Term Loan Conversion Option Clause Samples
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Term Loan Conversion Option. (a) In the event the Borrower desires to have all of its Revolving Loans consolidated into Term Loans, the Borrower shall deliver written notice thereof (the "Notice of Term Loan Conversion") to the Administrative Agent at ------------------------------ least 10 days prior to the Term Loan Conversion Date. Once delivered, the Notice of Term Loan Conversion shall be irrevocable.
(b) The Notice of Term Loan Conversion shall specify:
(i) the Term Loan Conversion Date, which shall be a date (A) no sooner than 5 days after the date on which the Notice of Term Loan Conversion is delivered to the Administrative Agent, (B) no later than the Revolving Termination Date and (C) that is a Business Day;
(ii) the principal amount of Revolving Loans that are to be consolidated into Term Loans on the Term Loan Conversion Date, which amount shall be the aggregate principal amount of all Revolving Loans that will be outstanding on the Term Loan Conversion Date after giving effect to all payments or prepayments to be made prior to such date;
(iii) whether the Term Loans are to be ABR Loans or Eurodollar Loans on the Term Loan Conversion Date; and
(iv) if the Terms Loans are to be Eurodollar Loans on the Term Loan Conversion Date, the duration of the Interest Period applicable thereto, provided that if the Notice of Term Loan Conversion fails to specify the duration of the Interest Period for any Borrowing comprised of Eurodollar Loans, such Interest Period shall be three months.
(c) The Administrative Agent will promptly notify each Lender of its receipt of the Notice of Term Loan Conversion from the Borrower and of the contents of such notice.
(d) If the Borrower requests that Term Loans be made available on the Term Loan Conversion Date, each Lender shall, on the Term Loan Conversion Date, be deemed to have made available to the Borrower its Applicable Percentage of the Term Loans requested and the Borrower shall be deemed to have applied the full amount of such proceeds to the repayment of the Revolving Loans previously made by such Lender to such Borrower.
(e) Unless all the Lenders otherwise consent, (i) the Borrower may not deliver any Notice of Term Loan Conversion so long as any Default or Event of Default has occurred and is continuing and (ii) no consolidation of Revolving Loans into Term Loans pursuant to any validly given Notice of Term Loan Conversion shall be permitted if on the Term Loan Conversion Date specified a Default or an Event of Default shall have occ...
Term Loan Conversion Option. At least one Business Day but not more than 45 Business Days prior to any Commitment Termination Date, and subject to the delivery on or prior to such Commitment Termination Date of an opinion of counsel to the Borrower substantially in the form of Exhibit C-3 attached hereto, together with any required governmental approvals referred to therein and attached thereto, to the Administrative Agent and each of the Lenders, by submission of a written notice (substantially in the form of Exhibit F, the "Term Loan Conversion Notice") to the Administrative Agent, the Borrower may request that the Lenders convert all Advances outstanding hereunder on such Commitment Termination Date into term loans. Upon satisfaction of such conditions and delivery of such Term Loan Conversion Notice), all Advances outstanding on the then current Commitment Termination Date shall convert into term loans on such Commitment Termination Date, and all such converted Advances shall become due and payable on the first anniversary of such Commitment Termination Date. Notwithstanding the foregoing, any Term Loan Conversion Notice may be delivered by the Borrower in conjunction with (and simultaneously with) any request for extension of the Commitment Termination Date pursuant to Section 2.15, above. If such extension of the Commitment Termination Date shall occur as provided in Section 2.15, such Term Loan Conversion Notice shall be deemed withdrawn and shall be of no further effect.
Term Loan Conversion Option. At least one Business Day but not more than 45 Business Days prior to the last day of the Revolving Period, and subject to the conditions set forth in Section 3.02 and delivery on or prior to such date of opinions of counsel to the Company substantially in the forms of Exhibit C-3 and Exhibit C-4 attached hereto, together with the FPSC Order referred to therein and attached thereto, to the Administrative Agent and each of the Lenders, by submission of a written notice (substantially in the form of Exhibit F) to the Administrative Agent, the Company may request that the Lenders convert all Advances made hereunder into term loans. Upon satisfaction of such conditions and delivery of such notice (the "Term Loan Conversion Notice"), the Advances shall convert into term loans on the last day of the Revolving Period and all such Advances shall become due and payable on the first anniversary of the last day of the Revolving Period. Notwithstanding the foregoing, any Term Loan Conversion Notice may be delivered by the Company in conjunction with (and simultaneously with) any request for extension of the Revolving Period pursuant to Section 2.16, above. If such extension of the Revolving Period shall occur as provided in Section 2.16, such Term Loan Conversion Notice shall be deemed withdrawn and shall be of no further effect.
Term Loan Conversion Option. At least five (5) Business Days prior to the Maturity Date, the Borrower may, by written notice to the Administrative Agent, request that (a) the Outstanding Amount of Committed Loans on the Maturity Date be converted into a term loan and (b) the maturity date for such term loan be a date specified by the Borrower, which shall be a Business Day occurring no later than the first anniversary of the Maturity Date (the “Term-Out Maturity Date”). Such request shall be irrevocable and binding upon the Borrower, and the Administrative Agent shall promptly notify each Lender of such request. Subject to (a) no Default or Event of Default existing and continuing as of the Maturity Date and (b) payment by the Borrower to the Administrative Agent, on or before the Maturity Date, of an extension fee in an amount equal to 0.50% of the Outstanding Amount of Committed Loans as of the Maturity Date (to be shared pro rata among the Lenders based on their Applicable Percentage), the Oustanding Amount of Committed Loans on the Maturity Date shall be converted to a term loan that is due and payable on the Term-Out Maturity Date. For avoidance of doubt, after the conversion pursuant to this Section 2.14, (i) each Lender’s commitment to make Loans hereunder is terminated, (ii) interest shall continue to accrue on the outstanding Loans in accordance with the terms hereof, (iii) all references in this Agreement to the Maturity Date shall be deemed to refer to the Term-Out Maturity Date, and (iv) no amortization of the term loan is required.
Term Loan Conversion Option