Delayed Draw Funding Date Clause Samples
The Delayed Draw Funding Date clause defines the specific future date or dates on which a borrower can access additional funds under a loan agreement, rather than receiving the entire loan amount upfront. In practice, this clause allows the borrower to request disbursements in tranches, often subject to meeting certain conditions or milestones before each draw. Its core function is to provide flexibility in funding, ensuring that borrowers only incur interest and obligations on amounts actually drawn, which can be particularly useful for projects with phased capital needs.
Delayed Draw Funding Date. The obligation of each Lender with a Delayed Draw Term Loan Commitment to make a Loan on the Delayed Draw Funding Date (but in any event prior to the Delayed Draw Term Loan Commitment Termination Date) is subject to the satisfaction, or waiver in accordance with Section 10.5, of the following conditions on or before the Delayed Draw Funding Date:
Delayed Draw Funding Date. The Delayed Draw Funding Date shall occur no later than June 30, 2025.
Delayed Draw Funding Date. The agreement of each Lender to make the extension of credit requested to be made by it on the Delayed Draw Funding Date is subject to the satisfaction, prior to or concurrently with the making of such extension of credit on the Delayed Draw Funding Date, of the following conditions precedent:
Delayed Draw Funding Date. The obligations of the Lenders to make the Delayed Draw Term Loans pursuant to Section 2.01(a)(ii) shall not become effective until (x) the Effective Date has occurred and (y) the date on which each of the following conditions is satisfied (or waived in accordance with Section 9.02):
(a) The AmSan Acquisition shall have been consummated in accordance with applicable law and the Securities Purchase Agreement in all material respects substantially simultaneously with the making of the Delayed Draw Term Loans. No material provision of the Securities Purchase Agreement shall have been waived, amended, supplemented or otherwise modified in any respect materially adverse to the Lenders without the consent of the Administrative Agent.
(b) The Administrative Agent shall have received a favorable written opinion (addressed to the Administrative Agent and the Lenders and dated the Delayed Draw Funding Date) of each of (i) Paul, Weiss, Rifkind, Wharton & Garrison LLP, counsel for the Bor▇▇▇▇r, and (ii) Dechert ▇▇▇, ▇▇d, ▇▇ ▇▇▇ ▇ase of each such opinion required by this paragraph, covering such matters relating to the Loan Parties, the Loan Documents or the Transactions as the Administrative Agent shall reasonably request. The Borrower hereby requests such counsel to deliver such opinions.
(c) The Administrative Agent shall have received a certificate, dated the Delayed Draw Effective Date and signed by the President, a Vice President or a Financial Officer of the Borrower, confirming compliance with the conditions set forth in paragraphs (a) and (b) of Section 4.03.
(d) The Administrative Agent shall have received all fees and other amounts due and payable on or prior to the Delayed Draw Funding Date, including, to the extent invoiced, reimbursement or payment of all out-of-pocket expenses (including reasonable fees, charges and disbursements of counsel) required to be reimbursed or paid by any Loan Party hereunder or under any other Loan Document.
(e) The requirements of Section 5.13 of this Agreement shall have been satisfied with respect to AmSan and its subsidiaries. The Administrative Agent shall notify the Borrower and the Lenders of the Delayed Draw Funding Date, and such notice shall be conclusive and binding. Notwithstanding the foregoing, the obligations of the Lenders to make the Delayed Draw Term Loans shall not become effective unless each of the foregoing conditions is satisfied (or waived pursuant to Section 9.02) at or prior to 5:00 p.m., New York Cit...
Delayed Draw Funding Date. June 19, 2017, December 15, 2017 or March 30, 2018, as applicable, or in each such case, another date on which the Issuer, the Initial Holder and UBS agree in writing with notice to the Trustee no later than five Business Days in advance thereof that the Delayed Draw Global Notes shall be funded.
Delayed Draw Funding Date. The Borrower hereby irrevocably authorizes the Administrative Agent to disburse the proceeds of the IncrementalDelayed Draw Term Loan-1 in immediately available funds by wire transfer to the Borrower as directed by the Borrower in writing.
Delayed Draw Funding Date. On the Delayed Draw Funding Date:
(a) The Administrative Agent’s receipt of the following, each of which shall be originals or telecopies or “.pdf” or “.tif” copies unless otherwise specified, each properly executed by a Responsible Officer of the signing Loan Party, each dated the Delayed Draw Funding Date (or, in the case of certificates of governmental officials, a recent date before the Delayed Draw Funding Date):
(i) (1) a certificate of the Secretary, Assistant Secretary or other Responsible Officer of each Loan Party dated the Delayed Draw Funding Date and certifying (A) that attached thereto is a copy of the certificate or articles of incorporation or organization or articles of association or other constituting document, including all amendments thereto, of each Loan Party, as certified as of a recent date by the Secretary of State of the state of its organization (or a certification by such Responsible Officer that there have been no amendments to such constituting document since the First Amendment Effective Date), (B) that attached thereto is a true and complete copy of the by-laws or other governing document of such Loan Party as in effect on the Closing Date and at all times since a date prior to the date of the resolutions described in clause (C) below, (C) that attached thereto is a true and complete copy of resolutions duly adopted by the Board of Directors or similar governing body of such Loan Party authorizing the execution, delivery and performance of the Loan Documents to which such Person is a party and, in the case of the Borrower, the borrowings hereunder, and that such resolutions have not been modified, rescinded or amended and are in full force and effect, (D) that the certificate or articles of incorporation or organization or other constituting documents of such Loan Party have not been amended since the date of the last amendment thereto shown on the certificate or articles of incorporation or organization furnished pursuant to clause (A) above, and (E) to the extent applicable in the Relevant Jurisdiction, as to the incumbency and signature of each officer executing any Loan Document or any other document delivered in connection herewith on behalf of such Loan Party and (2) to the extent applicable in the Relevant Jurisdiction, a certificate of another officer as to the incumbency and signature of the Secretary, Assistant Secretary or other Responsible Officer executing the certificate pursuant to clause (1) above;
(ii) a so...