Common use of Application of LIBOR to Outstanding Loans Clause in Contracts

Application of LIBOR to Outstanding Loans. (a) Each Borrower may on any Business Day, subject to delivery of a Notice of Conversion/Continuation and the other terms hereof, elect to convert any portion of the U.S. Base Rate Loans or the Canadian Base Rate Loans, as applicable to, or to continue any LIBOR Loan at the end of its Interest Period as, a LIBOR Loan. During the continuance of any Event of Default, Agent may (and shall at the direction of Required Facility Lenders of the applicable Borrower) declare that no Loan may be made, converted or continued as a LIBOR Loan.

Application of LIBOR to Outstanding Loans. (a) Each Borrower The Borrowers may on any Business Day, subject to delivery of a Notice of Conversion/Continuation and the other terms hereof, elect to convert any portion of the U.S. Base Rate Loans or the Canadian Base Rate Loans, as applicable to, or to continue any LIBOR Loan at the end of its Interest Period as, a LIBOR Loan. During the continuance of any Default or Event of Default, the Agent may (and shall at the direction of Required Facility Lenders of the applicable Borrower) declare that no Loan may be made, converted or continued as a LIBOR Loan.

Application of LIBOR to Outstanding Loans. (a) Each Borrower Borrowers may on any Business Day, subject to delivery of a Notice of Conversion/Continuation and the other terms hereof, elect to convert any portion of the U.S. Base Rate Loans or the Canadian Base Rate Loans, as applicable to, or to continue any LIBOR Loan at the end of its Interest Period as, a LIBOR Loan. During the continuance of any Event of Default, Agent may (and shall at the direction of Required Facility Borrower Group Lenders of the applicable BorrowerBorrower Group) declare that no Loan may be made, converted or continued as a LIBOR Loan.

Application of LIBOR to Outstanding Loans. (a) Each Borrower Borrowers may on any Business Day, subject to delivery of a Notice of Conversion/Continuation and the other terms hereofContinuation, elect to convert any portion of the U.S. Base Rate Loans or the Canadian Base Rate 41 Loans, as applicable applicable, to, or to continue any LIBOR Loan at the end of its Interest Period as, a LIBOR Loan. During the continuance of any Default or Event of Default, Agent may (and shall at the direction of Required Facility Lenders of the applicable BorrowerLenders) declare that no Loan may be made, converted or continued as a LIBOR Loan.