Common use of Advances and Rate Selection Clause in Contracts

Advances and Rate Selection. (i) An Authorized Representative shall give the Administrative Agent (1) at least three (3) Business Days’ irrevocable telephonic notice of each Revolving Credit Loan that is a Eurodollar Loan (whether representing an additional borrowing hereunder or the Conversion of borrowing hereunder from Base Rate Loans or other Eurodollar Loans to Eurodollar Loans) prior to 12:00 Noon; and (2) irrevocable telephonic notice of each Revolving Credit Loan that is a Base Rate Loan (other than Base Rate Refunding Loans to the extent the same are effective without notice pursuant to Section 2.4(c)(iv)) representing an additional borrowing hereunder prior to 12:00 noon on the day of such proposed Base Rate Loan. Each such borrowing notice, which shall be effective upon receipt by the Administrative Agent, shall specify the amount of the borrowing, the Type of Loan, the date of borrowing and, if a Eurodollar Loan, the Interest Period to be used in the computation of interest. The Authorized Representative shall provide the Administrative Agent written confirmation of each such telephonic notice on the same day by telefacsimile transmission in the form of a Borrowing Notice, for additional Advances, or in the form attached hereto as Exhibit F as to selection or Conversion of interest rates as to outstanding Revolving Credit Loans, in each case with appropriate insertions, but failure to provide such confirmation shall not affect the validity of such telephonic notice. The duration of the initial Interest Period for each Revolving Credit Loan that is a Eurodollar Loan shall be as specified in the initial Borrowing Notice. The Borrower shall have the option to elect the duration of subsequent Interest Periods and to Convert the Revolving Credit Loans (other than Swing Line Loans) in accordance with Section 2.12 hereof. If the Administrative Agent does not receive a notice of election of duration of an Interest Period or to Convert by the time prescribed hereby and by Section 2.12 hereof, the Borrower shall be deemed to have elected as to any Revolving Credit Loan, to Convert such Loan to (or Continue such Loan as) a Base Rate Loan bearing interest at the Base Rate until the Borrower notifies the Administrative Agent in accordance with this Section and Section 2.12.

Appears in 3 contracts

Samples: Credit Agreement (Autonation, Inc.), Credit Agreement (Autonation, Inc.), Credit Agreement (Autonation Inc /Fl)

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Advances and Rate Selection. (i) An Authorized Representative shall give the Administrative Agent (1) except as set forth in clause (2) below, at least three (3) Business Days’ irrevocable telephonic notice of each Revolving Credit Loan that is a Eurodollar Loan (whether representing an additional borrowing hereunder or the Conversion of borrowing hereunder from Base Rate Loans or other Eurodollar Loans to Eurodollar Loans) prior to 12:00 Noon; (2) irrevocable telephonic notice of each Revolving Credit Loan that is a Eurodollar Loan to be made on the Closing Date prior to 12:00 Noon, New York City time, on the Closing Date; and (23) irrevocable telephonic notice of each Revolving Credit Loan that is a Base Rate Loan (other than Base Rate Refunding Loans to the extent the same are effective without notice pursuant to Section 2.4(c)(iv)) representing an additional borrowing hereunder prior to 12:00 noon 1:00 pm on the day of such proposed Base Rate Loan. Each such borrowing notice, which shall be effective upon receipt by the Administrative Agent, shall specify the amount of the borrowing, the Type of Loan, the date of borrowing and, if a Eurodollar Loan, the Interest Period to be used in the computation of interest. The Authorized Representative shall provide the Administrative Agent written confirmation of each such telephonic notice on the same day by telefacsimile transmission in the form of a Borrowing Notice, for additional Advances, or in the form attached hereto as Exhibit F as to selection or Conversion of interest rates as to outstanding Revolving Credit Loans, in each case with appropriate insertions, but failure to provide such confirmation shall not affect the validity of such telephonic notice. The duration of the initial Interest Period for each Revolving Credit Loan that is a Eurodollar Loan shall be as specified in the initial Borrowing Notice. The Borrower shall have the option to elect the duration of subsequent Interest Periods and to Convert the Revolving Credit Loans (other than Swing Line Loans) in accordance with Section 2.12 hereof. If the Administrative Agent does not receive a notice of election of duration of an Interest Period or to Convert by the time prescribed hereby and by Section 2.12 hereof, the Borrower shall be deemed to have elected as to any Revolving Credit Loan, to Convert such Loan to (or Continue such Loan as) a Base Rate Loan bearing interest at the Base Rate until the Borrower notifies the Administrative Agent in accordance with this Section and Section 2.12.

Appears in 2 contracts

Samples: Credit Agreement (Autonation, Inc.), Credit Agreement (Autonation, Inc.)

