Delayed Draw Term B Loans definition
Examples of Delayed Draw Term B Loans in a sentence
The proceeds of the Delayed Draw Term B Loans shall be used (i) to consummate Permitted Acquisitions (or any other acquisition constituting a Permitted Investment), (ii) to prepay the ABL Facility Indebtedness and/or (iii) for general corporate and other working capital purposes.
At a Lender’s request the Term Loans of that Lender may be evidenced by a Note, with appropriate insertions, payable to that Lender (or, if requested by such Lender, to such Lender and its registered assigns) in a face principal amount equal to the principal amount of that Lender’s Term Loans plus, in the case of Delayed Draw Term B Loans and Term D Loans, the unfunded principal amount of that ▇▇▇▇▇▇’s Delayed Draw Term B Loan Commitment and Term D Loan Commitment, respectively.
Notwithstanding anything to the contrary contained herein or in the Credit Agreement, from and after each Delayed Draw Closing Date, the outstanding Term Loans and the Delayed Draw Term B Loans shall constitute a single Class and a single borrowing of Term Loans for all purposes under the Credit Agreement.
From time to time, upon any drawing of Delayed Draw Term B Loans by the Borrower under the Credit Agreement, the Administrative Agent shall deposit an amount equal to the projected interest expense on such Loan from such date through the Interest Reserve Date in the Interest Reserve Account (net of an amount equal to the projected Delayed Draw Commitment Fees that would have accrued prior and until the Interest Reserve Date if not for such drawing).
On the Delayed Draw Term B Loan Funding Date, the Company shall execute and deliver to each Delayed Draw Term B Holder a Delayed Draw Term B Note in the principal amount of the Delayed Draw Term B Loans made by such Holder on such date.
Notwithstanding anything to the contrary contained herein or in the Credit Agreement, from and after the Fourth Amendment Effective Date, the outstanding Term Loans, the Additional Term B Loans and the Delayed Draw Term B Loans shall constitute a single Class and a single borrowing of Term Loans for all purposes under the Credit Agreement.
Each such prepayment shall be applied (a) to the Initial Term Loans, Delayed Draw Term A Loans, Delayed Draw Term B Loans, Delayed Draw Term A-1 Loans, Delayed Draw Term B-1 Loans and the New Term Loans (if any) ratably in accordance with the aggregate outstanding principal balance of each such Facility and (b) with respect to each Facility, to the Loans of such Facility held by the Holders in accordance with their respective Pro Rata Shares.
As provided in Section 2.7(a), the Borrower may elect that each Borrowing of Delayed Draw Term B Loans be either Base Rate Loans or Eurodollar Loans.
The Delayed Draw Term B Commitments shall terminate automatically on the earlier of (i) the applicable Delayed Draw Term B Loan Funding Date immediately after the making of Delayed Draw Term B Loans in an aggregate principal amount equal to the total Delayed Draw Term B Commitments and (ii) the end of the Delayed Draw Term A and Term B Availability Period.
Each Borrowing of Delayed Draw Term B Loans shall be made ratably by the Delayed Draw Term B Loan Lenders in proportion to their respective Delayed Draw Term B Loan Percentages.