Term Loan Conversion. Not later than seven Business Days prior to the Revolving Maturity Date applicable to a Borrower, such Borrower may, upon notice to the Administrative Agent (which shall promptly notify the appropriate Lenders), elect to convert any Loans made to such Borrower that shall have been borrowed in accordance with Section 2.2(a) hereof and remain outstanding as of the date of conversion into term Loans payable on the date (the “Term Maturity Date”) selected by the Borrower, but in no event later than one year from the Revolving Maturity Date applicable to such Borrower. Concurrently with delivering any Request for Loans relating to Eurocurrency Rate Loans with an Interest Period ending after the Revolving Maturity Date applicable to such Borrower such Borrower shall deliver a notice to the Administrative Agent that it elects to convert the Loans into term Loans in accordance with the preceding sentence. If a Borrower so elects to convert the Loans made to it to term Loans, subject to the satisfaction of the conditions precedent contained in this Section 2.13(c), the Maturity Date applicable to such Borrower shall automatically be extended to the Term Maturity Date effective as of the Revolving Maturity Date applicable to such Borrower then in effect (such existing Revolving Maturity Date being the “Term Extension Effective Date”), and, on and after the Term Extension Effective Date, the Loans made to such Borrower shall be term Loans that (i) may not be reborrowed once repaid, (ii) in the case of loans denominated in US Dollars, may be converted from Base Rate Loans to Eurocurrency Rate Loans and from Eurocurrency Rate Loans to Base Rate Loans and, in the case of Loans denominated in Canadian Dollars, may be continued as Canadian Prime Rate Loans, Bankers’ Acceptances, Drafts or BA Equivalent Notes as provided therein, (iii) bear interest on the outstanding principal amount thereof in accordance with Section 2.7 and (iv) are payable in full on the Term Maturity Date applicable to such Borrower. The Administrative Agent and the applicable Borrower shall promptly confirm to the appropriate Lenders such extension and the Term Extension Effective Date. As conditions precedent to such extension, (A) the Applicable Borrower shall pay to the Administrative Agent the Term Loan Conversion Fee, (B) the applicable Borrower shall deliver to the Administrative Agent a certificate of such Borrower dated as of the Term Extension Effective Date (in sufficient copies for each ap...
Term Loan Conversion. (a) Upon the terms and subject to the conditions hereinafter set forth, each of the Banks severally agrees to permit the Borrower to elect a one-time conversion of a portion of the Revolving Credit Commitment in the aggregate principal amount of up to Twenty Five Million Dollars ($25,000,000) (the “Term Loan Principal Amount”) into a term loan (the “Term Loan”)and to borrow the Term Loan Principal Amount and/or convert outstanding Revolving Credit Loans in an aggregate principal amount not to exceed the Term Loan Principal Amount into a Term Loan at any time prior to the first anniversary of the Restatement Date (the date of such conversion and/or borrowing, the “Conversion Date”), in accordance with such Bank’s Pro Rata Share of Revolving Credit Commitment, provided that (i) no Default or Event of Default then exists, (ii) the Banks shall have received payment of any interest due on the then outstanding Revolving Credit Loans, if any are to be converted hereunder, and (iii) the Banks shall have received the Term Notes, duly executed by the Borrower, in accordance with Section 2.07(b). Upon any such conversion, the term of the then outstanding Revolving Credit Loans, if any, that have been converted shall be deemed to have been extended and the payment terms thereof modified, as provided herein. Any Term Loan shall not be deemed to be new indebtedness hereunder.
(b) During the term of the Term Loan, amounts repaid or prepaid in respect of such Term Loan may not be reborrowed as a Term Loan, but such amounts may be reborrowed as a Revolving Credit Loan under the Revolving Credit Commitment in accordance with the terms and conditions set forth herein with respect to the Revolving Credit Loans.
Term Loan Conversion. Subject to the terms and conditions of this Agreement, if any Extension Request of Borrower shall be denied, Borrower may then elect to convert on the date one year prior to the current Revolving Credit Termination Date the aggregate principal amount of Revolving Loans then owing to each Lender and outstanding on the Revolving Credit Termination Date into a term loan owing to such Lender (each a "Term Loan") provided
(a) Borrower has given Agent not less than 15 days' prior notice of Borrower's intention to so convert the Revolving Loans and (b) the conditions set forth in Section 5.3. have been satisfied as of the date one year prior to the current Revolving Credit Termination Date. Upon the effectiveness of the conversion of the outstanding principal balance of Revolving Loans into Term Loans as contemplated by this Section, Borrower shall have no right to borrow, and neither Swingline Lender nor any Lender shall have any obligation to make, any Swingline Loans or Revolving Loans, as applicable.
