The Delayed Draw Term Borrowing Sample Clauses
The Delayed Draw Term Borrowing clause allows a borrower to access loan funds in multiple installments over a specified period, rather than receiving the entire loan amount upfront. Typically, this clause outlines the conditions under which the borrower can request additional draws, such as meeting certain financial covenants or providing advance notice to the lender. Its core practical function is to provide the borrower with flexibility in managing cash flow and project financing needs, while giving the lender control over the timing and conditions of fund disbursement.
The Delayed Draw Term Borrowing. Subject to the terms and conditions set forth herein, each Delayed Draw Term Lender severally agrees to make a single loan to the Borrower on any Business Day during the Availability Period for the Delayed Draw Term Facility, in an amount not to exceed such Delayed Draw Term Lender’s Delayed Draw Term Commitment. The Delayed Draw Term Borrowing shall consist of Delayed Draw Term Loans made simultaneously by the Delayed Draw Term Lenders in accordance with their respective Applicable Percentages of the Delayed Draw Term Facility. Amounts borrowed under this Section 2.01(c) and repaid or prepaid may not be reborrowed. Delayed Draw Term Loans may be Base Rate Loans or Eurodollar Rate Loans, as further provided herein.
The Delayed Draw Term Borrowing. (i) Subject to the terms and conditions set forth herein, each Delayed Draw Term Lender severally agrees to make one or more loans (each such loan, a “Delayed Draw Term Loan”) to the Parent Borrower or any Designated Borrower each in Dollars, Euro or Sterling on any single Business Day (the “Delayed Draw Funding Date”) on or prior to the Delayed Draw Termination Date, in an aggregate amount not to exceed such Delayed Draw Term Lender’s Delayed Draw Term Commitment. Each Delayed Draw Term Borrowing on the Delayed Draw Funding Date shall consist of Delayed Draw Term Loans made simultaneously by the Delayed Draw Term Lenders in the same currency in accordance with their respective Applicable Percentages of the Delayed Draw Term Facility. Amounts borrowed under this Section 2.01(c) and repaid or prepaid may not be reborrowed. On and after the Third Amendment Effective Date, Delayed Draw Term Loans in Dollars may be Base Rate Loans, Eurocurrency RateDaily SOFR Loans or LIBOR Floating RateTerm SOFR Loans, and Delayed Draw Term Loans in Euro or Sterling shall only be EurocurrencyAlternative Currency Daily Rate Loans or Alternative Currency Term Rate Loans, in each case as further provided herein.
(ii) If the Delayed Draw Term Loans are to be made in more than one currency, then on the Delayed Draw Funding Date each Delayed Draw Term Lender’s Delayed Draw Term Commitment and the Delayed Draw Term Facility shall be allocated by the Administrative Agent into tranches to reflect the Delayed Draw Term Loans made by such Delayed Draw Term Lender in each currency and the Administrative Agent shall restate Schedule 2.01 to reflect the Delayed Draw Term Commitments and the Delayed Draw Term Facility as so tranched (which restated schedule the Administrative Agent will make available to the Lenders and the Parent Borrower). The Administrative Agent and the Parent Borrower may, without the consent of any Lenders, effect such amendments to this Agreement and the other Loan Documents as may be necessary or appropriate, in the reasonable opinion of the Administrative Agent and the Parent Borrower, to reflect any tranching of the Delayed Draw Term Facility as contemplated above.
(iii) For the avoidance of doubt, notwithstanding the foregoing, on and after the Second Amendment Effective Date, no Delayed Draw Term Loans denominated in Dollars shall be requested or made hereunder.
The Delayed Draw Term Borrowing. Subject to the terms and conditions set forth herein, each Term Lender severally agrees to make a single Term Loan to the Borrower in Dollars on any Business Day during the Availability Period for the Term Facility, in an aggregate principal amount not to exceed such Term Lender’s Term Commitment. The Term Borrowing shall consist of Term Loans made simultaneously by the Term Lenders in accordance with their respective Applicable Percentage of the Term Facility. Amounts borrowed under this Section 2.01(a) and repaid or prepaid may not be reborrowed. Term Loans may be Base Rate Loans or Eurodollar Rate Loans, as further provided herein.