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. The obligation of each Lender to make a Loan with respect to Delayed Draw Term Loans on and after the Closing Date is subject solely to the following conditions precedent:
(a) The Administrative Agent shall have received a Committed Loan Notice as required by Section 2.02.
(b) At the time of such Borrowing, no Default or Event of Default shall have occurred and be continuing; provided, that, in the case of any Delayed Draw Term Loans, the proceeds of which will be used to finance a Limited Condition Transaction, this clause (b) shall be limited to Specified Events of Default.
(c) The representations and warranties of the Borrower and each other Loan Party contained in Article V or any other Loan Document shall be true and correct in all material respects on and as of the date of such Credit Extension; provided that, to the extent that such representations and warranties specifically refer to an earlier date, they shall be true and correct in all material respects as of such earlier date; provided, further, that any representation and warranty that is qualified as to “materiality,” “Material Adverse Effect” or similar language shall be true and correct (after giving effect to any qualification therein) in all respects on such respective dates; provided, further, that in the case of a Delayed Draw Term Loan the proceeds of which will be used to finance a Limited Condition Transaction, the foregoing will be limited to the Specified Representations.
(d) After giving effect to such Borrowing (and any related transactions), the First Lien Senior Secured Leverage Ratio, on a Pro Forma Basis as of the last day of the most recently ended Test Period would not exceed the First Lien Senior Secured Leverage Ratio immediately prior to giving effect to such Borrowing.
(e) Such Borrowing shall be in an aggregate principal amount equal to or greater than $25,000,000 (and, if such Borrowing shall occur on the Closing Date, such Borrowing shall be in an aggregate principal amount not to exceed $50,000,000 (the “Permitted Initial Delayed Draw Term Loan Borrowing Amount”)); provided that such Borrowing may be less than $25,000,000 if such Borrowing represents the remaining amount available under the Delayed Draw Commitment.
(f) There shall be no more than four (4) Borrowings of Delayed Draw Term Loans. To the extent this Section 4.03 is applicable each Borrowing of Delayed Draw Term Loans shall be deemed to constitute a representation and warranty by the Borrower on the date ...
Delayed Draw Term Loans. On the First Amendment Effective Date, the Delayed Draw Lender agrees, subject to the terms and conditions set forth in this Agreement, to make a Term Loan to the Parent Borrower in the amount of $150,000,000 (the “Delayed Draw Term Loan”), which Delayed Draw Term Loan: (i) can only be incurred on the First Amendment Effective Date; (ii) may, except as set forth herein, at the option of the Parent Borrower, be incurred and maintained as, or Converted into, Term Loans that are Base Rate Loans or Eurodollar Loans, in each case denominated in U.S. Dollars; provided that all Term Loans made as part of the same Term Borrowing shall consist of Term Loans of the same Type; and (iii) shall be repaid in accordance with Section 2.15(b). From and after the First Amendment Effective Date, the Delayed Draw Term Loan will be deemed an Initial Term Loan for all purposes under this Agreement; provided, however, that solely for the purpose of calculating the yield on the Initial Facilities pursuant to Section 2.18, the Delayed Draw Term Loan shall be deemed to have been issued with the same original issue discount and/or upfront fee percentage paid to all Lenders applicable to the Initial Term Loans funded on the Closing 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. 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 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 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. Commencing on the first Business Day of the first fiscal quarter beginning after the Acquisition Closing Date, the Company shall repay the outstanding principal amount of the Delayed Draw Term Loans in installments on the first Business Day of each January, April, July and October and on the Maturity Date, in each case, in the respective amounts set forth in the table below (which amounts shall be reduced as a result of the application of prepayments in accordance with the order of priority set forth in Section 2.05), unless accelerated sooner pursuant to Section 9.02: provided, that, (i) the final principal repayment installment of the Delayed Draw Term Loans shall be repaid on the Maturity Date and in any event shall be in an amount equal to the aggregate principal amount of all Delayed Draw Term Loans outstanding on such date, and (ii)(A) if any principal repayment installment to be made by the Company (other than principal repayment installments on Term SOFR Loans) shall come due on a day other than a Business Day, such principal repayment installment shall be due on the next succeeding Business Day, and such extension of time shall be reflected in computing interest or fees, as the case may be, and (B) if any principal repayment installment to be made by the Company on a Term SOFR Loan shall come due on a day other than a Business Day, such principal repayment installment shall be extended to the next succeeding Business Day unless the result of such extension would be to extend such principal repayment installment into another calendar month, in which event such principal repayment installment shall be due on the immediately preceding Business Day.
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.