Definition of Term Loan Conversion Option


Term Loan Conversion Option means the option under Section 2.3 for TBC to convert, as of the Termination Date, all or a part of the Committed Advances then outstanding into Term Loans.
Sample 1

Examples of Term Loan Conversion Option in a sentence

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.
The Borrower may (unless it has exercised the Term Loan Conversion Option), by notice to the Administrative Agent (who shall promptly notify the Lenders) not earlier than 60 days and not later than 35 days prior to the Scheduled Termination Date, request that each Lender extend such Lenders Scheduled Termination Date then in effect for an additional 364 calendar days following the Scheduled Termination Date.
Facility Fees shall be payable in arrears on each January 1, April 1, July 1 and October 1 during the term of this Agreement and on either the Termination Date (in the event the Term Loan Conversion Option has not been exercised) or the date that the Conversion takes effect (in the event the Term Loan Conversion Option has been exercised).
SECTION 3.02 Conditions Precedent to Each A Borrowing and to the Exercise of the Term Loan Conversion Option.
If this Term Loan Conversion Option is exercised, then, on the Scheduled Termination Date, immediately prior to the time when the unpaid principal amount of the Loans would otherwise be due, the Loans (or the applicable portion thereof as requested by the Borrower) shall automatically convert into Term Loans which the Borrower shall repay to the Administrative Agent for the ratable accounts of the Lenders on the Maturity Date.