Termed-out
There is usually an option that allows the borrower to convert utilisations under the RCF into a term loan. After such an option has been exercised the relevant RCF is referred to as having been termed-out. This is usually subject to giving the lender 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 RCF, effectively reclassifying the short-term debt to a longer-term debt.