Incremental Delayed Draw Term Loan definition
Incremental Delayed Draw Term Loan has the meaning specified in Section 2.14(2).
Incremental Delayed Draw Term Loan. Commitments”) in reliance on clause (a) of the Available Incremental Amount, then, at the Borrower’s option, the applicable ratio-based basket will be calculated on a Pro Forma Basis, either (1) assuming, at the time of entering into such Incremental Delayed Draw Term Loan Commitments, that such Incremental Delayed Draw Term Loan Commitments established on such date are fully drawn or (2) on the date of the funding of the corresponding incremental delayed draw term loans based solely on the amount then drawn pursuant to such Incremental Delayed Draw Term Loan Commitments; provided that, for the avoidance of doubt, if the Borrower elects to assume that such Incremental Delayed Draw Term Loan Commitments are fully drawn on the date such Incremental Delayed Draw Term Loan Commitments are established in accordance with clause (1) above, (A) any subsequent borrowing thereunder not in excess of the aggregate amount of such Incremental Delayed Draw Term Loan Commitments shall be deemed to be a permitted incurrence regardless of whether the Borrower has availability under the “Available Incremental Amount” at the time of such borrowing and (B) any subsequent calculation of the Available Incremental Amount for all purposes hereunder shall also assume that such Incremental Delayed Draw Term Loan Commitments are fully drawn.
Incremental Delayed Draw Term Loan. 1.14(b)(i)
Examples of Incremental Delayed Draw Term Loan in a sentence
The Borrower shall pay to the Administrative Agent, for the account of each Lender in accordance with its Applicable Percentage, a commitment fee (the “Incremental DDTL Commitment Fee”) equal to the product of (i) the Applicable Rate times (ii) the actual daily amount by which the Incremental Delayed Draw Term Loan Commitments exceed the Incremental Delayed Draw Term Loans, subject to adjustment as provided in Section 2.15.