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:
Appears in 2 contracts
Samples: Business Loan Agreement (Redwood Mortgage Investors IX), Business Loan Agreement (Redwood Mortgage Investors Viii)
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 LoanLoan as of the Conversion Date, and, in connection therewith, extending obtaining an extension of the Maturity Date to March 13the two (2) year anniversary of the Conversion Date, 2023provided, upon however, that such conversion of the Loan to a term loan and such extension of the Maturity Date shall be subject to the occurrence of each and all of the following conditions, each of which must occur or be satisfied satisfaction (or waived waiver by Lender in writing), as applicable, of each and all of the following conditions by no later than the Conversion Date:
Appears in 2 contracts
Samples: Loan and Security Agreement (Terra Property Trust, Inc.), Loan and Security Agreement (Terra Secured Income Fund 5, LLC)
