Base Rate Loans or Other Fixed Rate Loans Substituted for Affected Fixed Rate Loans. If (i) the obligation of any Bank to make or maintain Euro-Dollar Loans or Syndicated Foreign Currency Loans has been suspended pursuant to Section 8.02 or (ii) any Bank has demanded compensation under Section 8.03, and the Parent shall, by at least 5 Euro-Dollar Business Days' prior notice to such Bank through the Agent, have elected that the provisions of this Section shall apply to such Bank, then, unless and until such Bank notifies the Parent that the circumstances giving rise to such suspension or demand for compensation no longer apply: (a) all Loans which would otherwise be made by such Bank as Syndicated Foreign Currency Loans or Euro-Dollar Loans, as the case may be, shall be made instead either (A) as Base Rate Loans, (B) if such suspension or demand for compensation relates to Euro-Dollar Loans, but not Syndicated Foreign Currency Loans, as Syndicated Foreign Currency Loans, or (C) if such demand for compensation relates to Syndicated Foreign Currency Loans, but not Euro-Dollar Loans, as Euro-Dollar Loans, as the Parent may elect in the notice to such Bank through the Agent referred to hereinabove (in all cases interest and principal on such Loans shall be payable contemporaneously with the related Fixed Rate Loans of the other Banks), and (b) after each of its Syndicated Foreign Currency Loans or Euro-Dollar Loans, as the case may be, has been repaid, all payments of principal which would otherwise be applied to repay such Fixed Rate Loans shall be applied to repay its Base Rate Loans instead. In the event that the Parent shall elect that the provisions of this Section shall apply to any Bank, the Borrowers shall remain liable for, and shall pay to such Bank as provided herein, all amounts due such Bank under Section 8.03 in respect of the period preceding the date of conversion of such Bank's Loans resulting from the Parent's election.
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Samples: Credit Agreement (Valspar Corp), Credit Agreement (Valspar Corp)
Base Rate Loans or Other Fixed Rate Loans Substituted for Affected Fixed Rate Loans. If (i) the obligation of any Bank to make or maintain Euro-Dollar Loans or Syndicated Foreign Currency any type of Fixed Rate Loans has been suspended pursuant to Section 8.02 or (ii) any Bank has demanded compensation under Section 8.03, and the Parent Borrower shall, by at least 5 Euro-Dollar Business Days' or Foreign Currency Business Days, as applicable, prior notice to such Bank through the Agent, have elected that the provisions of this Section shall apply to such Bank, then, unless and until such Bank notifies the Parent Borrower that the circumstances giving rise to such suspension or demand for compensation no longer apply:
(a) all Loans which would otherwise be made by such Bank as Syndicated Foreign Currency Loans or Euro-Dollar Loans or Foreign Currency Loans, as the case may be, shall be made instead either (A) as Base Rate Loans, (B) if such suspension or demand for compensation relates to Euro-Dollar Loans, but not Syndicated Foreign Currency Loans, as Syndicated Foreign Currency Loans, or (C) if such demand for compensation relates to Syndicated Foreign Currency Loans, but not Euro-Dollar Loans, as Euro-Dollar Loans, as the Parent Borrower may elect in the notice to such Bank through the Agent referred to hereinabove (in all cases interest and principal on such Loans shall be payable contemporaneously with the related Fixed Rate Loans of the other Banks), and
(b) after each of its Syndicated Foreign Currency Loans or Euro-Dollar Loans or Foreign Currency Loans, as the case may be, has been repaid, all payments of principal which would otherwise be applied to repay such Fixed Rate Loans shall be applied to repay its Base Rate Loans instead. In the event that the Parent shall elect that the provisions of this Section shall apply to any Bank, the Borrowers shall remain liable for, and shall pay to such Bank as provided herein, all amounts due such Bank under Section 8.03 in respect of the period preceding the date of conversion of such Bank's Loans resulting from the Parent's election.
