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

Application of LIBOR to Outstanding Loans. (a) 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 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. (b) Whenever a Borrower desires to convert or continue Loans as LIBOR Loans, the Loan Party Agent shall give the Agent a Notice of Conversion/Continuation, no later than 11:00 a.m. at least three (3) Business Days prior to the requested conversion or continuation date. Promptly after receiving any such notice, the Agent shall notify each Applicable Lender thereof. Each Notice of Conversion/Continuation shall be irrevocable, and shall specify the amount of Loans to be 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 one month if not specified). If, upon the expiration of any Interest Period in respect of any LIBOR Loans, the Loan Party Agent shall have failed to deliver a Notice of Conversion/Continuation with respect thereto as required above, the Borrowers shall be deemed to have elected to convert such Loans into U.S. Base Rate Loans (if owing by the U.S. Borrower) or Canadian Base Rate Loans (if owing by the Canadian Borrower).

Application of LIBOR to Outstanding Loans. (a) The 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 Loans, the Canadian Base Rate Loans, or the U.K. Base Rate Loans, as applicable applicable, to, or to continue any LIBOR Loan at the end of its Interest Period as, a LIBOR Loan, provided that, in the case of U.K. Base Rate Loans only, portions of such Loans may be converted to a LIBOR Loan denominated in Dollars only. During any Default or Event of Default, the 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. (b) Whenever a Borrower desires Borrowers desire to convert or continue Loans as LIBOR Loans, the Loan Party Borrower Agent shall give the Agent a Notice of Conversion/Continuation, no later than 11:00 a.m. at least three (3) Business Days prior to (and at least four Business Days in the case of a U.K. Revolver Loan) before the requested conversion or continuation date. Promptly after receiving any such notice, the Agent shall notify each Applicable Lender thereof. Each Notice of Conversion/Continuation shall be irrevocable, and shall specify the amount of Loans to be 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 one month 30 days if not specified). If, upon the expiration of any Interest Period in respect of any LIBOR Loans, the Loan Party Borrower Agent shall have failed to deliver a Notice of Conversion/Continuation with respect thereto as required aboveContinuation, the Borrowers shall be deemed to have elected to convert such Loans into U.S. Base Rate Loans (if owing by the U.S. Borrower) or Borrowers), Canadian Base Rate Loans (if owing by the Canadian Borrower), or a U.K. Base Rate Loan (if owing by the U.K. Borrower) if that LIBOR Loan was denominated in Dollars, or (as the case may be) a LIBOR Loan (the initial Interest Period of which shall be 30 days commencing on the date of expiration of the Interest Period applicable to that LIBOR Loan) if that LIBOR Loan was denominated in British Pounds or Euro.

Application of LIBOR to Outstanding Loans. (a) The 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 Loans, as applicable applicable, to, or to continue any LIBOR Loan at the end of its Interest Period as, a LIBOR Loan. During any Default or Event of Default, the 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. (b) Whenever a Borrower desires Borrowers desire to convert or continue Loans as LIBOR Loans, the Loan Party Borrower Agent shall give the Agent a Notice of Conversion/Continuation, no later than 11:00 a.m. at least three (3) Business Days prior to before the requested conversion or continuation date. Promptly after receiving any such notice, the Agent shall notify each Applicable Lender thereof. Each Notice of Conversion/Continuation shall be irrevocable, and shall specify the amount of Loans to be 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 one month 30 days if not specified). If, upon the expiration of any Interest Period in respect of any LIBOR Loans, the Loan Party Borrower Agent shall have failed to deliver a Notice of Conversion/Continuation with respect thereto as required aboveContinuation, the Borrowers shall be deemed to have elected to convert such Loans into U.S. Base Rate Loans (if owing by the U.S. BorrowerBorrowers) or Canadian Base Rate Loans (if owing by the Canadian Borrower).

