Conversion to Term Loan. Up until and including the Commitment ----------------------- Termination Date, at the Borrower's option upon written notice (a "Notice to Convert") to the Administrative Agent (who shall promptly notify each of the Lenders), the Borrower may convert the then outstanding aggregate principal amount of the Advances hereunder to a term loan. The Notice to Convert shall expressly state the date on which such conversion shall occur (such date being the "Conversion Date") and shall be irrevocable once given and shall constitute a representation and warranty by the Borrower that the conditions contained in Section 5.2 have been satisfied as of the Conversion Date. Upon delivery of such ----------- Notice to Convert, (i) the Borrower's option to request extensions of the Syndicated Loan Termination Date under Section 2.2.1 above and to borrow and ------------- reborrow Syndicated Loans hereunder shall terminate, (ii) the Aggregate Commitment shall be reduced to zero, and (iii) the outstanding principal balance of all Syndicated Loans hereunder shall be due and payable on the Converted Loan Termination Date. All references in this Agreement to Syndicated Loans shall include such loans as converted hereunder.
Conversion to Term Loan. If the Borrower so elects by (i) delivery of a written notice to the Agent (a "Notice to Convert") at least three (3) but not more than ten (10) Business Days prior to the date of the then current Commitment Termination Date and (ii) the cancellation and return of all outstanding Facility LCs (or, alternatively, with respect to each such Facility LC, the furnishing to the Agent of a cash deposit for deposit into the Facility LC Collateral Account equal to 105% of the Collateral Shortfall Amount as of such date), and (iii) the payment in full of all accrued and unpaid fees, then on such date (the "Loan Conversion Date") the Commitments shall be terminated and the then aggregate outstanding principal amount of the Reimbursement Advances and all Reimbursement Obligations shall be converted to a term loan which shall, in the case of each Lender, be in the amount of such Lender's outstanding Reimbursement Advances and Reimbursement Obligations on such date, and which shall be due and payable in full, together with accrued interest, on the Facility Termination Date; provided, that no such conversion shall occur if a Default or Event of Default has occurred and is continuing either on the date of delivery of such Notice to Convert or on the Loan Conversion Date. The Agent shall promptly deliver a copy of such Notice to Convert to each Lender. Upon delivery of such Notice to Convert, the Borrower's option to borrow and reborrow Reimbursement Advances shall terminate, and such Notice to Convert shall include a representation and warranty by the Borrower that the conditions contained in Section 3.02 have been or will be satisfied as of the date of such Notice to Convert and as of the Loan Conversion Date. Amounts repaid or prepaid following any such conversion may not be reborrowed. If such term loan conversion has not previously been completed, then on the Commitment Termination Date, the Commitments shall be terminated and the Borrower shall pay in full any Aggregate Outstanding Credit Exposures and all other unpaid Obligations.
Conversion to Term Loan. On the Termination Date, the Revolving Facility shall be converted into the Term Loan.
Conversion to Term Loan. Upon expiration of the Commitment Term (“Conversion Date”), Borrower shall have the option of converting the Loan to a term loan in an amount not to exceed the then outstanding principal balance of the Loan, and, in connection therewith, extending the Maturity Date to March 13, 2023, upon the occurrence of each and all of the following conditions, each of which must occur or be satisfied (or waived by Lender in writing), as applicable, by no later than the Conversion Date:
Conversion to Term Loan. The undrawn portion of the Construction Facility will be automatically cancelled at 5:01 p.m. (Toronto time) on the Term Conversion Date. Effective at such time, the Construction Facility will cease to be a revolving type facility and the Outstanding Principal thereunder will become a non-revolving term loan in an equivalent principal amount.
Conversion to Term Loan. The Borrower shall have the option to convert the Principal Debt outstanding on the Termination Date (after giving effect to any repayments on the Termination Date) to a Term Loan maturing one year after the Term Conversion Date. From and after such conversion, the Term Loan may be prepaid but not reborrowed. Such Term Loan Conversion is subject to and on the terms and conditions set forth below:
Conversion to Term Loan. Subject to the provisions contained herein, Borrower has the option to convert this Line of Credit Note to a Term Note. Providing that Borrower is not then in default hereunder, Borrower may make a written election to convert the Line of Credit Note to a Term Note any time prior to July 1, 2000. The written election must be delivered to Payee at least thirty (30) days prior to the conversion date. After receipt of the election, Payee has sole discretion to determine what collateral will be required of Maker to provide security for the term loan. Payee will notify Maker whether or in what manner the term loan shall be securitized within fifteen (15) days after receiving the election. Upon conversion, there will be a conversion fee equal to one-quarter (1/4) of one percent (1%) of the then outstanding principal balance. The unpaid principal balance will then be repayable in eighty-four (84) equal monthly installments of principal with the first principal payment due thirty (30) days following the conversion date. Interest will continue to be paid monthly at the same time as the principal payment is due. Interest shall accrue on the Term Note at the NationsBank Prime Rate, as it may change from time to time or the LIBOR Rate discussed above (subject to the restriction on the number of LIBOR borrowings discussed above) or at a fixed rate to be determined by Payee at the time of receiving the written election. Maker shall specify the interest rate option (Prime Rate, LIBOR Rate or fixed) to be used in the conversion election.
