Term Loan Option. On a Drawing Maturity Date, each Unreimbursed Drawing remaining due and payable after 2:00 P.M., New York City time on such date shall, if the conditions precedent set forth in Section 4.2 hereof have been satisfied, be converted to a Term Loan.
Term Loan Option. Unless an Event of Default has occurred and ---------------- is continuing, the Borrower may elect that the Revolving Loans of each Lender outstanding on December 24, 2003, up to an aggregate principal amount for all Lenders of $125,000,000, be converted into term loans (each a "Term Loan"), maturing in one installment on December 24,
Term Loan Option. (a) So long as no Default has occurred or is continuing and there is not then outstanding any request for extension pursuant to Section 2.13, the Borrower may elect, by written notice to the Administrative Agent and each Lender not later than five nor earlier than thirty days prior to the Revolving Maturity Date then in effect, to convert any or all outstanding Revolving Loans as of the Revolving Maturity Date then in effect (the "Conversion Date") into term loans deemed to have been made on such Conversion Date in the original principal amount equal to such outstanding Revolving Loans. Outstanding Revolving Loans so converted by the Borrower in accordance with this Section 2.14 shall be referred to as the "Term Loans". On and after the Conversion Date, after giving effect to the conversion of all outstanding Revolving Loans to Term Loans, no Lender shall have any further Commitment and the Aggregate Commitments shall be deemed terminated. Subject to Article VIII, the aggregate Outstanding Amount of all Term Loans shall be paid in full on the Term Loan Maturity Date. Term Loans may be Eurodollar Rate Loans or Base Rate Loans, as the Borrower may elect in accordance with the provisions of this Article II for Committed Loans, and shall bear interest on the same terms as the Revolving Loans converted to such Term Loans from the Conversion Date until the date such Term Loans are continued or converted pursuant to Section 2.02 hereof; provided, however, that on and after the Conversion Date the Applicable Rate with respect to Eurodollar Rate Loans shall be increased by 0.25%. Amounts repaid or prepaid on the Term Loans may not be reborrowed. Each Lender shall have its Pro Rata Share of the Term Loans.
(b) If on the Revolving Maturity Date then in effect the Borrower does not elect to convert all outstanding Revolving Loans as of such date to Term Loans as described in Section 2.14(a) above or to extend the Revolving Maturity Date pursuant to Section 2.13, then the entire Outstanding Amount of all Revolving Loans as of such date shall be due and payable in full in accordance with Section 2.06(a).
Term Loan Option. In the event the Borrower fails to exercise its option to extend the Stated Termination Date or the Lenders fail to consent to such extension, the Borrower shall have the option to convert the Line of Credit Outstandings as of the Stated Termination Date into a term loan in the original principal amount equal to such Line of Credit Outstandings (the "Term Loan Option"). Line of Credit Loans so converted by the Borrower in accordance with this subsection (b) shall be referred to as the "Term Loans". The Term Loans shall mature on the Revolving Credit Termination Date. The Term Loans may be comprised of Base Rate Loans and Eurodollar Rate Loans as the Borrower may elect in accordance with the provisions hereof. The Term Loans shall bear interest on the same terms as the Line of Credit Loans prior to their conversion to Term Loans. Amounts repaid or prepaid on the Term Loans may not be reborrowed. For purposes of this Agreement, in the event the Borrower shall elect the Term Loan Option, then on and after the Line of Credit Termination Date (i) references
Term Loan Option. In the event the Borrower fails to exercise its option to extend the Stated Termination Date or the Lenders fail to consent to such extension, the Borrower shall have the option to convert the Line of Credit Outstandings as of the Stated Termination Date into a term loan in the original principal amount equal to such Line of Credit Outstandings (the "Term Loan Option"). Line of Credit Loans so converted by the Borrower in accordance with this subsection (b) shall be referred to as the "Term Loans". The Term Loans shall mature on the Revolving Credit Termination Date. The Term Loans may be comprised of Base Rate Loans and Eurodollar Rate Loans as the Borrower may elect in accordance with the provisions hereof. The Term Loans shall bear interest on the same terms as the Line of Credit Loans prior to their conversion to Term Loans. Amounts repaid or prepaid on the Term Loans may not be reborrowed. For purposes of this Agreement, in the event the Borrower shall elect the Term Loan Option, then on and after the Line of Credit Termination Date (i) references herein to the "Total Line of Credit Commitment" shall mean the aggregate principal amount of the Term Loans as of the Line of Credit Termination Date less all payments made with respect to the Term Loans hereunder, (ii) references herein to "Line of Credit Commitment" shall mean, with respect to each Lender, the obligation of such Lender to make Term Loans in a principal amount equal to such Lender's Applicable Commitment Percentage of the aggregate Term Loans and (iii) references herein to the "Line of Credit Termination Date" shall mean the Term Loan Termination Date.
