Term Loan Conversion Option definition

Term Loan Conversion Option means the option under Section 2.3 for TBC to convert, as of the Termination Date, all or a part of the Committed Advances then outstanding into Term Loans.
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Term Loan Conversion Option means the option of the Borrower to convert outstanding Advances into a term loan with a maturity of one year in accordance with Section 2.16.
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Term Loan Conversion Option means the right of the Borrower to convert the outstanding loans under the 364-Day Credit Agreement to a term loan in accordance with the terms of such Agreement.
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Examples of Term Loan Conversion Option in a sentence

  • If this Term Loan Conversion Option is exercised, then, on the Termination Date, immediately prior to the time when the unpaid principal amount of the Committed Advances would otherwise be due, the Committed Advances shall automatically convert into Term Loans which the respective Borrowers shall repay to the Agent for the ratable accounts of the Lenders on the Maturity Date.

  • If this Term Loan Conversion Option is exercised, then, on the Termination Date, immediately prior to the time when the unpaid principal amount of the Advances would otherwise be due, the Advances shall automatically convert into Term Loans which the respective Borrowers shall repay to the Agent for the ratable accounts of the Lenders on the Maturity Date.

  • REPAYMENT: The Borrowers will repay (i) each Advance (other than a Competitive Bid Advance) no later than on the Commitment Termination Date, subject to the Term Loan Conversion Option and (ii) each Competitive Bid Advance at the maturity date specified in the applicable Borrower's notice requesting such Competitive Bid Advance.

  • REPAYMENT: The Borrowers will repay (i) each Advance (other than a Competitive Bid Advance) no later than on the Commitment Termination Date , subject to the Term Loan Conversion Option and (ii) each Competitive Bid Advance at the maturity date specified in the applicable Borrower's notice requesting such Competitive Bid Advance.

  • In addition, on each day on and after the effective date of the Term Loan Conversion Option on which the aggregate Commitments shall exceed the aggregate principal amount of the Advances then outstanding, the Commitments shall automatically and permanently reduce by an amount equal to such excess.

  • The Borrower shall repay (i) 50% of the principal amount of each A Advance outstanding on the Commitment Termination Date if the Borrower shall have exercised the Term Loan Conversion Option and (ii) 100% of the principal amount of each A Advance made by each Lender on the Termination Date, subject to Section 2.17 hereof.

  • Such fee shall be payable for the periods from the date hereof in the case of each Bank named in Schedule I attached hereto, and from the effective date on which any other Bank becomes party hereto, until the Termination Date at the rate of .04% per annum; provided, however, that if the Term Loan Conversion Option has been exercised, no Facility Fees shall accrue or be payable during the period following the effective date of that Conversion.

  • Facility Fees shall be payable in arrears on each January 1, April 1, July 1 and October 1 during the term of this Agreement and on either the Termination Date (in the event the Term Loan Conversion Option has not been exercised) or the date that the Conversion takes effect (in the event the Term Loan Conversion Option has been exercised).

  • The Borrower may (unless it has exercised the Term Loan Conversion Option), by notice to the Administrative Agent (who shall promptly notify the Lenders) not earlier than 60 days and not later than 35 days prior to the Scheduled Termination Date, request that each Lender extend such Lender’s Scheduled Termination Date then in effect for an additional 364 calendar days following the Scheduled Termination Date.


More Definitions of Term Loan Conversion Option

Term Loan Conversion Option shall have the meaning set forth in Section 4.03(d).
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Term Loan Conversion Option means the option under Section 4.1(b) for the Borrower to convert, as of the Revolving Termination Date, all or a part of the Loans then outstanding into Term Loans.
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Term Loan Conversion Option means the option of the Borrower to convert the A Advances into term loans in accordance with Section 2.17.
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Related to Term Loan Conversion Option

  • Term Loan Conversion Date means the Termination Date on which all Revolving Credit Advances outstanding on such date are converted into a term loan pursuant to Section 2.06.

