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: Origination and Verification of Account Data Generation of Receipt of Loans Transferred Account Package Preparation Generation of Exceptions Report Renegotiation of Rejected Accounts Reconciliation and Balancing Keypunch Account Data Microfilm and Microfiche Copies Run Serialization Crosscheck Edit and Error Correction Appropriate Vault Space Generate Sale Transmittal Mail Conversion Notification to Borrower
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"). Section 5.11
Loan Conversion. The Loan Conversion or the Note Payment shall have been consummated. Section 6.11
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:
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 $[ ] of Convertible Loan (the "Converted Loan", comprised of $[ ] of principal amount and $[ ] of accrued interest), into the Company's ordinary shares, nominal value NIS 20.00 each (each, a “Share” and collectively, the “Shares”).
Loan Conversion. The Loan Conversion of the Construction Loan into the Term Loan shall be effectuated upon (a) either (i) the written request (“Loan Conversion Request”) by Borrower to Administrative Agent and the Independent Consultant not less than 30 days prior to the requested Conversion Date, or (ii) upon election by the Administrative Agent with five Business Days notice to Borrower, and (b) achievement by Borrower to the reasonable satisfaction of Administrative Agent of each of the following: (i) fulfillment of the conditions in Section 3.5; (ii) the Title Policy shall have been endorsed to remove any exception for mechanics’ or materialmen’s Liens or pending disbursements, with no additional title change or exception objectionable to Administrative Agent, and Borrower shall have obtained such other endorsements as may be reasonably required by Administrative Agent; (iii) no Default or Event of Default shall occur or exist at any time on or between the Conversion Notice and the Conversion Date; (iv) no Material Adverse Effect shall have occurred; (v) Borrower shall have paid all reasonable expenses incurred by Administrative Agent in connection with Administrative Agent’s review and approval of the Loan Conversion; (vi) Administrative Agent shall have received certification by the Independent Consultant that Completion has occurred; (vii) the earlier of (A) verification by Administrative Agent that the Project will operate at least at its nameplate rating of 40 million gallons of ethanol per year and (B) 90 days after Completion has occurred; and (viii) Borrower shall have delivered to Administrative Agent and the Independent Consultant evidence of payment of, and executed releases and lien waivers from, all Contractors and any other Persons with respect to the Collateral. If Administrative Agent determines that the conditions to the Loan Conversion have been satisfied, Administrative Agent shall give Borrower written notice (“Conversion Notice”) that the Construction Loan will convert to the Term Loan, in which case the Loan Conversion shall be effective on the first day of the month following the date Administrative Agent gives a Conversion Notice; provided that a Conversion Notice shall not constitute or be deemed a waiver of any obligations, covenants, representations, or warranties of Borrower or any other party under any of the Loan Documents, nor an acknowledgment, confirmation or agreement (i) that all conditions for the Loan Conversion were fully satisfied...
Loan Conversion. 7.1 The Central Government will permit the conversion of loans to Utility into grant along with interest thereon for Part-A & Part-B Project through Nodal Agency after the approval of R-APDRP Steering Committee as per R- APDRP Guidelines.
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. 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.