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Samples: Credit Agreement (Culp Inc)
Base Rate Loans or Other Fixed Rate Loans Substituted for Affected Fixed Rate Loans. If (i) the obligation of any Bank to make or maintain Euro-Dollar Loans or Syndicated Foreign Currency any type of Fixed Rate Loans has been suspended pursuant to Section 8.02 or (ii) any Bank has demanded compensation under Section 8.03, and the Parent Borrower shall, by at least 5 Euro-Dollar Business Days' or Foreign Currency Business Days, as applicable, prior notice to such Bank through the Administrative Agent, have elected that the provisions of this Section shall apply to such Bank, then, unless and until such Bank notifies the Parent Borrower that the circumstances giving rise to such suspension or demand for compensation no longer apply:
(a) all Loans which would otherwise be made by such Bank as Syndicated Foreign Currency Loans or Euro-Dollar Loans or Foreign Currency Loans, as the case may be, shall be made instead either (A) as Base Rate Loans, (B) if such suspension or demand for compensation relates to Euro-Dollar Loans, but not Syndicated Foreign Currency Loans, as Syndicated Foreign Currency Loans, or (C) if such demand for compensation relates to Syndicated Foreign Currency Loans, but not Euro-Dollar Loans, as Euro-Dollar Loans, as the Parent Borrower may elect in the notice to such Bank through the Administrative Agent referred to hereinabove (in all cases interest and principal on such Loans shall be payable contemporaneously with the related Fixed Rate Loans of the other Banks), and
(b) after each of its Syndicated Foreign Currency Loans or Euro-Dollar Loans or Foreign Currency Loans, as the case may be, has been repaid, all payments of principal which would otherwise be applied to repay such Fixed Rate Loans shall be applied to repay its Base Rate Loans instead. In the event that the Parent shall elect that the provisions of this Section shall apply to any Bank, the Borrowers shall remain liable for, and shall pay to such Bank as provided herein, all amounts due such Bank under Section 8.03 in respect of the period preceding the date of conversion of such Bank's Loans resulting from the Parent's election.
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Base Rate Loans or Other Fixed Rate Loans Substituted for Affected Fixed Rate Loans. If (i) the obligation of any Bank to make or maintain Euro-Dollar Loans or Syndicated Foreign Currency any type of Fixed Rate Loans has been suspended pursuant to Section 8.02 or (ii) any Bank has demanded compensation under Section 8.03, and the Parent Borrower shall, by at least 5 Euro-Dollar Business Days' or Foreign Currency Business Days, as applicable, prior notice to such Bank through the Administrative Agent, have elected that the provisions of this Section shall apply to such Bank, then, unless and until such Bank notifies the Parent that the circumstances giving rise to such suspension or demand for compensation no longer apply:and
(a) all Loans which would otherwise be made by such Bank as, or permitted to be continued as Syndicated Foreign Currency Loans or converted into, Euro-Dollar Loans or Foreign Currency Loans, as the case may be, shall be instead be made instead either as or converted into (A) as Base Rate Loans, (B) if such suspension or demand for compensation relates to Euro-Dollar Loans, but not Syndicated Foreign Currency Loans, as Syndicated Foreign Currency Loans, or and (C) if such demand for compensation relates to Syndicated Foreign Currency Loans, but not Euro-Dollar Loans, as Euro-Dollar Loans, as the Parent Borrower may elect in the notice to such Bank through the Administrative Agent referred to hereinabove (in all cases interest and principal on such Loans shall be payable contemporaneously with the related Fixed Rate Loans of the other Banks), and
(b) after each of its Syndicated Foreign Currency Loans or Euro-Dollar Loans or Foreign Currency Loans, as the case may be, has been repaid, all payments of principal which would otherwise be applied to repay such Fixed Rate Loans shall be applied to repay its Base Rate Loans instead. In the event that the Parent shall elect that the provisions of this Section shall apply to any Bank, the Borrowers shall remain liable for, and shall pay to such Bank as provided herein, all amounts due such Bank under Section 8.03 in respect of the period preceding the date of conversion of such Bank's Loans resulting from the Parent's election.
