Converted Loans Sample Clauses

Converted Loans. Upon receipt of written notice from the Servicer of the conversion of any Adjustable Rate Asset to a Converted Loan, the Trustee shall direct the Servicer to enforce the related Seller's obligation set forth in its Sales Agreement to purchase such Converted Loan from the Trustee, or the Servicer shall repurchase such Converted Loan from the Trustee. In the event the Servicer or Seller defaults upon its obligation to purchase any Converted Loan, and, in the case of a Seller default, such default remains unremedied for a period of five Business Days after written notice of such default shall have been given by the Servicer to the Seller, then the Servicer shall use its best efforts to cause such Converted Loan to be sold for settlement on the last day of any month to any entity which the Servicer may in its sole discretion select. The Servicer shall not cause a Converted Loan to be sold or otherwise transferred to a Person other than the Servicer or Seller (or other Person who has a pre-existing obligation to purchase such loan) unless (i) upon such sale the Trust would receive a net amount at least equal to the Repurchase Price of the Converted Loan and (ii) if the Repurchase Price of the Converted Loan exceeds the related Basis Limit Amount, the Servicer receives an Opinion of Counsel that such disposition of a Converted Loan will not result in the imposition of a "prohibited transaction" tax (as such term is defined in the Code) on any related REMIC or jeopardize its status as a REMIC. Any such Converted Loan which is not purchased by the Servicer or the Seller and which the Servicer is unable to sell as described in the second preceding sentence shall remain in the Trust.
Sample 1Sample 2Sample 3See All (9)
AutoNDA by SimpleDocs
Converted Loans. Borrower may, upon not more than seven and not less than three Banking Day's advance notice to the Administrative Agent, during the Availability Period elect ("CONVERSION ELECTION"), effective as of the last Banking Day of each June and December (each a "CONVERSION DATE"), to convert a specific dollar amount ("AGGREGATE CONVERSION AMOUNT")
Sample 1Sample 2
Converted Loans. Automatic Conversion
Sample 1Sample 2
Converted Loans. Each Conversion Lender shall make each Converted Loan to be made by it hereunder on the Closing Date by automatically converting its holdings of Senior Notes into a Converted Loan under this Agreement.
Sample 1
Converted Loans. (a) If a Conversion Offer is offered and accepted in accordance with Clause 5.3 (Conversion Offer) and a Conversion takes place, as of the Conversion Date: (i) a Loan that was formerly an Acquisition Loan shall be deemed by the Parties to have had the principal amount outstanding repaid as of the Conversion Date; and (ii) the offer and acceptance of a Conversion Offer shall be deemed by the Parties as an offer and acceptance to enter into a new Loan in the form of a Converted Loan for the amount of the principal amount outstanding under the Acquisition Loan (from which the Converted Loan is being Converted from) and shall be subject to the terms of this Agreement and deemed to have been advanced as a Converted Loan For the avoidance of doubt, the Borrowers and Lenders of a Converted Loan need not be the same Borrowers and Lenders of the Acquisition Loan (from which the Converted Loan is being Converted from); (iii) the Borrower of the Acquisition Loan or the Borrower of the Converted Loan shall make a payment to the Lender on the Conversion Date: (A) such that the Converted Loan’s Loan to Value percentage as of the Conversion Date complies with Clause 2.1(c) (Facility); and (B) all amounts of interest accrued but unpaid and any other sums (other than in respect of principal) which fall due on the relevant Conversion Date in accordance with the terms of the relevant Acquisition Loan unless the relevant Conversion Date is not an Interest Payment Date in respect of the Term Loans, in which event any accrued but unpaid interest shall not fall due for payment on such Conversion Date but shall continue to accrue at the rate applicable for the Converted Loan and shall be due and payable on the first Interest Payment Date for such Converted Loan; (iv) on the relevant Conversion Date subject to Clause 8.1(a)(v), no Break Costs or any prepayment fee in accordance with Clause 11.4 (Voluntary Prepayment) shall be payable by the Borrowers; (v) if the relevant Borrower(s) and Lender(s) elect for a Conversion Date to be a day other than an Interest Payment Date of the relevant Acquisition Loan that is to be converted, Break Costs shall be payable by the Borrower of the Acquisition Loan (or by the Borrower of the Converted Loan, as the case may be) in accordance with Clause 11.4 (Voluntary Prepayment). For the avoidance of doubt, Clause 18 (Mitigation) shall apply; and (vi) the Borrower of the Converted Loan will grant security to the Lender of the Converted Loan, subject...
Sample 1

