Conversion to Term Loans. The Parent Borrower shall have the right, on one occasion during the Availability Period, to convert all, or a portion of, the outstanding Revolving Loans of the Parent Borrower and/or ACUS to term loans (the “Term Loans”) in Dollars; provided that any Revolving Loans denominated in Euro or Sterling shall be (if the Parent Borrower requests to convert them into Term Loans) converted to an amount in Dollars at the Spot Rate determined on the Business Day prior to the Term Loan Conversion Date. For the avoidance of doubt, the Term Loans shall have no scheduled amortization and all other terms, including pricing and maturity, shall be identical to the Revolving Loans (except for the ability to reborrow Loans once repaid).
Conversion to Term Loans. (a) At the option of the Parent Borrower and subject to the terms and provisions of this Section 2.18, upon written notice delivered to the Administrative Agent no earlier than 60 days and no later than 30 days prior to the Scheduled Maturity Date, the aggregate principal amount of all, but not less than all, of the Revolving Loans remaining outstanding at 5:00 p.m., New York City time, on the Scheduled Maturity Date shall automatically convert to Term Loans with a maturity of one year from the Scheduled Maturity Date (the “Term Out Period”) and shall be considered a “Borrowing” for all purposes under this Agreement. Any portion of each Lender’s Revolving Credit Commitment not utilized on or before the Scheduled Maturity Date shall be permanently cancelled. Any Term Loans that are prepaid may not be reborrowed, and each Borrower shall pay all unpaid principal and all accrued and unpaid interest on such Borrower’s Term Loans on or prior to the Final Maturity Date. The Term Loans shall be Base Rate Loans or Eurodollar Rate Loans, at each Borrower’s election, and each Borrower shall have the right to continue or convert the Type of Term Loan Borrowing and, as applicable, elect different Interest Periods applicable thereto in the same manner as the Revolving Loan Borrowings.
Conversion to Term Loans. The Borrower shall have the right, exercisable one time no later than 30 days after the Agreement Date by providing written notice to the Administrative Agent, to convert, subject to Section 3.2.(c), not more than $250,000,000 of the principal amount of the then outstanding Revolving Loans of the Types and Interest Periods identified in such notice into term loans (the “Term Loans”). The Administrative Agent shall notify the Lenders promptly upon receipt of such notice. The effectiveness of such conversion shall be subject to the following conditions precedent: (a) no Default or Event of Default shall be in existence on the effective date of such conversion, and (b) the representations and warranties made or deemed made by the Borrower or any other Loan Party in any Loan Document to which such Loan Party is a party shall be true and correct in all material respects (except in the case of a representation or warranty qualified by materiality, in which case such representation or warranty shall be true and correct in all respects) on the effective date of such conversion except to the extent that such representations and warranties expressly relate solely to an earlier date (in which case such representations and warranties shall have been true and correct in all material respects (except in the case of a representation or warranty qualified by materiality, in which case such representation or warranty shall be true and correct in all respects) on and as of such earlier date) and except for changes in factual circumstances specifically and expressly permitted hereunder. Prior to the effectiveness of such conversion, the Borrower shall deliver to the Administrative Agent a certificate from the chief financial officer or chief accounting officer certifying the matters referred to in the immediately preceding clauses (a) and (b). Upon the effectiveness of the conversion of the outstanding principal balance of Revolving Loans into Term Loans as contemplated by this Section, the aggregate amount of the Commitments shall be reduced in an amount equal to the aggregate principal amount of the Revolving Loans converted into Term Loans, and the Term Loans shall continue to be of the same Types and, if applicable, Interest Periods as the Revolving Loans converted into such Term Loans until such Term Loans are Continued or Converted pursuant to Sections 2.8. and 2.9., respectively. The Borrower may not reborrow any portion of the Term Loans once repaid.
Conversion to Term Loans. At the option of the Borrower and subject to the satisfaction of the conditions precedent for a Borrowing set forth in Section 4.02, upon written notice delivered to the Administrative Agent no earlier than 60 days and no later than one Business Day prior to the Revolving Credit Termination Date, the aggregate principal amount of all, but not less than all, of the Revolving Loans remaining outstanding at the close of the Administrative Agent's business on the Revolving Credit Termination Date shall automatically convert to Term Loans with a maturity of one year. Any portion of each Lender's Commitment not utilized on or before the Revolving Credit Termination Date shall be permanently cancelled. Any Term Loans that are prepaid may not be reborrowed.
Conversion to Term Loans. At the option of the Borrower and subject to the satisfaction of the conditions precedent for a Conversion set forth in Section 4.03, upon written notice delivered to the Administrative Agent no earlier than 60 days and no later than 30 days prior to the proposed Conversion Date, the aggregate principal amount of any Construction Loans remaining outstanding immediately prior to the close of the Administrative Agent's business on the Conversion Date shall automatically convert to Term Loans maturing on the Final Maturity Date. Any Term Loans that are prepaid may not be reborrowed.
