Revolving Loan Conversion Date means, with respect to a Revolving Loan that the Borrower has asked the Bank to convert into a Term Loan in accordance with Section 2.1(d), the first Business Day following the Revolving Loan Maturity Date applicable to the Revolving Loan to be so converted.
Examples of Revolving Loan Conversion Date in a sentence
Accrued and unpaid interest on those portions of the principal balance of a Term Loan outstanding from time to time which are LIBOR Loans shall be payable (i) on the last Business Day of each Interest Period, commencing on the first such date to occur after the Revolving Loan Conversion Date applicable to the Revolving Loan from which such Term Loan has been converted, (ii) on the date of any principal repayment of a LIBOR Loan, and (iii) on the Term Loan Facility Maturity Date.
On and after the Revolving Loan Conversion Date on which a given Revolving Loan has been converted into a Term Loan, such Term Loan shall bear interest and shall be repaid in accordance with the terms set forth in this Section 2.2. Each Term Loan shall be made in an original principal amount equal to the Conversion Amount applicable to the Revolving Loan from which such Term Loan originated and, as a consequence, no new advance of funds will be made by the Bank in respect of any such Term Loan.
Borrowers may elect to have the outstanding principal balance of the Term Revolving Loans converted into a term loan (the "Term Loan") on the Term Revolving Loan Conversion Date.
Each Lender's Revolving Loan Commitment shall convert on the Revolving Loan Conversion Date and all Revolving Loans shall be converted to a Converted Term Loan; provided that each Lender's Revolving Loan Com- mitment shall expire immediately and without further action at 11:59 P.M. (New York City time) on December 22, 1997 if the AXELs are not made on or before that date.
On the Revolving Loan Conversion Date, without further action by Company, Administrative Agent or Lenders, all outstanding Revolving Loans shall be converted to Converted Term Loans and all such Converted Term Loans shall be allocated among Lenders in accordance with their respective Pro Rata Shares.