Procedure for Advance of Delayed Draw Term Loans. (1) The issuance of Delayed Draw Term Loans on the Second Restatement Effective Date shall be in an aggregate amount equal to Ten Million Dollars ($10,000,000) and thereafter, each issuance of Delayed Draw Term Loans shall be in an aggregate amount equal to Five Million Dollars ($5,000,000) or, if less, the remaining amount of the Delayed Draw Term Loan Commitments. The parties hereby agree that (x) there shall not be more than four (4) borrowings of Delayed Draw Term Loans hereunder and (y) each such funding of Delayed Draw Term Loans shall be subject to the sole discretion of the applicable Lenders advancing such Loans and the satisfaction of the Administrative Agent and such Lenders that each of the applicable Delayed Draw Funding Conditions for such tranche have been satisfied; provided that notwithstanding the foregoing, the fourth (4th) tranche of Delayed Draw Term Loans shall only be available for a Borrowing to the extent the Divestiture Transaction has not closed by July 31, 2023. Notwithstanding anything in this Agreement or any other Loan Document to the contrary, no Delayed Draw Term Loans shall be funded after the Delayed Draw Outside Date.
Appears in 5 contracts
Samples: Credit Agreement (Airspan Networks Holdings Inc.), Credit Agreement (Airspan Networks Holdings Inc.), Credit Agreement (Airspan Networks Holdings Inc.)