Conversion to Term Loans. If, on any anniversary of the Closing ------------------------ Date, the sum of (a) the then outstanding Revolving Credit Loans and Swing Line Loans and (b) the then outstanding Revolving Synthetic Lease Obligations exceeds $75,000,000 (the "Excess Amount"), then the following actions shall be taken (if ------------- applicable) in the following order:
Conversion to Term Loans. On the Interim Loan Conversion Date, so long as (i) no order, decree, injunction or judgment enjoining the conversion of Interim Loans to Term Loans is in effect and (ii) no Event of Default under Section 7.01(b), (c), (g) or (h) shall have occurred and then be continuing and (iii) the Administrative Agent receives an officer’s certificate from the Borrower certifying to the foregoing, all outstanding Interim Loans shall be converted into term loans (each, a “Term Loan”) having an aggregate principal amount equal to the principal amount of such Interim Loans not repaid in cash on or prior to such date. Upon the conversion of the Interim Loans into Term Loans, each Lender shall cancel on its records a principal amount of the Interim Loans held by such Lender corresponding to the principal amount of Term Loans issued by such Lender, which corresponding principal amount of the Interim Loans shall be satisfied by the conversion of such Interim Loans into Term Loans in accordance with this Section 2.22(a). If an Event of Default described in Section 7.01(b), (c), (g) or (h) shall have occurred and be continuing on the Interim Loan Conversion Date, the Interim Loans shall not be so converted and the Interim Loans shall be due and payable on the Interim Loan Conversion Date.
Conversion to Term Loans. If, on the Maturity Date: (i) all principal and interest in respect of the Bridge Loans has not been paid in full, (ii) no Conversion Default exists and is continuing, (iii) no order, decree, injunction or judgment enjoining the conversion of Bridge Loans to Term Loans shall be in effect and (iv) the Administrative Agent receives an Officers' Certificate from the Borrower certifying to the foregoing and requesting a conversion of the Bridge Loans to Term Loans, each of the Lenders hereby commits that, on the Maturity Date, such Lender will convert its Bridge Loan (including, without limitation, any Bridge Loans resulting from the capitalization of interest pursuant to Section 2.4(e) below), to a Term Loan maturing on the ninth anniversary of the original Maturity Date (and the Maturity Date shall be deemed to have been automatically extended to such ninth anniversary date).
Conversion to Term Loans. Section 2.10 of the Credit Agreement shall be amended by inserting the words "(other than in the last sentence of Section 7.02(a) hereof)" immediately after the word "hereof" in clause (ii) of the first proviso thereof.
Conversion to Term Loans. With respect to each Letter of Credit, the Lenders agree that, subject to and upon satisfaction of the terms and conditions contained in this Section and so long as the Term Loan Commitments have not theretofore been terminated, the aggregate amount of the related Subsidiary Borrower's unpaid reimbursement obligations under Section 2.02 on the date specified by the Company pursuant to Section 2.03(b)(1) in respect of amounts drawn against the Principal Component of the Letter of Credit Amount of such Letter of Credit shall be converted to a Term Loan on such date. The original principal amount of each Term Loan shall not exceed the lesser of (1) the related Term Loan Commitment Amount, (2) the aggregate Outstanding balance of the related Bonds immediately prior to the payment of the final drawing under the related Letter of Credit, less (i) the aggregate amount of all moneys held by the respective Trustee in the funds established under the related Indenture available to reimburse the Lenders, (ii) the principal of the related Bonds (other than Pledged Bonds) which will remain outstanding after the final drawing under the related Letter of Credit, and (iii) the principal amount of the related Bonds for which refunding bonds have been or will be issued, and (3) 75% of the then current appraised value of the real property of the Subsidiary Borrower to which such Term Loan is being made which is subject to a first lien priority Mortgage that will secure such Term Loan, plus 75% of the appraisal value of any additional real property collateral provided by the Obligors and satisfactory to the Lenders in which the Lenders already have or are given a first lien priority mortgage so as to result in a Term Loan to collateral value ratio of not greater than 75% (provided that in 5 calculating such ratio there shall be deducted from the appraised value of any such additional collateral the amount thereof allocated to provide collateral coverage at the same ratio for any and all other obligations owing to the Lenders secured by such collateral). With respect to each Subsidiary Borrower, the related Term Loan Commitment and the Lenders' obligation to permit conversion to a Term Loan under this Section shall terminate as of the close of business of the Agent at its Lending Office on the first to occur of (A) the date the related Letter of Credit terminates, (B) the first date on which there are no longer any related Bonds Outstanding other than Bonds secured by a Substit...
