- term-out option
InternationalAn option under a revolving facility (typically a short-term revolving facility of 364 days) which allows the borrower to convert drawings under that facility into a term loan, subject, usually, to giving the lenders a specified period of notice and paying a fee. Typically, the repayment date for the term loan will be after the expiry date of the original revolving facility. After such an option has been exercised, the relevant revolving facility loans are referred to as having been termed-out.+term-out optionUSAA borrower-friendly provision in a revolving credit facility that allows a borrower to convert the drawn amount of the lenders' commitment into a term loan for a pre-defined period of time and at a specified margin. These provisions are usually used to convert 364-day facilities for a term of an additional year.
Practical Law Dictionary. Glossary of UK, US and international legal terms. www.practicallaw.com. 2010.
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