Appears in 1 contract
Samples: Credit Agreement (Russell Corp)
Base Rate Loans or Other Fixed Rate Loans Substituted for Affected Fixed Rate Loans. If (i) the obligation of any Bank to make or maintain Euro-Dollar Loans or Syndicated Foreign Currency any type of Fixed Rate Loans has been suspended pursuant to Section 8.02 or (ii) any Bank has demanded compensation under Section 8.03, and the Parent Borrower shall, by at least 5 Euro-Dollar Business Days' or Foreign Currency Business Days, as applicable, prior notice to such Bank through the Agent, have elected that the provisions of this Section shall apply to such Bank, then, unless and until such Bank notifies the Parent Borrower that the circumstances giving rise to such suspension or demand for compensation no longer apply:
(a) all Loans which would otherwise be made by such Bank as Syndicated Foreign Currency Loans or Euro-Dollar Loans or Foreign Currency Loans, as the case may be, shall be made instead either (A) as Base Rate Loans, (B) if such suspension or demand for compensation relates to Euro-Dollar Loans, but not Syndicated Foreign Currency Loans, as Syndicated Foreign Currency Loans, or (C) if such demand for compensation relates to Syndicated Foreign Currency Loans, but not Euro-Dollar Loans, as Euro-Dollar Loans, as the Parent Borrower may elect in the notice to such Bank through the Agent referred to hereinabove (in all cases interest and principal on such Loans shall be payable contemporaneously with the related Fixed Rate Loans of the other Banks), and
(b) after each of its Syndicated Foreign Currency Loans or Euro-Dollar Loans or Foreign Currency Loans, as the case may be, has been repaid, all payments of principal which would otherwise be applied to repay such Fixed Rate Loans shall be applied to repay its Base Rate Loans instead. In the event that the Parent shall elect that the provisions of this Section shall apply to any Bank, the Borrowers shall remain liable for, and shall pay to such Bank as provided herein, all amounts due such Bank under Section 8.03 in respect of the period preceding the date of conversion of such Bank's Loans resulting from the Parent's election.
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Base Rate Loans or Other Fixed Rate Loans Substituted for Affected Fixed Rate Loans. If (i) the obligation of any Bank to make or maintain Euro-Dollar Loans or Syndicated Foreign Currency any type of Fixed Rate Loans has been suspended pursuant to Section 8.02 or (ii) any Bank has demanded compensation under Section 8.03, and the Parent Borrower shall, by at least 5 Euro-Dollar Business Days' or Foreign Currency Business Days, as applicable, prior notice to such Bank through the Administrative Agent, have elected that the provisions of this Section shall apply to such Bank, then, unless and until such Bank notifies the Parent Borrower that the circumstances giving rise to such suspension or demand for compensation no longer apply:
(a) all Loans which would otherwise be made by such Bank as, or permitted to be continued as Syndicated Foreign Currency Loans or converted into, Euro-Dollar Loans or Foreign Currency Loans, as the case may be, shall be instead be made instead either as or converted into (A) as Base Rate Loans, (B) if such suspension or demand for compensation relates to Euro-Dollar Loans, but not Syndicated Foreign Currency Loans, as Syndicated Foreign Currency Loans, or and (C) if such demand for compensation relates to Syndicated Foreign Currency Loans, but not Euro-Dollar Loans, as Euro-Dollar Loans, as the Parent Borrower may elect in the notice to such Bank through the Administrative Agent referred to hereinabove (in all cases interest and principal on such Loans shall be payable contemporaneously with the related Fixed Rate Loans of the other Banks), and
(b) after each of its Syndicated Foreign Currency Loans or Euro-Dollar Loans or Foreign Currency Loans, as the case may be, has been repaid, all payments of principal which would otherwise be applied to repay such Fixed Rate Loans shall be applied to repay its Base Rate Loans instead. In the event that the Parent shall elect that the provisions of this Section shall apply to any Bank, the Borrowers shall remain liable for, and shall pay to such Bank as provided herein, all amounts due such Bank under Section 8.03 in respect of the period preceding the date of conversion of such Bank's Loans resulting from the Parent's election.
