Loan Conversion definition

Loan Conversion means the automatic conversion of (a) outstanding Term B-7 Loans into Term B-9 Loans in accordance with Section 2.01(a)(iii)(A) and (b) outstanding Term B-7 Loans and Term B-8 Loans into Term B-10 Loans in accordance with Sections 2.01(a)(iv)(A) and 2.01(a)(iv)(B), respectively.

Loan Conversion means the conversion of the Bond Mortgage Loan from the Construction Phase to the Permanent Phase.

Loan Conversion as defined in Section 2.4(a).

Examples of Loan Conversion in a sentence

• Monarch agrees to pay, as fair market value rent (Rent) for the use of the Property, the following: Upon the date the term of the Ground Lease commences $125,000 Construction Commencement $125,000 Annual Construction Rent Payments (annual payment beginning one year after the Construction Commencement Rent is paid) $50,000 Remainder Payment at Permanent Loan Conversion (Stabilization).

• The Authority acknowledges that the Term Loan Conversion shall be effective as set forth in the Agreement.

• The Authority shall pay interest owed in respect of each Term Loan from and after the date of the Term Loan Conversion on the unpaid principal amount thereof, at an interest rate equal to the Term Loan Rate.

• Except as otherwise provided in Section 7.2 hereof, interest with respect to any Term Loan shall be payable monthly beginning on the like day one month next following the date of the Term Loan Conversion.

• Such conversion shall be accompanied by the Authority (i) delivering a Notice of a Term Loan Conversion, in the form attached hereto as Exhibit E, to the Bank stating the amount of the Liquidity Drawing converted, (ii) executing a Term Note with respect to each such Term Loan, and (iii) delivering an opinion of Bond Counsel to the Authority regarding the enforceability of the Term Note and otherwise being in form and substance satisfactory to the Bank.

More Definitions of Loan Conversion

Loan Conversion has the meaning specified in the preamble hereto.

Loan Conversion means the conversion of all outstanding Loan and all interest thereon that has come due and payable into Shares in accordance with the terms of this Agreement.

Loan Conversion shall have the meaning provided in Section 1.01(B).

Loan Conversion. As defined in Paragraph 2G.

Loan Conversion. The Lender has the option at maturity to convert any funded amount under the Facility, including any accrued interest, into EOTT common units at the Conversion Price. Upon Conversion, the Lender will have demand registration rights. CONVERSION PRICE: 95% of the then publicly traded price per EOTT common unit.

Loan Conversion. The conversion of the Loan from the Construction Loan ---------------- to the Mini-Perm Loan all in accordance with the provisions of Section 2.4 hereof. The effective date of the Loan Conversion shall be the first (1st) day of the calendar month following the satisfaction of the Loan Conversion requirements set forth in Section 2.4, which effective date shall not be later than February 1, 2002.

Loan Conversion. The conversion of the Loan from the Construction Loan to the --------------- Mini-Perm Loan all in accordance with the provisions of Section 2.4 hereof. The effective date of the Loan Conversion shall be the first (1st) day of the calendar month following the satisfaction of the Loan Conversion requirements set forth in Section 2.4, which effective date shall not be later than January 1, 2002. "Loan Documents" - means those documents, as hereafter amended, supplemented, --------------- replaced or modified, properly executed and in recordable form, if necessary, - listed in Exhibit B as Loan Documents. - ---------- "Loan-to-Value Percentage" - shall have the meaning ascribed to such term in ------------------------- Section 2.7. -- "Master Loan Agreement" - means the Second Amended and Restated Loan Agreement ----------------------- dated as of March 31, 2000 between Borrower and Lender, as amended by First Amendment to the Second Amended and Restated Loan Agreement dated of even date herewith. "Maturity Date" - has the meaning specified in Section 2.5. -------------- "Maximum Lawful Rate" - shall have the meaning ascribed to such term in Section -------------------- 12.24(b). "Mini-Perm Loan" - to the extent Loan Conversion occurs, the Loan, as so --------------- converted and scheduled to mature December 28, 2007. ------ "Note" - means that certain Promissory Note of even date herewith, in the ---- original principal amount of the Loan, executed by Borrower and payable to the ---- order of Lender, as hereafter amended, supplemented, replaced or modified. "Obligee" - shall have the meaning ascribed to such term in Section 8.1. ------- "Participant" - shall have the meaning ascribed to such term in Section 12.13. -------- "Plans and Specifications" - shall have the meaning ascribed to such term in -------------------------- Recital B. -- "Property" - shall have the meaning ascribed to such term in Recital A. -------- "Secured Obligations" - shall have the meaning ascribed to such term in the Deed ------------------- of Trust. "Set Aside Letter" - shall have the meaning ascribed to such term in Section ------------------ 8.1. -- "Subdivision Map" - shall have the meaning ascribed to such term in Section 9.7. --------------- "Surety" - shall have the meaning ascribed to such term in Section 8.1. ------ "Title Company" means Republic Title of Texas, Inc., as agent for Commonwealth -------------- Land Title Insurance Company. "Title Policy" - means the standar...