Term Loan Conversion. As of the Effective Date, the Line of Credit under this Agreement will be terminated and all obligations of the Borrower hereunder shall be converted into a term loan (the "Term Loan") with a principal balance of $1,714,284.00. Interest and principal on the Term Loan will be payable as set forth herein.
Term Loan Conversion. Subject to the terms and conditions of this Agreement, if any Extension Request of Borrower shall be denied, Borrower may then elect to convert the aggregate principal amount of the Loan then outstanding into a term loan owing to Lenders (the "Term Loan") provided
(a) Borrower has given Agent notice of Borrower's intention to so convert the Loan not less than thirty (30) days following receipt by Borrower of notice from Agent that Borrower's Extension Request has been rejected, and (b) the conditions set forth in Section 4.4 have been satisfied as of the date one year prior to the current Termination Date. Any such conversion shall become effective on the date which is one (1) year prior to the Termination Date (the "Term Loan Conversion Date"). Upon the effectiveness of the conversion of the outstanding principal balance of Loan into the Term Loan as contemplated by this Section, Borrower shall have no right to request or borrow, and no Lender shall have any obligation to make, any Advance. If the Loan is not converted to the Term Loan, the Loan shall be due and payable in full on the Termination Date. 29
Term Loan Conversion. Subject to the terms and conditions of this Agreement, if the Extension Request shall be denied, the Borrower may then elect to convert each Lender's Revolving Commitment Percentage of the aggregate principal amount of Revolving Loans outstanding on the date one year prior to the current Revolving Credit Termination Date into a term loan owing by the Borrower to each Lender (each a "Term Loan") provided
(a) the Borrower has given the Agent at least 15 days prior notice of the Borrower's intention to so convert the Revolving Loans and (b) the conditions set forth in Section 7.3. have been satisfied as of the date one year prior to the current Revolving Credit Termination Date. Subject to the terms and conditions hereof, any such conversion shall be effective as of the date one year prior to the current Revolving Credit Termination Date. Upon the effectiveness of the conversion of the outstanding principal balance of Revolving Loans into Term Loans as contemplated by this Section, the Borrower shall not have any right to borrow, and no Lender shall have any obligation to make, any additional Revolving Loans.
Term Loan Conversion. Within sixty (60) days following the occurrence of Construction Completion, Borrower shall provide Lender such documents, instruments, and certificates (including, without limitation, a certificate by an appropriate Responsible Officer of Borrower, certifying as to occurrence of Construction Completion) as Lender may request. Upon determination by Lender of Construction Completion, the Repayment Period shall begin.
Term Loan Conversion. Subject to the terms and conditions of this Agreement, if any Extension Request of Borrower shall be denied, Borrower may then elect to convert on the date one year prior to the current Revolving Credit Termination Date the aggregate principal amount of Revolving Loans then outstanding into a term loan owing to Lenders (the "Term Loan") provided
(a) Borrower has given Agent not less than fifteen-days' prior notice of Borrower's intention to so convert the Revolving Loans and (b) the conditions set forth in Section 4.3. have been satisfied as of the date one year prior to the current Revolving Credit Termination Date. Upon the effectiveness of the conversion of the outstanding principal balance of Revolving Loans into the Term Loan as contemplated by this Section, Borrower shall have no right to borrow, and no Lender shall have any obligation to make, any Revolving Loans.
Term Loan Conversion. (b) The Borrower shall repay the principal balance of each Term Loan in quarterly installments due on November 13 first following the Conversion Date, and continuing on the thirteenth (13th) day of each subsequent February, May, August and November until the Termination Date. The amount of each quarterly principal installment shall be equal to the following amount during the corresponding period: PERIOD PAYMENT AMOUNT ------ -------------- During the first year after Quarterly amount necessary to amortize the Conversion Date the unpaid principal balance of the Term Loan on the Conversion Date over a seven (7) year period During the second year after Quarterly amount necessary to amortize the the Conversion Date unpaid principal balance of the Term Loan on the Conversion Date over seven (5) year period During the third year after Quarterly amount necessary to amortize the Conversion Date the unpaid principal balance of the Term Loan on the Conversion Date over a seven (3) year period Accrued and unpaid interest on the unpaid principal balance of the Term Loans shall continue to be due and payable on the Interest Payment Dates. The entire unpaid principal balance, and all accrued and unpaid interest thereon, of the Term Loans, together with all other amounts due under this Agreement, shall be due and payable in full on the Termination Date.
Term Loan Conversion. 18 2.3 Payments..........................................................19 2.4
