Delay Draw Term Loan definition

Delay Draw Term Loan has the meaning specified in Section 2.01(c).
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Delay Draw Term Loan means a Loan made on a date after the Closing Date pursuant to Section 2.01(b). “Delay Draw Commitment” means as to any Lender, the obligation of such Lender, if any, to make Delay Draw Term Loans in an aggregate principal amount not to exceed the amount set forth under the heading “Delay Draw Commitment” opposite such Lender’s name on Schedule 1.01(a) or in the Assignment and Assumption pursuant to which such Lender became a party hereto, as the same may be changed from time to time pursuant to the terms hereof (including in connection with assignments permitted hereunder). The original aggregate principal amount of the Delay Draw Commitments on the Closing Date is $85,000,000, comprised of $76,500,000 of U.S. Delay Draw Commitments and $8,500,000 of Canadian Delay Draw Commitments. “Delay Draw Commitment Period” means the period from and including the Closing Date through the earlier of (a) the date that is ninety (90) days after the Closing DateJanuary 31, 2024 and (b) the date on which the Delay Draw Commitments are zero ($0). “Delay Draw Conditions” means at any date of determination, that (a) no Default then exists or would arise as a result of the making of the subject Delay Draw Term Loans, (b) the representations and warranties contained in Article III and the other Loan Documents are true and correct in all material respects (except that any representation or warranty which by its terms is made as of a specified date shall be required to be true and correct in all material respects only as of such specified date, and that any 13 11584747
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Delay Draw Term Loan and collectively, the “Delay Draw Term Loans”) to the Borrowers from time to time during the Delay Draw Commitment Period so long as (1) such request does not exceed the then applicable Delay Draw Commitments, (2) any such Lender’s share of such borrowing does not exceed the amount of such Delay Draw Lender’s Delay Draw Commitment, (3) any such Lender’s share of such borrowing to be made (i) as a U.S. Term Loan to the U.S. Borrower does not exceed the amount of such Lender’s U.S. Delay Draw Commitment and (ii) as a Canadian Term Loan to the Canadian Borrower does not to exceed the amount of such Lender’s Canadian Delay Draw Commitment, and (4) such request does not, (i) with respect to amounts to be advanced as a U.S. Term Loan to the U.S. Borrower does not exceed the U.S. Delay Draw Commitment and, (ii) with respect to such amounts to be advanced as a Canadian Term Loan to the Canadian Borrower does not to exceed the Canadian Delay Draw Commitment. 53 11584747
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Examples of Delay Draw Term Loan in a sentence

  • Specifically, the Borrowers responded: “To be clear, Section 2.1(c)(iii) does not require the Delay Draw Term Loan Commitment to have been funded prior to drawing down the Revolving Loans; instead, this provision restricts the outstanding amount of the Revolving Loans unless the Total Delay Draw Commitments have been fully drawn.” (emphasis in original).

  • Amounts repaid on the Delay Draw Term Loan may not be reborrowed.

  • The Delay Draw Term Loan may consist of Base Rate Loans or Eurodollar Rate Loans, or a combination thereof, as further provided herein.

  • According to Plaintiffs, Bank of America was aware of these Events of Default prior to the March 25, 2009 Delay Draw Term Loan disbursement, but failed to take appropriate action (e.g., issuing a Stop Funding Notice).

  • The Plaintiffs proceeding on the Aurelius Complaint (“the Aurelius Plaintiffs”) are successors-in-interest to certain Term Lenders that participated in either the Initial Term Loan and/or the Delay Draw Term Loan (Aurelius Compl.

  • Plaintiffs allege that they have been damaged by the derailment of the Project, the diminution in the value of their collateral, and the purportedly improper March 25 disbursement of Delay Draw Term Loan proceeds; it is further alleged that these damages were the result of Defendants’ improper failure to fund the March 3, 2009 Notice and Bank of America’s material breaches of the Credit and Disbursement Agreements.

  • The Plaintiffs proceeding on the Avenue Complaint (“the Avenue Plaintiffs”) are comprised of certain term lenders that participated in either the Initial Term Loan and/or the Delay Draw Term Loan.

  • The Borrower may, upon notice to the Administrative Agent, terminate or permanently reduce the Delay Draw Term Loan Commitments; provided, that (i) any such notice shall be received by the Administrative Agent not later than 11:00 a.m. three Business Days prior to the date of termination or reduction and (ii) any such partial reduction shall be in an aggregate amount of $5,000,000 or any whole multiple of $1,000,000 in excess thereof.

