Delayed Draw Term C Loan Commitment Clause Samples

Delayed Draw Term C Loan Commitment. (i) On any Business Day during the Delayed Draw Term C Availability Period, subject to the terms and conditions hereof (including, without limitation, Section 4.02), each Term C Lender with a Delayed Draw Term C Loan Commitment severally agrees to make, on the date requested by the Borrower pursuant to a Funding Notice, a Term C Loan to the Borrower in a principal amount up to but not exceeding such Lender’s Delayed Draw Term C Loan Commitment. (ii) At any time during the Delayed Draw Term C Availability Period, subject to the satisfaction of the terms and conditions set forth herein, the Borrower may make a Borrowing under the Delayed Draw Term C Loan Commitments in the aggregate principal amount not to exceed (x) the amount to be then paid in connection with the Roadway Improvements with respect to which all necessary approvals, consents and Permits that are required by applicable Law are in full force and effect, plus (y) the amount of any payments to be then made to the California Department of Transportation to reimburse it for its costs, fees and expenses in connection with the Roadway Improvements, plus (z) the amount of any payments to be then made to the California Department of Transportation, Bureau of Indian Affairs and County of San Diego otherwise in satisfaction of the Borrower’s and the Tribe’s obligations in respect of the Roadway Improvements. (iii) Notwithstanding any other provision of this Agreement, any outstanding Delayed Draw Term C Loan Commitments shall automatically terminate upon the Delayed Draw Term C Loan Facility being fully funded pursuant to this Section 2.01(c). (iv) The initial Interest Period applicable to any Term C Loan made pursuant to the Delayed Draw Term C Loan Commitments shall begin on the funding date of such Term C Loan and end on the last day of an Interest Period applicable to the then-outstanding Term C Loans (and, if there are multiple Interest Periods applicable to the then-outstanding Term C Loans on such funding date, then such Term C Loan made pursuant to the Delayed Draw Term C Loan Commitments shall have multiple Interest Periods ending on the same days as such Interest Periods and with respect to amounts proportionate to the amounts of the then-outstanding Term C Loans applicable to such Interest Periods). (v) Once funded, the Loans made pursuant to this Section 2.01(c) shall be treated uniformly as Term C Loans.