DDTL Loans definition
Examples of DDTL Loans in a sentence
For the avoidance of doubt, the Incremental DDTL Loans shall at all times be secured by Liens on the Collateral securing the Initial Term Loans, which Liens shall rank pari passu with the Initial Term Loans and shall be guaranteed by the same Persons that guarantee the Initial Term Loans.
The obligations of the Incremental DDTL Lenders to make the Incremental DDTL Loans hereunder is subject to the satisfaction of the conditions precedent set forth in Schedule 4.02.
The Incremental DDTL Loans (if and when advanced) shall be deemed to have been made in the aggregate as Term Loan to the Borrowers under this Agreement and to constitute a part of the principal balance of the Term Loans pursuant to the same terms as all other Term Loans outstanding under this Agreement (except solely with respect to the rights of Incremental DDTL Lenders as expressly set forth in the definition of “Required Lenders” and in Section 9.02 hereof).
Amounts repaid or prepaid in respect of Incremental DDTL Loans may not be reborrowed.
This DDTL Note evidences the Lender’s portion of the DDTL Loans under, and is entitled to the benefits and subject to the terms of, the Loan Agreement which contains, among other things, provisions with respect to the acceleration of the maturity of this DDTL Note upon the happening of certain stated events and provisions for prepayment.
Notwithstanding the foregoing, if any of the conditions set forth above are not satisfied, such conditions may be waived by the Required DDTL Lenders, with respect to DDTL Loans and Required Revolving Lenders, with respect to Revolving Loans, as applicable.
Seller’s right to specific performance hereunder shall include a right to cause Buyer to enforce the obligations of the other parties under the Credit Agreement in order to cause the funding of the DDTL Loans to be timely completed in accordance with the terms of the Credit Agreement, subject to the satisfaction of the DDTL Conditions and the conditions set forth in Section 5.1.
Subject to the terms and conditions of this Agreement, each Lender with a DDTL Commitment agrees severally to make DDTL Loans in an amount not exceeding such Lender’s DDTL Commitment on any Business Day through the DDTL Commitment Termination Date; provided, that the undrawn portion thereof shall automatically be cancelled at the close of business on the DDTL Commitment Termination Date.
Buyer shall keep Seller reasonably informed of the status of ▇▇▇▇▇’s efforts to consummate the funding of the DDTL Loans.
Borrowers shall not have any right to reborrow any portion of the Special Purpose DDTL Loans which are repaid or prepaid from time to time.