Loan Conversion. At the time of purchase or placement of a loan with ACS for servicing, the loan shall be converted and a note examination may be conducted in accordance to predetermined criteria. The tasks involved in loan conversion generally include:
Loan Conversion. The Loan Conversion or the Note Payment shall have been consummated.
Loan Conversion. The outstanding principal balance of and accrued and unpaid interest on, the Company's promissory note dated March 2, 2010 in the principal amount of 1,067,527.40 (the "Rayat Note"), shall have been converted as of the Closing Date into an aggregate of 40,000,000 shares of the Company's common stock, $0.00001 par value per share (the "Loan Conversion").
Loan Conversion. (a) At such times and from time to time as the aggregate principal amount of all Revolving Credit Loans then outstanding exceeds $200,000,000, the Majority Initial Arrangers may in their sole and absolute discretion cause the conversion of then outstanding Revolving Credit Loans into Term Loans in accordance with this Section 2.4 (each such conversion of Revolving Credit Loans to Term Loans, a "Loan Conversion") by delivering to the Administrative Agent and the Borrower written notice thereof (a "Notice of Loan Conversion"). Each Notice of Loan Conversion shall specify:
(i) the principal amount of the Revolving Credit Loans then outstanding that are proposed to be converted to Term Loans (the "Converted Revolving Loan Amount"); and
(ii) the proposed date of such Loan Conversion (the "Loan Conversion Date"), which shall be no earlier than seven Business Days after the date such Notice of Loan Conversion is delivered by the Majority Initial Arrangers to the Administrative Agent and the Borrower.
(b) Upon receipt of a Notice of Loan Conversion, the Administrative Agent shall promptly deliver such Notice of Loan Conversion to each Revolving Credit Lender. On a Loan Conversion Date, (i) the outstanding Revolving Credit Loans of the Revolving Credit Lenders in an aggregate amount equal to the Converted Revolving Loan Amount specified in the related Notice of Loan Conversion shall automatically be converted to Term Loans pro rata according to the respective outstanding principal amounts of the Revolving Credit Loans then held by the Revolving Credit Lenders, (ii) any Revolving Credit Loans so converted shall, as of such Loan Conversion Date, be deemed to be Term Loans and no longer Revolving Credit Loans (provided, such Loans shall maintain the Type and, if Eurodollar Loans, the Interest Period applicable to such Loans), (iii) the Revolving Credit Lenders shall, as of such Loan Conversion Date, be deemed to be Term Loan Lenders with respect to such converted Loans, (iv) the Total Revolving Credit Commitment shall be permanently reduced by an amount equal to the Converted Revolving Loan Amount (with each Revolving Credit Lender's Revolving Credit Commitment permanently reduced by an amount equal to its Revolving Credit Loans so converted to Term Loans), (v) the Administrative Agent shall make appropriate notations in the Register pursuant to Section 2.8(d) in order to reflect the Loan Conversion on such Loan Conversion Date and (vi) upon request of any Lender, any...
Loan Conversion. At the time of purchase or placement of a loan with [•] for servicing, the loan shall be converted and a note examination may be conducted in accordance to predetermined criteria. The tasks involved in loan conversion generally include:
Loan Conversion. The Lender has the right at its sole discretion, to convert the full or part of the Loan plus Interest, the Fee and other amounts owed under the Loan pursuant to the Conversion Terms into registered shares of the Borrower. The terms governing the conversion (the "Conversion Terms") are set out in Schedule 3: Conversion Terms.
Loan Conversion. The Conversion of the Construction Loan to the Term Loan will occur provided that the Borrower is not in Default and if all the following conditions have been fulfilled to Bank's satisfaction, in Bank's sole discretion: (i) the construction of the Improvements has been completed in accordance with the Plans and Specifications and a Certificate of Occupancy for the Improvements has been issued by the local Governmental Authority with jurisdiction; (ii) all the conditions precedent to the final disbursement of Loan proceeds under the terms of the Loan Documents have been fully satisfied; (iii) Bank has been furnished with an endorsement to Bank's title insurance policy assuring Bank that all contractors, subcontractors, materialmen, and suppliers working on the construction of the Improvements have been paid in full and that the Property and the Improvements are free of all liens and encumbrances other than those approved by Bank; (iv) the Improvements comply with all applicable private restrictions and governmental requirements, codes, and other standards, and may be utilized for their intended purposes; (v) there has been no material adverse change in the financial condition of Borrower, or any Guarantor. To exercise this option to convert the Construction Loan to the Term Loan, Borrower must notify Bank in writing at least 30 days before the maturity of the Construction Loan. Borrower's written notice must be accompanied by a commitment fee in the amount of $24,000. Such fee shall be by cashier's check or wire transfer.
Loan Conversion. The parties acknowledge the conversion of the Construction Loan into the Term Loan as contemplated under Section 3.4 of the Agreement, as amended.
Loan Conversion. 1.1. By execution of this Agreement, Lender serves notice to the Company, pursuant to Section 2.4 of the Loan Agreement, of the conversion (the “Conversion”), as of Closing, of $241,501 of Convertible Loan (the “Converted Loan”, comprised of $200,000 of principal amount and $41,501 of accrued interest), into the Company’s ordinary shares, nominal value NIS 20.00 each (each, a “Share” and collectively, the “Shares”).
1.2. The Conversion shall take place at the Closing (as defined below), and shall be made at a reduced conversion price of $1.50 per Share, yielding an issuance to the Lender, at Closing, of 161,000 Shares (the “Converted Shares”).
Loan Conversion. The Borrower, each other Loan Party, the Administrative Agent and each Lender acknowledges and agrees that immediately and automatically on the First Amendment Effective Date, each outstanding LIBOR Portion (as defined in the Existing Credit Agreement) shall be converted to a Term SOFR Portion with an Interest Period of one (1) month. No fees (including any LIBOR breakage fees), costs or expenses shall be due or owing as a result of or in connection with the conversion described in the previous sentence. All accrued and unpaid fees and interest with respect to the outstanding LIBOR Portions (as defined in the Existing Credit Agreement) shall be due and payable on the next interest payment date after the First Amendment Effective Date.