Advances and Rate Selection. (i) An Authorized Representative shall give the Administrative Agent (1) at least three (3) Business Days' irrevocable telephonic notice of each Revolving Credit Loan that is a Eurodollar Loan (whether representing an additional borrowing hereunder or the Conversion conversion of borrowing hereunder from Base Rate Loans or other Eurodollar Loans to Eurodollar Loans) prior to 12:00 Noon10:30 A.M., Charlotte, North Carolina time; and (2) irrevocable telephonic notice of each Revolving Credit Loan that is a Base Rate Loan (other than Base Rate Refunding Loans to the extent the same are effective effected without notice pursuant to Section 2.4(c)(iv2.01(c)(iv)) representing an additional borrowing hereunder prior to 12:00 noon 10:30 A.M. Charlotte, North Carolina time on the day of such proposed Base Rate Loan. Each such borrowing notice, which shall be effective upon receipt by the Administrative Agent, shall specify the amount of the borrowing, the Type type (Base or Eurodollar) of Loan, the date of borrowing and, if a Eurodollar Loan, the Interest Period to be used in the computation of interest. The Authorized Representative shall provide the Administrative Agent written confirmation of each such telephonic notice on the same day by telefacsimile transmission in the form of a Borrowing Notice, for additional Advances, or in the form attached hereto as Exhibit F H as to selection or Conversion conversion of interest rates as to outstanding Revolving Credit Loans, in each case with appropriate insertions, but failure to provide such confirmation shall not affect the validity of such telephonic notice. The duration of the initial Interest Period for each Revolving Credit Loan that is a Eurodollar Loan shall be as specified in the initial Borrowing Notice. The Borrower Borrowers shall have the option to elect the duration of subsequent Interest Periods and to Convert convert the Revolving Credit Loans (other than Swing Line Loans) in accordance with Section 2.12 2.11 hereof. If the Administrative Agent does not receive a notice of election of duration of an Interest Period or to Convert convert by the time prescribed hereby and by Section 2.12 2.11 hereof, the Borrower Borrowers shall be deemed to have elected as to any Revolving Credit Loan, to Convert convert such Loan to (or Continue continue such Loan as) a Base Rate Loan bearing interest at the Base Rate until the either Borrower notifies the Administrative Agent in accordance with this Section and Section 2.122.11.

Appears in 2 contracts

Samples: Credit Facilities and Reimbursement Agreement (Autonation Inc /Fl), Credit Facilities and Reimbursement Agreement (Republic Industries Inc)

Advances and Rate Selection. (i) An Authorized Representative shall give the Administrative Agent (1A) at least three (3) Business Days' irrevocable telephonic notice of a borrowing request, followed promptly by telefacsimile transmission of a Borrowing Notice or Interest Rate Selection Notice (as applicable) with appropriate insertions, of each Revolving Credit Loan that is a Eurodollar Rate Loan (whether representing an additional borrowing hereunder or the Conversion of a borrowing hereunder from Base Rate Loans or other Eurodollar Loans to Eurodollar Loanshereunder) prior to 12:00 Noon; 11:00 A.M. and (2B) irrevocable telephonic notice of a borrowing request, followed promptly by telefacsimile transmission of a Borrowing Notice or Interest Rate Selection Notice (as applicable) with appropriate insertions, of each Revolving Credit Loan that is a Base Rate Loan (other than Base Rate Refunding Loans to the extent the same are effective effected without notice pursuant to Section 2.4(c)(iv2.1(c)(iv)) that is a Base Rate Loan (whether representing an additional borrowing hereunder or the Conversion of borrowing hereunder) prior to 12:00 noon 11:00 A.M., in each case on the day of such proposed Base Rate Loan. Each 27 such borrowing notice, which shall be effective upon receipt by the Administrative Agent, notice shall specify the amount of the borrowing, the Type of LoanLoan (Base Rate or Eurodollar Rate), the date of borrowing and, if a Eurodollar Rate Loan, the Interest Period to be used in the computation of interest. The Authorized Representative shall provide Notice of receipt of such Borrowing Notice or Interest Rate Selection Notice, as the Administrative Agent written confirmation case may be, together with the amount of each Lender's portion of an Advance requested, Continued, or Converted thereunder, shall be promptly provided by the Agent to each Lender by telefacsimile transmission, but (provided the Agent shall have received such telephonic notice by 11:00 A.M.) not later than 1:00 P.M. on the same day by telefacsimile transmission in as the form of a Borrowing Notice, for additional Advances, or in the form attached hereto as Exhibit F as to selection or Conversion of interest rates as to outstanding Revolving Credit Loans, in each case with appropriate insertions, but failure to provide such confirmation shall not affect the validity Agent's receipt of such telephonic notice. The duration of the initial Interest Period for each Revolving Credit Loan that is a Eurodollar Loan shall be as specified in the initial Borrowing Notice. The Borrower shall have the option to elect the duration of subsequent Interest Periods and to Convert the Revolving Credit Loans (other than Swing Line Loans) in accordance with Section 2.12 hereof. If the Administrative Agent does not receive a notice of election of duration of an Interest Period or to Convert by the time prescribed hereby and by Section 2.12 hereof, the Borrower shall be deemed to have elected as to any Revolving Credit Loan, to Convert such Loan to (or Continue such Loan as) a Base Rate Loan bearing interest at the Base Rate until the Borrower notifies the Administrative Agent in accordance with this Section and Section 2.12.