Application of LIBOR to Outstanding Loans. (a) The 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 Loans, as applicable applicable, to, or to continue any LIBOR Loan at the end of its Interest Period as, a LIBOR Loan. During any Default or Event of Default, the 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. (b) Whenever a Borrower desires Borrowers desire to convert or continue Loans as LIBOR Loans, the Loan Party Borrower Agent shall give the Agent a Notice of Conversion/Continuation, no later than 11:00 9:00 a.m. at least three (3) Business Days prior to before the requested conversion or continuation date. Promptly after receiving any such notice, the Agent shall notify each Applicable Lender thereof. Each Notice of Conversion/Continuation shall be irrevocable, and shall specify the amount of Loans to be 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 one month 30 days if not specified). If, upon the expiration of any Interest Period in respect of any LIBOR Loans, the Loan Party Borrower Agent shall have failed to deliver a Notice of Conversion/Continuation with respect thereto as required aboveContinuation, the Borrowers they shall be deemed to have elected to convert such Loans into U.S. Base Rate Loans (if owing by the U.S. BorrowerBorrowers) or Canadian Base Rate Loans (if owing by the Canadian Borrower). Agent does not warrant or accept responsibility for, nor shall it have any liability with respect to, administration, submission or any other matter related to any rate described in the definition of LIBOR.

Application of LIBOR to Outstanding Loans. (a) The 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 Loans, the Canadian Base Rate Loans, or the U.K. Base Rate Loans, as applicable applicable, to, or to continue any LIBOR Loan at the end of its Interest Period as, a LIBOR Loan, provided that, in the case of U.K. Base Rate Loans only, portions of such Loans may be converted to a LIBOR Loan denominated in Dollars only. During any Default or Event of Default, the 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. (b) Whenever a Borrower desires Borrowers desire to convert or continue Loans as LIBOR Loans, the Loan Party Borrower Agent shall give the Agent a Notice of Conversion/Continuation, no later than 11:00 a.m. at least three (3) Business Days prior to (and at least four Business Days in the case of a U.K. Revolver Loan) before the requested conversion or continuation date. Promptly after receiving any such notice, the Agent shall notify each Applicable Lender (or Lenders with outstanding Term Loans if related to the Term Loans) thereof. Each Notice of Conversion/Continuation shall be irrevocable, and shall specify the amount of Loans to be 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 one month 30 days if not specified). If, upon the expiration of any Interest Period in respect of any LIBOR Loans, the Loan Party Borrower Agent shall have failed to deliver a Notice of Conversion/Continuation with respect thereto as required aboveContinuation, the Borrowers shall be deemed to have elected to convert such Loans into U.S. Base Rate Loans (if owing by the U.S. Borrower) or Borrowers), Canadian Base Rate Loans (if owing by the Canadian Borrower), or a U.K. Base Rate Loan (if owing by the U.K. Borrower) if that LIBOR Loan was denominated in Dollars, or (as the case may be) a LIBOR Loan (the initial Interest Period of which shall be 30 days commencing on the date of expiration of the Interest Period applicable to that LIBOR Loan) if that LIBOR Loan was denominated in British Pounds or Euro.

Application of LIBOR to Outstanding Loans. (a) 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. any Base Rate Loans Loan funded in Dollars, Euros or the Canadian Base Rate Loans, Sterling (as applicable applicable) to, or to continue any LIBOR Loan at the end of its Interest Period as, a LIBOR Loan. During any Default or Event of Default, the 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. (b) Whenever Borrowers within a Borrower desires Group desire to convert or continue Loans as LIBOR Loans, the relevant Loan Party Agent shall give the Agent (and in the case of any such request by (i) UK Borrowers, Bank of America (London) and (ii) Singapore Borrowers, Bank of America (Singapore) and Bank of America (Hong Kong)) a Notice of Conversion/Continuation, no later than 11:00 a.m. (Local Time) (or 1:00 p.m. (Local Time) in the case of a request on behalf of Canadian Borrowers or U.S. Borrowers) at least three (3) Business Days prior to the requested conversion or continuation date. Promptly after receiving any such notice, the Agent shall notify each Applicable Lender thereof. Each Notice of Conversion/Continuation shall be irrevocable, and shall specify the amount of Loans to be 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 one month 30 days if not specified). If, upon the expiration of any Interest Period in respect of any LIBOR Loans, the relevant Loan Party Agent shall have failed to deliver a Notice of Conversion/Continuation with respect thereto as required above, the Borrowers shall be deemed to have elected to convert such Loans into U.S. Base Rate Loans (if owing by the U.S. Borrower) or Canadian Base Rate Loans (if owing by the Canadian Borrower)Loans.

