Term Loan Conversion Option Clause Samples

POPULAR SAMPLE Copied 1 times
Term Loan Conversion Option. (a) In the event the Borrower desires to have all of its Revolving Loans consolidated into Term Loans, the Borrower shall deliver written notice thereof (the "Notice of Term Loan Conversion") to the Administrative Agent at ------------------------------ least 10 days prior to the Term Loan Conversion Date. Once delivered, the Notice of Term Loan Conversion shall be irrevocable. (b) The Notice of Term Loan Conversion shall specify: (i) the Term Loan Conversion Date, which shall be a date (A) no sooner than 5 days after the date on which the Notice of Term Loan Conversion is delivered to the Administrative Agent, (B) no later than the Revolving Termination Date and (C) that is a Business Day; (ii) the principal amount of Revolving Loans that are to be consolidated into Term Loans on the Term Loan Conversion Date, which amount shall be the aggregate principal amount of all Revolving Loans that will be outstanding on the Term Loan Conversion Date after giving effect to all payments or prepayments to be made prior to such date; (iii) whether the Term Loans are to be ABR Loans or Eurodollar Loans on the Term Loan Conversion Date; and (iv) if the Terms Loans are to be Eurodollar Loans on the Term Loan Conversion Date, the duration of the Interest Period applicable thereto, provided that if the Notice of Term Loan Conversion fails to specify the duration of the Interest Period for any Borrowing comprised of Eurodollar Loans, such Interest Period shall be three months. (c) The Administrative Agent will promptly notify each Lender of its receipt of the Notice of Term Loan Conversion from the Borrower and of the contents of such notice. (d) If the Borrower requests that Term Loans be made available on the Term Loan Conversion Date, each Lender shall, on the Term Loan Conversion Date, be deemed to have made available to the Borrower its Applicable Percentage of the Term Loans requested and the Borrower shall be deemed to have applied the full amount of such proceeds to the repayment of the Revolving Loans previously made by such Lender to such Borrower. (e) Unless all the Lenders otherwise consent, (i) the Borrower may not deliver any Notice of Term Loan Conversion so long as any Default or Event of Default has occurred and is continuing and (ii) no consolidation of Revolving Loans into Term Loans pursuant to any validly given Notice of Term Loan Conversion shall be permitted if on the Term Loan Conversion Date specified a Default or an Event of Default shall have occ...
View SourceView Similar (4)
Term Loan Conversion Option. At least one Business Day but not more than 45 Business Days prior to any Commitment Termination Date, and subject to the delivery on or prior to such Commitment Termination Date of an opinion of counsel to the Borrower substantially in the form of Exhibit C-3 attached hereto, together with any required governmental approvals referred to therein and attached thereto, to the Administrative Agent and each of the Lenders, by submission of a written notice (substantially in the form of Exhibit F, the "Term Loan Conversion Notice") to the Administrative Agent, the Borrower may request that the Lenders convert all Advances outstanding hereunder on such Commitment Termination Date into term loans. Upon satisfaction of such conditions and delivery of such Term Loan Conversion Notice), all Advances outstanding on the then current Commitment Termination Date shall convert into term loans on such Commitment Termination Date, and all such converted Advances shall become due and payable on the first anniversary of such Commitment Termination Date. Notwithstanding the foregoing, any Term Loan Conversion Notice may be delivered by the Borrower in conjunction with (and simultaneously with) any request for extension of the Commitment Termination Date pursuant to Section 2.15, above. If such extension of the Commitment Termination Date shall occur as provided in Section 2.15, such Term Loan Conversion Notice shall be deemed withdrawn and shall be of no further effect.
View SourceView Similar (4)
Term Loan Conversion Option. At least one Business Day but not more than 45 Business Days prior to the last day of the Revolving Period, and subject to the conditions set forth in Section 3.02 and delivery on or prior to such date of opinions of counsel to the Company substantially in the forms of Exhibit C-3 and Exhibit C-4 attached hereto, together with the FPSC Order referred to therein and attached thereto, to the Administrative Agent and each of the Lenders, by submission of a written notice (substantially in the form of Exhibit F) to the Administrative Agent, the Company may request that the Lenders convert all Advances made hereunder into term loans. Upon satisfaction of such conditions and delivery of such notice (the "Term Loan Conversion Notice"), the Advances shall convert into term loans on the last day of the Revolving Period and all such Advances shall become due and payable on the first anniversary of the last day of the Revolving Period. Notwithstanding the foregoing, any Term Loan Conversion Notice may be delivered by the Company in conjunction with (and simultaneously with) any request for extension of the Revolving Period pursuant to Section 2.16, above. If such extension of the Revolving Period shall occur as provided in Section 2.16, such Term Loan Conversion Notice shall be deemed withdrawn and shall be of no further effect.
View SourceView Similar (2)
Term Loan Conversion Option. At least five (5) Business Days prior to the Maturity Date, the Borrower may, by written notice to the Administrative Agent, request that (a) the Outstanding Amount of Committed Loans on the Maturity Date be converted into a term loan and (b) the maturity date for such term loan be a date specified by the Borrower, which shall be a Business Day occurring no later than the first anniversary of the Maturity Date (the “Term-Out Maturity Date”). Such request shall be irrevocable and binding upon the Borrower, and the Administrative Agent shall promptly notify each Lender of such request. Subject to (a) no Default or Event of Default existing and continuing as of the Maturity Date and (b) payment by the Borrower to the Administrative Agent, on or before the Maturity Date, of an extension fee in an amount equal to 0.50% of the Outstanding Amount of Committed Loans as of the Maturity Date (to be shared pro rata among the Lenders based on their Applicable Percentage), the Oustanding Amount of Committed Loans on the Maturity Date shall be converted to a term loan that is due and payable on the Term-Out Maturity Date. For avoidance of doubt, after the conversion pursuant to this Section 2.14, (i) each Lender’s commitment to make Loans hereunder is terminated, (ii) interest shall continue to accrue on the outstanding Loans in accordance with the terms hereof, (iii) all references in this Agreement to the Maturity Date shall be deemed to refer to the Term-Out Maturity Date, and (iv) no amortization of the term loan is required.
View Source
Term Loan Conversion Option 
View SourceView Similar (2)

