delayed draw term loan definition

DDTLs were used in bespoke arrangements by borrowers who wanted to get incremental committed term loan capacity often for future acquisitions or expansions but wanted to delay the incurrence of the additional. And WACHOVIA BANK NATIONAL ASSOCIATION as Co-Syndication Agents MERRILL LYNCH.

Types Of Term Loan Payment Schedules Ag Decision Maker

Historically delayed draw term loans DDTLs were generally seen in the middle market non-syndicated world of leveraged loans.

. Historically delayed draw term loans DDTLs were generally seen in the middle market non-syndicated world of leveraged loans. Pandemic leads lenders to tighten rules on delayed-draw term loans. Unless the context requires otherwise i any definition of or reference to any agreement instrument or other document herein shall be construed as referring to such.

Funds on deposit in the Unfunded Exposure Account. Define Delayed Draw Term Loan Maturity Date. The Delayed Draw Term Loan Commitments shall be reduced and terminated in accordance with Section 22b.

ARTICLE I DEFINITIONS AND ACCOUNTING TERMS. 137500000 DELAYED DRAW TERM LOAN FACILITY Table of Contents Page. B The Delayed Draw Term Loans made by each Delayed Draw Term Lender on any Borrowing Date shall mature in consecutive quarterly installments on each March 31 June 30 September 30 and December 31 beginning on the last day of the first full fiscal quarter of the Borrower following such Borrowing Date each of which shall be in an amount.

THIS DELAYED DRAW TERM LOAN AGREEMENT this Agreement is entered into as of May 5 2008 among PUBLIC SERVICE COMPANY OF NEW MEXICO a New Mexico corporation as Borrower the Lenders MORGAN STANLEY SENIOR FUNDING INC. As private credit providers flock back to the business of d elayed-draw term loan lending in the wake of the COVID-19 pandemic borrowers may find more restrictive rules governing their use. A delayed draw term loan is a special feature in a term loan that stipulates that the borrower can withdraw predefined amounts of the total pre-approved amount of a term loan at contractual times.

DDTLs were used in bespoke arrangements by borrowers who wanted to get incremental committed term loan capacity often for future acquisitions or expansions but wanted. A delayed draw term loan requires that certain provisions be added to the borrowing terms of a lending agreement. May consist of immediately funded or delayed-draw term loans or of revolving credit commitments May be implemented as either a new credit facility or as an upsizing of an existing credit facility May be implemented via an amendment agreement an incremental assumption agreement or an amendment and restatement of the existing credit.

Delayed Draw Term Loan Availability Period means the period from the Closing Date to the earliest of a July 28 2017 b the date on which all Delayed Draw Term Loan Commitments have been funded as Delayed Draw Term Loans c the date on which the Delayed Draw Term Loan Commitments are terminated pursuant to Section 28 and d the date. Means the earlier of a September 24 2014 or if such date is not a Business Day the next preceding Business Day and b the date that all Delayed Draw Term Loans shall become due and payable in full hereunder whether by acceleration or otherwise. Debt accordions are provisions that allow a borrower to expand the maximum allowed on a credit line or add a term loan to a credit agreement.

A delayed draw term loan is a provision in a term loan that specifies when and how much the borrower receives. O The definition of Term Loan in Section 101 of the Credit Agreement shall be amended by adding the following sentence at the end thereof. Each Lenders First Delayed Draw Term Loan Commitment shall be permanently reduced immediately and without further action upon the making of the First Delayed Draw Term Loan in an amount equal to the amount of such Lenders Pro Rata Share of such Loan.

Debt Accordions Definition. For example at the origination of the loan the lender and borrower may agree to the titles that the borrower may take out 1 million every quarter out. Delayed-draw term loans or DDTLs of up to two years are standard features of.

The DDTL typically has specific time periods such as three six or time months for the periodic payments or the timing of the payments can be based on company milestones. After the Delayed Draw Funding Date the Delayed Draw Term Loans shall comprise Term Loans to the extent set forth in Section 201 p The definition of Term Loan Lender in Section 101 of the Credit Agreement shall be. After receipt of the Loan Request for the Delayed Draw Loan the Lender shall on the Delayed Draw Closing Date and subject to the terms and conditions hereof make the requested proceeds of the Delayed Draw Loan available to the Borrower by wire transfer to the account the Borrower shall have specified in its Loan Request.

Delayed Draw Term Loans. DELAYED DRAW TERM LOAN CREDIT AGREEMENT. Delayed Draw Term Loan Commitment Termination Date means the earliest to occur of i December 31 2008 ii the date the Delayed Draw Term Loan Commitments are permanently reduced to zero pursuant to Section 21 and iii the date of the termination of the Delayed Draw Term Loan Commitments pursuant to Section 111.

This Credit Agreement dated as of August 31 2012 is among Par Petroleum Corporation a Delaware corporation Borrower the Guarantors party hereto from time to time together with the Borrower each a Credit Party and collectively the Credit Parties the lenders party hereto from time to time the Lenders and.

What Is A Delayed Draw Term Loan Ddtl