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.
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Delayed Draw Term Loans. During the Amendment No. 1 Delayed Draw Commitment Period, subject only to the satisfaction of the conditions set forth in Section 4.02, each Amendment No. 1 Delayed Draw Term Loan Lender severally agrees to make available to the Borrower term loans in Dollars (the “Amendment No. 1 Delayed Draw Term Loans”) in an aggregate principal amount up to such Amendment No. 1 Delayed Draw Term Loan Lender’s Amendment No. 1 Delayed Draw Term Loan Commitment Percentage of the Amendment No. 1 Delayed Draw Term Loan Committed Amount at such time; provided that (i) there shall be no more than three (3) borrowings of Amendment No. 1 Delayed Draw Term Loans, (ii) the borrowing of Amendment No. 1 Delayed Draw Term Loans shall be up to the Amendment No. 1 Delayed Draw Term Loan Committed Amount and (iii) interest on the Amendment No. 1 Delayed Draw Term Loans shall commence to accrue from the date of funding thereof. The Borrower may request an Amendment No. 1 Delayed Draw Term Loan by delivering a Borrowing Request in accordance with the provisions of Section 2.03. Each Amendment No. 1 Delayed Draw Term Loan Lender will make its Amendment No. 1 Delayed Draw Term Loan Commitment Percentage of the Amendment No. 1 Delayed Draw Term Loan borrowing available to the Administrative Agent, for the account of the Borrower, in Dollars and in funds immediately available to the Administrative Agent at the Administrative Agent’s office by 1:00 p.m. on the date specified in the Borrowing Request. Such borrowing will then be promptly made available to the Borrower by the Administrative Agent on such date by crediting the applicable account designated to the Borrower with the aggregate of the amounts made available to the Administrative Agent by the Amendment No. 1 Delayed Draw Term Loan Lenders and in like funds as received by the Administrative Agent. Each Amendment No. 1 Delayed Draw Term Loan Lender’s Amendment No. 1 Delayed Draw Term Loan Commitment shall be reduced immediately and without further action on the Amendment No. 1 Delayed Draw Funding Date on a dollar-for-dollar basis by the amount of Amendment No. 1 Delayed Draw Term Loans made by such Amendment No. 1 Delayed Draw Term Loan Lender on the Amendment No. 1 Delayed Draw Funding Date. Amounts repaid or prepaid on the Amendment No. 1 Delayed Draw Term Loan may not be reborrowed.
Delayed Draw Term Loans. At any time during the Delayed Draw Commitment Period, subject to the terms and conditions set forth in Sections 1.08 and 4.02 hereof, each Delayed Draw Term Loan Lender with a Delayed Draw Term Loan Commitment severally agrees to make to the Borrowers, on the applicable Delayed Draw Closing Date, term loans denominated in Dollars in amounts requested by the Borrowers that, when taken together, do not exceed the aggregate Delayed Draw Term Loan Commitments as of such Delayed Draw Closing Date immediately prior to giving effect to such Borrowing (the “Delayed Draw Term Loans”); provided that the amount of Delayed Draw Term Loans to be funded by any such Delayed Draw Term Loan Lender on such Delayed Draw Closing Date shall not exceed such Delayed Draw Term Loan Lender’s unfunded Delayed Draw Term Loan Commitment as of such Delayed Draw Closing Date immediately prior to giving effect to such Borrowing. Delayed Draw Term Loans may be Base Rate Loans or SOFR Loans, as further provided herein. Amounts borrowed under this Section 2.01(c) and repaid or prepaid may not be reborrowed.
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. 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 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. The Borrowers shall repay to the Administrative Agent for the ratable account of the Lenders (A) on the last Business Day of each March, June, September and December, commencing with the last Business Day of the second full fiscal quarter in which Delayed Draw Term Loans are outstanding, an aggregate amount equal to 0.25% of the aggregate original principal amount of all outstanding Delayed Draw Term Loans (as such repayment amount shall be reduced as a result of the application of prepayments in accordance with the order of priority determined under Section 2.11) 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; provided that the amount of any such payment set forth above shall be adjusted to account for the addition of any extension pursuant to Section 2.24 to contemplate (A) the reduction in the aggregate principal amount of any Delayed Draw Term Loans that were converted in connection with the incurrence of such extended Term Loans and (B) any increase to payments to the extent and as required pursuant to the terms of any applicable Extension Amendment increasing the amount of Delayed Draw Term Loans. In connection with any advance of Delayed Draw Term Loans, notwithstanding any other conditions specified in this Section 2.10(b)), the amortization schedule for additional Delayed Draw Term Loans may provide for amortization in such other percentage(s) to be agreed by Borrowers and the Administrative Agent to provide that the Delayed Draw Term Loans will be (or will be deemed to be) a single “fungible” Class of Term Loans with the Initial Term Loans or the previously incurred Delayed Draw Term Loans, as applicable.
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. 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.