Common use of Application of Australian Bank Xxxx Rate to Outstanding Loans Clause in Contracts

Application of Australian Bank Xxxx Rate to Outstanding Loans. (a) Foreign Borrower Agent may on any Business Day, subject to delivery of a Notice of Foreign Conversion/Continuation, elect to continue any Australian Bank Xxxx Rate Loan at the end of its Interest Period as an Australian Bank Xxxx Rate Loan. During any Default or Event of Default, Agent, at the direction of Required Borrower Group Lenders of the applicable Borrower Group, may declare that no Loan may be made or continued as an Australian Bank Xxxx Rate Loan. (b) Whenever Foreign Borrowers desire to continue Loans as Australian Bank Xxxx Rate Loans, Foreign Borrower Agent shall give Agent, Bank of America (Australia) and Bank of America (London), a Notice of Foreign Conversion/Continuation, no later than 12:00 p.m. (Local Time) at least three Business Days before the requested continuation date. Promptly after receiving any such notice, Agent shall notify each Foreign Lender thereof. Except as provided for in Section 3.6, each Notice of Foreign Conversion/Continuation shall be irrevocable, and shall specify the amount of Loans to be continued and the continuation date (which shall be a Business Day), and the duration of the Interest Period (which shall be deemed to be 30 days if not specified). If, upon the expiration of any Interest Period in respect of any Australian Bank Xxxx Rate Loans, Foreign Borrower Agent shall have failed to deliver a Notice of Foreign Conversion/Continuation, the applicable Foreign Borrowers shall be deemed to have elected to convert such Loans into Foreign Base Rate Loans.

Application of Australian Bank Xxxx Rate to Outstanding Loans. (a) Foreign The Applicable Australian Borrower Agent may on any Business Day, subject to delivery of a Notice of Foreign Conversion/ContinuationContinuation and the other terms hereof, elect to convert any portion of the Australian Base Rate Loans funded in Australian Dollars, or to continue any Australian Bank Xxxx Rate Loan at the end of its Interest Period as an Australian Bank Xxxx Rate Loan; provided, however, that such Australian Bank Xxxx Rate Loans may only be so converted at the end of the Interest Period applicable thereto. During any Default or Event of Default, Agent, Agent may (and shall at the direction of Required Borrower Group Lenders of the applicable Borrower Group, may Group that consists of the Australian Borrowers) declare that no Loan may be made made, converted or continued as an Australian Bank Xxxx Rate Loan. (b) Whenever Foreign Borrowers desire the Applicable Australian Borrower desires to convert or continue Loans as Australian Bank Xxxx Rate Loans, Foreign Borrower Asian Loan Party Agent shall give Agent, Bank of America (Australia) and Bank of America (London), Hong Kong) a Notice of Foreign Conversion/Continuation, no later than 12:00 p.m. 11:00 a.m. (Local Time) at least three Business Days before prior to the requested conversion or continuation date. Promptly after receiving any such notice, Agent shall notify each Foreign Australian Lender thereof. Except as provided for in Section 3.6, each Each Notice of Foreign Conversion/Continuation shall be irrevocable, and shall specify the amount of Loans to be continued and converted or continued, the conversion or continuation date (which shall be a Business Day), and the duration of the Interest Period (which shall be deemed to be 30 days if not specified). If, upon the expiration of any Interest Period in respect of any Australian Bank Xxxx Rate Loans, Foreign Borrower Asian Loan Party Agent shall have failed to deliver a Notice of Foreign Conversion/ContinuationContinuation with respect thereto as required above, the applicable Foreign Borrowers Applicable Australian Borrower shall be deemed to have elected to convert such Loans into Foreign Base Rate Loans.

Application of Australian Bank Xxxx Rate to Outstanding Loans. (a) The Foreign Borrower Agent may on any Business Day, subject to delivery of a Notice of Foreign Conversion/Continuation, elect to continue any Australian Bank Xxxx Rate Loan at the end of its Interest Period as an Australian Bank Xxxx Rate Loan. During any Default or Event of Default, Agent, Agent may (and shall at the direction of Required Borrower Group Lenders of the applicable Borrower Group, may ) declare that no Loan may be made or continued as an Australian Bank Xxxx Rate Loan. (b) Whenever Foreign Borrowers desire to continue Loans as Australian Bank Xxxx Rate Loans, the Foreign Borrower Agent shall give Agent, Bank of America (Australia) and Bank of America (London), a Notice of Foreign Conversion/Continuation, no later than 12:00 p.m. (Local Time) at least three Business Days before the requested continuation date. Promptly after receiving any such notice, Agent shall notify each Foreign Lender thereof. Except as provided for in Section 3.6, each Notice of Foreign Conversion/Continuation shall be irrevocable, and shall specify the amount of Loans to be continued and the continuation date (which shall be a Business Day), and the duration of the Interest Period (which shall be deemed to be 30 days if not specified). If, upon the expiration of any Interest Period in respect of any Australian Bank Xxxx Rate Loans, Foreign Borrower Agent shall have failed to deliver a Notice of Foreign Conversion/Continuation, the applicable Foreign Borrowers shall be deemed to have elected to convert such Loans into Foreign Base Rate Loans.

Application of Australian Bank Xxxx Rate to Outstanding Loans. (a) Foreign The Applicable Australian Borrower Agent may on any Business Day, subject to delivery of a Notice of Foreign Conversion/ContinuationContinuation and the other terms hereof, elect to convert any portion of the Australian Base Rate Loans funded in Australian Dollars, or to continue any Australian Bank Xxxx Rate Loan at the end of its Interest Period as an Australian Bank Xxxx Rate Loan; provided, that such Australian Bank Xxxx Rate Loans may only be so converted at the end of the Interest Period applicable thereto. During any Default or Event of Default, Agent, Agent may (and shall at the direction of Required Borrower Group Lenders of the applicable Borrower Group, may Group that consists of the Australian Borrowers) declare that no Loan may be made made, converted or continued as an Australian Bank Xxxx Rate Loan. (b) Whenever Foreign Borrowers desire the Applicable Australian Borrower desires to convert or continue Loans as Australian Bank Xxxx Rate Loans, Foreign Borrower Asian Loan Party Agent shall give Agent, Bank of America (Australia) and Bank of America (London), Hong Kong) a Notice of Foreign Conversion/Continuation, no later than 12:00 p.m. 11:00 a.m. (Local Time) at least three Business Days before prior to the requested conversion or continuation date. Promptly after receiving any such notice, Agent shall notify each Foreign Australian Lender thereof. Except as provided for in Section 3.6, each Each Notice of Foreign Conversion/Continuation shall be irrevocable, and shall specify the amount of Loans to be continued and converted or continued, the conversion or continuation date (which shall be a Business Day), and the duration of the Interest Period (which shall be deemed to be 30 days if not specified). If, upon the expiration of any Interest Period in respect of any Australian Bank Xxxx Rate Loans, Foreign Borrower Asian Loan Party Agent shall have failed to deliver a Notice of Foreign Conversion/ContinuationContinuation with respect thereto as required above, the applicable Foreign Borrowers Applicable Australian Borrower shall be deemed to have elected to convert such Loans into Foreign Base Rate Loans.