DLOC Draw Period definition

DLOC Draw Period means the period of time beginning at Closing and ending on February 25, 2024. Subject to ▇▇▇▇▇▇’s written approval, the DLOC Draw Period may be extended to a later date, but in all cases no later than the earlier of (i) the third anniversary of the Closing Date, and (ii) the required completion date for the PIP improvements, as required by Franchisor.

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DLOC Draw Period means the eighteen (18) month period from the Closing Date to the Term Loan Effective Date.

Examples of DLOC Draw Period in a sentence

Borrower shall not be entitled to any further DLOC Draws following the last day of the DLOC Draw Period.
Borrower may request draws under the DLOC (each, a “DLOC Draw”) during the DLOC Draw Period, subject to the limitations stated herein.
During the DLOC Draw Period, DLOC Advances will be made in accordance with Section 2 of this Agreement.
Notwithstanding any provision of this Agreement and the Loan Documents to the contrary, during the DLOC Draw Period the DLOC Loan is a straight line of credit and not a revolving line of credit and, accordingly, principal amounts paid and prepaid may not be re-borrowed or re-advanced.
Notwithstanding any provision of this Agreement and the Loan Documents to the contrary, during the 2nd DLOC Draw Period the 2nd DLOC Loan is a straight line of credit and not a revolving line of credit and, accordingly, principal amounts paid and prepaid may not be re-borrowed or re-advanced.