Conversion of Revolving Loans to Term Loans. (i) At any time during the Commitment Period, the Administrative Agent may request (with notice to the Borrower, the Services Provider and each Revolving Lender) that any portion (such portion, the “Requested Conversion Portion”) of the outstanding Revolving Loans be converted to a term loan equal to such Requested Conversion Portion; provided that any such request shall be made to each Revolving Lender on a pro rata basis.
(ii) If, on a proposed Conversion Date, the Borrower and a Revolving Lender has given its prior written consent to conversion of the Requested Conversion Portion into a Term Loan as of a such Conversion Date, then, on such Conversion Date, (A) the outstanding principal amount of the applicable Revolving Lender’s Revolving Loans shall be reduced by the Requested Conversion Portion and the amount of such reduction shall be converted into a Term Loan equal to such Requested Conversion Portion and (B) the Revolving Commitments of such Lender shall be permanently reduced by such Requested Conversion Portion; provided that, in each case, all conversions of the Requested Conversion Portion shall be applied to the outstanding Revolving Loans of each consenting Revolving Lender on a pro rata basis.
(iii) For all purposes hereunder, the Revolving Loans converted on each Conversion Date shall, as of such date, constitute and be referred to and treated for all purposes as a Term Loan hereunder. Any converting Lender and the Borrower shall cooperate to evidence the repayment and cancellation of any related Note evidencing such Lender’s Revolving Loans (or portion thereof) being converted into a Term Loan, as well as the issuance of any related Note evidencing the Term Loans pursuant to Section 2.3(d).
(iv) The Borrower will not convert any Revolving Loans to Term Loans if, after giving effect to such conversion, a Commitment Shortfall would exist.
Conversion of Revolving Loans to Term Loans. (i) At any time during the Commitment Period, the Administrative Agent may request (with notice to the Borrower and, the Services Provider and each Revolving Lender) that any portion (such portion, the ““Requested Conversion Portion””) of the outstanding Revolving Loans be converted to a term loan equal to such Requested Conversion Portion; provided that any such request shall be made to each Revolving Lender on a pro rata basis.
Conversion of Revolving Loans to Term Loans. (a) At least 60 but not more than 90 days prior to the Revolving Commitment Termination Date, the Borrower, by delivering a written request to the Administrative Agent (a "Term Loan Conversion Request"), may request that on the Revolving Commitment Termination Date, all or a portion of the outstanding Revolving Loans and Swingline Loans be converted into Term Loans, to be funded by the Lenders pro rata based on their Pro Rata Shares of the Revolving Credit Exposure on the Revolving Credit Termination Date (the "Term Loan Conversion Option"); provided, however, that the Term Loan Conversion Option will not be available to the Borrower if (i) any Default or Event of Default shall have occurred and be continuing, or (ii) the Revolving Commitment Termination Date for any portion of the Revolving Commitments shall have been extended pursuant to Section 2.24, or otherwise. The Term Loan Conversion Request shall include the dollar amount of all outstanding Revolving Loans and Swingline Loans that the Borrower is requesting to be converted. Any outstanding Obligations that are not converted to Term Loans pursuant to this Section shall be due and payable in full on the Revolving Commitment Termination Date. Upon receipt of such Term Loan Conversion Request, the Administrative Agent shall promptly deliver copies thereof to the Lenders.
(b) If the Term Loan Conversion Option is available to the Borrower, then promptly upon receipt of the Term Loan Conversion Request, and no later than 45 days prior to the Revolving Commitment Termination Date, the Lenders shall indicate to the Administrative Agent the Applicable Margins at which the Term Loans will bear interest over LIBOR and Base Rate after the Revolving Commitment Termination Date, and the Administrative Agent shall promptly notify the Borrower thereof (the "Applicable Margin Notice"). If the Borrower accepts the proposed Applicable Margins in the Applicable Margin Notice, it shall promptly notify the Administrative Agent and the Lenders, and subject to the conditions set forth in clause (c) below, all outstanding Swingline Loans and Revolving Loans shall automatically convert to Term Loans on the Revolving Commitment Termination Date, to be funded pro rata by all Lenders based on their Pro Rata Share of the Revolving Credit Exposure immediately prior thereto. If the Borrower notifies the Administrative Agent that it does not accept the proposed Applicable Margins in the Applicable Margin Notice, or the Administra...
Conversion of Revolving Loans to Term Loans. (a) The aggregate principal amount of the Revolving Loans outstanding on the Revolving Commitment Termination Date shall be converted into, and the Banks shall be deemed to have made, term loans to the Borrower on the Revolving Commitment Termination Date in an aggregate principal amount equal to the aggregate principal amount of the Revolving Loans so converted ("Term Loans"). The Term Loans may from time to time be Eurodollar Loans or Base Rate Loans, as determined by the Borrower and notified to the Administrative Agent in accordance with Section 3.6.
(b) The Borrower shall repay all outstanding Term Loans on the Term Loan Maturity Date.
Conversion of Revolving Loans to Term Loans. On the Effective Date, certain revolving loans advanced under the Existing Credit Agreement, in the aggregate principal amount of $12,775,000, shall automatically, without further action, be deemed to be a Term Loan outstanding under this Agreement.
