Common use of Term Loan Conversion Date Clause in Contracts

Term Loan Conversion Date. The Term Loan Conversion Date is subject to the satisfaction of the following conditions: (a) The representations and warranties of each Credit Party set forth in each Loan Document to which it is a party (other than those set forth in Section 3.05(b) and Section 3.06(a)(ii)) shall be true and correct in all material respects (except to the extent such representation or warranty is already qualified by materiality or Material Adverse Effect, in which case, in all respects) on and as of the Term Loan Conversion Date, except to the extent any such representation and warranty expressly relates to an earlier date in which case such representation and warranty shall be true and correct in all material respects as of such earlier date (except to the extent such representation or warranty is already qualified by materiality or Material Adverse Effect, in which case, in all respects). (b) At the time of the conversion of the Revolving Loans (or applicable portion thereof) into Term Loans on the Term Loan Conversion Date and immediately after giving effect to such conversion, no Default or Event of Default shall have occurred and be continuing. (c) The Administrative Agent shall have received for the ratable account of the Lenders a fee equal to 0.50% of the aggregate principal amount of the Revolving Loans converted to Term Loans on the Term Loan Conversion Date.