Loan Conversion definition

Loan Conversion means the automatic conversion of (a) outstanding Term B-7 Loans into Term B-9 Loans in accordance with Section 2.01(a)(iii)(A) and (b) outstanding Term B-7 Loans and Term B-8 Loans into Term B-10 Loans in accordance with Sections 2.01(a)(iv)(A) and 2.01(a)(iv)(B), respectively.

Loan Conversion means the conversion of the Bond Mortgage Loan from the Construction Phase to the Permanent Phase.

Loan Conversion means the conversion of all outstanding Loan and all interest thereon that has come due and payable into Shares in accordance with the terms of this Agreement.

Examples of Loan Conversion in a sentence

• Monarch agrees to pay, as fair market value rent (Rent) for the use of the Property, the following: Upon the date the term of the Ground Lease commences $125,000 Construction Commencement $125,000 Annual Construction Rent Payments (annual payment beginning one year after the Construction Commencement Rent is paid) $50,000 Remainder Payment at Permanent Loan Conversion (Stabilization).

• The Authority acknowledges that the Term Loan Conversion shall be effective as set forth in the Agreement.

• The Authority shall pay interest owed in respect of each Term Loan from and after the date of the Term Loan Conversion on the unpaid principal amount thereof, at an interest rate equal to the Term Loan Rate.

• Except as otherwise provided in Section 7.2 hereof, interest with respect to any Term Loan shall be payable monthly beginning on the like day one month next following the date of the Term Loan Conversion.

• Such conversion shall be accompanied by the Authority (i) delivering a Notice of a Term Loan Conversion, in the form attached hereto as Exhibit E, to the Bank stating the amount of the Liquidity Drawing converted, (ii) executing a Term Note with respect to each such Term Loan, and (iii) delivering an opinion of Bond Counsel to the Authority regarding the enforceability of the Term Note and otherwise being in form and substance satisfactory to the Bank.

More Definitions of Loan Conversion

Loan Conversion as defined in Section 2.4(a).

Loan Conversion has the meaning specified in the preamble hereto.

Loan Conversion has the meaning provided in Section 2.01(b).

Loan Conversion has the meaning given to such term in Section 2.04(b) of this Agreement. "Substantial Completion" means the occurrence of all of the following events with respect to the Improvements: (a) all Improvements are completed other than minor punch list items, are paid for in full free of all mechanic’s, labor, materialmen’s and other similar Lien claims, and the Lender has received a complete and total lien waiver from Contractor of the Improvements whose charges exceed $20,000.00 for all labor, materials and services on the Improvements or Project; (b) said completion has been certified by the applicable Contractor, Construction Inspector and the Borrower, and no material punch-list items remain to be completed; (c) all applicable requirements, rules, orders and regulations of any Governmental Authority, including zoning, land use, building and environmental requirements, rules and regulations, and all private restrictions and covenants, have been complied with or satisfied and that unconditional certificates of occupancy (if required by a Governmental Authority) for all of such Improvements have been issued; (d) Borrower has obtained all Permits, and entered into all agreements necessary or appropriate to operate the Project at maximum capacity; and (e) all insurance required pursuant to the Loan Documents is in full force and effect. "Title Company" means Xxxxxxx Title Company and its successors. "Working Capital Advance" means an advance on the Declining Revolving Credit Loan used for general working capital purposes. 23. This Amendment shall not be effective until Lender has received each of the following (each in form and substance acceptable to Lender) or the following conditions have been satisfied:

Loan Conversion shall have the meaning set forth in the Recitals.

Loan Conversion means the automatic conversion of (a) outstanding Term B-4 Loans and Term B-5 Loans into Term B-7 Loans in accordance with Sections 2.01(a)(v)(A) and 2.01(a)(v)(B), respectively, and (b) outstanding Term B-4 Loans, Term B-5 Loans and Term B-6 Loans into Term B-8 Loans in accordance with Sections 2.01(a)(vi)(A), 2.01(a)(vi)(B) and 2.01(a)(vi)(C), respectively., (c) outstanding Term B-7 Loans into Term B-9 Loans in accordance with Section 2.01(a)(vii)(A) and (d) outstanding Term B-7 Loans and Term B-8 Loans into Term B-10 Loans in accordance with Sections 2.01(a)(viii)(A) and 2.01(a)(viii)(B), respectively.

Loan Conversion. The Lender has the option at maturity to convert any funded amount under the Facility, including any accrued interest, into EOTT common units at the Conversion Price. Upon Conversion, the Lender will have demand registration rights. CONVERSION PRICE: 95% of the then publicly traded price per EOTT common unit.