Term-Out Option definition

Term-Out Option has the meaning specified in Section 2.22.

Term-Out Option shall have the meaning given to such term in Section 2.1(c).

Term-Out Option means the term out option in Clause 7.2 (Term Out Option).

Examples of Term-Out Option in a sentence

• In the event that the Borrower elects to exercise the Term-Out Option under Section 2.22, then, on the Scheduled Termination Date, the Borrower agrees to pay to the Designated Agent, for the account of each Lender, a term-out fee equal to 0.75% of the aggregate principal amount of such Lender’s outstanding Advances that have been termed out on the Scheduled Termination Date pursuant to such exercise of the Term-Out Option.

• No Interest Period may end after the Facility Termination Date or, if the Borrower has elected the Term-Out Option, the Maturity Date.

• Each Account Party hereby unconditionally promises to pay to the Lender, (i) in the event that the Term-Out Option has not been exercised, the outstanding principal amount of the Loans made to such Account Party on the Commitment Termination Date and (ii) in the event that the Term-Out Option has been exercised and is in effect, the outstanding principal amount of the Loans made to such Account Party on the Maturity Date.

• Accrued facility fees shall be payable on each Quarterly Date and on (i) in the event the Term-Out Option has not been exercised, the earlier of the date the Commitments terminate and the Commitment Termination Date or (ii) in the event the Term-Out Option has been exercised and is in effect, on the Maturity Date; PROVIDED that any facility fees accruing after such earlier date or the Maturity Date, as the case may be, shall be payable on demand.

• Notwithstanding anything in this Agreement to the contrary, facility fees contemplated by Section 4.4 and utilization fees contemplated by Section 4.5 shall cease to accrue after the effectiveness of the Term-Out Option.

More Definitions of Term-Out Option

Term-Out Option means the option of the Company to convert the Committed Loans to Term Loans as defined in and contemplated by Section 5.3.

Term-Out Option means the option of the Borrowers to extend the maturity of the Loans pursuant to Section 2.01(b).

Term-Out Option has the meaning assigned to it in Section 2.10(a).

Term-Out Option means the option granted to the Borrower in Clause 2.6 (Term-Out Option).

Term-Out Option has the meaning specified in Section 2.4(b).

Term-Out Option is defined in Section 2.8.

Term-Out Option has the meaning assigned to such term in Section 2.07(b).