Appears in 1 contract
Samples: Credit Agreement (Russell Corp)
Base Rate Loans or Other Fixed Rate Loans Substituted for Affected Fixed Rate Loans. (a) If (i) the i)the obligation of any Bank to make or maintain Euro-Dollar Loans or Syndicated Foreign Currency any type of Fixed Rate Loans has been suspended pursuant to Section 8.02 or (ii) any Bank has demanded compensation under Section 8.03, and the Parent Franklin Electric shall, by at least 5 Euro-Dollar Business Days' or Foreign Currency Business Days', as applicable, prior notice to such Bank through the Agent, have elected that the provisions of this Section shall apply to such Bank, then, unless and until such Bank notifies the Parent Franklin Electric that the circumstances giving rise to such suspension or demand for compensation no longer apply:
(aA) all Loans which would otherwise be made by such Bank as Syndicated Foreign Currency Loans or Euro-Dollar Loans, as the case may be, shall be made instead either (A) as Base Rate Loans, (B) if such suspension or demand for compensation relates to Euro-Dollar Loans, but not Syndicated Foreign Currency Loans, as Syndicated Foreign Currency Loans, or (C) if such demand for compensation relates to Syndicated Foreign Currency Loans, but not Euro-Dollar Loans, as Euro-Dollar Loans, as the Parent Franklin Electric may elect in the notice to such Bank through the Agent referred to hereinabove (in all cases interest and principal on such Loans shall be payable contemporaneously with the related Fixed Rate Loans of the other Banks), and
(bB) after each of its Syndicated Foreign Currency Loans or Euro-Dollar Loans, as the case may be, has been repaid, all payments of principal which would otherwise be applied to repay such Fixed Rate Loans shall be applied to repay its Base Rate Loans instead. In the event that the Parent Franklin Electric shall elect that the provisions of this Section shall apply to any Bank, the Borrowers Franklin Electric shall remain liable for, and shall pay to such Bank as provided herein, all amounts due such Bank under Section 8.03 in respect of the period preceding the date of conversion of such Bank's Loans resulting from the ParentFranklin Electric's election.
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Base Rate Loans or Other Fixed Rate Loans Substituted for Affected Fixed Rate Loans. If (i) the obligation of any Bank to make or maintain Euro-Dollar Loans or Syndicated Foreign Currency Loans has been suspended pursuant to Section 8.02 or (ii) any Bank has demanded compensation under Section 8.03, and the Parent shall, by at least 5 Euro-Dollar Business Days' prior notice to such Bank through the Agent, have elected that the provisions of this Section shall apply to such Bank, then, unless and until such Bank notifies the Parent that the circumstances giving rise to such suspension or demand for compensation no longer apply:
(a) all Loans which would otherwise be made by such Bank as Syndicated Foreign Currency Loans or Euro-Dollar Loans, as the case may be, shall be made instead either (A) as Base Rate Loans, (B) if such suspension or demand for compensation relates to Euro-Dollar Loans, but not Syndicated Foreign Currency Loans, as Syndicated Foreign Currency Loans, or (C) if such demand for compensation relates to Syndicated Foreign Currency Loans, but not Euro-Dollar Loans, as Euro-Dollar Loans, as the Parent may elect in the notice to such Bank through the Agent referred to hereinabove (in all cases interest and principal on such Loans shall be payable contemporaneously with the related Fixed Rate Loans of the other Banks), and
(b) after each of its Syndicated Foreign Currency Loans or Euro-Dollar Loans, as the case may be, has been repaid, all payments of principal which would otherwise be applied to repay such Fixed Rate Loans shall be applied to repay its Base Rate Loans instead. In the event that the Parent shall elect that the provisions of this Section shall apply to any Bank, the Borrowers Borrower shall remain liable for, and shall pay to such Bank as provided herein, all amounts due such Bank under Section 8.03 in respect of the period preceding the date of conversion of such Bank's Loans resulting from the Parent's election.
Appears in 1 contract
Samples: Credit Agreement (Valspar Corp)
Base Rate Loans or Other Fixed Rate Loans Substituted for Affected Fixed Rate Loans. (a) If (i) the obligation of any Bank to make or maintain Euro-Dollar Loans or Syndicated Foreign Currency any type of Fixed Rate Loans has been suspended pursuant to Section 8.02 or (ii) any Bank has demanded compensation under Section 8.03, and the Parent Franklin Electric shall, by at least 5 Euro-Dollar Business Days' or Foreign Currency Business Days', as applicable, prior notice to such Bank through the Agent, have elected that the provisions of this Section shall apply to such Bank, then, unless and until such Bank notifies the Parent Franklin Electric that the circumstances giving rise to such suspension or demand for compensation no longer apply:
(aA) all Loans which would otherwise be made by such Bank as Syndicated Foreign Currency Loans or Euro-Dollar Loans, as the case may be, shall be made instead either (A) as Base Rate Loans, (B) if such suspension or demand for compensation relates to Euro-Dollar Loans, but not Syndicated Foreign Currency Loans, as Syndicated Foreign Currency Loans, or (C) if such demand for compensation relates to Syndicated Foreign Currency Loans, but not Euro-Dollar Loans, as Euro-Dollar Loans, as the Parent Franklin Electric may elect in the notice to such Bank through the Agent referred to hereinabove (in all cases interest and principal on such Loans shall be payable contemporaneously with the related Fixed Rate Loans of the other Banks), and
(bB) after each of its Syndicated Foreign Currency Loans or Euro-Dollar Loans, as the case may be, has been repaid, all payments of principal which would otherwise be applied to repay such Fixed Rate Loans shall be applied to repay its Base Rate Loans instead. In the event that the Parent Franklin Electric shall elect that the provisions of this Section shall apply to any Bank, the Borrowers Franklin Electric shall remain liable for, and shall pay to such Bank as provided herein, all amounts due such Bank under Section 8.03 in respect of the period preceding the date of conversion of such Bank's Loans resulting from the ParentFranklin Electric's election.
