Draw Down Limit definition

Draw Down Limit shall have the meaning assigned to such term in Section 6.01(a) hereof.

Draw Down Limit means such number of shares of duly authorized, validly issued, fully paid and non-assessable shares of Common Stock which, when aggregated with all other shares of Common Stock issued or sold pursuant to any transaction or series of transactions that may be aggregated with the transactions contemplated by such Draw Down Request Notice under applicable rules of any Trading Market on which the Common Stock may be listed or quoted, is equal to one less than 20.0% of the issued and outstanding shares of Common Stock on the date immediately prior to the earliest of such issuance or sale (as adjusted for any stock splits, stock combinations, stock dividends, recapitalizations and other similar transactions that occur on or after the date of this Agreement); provided, however, that the Draw Down Limit shall not exceed under any circumstances that number of shares of Common Stock that the Company may issue pursuant to such Draw Down Request Notice without (a) breaching the Company’s obligations under the rules and regulations of any Trading Market on which the Common Stock may be listed or quoted or (b) obtaining stockholder approval under the applicable rules and regulations of any Trading Market on which the Common Stock may be listed or quoted.

Examples of Draw Down Limit in a sentence

• An Initial Mandatory Draw Down shall otherwise be adjusted and settled in accordance with the terms of Section 6.01, subject, for the avoidance of doubt, to the Draw Down Limit.

• The Issuer may, in a Notice of Borrowing delivered no later than two Business Days prior to the Draw Date request the Senior Commitment Party to make, and the Senior Commitment Party shall make, one or more loans, subject to the terms of this Agreement; provided, that the aggregate Outstanding Senior Note Amount (after giving effect to the request set forth in the Notice of Borrowing) will not exceed the amount of the Senior Note Draw Down Limit.

• Section 6.3 The Arranger shall promptly notify the Portfolio Manager (with a copy to the Warehouse Collateral Administrator) of the occurrence of the Debt Marketing Date and the Pricing Date for purposes of determining the Senior Note Draw Down Limit.