delayed draw term loan definition

Debt accordions are provisions that allow a borrower to expand the maximum allowed on a credit line or add a. Delayed Draw Term Loans.

The Benefits Of Long Term Vs Short Term Financing

Their appeal is one reason borrowers have moved toward the private debt market sometimes at the expense of syndicated loans.

. Provided that such Loan shall only be considered a Delayed Draw Loan for so long as any future funding obligations remain in effect and only with respect to any portion. Historically delayed draw term loans DDTLs were generally seen in the middle market non-syndicated world of leveraged loans. Delayed-draw term loans are lender-friendly.

A Loan that requires one or more future advances to be made by the Borrower and which does not permit the re-borrowing of any amount previously repaid by the related Obligor. DELAYED DRAW TERM LOAN CREDIT AGREEMENT. Provided that if such date is not a Business Day the Delayed Draw Term Loan Maturity Date will be the next succeeding Business Day.

Define Delayed Draw Loan. 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. They differ from revolving credits in that once repayments are made they cannot be re-borrowed.

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. That means the borrower doesnt have to pay them from personal funds while. A delayed draw term loan is a provision in a term loan that specifies when and how much the borrower receives.

And WACHOVIA BANK NATIONAL ASSOCIATION as Co. Delayed-draw term loans or DDTLs of up to two years are standard features of financing from private credit providers. 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.

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

Drawn DDTL costs mirror term loan spreads. Delayed Draw Term Loan Lender shall mean a Lender with a Delayed Draw Term Loan Commitment or an outstanding Delayed Draw Term Loan. Historically delayed draw term loans DDTLs were generally seen in the middle market non-syndicated world of leveraged loans.

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. A draw is a payment taken from construction loan proceeds made to material suppliers contractors and subcontractors. Provided that any Loan as to which no further.

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. Debt Accordions Definition. 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.

137500000 DELAYED DRAW TERM LOAN FACILITY Table of Contents Page. 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. Delayed Draw Term Loan Maturity Date means the date that is seven years after the Closing Date.

ARTICLE I DEFINITIONS AND ACCOUNTING TERMS. DELAYED DRAW TERM LOAN AGREEMENT. On any date of determination the period of four consecutive fiscal quarters of the Borrower then most recently ended taken as one accounting period.

The DDTL typically has specific time periods such as three six or time months for. Delayed Draw Ticking Fee shall have the meaning assigned to such term in Section 205f. Unlike revolvers which are generally unfunded delayed-draw term loans fund over time with the unfunded portion eventually reduced to zero.

The collective reference to the Tranche A Term Loans the Delayed Draw Term Loans and the Incremental 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. 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.

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