Term Loan Option. From time to time until the Maturity Date of the Revolving Credit Loan, Borrower shall have the option to convert all or a portion of the outstanding principal amount of any Advance(s) previously made on a revolving credit basis to a term loan (the "Term Loan(s)"). The principal amount of such Term Loan(s) shall be amortized by equal quarterly payments of principal over a one, two, or three-year period (commencing on the first day of a calendar quarter following such conversion to a Term Loan) as elected by Borrower. Borrower shall exercise its option to convert a revolving credit Advance to a Term Loan in writing by delivery of a certificate in the form set forth in Exhibit E, delivered to Borrower at least three (3) Business Days prior to such conversion, specifying (i) the amount of the Term Loan; (ii) the maturity date of the Term Loan (which shall be 1, 2, or 3-years from the first day of the calendar quarter following the date of such conversion); (iii)
Term Loan Option. Borrower shall have the option to convert the Revolving Line of Credit into a term loan, subject to the terms and conditions set forth in the Note.
Term Loan Option. Not fewer than five (5) days and not more than thirty (30) days prior to the Revolving Loan Termination Date, Borrower may provide written notice to Lender that the Revolving Loans outstanding as of the Revolving Loan Termination Date shall be converted into a Term Loan. If such notice is given, Lender agrees, on the terms and conditions hereinafter set forth, to make a term loan ("Term Loan") to Borrower on the Revolving Loan Termination Date, in a principal amount up to but not exceeding the outstanding Revolving Loans. Any amount of Lender's Term Loan repaid may not be reborrowed. Any such term loan will not exceed one year, and the interest rate applicable thereto shall be a variable rate based upon the LIBOR Rate for one week, one month, three months, or six months, at the option of Borrower, plus 25 Basis Points, plus a percentage based upon Borrower's then currexx Xxxxxxxxxxxx Rating as follows: ---------------------------------- ---------------- ---------------- ----------------- ----------------- ------------------ Indebtedness Ratings A / A2 A- / A3 BBB+ / Baa1 BBB / Baa2 BBB- / Baa3 ---------------------------------- ---------------- ---------------- ----------------- ----------------- ------------------ ---------------------------------- ---------------- ---------------- ----------------- ----------------- ------------------ Percentage .185% .30% .40% .50% .825% ---------------------------------- ---------------- ---------------- ----------------- ----------------- ------------------
Term Loan Option. Provided that no Default or Event of Default has occurred and is then existing under the terms of this Agreement, and Borrower is in material compliance with the provisions of any other agreement with Bank, at the Termination Date, Borrower shall have the option (the "Term Loan Option") to convert the principal balance outstanding under the Revolving Credit Loan (in a principal amount not exceeding the Commitment) to a term loan (the "Term Loan"), as shall be provided in the Revolving Credit Note, in form and content prepared by and acceptable to Bank. All accrued and outstanding interest on the portion of the Revolving Credit Loan converted to the Term Loan shall be paid on or prior to the date such conversion becomes effective. The outstanding principal balance of the Term Loan shall accrue and bear interest throughout its term at the option of Borrower at either (a) a fixed rate of interest equal to two and one-half percent (2 1/2%)in excess of the five (5) year U.S. Treasury Bond yield as reported in The Wall Street Journal under its money rates on the date of conversion or (b) a variable rate equal to Bank's corporate Base Rate plus one percent (1%) floating, as the same may change from time to time. Borrower's interest rate option shall be a one-time option only and must be exercised within ten (10) days prior to the Termination Date. Interest shall be calculated on the basis of a year of 360 days from the actual number of days elapsed. The Term Loan shall be payable over five (5) years in consecutive monthly installments of principal and interest commencing the first day of the month following conversion and due on
Term Loan Option. (a) To select the Term Loan Option, no less than five (5) calendar days prior to the Term Loan Option Date, Borrower shall complete, execute, and deliver to Bank an election notice substantially in the form attached hereto as Exhibit A.
(b) If Borrower selects the Term Loan Option, the Advances chosen to continue under such Term Loan Option are payable in eight (8) equal quarterly installments of principal plus accrued interest, beginning on the First Installment Payment Date and ending on the Term Loan Maturity Date. In addition, Borrower may prepay, without penalty or premium, all or any portion of the Advances chosen to be continued under the Term Loan Option. Prepayments of Advances under the Term Loan Option will be applied to payments due in the inverse order of their maturity. When repaid or prepaid, Advances chosen to be continued by Borrower under the Term Loan Option may not be reborrowed.
