Conversion to Term Loan. From and after the Closing Date to but not including the Revolving Termination Date, at the Borrower’s option upon written notice (a “Notice to Convert”) to the Administrative Agent (who shall promptly notify each of the Lenders), the Borrower may convert the then outstanding aggregate principal amount of the Loans hereunder to a term loan. The Notice to Convert shall expressly state the date (the “Conversion Date”) on which such conversion shall occur, which date shall be prior to the Revolving Termination Date, and shall be irrevocable once given and shall constitute a representation and warranty by the Borrower that the conditions contained in Sections 6.2(b) and (c) have been satisfied as of the date of such Notice to Convert and as of the Conversion Date. Upon delivery of such Notice to Convert, (i) the Borrower’s right to request to borrow and reborrow Loans shall terminate and all amounts repaid or prepaid following such date may not be reborrowed, (ii) the obligation of each Lender to make any Loans under Section 2.1 shall be terminated, and (iii) the outstanding principal balance of all Loans hereunder, together with accrued and unpaid interest thereon, shall be due and payable in full on the Converted Loan Termination Date. From and after the Conversion Date, the Applicable Percentage for Base Rate Loans, the Applicable Percentage for Eurodollar Loans and the Applicable Percentage for Letters of Credit shall be increased by the Term-Out Margin. All references in this Credit Agreement to Loans shall include such Loans as converted hereunder. For the avoidance of doubt, if such term loan conversion has not previously been completed, then on the Revolving Termination Date, the Commitments shall be terminated and the Borrower shall pay in full all of the Loans, Reimbursement Obligations and any other amounts then owing by the Borrower hereunder or under the other Credit Documents.
Conversion to Term Loan. From and after the Closing Date up until and including the Commitment Termination Date, at the Borrower's option upon written notice (a "NOTICE TO CONVERT") to the Administrative Agent (who shall promptly notify each of the Lenders), the Borrower may convert the then outstanding aggregate principal amount of the Advances hereunder to a term loan. The Notice to Convert shall expressly state the date on which such conversion shall occur (such date being the "CONVERSION DATE") and shall be irrevocable once given and shall constitute a representation and warranty by the Borrower that the conditions contained in Section 4.2 have been satisfied as of the date of such Notice to Convert and as of the Conversion Date. Upon delivery of such Notice to Convert, (i) the Borrower's option to request extensions of the Revolving Loan Termination Date under Section 2.2.1 above and to borrow and reborrow Revolving Loans hereunder, shall terminate, (ii) the Aggregate Commitment shall be reduced to zero, and (iii) the outstanding principal balance of all Loans hereunder shall be due and payable on the Converted Loan Termination Date. All references in this Agreement to Revolving Credit Loans or Loans shall include such Loans as converted hereunder.
Conversion to Term Loan. On the Termination Date, the Revolving Facility shall be converted into the Term Loan.
Conversion to Term Loan. Upon expiration of the Commitment Term (“Conversion Date”), Borrower shall have the option of converting the Loan to a term loan in an amount not to exceed the then outstanding principal balance of the Loan, and, in connection therewith, extending the Maturity Date to March 13, 2023, upon the occurrence of each and all of the following conditions, each of which must occur or be satisfied (or waived by Lender in writing), as applicable, by no later than the Conversion Date:
Conversion to Term Loan. At any one or more times from and after the date hereof but prior to the Maturity Date, the Borrower may elect to convert up to $10,000,000 of the Revolving Loan Commitment to a term loan (each such conversion being deemed to be a "Converted Loan" and, collectively with any other Converted Loan, the "Converted Loans" and collectively with the Revolving Loan, the "Loans") by notifying the Lender that Borrower desires such conversion, whereupon the Lender shall prepare the documentation required to implement such Converted Loan (subject to the limitations described in this Section 1(a), with financial terms to be reasonably agreed between the Lender and Borrower as to method and timing of borrowings and repayments, including a term and loan amortization schedule not to exceed five years) for execution solely by the Lender and the Borrower; provided, however, that: (i) the total amount of the Converted Loans shall not exceed an aggregate amount of $10,000,000; (ii) Converted Loans shall each be in a minimum amount of at least $500,000; (iii) the rate of interest of the Converted Loans shall not be less than 90-day LIBOR Rate plus three hundred basis points (3.00), and upon any Event of Default, Lender may, at its option and upon notice to Borrower, increase the interest rate on the entire outstanding principal balance and any late fees, together with all accrued and unpaid interest relating to the Converted Loans to the 90-day LIBOR Rate plus four hundred basis points (4.00); (iv) the Borrower must be in pro forma financial covenant compliance both before and immediately after giving effect to such Converted Loan; (v) no Default or Event of Default shall have occurred and be continuing either before or immediately after giving effect to such Converted Loan; (vi) the Revolving Loan Commitment shall be permanently reduced on a dollar-for-dollar basis in respect to the amount of the Converted Loan; and (vii) all representations and warranties of the Borrower shall continue to be true in all material respects on the date such Converted Loan is made as though made on such date, except for those representations and warranties that specifically relate to an earlier date. All prepayments applicable to the Loans will be allocated pro rata among the Revolving Loan and any Converted Loan pari passu therewith, unless otherwise allocated by the Lender. No Converted Loan shall be made unless the conditions set forth in Section 3 with regard to advances under the Revolving ...
