Multi-Draw Term Loan Clause Samples
A Multi-Draw Term Loan clause allows a borrower to access a set loan amount in multiple disbursements, rather than receiving the full amount upfront. Under this arrangement, the borrower can request funds in several installments over a specified period, subject to agreed conditions such as notice requirements or financial covenants. This structure provides flexibility for borrowers to match funding with project milestones or cash flow needs, while also reducing interest costs by only drawing funds as needed.
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Multi-Draw Term Loan. The Borrower shall, on each date when the Available MDT Facility Commitment is less than zero, repay the Multi-Draw Term Loans or reduce the Aggregate Letter of Credit (MDT) Usage until they have paid in or collateralized an amount equal to such deficit.
Multi-Draw Term Loan. The proceeds of any Multi-Draw Term Loans (including the proceeds of any Multi-Draw Term Loan Increase) shall be used solely: (i) to reimburse payments of drafts under Letters of Credit (MDT) for the account of any Loan Party or Shell Subsidiary (including any Permitted JV Investment Subsidiary) and to fund ▇▇▇▇ ▇▇▇▇▇▇▇ money deposits made by any Loan Party, in each case, (A) in connection with the proposed acquisition of any additional Real Property or JV Real Property, or Investment in any proposed Permitted Joint Venture or Permitted JV Investment Subsidiary and (B) in an amount that (1) together with any other Credit Support provided with respect to such acquisition or Investment does not exceed the Permitted Escrow Amount with respect to such acquisition or Investment and (2) does not exceed $30,000,000 in the aggregate at any time (calculated as Letters of Credit Usage for all Letters of Credit (MDT) plus all outstanding ▇▇▇▇ ▇▇▇▇▇▇▇ money deposits made by any Loan Party in connection with the acquisition of Real Property or JV Real Property or Investment in any Permitted Joint Venture or Permitted JV Investment Subsidiary funded with Multi-Draw Term Loan proceeds), (ii) finance acquisitions by any Subsidiary Guarantor of (A) additional Real Property (along with actual and reasonably estimated reasonable fees and out-of-pocket transaction costs and expenses related thereto) that will not be designated Unsecured Real Property or (B) additional Real Property (along with actual and reasonably estimated reasonable fees and out-of-pocket transaction costs and expenses related thereto) that will be designated Unsecured Real Property; (iii) refinance Revolver Real Property Acquisition Loans; (iv) reimburse any Subsidiary Guarantor for any Equity Funded Acquisition; (v) to the extent not reimbursed or financed with the proceeds of any Incremental Term Loans, to reimburse or to finance a Financed Equity Repurchase; and (vi) to finance any acquisition or Investment pursuant to Section 7.2.5(a)(vii) or 7.2.8(g).
Multi-Draw Term Loan. In addition to payments made pursuant to clause (b) of this Section 3.1.2, if the Loan to Value Ratio calculated and reported for any Fiscal Quarter end pursuant to clause (e) of Section 7.1.1 is equal to or greater than 40%, concurrent with the delivery of the applicable Compliance Certificate, the Borrower shall repay the aggregate outstanding balance of the Multi-Draw Term Loans by an amount equal to the result of: the aggregate outstanding balance of all Multi-Draw Term Loans as of the last day of such Fiscal Quarter multiplied by 5.0% and then divided by 4; provided, however, that the Borrower shall repay the aggregate amount outstanding under any Multi-Draw Term Loans in full on the Stated Maturity Date.
Multi-Draw Term Loan. The proceeds of any Multi-Draw Term Loans (including the proceeds of any Multi-Draw Term Loan Increase) shall be used solely to: (a) to refinance the remaining portion of the outstanding balance of the Multi-Draw Term Loans under the Existing Credit Agreement concurrent with the effectiveness of this Agreement, to pay fees and costs incurred in connection with this Agreement and, to the extent acceptable to the Administrative Agent in its reasonable discretion, to pay other fees and costs incurred prior to the Effective Date in connection with the Existing Credit Agreement or borrowings or transactions contemplated therein; (b) finance acquisitions by any Subsidiary Guarantor of additional Domestic Real Property (along with actual and reasonably estimated costs and expenses related thereto); (c) refinance Revolver Real Property Acquisition Loans; (d) reimburse any Subsidiary Guarantor for any acquisition (an “Equity Funded Acquisition”) of additional Domestic Real Property (along with actual and reasonably estimated costs and expenses related thereto) originally financed after the Effective Date by such Subsidiary Guarantor with an investment made by CatchMark Timber, the Borrower and such other direct or indirect parents of such Subsidiary Guarantor of the proceeds of an equity issuance by CatchMark Timber; and (e) finance a distribution by the Borrower to CatchMark Timber to be used by CatchMark Timber for the sole purpose of repurchasing up to $25,000,000 in the aggregate of the Equity Interests of CatchMark Timber during the term of this Agreement (the “Multi-Draw Term Loan Financed Repurchase”).
Multi-Draw Term Loan