Delayed Drawdown Collateral Asset definition

Delayed Drawdown Collateral Asset means a Collateral Asset that (a) requires the Borrower to make one or more future advances to the Obligor under the Related Documents, (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 Obligor thereunder; provided that any such Collateral Asset will be a Delayed Drawdown Collateral Asset only to the extent of unfunded commitments and solely until all commitments by the Borrower to make advances on such Collateral Asset to the Obligor under the Related Documents expire or are terminated or are reduced to zero.

Delayed Drawdown Collateral Asset means a Collateral Asset that (a) requires the Borrower to make one or more future advances to the Obligor under the applicable Related Documents, which funding requirement is not subject to any conditions (other than (i) the representations and warranties being true and correct at the time of borrowing, (ii) no default or event of default existing immediately prior to or after the time of borrowing, (iii) pro forma compliance with a financial covenant at the time of borrowing and/or (iv) the delivery of a borrowing notice or the taking of other administrative steps (including having the borrowing occur prior to a certain date)), (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 Obligor thereunder; provided that any such Collateral Asset will be a Delayed Drawdown Collateral Asset only to the extent of undrawn commitments and solely until all commitments by the Borrower to make advances on such Collateral Asset to the Obligor under the Related Documents expire or are terminated or are reduced to zero.

Examples of Delayed Drawdown Collateral Asset in a sentence

• During the Reinvestment Period, fundings of Delayed Drawdown Collateral Assets and Revolving Collateral Assets shall be made using, first, amounts on deposit in the Unfunded Reserve Account (in an amount equal to the amount on deposit therein with respect to such Delayed Drawdown Collateral Asset or Revolving Collateral Asset), then available Principal Proceeds and finally, borrowing of Advances under Section 2.01.

• On the Acquisition Date of any Delayed Drawdown Collateral Asset, Revolving Collateral Asset, and on any Payment Date, the Collateral Manager shall instruct the Collateral Agent to withdraw funds from the Collection Account for deposit into the Unfunded Reserve Account, to the extent required so that the amount of funds on deposit in the Unfunded Reserve Account is equal to the Unfunded Reserve Required Amount.