Draw Loan Commitment definition

Draw Loan Commitment means, as to any Lender, the lesser of (i) the Commitment of such Lender to make a Draw Loan Advance as set forth on Schedule 1, or (ii) the aggregate fair market value of the Guarantor Collateral, in the case of (A) real Property, multiplied by 70%, and (B) other Property, multiplied by an advance rate satisfactory to the Administrative Agent in its good faith discretion, less in each instance the amount of any prior Mortgage or Lien thereon. The maximum aggregate amount of the Draw Loan Commitments of all Lenders is $4,000,000.
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Draw Loan Commitment and “Termination Date”, set forth in Section 1.01, “Certain Defined Terms,” of the Credit Agreement are hereby amended to recite as follows:
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Draw Loan Commitment means, for each Lender, the obligation, if any, of such Lender to make Draw Loans to the Borrower, as set forth in Schedule 1, as it may be modified (i) as a result of any assignment that has become effective pursuant to Section 12.3(c) or (ii) otherwise from time to time pursuant to the terms hereof. As of the date of this Agreement, the aggregate amount of the Draw Loan Lenders’ Draw Loan Commitments is $115,000,000.00. After fully advancing the Draw Loan, each reference to a Draw Loan Lender’s Draw Loan Commitment shall refer to that Draw Loan Lender’s Pro Rata Share of the Draw Loans.
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Examples of Draw Loan Commitment in a sentence

  • Subject to the terms and conditions set forth herein, each Delayed Draw Lender agrees severally, and not jointly, to make such Delayed Draw Loan to the Borrower in a principal amount not to exceed its Delayed Draw Loan Commitment.

  • The “Class” of a Loan refers to whether such Loan is a Delayed Draw Loan or an LC Loan and, when used in reference to any Commitment, refers to whether such Commitment is a Delayed Draw Loan Commitment or a LC Commitment.

  • 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.

  • Any Delayed Draw Loan Commitment that remains unused as of the Delayed Draw Termination Date shall terminate on such date.

  • Company's notice to the Administrative Agent shall designate the date (which shall be a Business Day) of such termination or reduction and the amount of any partial reduction, and such termination or reduction of the Revolving Loan Commitments or the Term Delayed Draw Loan Commitments shall be effective on the date specified in such notice and shall reduce the Revolving Loan Commitment or the Term Delayed Draw Loan Commitment, respectively, of each Lender proportionately to its respective Pro Rata Share.

  • Each Lender will extend a draw credit facility (the “Draw Loan”) to Borrowers, subject to the terms and conditions hereof, the principal sum outstanding under which at any time shall not exceed such Lender’s Draw Loan Commitment.

  • 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.

  • All Term B Delayed Draw Loans not otherwise borrowed prior to the Term B Delayed Draw Loan Commitment Termination Date may be borrowed on the Term B Delayed Draw Loan Commitment Termination Date and deposited in the Bank Proceeds Account, following delivery of a Borrowing Notice with respect to such Term B Delayed Draw Loans setting forth the information requested thereby.

  • Each Delayed Draw Lender’s Delayed Draw Loan Commitment shall expire on the last day of the Availability Period after giving effect to any funding of such Delayed Draw Lender’s Delayed Draw Loan Commitment on such date.

  • Borrower shall pay to Administrative Agent, for the ratable benefit of Lenders having Contract Draw Loan Commitments, an unused line fee of 0.25% of the difference between the Total Contract Draw Loan Commitment and the average daily balance of the Contract Draw Loans for each month, which fee shall be fully earned by such Lenders on the first day of each month and payable monthly in arrears on the first Business Day of each month with respect to all activity through the last day of the prior month.


More Definitions of Draw Loan Commitment

Draw Loan Commitment means the obligation of Bank to make Draws issued for the account of Borrower hereunder in an aggregate principal amount not to exceed Thirty Million and 00/100 Dollars ($30,000,000.00).
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Draw Loan Commitment shall also include the sum of $1,650,000 as provided in this First Amendment.
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Related to Draw Loan Commitment

  • Term Loan Commitment is, for any Lender, the obligation of such Lender to make a Term Loan, up to the principal amount shown on Schedule 1.1. “Term Loan Commitments” means the aggregate amount of such commitments of all Lenders.

  • Loan Commitment means, with respect to a Loan, the maximum aggregate amount, as defined by Lender in the applicable Commitment Letter, of advances available to be disbursed on such Loan.

  • Revolving Loan Commitment means the commitment of a Revolving Lender to make Revolving Loans to Company pursuant to subsection 2.1A(ii), and “Revolving Loan Commitments” means such commitments of all Revolving Lenders in the aggregate.

  • Incremental Loan Commitment shall have the meaning ascribed to such term in Section 2.22(a).

  • Term A Loan Commitment means, as to each Lender, its obligation to make its portion of the Term A Loan to the Borrower pursuant to Section 2.01(c), in the principal amount set forth opposite such Lender’s name on Schedule 2.01. The aggregate principal amount of the Term A Loan Commitments of all of the Lenders as in effect on the Closing Date is $675,000,000.