Delayed Draw Term Loan Commitments Clause Samples
A Delayed Draw Term Loan Commitments clause defines the lender's obligation to provide a borrower with access to a specified loan amount that can be drawn in multiple installments over a set period, rather than as a single lump sum at closing. Typically, the borrower must meet certain conditions before each draw, such as providing advance notice or satisfying financial covenants. This structure allows borrowers to access funds as needed for projects or acquisitions, reducing interest costs on undrawn amounts and providing flexibility in managing cash flow.
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Delayed Draw Term Loan Commitments. Subject to the terms and conditions of this Agreement and the other Loan Documents, and in reliance upon the representations and warranties set forth in this Agreement and the other Loan Documents, each Lender in its sole discretion may agree to make Delayed Draw Term Loans to Borrower during the Borrowing Period for such Delayed Draw Term Loans in an aggregate amount not exceeding its respective Delayed Draw Term Loan Commitment for such Delayed Draw Term Loans; provided however, no Lender shall be required to make any Delayed Draw Term Loans unless the Borrower has delivered a Notice of Borrowing in accordance with the procedure for set forth in Section 2.01(a)(ii)(B), and such Lender is satisfied that all of the conditions precedent for such Loan set forth in Section 3.02 have been satisfied or waived in writing. Amounts borrowed under this Section 2.01(a)(ii)(A) and repaid or prepaid may not be reborrowed. Subject to Section 2.01 (b), Section 2.01 (c) and Section 2.01 (d), all amounts and other Obligations owed under the Loan Documents with respect to the Delayed Draw Term Loans shall be paid in full not later than the Maturity Date.
Delayed Draw Term Loan Commitments. The Initial Term Loan Commitments and Tranche B Loan Commitments shall terminate on the Closing Date immediately after the funding of the Initial Term Loans or Tranche B Loans, as applicable, on the Closing Date. Unless previously terminated, the Delayed Draw Term Loan Commitments shall terminate on the DDTL Commitment Expiration Date; provided that, on the date of each Borrowing of Delayed Draw Term Loans, the portion of the Delayed Draw Term Loan Commitments being funded pursuant to such Borrowing shall terminate immediately after the funding of such Delayed Draw Term Loans (and it is acknowledged that the Delayed Draw Term Loan Commitments terminated on October 11, 2024 immediately after the funding of Delayed Draw Term Loans on such date). The Tranche C Commitments shall terminate on the Amendment No. 3 Effective Date immediately after the funding of the Tranche C Loans on the Amendment No. 3
Delayed Draw Term Loan Commitments. The Total Delayed Draw Term Loan Commitment shall terminate on the earlier of (A) the Delayed Draw Term Loan Commitment Expiry Date (after giving effect to any funding (which funding shall, for the avoidance of doubt, be subject to the terms and conditions of this Agreement) of the Delayed Draw Term Loan on such date) and (B) the date on which the aggregate amount of Delayed Draw Term Loans advanced pursuant to Section 2.01(a)(ii) is equal to the Total Delayed Draw Term Loan Commitment. The Borrower may, without premium or penalty, reduce the Total Delayed Draw Term Loan Commitment to an amount (which may be zero) not less than the aggregate principal amount of all Delayed Draw Term Loans not yet made as to which a Notice of Borrowing has been given by the Borrower under Section 2.02. Each such partial reduction shall be in multiples of $5,000,000 (unless the Total Delayed Draw Term Loan Commitment in effect immediately prior to such reduction is less than such amount) and shall be made by providing not less than 5 Business Days prior written notice for any such reduction. Once reduced, the Total Delayed Draw Term Loan Commitment may not be increased. Each such reduction of the Total Delayed Draw Term Loan Commitment shall reduce the Delayed Draw Term Loan Commitment of each Lender proportionately in accordance with its Pro Rata Share thereof.
Delayed Draw Term Loan Commitments. Subject to the terms and conditions hereof and relying upon the representations and warranties herein specified, each Lender severally agrees to make Delayed Draw Term Loans to the Borrowers at any time or from time to time during the Delayed Draw Term Availability Period; provided that after giving effect to each such Loan (i) the aggregate amount of Delayed Draw Term Loans from such Lender shall not exceed such ▇▇▇▇▇▇’s Delayed Draw Term Commitment and (ii) the Delayed Draw Term Loan Outstandings shall not exceed the Delayed Draw Term Commitments.
Delayed Draw Term Loan Commitments. (a) Subject to the terms and conditions set forth herein, each Lender severally agrees to make a single loan (each such loan, a “Tranche A Delayed Draw Term Loan”) to the Borrowers at any time during the Tranche A Delayed Draw Term Loan Commitment Period, in an amount equal to such ▇▇▇▇▇▇’s Tranche A Delayed Draw Term Loan Commitment; provided, that after giving effect to the requested Tranche A Delayed Draw Term Loan, the aggregate principal amount of such Lender’s Tranche A Delayed Draw Term Loans shall not exceed such Lender’s Tranche A Delayed Draw Term Loan Commitment. The Borrower shall request the funding of the Tranche A Delayed Draw Term Loans pursuant to the procedures set forth in Section 2.02(b)(i) below and such Loans shall be funded by the Lenders pursuant to the terms of Section 2.02(b)(ii) hereof. Each Lender’s Tranche A Delayed Draw Term Loan Commitment shall automatically be reduced concurrently with, and in the principal amount of, the Tranche A Delayed Draw Term Loan made by such Lender. The principal amount of any Tranche A Delayed Draw Term Loan which is repaid or prepaid may not be reborrowed.
