Borrowing; Conversion; Continuation Clause Samples
The 'Borrowing; Conversion; Continuation' clause outlines the procedures by which a borrower can request new loans, convert existing loans from one type to another (such as from a floating to a fixed interest rate), or continue loans beyond their original maturity date. Typically, this clause specifies the notice requirements, timing, and any conditions that must be met for these actions, such as minimum amounts or lender consent. Its core function is to provide flexibility for the borrower in managing their debt obligations while ensuring the lender has clear guidelines for processing such requests.
Borrowing; Conversion; Continuation. Borrower may from time to time, on or after the Closing Date (and subject to the satisfaction of the requirements of SECTIONS 3.1 AND 3.2), request in a written or telephonic communication with Foothill: (i) Advances to constitute Eurodollar Rate Loans; (ii) that Reference Rate Loans be converted into Eurodollar Rate Loans; or (iii) that existing Eurodollar Rate Loans continue for an additional Interest Period. Any such request shall specify the aggregate amount of the requested Eurodollar Rate Loans, the proposed funding date therefor (which shall be a Business Day, and with respect to continued Eurodollar Rate Loans shall be the last day of the Interest Period of the existing Eurodollar Rate Loans being continued), and the proposed Interest Period (in each case subject to the limitations set forth below). Eurodollar Rate Loans may only be made, continued, or extended if, as of the proposed funding date therefor, each of the following conditions is satisfied:
Borrowing; Conversion; Continuation. Borrower may from time to time, on or after the Closing Date, request in a written or telephonic communication with Agent: (i) Loans (other than Term Loan No. 2 or, at any time after the earlier of December 26, 1999 and the date of any sale of the Pledged Stock, the Bridge Loan) to constitute Eurodollar Rate Loans (pursuant to SECTION 2.12(C)); (ii) that Reference Rate Loans (other than Term Loan No. 2) be converted into Eurodollar Rate Loans; or (iii) that existing Eurodollar Rate Loans continue for an additional Interest Period. Any such request shall specify the aggregate amount of the requested Eurodollar Rate Loans, the proposed funding date therefor (which shall be a Business Day, and with respect to continued Eurodollar Rate shall be the last day of the Interest Period of the existing Eurodollar Rate loans being continued), and the proposed Interest Period, in each case subject to the limitations set forth below). Eurodollar Rate Loans may only be made, continue, or be extended if, as of the proposed funding date therefor each of the following conditions is satisfied:
(i) no Event of Default exists;
(ii) no more than 5 Interest Periods may be in effect at any one time (PROVIDED, that no more than 2 Interest Periods with respect to the Bridge Loan may be in effect at any time);
(iii) the amount of each Eurodollar Rate Loan borrowed, converted, or continued must be in an amount not less than $1,000,000 and integral multiples of $500,000 in excess thereof;
(iv) Agent shall have determined that the Interest Period or Adjusted Eurodollar Rate is available to Agent and can be readily determined as of the date of the request for such Eurodollar Rate Loan by Borrower;
(v) Agent shall have received such request at least 2 Business Days prior to the proposed funding date therefor;
(vi) no portion of Term Loan No. 2 shall be a Eurodollar Rate Loan; and
(vii) no portion of the Bridge shall be a Eurodollar Rate Loan at any time after the earlier of December 26, 1999 and the date of any sale of the Pledge Stock. Any request by Borrower to borrow Eurodollar Rate Loans, to convert Reference Rate Loans to Eurodollar Rate Loans, or to continue any existing Eurodollar Rate Loans shall be irrevocable, except to the extent that Agent shall determine under SECTIONS 2.12(a), 2.13 or 2.14 that such Eurodollar Rate Loans cannot be made or continued. -44- 45
Borrowing; Conversion; Continuation. Borrower may from time to time, on or after the Amendment Closing Date, request in written or telephonic communication with Lender: (i) Advances to constitute Eurodollar Rate Advances; (ii) that Reference Rate Advances be converted into Eurodollar Rate Advances; or (iii) that existing Eurodollar Rate Advances continue for an additional Interest Period. Any such request shall specify the aggregate amount of the requested Eurodollar Rate Advances, the proposed funding date therefor (which shall be a Business Day, and with respect to continued Eurodollar Rate Advances shall be the last day of the Interest Period of the existing Eurodollar Rate Advances being continued), and the proposed Interest Period, in each case subject to the limitations set forth below. Eurodollar Rate Advances may only be made, continued, or extended if, as of the proposed funding date therefor each of the following conditions is satisfied:
Borrowing; Conversion; Continuation. Borrower may from time to time, on or after the Closing Date (and subject to the satisfaction of the requirements of Sections 3.1 and 3.2), request in a written or telephonic communication with Agent: (i) Advances made up of Eurodollar Rate Loans; (ii) that Reference Rate Loans be converted into Eurodollar Rate Loans; or (iii) that existing Eurodollar Rate Loans continue for an additional Interest Period. Any such request shall specify the aggregate amount of the requested Eurodollar Rate Loans, the proposed Funding Date therefor (which shall be a Business Day, and with respect to continued Eurodollar Rate Loans shall be the last day of the Interest Period of the existing Eurodollar Rate Loans being continued), and the proposed Interest Period (in each case subject to the limitations set forth below). Eurodollar Rate Loans may only be made, continued, or extended if, as of the proposed Funding Date therefor, each of the following conditions is satisfied:
Borrowing; Conversion; Continuation. Administrative Borrower may from time to time, on or after the Closing Date (and subject to the satisfaction of the requirements of Sections 3.1 and 3.2), request in a written or telephonic communication with Agent: (i) Advances to constitute LIBOR Rate Loans; (ii) that Reference Rate Loans be converted into LIBOR Rate Loans; or (iii) that existing LIBOR Rate Loans continue for an additional Interest Period. Any such request shall specify the aggregate amount of the requested LIBOR Rate Loans, the proposed Funding Date therefor (which shall be a Business Day, and with respect to continued LIBOR Rate Loans shall be the last day of the Interest Period of the existing LIBOR Rate Loans being continued), and the proposed Interest Period (in each case subject to the limitations set forth below). LIBOR Rate Loans may only be made, continued, or extended if, as of the proposed Funding Date therefor, each of the following conditions is satisfied:
Borrowing; Conversion; Continuation. Borrower may from time to time, on or after the Effective Date (and subject to the satisfaction of the requirements of Sections (3.2) and (3.4), request in a written or telephonic communication with Foothill: (i) Advances to constitute Eurodollar Rate Loans (pursuant to Section 2.1(c)); (ii) that Reference Rate Loans be converted into Eurodollar Rate Loans; or (iii) that existing Eurodollar Rate Loans continue for an additional Interest Period. Any such