delayed draw term loan definition

Delayed Draw Term Loans. Delayed Draw Term Loans shall have the meaning assigned to such term in Section 201.

Delayed Draw Term Loan Ddtl Overview Structure Benefits

Define Delayed Draw Term Loan Borrowing Date.

. Delayed Draw Term Loan Maturity Date means the date that is seven years after the Closing Date. 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. Delayed Draw Term Loan Maturity Date means the date that is five years after the Delayed Draw Term Loan Borrowing Date.

Define Delayed Draw Term A Loan Termination Date. ARTICLE I DEFINITIONS AND ACCOUNTING TERMS. Delayed-draw term loans or DDTLs of up to two years are standard features of financing from private credit providers.

Their appeal is one reason borrowers have moved toward the private debt market sometimes at the expense of syndicated loans. Delayed Draw Term Loan Commitment means the commitment of a Lender to make or otherwise fund a Delayed Draw Term Loan Commitment and Delayed Draw Term Loan Commitments means such commitments of all Lenders in the aggregate. Delayed Draw Term Loan Availability Period means the period from and including the Closing Date to but not including 30 days prior to the Delayed Draw Term Loan Maturity Date or such earlier date on which x Delayed Draw Term Loans have been advanced by the Bank in an amount equal to the Delayed Draw Term Loan Commitment or y the Delayed Draw Term.

Provided that if such date is not a Business Day the Delayed Draw Term Loan Maturity Date will be the next succeeding Business Day. Provided that any Loan as to which no further. 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.

Has the meaning assigned to such term in Section Section 201a. Unlike revolvers which are generally unfunded delayed-draw term loans fund over time with the unfunded portion eventually reduced to zero. Delayed Draw Term Loan Lender shall mean a Lender with a Delayed Draw Term Loan Commitment or an outstanding Delayed Draw Term Loan.

The amount of each Lenders Delayed Draw Term Loan Commitment if any is set forth on Appendix A or in the applicable. Define Delayed Draw Term Loans. And WACHOVIA BANK NATIONAL ASSOCIATION as Co.

Delayed Draw Term Loan A Loan that is fully committed on the closing date thereof and is required by its terms to be fully funded in one or more installments on draw dates to occur within three years after the closing date thereof but which once fully funded has the characteristics of a. Historically delayed draw term loans DDTLs were generally seen in the middle market non-syndicated world of leveraged loans. Means the fifth anniversary of the Amendment No.

Delayed-draw term loans are lender-friendly. Define Delayed Draw Term Loan Advance. 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 defined in Section 22. They differ from revolving credits in that once repayments are made they cannot be re-borrowed. Refers to the loans that the Lender has agreed to be made available to the Borrower under a Revolving Credit Facility or a Delayed Draw Term Facility that the Borrower has either not drawn or has drawn and repaid.

DELAYED DRAW TERM LOAN CREDIT AGREEMENT. Delayed Draw Term Loan means any Loan that is fully committed on the initial funding date of such Loan and is required to be fully funded in one or more installments on draw dates to occur within one year of the initial funding of such Loan but which once such installments have been made has the characteristics of a term loan. Define NEW DELAYED DRAW TERM LOANS.

Delayed Draw Ticking Fee shall have the meaning assigned to such term in Section 205f. Historically delayed draw term loans DDTLs were generally seen in the middle market non-syndicated world of leveraged loans. Means at any time the aggregate Outstanding Amount of all Delayed Draw Term Loans.

Has the meaning assigned to that term in Section 25. 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. Define Aggregate Delayed Draw Term Loan Outstandings.

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 debt and thus the additional. 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. Drawn DDTL costs mirror term loan spreads.

In October 2021 inTEST executed a new five-year credit agreement that includes a 25 million non-revolving delayed draw term loan facility and. Iv A statement of any transaction requirements as described in 102640d10. 137500000 DELAYED DRAW TERM LOAN FACILITY Table of Contents Page.

DELAYED DRAW TERM LOAN AGREEMENT. Means any Business Day specified by the Company as a date on which the Company requests the relevant Delayed Draw Term Lenders to make Delayed Draw Term Loans hereunder.

Revolving Credit Facility Guide To How A Revolver Woks