Examples of Term Loan Election in a sentence
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.
Each request for a Borrowing under this Agreement and the Term Loan Election in accordance with Section 6.2(c) constitutes a reaffirmation of these representations and warranties (other than the representations and warranties listed as “Material Adverse Effect”, “Litigation” and “Environmental Matters” on Exhibit B) as of the date of such Borrowing, such Term Loan Election and the Term Loan Conversion Date.
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.
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.
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.
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 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.
Conditions Precedent to Each Borrowing and the Term Loan Election, 37 SECTION 3.04.
The Borrower agrees to pay to the Agent for the account of each Lender a fee in an amount equal to 0.25% of the aggregate amount of such Lender’s Commitment on the date upon which the Term Loan Election is effected in accordance with Section 2.05.