Delayed Draw Term Loan Commitments Clause Samples
A Delayed Draw Term Loan Commitments clause defines the lender's obligation to provide a borrower with access to a specified loan amount that can be drawn in multiple installments over a set period, rather than as a single lump sum at closing. Typically, the borrower must meet certain conditions before each draw, such as providing advance notice or satisfying financial covenants. This structure allows borrowers to access funds as needed for projects or acquisitions, reducing interest costs on undrawn amounts and providing flexibility in managing cash flow.
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Delayed Draw Term Loan Commitments. Subject to the terms and conditions hereof, each Lender with a Delayed Draw Term Loan Commitment severally agrees to make, during the Delayed Draw Commitment Period, a term loan (a “Delayed Draw Term Loan”) denominated in Dollars to the Borrower on each Delayed Draw Funding Date in an amount up to but not exceeding the undrawn amount of such ▇▇▇▇▇▇’s Delayed Draw Term Loan Commitment on such date. Any funding of Delayed Draw Term Loans shall be made with respect of Delayed Draw Term Loan-1 Commitments until the amount of Delayed Draw Term Loan-1 Commitments is reduced to zero, and thereafter Delayed Draw Term Loan-2 Commitments. The Delayed Draw Term Loan Commitments shall terminate on the earliest of (i) November 24, 2027, in the case of Delayed Draw Term Loan-1 Commitments and November 24, 2028 in the case of Delayed Draw Term Loan-2 Commitments, (ii) the date the Delayed Draw Term Loan Commitments are terminated pursuant to Section 2.13(c) or Section 8.2 and (iii) the date on which the Delayed Draw Term Loan Commitments have been fully drawn (such earliest date, the “Delayed Draw Termination Date”). Notwithstanding anything herein to the contrary, the Borrower shall not draw under any Delayed Draw Term Loan with respect to any Delayed Draw Term Loan-2 Commitments prior to the satisfaction of the Delayed Draw Term Loan Milestone Date. The Delayed Draw Term Loans (if and when funded) shall have, to the extent not otherwise set forth herein, the same terms as the Initial Term Loans (except for the date from which interest begins to accrue). Any amount borrowed under this Section 2.1(b) and subsequently repaid or prepaid may not be reborrowed. Subject to Sections 2.13(a) and 2.14, all amounts owed hereunder with respect to the Delayed Draw Term Loans will be paid in full no later than the Term Loan Maturity Date.
Delayed Draw Term Loan Commitments. Subject to the terms and conditions of this Agreement and the other Loan Documents, and in reliance upon the representations and warranties set forth in this Agreement and the other Loan Documents, each Lender in its sole discretion may agree to make Delayed Draw Term Loans to Borrower during the Borrowing Period for such Delayed Draw Term Loans in an aggregate amount not exceeding its respective Delayed Draw Term Loan Commitment for such Delayed Draw Term Loans; provided however, no Lender shall be required to make any Delayed Draw Term Loans unless the Borrower has delivered a Notice of Borrowing in accordance with the procedure for set forth in Section 2.01(a)(ii)(B), and such Lender is satisfied that all of the conditions precedent for such Loan set forth in Section 3.02 have been satisfied or waived in writing. Amounts borrowed under this Section 2.01(a)(ii)(A) and repaid or prepaid may not be reborrowed. Subject to Section 2.01 (b), Section 2.01 (c) and Section 2.01 (d), all amounts and other Obligations owed under the Loan Documents with respect to the Delayed Draw Term Loans shall be paid in full not later than the Maturity Date.
Delayed Draw Term Loan Commitments. The Total Delayed Draw Term Loan Commitment shall terminate on the earlier of (A) the Delayed Draw Term Loan Commitment Expiry Date (after giving effect to any funding (which funding shall, for the avoidance of doubt, be subject to the terms and conditions of this Agreement) of the Delayed Draw Term Loan on such date) and (B) the date on which the aggregate amount of Delayed Draw Term Loans advanced pursuant to Section 2.01(a)(ii) is equal to the Total Delayed Draw Term Loan Commitment. The Borrower may, without premium or penalty, reduce the Total Delayed Draw Term Loan Commitment to an amount (which may be zero) not less than the aggregate principal amount of all Delayed Draw Term Loans not yet made as to which a Notice of Borrowing has been given by the Borrower under Section 2.02. Each such partial reduction shall be in multiples of $5,000,000 (unless the Total Delayed Draw Term Loan Commitment in effect immediately prior to such reduction is less than such amount) and shall be made by providing not less than 5 Business Days prior written notice for any such reduction. Once reduced, the Total Delayed Draw Term Loan Commitment may not be increased. Each such reduction of the Total Delayed Draw Term Loan Commitment shall reduce the Delayed Draw Term Loan Commitment of each Lender proportionately in accordance with its Pro Rata Share thereof.
