Examples of Revolving Loan Conversion Date in a sentence
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.
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.
Each such request shall be irrevocable and the related conversion shall become effective on the Revolving Loan Conversion Date applicable thereto.
On the Revolving Loan Conversion Date applicable to a Revolving Loan, the Borrower shall repay so much of the outstanding principal amount of such Revolving Loan as shall be required to cause the remaining outstanding principal balance thereof (such remaining outstanding principal balance herein being the “Conversion Amount”) to be less than or equal to 75% of the Acquisition Cost of the Eligible Railcars financed by such Revolving Loan.
All interest on such converted Revolving Loan which has accrued but remains unpaid on such Revolving Loan as of the related Revolving Loan Conversion Date shall be paid on the Revolving Loan Conversion Date.
On and after the Revolving Loan Conversion Date applicable thereto, (i) the Conversion Amount with respect to such converted Revolving Loan, and (ii) all interest, fees and other amounts thereafter accruing on or with respect to the Conversion Amount shall, in each case, be paid in accordance with the terms and provisions of this Agreement applicable to Term Loans.
The Borrower promises to pay interest on the unpaid principal amount of the Revolving Loans from the date made until such principal amount is paid in full or converted to a Delayed Draw Term Loan on the Revolving Loan Conversion Date, payable at such times and at such interest rates as are specified in the Credit Agreement.
Amounts borrowed under this subsection 2.1A(ii) may be repaid and reborrowed to but excluding the Revolving Loan Conversion Date.
Borrowers shall exercise such election by having Borrower Representative deliver written notice of such election to Agent no more than ninety (90) and no fewer than thirty (30) days before the Term Revolving Loan Conversion 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.