Delayed Draw Term Loans Clause Samples
A Delayed Draw Term Loan clause defines a loan arrangement where the borrower is permitted to access portions of the total loan amount at different times, rather than receiving the full amount upfront. Typically, the borrower can request advances under the loan agreement during a specified availability period, subject to meeting certain conditions such as financial covenants or notice requirements. This structure provides the borrower with flexibility to match funding needs with project timelines or cash flow requirements, while also allowing the lender to manage risk by controlling the timing and conditions of disbursements.
POPULAR SAMPLE Copied 10 times
Delayed Draw Term Loans. Subject to the terms and conditions of this Agreement, each Lender may from time to time, but only during the Delayed Draw Availability Period, severally make one or more additional term loans to the Borrower (the “Delayed Draw Term Loans” and each, a “Delayed Draw Term Loan”), in the amount equal to such Lender’s pro rata share (in proportion with their respective Delayed Draw Commitments as set forth on Schedule 2.01) of the requested borrowing amount set forth in the notice of borrowing delivered pursuant to Section 3.02(a). Each request by the Borrower for Delayed Draw Term Loans shall be in a minimum aggregated amount for all Lenders of $250,000 (or, if less than $250,000, the entire undrawn Delayed Draw Commitment then outstanding at the time of such borrowing). The aggregate principal amount of such Delayed Draw Term Loans shall not exceed the Delayed Draw Commitment. Such Delayed Draw Term Loans shall mature on the Maturity Date and shall bear interest on the unpaid balance thereof from the applicable Delayed Draw Funding Date until the Maturity Date. The borrowing of a Delayed Draw Term Loan shall be subject to (i) the written consent of the Required Lenders and the satisfaction or waiver of each of the other conditions precedent set forth in Section 3.02 and (ii) each Lender shall have received an irrevocable written request from the Borrower, which written request shall specify (x) the proposed Business Day on which such requested Delayed Draw Term Loan is to be funded (the “Delayed Draw Funding Date”), (y) the aggregate principal amount of the Delayed Draw Term Loan to be borrowed and (z) the remaining availability, immediately following the applicable Delayed Draw Funding Date, for borrowings of Delayed Draw Term Loans.
Delayed Draw Term Loans. The Borrowers shall jointly and severally repay to the Term Lenders on the Maturity Date for the Term Facility the aggregate principal amount of Delayed Draw Term Loans outstanding on such date.
Delayed Draw Term Loans. The Amendment No. 1 Delayed Draw Term Loan Commitment of each Amendment No. 1 Delayed Draw Term Loan Lender shall be automatically and permanently reduced to zero upon the Amendment No. 1 Delayed Draw Termination Date, whether or not the full amount of available Amendment No. 1 Delayed Draw Term Loan Committed Amounts are borrowed.
Delayed Draw Term Loans. The Borrowers shall repay to the Administrative Agent for the ratable account of the Appropriate Lenders (A) on the last Business Day of each March, June, September and December, commencing on the last day of the first full fiscal quarter ending after the applicable Delayed Draw Funding Date of such Delayed Draw Term Loans (each such day, a “Delayed Draw Installment Payment Date”), an aggregate principal amount equal to (x) 0.25% of the aggregate initial principal amount of the Delayed Draw Term Loans that have been funded or (y) such greater amount as necessary (as reasonably determined by the Administrative Agent and the Borrower) to make such Delayed Draw Term Loans fungible with the Initial Term Loans (in each case, which payments shall be reduced as a result of the application of prepayments in accordance with the order of priority set forth in Section 2.05 or Section 10.07 to the extent such Indebtedness is cancelled) and (B) on the Maturity Date for the Delayed Draw Term Loans, the aggregate principal amount of all Delayed Draw Term Loans outstanding on such date.
Delayed Draw Term Loans. Subject to the terms and conditions of this Agreement, including Section 2.2, and in reliance upon the representations and warranties of the Borrowers contained herein, each Term Lender agrees (severally, not jointly or jointly and severally) to make additional Term Loans (the “Delayed Draw Term Loans” and such loans comprising the “DDTL Facility”) during the DDTL Availability Period to Borrowers, in an aggregate principal amount not to exceed the amount of such Term Lender’s then outstanding Delayed Draw Term Loan Commitment; provided, that after giving effect to the making of such Delayed Draw Term Loan, in no event shall the aggregate Term Loans outstanding exceed the Borrowing Base then in effect. Each Term Lender’s Delayed Draw Term Loan Commitment shall be permanently reduced immediately and without further action upon the making of the Delayed Draw Term Loan in an amount equal to the amount of such Term Lender’s Pro Rata Percentage of such Delayed Draw Term Loan. Any principal amount of the Delayed Draw Term Loan which is repaid or prepaid may not be reborrowed.
