Delayed Draw Funding Conditions definition

Delayed Draw Funding Conditions means, on or prior to funding of the applicable Delayed Draw Term Loans, the Administrative Agent shall have received a Notice of Borrowing in form and substance satisfactory to the Administrative Agent and the Lenders funding such Delayed Draw Term Loans in their sole discretion, including evidence and attaching and certifying that:
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Delayed Draw Funding Conditions means a determination as of the date of Administrative Agent’s receipt of a Notice of Borrowing that the Gross EBITDA Leverage Incurrence Ratio does not exceed 4.00:1:00.
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Delayed Draw Funding Conditions means, with respect to the Delayed Draw Term Loan, the following: (a) Borrowing Agent shall have given written notice to Agent of the proposed funding of the Delayed Draw Term Loan not later than 11:00 a.m. (Chicago time), at least ten Business Days prior to the proposed Delayed Draw Term Loan Draw Date (or by such later time as Agent may agree, in its sole discretion), (b) EBITDA of Quantum and its Subsidiaries for the twelve (12) month period ending on or about September 30, 2017 shall be equal to or greater than $26,000,000, (c) Borrowers shall have provided Agent with written confirmation, supported by reasonably detailed calculations, that on a pro forma basis after giving effect to funding of the Delayed Draw Term Loan and the repayment of the Convertible Subordinated Debt, the Loan Parties are projected to be in compliance with each of the financial covenants set forth in Section 6.5 hereof for the 4 fiscal quarters (on a quarter-by-quarter basis) immediately following the Delayed Draw Term Loan Draw Date, and (d) immediately before and after giving effect to the funding of the Delayed Draw Term Loan, no Default or Event of Default shall have occurred and be continuing.
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Examples of Delayed Draw Funding Conditions in a sentence

  • Solely with respect to the funding of a Delayed Draw Term Loan, the Delayed Draw Funding Conditions shall have been satisfied.

  • Solely with respect to the funding of a Third Restatement Delayed Draw Term Loan, the Third Restatement Delayed Draw Funding Conditions shall have been satisfied.


More Definitions of Delayed Draw Funding Conditions

Delayed Draw Funding Conditions with respect to any Delayed Draw Term Loan, the following: (a) Borrower shall have given written notice to Agent of the proposed funding of such Delayed Draw Term Loan not later than 11:00 a.m. (Chicago time), at least ten (10) Business Days prior to the proposed Delayed Draw Term Loan Draw Date (or by such later time as Agent may agree, in its sole discretion), (b) immediately after giving effect to the funding of such Delayed Draw Term Loan and any Distribution, Permitted Acquisition or payment with respect to Indebtedness made with the proceeds thereof, Borrower shall be in compliance on a pro forma basis with the financial covenants set forth in Section 10.3 hereof, recomputed for the most recently ended month for which financial statements are required to be delivered pursuant to Section 10.1.2 hereof, (c) immediately after giving effect to the funding of such Delayed Draw Term Loan and any Distribution, Permitted Acquisition or payment with respect to Indebtedness made with the proceeds thereof, the Net Senior Leverage Ratio, on a pro forma basis for the twelve (12) consecutive Fiscal Months ending immediately prior to such funding, recomputed for the most recently ended month for which financial statements are required to be delivered pursuant to Section 10.1.2 hereof, shall be less than or equal to 3.50 to 1.00 (or, at any time after receipt of the financial statements delivered pursuant to clause (a) of Section 10.1.2 with respect to the Fiscal Year ending December 30, 2017, solely to the extent that EBITDA for the period of twelve (12) consecutive months most recently ended on or prior to the date of such funding is at least $50,000,000, 3.75 to 1.00), (d) Specified Availability on the date of the funding of such Delayed Draw Term Loan, before and after giving pro forma effect to such funding and any Distribution, Permitted Acquisition or payment with respect to Indebtedness made with the proceeds thereof, is greater than or equal to $18,750,000; (e) the average daily amount of Specified Availability for the 60-day period immediately preceding the date of the funding of such Delayed Draw Term Loan shall have been greater than or equal to $18,750,000, calculated on a pro forma basis assuming such funding and any Distribution, Permitted Acquisition or payment with respect to Indebtedness made with the proceeds thereof occurred on the first day of such 60-day period, (f) immediately before and after giving effect to the funding of such Delayed Draw ...
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Delayed Draw Funding Conditions has the meaning specified in Section 2.01(a)(ii).
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Delayed Draw Funding Conditions means, with respect to <the>each First Delayed Draw Term Loan, each Second Delayed Draw Term Loan and each Third Delayed Draw Term Loan, the following: (a) Borrowing Agent shall have given written notice to Agent of the proposed funding of <the>such First Delayed Draw Term Loan, such Second Delayed Draw Term Loan or such Third Delayed Draw Term Loan, as applicable, not later than 11:00 a.m. (Chicago time), at least ten Business Days prior to the proposed applicable Delayed Draw Term Loan Draw Date (or by such later time as Agent may agree, in its sole discretion); provided that Borrowing Agent and Agent agree and acknowledge that delivery and execution of the <Second>Fourth Amendment constitutes sufficient notice that the proposed funding of the first First Delayed Draw Term Loan shall be <November 8>August 23, <2017>2018, (b) if the applicable Delayed Draw Term Loan Draw Date is after September 30, 2018, Borrowers shall have provided Agent with written confirmation, supported by reasonably detailed calculations, that the EBITDA of Quantum and its Subsidiaries, on a consolidated basis, for the fiscal quarter period ending on the last day of the most recently ended fiscal quarter is not less than the amount set forth in Section 6.5(b) for such fiscal quarter, (c) Borrowers shall have provided Agent with written confirmation, supported by reasonably detailed calculations, that, on a pro forma basis after giving effect to funding of <the>such First Delayed Draw Term Loan< and the repayment of the Convertible Subordinated Debt, the Loan Parties >, such Second Delayed Draw Term Loan or such Third Delayed Draw Term Loan, as applicable, Quantum and its Subsidiaries, on a consolidated basis, are projected to be in compliance with each of the financial covenants set forth in Section 6.5 hereof for <the>each (4) fiscal <quarters (on a quarter-by-quarter basis) immediately following the>quarter period ended after the proposed applicable Delayed Draw Term Loan Draw Date prior to the Maturity Date, and (<c>d) immediately before and after giving effect to the funding of <the>such First Delayed Draw Term Loan, such Second Delayed Draw Term Loan or such Third Delayed Draw Term Loan, as applicable, no Default or Event of Default shall have occurred and be continuing.
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Delayed Draw Funding Conditions means, with respect to the Delayed Draw Term Loan, the following: (a) Borrowing Agent shall have given written notice to Agent of the proposed funding of the Delayed Draw Term Loan not later than 11:00 a.m. (Chicago time), at least ten Business Days prior to the proposed Delayed Draw Term Loan Draw Date (or by such later time as Agent may agree, in its sole discretion); provided that Borrowing Agent and Agent agree and acknowledge that delivery and execution of the Second Amendment constitutes sufficient notice that the proposed funding of the Delayed Draw Term Loan shall be November 8, 2017,(b) Borrowers shall have provided Agent with written confirmation, supported by reasonably detailed calculations, that on a pro forma basis after giving effect to funding of the Delayed Draw Term Loan and the repayment of the Convertible Subordinated Debt, the Loan Parties are projected to be in compliance with each of the financial covenants set forth in Section 6.5 hereof for the 4 fiscal quarters (on a quarter-by-quarter basis) immediately following the Delayed Draw Term Loan Draw Date, and (c) immediately before and after giving effect to the funding of the Delayed Draw Term Loan, no Default or Event of Default shall have occurred and be continuing.
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Related to Delayed Draw Funding Conditions