Appears in 1 contract

Samples: Stock Pledge Agreement (Miller Industries Inc /Tn/)

Advances and Rate Selection. (i) An Authorized Representative shall give the Administrative Agent (1) at least three (3) Eurodollar Business Days' irrevocable telephonic notice of each Revolving Credit Loan that is a Eurodollar Loan (whether representing an additional borrowing hereunder or the Conversion conversion of borrowing hereunder from Base Rate Loans or other to Eurodollar Loans to or the continuation of borrowing hereunder of Eurodollar Loans) prior to 12:00 Noon10:30 A.M., Dallas, Texas time; and (2) irrevocable telephonic notice of each Revolving Credit Loan that is a Base Rate Loan (other than Base Rate Refunding Loans to the extent the same are effective without notice pursuant to Section 2.4(c)(iv)) representing an additional borrowing hereunder or the conversion of borrowing hereunder from Eurodollar Loans to Base Rate Loans prior to 12:00 noon 10:30 A.M. Dallas, Texas time on the day of such proposed Base Rate Loan. Each such borrowing noticeBorrowing Notice, which shall be effective upon receipt by the Administrative Agent, shall specify the amount of the borrowingAdvance, the Type type (Base or Eurodollar) of Loan, the date of borrowing the Advance and, if a Eurodollar Loan, the Interest Period to be used in the computation of interest. The Authorized Representative shall provide the Administrative Agent written confirmation of each such telephonic notice on the same day by telefacsimile transmission in the form of a Borrowing Notice, for additional Advances, or in the form attached hereto as Exhibit F H and incorporated herein by reference as to selection or Conversion conversion of interest rates as to outstanding Revolving Credit Loans, in each case with appropriate insertions, but failure to provide such confirmation shall not affect the validity of such telephonic notice. The duration of the initial Interest Period for each Revolving Credit Loan that is a Eurodollar Loan shall be as specified in the initial Borrowing Notice. The Borrower shall have the option to elect the duration of subsequent Interest Periods and to Convert convert the Revolving Credit Loans (other than Swing Line Loans) in accordance with Section 2.12 2.11 hereof. If the Administrative Agent does not receive a notice of election of duration of an Interest Period or to Convert convert by the time prescribed hereby and by Section 2.12 2.11 hereof, the Borrower shall be deemed to have elected as to any convert such Revolving Credit Loan, to Convert such Loan to (or Continue continue such Revolving Credit Loan as) a Base Rate Loan bearing interest at the Base Rate until the Borrower notifies the Administrative Agent in accordance herewith and with this Section and Section 2.122.11.

Appears in 1 contract

Samples: Credit Facilities and Reimbursement Agreement (Proffitts Inc)

Advances and Rate Selection. (i) An Authorized Representative shall give the Administrative Agent (1) except as set forth in clause (2) below, at least three (3) Business Days’ irrevocable telephonic notice of each Revolving Credit Loan that is a Eurodollar Loan (whether representing an additional borrowing hereunder or the Conversion of borrowing hereunder from Base Rate Loans or other Eurodollar Loans to Eurodollar Loans) prior to 12:00 Noon; (2) irrevocable telephonic notice of each Revolving Credit Loan that is a Eurodollar Loan to be made on the Closing Date prior to 12:00 Noon, New York City time, at least two (2) Business Days prior to the Closing Date; and (23) irrevocable telephonic notice of each Revolving Credit Loan that is a Base Rate Loan (other than Base Rate Refunding Loans to the extent the same are effective without notice pursuant to Section 2.4(c)(iv)) representing a borrowing on the Closing Date or an additional borrowing hereunder in each case prior to 12:00 noon 1:00 pm on the day of such proposed Base Rate Loan. Each such borrowing notice, which shall be effective upon receipt by the Administrative Agent, shall specify the amount of the borrowing, the Type of Loan, the date of borrowing and, if a Eurodollar Loan, the Interest Period to be used in the computation of interest. The Authorized Representative shall provide the Administrative Agent written confirmation of each such telephonic notice on the same day by telefacsimile transmission in the form of a Borrowing Notice, for additional Advances, or in the form attached hereto as Exhibit F as to selection or Conversion of interest rates as to outstanding Revolving Credit Loans, in each case with appropriate insertions, but failure to provide such confirmation shall not affect the validity of such telephonic notice. The duration of the initial Interest Period for each Revolving Credit Loan that is a Eurodollar Loan shall be as specified in the initial Borrowing Notice. The Borrower shall have the option to elect the duration of subsequent Interest Periods and to Convert the Revolving Credit Loans (other than Swing Line Loans) in accordance with Section 2.12 hereof. If the Administrative Agent does not receive a notice of election of duration of an Interest Period or to Convert by the time prescribed hereby and by Section 2.12 hereof, the Borrower shall be deemed to have elected as to any Revolving Credit Loan, to Convert such Loan to (or Continue such Loan as) a Base Rate Loan bearing interest at the Base Rate until the Borrower notifies the Administrative Agent in accordance with this Section and Section 2.12.

Appears in 1 contract

Samples: Letter Agreement (Autonation, Inc.)