Related to Converted Loans

  • Committed Loans Subject to the terms and conditions set forth herein, each Lender severally agrees to make loans (each such loan, a “Committed Loan”) to the Borrower from time to time, on any Business Day during the Availability Period, in an aggregate amount not to exceed at any time outstanding the amount of such Lender’s Commitment; provided, however, that after giving effect to any Committed Borrowing, (i) the Total Outstandings shall not exceed the Aggregate Commitments, and (ii) the aggregate Outstanding Amount of the Committed Loans of any Lender, plus such Lender’s Applicable Percentage of the Outstanding Amount of all L/C Obligations, plus such Lender’s Applicable Percentage of the Outstanding Amount of all Swing Line Loans shall not exceed such Lender’s Commitment. Within the limits of each Lender’s Commitment, and subject to the other terms and conditions hereof, the Borrower may borrow under this Section 2.01, prepay under Section 2.05, and reborrow under this Section 2.01. Committed Loans may be Base Rate Loans or Eurodollar Rate Loans, as further provided herein.

  • Fixed Rate Loans Each Mortgage Loan bears interest at a rate that remains fixed throughout the remaining term of such Mortgage Loan, except in the case of an ARD Loan after its Anticipated Repayment Date and except for the imposition of a default rate.

  • Base Rate Loans Substituted for Affected Fixed Rate Loans If (i) the obligation of any Bank to make or to continue or convert outstanding Loans as or into Euro-Dollar Loans has been suspended pursuant to Section 8.02 or (ii) any Bank has demanded compensation under Section 8.03(a) or 8.04 with respect to its Euro-Dollar Loans and the Borrower shall, by at least five Euro-Dollar Business Days' prior notice to such Bank through the Administrative Agent, have elected that the provisions of this Section shall apply to such Bank, then, unless and until such Bank notifies the Borrower that the circumstances giving rise to such suspension or demand for compensation no longer apply: (a) all Loans which would otherwise be made by such Bank as (or continued as or converted to) Euro-Dollar Loans, as the case may be, shall instead be Base Rate Loans (on which interest and principal shall be payable contemporaneously with the related Euro-Dollar Loans of the other Banks), and (b) after each of its Euro-Dollar Loans has been repaid, all payments of principal which would otherwise be applied to repay such Loans shall be applied to repay its Base Rate Loans instead. If such Bank notifies the Borrower that the circumstances giving rise to such suspension or demand for compensation no longer exist, the principal amount of each such Base Rate Loan shall be converted into a Euro-Dollar Loan on the first day of the next succeeding Interest Period applicable to the related Euro-Dollar Loans of the other Banks.

  • LIBOR Rate Loans During such periods as Revolving Loans shall be comprised of LIBOR Rate Loans, each such LIBOR Rate Loan shall bear interest at a per annum rate equal to the sum of the LIBOR Rate plus the Applicable Percentage. Interest on Revolving Loans shall be payable in arrears on each Interest Payment Date.