Application of LIBOR to Outstanding Loans. (a) 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. any Base Rate Loans Loan funded in Dollars, Euros or the Canadian Base Rate Loans, Sterling (as applicable applicable) to, or to continue any LIBOR Loan at the end of its Interest Period as, a LIBOR Loan. During any Default or Event of Default, the 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. (b) Whenever Borrowers within a Borrower desires Group desire to convert or continue Loans as LIBOR Loans, the relevant Loan Party Agent shall give Agent (and in the Agent case of any such request by (i) Australian Borrowers or New Zealand Borrowers, Bank of America (Australia) and Bank of America (Hong Kong), (ii) Belgian Borrowers, Dutch Borrowers or UK Borrowers, Bank of America (London), or (iii) Singapore Borrowers, Bank of America (Singapore) and Bank of America (Hong Kong)) a Notice of Conversion/Continuation, no later than 11:00 a.m. (Local Time) (or 1:00 p.m. (Local Time) in the case of a request on behalf of Canadian Borrowers or U.S. Borrowers) at least three (3) Business Days prior to the requested conversion or continuation date. Promptly after receiving any such notice, the Agent shall notify each Applicable Lender thereof. Each Notice of Conversion/Continuation shall be irrevocable, and shall specify the amount of Loans to be 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 one month 30 days if not specified). If, upon the expiration of any Interest Period in respect of any LIBOR Loans, the relevant Loan Party Agent shall have failed to deliver a Notice of Conversion/Continuation with respect thereto as required above, the Borrowers shall be deemed to have elected to convert such Loans into U.S. Base Rate Loans (if owing by the U.S. Borrower) or Canadian Base Rate Loans (if owing by the Canadian Borrower)Loans.

Application of LIBOR to Outstanding Loans. (a) 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. any Base Rate Loans Loan funded in Dollars, Euros or the Canadian Base Rate Loans, Sterling (as applicable applicable) to, or to continue any LIBOR Loan at the end of its Interest Period as, a LIBOR Loan. During any Default or Event of Default, the 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. (b) Whenever Borrowers within a Borrower desires Group desire to convert or continue Loans as LIBOR Loans, the relevant Loan Party Agent shall give Agent (and in the Agent case of any such request by (i) Australian Borrowers or New Zealand Borrowers, Bank of America (Australia) and Bank of America (Hong Kong), (ii) Belgian Borrowers, Dutch Borrowers, Norwegian Borrowers or UK Borrowers, Bank of America (London), or (iii) Singapore Borrowers, Bank of America (Singapore) and Bank of America (Hong Kong)) a Notice of Conversion/Continuation, no later than 11:00 a.m. (Local Time) (or 1:00 p.m. (Local Time) in the case of a request on behalf of Canadian Borrowers or U.S. Borrowers) at least three (3) Business Days prior to the requested conversion or continuation date. Promptly after receiving any such notice, the Agent shall notify each Applicable Lender thereof. Each Notice of Conversion/Continuation shall be irrevocable, and shall specify the amount of Loans to be 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 one month 30 days if not specified). If, upon the expiration of any Interest Period in respect of any LIBOR Loans, the relevant Loan Party Agent shall have failed to deliver a Notice of Conversion/Continuation with respect thereto as required above, the Borrowers shall be deemed to have elected to convert such Loans into U.S. Base Rate Loans (if owing by other than in the U.S. Borrower) or Canadian Base Rate case of Norwegian Borrowers which shall be deemed to have elected to continue such Loans (if owing by the Canadian Borroweras LIBOR Loans with a one month Interest Period).