Advances and Rate Selection. (i) An Authorized Representative shall give the Administrative Agent (1) except as set forth in clause (2) below, at least three (3) Business Days’ irrevocable telephonic notice of each Revolving Credit Loan that is a Eurodollar Loan (whether representing an additional borrowing hereunder or the Conversion of borrowing hereunder from Base Rate Loans or other Eurodollar Loans to Eurodollar Loans) prior to 12:00 Noon; (2) irrevocable telephonic notice of each Revolving Credit Loan that is a Eurodollar Loan to be made on the Closing Date prior to 12:00 Noon, New York City time, on the Closing Date; and (23) irrevocable telephonic notice of each Revolving Credit Loan that is a Base Rate Loan (other than Base Rate Refunding Loans to the extent the same are effective without notice pursuant to Section 2.4(c)(iv)) representing an additional borrowing hereunder prior to 12:00 noon on the day of such proposed Base Rate Loan. Each such borrowing notice, which shall be effective upon receipt by the Administrative Agent, shall specify the amount of the borrowing, the Type of Loan, the date of borrowing and, if a Eurodollar Loan, the Interest Period to be used in the computation of interest. The Authorized Representative shall provide the Administrative Agent written confirmation of each such telephonic notice on the same day by telefacsimile transmission in the form of a Borrowing Notice, for additional Advances, or in the form attached hereto as Exhibit F as to selection or Conversion of interest rates as to outstanding Revolving Credit Loans, in each case with appropriate insertions, but failure to provide such confirmation shall not affect the validity of such telephonic notice. The duration of the initial Interest Period for each Revolving Credit Loan that is a Eurodollar Loan shall be as specified in the initial Borrowing Notice. The Borrower shall have the option to elect the duration of subsequent Interest Periods and to Convert the Revolving Credit Loans (other than Swing Line Loans) in accordance with Section 2.12 hereof. If the Administrative Agent does not receive a notice of election of duration of an Interest Period or to Convert by the time prescribed hereby and by Section 2.12 hereof, the Borrower shall be deemed to have elected as to any Revolving Credit Loan, to Convert such Loan to (or Continue such Loan as) a Base Rate Loan bearing interest at the Base Rate until the Borrower notifies the Administrative Agent in accordance with this Section and Section 2.12.

Appears in 1 contract

Samples: Credit Agreement (Autonation, Inc.)

Advances and Rate Selection. (i) An Authorized Representative --------------------------- acting on behalf of any Borrower shall give the Administrative Agent (1A) at least three (3) Business Days' irrevocable telephonic written notice by telefacsimile transmission of a Borrowing Notice or Interest Rate Selection Notice (as applicable) with appropriate insertions, effective upon receipt, of each Revolving Credit Loan that is a Eurodollar Rate Loan (whether representing an additional borrowing hereunder or the Conversion or Continuation of a borrowing hereunder from Base Rate Loans or other Eurodollar Loans to Eurodollar Loanshereunder) prior to 12:00 Noon; 11:00 A.M. and (2B) irrevocable telephonic written notice by telefacsimile transmission of a Borrowing Notice or Interest Rate Selection Notice (as applicable) with appropriate insertions, effective upon receipt, of each Revolving Credit Loan that is a Base Rate Loan (other than Base Rate Refunding Loans to the extent the same are effective effected without notice pursuant to Section 2.4(c)(iv3.1(c)(iv)) that is a ------------------- Base Rate Loan (whether representing an additional borrowing hereunder or the Conversion of borrowing hereunder) prior to 12:00 noon 11:00 A.M. on the day of such proposed Base Rate Loan. Each such borrowing notice, which shall be effective upon receipt by the Administrative Agent, notice shall specify the Borrower, the amount of the borrowing, whether Dollar or Alternative Currency, the Type of LoanLoan (Base Rate or Eurodollar Rate), the date of borrowing and, if a Eurodollar Rate Loan, the Interest Period to be used in the computation of interest. The Authorized Representative shall provide Notice of receipt of such Borrowing Notice or Interest Rate Selection Notice, as the Administrative Agent written confirmation case may be, together with the amount of each Lender's portion of an Advance or Segment requested, Continued, or Converted thereunder, shall be promptly provided by the Agent to each Lender by telefacsimile transmission, but (provided the Agent shall have received such telephonic notice by 11:00 A.M.) not later than 1:00 P.M. on the same day as the Agent's receipt of such notice. At approximately 10:00 A.M. two (2) Business Days preceding the date specified for an Advance, Continuation or Conversion in an Alternative Currency, the Agent shall determine the Advance Date Exchange Rate and the applicable Eurodollar Rate. Not later than 10:45 A.M. two (2) Business Days preceding the date specified for each Advance, Continuation or Conversion in an Alternative Currency, the Agent shall provide the applicable Borrower or Borrowers and each Lender notice by telefacsimile transmission in of the form of a Borrowing NoticeAdvance Date Exchange Rate applicable to such Advance, for additional Advances, or in the form attached hereto as Exhibit F as to selection Continuation or Conversion and the applicable Alternative Currency Equivalent Amount of interest rates as the Revolving Loan or Loans required to outstanding Revolving Credit Loansbe made by each Lender on such date, in each case with appropriate insertions, but failure to provide such confirmation shall not affect and the validity Dollar Value of such telephonic notice. The duration of Revolving Loan or Loans and the initial Interest Period for each Revolving Credit Loan that is a applicable Eurodollar Loan shall be as specified in the initial Borrowing Notice. The Borrower shall have the option to elect the duration of subsequent Interest Periods and to Convert the Revolving Credit Loans (other than Swing Line Loans) in accordance with Section 2.12 hereof. If the Administrative Agent does not receive a notice of election of duration of an Interest Period or to Convert by the time prescribed hereby and by Section 2.12 hereof, the Borrower shall be deemed to have elected as to any Revolving Credit Loan, to Convert such Loan to (or Continue such Loan as) a Base Rate Loan bearing interest at the Base Rate until the Borrower notifies the Administrative Agent in accordance with this Section and Section 2.12Rate.

