Common use of Conversion to Term Loan Clause in Contracts

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 as of the Conversion Date, and, in connection therewith, obtaining an extension of the Maturity Date to the two (2) year anniversary of the Conversion Date, provided, however, that such conversion of the Loan to a term loan and such extension of the Maturity Date shall be subject to the occurrence or satisfaction (or waiver by Lender in writing), as applicable, of each and all of the following conditions by no later than the Conversion Date: 4.13.1 As of the Conversion Date, no Event of Default (or event which, with the giving of notice or the passage of time, or both, would become an Event of Default) shall exist under any of the Loan Documents and Borrower shall be in full compliance with each term, condition and covenant contained in this Agreement and the other Loan Documents; 4.13.2 Borrower shall have provided Lender a written request for extension of the Maturity Date no later than thirty (30) days prior to the Conversion Date; 4.13.3 There shall have occurred no material adverse change in the financial conditions of Borrower or Guarantor from that which existed as of Loan Closing; 4.13.4 Borrower shall not be entitled to any new Advance of Loan Proceeds, and shall not request the same from and after the Conversion Date; 4.13.5 Borrower shall provide Lender with such additional assignments, agreements, promissory notes, security agreements, certificates, reports, approvals, instruments, documents, subordination agreements, financing statements, consents and opinions as Lender may reasonably request in connection with conversion of the Loan to a term loan; 4.13.6 Borrower shall pay to Lender, from Borrower’s own funds, all costs and expenses of Lender arising from or relating to the conversion of the Loan to a term loan, including, without limitation, Lender’s legal fees and expenses; and 4.13.7 Borrower shall have paid the Conversion Fee to Lender, from Borrower’s own funds, which Conversion Fee shall be deemed fully earned and non-refundable to Borrower upon receipt by Lender.

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 as of the Conversion DateLoan, and, in connection therewith, obtaining an extension of extending the Maturity Date to March 13, 2023, upon the two (2) year anniversary occurrence of each and all of the Conversion Datefollowing conditions, provided, however, that such conversion each of the Loan to a term loan and such extension of the Maturity Date shall which must occur or be subject to the occurrence or satisfaction satisfied (or waiver waived by Lender in writing), as applicable, of each and all of the following conditions by no later than the Conversion Date: 4.13.1 4.12.1 As of the Conversion Date, no Event of Default (or event which, with the giving of continuing beyond any applicable grace and/or notice or the passage of time, or both, would become an Event of Default) period shall exist under any of the Loan Documents and Borrower shall be in full compliance with each term, condition and covenant contained in this Agreement and the other Loan Documents; 4.13.2 4.12.2 Borrower shall have provided Lender a written request for extension of the Maturity Date no later than thirty (30) days prior to the Conversion Date; 4.13.3 4.12.3 There shall have occurred no material adverse change in the financial conditions of Borrower or Guarantor from that which existed as of Loan Closing; 4.13.4 Borrower shall not be entitled to any new Advance of Loan Proceeds, and shall not request the same from and after the Conversion Date; 4.13.5 4.12.4 Borrower shall provide Lender with such reasonable additional assignments, agreements, promissory notes, security agreements, certificates, reports, approvals, instruments, documents, subordination agreements, financing statements, consents and opinions as Lender may reasonably request in connection with conversion of the Loan to a term loan; 4.13.6 4.12.5 Borrower shall pay to Lender, from Borrower’s own funds, all fees, costs and expenses of Lender arising from or relating to the conversion of the Loan to a term loan, including, without limitation, Lender’s reasonable third-party legal fees and expenses; and 4.13.7 4.12.6 Borrower shall have paid the Conversion Fee to Lender, from Borrower’s own funds, which Conversion Fee shall be deemed fully earned and non-refundable to Borrower upon (i) receipt by Lender, and (ii) conversion of the Loan to a term loan as contemplated by this Section 4.12.

