Loan Draw definition
Examples of Loan Draw in a sentence
The maximum amount of any Term Loan Draw may not exceed, when funded, the Term Loan Availability on such date.
Subject to the terms and conditions of this Agreement, during the Term Loan Draw Period, and upon the delivery to Bank by Borrower of a completed and executed irrevocable LOAN PAYMENT/ADVANCE REQUEST FORM (in the form of Schedule F), Bank shall make Loans available to Borrower in an aggregate principal amount up to Seven Hundred Fifty Thousand Dollars ($750,000.00), provided that each Loan shall be in a principal amount of at least Two Hundred Fifty Thousand Dollars ($250,000.00).
With respect to each Swing Loan Draw Request, Borrower shall deliver any such request no later than 10:00 A.M. (Central time) on the requested Advance Date.
Borrowers shall pay a fee (the “Upfront Fee”) to Lender (i) in the amount of $48,750 on the Closing Date, which shall be due and payable in full in immediately available funds on the Closing Date, and (ii) in an amount equal to 0.30% times the amount of any Term Loan made hereunder, which shall be due and payable in full in immediately available funds on the Term Loan Draw Date with respect thereto.
The first Term Loan Draw shall be funded on the Closing Date and shall be in a minimum amount of $75,000,000.
On each Delayed Draw Term Loan Draw Date, the Commitments of the Lenders to make Delayed Draw Term Loans shall be permanently reduced on a dollar-for-dollar basis in an amount equal to the Delayed Draw Term Loan made on such Delayed Draw Term Loan Draw Date, and the Delayed Draw Term Loan Commitments of all Lenders shall expire on the Delayed Draw Term Loan Commitment Termination Date.
Any portion of the Term B Loan Commitments not funded as of the close of business on the date which is five (5) Business Days after the end of the Term B Loan Draw Period shall thereupon automatically be terminated and the Term B Loan Commitment of each Lender as of such date shall be reduced by such Lender’s Pro Rata Share of such total reduction in the Term B Loan Commitments.
Each Advance under a Swing Loan shall be made pursuant to a Swing Loan Draw Request submitted by Borrower to Agent and Swing Lender (if a party other than Agent).
On each such Advance Date, if all the terms and conditions of this Agreement have been complied with by Borrower, to the satisfaction of Agent and Swing Lender (if a party other than Agent), if no default or Event of Default exists hereunder, and if Agent and Swing Lender (if a party other than Agent) have approved the Swing Loan Draw Request, the Swing Lender shall advance to Agent the amount of the approved Advance.
Each Term Loan Draw shall be in a minimum amount of $10,000,000 and integral multiples of $500,000 in excess thereof, or the remaining unfunded amount of the Term Loan.