Delayed Draw Term Loans. The Delayed Draw Term Loans shall mature in quarterly installments payable on the dates set forth below, commencing on June 30, 2015, each such installment to be in an aggregate principal amount equal to the percentage of the Delayed Draw Term Loans made hereunder set forth opposite each such date specified below, and the Borrowers shall repay to the Administrative Agent for the ratable account of each Delayed Draw Term Lender each such installment on each such date. On the Maturity Date for the Delayed Draw Term Loans, the Borrowers shall repay to the Administrative Agent for the ratable account of each Delayed Draw Term Lender the outstanding principal amount of Delayed Draw Term Loans (together with all accrued and unpaid interest and other amounts). June 30, 2015 2.50% September 27, 2015 2.50% December 27, 2015 2.50% March 27, 2016 2.50% June 30, 2016 3.125% September 25, 2016 3.125% December 25, 2016 3.125% March 26, 2017 3.125% June 30, 2017 3.75% September 24, 2017 3.75% December 24, 2017 3.75% March 25, 2018 3.75% June 30, 2018 3.75% September 30, 2018 3.75% December 23, 2018 3.75% March 24, 2019 3.75% Maturity Date for the Delayed Draw Term Loans Outstanding principal amount of Delayed Draw Term Loans (together with all accrued and unpaid interest and other amounts).
Delayed Draw Term Loans. The Borrower may at any time terminate, or from time to time reduce, the Delayed Draw Term Loan Commitments; provided that each partial reduction of the Delayed Draw Term Loan Commitments shall be in an amount that is an integral multiple of $1,000,000 and not less than $5,000,000.
Delayed Draw Term Loans. Subject to the terms and conditions of this Agreement and the other Loan Documents and in reliance on the representations and warranties set forth in this Agreement and the Loan Documents, each Delayed Draw Lender severally agrees to make a Delayed Draw Term Loan to the Borrower on the applicable Delayed Draw Funding Date in a principal amount equal to such Delayed Draw Lender’s Delayed Draw Commitment Amount.
Delayed Draw Term Loans. (a) Delayed Draw Term Loan Commitments. During the Delayed Draw Term Loan Commitment Period, subject to the terms and conditions hereof, each Lender severally agrees to make Delayed Draw Term Loans to the Borrowers in an aggregate amount up to but not exceeding such Lender’s Delayed Draw Term Loan Commitment; provided, that after giving effect to the making of any Delayed Draw Term Loan, in no event shall the Total Utilization of Delayed Draw Term Loan Commitments exceed the Delayed Draw Term Loan Commitments then in effect. Any amount borrowed under this Section 2.02(a) and subsequently repaid or prepaid may not be reborrowed. Each Lender’s applicable Delayed Draw Term Loan Commitment shall expire on the Delayed Draw Term Loan Commitment Termination Date and all Delayed Draw Term Loans and all other amounts owed hereunder with respect to the Delayed Draw Term Loans and the Delayed Draw Term Loan Commitments shall be paid in full no later than the Term Loan Maturity Date.
Delayed Draw Term Loans. Subject to the terms and conditions set forth herein, each Delayed Draw Term Lender severally agrees to make to the Borrowers Delayed Draw Term Loans denominated in Dollars in an aggregate principal amount that will not result in the aggregate principal amount at such time of all outstanding Delayed Draw Term Loans exceeding the aggregate Delayed Draw Term Loan Commitment, at any time on a date after the Closing Date but prior to end of the Availability Period for the Delayed Draw Term Facility. Any Borrowing of a Delayed Draw Term Loan will automatically and permanently reduce the Delayed Draw Term Loan Commitment in an amount corresponding to the amount of such Borrowing. Amounts borrowed under this Section 2.01(c) and repaid or prepaid may not be reborrowed. Delayed Draw Term Loans may be Base Rate Loans or Eurodollar Rate Loans, as further provided herein.