Appears in 1 contract

Samples: Guaranty Agreement (Breed Technologies Inc)

Advances and Rate Selection. (i) An Authorized Representative shall give the Administrative Agent (1) except as set forth in clause (2) below, at least three (3) Business Days’ irrevocable telephonic notice of each Revolving Credit Loan that is a Eurodollar EurodollarTerm Benchmark Loan (whether representing an additional borrowing hereunder or the Conversion of borrowing hereunder from Base Rate Loans or other Eurodollar EurodollarTerm Benchmark Loans to Eurodollar EurodollarTerm Benchmark Loans) prior to 12:00 Noon; (2) irrevocable telephonic notice of each Revolving Credit Loan that is a EurodollarTerm Benchmark Loan to be made on the Closing Date prior to 12:00 Noon, New York City time, at least two (2) Business Days prior to the Closing Date; and (23) irrevocable telephonic notice of each Revolving Credit Loan that is a Base Rate Loan (other than Base Rate Refunding Loans to the extent the same are effective without notice pursuant to Section 2.4(c)(iv)) representing a borrowing on the Closing Date or an additional borrowing hereunder in each case prior to 12:00 noon 1:00 pm on the day of such proposed Base Rate Loan. Each such borrowing notice, which shall be effective upon receipt by the Administrative Agent, shall specify the amount of the borrowing, the Type of Loan, the date of borrowing and, if a Eurodollar EurodollarTerm Benchmark Loan, the Interest Period to be used in the computation of interest. The Authorized Representative shall provide the Administrative Agent written confirmation of each such telephonic notice on the same day by telefacsimile transmission in the form of a Borrowing Notice, for additional Advances, or in the form attached hereto as Exhibit F as to selection or Conversion of interest rates as to outstanding Revolving Credit Loans, in each case with appropriate insertions, but failure to provide such confirmation shall not affect the validity of such telephonic notice. The duration of the initial Interest Period for each Revolving Credit Loan that is a Eurodollar EurodollarTerm Benchmark Loan shall be as specified in the initial Borrowing Notice. The Borrower shall have the option to elect the duration of subsequent Interest Periods and to Convert the Revolving Credit Loans (other than Swing Line Loans) in accordance with Section 2.12 hereof. If the Administrative Agent does not receive a notice of election of duration of an Interest Period or to Convert by the time prescribed hereby and by Section 2.12 hereof, the Borrower shall be deemed to have elected as to any Revolving Credit Loan, to Convert such Loan to (or Continue such Loan as) a Base Rate Loan bearing interest at the Base Rate until the Borrower notifies the Administrative Agent in accordance with this Section and Section 2.12.

Appears in 1 contract

Samples: Credit Agreement (Autonation, Inc.)

Advances and Rate Selection. (i) An Authorized Representative shall give the Administrative Agent (1) at least three (3) Business Days' irrevocable telephonic notice of each Revolving Credit Loan that is a Eurodollar Loan (whether representing an additional borrowing hereunder or the Conversion 29 35 conversion of borrowing hereunder from Base Rate Loans or other Eurodollar Loans to Eurodollar Loans) prior to 12:00 Noon10:30 A.M., Charlotte, North Carolina time; and (2) irrevocable telephonic notice of each Revolving Credit Base Rate Loan that is a representing an additional borrowing hereunder prior to 10:30 A.M. Charlotte, North Carolina time on the day of such proposed Base Rate Loan (other than Base Rate Refunding Loans to the extent the same are effective effected without notice pursuant to Section 2.4(c)(iv2.01(d)(v)) representing an additional borrowing hereunder prior to 12:00 noon on the day of such proposed Base Rate Loan). Each such borrowing noticeBorrowing Notice, which shall be effective upon receipt by the Administrative Agent, shall specify the respective Borrower, the Applicable Currency, the amount of the borrowing, the Type Facility (Revolving Credit or Reserve Line) to which the Advance is to be debited, the type (Base or Eurodollar) of Loan, the date of borrowing and, if a Eurodollar Loan, the Interest Period to be used in the computation of interest. The Authorized Representative shall provide the Administrative Agent written confirmation of each such telephonic notice on the same day by telefacsimile transmission in the form of a Borrowing Notice, for additional Advances, or in the form attached hereto as Exhibit F I as to selection or Conversion conversion of interest rates as to outstanding Revolving Credit Loans, in each case with appropriate insertions, but failure to provide such confirmation shall not affect the validity of such telephonic notice. The duration of the initial Interest Period for each Revolving Credit Loan that is a Eurodollar Loan shall be as specified in the initial Borrowing Notice. The applicable Borrower shall have the option to elect the duration of subsequent Interest Periods and to Convert convert the Revolving Credit Loans (other than Swing Line Loans) in accordance with Section 2.12 2.11 hereof. If the Administrative Agent does not receive a notice of election of duration of an Interest Period or to Convert convert by the time prescribed hereby and by Section 2.12 2.11 hereof, the applicable Borrower shall be deemed to have elected (a) as to any Dollar-denominated Revolving Credit Loan or any Reserve Line Loan, to Convert convert such Loan to (or Continue continue such Loan as) a Base Rate Loan bearing interest at the Base Rate Rate, and (B) as to any Offshore Currency-denominated Revolving Credit Loan, to convert such Loan to (or continue such Loan as) a Eurodollar Loan with an Interest Period of one month, in each case until the applicable Borrower notifies the Administrative Agent in accordance with this Section and Section 2.122.11.

