereof, severally agrees to make a delayed draw term loan or loans (individually, a “Delayed Draw Term Loan” and collectively for all the Delayed Draw Term Loan Lenders, the “Delayed Draw Term Loans”) in U.S. Dollars to the Borrower from time to time up to the amount of such Lender’s Delayed Draw Term Loan Commitment, subject to the requirements in Section 2.3(b) below, before the Commitment Termination Date. Notwithstanding the foregoing, if the total Delayed Draw Term Loan Commitment as of the Closing Date is not drawn on or prior to the Delayed Draw Term Loan Commitment Expiration Date, the undrawn amount shall automatically be cancelled. Each Borrowing of Delayed Draw Term Loans shall be made ratably by the Delayed Draw Term Loan Lenders in proportion to their respective Delayed Draw Term Loan Percentages. As provided in Section 2.7(a), the Borrower may elect that each Borrowing of Delayed Draw Term Loans be either Base Rate Loans or Eurodollar Loans. Delayed Draw Term Loans repaid may not be reborrowed.
(b) Requirements to each Delayed Draw Term Loan. Borrower shall not be entitled to any Delayed Draw Term Loan, unless, at the time of the request for such Delayed Draw Term Loan and at the time such Delayed Draw Term Loan is to be made (for purposes of this Section 2.3(b), a reference to a Delayed Draw Term Loan shall include the aggregate of Delayed Draw Term Loans made by Delayed Draw Term Loan Lenders on the same date):
(i) No Default or Event of Default shall exist (both before and after the disbursement of such Delayed Draw Term Loan),
(ii) No more than 5 (including the Delayed Draw Term Loan being requested or made) Delayed Draw Term Loans have been made hereunder,
(iii) Such Delayed Draw Term Loan is in an aggregate minimum amount of $5,000,000 or such greater amount which is an integral multiple of $1,000,000,
(iv) The Additional Rent Adjusted Leverage Ratio Requirement shall be satisfied, and
(v) Each of the representations and warranties set forth in Section 4 and in the other Loan Documents shall be and remain true and correct in all respects (or in all material respects if such representation or warranty is not by its terms already qualified as to materiality) as of said time, except to the extent the same expressly relates to an earlier date, in which case such representations and warranties shall be and ...
Delayed Draw Term Loan Commitment. From time to time on any Business Day occurring prior to the Delayed Draw Term Loan Commitment Termination Date, each Delayed Draw Term Lender agrees to make loans (relative to such Delayed Draw Term Lender, its “Delayed Draw Term Loans”) to the Borrowers equal to such Delayed Draw Term Lender’s Percentage of the aggregate amount of the Borrowing of the Delayed Draw Term Loans requested by either Borrower to be made on such day. The commitment of each Delayed Draw Term Lender described in this Section is herein referred to as its “Delayed Draw Term Loan Commitment”. No amounts paid or prepaid with respect to Delayed Draw Term Loans may be reborrowed.
Delayed Draw Term Loan Commitment. At any time, but no more than six different times, on any Business Day occurring prior to the Delayed Draw Term Loan Commitment Termination Date, each Delayed Draw Term Lender will make one Loan (relative to such Delayed Draw Term Lender, its "Delayed Draw Term Loan") to the Borrowers equal to such Delayed Draw Term Lender's Term Percentage of the aggregate amount of the Borrowing of Delayed Draw Term Loans requested by the Borrowers to be made on such day. No amounts paid or prepaid with respect to the Delayed Draw Term Loans may be reborrowed.
Delayed Draw Term Loan Commitment. From time to time on any Business Day occurring from and after the Effective Date but prior to the Delayed Draw Term Loan Commitment Termination Date, each Delayed Draw Term Lender that has a Delayed Draw Term Loan Commitment will make a delayed draw term loan (relative to such Delayed Draw Term Lender, its “Delayed Draw Term Loan”) to the Borrower equal to such Delayed Draw Term Lender’s Percentage of the aggregate amount of each Borrowing of the Delayed Draw Term Loans requested by the Borrower to be made on such day. The Delayed Draw Term Loan Commitment Amount shall not exceed $10,000,000 of which all or a portion thereof may be used by the Borrower in accordance with Section 7.1.8. On the terms and subject to the conditions hereof, the Borrower may prepay the Delayed Draw Term Loans but no amount paid or prepaid with respect to the Delayed Draw Term Loans may be reborrowed.
Delayed Draw Term Loan Commitment and (b) with respect to the Swingline Lender, the Swingline Lender’s Swingline Commitment (it being understood that a Swingline Commitment does not increase the Swingline Lender’s Revolving Facility Commitment).
Delayed Draw Term Loan Commitment. Subject to the terms and conditions hereof, each Delayed Draw Term Lender severally agrees to make term loans (each such term loan a “Delayed Draw Term Loan”) to the Borrower on up to four occasions (but no more than two times per Fiscal Quarter) during the Delayed Draw Term Loan Commitment Period in an aggregate principal amount not to exceed the amount of the Delayed Draw Term Loan Commitment of such Lender.
Delayed Draw Term Loan Commitment. Subject solely to the satisfaction of the conditions set forth in Section 6.01(b), the Lender agrees to make Delayed Draw Term Loans to the Borrowers on any date after October 31, 2023 and prior to the Delayed Draw Termination Date in one or more drawings, which Delayed Draw Term Loans shall not in the aggregate exceed the Delayed Draw Term Commitment. Amounts paid or prepaid in respect of the Delayed Draw Term Loans may not be reborrowed. The Delayed Draw Term Loans shall be repaid or prepaid in accordance with the provisions of this Agreement. The Delayed Draw Term Loans (x) shall rank pari passu in right of payment and of security with the Initial Term Loans and (y) shall be treated substantially the same as the Initial Term Loans. Each drawing of Delayed Draw Term Loans shall be in a maximum amount of $10,000,000. The Borrowers shall not draw Delayed Draw Term Loans more than once per calendar month.
Delayed Draw Term Loan Commitment