(b) If any Bank (the "Requesting Bank") gives any notice to Franklin Electric pursuant to Section 8.02 suspending such Bank's obligation to make Euro- Dollar Loans or Foreign Currency Loans or demands compensation or any other amount under Section 8.03, then upon written notice to the Agent and the Requesting Bank given no later than 60 days after such suspension or demand, Franklin Electric shall have the right to (i) seek a bank or banks (the "Replacement Bank"), satisfactory to Franklin Electric and the Agent (whose approval will not be unreasonably withheld), to purchase all of the Requesting Bank's rights and assume its obligations under this Agreement, the Notes and the other Loan Documents pursuant to Section 9.07 or (ii) terminate the Requesting Bank's Commitment upon payment to the Requesting Bank of its share of the outstanding principal amount of all Loans, all accrued interest thereon and any other amounts payable to the Requesting Bank hereunder; provided that prior to any purchase by a Replacement Bank under clause (i) above or any termination of any Commitment under clause (ii) above, the remaining Banks shall have the opportunity (which opportunity shall allow such remaining Banks at least 15 Domestic Business Days in which to make a decision) ratably to purchase (in the form of an Assignment and Acceptance in accordance with their respective percentage of the aggregate amount of the Commitments) the Requesting Bank's rights and assume its obligations under this Agreement, the Notes and the other Loan Documents pursuant to Section
Appears in 1 contract
Base Rate Loans or Other Fixed Rate Loans Substituted for Affected Fixed Rate Loans. (a) If (i) the obligation of any Bank to make or maintain Euro-Dollar Loans or Syndicated Foreign Currency any type of Fixed Rate Loans has been suspended pursuant to Section 8.02 or (ii) any Bank has demanded compensation under Section 8.03, and the Parent Borrower shall, by at least 5 Euro-Dollar Business Days or Foreign Currency Business Days' , as applicable, prior notice to such Bank through the Administrative Agent, have elected that the provisions of this Section shall apply to such Bank, then, unless and until such Bank notifies the Parent Borrower that the circumstances giving rise to such suspension or demand for compensation no longer apply:
(ai) all Loans which would otherwise be made by such Bank as Syndicated Foreign Currency Loans or Euro-Dollar Loans, as the case may be, shall be made instead either (A) as Base Rate Loans, (B) if such suspension or demand for compensation relates to Euro-Dollar Loans, but not Syndicated Foreign Currency Loans, as Syndicated Foreign Currency Loans, or (C) if such demand for compensation relates to Syndicated Foreign Currency Loans, but not Euro-Dollar Loans, as Euro-Dollar Loans, as the Parent Borrower may elect in the notice to such Bank through the Administrative Agent referred to hereinabove (in all cases interest and principal on such Loans shall be payable contemporaneously with the related Fixed Rate Loans of the other Banks), and
(bii) after each of its Syndicated Foreign Currency Loans or Euro-Dollar Loans, as the case may be, has been repaid, all payments of principal which would otherwise be applied to repay such Fixed Rate Loans shall be applied to repay its Base Rate Loans instead. In the event that the Parent Borrower shall elect that the provisions of this Section shall apply to any Bank, the Borrowers Borrower shall remain liable for, and shall pay to such Bank as provided herein, all amounts due such Bank under Section 8.03 in respect of the period preceding the date of conversion of such Bank's Loans resulting from the ParentBorrower's election.
(b) If any Bank (the "Requesting Bank") gives any notice to the Borrower pursuant to Section 8.02 suspending such Bank's obligation to make Euro-Dollar Loans or Foreign Currency Loans or demands compensation or any other amount under Section 8.03, then upon written notice to the Administrative Agent and the Requesting Bank given no later than 60 days after such suspension or demand, the Borrower shall have the right to (i) 55
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