Term Conversion means the satisfaction or waiver of the conditions set forth in Section 4.04, causing conversion of the Construction Loans to Term Loans. "Term-Convert" is the verb form of "Term-Conversion."
IN CONSIDERATION of the mutual covenants contained in this Amendment, the Parent Company, Subsidiary Company and the Purchaser agree as follows: Section Amendment of the Definition of the Term "Conversion Price".
The undrawn portion of the Construction Facility will be automatically cancelled at 5:01 p.m. (Toronto time) on the Term Conversion Date.
The Contingent Facility shall, subject to this Agreement, be available by way of multiple Drawdowns on and after the Closing Date on a revolving basis prior to the Term Conversion Date, and the Borrowers may borrow, repay and reborrow Cdn.
On or prior to the Term Conversion Date, the Borrower shall cause the Merger to occur on terms and conditions satisfactory to the Requisite Financing Parties.
The Borrower shall furnish to the Agent and the Independent Engineer quarterly, not more than 30 days after the end of the last month of each quarter, commencing with the close of the first full fiscal quarter after the Term Conversion Date, an operating statement of the Project for such quarterly period and for the portion of the Borrowers fiscal year then ended, and, not more than 120 days after the end of each fiscal year of the Borrower, an operating statement of the Project for such fiscal year.