Delayed Draw Term Notes definition

Delayed Draw Term Notes means the promissory notes of the Company in favor of any of the Delayed Draw Term Loan Lenders evidencing the portion of the Delayed Draw Term Loan provided pursuant to Section 2.3(e), individually or collectively, as appropriate, as such promissory notes may be amended, modified, restated, supplemented, extended, renewed or replaced from time to time.

Delayed Draw Term Notes means the notes purchased by the Delayed Draw Term Note Purchasers from the Borrower on any Delayed Draw Term Note Advance Date in an aggregate principal amount of up to Twelve Million Dollars ($12,000,000).

Delayed Draw Term Notes means any promissory notes of Borrower issued pursuant to Section 2.1(e) to evidence the Delayed Draw Term Loans of any Lender, in substantially the form of Exhibit VII annexed hereto.

Examples of Delayed Draw Term Notes in a sentence

• Borrower and Xxxxxx acknowledge and agree that the Loan is a revolving credit facility, and Borrower shall have the right to borrow, repay and re-borrow principal sums hereunder that are evidenced by separate Delayed Draw Term Notes, but in no event shall the aggregate principal amount outstanding under all Delayed Draw Term Notes exceed $85,000,000.

• Subject to and upon the terms and conditions contained herein including, without limitation, Section 3.1(B) of this Agreement, each Delayed Draw Term Purchaser severally (and not jointly) has the option in its sole discretion to fund its pro rata share of any advances under the Delayed Draw Term Notes not to exceed its Delayed Draw Term Note Option on the applicable Delayed Draw Note Advance Date.

• Written notice of a Conversion Election with respect to any PIK Amount due on a Conversion Election Payment Date, must be delivered to Borrower not less than two (2) Business Days prior to such Conversion Election Payment Date, and with respect to any other Conversion Election, at any time during the period commencing on the last day of the Series K Exception Period through and including the date that is not less than two (2) Business Days prior to the Delayed Draw Term Notes First Maturity Date.

• The Issuer shall be permitted to request either (i) two Issuances of Delayed Draw Term Notes, each, in an initial principal amount of $12,500,000 or (ii) one Issuance of Delayed Draw Term Notes in an initial principal amount of $25,000,000.

• Once repaid, whether such payments are voluntary or required, the Delayed Draw Term Notes may not be reborrowed without the Agent’s express written consent.

• The Delayed Draw Term Note Options will expire and be terminated upon the earliest of (x) the date the Borrower provides written notice to the Administrative Agent that it is terminating all and not less than all, of the Delayed Draw Term Note Options, (y) the Delayed Draw Term Notes First Maturity Date and (z) the Delayed Draw Term Notes Second Maturity Date (the earliest of clauses (x), (y) and (z) the “Delayed Draw Term Note Termination Date”).

• The Loan is evidenced by certain Delayed Draw Term Notes, executed by Xxxxxxxx in favor of Xxxxxx.

• Xxxxxxxx and Xxxxxx acknowledge and agree that the Loan is a revolving credit facility, and Xxxxxxxx shall have the right to borrow, repay and re-borrow principal sums hereunder that are evidenced by separate Delayed Draw Term Notes, but in no event shall the aggregate principal amount outstanding under all Delayed Draw Term Notes exceed $120,900,000.

• All amounts allocated pursuant to the foregoing clauses (ii) through (x) to the Purchasers shall be allocated among and distributed to the Purchasers pro rata based on each Purchaser’s share of the Obligations outstanding under the Third A&R Notes, Delayed Draw Term Notes or Existing Notes, as applicable.

• In the event a Delayed Draw Term Note is executed by Borrower which results in the principal amount outstanding under all Delayed Draw Term Notes being in excess of $50,000,000, then the principal amount of such Delayed Draw Term Note, and any other Delayed Draw Term Note executed by Borrower during such period when the principal amount outstanding under all Delayed Draw Term Notes is in excess of $50,000,000, will bear interest at the Prime Rate plus sixty five-hundredths percent (0.65%).

More Definitions of Delayed Draw Term Notes

Delayed Draw Term Notes has the meaning set forth in Section 2.1(e). “Deposit Account” means a “deposit account” (as defined in Article 9 of the UCC), bank account, investment account or other account in which funds are held or invested for credit to or for the benefit of any Credit Party.

Delayed Draw Term Notes as defined in subsection 2.10.

Delayed Draw Term Notes means all of such Delayed-Draw Term Notes.

Delayed Draw Term Notes means and be a reference to ‘Delayed Draw Term A Loans” and “Delayed Draw Term A Notes” respectively.