  • Delayed Draw Funding Date means any date on which the Delayed Draw Term Loans are funded hereunder, which shall in no event be later than the Delayed Draw Term Loan Commitment Termination Date.

  • Funding Conditions With respect to any proposed Funding Date, the following conditions:

  • 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 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.

  • Delayed Draw Term Loan Commitment means the commitment of a Lender to make or otherwise fund a Delayed Draw Term Loan and “Delayed Draw Term Loan Commitments” means such commitments of all Lenders in the aggregate. The amount of each Lender’s Delayed Draw Term Loan Commitment, if any, is set forth on Schedule 2.01 or in the applicable Assignment and Assumption, subject to any adjustment or reduction pursuant to the terms and conditions hereof. The aggregate amount of the Delayed Draw Term Loan Commitments as of the Closing Date is $165,000,000.

  • Funding Date is any date on which a Credit Extension is made to or for the account of Borrower which shall be a Business Day.

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

  • Delayed Draw Commitment as defined in the Second Amended and Restated Credit Agreement.

  • 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.

  • Funding Loan means the Funding Loan in the original maximum principal amount of $ made by Funding Lender to Governmental Lender under the Funding Loan Agreement, the proceeds of which are used by the Governmental Lender to make the Borrower Loan.

  • Draw Date means, with respect to any Insured Distribution Date, the third Business Day immediately preceding such Insured Distribution Date.

  • Initial Loans means the Eligible Loans evidenced by the Notes sold on the Closing Date pursuant to the Initial Purchase Agreement and related documentation, together with any guaranties and other rights relating thereto including, without limitation, Interest Subsidy Payments and Special Allowance Payments.

  • Tranche C Loan has the meaning specified in Section 2.01(c).

  • Initial Loan is defined in Section 2.1.

  • Closing Date Term Loan Commitment means, in the case of each Lender that is a Lender on the Closing Date, the amount set forth opposite such Lender’s name on Schedule 1.1(b) as such Lender’s Closing Date Term Loan Commitment. The aggregate amount of the Closing Date Term Loan Commitments as of the Closing Date is $820,000,000.

  • Term Loan Repayment Date shall have the meaning assigned to such term in Section 2.09.

  • Tranche C Term Loan as defined in Section 2.1.

  • Term Loan as defined in Section 2.1.

  • Incremental Facility Closing Date has the meaning set forth in Section 2.14(d).

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

  • Revolving Facility Maturity Date means, as the context may require, (a) with respect to the Revolving Facility in effect on the Closing Date, the fifth anniversary of the Closing Date and (b) with respect to any other Classes of Revolving Facility Commitments, the maturity dates specified therefor in the applicable Extension Amendment or Refinancing Amendment.

  • Delayed Drawdown Collateral Obligation A Collateral Obligation that (a) requires the Issuer to make one or more future advances to the borrower under the Underlying Documents relating thereto, (b) specifies a maximum amount that can be borrowed on one or more fixed borrowing dates, and (c) does not permit the re-borrowing of any amount previously repaid by the borrower thereunder; but any such Collateral Obligation will be a Delayed Drawdown Collateral Obligation only until all commitments by the Issuer to make advances to the borrower expire or are terminated or are reduced to zero.

  • 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.

  • Replacement Revolving Loans shall have the meaning assigned to such term in Section 2.21(l).

  • Replacement Revolving Facility Commitments shall have the meaning assigned to such term in Section 2.21(l).