  • The Borrower shall pay to the Administrative Agent, for the account of each Lender in accordance with a Delay Draw Term Loan Commitment in accordance with its Applicable Percentage, a ticking fee (the “Ticking Fee”) equal to the product of (x) the Applicable Rate times (y) the actual daily amount of the Delay Draw Term Loan Commitments, subject to adjustment as provided in Section 2.15.

  • The March 2009 Notices of Borrowing and Disbursements On March 2, 2009, Fontainebleau submitted a Notice of Borrowing (“March 2 Notice”) to Defendant Bank of America, as Administrative Agent, that simultaneously “request[ed]” the entire amount available under the Delay Draw Term Loan (i.e.,$350,000,000) and the Revolving Loan (i.e., $670,000,000).8 (Aurelius Compl.


More Definitions of Delay Draw Term Loan

Delay Draw Term Loan shall have the meaning assigned to such -------------------- term in Section 2.1(g).
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Delay Draw Term Loan means a Loan made on a date after the Closing Date pursuant to Section 2.01(b).
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Related to Delay Draw Term Loan

  • Delayed Draw Term Loan has the meaning specified in Section 2.01(b).

  • Delayed Draw Term Loans has the meaning as set forth in Section 2.5(a).

  • Delayed Draw Term Loan Lender means a Lender with a Delayed Draw Term Loan Commitment or an outstanding Delayed Draw Term Loan.

  • Delayed Draw Term Loan Commitment means the Lender’s obligation to make the Delayed Draw Term Loan to the Borrower pursuant to Section 2.01(a), as such amount may be adjusted from time to time in accordance with this Agreement.

  • New Term Loan shall have the meaning provided in Section 2.14(c).

  • Tranche B Term Loan as defined in Section 2.1.

  • Tranche C Term Loan as defined in Section 2.1.

  • Extended Term Loan shall have the meaning assigned to such term in Section 2.21(e).

  • Tranche A Term Loan as defined in Section 2.1.

  • Delayed Draw Term Loan Commitment Termination Date means the earliest to occur of (i) December 31, 2008, (ii) the date the Delayed Draw Term Loan Commitments are permanently reduced to zero pursuant to Section 2.1, and (iii) the date of the termination of the Delayed Draw Term Loan Commitments pursuant to Section 11.1.

  • Delayed Draw Loan A Loan that requires one or more future advances to be made by the Borrower and which does not permit the re-borrowing of any amount previously repaid by the related Obligor; provided that, such Loan shall only be considered a Delayed Draw Loan for so long as any future funding obligations remain in effect and only with respect to any portion which constitutes a future funding obligation.

  • Tranche B Term Loans means Loans made or deemed made by the Tranche B Term Lenders pursuant to Section 2.01(b) or pursuant to Section 1 of the First Amendment to 2009 Credit Agreement.

  • New Term Loans as defined in Section 2.24.

  • Tranche A Term Loans means Loans made by the Tranche A Term Lenders pursuant to Section 2.01(a).

  • Extended Term Loans has the meaning specified in Section 2.15(a).

  • Term Loan as defined in Section 2.1.

  • Tranche A Term Loan Lender means a Lender with a Tranche A Term Loan Commitment or an outstanding Tranche A Term Loan.

  • Term Loan Advance and “Term Loan Advances” are each defined in Section 2.1.1(a).

  • Incremental Term Loan Borrowing Date means, with respect to each Class of Incremental Term Loans, each date on which Incremental Term Loans of such Class are incurred pursuant to Section 2.01(b) and as otherwise specified in any amendment providing for Incremental Term Loans in accordance with Section 2.22.

  • Tranche A Term Loan Commitment means the commitment of a Lender to make a Tranche A Term Loan to Company pursuant to subsection 2.1A(i), and "Tranche A Term Loan Commitments" means such commitments of all Lenders in the aggregate.

  • Extended Term Loan Repayment Amount shall have the meaning provided in Section 2.5(c).

  • ABR Term Loan means any Term Loan bearing interest at a rate determined by reference to the ABR in accordance with the provisions of Article II.

  • Term Advance has the meaning specified in Section 2.01(a).

  • New Term Loan Facility means the facility providing for the Borrowing of New Term Loans.

  • Tranche C Term Loan Commitment means, with respect to each Tranche C Term Loan Lender, the commitment of such Lender to make Tranche C Term Loans under the Tranche C Term Loan Incremental Facility Agreement.

  • Incremental Term A Loans has the meaning specified in Section 2.14(a).