DDTL definition
Examples of DDTL in a sentence
To the extent that the Administrative Agent has funded Fronted DDTLs on behalf of any Unfunded DDTL Commitment Lender, such Unfunded DDTL Commitment Lender shall not constitute a Defaulting Lender pursuant to clause (a) of the definition thereof.
Any Incremental Facility (but not any Term Loan Increase, Revolving Commitment Increase or DDTL Commitment Increase) made on an Incremental Facility Closing Date shall be designated a separate Class of Incremental Commitments for all purposes of this Agreement.
The Borrower has requested that the applicable Lenders extend credit to the Borrower in the form of (i) the Initial Term Loans on the Closing Date in an initial aggregate principal amount of $390,000,000, (ii) the Revolving Credit Facility in an initial aggregate principal amount of $65,000,000 and (iii) the Initial DDTL Commitments in an initial aggregate principal amount of $75,000,000.
Notwithstanding anything to the contrary herein, the Required DDTL Lenders shall be permitted to waive any of the conditions precedent to the drawing of any DDTL without the consent of any other party.
The DDTL Commitment of each DDTL Lender shall automatically and permanently terminate (i) with respect to the applicable portion of the Initial DDTL Commitments, upon the funding of such Initial DDTLs on each date of funding and (ii) otherwise, on the Initial DDTL Commitment Expiration date with respect to the Initial DDTL Commitments.
Each Incremental Loan Request from the Borrower pursuant to this Section 2.14 shall set forth the requested amount, the Approved Currency and proposed terms of the relevant Incremental Term Loans, Incremental DDTL Commitments or Incremental Revolving Credit Commitments.
Upon funding by the relevant Unfunded DDTL Commitment Lender of any Fronted DDTLs, (x) the proceeds of such funded Fronted DDTLs shall be retained by the Administrative Agent, (y) the Administrative Agent shall remit the Initial DDTL Commitment Fees to such Unfunded DDTL Commitment Lender and (z) interest applicable to such funded Fronted DDTLs commencing with the date of such funding shall accrue to such Unfunded DDTL Commitment Lender.
That Defaulting Lender (x) shall not be entitled to receive any Revolver Commitment Fee or DDTL Commitment Fee pursuant to Section 2.09 for any period during which that Lender is a Defaulting Lender (and the Borrower shall not be required to pay any such fee that otherwise would have been required to have been paid to that Defaulting Lender) and (y) shall be limited in its right to receive Letter of Credit fees as provided in Section 2.03(h).
The Initial DDTL Commitment Fee shall be calculated quarterly in arrears, and if there is any change in the Initial DDTL Commitment Fee Rate during any quarter, the actual daily amount shall be computed and multiplied by the Initial DDTL Commitment Fee Rate separately for each period during such quarter that such Initial DDTL Commitment Fee Rate was in effect.
Subject to the terms and conditions set forth herein, each Initial DDTL Lender severally agrees to make to the Borrower from time to time after the Closing Date until the Initial DDTL Commitment Expiration Date (on one or more occasions) loans (the “Initial DDTLs”) denominated in Dollars in an aggregate principal amount not to exceed the amount of such Initial DDTL Lender’s then-outstanding Initial DDTL Commitment.