Loan Conversion means the conversion of the Construction Loan into the Term Loan in accordance with the provisions hereof.
Examples of Loan Conversion in a sentence
From and after the date of the Bridge Loan Conversion, all references to RGGPLS in this Section 6(e) shall be replaced by Parent, all references to RGGPLS Cure in this Section 6(e) shall be replaced by ComVest Cure and references to RGGPLS Permitted Assignee in this Section 6(e) shall be replaced by Parent Permitted Assignee.
If this Term Loan Conversion Option is exercised, then, on the Termination Date, immediately prior to the time when the unpaid principal amount of the Committed Advances would otherwise be due, the Committed Advances shall automatically convert into Term Loans which the respective Borrowers shall repay to the Agent for the ratable accounts of the Lenders on the Maturity Date.
Interest on any Term Loan (draws that are not reimbursed by the City one hundred eighty-one days after a Principal Advance or the Letter of Credit Expiration Date, whichever comes first) are payable at the Term Loan Rate from the date of such Term Loan Conversion Date, payable monthly in arrears on the first day of each calendar month and on the date on which the final installment of the principal of the Term Loan is payable.
Each borrowing by and issuance of a Letter of Credit on behalf of the Borrower hereunder and each Revolving Loan Conversion (excluding any Revolving Loan Conversion, any conversion of Loans pursuant to Section 2.13(a) and any continuation of Loans pursuant to Section 2.13(b))) shall constitute a representation and warranty by the Borrower as of the date of such extension of credit or Revolving Loan Conversion, as applicable, that the conditions contained in this Section 5.2 have been satisfied.
The date on which the Lender satisfies all of the requirements in the immediately preceding sentence is the Loan Conversion Date.