(b) Subject to the terms and conditions set forth herein, each Lender severally agrees to make loans (each such loan, a “Tranche B Delayed Draw Term Loan” and, together with the Tranche A Delayed Draw Term Loans, “Delayed Draw Term Loans” and each, a “Delayed Draw Term Loan”) to the Borrowers from time to time during the Tranche B Delayed Draw Term Loan Commitment Period, in an amount equal to such Lender’s Applicable Percentage of each such requested Tranche B Delayed Draw Term Loan; provided, that after giving effect to any such requested Tranche B Delayed Draw Term Loan, (i) the aggregate principal amount of the Tranche B Delayed Draw Term Loans of such Lender shall not exceed such Lender’s Tranche B Delayed Draw Term Loan Commitment, and (ii) the aggregate principal amount of Delayed Draw Term Loans outstanding hereunder shall not exceed the Aggregate Commitments. Tranche B Delayed Draw Term Loans shall be requested by the Borrowers pursuant to the procedures set forth in Section 2.02(b)(i) below and funded by the Lenders pursuant to the terms of Section 2.02(b)(ii) hereof. Each Lender’s Tranche B Delayed Draw Term Loan Commitment shall automatically be reduced concurrently with, and in the principal amount of, each Tranche B Delayed Draw Term Loan made by such Lender, and any remaining unfunded Tranche B Delayed Draw Term Loan Commitments ...
Delayed Draw Term Loan Commitments. Lender agrees to make a loan to Borrower (each such loan, a "Delayed Draw Term Loan") from time to time after the Closing Date, in a principal amount not to exceed the Delayed Draw Term Loan Commitment; provided, that the Lender will make the initial Delayed Draw Term Loan no sooner than 30 days after Closing Date and any subsequent Delayed Draw Term Loan no sooner than 30 days after the date of any previous Delayed Draw Term Loan. The Commitment of Lender to make Delayed Draw Term Loans shall terminate on the Termination Date.
Delayed Draw Term Loan Commitments. Subject to the terms and conditions of this Agreement, each Term Loan Lender severally agrees to make to Borrowers Term Loans in an aggregate original principal amount not to exceed such Lender’s Delayed Draw Term Loan Commitment, from time to time during the Delayed Draw Term Loan Commitment Period, provided that each borrowing under the Delayed Draw Term Loan Commitment shall be in increments of $5,000,000 (or if the aggregate available undrawn Delayed Draw Term Loan Commitments are less than $5,000,000, such lesser amount). To request a Term Loan under the Delayed Draw Term Loan Commitment, Borrower Representative shall submit a Loan Request to Agent by email not later than 1.00 p.m. Toronto, Ontario time, two (2) Business Days before the date of the proposed Term Loan.
Delayed Draw Term Loan Commitments. Subject to the terms and conditions hereof, and relying upon the representations and warranties herein set forth, each Lender severally agrees to make Delayed Draw Term Loans in Dollars to the Acquisition Borrowers at any time or from time to time during the Delayed Draw Commitment Period in such principal amount as the Acquisition Borrowers shall request up to, but not exceeding such Lender’s Delayed Draw Term Loan Commitment. The Delayed Draw Term Loan Commitments are not revolving credit commitments, and the Acquisition Borrowers shall not have the right to borrow, repay and reborrow under this Section 4.1. Notwithstanding the foregoing, the Acquisition Borrowers may only make a maximum of two (2) requests for Delayed Draw Term Loans under this Agreement.
Delayed Draw Term Loan Commitments. Subject to the terms and conditions hereof, each Lender, by its acceptance hereof, severally agrees to make a loan or loans (individually a “Delayed Draw Term Loan” and collectively for all the Lenders the “Delayed Draw Term Loans”) in U.S. Dollars to the Borrower from time to time up to the amount of such Lender’s Delayed Draw Term Loan Commitment during the Delayed Draw Term Loan Availability Period; provided, that (a) the aggregate original principal amount of all Delayed Draw Term Loans shall not exceed the Delayed Draw Term Loan Commitment and (b) the aggregate original principal amount of all Delayed Draw Term Loans of any Lender shall not exceed such Lender’s Delayed Draw Term Loan Commitment. Each Borrowing of Delayed Draw Term Loans shall be made ratably by the Lenders in proportion to their respective Delayed Draw Term Loan Percentages; provided, that the Borrower shall be limited to six (6) Borrowings during the Delayed Draw Term Loan Availability Period. As provided in Section 1.5(a) hereof, the Borrower may elect that the Delayed Draw Term Loans be outstanding as Base Rate Loans or Eurodollar Loans. No amount repaid or prepaid on any Delayed Draw Term Loan may be borrowed again.
Delayed Draw Term Loan Commitments. Subject to the terms and conditions hereof, each Lender severally agrees to make, at any one time after the Closing Date up until the Delayed Draw Term Loan Commitment Termination Date, a Term Loan to Borrower in an amount equal to the amount of such Lender’s Delayed Draw Term Loan Commitment. Borrower may make only one borrowing under the Delayed Draw Term Loan Commitment, which, if made, must be prior to the Delayed Draw Term Loan Commitment Termination Date. Any amount borrowed under this Section 2.2 and subsequently repaid or prepaid may not be reborrowed. Subject to Sections 2.10(a) and 2.11, all amounts owed hereunder with respect to the Loans shall be paid in full no later than the Maturity Date. Each Lender’s Delayed Draw Term Loan Commitment shall terminate immediately and without further action on the Delayed Draw Term Loan Commitment Termination Date.