Delayed Drawdown Loan definition

Delayed Drawdown Loan means a Collateral Obligation that (a) permits the related Obligor to request one or more future advances thereunder, (b) specifies a maximum amount that can be borrowed on one or more fixed borrowing dates, and (c) does not permit the re-borrowing of any amount previously repaid by the Obligor thereunder; provided, that any such Collateral Obligation will be a Delayed Drawdown Loan only until all commitments by the Borrower to make advances to such Obligor expire, are terminated or are otherwise irrevocably reduced to zero and only to the extent of such unfunded commitments.

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Delayed Drawdown Loan means a Fund Investment (including letter of credit facilities, unfunded commitments under specific facilities and other similar loans and investments) that pursuant to its terms may require one or more future advances to be made to the Obligor by the Borrower, which may not permit the re-borrowing of any amount previously repaid; provided that any such Fund Investment shall be considered a “Delayed Drawdown Loan” only until all commitments to make advances to the Obligor expire or are terminated or reduced to zero.

Delayed Drawdown Loan has the meaning specified in Annex C.

Examples of Delayed Drawdown Loan in a sentence

• Funds on deposit in the Unfunded Exposure Account as of any date of determination may be withdrawn to fund draw requests of the relevant obligors under any Delayed Drawdown Loan or Revolving Loan.

• Except with respect to the funding commitment assumed by the Buyer with respect to any Delayed Drawdown Loan or Revolving Collateral Obligation, no obligation or liability to any Obligor under any of the Collateral Obligations is intended to be assumed by the Buyer, the Administrative Agent or any of the other the Secured Parties under or as a result of this Agreement and the transactions contemplated hereby.

• The Borrower may not sell a participation interest in a Revolving Collateral Obligation or a Delayed Drawdown Loan.

• Any funds in the Delayed Drawdown Account will be available solely to cover any drawdowns on a Delayed Drawdown Loan; provided that an amount equal to the Delayed Drawdown Excess may be transferred from time to time to the Principal Collection Subaccount as Principal Proceeds.

• In addition, on any date, the Borrowers may direct the Account Bank in writing (with a copy to the Collateral Administrator) to apply Principal Proceeds on deposit in the Principal Proceeds Account to the payment of the purchase price of a Collateral Asset acquired in accordance with this Agreement against Delivery of such Asset or to fund any draw requests of the relevant obligors under any Collateral Asset that is a Revolving Loan or Delayed Drawdown Loan.

More Definitions of Delayed Drawdown Loan

Delayed Drawdown Loan has the meaning set forth in the Collateral Valuation Schedule.

Delayed Drawdown Loan means a Loan that (a) requires the Borrower to make one or more future advances to the Obligor under the related documents, agreements evidencing, guaranteeing, securing, governing or giving rise to such loan (for purposes of such definition, the “related documents”), (b) specifies a maximum amount that can be borrowed on one or more fixed borrowing dates, and (c) does not permit the re-borrowing of any amount previously repaid by the Obligor thereunder, provided that any such loan will be a Delayed Drawdown Loan only to the extent of undrawn commitments and solely until all commitments by the Borrower to make advances on such loan to the borrower under the related documents expire or are terminated or are reduced to zero.

Delayed Drawdown Loan means a Loan that (a) requires the Borrower to make one or more future advances to the Obligor under the Related Documents, (b) specifies a maximum amount that can be borrowed on one or more fixed borrowing dates, and (c) does not permit the re-borrowing of any amount previously repaid by the Obligor thereunder, provided that any such loan will be a Delayed Drawdown Loan only to the extent of undrawn commitments and solely until all commitments by the Borrower to make advances on such loan to the Obligor under the Related Documents expire or are terminated or are reduced to zero.

Delayed Drawdown Loan means a Collateral Asset that (a) permits the related obligor to request one or more future advances thereunder, (b) specifies a maximum amount that can be borrowed on one or more fixed borrowing dates and (c) does not permit the re-borrowing of any amount previously repaid by the obligor thereunder; provided, that any such Collateral Asset will be a Delayed Drawdown Loan for so long as any future funding obligations remain in effect and only with respect to the portion which constitutes a funding obligation.

Delayed Drawdown Loan means a Broadly Syndicated Loan that (a) requires any Loan Party to make one or more future advances to the Underlying Obligor under the applicable Underlying Instruments, which funding requirement is not subject to any conditions (other than (i) the representations and warranties being true and correct at the time of borrowing, (ii) no default or event of default existing immediately prior to or after the time of borrowing, (iii) pro forma compliance with a financial covenant at the time of borrowing and/or (iv) the delivery of a borrowing notice or the taking of other administrative steps (including having the borrowing occur prior to a certain date)), (b) specifies a maximum amount that can be borrowed on one or more fixed borrowing dates, and (c) does not permit the re-borrowing of any amount previously repaid by the Underlying Obligor thereunder; provided that any such Broadly Syndicated Loan will be a Delayed Drawdown Loan only to the extent of undrawn commitments and solely until all commitments by such Loan Party to make advances on such Broadly Syndicated Loan to the Underlying Obligor under the Underlying Instruments expire or are terminated or are reduced to zero.

Delayed Drawdown Loan is an obligation that (a) requires the creditor to make one or more future advances to the borrower under the Underlying Instruments relating thereto, (b) specifies a maximum amount that can be borrowed on one or more fixed borrowing dates, and (c) does not permit the reborrowing of any amount previously repaid by the borrower thereunder; but any such Asset will be a Delayed Drawdown Loan only until all commitments by the Borrower to make advances to the borrower expire or are terminated or are reduced to zero.

Delayed Drawdown Loan means a Collateral Obligation pursuant to which one or more future advances will be required to be made to the Obligor thereunder but which does not permit any such advance that has been made to be reborrowed once repaid by the Obligor; provided that such loan shall only be considered to be a Delayed Drawdown Loan to the extent of the unfunded commitment and only for so long as any future funding obligations remain in effect.