Related to Term Loan Conversion Option

  • Conversion Option When an employee terminates, Dependent Life Insurance on a spouse may be converted to an individual policy which may be obtained without evidence of insurability and providing coverage for the same amount for which the spouse was insured as a dependent prior to termination. The premium of such policy shall be at the current rates of the insuring company. Application for the converted policy must be made within thirty-one (31) days of the date of termination of insurance.

  • Optional Conversion of Revolving Credit Advances The Borrower may on any Business Day, upon notice given to the Agent not later than 11:00 A.M. (New York City time) on the third Business Day prior to the date of the proposed Conversion and subject to the provisions of Sections 2.07 and 2.11(a), Convert all Revolving Credit Advances of one Type comprising the same Borrowing into Revolving Credit Advances of the other Type (it being understood that such Conversion of a Revolving Credit Advance or of its Interest Period does not constitute a repayment or prepayment of such Revolving Credit Advance); provided, however, that any Conversion of Eurodollar Rate Advances into Base Rate Advances shall be made only on the last day of an Interest Period for such Eurodollar Rate Advances, any Conversion of Base Rate Advances into Eurodollar Rate Advances shall be in an amount not less than the minimum amount specified in Section 2.02(b) and no Conversion of any Revolving Credit Advances shall result in more separate Borrowings than permitted under Section 2.02(b). Each such notice of a Conversion shall be substantially in the form of Exhibit H hereto, and shall, within the restrictions specified above, specify (i) the date of such Conversion, (ii) the Revolving Credit Advances to be Converted, and (iii) if such Conversion is into Eurodollar Rate Advances, the duration of the initial Interest Period for each such Eurodollar Rate Advance. Each notice of Conversion shall be irrevocable and binding on the Borrower.

