Loan Conversion. At the time of purchase or placement of a loan with ACS for servicing, the loan shall be converted and a note examination may be conducted in accordance to predetermined criteria. The tasks involved in loan conversion generally include: Origination and Verification of Account Data Generation of Receipt of Loans Transferred Account Package Preparation Generation of Exceptions Report Renegotiation of Rejected Accounts Reconciliation and Balancing Keypunch Account Data Microfilm and Microfiche Copies Run Serialization Crosscheck Edit and Error Correction Appropriate Vault Space Generate Sale Transmittal Mail Conversion Notification to Borrower
Loan Conversion. The outstanding principal balance of and accrued and unpaid interest on, the Company's promissory note dated March 2, 2010 in the principal amount of 1,067,527.40 (the "Rayat Note"), shall have been converted as of the Closing Date into an aggregate of 40,000,000 shares of the Company's common stock, $0.00001 par value per share (the "Loan Conversion"). Section 5.11
Loan Conversion. The Loan Conversion or the Note Payment shall have been consummated. Section 6.11
Loan Conversion. (a) At such times and from time to time as the aggregate principal amount of all Revolving Credit Loans then outstanding exceeds $200,000,000, the Majority Initial Arrangers may in their sole and absolute discretion cause the conversion of then outstanding Revolving Credit Loans into Term Loans in accordance with this Section 2.4 (each such conversion of Revolving Credit Loans to Term Loans, a "Loan Conversion") by delivering to the Administrative Agent and the Borrower written notice thereof (a "Notice of Loan Conversion"). Each Notice of Loan Conversion shall specify:
Loan Conversion. The Loan Conversion of the Construction Loan into the Term Loan shall be effectuated upon (a) either (i) the written request (“Loan Conversion Request”) by Borrower to Administrative Agent and the Independent Consultant not less than 30 days prior to the requested Conversion Date, or (ii) upon election by the Administrative Agent with five Business Days notice to Borrower, and (b) achievement by Borrower to the reasonable satisfaction of Administrative Agent of each of the following: (i) fulfillment of the conditions in Section 3.5; (ii) the Title Policy shall have been endorsed to remove any exception for mechanics’ or materialmen’s Liens or pending disbursements, with no additional title change or exception objectionable to Administrative Agent, and Borrower shall have obtained such other endorsements as may be reasonably required by Administrative Agent; (iii) no Default or Event of Default shall occur or exist at any time on or between the Conversion Notice and the Conversion Date; (iv) no Material Adverse Effect shall have occurred; (v) Borrower shall have paid all reasonable expenses incurred by Administrative Agent in connection with Administrative Agent’s review and approval of the Loan Conversion; (vi) Administrative Agent shall have received certification by the Independent Consultant that Completion has occurred; (vii) the earlier of (A) verification by Administrative Agent that the Project will operate at least at its nameplate rating of 40 million gallons of ethanol per year and (B) 90 days after Completion has occurred; and (viii) Borrower shall have delivered to Administrative Agent and the Independent Consultant evidence of payment of, and executed releases and lien waivers from, all Contractors and any other Persons with respect to the Collateral. If Administrative Agent determines that the conditions to the Loan Conversion have been satisfied, Administrative Agent shall give Borrower written notice (“Conversion Notice”) that the Construction Loan will convert to the Term Loan, in which case the Loan Conversion shall be effective on the first day of the month following the date Administrative Agent gives a Conversion Notice; provided that a Conversion Notice shall not constitute or be deemed a waiver of any obligations, covenants, representations, or warranties of Borrower or any other party under any of the Loan Documents, nor an acknowledgment, confirmation or agreement (i) that all conditions for the Loan Conversion were fully satisfied...
Loan Conversion. 1.1. By execution of this Agreement, Lender serves notice to the Company, pursuant to Section 2.4 of the Loan Agreement, of the conversion (the “Conversion”), as of Closing, of $241,501 of Convertible Loan (the “Converted Loan”, comprised of $200,000 of principal amount and $41,501 of accrued interest), into the Company’s ordinary shares, nominal value NIS 20.00 each (each, a “Share” and collectively, the “Shares”).
Loan Conversion. 7.1 The Central Government will permit the conversion of loans to Utility into grant along with interest thereon for Part-A & Part-B Project through Nodal Agency after the approval of R-APDRP Steering Committee as per R- APDRP Guidelines.
Loan Conversion. The Lender has the right at its sole discretion, to convert the full or part of the Loan plus Interest, the Fee and other amounts owed under the Loan pursuant to the Conversion Terms into registered shares of the Borrower. The terms governing the conversion (the "Conversion Terms") are set out in Schedule 3: Conversion Terms.
Loan Conversion. On the terms and conditions set forth in this Agreement, Lender agrees to make available, from time to time, until the Maturity Date, advances (each, an “Advance”, and collectively, the “Revolving Loan”) to Borrower, so long as such advance shall not cause the aggregate principal balance of the Loan to at any time exceed Thirteen Million Five Hundred Thousand Dollars ($13,500,000). The amount of any Advance shall be not less than Two Hundred Fifty Thousand Dollars ($250,000) and shall be in integral multiples of Fifty Thousand Dollars ($50,000). When all conditions precedent set forth in Section 2 have been satisfied, the Revolving Loan shall be used to refinance all obligations of Borrower to Lender under the Term Loan other than those encompassed by the Three Year Fixed Rate Tranche. On December 1, 2005, the then outstanding balance of the Three Year Fixed Rate Tranche shall be added to the outstanding balance of the Revolving Loan.
Loan Conversion. 1.1. By execution of this Agreement, Lender serves notice to the Company, pursuant to Section 2.4 of the February Loan Agreement and Section 2.4 of the July Loan Agreement, of the conversion (the "Conversion") at the Closing (as defined below), and subject to the consummation thereof, of $500,904 (Five Hundred Thousand Nine Hundred and Four US Dollars) of the Convertible Loans (the "Converted Loans", comprised of $418,142 of principal amount and $82,762 of accrued interest), into the Company's ordinary shares, nominal value NIS20.00 each (each, a “Share” and collectively, the “Shares”).