  • Conversion Option means the Company’s option to convert some or all of the Series D Preferred Stock into that number of shares of Common Stock that are issuable at the then-applicable conversion rate as described in Section 8(c) of these Articles Supplementary.

  • Optional Conversion means the conversion of any Convertible Preferred Stock other than a Mandatory Conversion.

  • Continuation/Conversion Notice means a notice of continuation or conversion and certificate duly executed by an Authorized Officer of the Borrower, substantially in the form of Exhibit C hereto.

  • Notice of Extension/Conversion means the written notice of extension or conversion in substantially the form of Exhibit 3.2, as required by Section 3.2.

  • Mandatory Conversion Notice has the meaning set forth in Section 4.7.C hereof.

  • Optional Conversion Date means, with respect to the Optional Conversion of any Convertible Preferred Stock, the first Business Day on which the requirements set forth in Section 10(d)(ii) for such conversion are satisfied.

  • Term Loan Commitment Amount means, (a) as to any Lender that is a Lender on the Closing Date, the dollar amount set forth opposite such Lender’s name on the Commitment Annex under the column “Term Loan Commitment Amount”, as such amount may be adjusted from time to time by any amounts assigned (with respect to such Lender’s portion of Term Loans outstanding and its commitment to make advances in respect of the Term Loan) pursuant to the terms of any and all effective assignment agreements to which such Lender is a party, and (b) as to any Lender that becomes a Lender after the Closing Date, the amount of the “Term Loan Commitment Amount(s)” of other Lender(s) assigned to such new Lender pursuant to the terms of the effective assignment agreement(s) pursuant to which such new Lender shall become a Lender, as such amount may be adjusted from time to time by any amounts assigned (with respect to such Lender’s portion of Term Loans outstanding and its commitment to make advances in respect of the Term Loan) pursuant to the terms of any and all effective assignment agreements to which such Lender is a party.

  • Notice of Conversion/Extension means the written notice of conversion of a LIBOR Rate Loan to an Alternate Base Rate Loan or an Alternate Base Rate Loan to a LIBOR Rate Loan, or extension of a LIBOR Rate Loan, in each case substantially in the form of Exhibit 1.1(f).

  • Term Loan Advance and “Term Loan Advances” are each defined in Section 2.1.1(a).

  • Incremental Term Loan Note means a promissory note made by the Company in favor of an Incremental Term Lender, evidencing Incremental Term Loans made by such Incremental Term Lender, substantially in the form of Exhibit B-4.

  • Forced Conversion Notice has the meaning set forth in Section 4.05(c) hereof.

  • Major conversion means a conversion of an existing ship:

  • Forced Conversion Notice Date shall have the meaning set forth in Section 6(d).

  • Interest Conversion Shares shall have the meaning set forth in Section 2(a).

  • Term Loan Increase has the meaning set forth in Section 2.14(a).

  • Term Loan Amount means with respect to any Term Loan Lender, the amount equal to its Term Loan Percentage of the aggregate principal amount outstanding under the Term Loan.

  • Conversion/Continuation Notice is defined in Section 2.9.

  • Term Loan Commitment is, for any Lender, the obligation of such Lender to make a Term Loan, up to the principal amount shown on Schedule 1.1. “Term Loan Commitments” means the aggregate amount of such commitments of all Lenders.

  • Term A Loan Commitment means, for each Lender, the commitment of such Lender to make its portion of the Term A Loan, in the principal amount with respect to each such Lender equal to the amount set forth opposite the name of such Lender under "Term A Loan Commitment" on Schedule 1.01(A).

  • Term Loan B has the meaning set forth in Section 2.2(b).

  • Continuation/Conversion Date means the date on which a Loan is converted into or continued as a LIBOR Rate Loan.

  • Incremental Term Loan Commitment means the commitment of any Lender, established pursuant to the Credit Agreement, to make available certain term loans to one or more Borrowers.

  • Conversion Right has the meaning set forth in Section 4.05(a) hereof.

  • Term Loan A has the meaning set forth in Section 2.2(a).