Appears in 1 contract

Samples: Credit Facilities and Reimbursement Agreement (Greenfield Industries Inc /De/)

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Advances and Rate Selection. (i) An Authorized Representative shall give the Administrative Agent (1) at least three (3) Business Days’ irrevocable telephonic notice of each Revolving Credit Loan that is a Eurodollar Loan (whether representing an additional borrowing hereunder or the Conversion of borrowing hereunder from Base Rate Loans or other Eurodollar Loans to Eurodollar Loans) prior to 12:00 Noon10:30 A.M.; and (2) irrevocable telephonic notice of each Revolving Credit Loan that is a Base Rate Loan (other than Base Rate Refunding Loans to the extent the same are effective without notice pursuant to Section 2.4(c)(iv2.1(c)(iv)) representing an additional borrowing hereunder prior to 12:00 noon on the day of such proposed Base Rate Loan. Each such borrowing notice, which shall be effective upon receipt by the Administrative Agent, shall specify the amount of the borrowing, the Type of Loan, the date of borrowing and, if a Eurodollar Loan, the Interest Period to be used in the computation of interest. The Authorized Representative shall provide the Administrative Agent written confirmation of each such telephonic notice on the same day by telefacsimile transmission in the form of a Borrowing Notice, for additional Advances, or in the form attached hereto as Exhibit F as to selection or Conversion of interest rates as to outstanding Revolving Credit Loans, in each case with appropriate insertions, but failure to provide such confirmation shall not affect the validity of such telephonic notice. The duration of the initial Interest Period for each Revolving Credit Loan that is a Eurodollar Loan shall be as specified in the initial Borrowing Notice. The Borrower shall have the option to elect the duration of subsequent Interest Periods and to Convert the Revolving Credit Loans (other than Swing Line Loans) in accordance with Section 2.12 2.9 hereof. If the Administrative Agent does not receive a notice of election of duration of an Interest Period or to Convert by the time prescribed hereby and by Section 2.12 2.9 hereof, the Borrower shall be deemed to have elected as to any Revolving Credit Loan, to Convert such Loan to (or Continue such Loan as) a Base Rate Loan bearing interest at the Base Rate until the Borrower notifies the Administrative Agent in accordance with this Section and Section 2.122.9.

Appears in 1 contract

Samples: Credit Agreement (Autonation Inc /Fl)

Advances and Rate Selection. (i) An Authorized Representative shall give the Administrative Agent (1A) at least three (3) Business Days' irrevocable telephonic written notice by telefacsimile transmission of a Borrowing Notice or Interest Rate Selection Notice (as applicable) with appropriate insertions, effective upon receipt, of each Revolving Credit Loan that is a Eurodollar Loan (whether representing an additional borrowing hereunder or the Conversion of a borrowing hereunder from Base Rate Loans or other Eurodollar Loans to Eurodollar Loanshereunder) prior to 12:00 Noon; 10:30 A.M., (B) at least four (4) Business Days' irrevocable notice by telefacsimile transmission of a Borrowing Notice or Interest Rate Selection Notice (as applicable) with appropriate insertions, effective upon receipt, of each Alternative Currency Loan (whether representing an additional borrowing hereunder or the Conversion of a borrowing hereunder) prior to 10:30 A.M. and (2C) irrevocable telephonic written notice by telefacsimile transmission of a Borrowing Notice or Interest Rate Selection Notice (as applicable) with appropriate insertions, effective upon receipt, of each Revolving Credit Loan that is a Base Rate Loan (other than Base Rate Refunding Loans to the extent the same are effective effected without notice pursuant to Section 2.4(c)(iv2.01(d)(iv)) that is a Base Loan (whether representing an additional borrowing hereunder or the Conversion of borrowing hereunder) prior to 12:00 noon 10:30 A.M. on the day of such proposed Base Rate Loan. Each such borrowing notice, which shall be effective upon receipt by the Administrative Agent, notice shall specify the amount of the borrowing, whether Dollar or Alternative Currency, the Type type of LoanLoan (Base Rate or Eurodollar Rate), the date of borrowing and, if a Eurodollar Loan, the Interest Period to be used in the computation of interest. The Authorized Representative shall provide Notice of receipt of such Borrowing Notice or Interest Rate Selection Notice, as the Administrative Agent written confirmation case may be, together with the amount of each Lender's portion of an Advance requested thereunder, shall be promptly provided by the Agent to each Lender by telefacsimile transmission, but (provided the Agent shall have received such telephonic notice by 10:30 A.M.) not later than 1:00 P.M. on the same day as the Agent's receipt of such notice. At approximately 10:00 A.M. two (2) Business Days preceding the date specified for an Advance of an Alternative Currency, the Agent shall determine the Advance Date Exchange Rate and the applicable Eurodollar Rate. Not later than 10:45 A.M. two (2) Business Days preceding the date specified for each Advance of an Alternative Currency, the Agent shall provide the Borrower and each Lender notice by telefacsimile transmission in of the form Advance Date Exchange Rate applicable to such Advance, and the applicable Alternative Currency Equivalent Amount of a Borrowing Noticethe Loan or Loans required to be made by each Lender on such date, for additional Advances, or in and the form attached hereto as Exhibit F as to selection or Conversion of interest rates as to outstanding Revolving Credit Loans, in each case with appropriate insertions, but failure to provide such confirmation shall not affect the validity Dollar Value of such telephonic notice. The duration of Loan or Loans and the initial Interest Period for each Revolving Credit Loan that is a applicable Eurodollar Loan shall be as specified in the initial Borrowing Notice. The Borrower shall have the option to elect the duration of subsequent Interest Periods and to Convert the Revolving Credit Loans (other than Swing Line Loans) in accordance with Section 2.12 hereof. If the Administrative Agent does not receive a notice of election of duration of an Interest Period or to Convert by the time prescribed hereby and by Section 2.12 hereof, the Borrower shall be deemed to have elected as to any Revolving Credit Loan, to Convert such Loan to (or Continue such Loan as) a Base Rate Loan bearing interest at the Base Rate until the Borrower notifies the Administrative Agent in accordance with this Section and Section 2.12Rate.

