Common use of Term-Out Option Clause in Contracts

Term-Out Option. The Company may, so long as no Default shall have occurred and be continuing at the time of such notice and on the Termination Date, upon 15 days’ prior written notice to the Administrative Agent, elect (the “Term-Out Option”) that Revolving Loans outstanding on the Termination Date remain outstanding after the Termination Date as term loans that will mature on the Extended Maturity Date; provided that all Revolving Commitments will terminate on the Termination Date, and additional Revolving Borrowings will not be permitted after the Termination Date. This Section 2.20 shall not apply to Competitive Loans and Negotiated Rate Loans, which must be repaid on or prior to the Termination Date. If the Company exercises its option pursuant to this Section 2.20, Revolving Loans that are outstanding on the Termination Date will continue to constitute “Revolving Loans” for all purposes of this Agreement after the Termination Date.

Term-Out Option. The Company may, so long as no Default shall have occurred and be continuing at the time of such notice and on the Termination Date, Date upon 15 days’ prior written notice to the Administrative Agent, elect (the “Term-Out Option”) that Revolving Loans outstanding on the Termination Date remain outstanding after the Termination Date as term loans that will mature on the Extended Maturity Date; provided that all Revolving Commitments will terminate on the Termination Date, and additional Revolving Borrowings will not be permitted after the Termination Date. This Section 2.20 shall not apply to Competitive Loans and Negotiated Rate Loans, which must be repaid on or prior to the Termination Date. If the Company exercises its option pursuant to this Section 2.20, Revolving Loans that are outstanding on the Termination Date will continue to constitute “Revolving Loans” for all purposes of this Agreement after the Termination Date.