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.
Delayed Drawdown Collateral Obligation means a Collateral Debt Obligation that (a) requires the Issuer to make one or more future advances to the borrower under the Underlying Instruments 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; but any such Collateral Debt Obligation will be a Delayed Drawdown Collateral Obligation only until all commitments to make advances to the borrower expire or are terminated or reduced to zero.
Delayed Drawdown Collateral Obligation means a Collateral Obligation that (a) requires the Borrower to make one or more future advances to the Obligor under the Underlying Instruments, (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 Obligation will be a Delayed Drawdown Collateral Obligation only to the extent of unfunded commitments and solely until all commitments by the Borrower to make advances on such Collateral Obligation to the Obligor under the Underlying Instruments expire or are terminated or are reduced to zero.
Examples of Delayed Drawdown Collateral Obligation in a sentence
Further, the Issuer shall direct the Collateral Trustee to deposit the amounts specified in the Deposit Order in the Revolver Funding Account on the Closing Date Upon initial purchase of any such obligations, funds deposited in the Revolver Funding Account in respect of any Delayed Drawdown Collateral Obligation or Revolving Collateral Obligation will be treated as part of the purchase price therefor.
Except with respect to the funding commitment assumed by the Issuer with respect to any Delayed Drawdown Collateral Obligation or Revolving Collateral Obligation, the Transferor hereby acknowledges and agrees that no obligation or liability of the Transferor to any Obligor under any of the Collateral Obligations is intended to be assumed by the Depositor, the Issuer, the Collateral Trustee or the Holders under or as a result of this Agreement and any Subsequent Transfer Agreement.
Funds shall be deposited in the Revolver Funding Account upon the purchase of any Delayed Drawdown Collateral Obligation or Revolving Collateral Obligation and upon the receipt by the Issuer of any Principal Proceeds with respect to a Revolving Collateral Obligation as directed by the Collateral Manager on behalf of the Issuer.
Except with respect to the funding commitment assumed by the Issuer with respect to any Delayed Drawdown Collateral Obligation or Revolving Collateral Obligation, the Depositor hereby acknowledges and agrees that no obligation or liability of the Depositor to any Obligor under any of the Collateral Obligations is intended to be assumed by the Issuer, the Collateral Trustee or the Holders under or as a result of this Agreement and any Subsequent Transfer Agreement.
More Definitions of Delayed Drawdown Collateral Obligation
Delayed Drawdown Collateral Obligation means an Asset that (a) requires the Borrower to make one or more future advances to the borrower under the Underlying Instruments 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 Asset shall be a Delayed Drawdown Collateral Obligation only until all commitments by the Borrower to make advances to the borrower expire or are terminated or are reduced to zero.
Delayed Drawdown Collateral Obligation means any debt obligation or Participation that (i) satisfies the requirements set forth in the Eligibility Criteria, (ii) requires the Issuer to make one or more future advances to the borrower under the underlying instruments relating to such obligation, interest or security, (iii) specifies a maximum amount that can be borrowed on one or more fixed borrowing dates, and (iv) does not permit the re-borrowing of any amount previously repaid; provided that any such obligation, interest or security will be a Delayed Drawdown Collateral Obligation only until all commitments to make advances to the borrower expire or are terminated or reduced to zero.
Delayed Drawdown Collateral Obligation means any Collateral Debt Obligation that (i) satisfies the requirements set forth in the Eligibility Criteria (in the case of a Synthetic Security, to the extent required to), (ii) requires the Issuer to make one or more future advances to the borrower under the underlying instruments relating to such obligation, interest or security, (iii) specifies a maximum amount that can be borrowed on one or more fixed borrowing dates, and (iv) does not permit the re-borrowing of any amount previously repaid; provided that any such obligation, interest or security will be a "Delayed Drawdown Collateral Obligation" only until all commitments to make advances to the borrower expire or are terminated or reduced to zero. For the avoidance of doubt, for the purposes of the Coverage Tests, the Collateral Quality Tests and the Portfolio Profile Tests (with the exception of the Minimum Spread Test), all Delayed Drawdown Collateral Obligations shall be considered to be fully drawn save for any Delayed Drawdown Collateral Obligation which provides that any drawing thereunder be applied in repayment of an outstanding Collateral Debt Obligation. For the avoidance of doubt, each Delayed Drawdown Collateral Obligation shall be considered as a Secured Senior Loan, an Unsecured Senior Loan or a Mezzanine Obligation, as applicable.
Delayed Drawdown Collateral Obligation means a Collateral Debt Obligation that
Delayed Drawdown Collateral Obligation means a Collateral Obligation that (a) is a revolving loan or otherwise requires the Borrower to make one or more future advances to the obligor under the Underlying Instruments (subject only to the satisfaction of customary conditions to borrowing for delayed draw term loan facilities including accuracy of representations and warranties made by the related obligor and the absence of any default or event of default under the Underlying Instruments), (b) specifies a maximum amount that can be borrowed on one or more fixed borrowing dates, and (c) may permit the re‑borrowing of any amount previously repaid by the obligor thereunder; provided that (i) any Collateral Obligation which is not a revolving loan and does not otherwise permit reborrowing of amounts advanced will be a Delayed Drawdown Collateral Obligation only to the extent of unfunded commitments and (ii) after the date on which all commitments by the Borrower to make advances on such Collateral Obligation to the obligor under the Underlying Instruments expire or are terminated or are reduced to zero, such Collateral Obligation shall cease to be a Delayed Drawdown Collateral Obligation.
Delayed Drawdown Collateral Obligation means a loan with respect to which the Issuer may be obligated to make or otherwise fund future term-loan advances to a borrower, but such future term-loan advances may not be paid back and reborrowed; provided that for purposes of the Investment Criteria, the principal balance of a Delayed Drawdown Collateral Obligation, as of any date of determination, refers to the sum of (i) the funded portion of such Delayed Drawdown Collateral Obligation as of such date and (ii) the unfunded portion of such Delayed Drawdown Collateral Obligation as of such date.
Delayed Drawdown Collateral Obligation means an Asset that (a) requires any Borrower Party to make one or more future advances to the borrower under the Underlying Instruments 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 Asset will be a Delayed Drawdown Collateral Obligation only until all commitments by the Borrower Parties to make advances to the borrower expire or are terminated or are reduced to zero.