Conversion to Term Loan. The undrawn portion of the Construction Facility will be automatically cancelled at 5:01 p.m. (Toronto time) on the Term Conversion Date. Effective at such time, the Construction Facility will cease to be a revolving type facility and the Outstanding Principal thereunder will become a non-revolving term loan in an equivalent principal amount.
Conversion to Term Loan. Provided that (i) no Event of Default shall have occurred and be continuing (ii) all representations and certifications and agreements herein are then true and correct, and (iii) the outstanding Senior Debt is rated in one of its four highest rating categories by a national recognized organization which regularly rates obligations such as the Senior Debt, the Enterprise may elect to convert all or a portion of the outstanding Advances on or before the Advance Maturity Date to one or more term loans, but not more than four term loans (each a “Term Loan”) that shall be payable in full by no later than the 10th anniversary of the Closing Date. Such election shall be exercised by the Enterprise delivering to the Bank a Conversion Notice, appropriately completed and signed by an Authorized Person, at least three (3) Business Days prior to the Advance Maturity Date. Each Term Loan shall be a fully amortizing loan in approximately equal installments of principal and interest and shall mature on the Term Loan Maturity Date specified in the Conversion Notice, which date shall be either the 5th anniversary of the Closing Date or the 10th anniversary of the Closing Date. The amortization schedule for each Term Loan shall be appended to the Note. Principal and interest on each Term Loan shall be payable on each Interest Payment Date. The Interest Rate on a Term Loan shall be a fixed rate determined on the date an Advance converts to a Term Loan and shall equal the Cost of Funds plus 1.65% for a Term Loan which matures on the 5th anniversary of the Closing Date or the Cost of Funds plus 1.85% for a Term Loan which matures on the 10th anniversary of the Closing Date. The Enterprise and the Bank agree that the aggregate principal amount of all Advances which is converted to a Term Loan shall be divided approximately equally between Term Loans which mature on the 5th anniversary of the Closing Date and Term Loans which mature on the 10th anniversary of the Closing Date.
Conversion to Term Loan. The Borrower shall have the option to convert the Principal Debt outstanding on the Termination Date (after giving effect to any repayments on the Termination Date) to a Term Loan maturing one year after the Term Conversion Date. From and after such conversion, the Term Loan may be prepaid but not reborrowed. Such Term Loan Conversion is subject to and on the terms and conditions set forth below:
Conversion to Term Loan. It is hereby agreed that the Borrower may, by giving written notice to the Bank at least one (1) day prior to January 15, 1998 and/or July 15, 1998, convert the principal balance outstanding under the Equipment Line of Credit as of such dates to be payable on a term loan basis. The term loan (the "Converted Term Loan") shall be in the amount of such outstanding principal balance on the relevant conversion date and shall be evidenced by a promissory note or credit agreement (the "Term Agreement") containing the following payment terms: At the Borrower's election made prior to the conversion, interest shall accrue on the outstanding balance under the converted term note at one of the following rates: (i) A variable rate equal to the Bank's Reference Rate, as it may change from time to time; or (ii) a fixed rate to be quoted and offered by the Bank which shall be approximately equal to 2.0% per annum in excess of the Cost of Funds Rate or, at the Borrower's option, 2.0% per annum in excess of the Eurodollar Rate. If the variable rate is selected, the interest rate shall be adjusted concurrently with any change in the Reference Rate. The Borrower may elect the fixed rate option only for a converted term note in the minimum amount of $100,000.00. Repayment under the converted term note shall be made in 48 monthly installments of principal plus interest if a variable rate is elected or principal and interest if the fixed rate option is elected with the exact amount and dates for such payments to be determined upon the issuance of the converted term note. Accrued and unpaid interest under the Equipment Line of Credit shall be paid to the Bank concurrently with the Borrower's execution of the Term Agreement. Interest shall accrue and principal and interest shall be paid in accordance with the terms and provisions of the Term Agreement.
Conversion to Term Loan. Subject to the provisions contained herein, Borrower has the option to convert this Line of Credit Note to a Term Note. Providing that Borrower is not then in default hereunder, Borrower may make a written election to convert the Line of Credit Note to a Term Note any time prior to July 1, 2000. The written election must be delivered to Payee at least thirty (30) days prior to the conversion date. After receipt of the election, Payee has sole discretion to determine what collateral will be required of Maker to provide security for the term loan. Payee will notify Maker whether or in what manner the term loan shall be securitized within fifteen (15) days after receiving the election. Upon conversion, there will be a conversion fee equal to one-quarter (1/4) of one percent (1%) of the then outstanding principal balance. The unpaid principal balance will then be repayable in eighty-four (84) equal monthly installments of principal with the first principal payment due thirty (30) days following the conversion date. Interest will continue to be paid monthly at the same time as the principal payment is due. Interest shall accrue on the Term Note at the NationsBank Prime Rate, as it may change from time to time or the LIBOR Rate discussed above (subject to the restriction on the number of LIBOR borrowings discussed above) or at a fixed rate to be determined by Payee at the time of receiving the written election. Maker shall specify the interest rate option (Prime Rate, LIBOR Rate or fixed) to be used in the conversion election.