Delayed Draw Term Loan Commitments. The Initial Term Loan Commitments and Tranche B Loan Commitments shall terminate on the Closing Date immediately after the funding of the Initial Term Loans or Tranche B Loans, as applicable, on the Closing Date. Unless previously terminated, the Delayed Draw Term Loan Commitments shall terminate on the DDTL Commitment Expiration Date; provided that, on the date of each Borrowing of Delayed Draw Term Loans, the portion of the Delayed Draw Term Loan Commitments being funded pursuant to such Borrowing shall terminate immediately after the funding of such Delayed Draw Term Loans (and it is acknowledged that the Delayed Draw Term Loan Commitments terminated on October 11, 2024 immediately after the funding of Delayed Draw Term Loans on such date). The Tranche C Commitments shall terminate on the Amendment No. 3 Effective Date immediately after the funding of the Tranche C Loans on the Amendment No. 3
Delayed Draw Term Loan Commitments. The Delayed Draw Term Loan Commitments shall (i) automatically and irrevocably be reduced upon the funding of any Delayed Draw Term Loans by the amount of the Delayed Draw Term Loans so funded and (ii) automatically and irrevocably terminate in full upon the Delayed Draw Termination Date after the funding of any Delayed Draw Term Loans to the extent the Delayed Draw Termination Date occurs pursuant to clause (a) of the definition thereof and shall otherwise terminate as provided for in clause (b) of the definition thereof.
Delayed Draw Term Loan Commitments. Subject to the terms and conditions hereof and relying upon the representations and warranties herein specified, each Lender severally agrees to make Delayed Draw Term Loans to the Borrowers at any time or from time to time during the Delayed Draw Term Availability Period; provided that after giving effect to each such Loan (i) the aggregate amount of Delayed Draw Term Loans from such Lender shall not exceed such ▇▇▇▇▇▇’s Delayed Draw Term Commitment and (ii) the Delayed Draw Term Loan Outstandings shall not exceed the Delayed Draw Term Commitments.
Delayed Draw Term Loan Commitments. Subject to the terms and conditions of this Agreement, each Term Loan Lender severally agrees to make to Borrowers Term Loans in an aggregate original principal amount not to exceed such Lender’s Delayed Draw Term Loan Commitment, from time to time during the Delayed Draw Term Loan Commitment Period, provided that each borrowing under the Delayed Draw Term Loan Commitment shall be in increments of $5,000,000 (or if the aggregate available undrawn Delayed Draw Term Loan Commitments are less than $5,000,000, such lesser amount). To request a Term Loan under the Delayed Draw Term Loan Commitment, Borrower Representative shall submit a Loan Request to Agent by email not later than 1.00 p.m. Toronto, Ontario time, two (2) Business Days before the date of the proposed Term Loan.
Delayed Draw Term Loan Commitments. Lender agrees to make a loan to Borrower (each such loan, a "Delayed Draw Term Loan") from time to time after the Closing Date, in a principal amount not to exceed the Delayed Draw Term Loan Commitment; provided, that the Lender will make the initial Delayed Draw Term Loan no sooner than 30 days after Closing Date and any subsequent Delayed Draw Term Loan no sooner than 30 days after the date of any previous Delayed Draw Term Loan. The Commitment of Lender to make Delayed Draw Term Loans shall terminate on the Termination Date.
Delayed Draw Term Loan Commitments. Subject to the terms and conditions hereof, and relying upon the representations and warranties herein set forth, each Lender severally agrees to make Delayed Draw Term Loans in Dollars to the Acquisition Borrowers at any time or from time to time during the Delayed Draw Commitment Period in such principal amount as the Acquisition Borrowers shall request up to, but not exceeding such Lender’s Delayed Draw Term Loan Commitment. The Delayed Draw Term Loan Commitments are not revolving credit commitments, and the Acquisition Borrowers shall not have the right to borrow, repay and reborrow under this Section 4.1. Notwithstanding the foregoing, the Acquisition Borrowers may only make a maximum of two (2) requests for Delayed Draw Term Loans under this Agreement.
Delayed Draw Term Loan Commitments. The Company may, at any time prior to the Borrowing of the Delayed Draw Term Loan pursuant to Section 2.01(c) and upon notice to the Administrative Agent, permanently reduce or terminate the Delayed Draw Term Loan Commitments; provided that (i) any such notice shall be received by the Administrative Agent not later than 12:00 noon three (3) Business Days prior to the date of termination; provided that any such notice may state that such notice is conditioned upon the effectiveness of other transactions, in which case such notice may be revoked by the Company (by notice to the Administrative Agent on or prior to the specified effective date) if such condition is not expected to be satisfied or is not satisfied. The Delayed Draw Term Loan Commitments will automatically be reduced to $0 upon the Borrowing of the Delayed Draw Term Loan pursuant to Section 2.01(c).