Appears in 1 contract

Samples: Revolving Credit and Reimbursement Agreement (Modis Professional Services Inc)

Advances and Rate Selection. (i) An The appropriate Authorized Representative shall give the Administrative Agent (1A) irrevocable telephonic notice of each LIBOR Loan, whether representing an additional Advance hereunder or the conversion of borrowings hereunder from Base Rate Loans to LIBOR Loans or the election of a subsequent Interest Period for any LIBOR Loan, prior to 11:30 A.M., Charlotte, North Carolina time at least three (3) LIBOR Business Days’ irrevocable telephonic notice of each Revolving Credit Loan that is a Eurodollar Loan (whether representing an additional borrowing hereunder or the Conversion of borrowing hereunder from Base Rate Loans or other Eurodollar Loans to Eurodollar Loans) Days prior to 12:00 Noonthe day such Advance is to be made or such Loan is to be converted or continued; and (2B) irrevocable telephonic notice of each Revolving Credit Loan that is a Base Rate Loan (other than Base Rate Refunding Loans to the extent the same are effective without notice pursuant to Section 2.4(c)(iv)) representing an additional borrowing Advance hereunder or the conversion of borrowings hereunder from LIBOR Loans to Base Rate Loans prior to 12:00 noon 11:30 A.M. Charlotte, North Carolina time on the day of such proposed Base Rate LoanAdvance is to be made or such Loan is to be converted. Each such borrowing notice, which shall be effective upon receipt by the Administrative Agent, shall specify the amount of the borrowingAdvance, the Type type (Base Rate or LIBOR) of Loan, the date of borrowing the Advance and, if a Eurodollar LIBOR Loan, the Interest Period to be used in the computation of interest. The An Authorized Representative shall provide the Administrative Agent written confirmation of each such telephonic notice on the same day by telefacsimile transmission in the form of a Borrowing Notice, Notice for additional Advances, or in the form attached hereto as Exhibit F as to of an Interest Rate Selection Notice for the selection or Conversion conversion of interest rates as to for outstanding Revolving Credit Loans, in each case with appropriate insertions, but failure to provide such confirmation shall not affect the validity of such telephonic notice. The duration of the initial Interest Period for each Revolving Credit Loan that is a Eurodollar Loan shall be as specified in the initial Borrowing Notice. The Borrower shall have the option to elect the duration of subsequent Interest Periods and to Convert convert the Revolving Credit Loans (other than Swing Line Loans) in accordance with Section 2.12 2.11 hereof. If the Administrative Agent does not receive a notice of election of duration of an Interest Period or to Convert convert by the time prescribed hereby and by Section 2.12 2.11 hereof, the Borrower shall be deemed to have elected as to any Revolving Credit Loan, convert to Convert or continue such Loan to (or Continue such Loan as) as a Base Rate Loan bearing interest at the Base Rate until the Borrower otherwise notifies the Administrative Agent in accordance herewith and with this Section and Section 2.122.11 hereof.

Appears in 1 contract

Samples: Credit Agreement (Gtech Holdings Corp)