Conversion to Term Loan. If the Borrowers so elect by delivery of a written notice (the “Term Loan Conversion Notice”) to the Global Administrative Agent at least ten (10) but not more than twenty (20) days prior to the date of the Termination Date, then on the Termination Date (the “Loan Conversion Date”), but subject to the satisfaction of the conditions precedent set forth in Section 4.2 hereof, the Commitments shall be terminated and the then outstanding principal amount of the Loans shall be converted to a term loan (the “Term Loan”) which shall, in the case of each Lender, be in the amount of such Lender’s outstanding Loans on such date, and which shall be due and payable in full, together with accrued interest, on the first anniversary of the Loan Conversion Date, with any prepayment thereof to be made subject to Section 2.3; provided, that no such conversion shall occur (i) if a Default or Unmatured Default has occurred and is continuing either on the date of delivery of such Term Loan Conversion Notice or on the Loan Conversion Date or (ii) unless and until the Borrowers have paid to the Global Administrative Agent, for the ratable account of each Lender, a fee in an amount equal to 1.50% of the aggregate principal amount of the Term Loan on the Loan Conversion Date. Amounts repaid or prepaid in respect of the Term Loan following any such conversion may not be reborrowed. If such term loan conversion has not previously been completed, then on the Termination Date, the Commitments shall be terminated and all of the Loans and other Obligations shall be due and payable.
Conversion to Term Loan. It is hereby agreed that the Borrower may, by giving written notice to the Bank at least thirty (30) days prior to July 7, 1998, convert the principal balance outstanding under the Line of Credit as of August 7, 1998 to be payable on a term loan basis. The term loan (the "Converted Term Loan") shall be in the amount of such outstanding principal balance and shall be evidenced by a promissory notice or credit agreement (the "Term Agreement") containing the following payment terms: At the Borrower's election made prior to the conversion, interest shall accrue on the outstanding balance under the converted term note at one of the following rates: (i) A variable rate equal to the Bank's Reference Rate, per annum, as it may change from time to time; or (ii) a fixed rate to be quoted and offered by the Bank which shall be approximately equal to 1.5% per annum in excess of the Cost of Funds rate, or, at the Borrower's option, 1.5% per annum in excess of the LIBOR Rate. If the variable rate is selected, the interest rate shall be adjusted concurrently with any change in the Reference Rate. The Borrower may elect the fixed rate option only for a Converted Term Loan in the minimum amount of $100,000.00. Repayment under the Converted Term Loan shall be made in 72 monthly installments of principal plus interest if a variable rate is elected or principal and interest if the fixed rate option is elected with the exact amount and dates for such payments to be determined upon the issuance of the Term Agreement. Accrued and unpaid interest under the Line of Credit shall be paid to the Bank concurrently with the Borrower's execution of the Term Agreement. Interest shall accrue and principal and interest shall be paid in accordance with the terms and provisions of the Term Agreement.
Conversion to Term Loan. Provided that (i) no Default or Event of Default shall have occurred and be continuing and (ii) all representations and certifications and agreements herein are then true and correct, Denver Water may elect to convert all or a portion of the Outstanding Amount of Advances and Revolving Term Loans effective as of the Maturity Date to one or more term loans (each a “Term Loan”) that shall be payable in full by the 3rd anniversary of the Maturity Date. Such election shall be exercised by Denver Water by delivery to the Lender of a Conversion Notice, appropriately completed and signed by a Responsible Officer of Denver Water, at least three (3) Business Days prior to the Maturity Date. Each Term Loan shall amortize in equal quarterly installments payable on each Interest Payment Date and shall mature on the Term Loan Maturity Date specified in the Conversion Notice, which date shall be the first day of January, April, July, and October. Interest on each Term Loan, at the rate determined in accordance with Section 2.07(d), shall be payable on each Interest Payment Date. Any conversion pursuant to this Section 2.04 shall also be subject to and conditioned upon the receipt by the Lender of an opinion from Bond Counsel that, based on certain conditions and assumptions stated therein, such conversion will not adversely affect the excludability from gross income of interest on the Loans for federal income tax purposes.
