Term Delayed Draw Loans Clause Samples
The 'Term Delayed Draw Loans' clause defines a type of loan facility where the borrower is permitted to draw down funds in multiple installments over a specified period, rather than receiving the entire loan amount upfront. Typically, the clause outlines the conditions under which each draw can be made, such as meeting certain financial covenants or providing advance notice to the lender. This structure allows borrowers to access funds as needed for ongoing projects or expenditures, while lenders can monitor compliance and manage risk over time. The core function of this clause is to provide flexibility in funding for the borrower while maintaining oversight and control for the lender.
Term Delayed Draw Loans. Each Lender severally agrees, subject ----------------------- to the limitations set forth below with respect to the maximum amount of Term Delayed Draw Loans, to lend to Company from time to time during the period from the Closing Date to but excluding the Term Delayed Draw Loan Commitment Termination Date an aggregate amount not exceeding its Pro Rata Share of the aggregate amount of the Term Delayed Draw Loan Commitments, to be used for the purposes identified in subsection 2.5B. The original amount of each Lender's Term Delayed Draw Loan Commitment is set forth opposite its name in Schedule 2.1 annexed hereto and the aggregate original ------------ amount of the Term Delayed Draw Loan Commitments is $20,000,000; provided -------- that the Term Delayed Draw Loan Commitments of the Lenders shall be adjusted to give effect to any assignments of the Term Delayed Draw Loan Commitments pursuant to subsection 10.1B; provided further that the amount of the Term Delayed Draw -------- ------- Loan Commitments shall be reduced from time to time by the amount of any reductions thereto made pursuant to subsection 2.4B. Each Lender's Term Delayed Draw Loan Commitment shall expire on the Term Delayed Draw Loan Commitment Termination Date to the extent that Term Delayed Draw Loans have not been made on or before that date. Amounts borrowed under this subsection 2.1A(iii) may be repaid and reborrowed, subject to the limitations and conditions set forth herein, to but excluding the Term Delayed Draw Loan Commitment Termination Date.
Term Delayed Draw Loans. The proceeds of any Term Delayed Draw Loans shall be applied by Company only for the purpose of acquiring testing equipment or making other capital expenditures required in connection with the performance by the Operating Subsidiaries with respect to Micro BGA Capital Expenditures.
Term Delayed Draw Loans. Borrowers shall make principal payments on the Term Delayed Draw Loans in installments on each Quarterly Payment Date for Term Delayed Draw Loans commencing April 1, 2008, in an amount equal to 5.00% of the aggregate principal amount of the Term Delayed Draw Loans outstanding on April 1, 2008, with the remainder due in four equal installments on the final three Interest Payment Dates for Term Delayed Draw Loans preceding, and on, the Maturity Date; provided further that the scheduled installments of principal of the Term Delayed Draw Loans set forth above shall be reduced in connection with any voluntary or mandatory prepayments of the Term Delayed Draw Loans in accordance with subsection 2.4B(iv), and the final installment payable by the Borrowers in respect of the Term Delayed Draw Loans on such date shall be in an amount, if such amount is different from that specified above, sufficient to repay all amounts owing by the Borrowers under this Agreement with respect to the Term Delayed Draw Loans.
Term Delayed Draw Loans. The proceeds of the Term Delayed Draw Loans shall be applied by the Borrowers to finance or refinance the acquisition by a Borrower of units or items of Designated FF&E.
Term Delayed Draw Loans. If, at any time prior to the Term Delayed Draw Loan Commitment Termination Date, any mandatory prepayments of Loans are required pursuant to subsection 2.4B(iii), the Applied Amount shall be applied first to the prepayment of then outstanding Term Loans (until paid in full) and if any excess remains, any then remaining and unutilized Term Delayed Draw Loan Commitments shall be permanently reduced by the amount of such excess.