  • Conversion/Continuation Option (a) The Borrower may elect (i) on any Business Day to convert Base Rate Loans (other than Swing Loans) or any portion thereof to Eurodollar Rate Loans, or (ii) at the end of any applicable Interest Period, to convert Eurodollar Rate Loans or any portion thereof into Base Rate Loans or to continue such Eurodollar Rate Loans or any portion thereof for an additional Interest Period; provided, however, that the aggregate amount of the Eurodollar Loans for each Interest Period must be in the amount of $10,000,000 or an integral multiple of $1,000,000 in excess thereof. Each conversion or continuation shall be allocated among the Loans of each Lender in accordance with such Lender’s Ratable Portion. (b) Each such election shall be in substantially the form of Exhibit F hereto (a “Notice of Conversion or Continuation”) and shall be made by giving the Administrative Agent at least three (3) Business Days’ prior written notice specifying (i) the amount and type of Loan being converted or continued, (ii) in the case of a conversion to or a continuation of Eurodollar Rate Loans, the applicable Interest Period, and (iii) in the case of a conversion, the date of conversion (which date shall be a Business Day and, if a conversion from Eurodollar Rate Loans, shall also be the last day of the applicable Interest Period). The Administrative Agent shall promptly notify each Lender of its receipt of a Notice of Conversion or Continuation and of the options selected therein. (c) Notwithstanding the foregoing, no conversion in whole or in part of Base Rate Loans to Eurodollar Rate Loans, and no continuation in whole or in part of Eurodollar Rate Loans upon the expiration of any applicable Interest Period, shall be permitted at any time at which (A) a Default or an Event of Default shall have occurred and be continuing or (B) the continuation of, or conversion into, would violate any of the provisions of Section 2.14. (d) If, within the time period required under the terms of this Section 2.11, the Administrative Agent does not receive a Notice of Conversion or Continuation from the Borrower containing a permitted election to continue any Loan that is a Eurodollar Rate Loan for an additional Interest Period or to convert any such Loan, then, upon the expiration of the applicable Interest Period, such Loan will be automatically converted to a Base Rate Loan. (e) Each Notice of Conversion or Continuation shall be irrevocable.

  • Conversion Options (a) The Borrower may elect from time to time to convert Alternate Base Rate Loans to LIBOR Rate Loans or to continue LIBOR Rate Loans, by delivering a Notice of Conversion/Extension to the Administrative Agent at least three (3) Business Days prior to the proposed date of conversion or continuation. In addition, the Borrower may elect from time to time to convert all or any portion of a LIBOR Rate Loan to an Alternate Base Rate Loan by giving the Administrative Agent irrevocable written notice thereof by 11:00 A.M. one (1) Business Day prior to the proposed date of conversion. If the date upon which an Alternate Base Rate Loan is to be converted to a LIBOR Rate Loan is not a Business Day, then such conversion shall be made on the next succeeding Business Day and during the period from such last day of an Interest Period to such succeeding Business Day such Loan shall bear interest as if it were an Alternate Base Rate Loan. LIBOR Rate Loans may only be converted to Alternate Base Rate Loans on the last day of the applicable Interest Period. If the date upon which a LIBOR Rate Loan is to be converted to an Alternate Base Rate Loan is not a Business Day, then such conversion shall be made on the next succeeding Business Day and during the period from such last day of an Interest Period to such succeeding Business Day such Loan shall bear interest as if it were an Alternate Base Rate Loan. All or any part of outstanding Alternate Base Rate Loans may be converted as provided herein; provided that (i) no Loan may be converted into a LIBOR Rate Loan when any Default or Event of Default has occurred and is continuing and (ii) partial conversions shall be in an aggregate principal amount of $1,000,000 or a whole multiple of $1,000,000 in excess thereof. All or any part of outstanding LIBOR Rate Loans may be converted as provided herein; provided that partial conversions shall be in an aggregate principal amount of $1,000,000 or a whole multiple of $1,000,000 in excess thereof. (b) Any LIBOR Rate Loans may be continued as such upon the expiration of an Interest Period with respect thereto by compliance by the Borrower with the notice provisions contained in Section 2.9(a); provided, that no LIBOR Rate Loan may be continued as such when any Default or Event of Default has occurred and is continuing, in which case such Loan shall be automatically converted to an Alternate Base Rate Loan at the end of the applicable Interest Period with respect thereto. If the Borrower shall fail to give timely notice of an election to continue a LIBOR Rate Loan, or the continuation of LIBOR Rate Loans is not permitted hereunder, such LIBOR Rate Loans shall be automatically converted to Alternate Base Rate Loans at the end of the applicable Interest Period with respect thereto.

  • Conversion Shares Issuable Upon Conversion of Principal Amount The number of Conversion Shares issuable upon a conversion hereunder shall be determined by the quotient obtained by dividing (x) the outstanding principal amount of this Debenture to be converted by (y) the Conversion Price.