Delayed Draw Term Commitments Sample Clauses
A Delayed Draw Term Commitments clause allows a borrower to access portions of a loan in multiple installments over a specified period, rather than receiving the full loan amount upfront. Typically, the lender commits to making funds available upon the borrower’s request, subject to certain conditions such as compliance with covenants or the absence of defaults. This structure provides the borrower with flexibility to draw funds as needed for project milestones or phased expenditures, while the lender retains control over disbursements. The core function of this clause is to align loan funding with the borrower’s actual cash flow needs, reducing unnecessary interest costs and managing risk for both parties.
Delayed Draw Term Commitments. Subject to the terms and conditions set forth herein, during the Delayed Draw Commitment Period, each Delayed Draw Term Lender with a Delayed Draw Term Commitment severally, and not jointly, agrees to make Delayed Draw Term Loans to the Borrower on each Delayed Draw Funding Date in Dollars in a principal amount not to exceed its Delayed Draw Term Commitment; provided that there shall not be more than five Delayed Draw Funding Dates during the Delayed Draw Commitment Period. Each Delayed Draw Term Lender’s Delayed Draw Term Commitment shall (x) be permanently reduced on each Delayed Draw Funding Date by the principal amount funded by each such Delayed Draw Term Lender on such Delayed Draw Funding Date and (y) terminate immediately and without further action on the Delayed Draw Termination Date. Amounts paid or prepaid in respect of the Delayed Draw Term Loans may not be reborrowed. Notwithstanding anything to the contrary contained herein, and immediately after giving effect to the incurrence of such Delayed Draw Term Loans (or, at the election of the Administrative Agent (such election to be notified to the Borrower and each Delayed Draw Term Lender), upon the Delayed Draw Termination Date), the outstanding principal amount of such Delayed Draw Term Loans shall be automatically deemed to constitute Initial Term Loans thereafter for all purposes of this Agreement and the other applicable Loan Documents; it being understood and agreed that such outstanding Delayed Draw Term Loans shall be added to (and form part of) each then outstanding Borrowing of Initial Term Loans on a pro rata basis (based on the relative sizes of the various outstanding Borrowings), so that each Term Loan Lender that holds outstanding Term Loans and such Delayed Draw Term Loans will participate proportionately in each then outstanding Borrowing of Initial Term Loans (after giving effect to the conversion pursuant to this sentence). To the extent this clause (b) requires that Delayed Draw Term Lenders making new Delayed Draw Term Loans add such Delayed Draw Term Loans to the then outstanding Borrowings of Eurodollar Rate Loans of the Initial Term Loans, it is acknowledged that the effect thereof may result in such new Delayed Draw Term Loans having short Interest Periods (i.e., an Interest Period that began during an Interest Period then applicable to outstanding Eurodollar Rate Loans of the respective Term Facility and which will end on the last day of such Interest Period). Notwithst...
Delayed Draw Term Commitments. The aggregate Delayed Draw Term Commitments shall be automatically and permanently reduced to zero immediately after the last day of the Delayed Draw Availability Period.
Delayed Draw Term Commitments. Subject to the terms and conditions hereof, each Delayed-Draw Term Lender as of the Closing Date severally agrees to make term loans (each, a “Delayed-Draw Term Loan”) to the Borrower from time to time during the Delayed-Draw Availability Period in an amount that will not result in the Delayed-Draw Term Loans of such Delayed-Draw Term Lender exceeding the Delayed-Draw Commitment of such Delayed-Draw Term Lender. The Delayed-Draw Term Loans may from time to time be Eurodollar Loans or ABR Loans, as determined by the Borrower and notified to the Administrative Agent in accordance with Sections 2.2 and 2.10.
