Term Loan Election definition
Examples of Term Loan Election in a sentence
The Borrowers may, upon not less than 15 days' notice to the Agent, elect (the "Term Loan Election") to convert all of the Advances outstanding on the Termination Date in effect at such time into a term loan which the Borrowers shall repay in full ratably to the Lenders on the Maturity Date; provided that the Term Loan Election may not be exercised if a Default has occurred and is continuing on the date of notice of the Term Loan Election or on the date on which the Term Loan Election is to be effected.
The Company may, upon notice to the Agent not later than the Termination Date, elect (the “Term Loan Election”) to convert all of the Advances outstanding on the Termination Date in effect at such time into a term loan which the Company shall repay in full ratably to the Lenders on the Maturity Date; provided that the Term Loan Election may not be exercised unless the conditions set forth in Section 3.03 are satisfied on the date of notice of the Term Loan Election and on the Term Loan Conversion Date.
On the Termination Date, if the Borrower has made the Term Loan Election in accordance with Section 2.05 prior to such date, and from time to time thereafter upon each prepayment of the Advances, the Commitments of the Lenders shall be automatically and permanently reduced on a pro rata basis by an amount equal to the amount by which (i) the aggregate Commitments immediately prior to such reduction exceeds (ii) the aggregate unpaid principal amount of all Advances outstanding at such time.
The Company may, upon notice to the Administrative Agent not earlier than twenty Business Days and not later than ten Business Days, prior to the Termination Date, elect (the “Term Loan Election”) to convert all of the Loans outstanding on the Termination Date into term loans; provided, that no such Loans shall be converted pursuant to the Term Loan Election unless the conditions set forth in Section 3.04 are satisfied on the Term Loan Conversion Date.
On the Termination Date, if the Borrowers have made the Term Loan Election in accordance with Section 2.05 prior to such date, and from time to time thereafter upon each prepayment of the Advances, the Commitments of the Lenders shall be automatically and permanently reduced on a pro rata basis by an amount equal to the amount by which (i) the aggregate Commitments immediately prior to such reduction exceeds (ii) the aggregate unpaid principal amount of all Advances outstanding at such time.
The Borrower may, upon not less than 15 days' notice to the Agent, elect (the "Term Loan Election") to convert all of the Revolving Credit Advances outstanding on the Termination Date in effect at such time into term loans which the Borrower shall repay in full ratably to the Lenders on the Term Loan Maturity Date; provided that the conditions set forth in Section 3.02 have been satisfied.
In the event that any Letters of Credit remain outstanding on the Maturity Date, whether the Maturity Date has occurred because of the Term Loan Election not having occurred or otherwise, the Borrower shall deposit with the Bank on the Maturity Date an amount equal to the Letter of Credit Exposure on the Maturity Date in a cash collateral account under the exclusive control of the Bank.
Repayment of Revolving Credit Advances; Term Loan Election 22 SECTION 2.07.
The conversion of Advances into Term Loan Advances pursuant to a Term Loan Election shall become effective on the Scheduled Termination Date (the “Term Loan Effective Date”) upon the payment by the Borrowers of a fee in an amount equal to 5.00% times the aggregate principal amount of the Term Loan Advances on such date (the “Term Loan Election Fee”), which Term Loan Election Fee shall be payable to the Administrative Agent, for the ratable account of each Bank.
The conversion of Advances into Term Loan Advances pursuant to a Term Loan Election shall become effective on the Current Termination Date (the “Term Loan Effective Date”).