  • Optional Conversion of Revolving Credit Advances The Borrower may on any Business Day, upon notice given to the Agent not later than 11:00 A.M. (New York City time) on the third Business Day prior to the date of the proposed Conversion and subject to the provisions of Sections 2.07 and 2.11(a), Convert all Revolving Credit Advances of one Type comprising the same Borrowing into Revolving Credit Advances of the other Type (it being understood that such Conversion of a Revolving Credit Advance or of its Interest Period does not constitute a repayment or prepayment of such Revolving Credit Advance); provided, however, that any Conversion of Eurodollar Rate Advances into Base Rate Advances shall be made only on the last day of an Interest Period for such Eurodollar Rate Advances, any Conversion of Base Rate Advances into Eurodollar Rate Advances shall be in an amount not less than the minimum amount specified in Section 2.02(b) and no Conversion of any Revolving Credit Advances shall result in more separate Borrowings than permitted under Section 2.02(b). Each such notice of a Conversion shall be substantially in the form of Exhibit H hereto, and shall, within the restrictions specified above, specify (i) the date of such Conversion, (ii) the Revolving Credit Advances to be Converted, and (iii) if such Conversion is into Eurodollar Rate Advances, the duration of the initial Interest Period for each such Eurodollar Rate Advance. Each notice of Conversion shall be irrevocable and binding on the Borrower.

  • Application of Prepayments of Loans to Base Rate Loans and Eurodollar Rate Loans Considering each Class of Loans being prepaid separately, any prepayment thereof shall be applied first to Base Rate Loans to the full extent thereof before application to Eurodollar Rate Loans, in each case in a manner which minimizes the amount of any payments required to be made by Borrower pursuant to Section 2.18(c).

  • Base Rate Loans Substituted for Affected Euro-Dollar Loans If (a) the obligation of any Lender to make or maintain, or to convert outstanding Loans to, Euro-Dollar Loans has been suspended pursuant to Section 2.15 or (b) any Lender has demanded compensation under Section 2.16(a) with respect to its Euro-Dollar Loans and, in any such case, the Borrower shall, by at least four Business Days’ prior notice to such Lender through the Administrative Agent, have elected that the provisions of this Section shall apply to such Lender, then, unless and until such Lender notifies the Borrower that the circumstances giving rise to such suspension or demand for compensation no longer apply: (i) all Loans which would otherwise be made by such Lender as (or continued as or converted into) Euro-Dollar Loans shall instead be Base Rate Loans (on which interest and principal shall be payable contemporaneously with the related Euro-Dollar Loans of the other Lenders); and (ii) after each of its Euro-Dollar Loans has been repaid, all payments of principal that would otherwise be applied to repay such Loans shall instead be applied to repay its Base Rate Loans. If such Lender notifies the Borrower that the circumstances giving rise to such notice no longer apply, the principal amount of each such Base Rate Loan shall be converted into a Euro-Dollar Loan on the first day of the next succeeding Interest Period applicable to the related Euro-Dollar Loans of the other Lenders.

  • LIBOR Loans Subject to the provisions hereof and provided that the Borrower has, by giving notice to the Administrative Agent in accordance with Section 5.2, requested the Lenders to continue to extend credit by way of a LIBOR Loan to replace all or a portion of an outstanding LIBOR Loan as it matures, each Lender shall, on the maturity of such LIBOR Loan, continue to extend credit to the Borrower by way of a LIBOR Loan (without a further advance of funds to the Borrower) in the principal amount equal to such Lender’s Pro Rata Share of the principal amount of the matured LIBOR Loan or the portion thereof to be replaced.

  • Revolving Loans The Borrower shall repay to the Lenders on the Maturity Date the aggregate principal amount of all Revolving Loans outstanding on such date.

  • Eurodollar Rate Loans Any conversion to or from Eurodollar Rate Loans shall be in such amounts and be made pursuant to such elections so that, after giving effect thereto, the aggregate principal amount of all Eurodollar Rate Loans having the same Interest Period shall not be less than $1,000,000 or a whole multiple of $500,000 in excess thereof.

Draft better contracts in just 5 minutes Get the weekly Law Insider newsletter packed with expert videos, webinars, ebooks, and more!