Conversion to Term Loan. Upon expiration of the Commitment Term Initial Maturity Date (the “Conversion Date”), Borrower shall have the option of converting the Loan to a term loan in an amount not to exceed the lesser of (i) the Maximum Amount, or (ii) the then outstanding principal balance of the Loan as of the Conversion DateInitial Maturity Date (the “Loan Conversion”), and, in connection therewith, obtaining an extension of extending the Maturity Date to the two (2) year second anniversary of the Conversion Date (the “Conversion Maturity Date, provided, however, that such conversion of ”). Borrower shall not be entitled to any Advance from and after the Conversion Date. The Loan to a term loan Conversion and such extension of the Conversion Maturity Date shall be subject to and conditioned upon the occurrence following conditions, each and all of which must occur or satisfaction be satisfied (or waiver waived by Lender in writing), as applicable, of each and all of the following conditions by no later than the Conversion Date: 4.13.1 (a) As of the Conversion Date, no Event of Default (or event which, with the giving of notice or the passage of time, or both, would become an Event of Default) shall exist under any of the Loan Documents and Borrower shall be in full compliance with each term, condition and covenant contained in this Agreement and the other Loan Documents; 4.13.2 (b) Borrower shall have provided Lender a written request for extension of the Maturity Date Loan Conversion no later than thirty (30) days prior to the Conversion Date; 4.13.3 (c) There shall have occurred no material adverse change in the financial conditions of Borrower or Guarantor from that which existed as of Loan Closingthe date of this Agreement; 4.13.4 Borrower shall not be entitled to any new Advance of Loan Proceeds, and shall not request the same from and after the Conversion Date; 4.13.5 (d) Borrower shall provide Lender with such additional assignments, agreements, promissory notes, security agreements, certificates, reports, approvals, instruments, documents, subordination agreements, financing statements, statements and consents and opinions as Lender may reasonably request in connection with conversion of the Loan to a term loan;Conversion and Conversion Maturity Date; and 4.13.6 (e) Borrower shall pay Lender a conversion fee equal to Lender, from twenty-five one hundredths percent (0.25%) of the Borrower’s own funds, all costs and expenses of Lender arising from or relating to the conversion of Loan Amount immediately following the Loan to a term loan, including, without limitation, Lender’s legal fees and expenses; and 4.13.7 Borrower shall have paid the Conversion Fee to Lender, from Borrower’s own funds, which Conversion Fee shall be deemed fully earned and non-refundable to Borrower upon receipt by LenderConversion.

Conversion to Term Loan. Upon expiration At the end of the Commitment Term Revolving Loan Period (the “Conversion Date”), Borrower the MSR Revolving Loan shall have the option of converting the Loan convert to a term loan in an amount not Term Loan pursuant to exceed the then outstanding principal balance terms of the Loan as MSR Note upon the occurrence of each and all of the Conversion Datefollowing conditions, and, in connection therewith, obtaining an extension each of the Maturity Date to the two (2) year anniversary of the Conversion Date, provided, however, that such conversion of the Loan to a term loan and such extension of the Maturity Date shall which must occur or be subject to the occurrence or satisfaction satisfied (or waiver waived by Lender Bank in writing), as applicable, of each and all of the following conditions by no later than the Conversion Date: 4.13.1 (a) As of the Conversion Date, no Event of Default (or event which, with the giving of notice or the passage of time, or both, would become an Event of Default) shall exist under any of the Loan Documents Documents, and Borrower shall be in full compliance with each termthe terms, condition conditions and covenant covenants contained in this Agreement and the other Loan DocumentsDocuments in all material respects; 4.13.2 Borrower shall have provided Lender a written request for extension of the Maturity Date no later than thirty (30b) days prior to the Conversion Date; 4.13.3 There shall have occurred no material adverse change in the financial conditions condition of Borrower or Guarantor from that which existed as of Loan Closingthe Effective Date; 4.13.4 (c) [Reserved]; (d) Borrower shall not be entitled in compliance with Section 2.4 herein and Borrower shall pay to any new Advance of Loan Proceeds, and shall not request Bank the same from and after Borrowing Base Deficiency if a Margin Call exists upon the Conversion Date; 4.13.5 (e) Bank shall have no further obligations to make Advances under this Agreement; (f) Borrower shall provide Lender Bank with such additional assignments, agreements, promissory notes, security agreements, certificates, reports, approvals, instruments, documents, subordination agreements, financing statements, consents and opinions documents as Lender Bank may reasonably request in connection with order to effectuate the conversion of the Loan to a term loan;Term Loan; and 4.13.6 (g) Borrower shall pay to LenderBank, from Borrower’s own funds, all reasonable and documented out-of-pocket fees, costs and expenses of Lender Bank arising from or relating to the conversion of the Loan to a term loanTerm Loan, including, without limitation, LenderBank’s reasonable and documented outside legal fees and expenses; and 4.13.7 Borrower shall have paid . For the avoidance of doubt, upon the Conversion Fee Date, the Revolving Loan Period shall terminate as to Lender, from Borrower’s own funds, which Conversion Fee the Servicing Advances Loan and the outstanding principal balance of the Servicing Advances Loan shall be deemed fully earned due and non-refundable payable to Borrower upon receipt by LenderBank pursuant to the terms of the Servicing Advances Note.