Advances and Rate Selection. (i) An Authorized Representative shall give the Administrative Agent (1A) at least three (3) Business Days' irrevocable telephonic written notice by telefacsimile transmission of a Borrowing Notice or Interest Rate Selection Notice (as applicable) with appropriate insertions, effective upon receipt, of each Revolving Credit Loan that is a Eurodollar Rate Loan (whether representing an additional borrowing hereunder or the Conversion of a borrowing hereunder from Base Rate Loans or other Eurodollar Loans to Eurodollar Loanshereunder) prior to 12:00 Noon; 11:00 A.M. and (2B) irrevocable telephonic written notice by telefacsimile transmission of a Borrowing Notice or Interest Rate Selection Notice (as applicable) with appropriate insertions, effective upon receipt, of each Revolving Credit Loan that is a Base Rate Loan (other than Base Rate Refunding Loans to the extent the same are effective effected without notice pursuant to Section 2.4(c)(iv2.1(d)(iv)) that is a Base Rate Loan (whether representing an additional borrowing hereunder or the Conversion of borrowing hereunder) prior to 12:00 noon 11:00 A.M. on the day of such proposed Base Rate Loan. Each such borrowing notice, which shall be effective upon receipt by the Administrative Agent, notice shall specify the amount of the borrowing, whether Dollar or Alternative Currency (in the case of a Revolving Loan), the Type of LoanLoan (Base Rate or Eurodollar Rate), the date of borrowing and, if a Eurodollar Rate Loan, the Interest Period to be used in the computation of interest. The Authorized Representative shall provide Notice of receipt of such Borrowing Notice or Interest Rate Selection Notice, as the Administrative Agent written confirmation case may be, together with the amount of each Lender's portion of an Advance or Segment requested, Continued, or Converted thereunder, shall be promptly provided by the Agent to each Lender by telefacsimile transmission, but (provided the Agent shall have received such telephonic notice by 11:00 A.M.) not later than 1:00 P.M. on the same day as the Agent's receipt of such notice. At approximately 10:00 A.M. two (2) Business Days preceding the date specified for an Advance, Continuation or Conversion of an Alternative Currency, the Agent shall determine the Advance Date Exchange Rate and the applicable Eurodollar Rate. Not later than 10:45 A.M. two (2) Business Days preceding the date specified for each Advance, Continuation or Conversion of an Alternative Currency, the Agent shall provide the applicable Borrower or Borrowers and each Lender notice by telefacsimile transmission in of the form of a Borrowing NoticeAdvance Date Exchange Rate applicable to such Advance, for additional Advances, or in the form attached hereto as Exhibit F as to selection Continuation or Conversion and the applicable Alternative Currency Equivalent Amount of interest rates as the Revolving Loan or Loans required to outstanding Revolving Credit Loansbe made by each Lender on such date, in each case with appropriate insertions, but failure to provide such confirmation shall not affect and the validity Dollar Value of such telephonic notice. The duration of Revolving Loan or Loans and the initial Interest Period for each Revolving Credit Loan that is a applicable Eurodollar Loan shall be as specified in the initial Borrowing Notice. The Borrower shall have the option to elect the duration of subsequent Interest Periods and to Convert the Revolving Credit Loans (other than Swing Line Loans) in accordance with Section 2.12 hereof. If the Administrative Agent does not receive a notice of election of duration of an Interest Period or to Convert by the time prescribed hereby and by Section 2.12 hereof, the Borrower shall be deemed to have elected as to any Revolving Credit Loan, to Convert such Loan to (or Continue such Loan as) a Base Rate Loan bearing interest at the Base Rate until the Borrower notifies the Administrative Agent in accordance with this Section and Section 2.12Rate.

Appears in 1 contract

Samples: Credit Agreement (Breed Technologies Inc)

Advances and Rate Selection. (i) An Authorized Representative shall give the Administrative Agent (1) except as set forth in clause (2) below, at least three (3) U.S. Government Securities Business Days’ irrevocable telephonic written notice of each Revolving Credit Loan that is a Eurodollar Term Benchmark Loan (whether representing an additional borrowing hereunder or the Conversion of borrowing hereunder from Base Rate Loans or other Eurodollar Term Benchmark Loans to Eurodollar Term Benchmark Loans) prior to 12:00 Noon; and (2) irrevocable telephonic written notice of each Revolving Credit Loan that is a Term Benchmark Loan to be made on the Closing Date prior to 12:00 Noon, New York City time, at least two (2) U.S. Government Securities Business Days prior to the Closing Date; (3) irrevocable written notice of each Revolving Credit Loan that is a Base Rate Loan (other than Base Rate Refunding Loans to the extent the same are effective without notice pursuant to Section 2.4(c)(iv)) representing a borrowing on the Closing Date or an additional borrowing hereunder in each case prior to 12:00 noon 1:00 pm on the day of such proposed Base Rate Loan; and (4) irrevocable written notice of each Revolving Credit Loan that is an RFR Loan representing a borrowing on the Closing Date or an additional borrowing hereunder prior to 12:00 Noon, New York City time, at least three (3) U.S. Government Securities Business Days prior to the Closing Date. Each such borrowing notice, which shall be effective upon receipt by the Administrative Agent, shall specify the amount of the borrowing, the Type of Loan, the date of borrowing and, if a Eurodollar Term Benchmark Loan, the Interest Period to be used in the computation of interest. The Authorized Representative shall provide the Administrative Agent such written confirmation of each such telephonic notice on the same day by telefacsimile transmission in the form of a Borrowing Notice, for additional Advances, or in the form attached hereto as Exhibit F as to selection or Conversion of interest rates as to outstanding Revolving Credit Loans, in each case with appropriate insertions, but failure to provide such confirmation shall not affect the validity of such telephonic notice. The duration of the initial Interest Period for each Revolving Credit Loan that is a Eurodollar Term Benchmark Loan shall be as specified in the initial Borrowing Notice. The Borrower shall have the option to elect the duration of subsequent Interest Periods and to Convert the Revolving Credit Loans (other than Swing Line Loans) in accordance with Section 2.12 hereof. If the Administrative Agent does not receive a notice of election of duration of an Interest Period or to Convert by the time prescribed hereby and by Section 2.12 hereof, the Borrower shall be deemed to have elected as to any Revolving Credit Loan, to Convert such Loan to (or Continue such Loan as) a Base Rate Loan bearing interest at the Base Rate until the Borrower notifies the Administrative Agent in accordance with this Section and Section 2.12.

Appears in 1 contract

Samples: Credit Agreement (Autonation, Inc.)

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