Loan Conversion Sample Clauses

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:

Loan Conversion. The parties hereto agree that, subject to and conditioned upon the Closing, the aggregate outstanding principal balance due to Sponsor from M3 (the “Principal”) as of the Closing under that certain Promissory Note, dated as of June 16, 2025, by and between M3 and Sponsor (the “Sponsor Note”) shall be repaid as follows: (a) at the election of Sponsor, up to $1,500,000 of the Principal (the “Cap”) shall be paid to Sponsor in private placements warrants of Pubco at a purchase price of $1.00 per warrant (each such warrant exercisable to purchase one class A common share of Pubco at $11.50 per share) with respect to the amount so elected by the Sponsor pursuant to this clause (a) (the “Election Amount”) and (b) if (i) the Principal exceeds the Cap or (ii) the Election Amount is less than the Principal, then amount that either is not eligible or is not elected to be repaid in warrants, as the case may be, shall be repaid in cash promptly following the Closing.

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. (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: (i) the principal amount of the Revolving Credit Loans then outstanding that are proposed to be converted to Term Loans (the "Converted Revolving Loan Amount"); and (ii) the proposed date of such Loan Conversion (the "Loan Conversion Date"), which shall be no earlier than seven Business Days after the date such Notice of Loan Conversion is delivered by the Majority Initial Arrangers to the Administrative Agent and the Borrower. (b) Upon receipt of a Notice of Loan Conversion, the Administrative Agent shall promptly deliver such Notice of Loan Conversion to each Revolving Credit Lender. On a Loan Conversion Date, (i) the outstanding Revolving Credit Loans of the Revolving Credit Lenders in an aggregate amount equal to the Converted Revolving Loan Amount specified in the related Notice of Loan Conversion shall automatically be converted to Term Loans pro rata according to the respective outstanding principal amounts of the Revolving Credit Loans then held by the Revolving Credit Lenders, (ii) any Revolving Credit Loans so converted shall, as of such Loan Conversion Date, be deemed to be Term Loans and no longer Revolving Credit Loans (provided, such Loans shall maintain the Type and, if Eurodollar Loans, the Interest Period applicable to such Loans), (iii) the Revolving Credit Lenders shall, as of such Loan Conversion Date, be deemed to be Term Loan Lenders with respect to such converted Loans, (iv) the Total Revolving Credit Commitment shall be permanently reduced by an amount equal to the Converted Revolving Loan Amount (with each Revolving Credit Lender's Revolving Credit Commitment permanently reduced by an amount equal to its Revolving Credit Loans so converted to Term Loans), (v) the Administrative Agent shall make appropriate notations in the Register pursuant to Section 2.8(d) in order to reflect the Loan Conversion on such Loan Conversion Date and (vi) upon request of any Lender, any...

Loan Conversion. The Loan Conversion or the Note Payment shall have been consummated.

Loan Conversion. At the time of purchase or placement of a loan with [•] 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:

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. 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").

Loan Conversion. The Construction Loan may be converted into the ---------------- Mini-Perm Loan upon written request of Borrower given to Lender not less than thirty (30) days before the anticipated date for the Loan Conversion, and upon satisfaction of the following: (a) Completion of all construction work contemplated by the Plans and Specifications and the Budget to the satisfaction of Lender, together with Borrower's provision to Lender of a certificate of substantial completion in a form acceptable to Lender and certified by Borrower and Borrower's architect; (b) Evidence satisfactory to Lender, reflecting the full payment of, and executed lien waivers from, all contractors, subcontractors and others with respect to the construction of the Improvements.