Application of LIBOR to Outstanding Loans. (a) The 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 Loans, as applicable to, or to continue any LIBOR Loan at the end of its Interest Period as, a LIBOR Loan. During any Default or Event of Default, the 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. (b) Whenever Borrowers within a Borrower desires Group desire to convert or continue Loans as LIBOR Loans, the Loan Party Borrower Agent shall give the Agent a Notice of Conversion/Continuation, no later than 11:00 a.m. (Local Time) at least three (3) Business Days prior to before the requested conversion or continuation date. Promptly after receiving any such notice, the Agent shall notify each Applicable Lender thereof. Each Notice of Conversion/Continuation shall be irrevocable, and shall specify the amount of Loans to be 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 one month 30 days if not specified). If, upon the expiration of any Interest Period in respect of any LIBOR Loans, the Loan Party Borrower Agent shall have failed to deliver a Notice of Conversion/Continuation with respect thereto as required aboveContinuation, the applicable Borrowers shall be deemed to have elected to convert such Loans into U.S. Base Rate Loans (if owing by the U.S. BorrowerBorrowers) or Canadian Base Rate Loans (if owing by the any Canadian Borrower).

Application of LIBOR to Outstanding Loans. (a) 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 any Default or Event of Default, the 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. (b) Whenever Borrowers within a Borrower desires Group desire to convert or continue Loans as LIBOR Loans, the Loan Party Agent shall give the Agent a Notice of Conversion/Continuation, no later than 11:00 a.m. 1:00 p.m. at least three (3) Business Days prior to the requested conversion or continuation date. Promptly after receiving any such notice, the Agent shall notify each Applicable Lender thereof. Each Notice of Conversion/Continuation shall be irrevocable, and shall specify the amount of Loans to be 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 one month if not specified). If, upon the expiration of any Interest Period in respect of any LIBOR Loans, the Loan Party Agent shall have failed to deliver a Notice of Conversion/Continuation with respect thereto as required above, the Borrowers shall be deemed to have elected to convert such Loans into U.S. Base Rate Loans (if owing by the U.S. BorrowerBorrowers) or Canadian Base Rate Loans (if owing by the any Canadian Borrower).

Application of LIBOR to Outstanding Loans. (a) 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 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. (b) Whenever a Borrower desires to convert or continue Loans as LIBOR Loans, the Loan Party Agent shall give the Agent a Notice of Conversion/Continuation, no later than 11:00 a.m. at least three (3) Business Days prior to the requested conversion or continuation date. Promptly after receiving any such notice, the Agent shall notify each Applicable Lender thereof. Each Notice of Conversion/Continuation shall be irrevocable, and shall specify the amount of Loans to be 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 one (1) month if not specified). If, upon the expiration of any Interest Period in respect of any LIBOR Loans, the Loan Party Agent shall have failed to deliver a Notice of Conversion/Continuation with respect thereto as required above, the Borrowers shall be deemed to have elected to convert such Loans into U.S. Base Rate Loans (if owing by the U.S. Borrower) or Canadian Base Rate Loans (if owing by the Canadian Borrower).

Application of LIBOR to Outstanding Loans. (a) The 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 Loans, as applicable to, or to continue any LIBOR Loan at the end of its Interest Period as, a LIBOR LoanLoan or to convert any portion of the LIBOR Loans to Base Rate Loans. During any Default or Event of Default, the 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. (b) Whenever Borrowers within a Borrower desires Group desire to convert or continue Loans as LIBOR Loans, the Loan Party or to convert Loans to Base Rate Loans, Borrower Agent shall give the Agent a Notice of Conversion/Continuation, no later than 11:00 a.m. (Local Time) at least three (3) two Business Days prior to before the requested conversion or continuation date. Promptly after receiving any such notice, the Agent shall notify each Applicable Lender thereof. Each Notice of Conversion/Continuation shall be irrevocable, and shall specify the amount of Loans to be 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 one month if not specified). If, upon the expiration of any Interest Period in respect of any LIBOR Loans, the Loan Party Borrower Agent shall have failed to deliver a Notice of Conversion/Continuation with respect thereto as required aboveContinuation, the applicable Borrowers shall be deemed to have elected to convert such Loans into U.S. Base Rate Loans (if owing by the U.S. BorrowerBorrowers) or Canadian Base Rate Loans (if owing by the any Canadian Borrower). Agent does not warrant or accept responsibility for, nor shall it have any liability with respect to, administration, submission or any other matter related to any rate described in the definition of LIBOR.