Common use of Conversion of Construction Loan Into Term Loan and Term Revolving Loan Clause in Contracts

Conversion of Construction Loan Into Term Loan and Term Revolving Loan. The Lender agrees to convert the Construction Loan into a Term Loan and Term Revolving Loan on the Conversion Date, provided all of the terms, conditions, warranties, representations, and covenants of the Borrower set forth in this Agreement, the First Supplement and the Second Supplement are satisfied. Any such amount shall be provided by Lender pursuant to the terms and conditions set forth in this Agreement, the First Supplement and the Second Supplement to this Agreement setting forth the terms and conditions of such Term Loan and Term Revolving Loan, provided, however, that (i) all unpaid principal and all accrued interest on the Term Loan and the Term Revolving Loan shall be due and payable on the Maturity Date and (ii) the Borrower shall have the right to convert up to fifty percent (50%) of the Term Loan into a fixed rate loan, with the consent of the Lender, which shall bear interest at a rate equal to the rate listed in the “Government Agency and Similar Issues” section of the Wall Street Journal for the Federal Farm Credit Bank or the Federal Home Loan Bank having a maturity approximately equal to the Maturity Date, which is in effect on the Conversion Date plus 300 basis points, or another rate as agreed upon by the Lender and Borrower. Should the Borrower elect such fixed rate option, such rate of interest shall not be subject to any adjustments under Section 2.07 of this Agreement.

Conversion of Construction Loan Into Term Loan and Term Revolving Loan. The Pursuant to the terms and conditions contained in this Agreement, the Lender agrees to convert the Construction Loan into shall extend a Term Loan and Term Revolving Loan to the Borrower on the Conversion Closing Date, provided all of the terms, conditions, warranties, representations, and covenants of the Borrower set forth in this Agreement, the First Third Supplement and the Second Fourth Supplement are satisfied. Any such amount shall be provided by Lender pursuant to the terms and conditions set forth in this Agreement, the First Supplement Third Supplement, and the Second Fourth Supplement to this Agreement setting forth the terms and conditions of such Term Loan and Term Revolving Loanterm loan, provided, however, that (i) all unpaid principal and all accrued interest on the Term Loan and the Term Revolving Loan shall be due and payable on the Maturity Date and (ii) the Borrower shall have the right to convert up to fifty percent (50%) all or any part of the Term Loan into a fixed rate loan, with subject to the consent terms and conditions of the Lenderthis Agreement, which shall bear interest at a rate equal to the most recent ten-year fixed rate listed in the “Government Agency and Similar Issues” section of the Wall Street Journal for bonds sold by the Federal Farm Credit Bank or the Federal Home Loan Bank having a maturity approximately equal Banks Funding Corporation prior to the Construction Loan Maturity Date, which is in effect on the Conversion Date plus 300 basis points, or another rate as agreed upon by the Lender and Borrower. Should the Borrower elect such fixed rate option, such rate of interest shall not be subject to any adjustments under Section 2.07 2.06 of this Agreement.

Conversion of Construction Loan Into Term Loan and Term Revolving Loan. The Lender agrees to convert the Construction Loan into a Term Loan and Term Revolving Loan on the Conversion Date, provided all of the terms, conditions, warranties, representations, and covenants of the Borrower set forth in this Agreement, the First Supplement and the Second Supplement are satisfied. Any such amount shall be provided by Lender pursuant to the terms and conditions set forth in this Agreement, the First Supplement and the Second Supplement to this Agreement setting forth the terms and conditions of such Term Loan and Term Revolving Loan, provided, however, that (i) all unpaid principal and all accrued interest on the Term Loan and the Term Revolving Loan shall be due and payable on the Maturity Date and (ii) the Borrower shall have the right to convert up part or an amount not to exceed fifty percent (50%) of the outstanding principal balance of the Term Loan into a fixed rate loan, with the consent of the LenderFixed Rate Loan without fee, which shall bear interest at a rate equal to the 275 basis points in excess of a known fixed rate listed in the “Government Agency and Similar Issues” section of the Wall Street Journal for the Federal Farm Credit Bank or the Federal Home Loan Bank having a maturity approximately equal to the Maturity Date, which is benchmark rate in effect on the Conversion Date plus 300 basis pointsDate, or another rate as agreed upon by the Lender and Borrower. Should the Borrower elect such fixed rate option, such rate of interest shall not be subject to any adjustments under Section 2.07 of this Agreement.