The undrawn portion of the Construction Facility will be automatically cancelled at 5:01 p.m. (Toronto time) on the Term Conversion Date.
The aggregate amount of Project Costs set forth in the then-applicable Construction Budget are sufficient to cause the Term Conversion Date to occur prior to the Date Certain and the Available Construction Funds both before and after giving effect to such Disbursement shall be equal to or greater than the aggregate amount of unpaid Project Costs set forth in the Construction Budget.
Each Lender that has made a request therefor pursuant to Section 3.4(b) shall have received original Term Notes in respect of the Term Loans made or maintained by it, duly completed, executed and delivered by the Borrower, each of which shall (i) be dated the Term Conversion Date, (ii) mature on the Term Maturity Date, and (iii) bear interest as provided in Article III.
The Borrower shall not permit the Debt Service Coverage Ratio as of the end of any calendar quarter beginning with the second calendar quarter following the Term Conversion Date to be less than 1.15 to 1.00.
Following the Term Conversion Date of a Revolving Credit Facility Lender, the undrawn portion of such Lender's Revolving Credit Facility Individual Commitment Amount shall be cancelled and the Revolving Credit Facility shall become non-revolving in respect of such Revolving Credit Facility Lender, provided that the Borrower may continue to effect Rollovers and Conversions in respect of such Revolving Credit Facility Lender's Individual Commitment Amount.