Common use of Conversion to Term Loans Clause in Contracts

Conversion to Term Loans. (a) At the option of the Parent Borrower and subject to the terms and provisions of this Section 2.18, upon written notice delivered to the Administrative Agent no earlier than 60 days and no later than 30 days prior to the Scheduled Maturity Date, the aggregate principal amount of all, but not less than all, of the Revolving Loans remaining outstanding at 5:00 p.m., New York City time, on the Scheduled Maturity Date shall automatically convert to Term Loans with a maturity of one year from the Scheduled Maturity Date (the “Term Out Period”) and shall be considered a “Borrowing” for all purposes under this Agreement. Any portion of each Lender’s Revolving Credit Commitment not utilized on or before the Scheduled Maturity Date shall be permanently cancelled. Any Term Loans that are prepaid may not be reborrowed, and each Borrower shall pay all unpaid principal and all accrued and unpaid interest on such Borrower’s Term Loans on or prior to the Final Maturity Date. The Term Loans shall be Base Rate Loans or Eurodollar Rate Loans, at each Borrower’s election, and each Borrower shall have the right to continue or convert the Type of Term Loan Borrowing and, as applicable, elect different Interest Periods applicable thereto in the same manner as the Revolving Loan Borrowings.

Conversion to Term Loans. (a) At the option of the Parent Borrower and subject to the terms and provisions satisfaction of the conditions precedent set forth in this Section 2.182.21 and the conditions precedent for a Borrowing set forth in Section 4.02, all of which conditions must be satisfied at the time of Borrower’s request, upon written notice delivered to the Administrative Agent no earlier than 60 days and no later than 30 days five Business Days prior to the Scheduled Maturity Date, the aggregate principal amount of all, but not less than all, of the Revolving Loans remaining outstanding at 5:00 p.m., New York City time, on the Scheduled Maturity Date shall automatically convert to Term Loans with a maturity of one year from the Scheduled Maturity Date (the “Term Out Period”) and shall be considered a “Borrowing” for all purposes under this Agreement. Any portion of each Lender’s Revolving Credit Commitment not utilized on or before the Scheduled Maturity Date date of expiration of the Availability Period shall be permanently cancelled. Any Term Loans that are prepaid may not be reborrowed, reborrowed and each Borrower shall be required to pay all unpaid principal and all accrued and unpaid interest on such Borrower’s the Term Loans on or prior to the Final Maturity Date. The Term Loans shall be Base Rate ABR Loans or Eurodollar Rate Loans, at each Borrower’s election, and each Borrower shall have the right to continue or convert the Type of Term Loan Borrowing and, as applicable, elect different Interest Periods applicable thereto in the same manner as the Revolving Loan Borrowings.

Conversion to Term Loans. (a) At the option of the Parent Borrower and subject to the terms and provisions satisfaction of the conditions precedent set forth in this Section 2.182.21 and the conditions precedent for a Borrowing set forth in Section 4.02, all of which conditions must be satisfied at the time of Borrower’s request and also on the Maturity Date, upon written notice delivered to the Administrative Agent no earlier than 60 days and no later than 30 days five Business Days prior to the Scheduled Maturity Date, the aggregate principal amount of all, but not less than all, of the Revolving Loans remaining outstanding at 5:00 p.m., New York City time, on the Scheduled Maturity Date shall automatically convert to Term Loans with a maturity of one year from the Scheduled Maturity Date (the “Term Out Period”) and shall be considered a “Borrowing” for all purposes under this Agreement. Any portion of each Lender’s Revolving Credit Commitment not utilized on or before the Scheduled Maturity Date date of expiration of the Availability Period shall be permanently cancelled. Any Term Loans that are prepaid may not be reborrowed, reborrowed and each Borrower shall be required to pay all unpaid principal and all accrued and unpaid interest on such Borrower’s the Term Loans on or prior to the Final Maturity Date. The Term Loans shall be Base Rate ABR Loans or Eurodollar Rate Loans, at each Borrower’s election, and each Borrower shall have the right to continue or convert the Type of Term Loan Borrowing and, as applicable, elect different Interest Periods applicable thereto in the same manner as the Revolving Loan Borrowings.