Common use of At Expiration of Interest Periods Clause in Contracts

At Expiration of Interest Periods. Prior to the termination of --------------------------------- each Interest Period with respect to each LIBOR Tranche, Borrower shall give written notice (a "Rollover Notice") to Lender of the Interest Option which --------------- shall be applicable to such portion of the Loan upon the expiration of such Interest Period. Such Rollover Notice shall be given to Lender at least two (2) LIBOR Business Days prior to the termination of such Interest Period if a LIBOR Tranche is requested. Each Rollover Notice shall be irrevocable and effective upon notification thereof to Lender. If the required Rollover Notice shall not have been timely received by Lender (in accordance with the above provisions of this Section 2.6) prior to the expiration of the then relevant Interest Period ----------- in effect when such notice was required to be given, Borrower shall be deemed to have selected the Base Rate to be applicable to such portion of the outstanding balance of the Note upon expiration of such Interest Period and to have given Lender notice of such selection.

Appears in 1 contract

Samples: Credit Agreement (Canaan Energy Corp)

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At Expiration of Interest Periods. Prior to the termination of --------------------------------- each Interest Period with respect to each LIBOR TrancheLoan, Borrower shall give written notice (a "" Rollover Notice") to Lender Bank of the Interest Option which --------------- shall be applicable to such portion of the Loan upon the expiration of such Interest Period. Such Rollover Notice shall be given to Lender Bank at least two one (21) Business Day, in the case of a Base Rate selection, or three (3) LIBOR Business Days Days, in the case of a LIBOR Rate selection, prior to the termination of such Interest Period if Period. If Borrower shall specify a LIBOR Tranche is requestedRate, such Rollover Notice shall also specify the length of the succeeding Interest Period (subject to the provisions of the definitions of such term), selected by Borrower with respect to such portion of the Loan. Each Rollover Notice shall be irrevocable and effective upon notification thereof to LenderBank. If the required Rollover Notice shall not have been timely received by Lender Bank (in accordance with the above provisions of this Section 2.62.6(b)) prior to the expiration of the then relevant Interest Period ----------- in effect when such notice was required to be given, Borrower shall be deemed to have selected the Base Rate rate set forth in Section 2.5(a) to be applicable to such portion of the outstanding balance of the Note Loan upon expiration of such Interest Period and to have given Lender Bank notice of such selection.

Appears in 1 contract

Samples: Credit Agreement (Cmi Corp)

At Expiration of Interest Periods. Prior to the termination of --------------------------------- each Interest Period with respect to each LIBOR TrancheLoan, Borrower shall give written notice (a "" Rollover Notice") to Lender Agent of the Interest Option which --------------- shall be applicable to such portion of the Loan upon the expiration of such Interest Period. Such Rollover Notice shall be given to Lender Agent at least two one (21) LIBOR Business Days Day, in the case of a LIBOR Rate selection, prior to the termination of such Interest Period if Period. No advance notice is necessary to convert to a Base Rate Loan. If Borrower shall specify a LIBOR Tranche is requestedRate, such Rollover Notice shall also specify the length of the succeeding Interest Period (subject to the provisions of the definitions of such term), selected by Borrower with respect to such portion of the Loan. Each Rollover Notice shall be irrevocable and effective upon notification thereof to LenderAgent. If the required Rollover Notice shall not have been timely received by Lender Agent (in accordance with the above provisions of this Section 2.62.6(b)) prior to the expiration of the then relevant Interest Period ----------- in effect when such notice was required to be given, Borrower shall be deemed to have selected the Base Rate rate set forth in Section 2.5(a) to be applicable to such portion of the outstanding balance of the Note Loan upon expiration of such Interest Period and to have given Lender Agent notice of such selection.

Appears in 1 contract

Samples: Credit Agreement (Cmi Corp)

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At Expiration of Interest Periods. Prior to the termination of --------------------------------- each Interest Period with respect to each LIBOR TranchePeriod, Borrower shall give written notice (a "Rollover Notice") to Lender of Bank an Interest Notice specifying the Interest Option interest option which --------------- shall be applicable to such portion of the LIBOR Loan upon the expiration of such Interest Period. Such Rollover The Interest Notice shall be given to Lender Bank at least two (2) LIBOR Business Days prior to the termination of such Interest Period. Such Interest Notice shall also specify the length of the succeeding Interest Period if (subject to the provisions of the definitions of such terms) selected by Borrower with respect to such LIBOR Loan; provided, however, no Interest Period shall be selected that terminates after the Maturity Date and no Interest Period may be selected that extends beyond a LIBOR Tranche date on which Borrower is requestedrequired to make a scheduled payment of principal under this Amended and Restated Promissory Note, unless the sum of Prime Rate Loans equals or exceeds the principal amount required to be paid on such date. Each Rollover Interest Notice shall be irrevocable and effective upon notification thereof to LenderBank. If Notwithstanding the foregoing, if the Interest Notice is not given by Borrower or if the required Rollover Interest Notice shall is not have been timely received by Lender (in accordance with the above provisions of this Section 2.6) prior to the expiration of the then relevant Interest Period ----------- in effect when such notice was required to be given, Bank. Borrower shall be deemed automatically to have selected requested that the Base Bank make a Prime Rate to be Loan on the last day of the Interest Period applicable to such portion any LIBOR Loan in an amount necessary to pay the principal of the outstanding balance of the Note upon expiration of LIBOR Loan maturing on such Interest Period and to have given Lender notice of such selectiondate.

Appears in 1 contract

Samples: Loan Agreement (Temtex Industries Inc)

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