Common use of DELAYED DRAW Clause in Contracts

DELAYED DRAW. Subject to the conditions set forth in Section 5.3, at any time prior to the Term Loan Commitment Termination Date, the Borrower shall have the right to request that the Term Loan Lenders fund an additional portion of the Term Loan up to the amount of any unfunded Term Loan Commitments. The Borrower shall give the Administrative Agent an irrevocable Notice of Borrowing prior to 11:00 a.m. on the same Business Day of such borrowing requesting such additional portion of the Term Loan as a Base Rate Loan. Upon receipt of such Notice of Borrowing from the Borrower, the Administrative Agent shall promptly notify each Term Loan Lender thereof. Not later than 1:00 p.m. on such borrowing date, each Term Loan Lender will make available to the Administrative Agent for the account of the Borrower, at the office of the Administrative Agent in immediately available funds, such Term Loan Lender's Term Loan Commitment Percentage of the amount of the Term Loan to be made on such borrowing date.