Delayed Draw Term Commitments. On the terms and subject to the conditions contained in this Agreement, each Delayed Draw Term Lender severally agrees to make a term loan (each a “Delayed Draw Term Loan”) to the Borrower on or prior to the Delayed Draw Commitment Termination Date, in an amount not to exceed such Lender’s Delayed Draw Term Commitment in effect at such time, which Delayed Draw Term Loan shall be available in Dollars to the Borrower pursuant to such Lender’s pro rata share of the Delayed Draw Term Commitments. Amounts of Delayed Draw Term Loans repaid or prepaid may not be reborrowed.
Delayed Draw Term Commitments. The Borrower shall have the right, upon not less than three Business Days’ notice to the Administrative Agent, to terminate the Delayed Draw Term Commitments or, from time to time, to reduce the amount of the Delayed Draw Term Commitments. Any such reduction shall be in an amount equal to $1,000,000, or a whole multiple thereof, and shall reduce permanently the Delayed Draw Term Commitments then in effect.
Delayed Draw Term Commitments. On the terms set forth herein and in the Restated Credit Agreement and subject to the conditions set forth herein, each Delayed Draw Term Lender agrees that, on and as of the Restatement Effective Date, it shall have a Delayed Draw Term Commitment in an amount set forth under the caption “Delayed Draw Term 2 [[5869067v.6]] Commitments” opposite its name on Schedule 2.01 to Annex I hereto and shall be entitled to all the rights of, and be bound by all of the obligations of, Delayed Draw Term Lenders under, and as defined in, the Restated Credit Agreement and the other Loan Documents, including, without limitation, the obligations of Delayed Draw Term Lenders under Section 2.01 of the Restated Credit Agreement.
Delayed Draw Term Commitments. Subject to the terms and conditions hereof, each Delayed Draw Term Lender severally agrees to make a Delayed Draw Term Loan to the Borrowers during the period commencing on the Closing Date and ending on the earlier of (i) November 8, 2014 and (ii) the date on which the 2014 Convertible Unsecured Notes are paid in full in an aggregate amount equal to the amount of the Delayed Draw Term Commitment of such Lender. The Delayed Draw Term Loans may be drawn in up to three (3) separate draws of not less than $5,000,000 each. Delayed Draw Term Loans may from time to time be Eurodollar Loans or ABR Loans, as determined by the Borrowers and notified to the Administrative Agent in accordance with Sections 2.2 and 2.13.
Delayed Draw Term Commitments. Subject to the terms and conditions hereof, each Lender severally agrees to make up to four loans (each such loan, a “Delayed Draw Term Loan”) to the Borrowers from time to time in AUD on any Business Day during the Delayed Draw Term Commitment Period in an aggregate amount not to exceed such Lender’s Delayed Draw Term Commitment. The Delayed Draw Term Loans shall be Eurodollar Loans. Amounts paid or prepaid in respect of Delayed Draw Term Loans may not be reborrowed.
Delayed Draw Term Commitments. As of the date hereof, the Delayed Draw Term Commitments shall have been utilized or expired.
Delayed Draw Term Commitments. Subject to the terms and conditions hereof, each Delayed Draw Term Lender severally agrees to make a term loan or term loans in Dollars (each, a “Delayed Draw Term Loan”, and collectively, the “Delayed Draw Term Loans”) to the Borrower from time to time after the Closing Date until, but not including, the Delayed Draw Term Commitment Termination Date; provided, that (i) there shall not be more than three drawings of the Delayed Draw Term Loans, (ii) each drawing of Delayed Draw Term Loans shall not exceed, for any Delayed Draw Term Lender, the Available Delayed Draw Term Commitment of such Lender at such time and (iii) the Delayed Draw Term Loans shall not exceed, in the aggregate, the Total Delayed Draw Term Commitment. The Delayed Draw Term Loans may from time to time be Term Benchmark Loans, RFR Loans, ABR Loans or Daily SOFR Loans, as determined by the Borrower and notified to the Administrative Agent in accordance with Sections 2.2 and 2.10. Amounts paid or prepaid in respect of Delayed Draw Term Loans may not be reborrowed.