Borrowings, Conversions, Continuations Clause Samples
The 'Borrowings, Conversions, Continuations' clause defines the procedures and conditions under which a borrower may request new loans (borrowings), change the type or currency of an existing loan (conversions), or extend the maturity of a loan (continuations) under a credit agreement. Typically, this clause outlines the notice requirements, timing, and any limitations or approvals needed for such actions, ensuring that both the lender and borrower are aware of the process and any restrictions. Its core function is to provide flexibility for the borrower in managing their debt while maintaining clear rules to protect the lender's interests and ensure smooth administration of the loan facility.
Borrowings, Conversions, Continuations. The Borrower may request that the Loan (or any portion thereof) be (i) made as or converted to Base Rate Borrowings by irrevocable notice to be received by the Lender not later than 11:00 a.m. CST on the Business Day of the borrowing or conversion, (ii) made as or converted to Daily Floating LIBOR Rate Borrowings by irrevocable notice to be received by the Lender not later than 11:00 a.m. CST one Business Day prior to the borrowing or conversion or (iii) made or continued as, or converted to, Eurodollar Rate Borrowings by irrevocable notice to be received by the Lender not later than 11:00 a.m. CST three Business Days prior to the Business Day of the borrowing, continuation or conversion. If the Borrower fails to give a notice of conversion or continuation prior to the end of any Interest Period in respect of any Eurodollar Rate Borrowing, the Borrower shall be deemed to have requested that such Loan be converted to a Base Rate Borrowing on the last day of the applicable Interest Period. If the Borrower requests that a Borrowing be continued as or converted to a Eurodollar Rate Borrowing, but fails to specify an Interest Period with respect thereto, the Borrower shall be deemed to have selected an Interest Period of one month. Notices pursuant to this Paragraph 1(b) may be given by telephone if promptly confirmed in writing. Each Eurodollar Rate Borrowing shall be in a principal amount of $5,000,000 or a whole multiple of $1,000,000 in excess thereof. Each Daily Floating LIBOR Rate Borrowing or Base Rate Borrowing shall be in a minimum principal amount of $5,000,000. There shall not be more than four different Interest Periods in effect at any time.
Borrowings, Conversions, Continuations. The Borrower may request that the Term Loan be (i) made as or converted to Base Rate Loans by irrevocable notice to be received by the Lender not later than 1:00 p.m. on the Business Day of the borrowing or conversion, or (ii) made or continued as, or converted to, Eurodollar Rate Loans by irrevocable notice to be received by the Lender not later than 1:00 p.m. three Business Days prior to the Business Day of the borrowing, continuation or conversion. If the Borrower fails to give a notice of conversion or continuation prior to the end of any Interest Period in respect of any Eurodollar Rate Loan, the Borrower shall be deemed to have requested that such Term Loan be converted to a Base Rate Loan on the last day of the applicable Interest Period. If the Borrower requests that a Term Loan be continued as or converted to a Eurodollar Rate Loan, but fails to specify an Interest Period with respect thereto, the Borrower shall be deemed to have selected an Interest Period of one month. Notices pursuant to this Paragraph 1(b) may be given by telephone if promptly confirmed in writing. Each Eurodollar Rate Loan shall be in a principal amount of $5,000,000 or a whole multiple of $1,000,000 in excess thereof. Each Base Rate Loan shall be in a minimum principal amount of $5,000,000 or a whole multiple of $100,000 in excess thereof. There shall not be more than five different Interest Periods in effect at any time.
Borrowings, Conversions, Continuations. The Borrower may request that the Loans be (i) made as or converted to Base Rate Loans by irrevocable notice to be received by the Lender not later than 11:00 a.m. on the Business Day of the borrowing or conversion, or (ii) made or continued as, or converted to, Eurodollar Rate Loans by irrevocable notice to be received by the Lender not later than 11:00 a.m. three Business Days prior to the Business Day of the borrowing, continuation or conversion. Subject to the following paragraph, if the Borrower fails to give a notice of conversion or continuation prior to the end of any Interest Period in respect of a Eurodollar Rate Loan, the Borrower shall be deemed to have requested that such Loan be continued as a Eurodollar Loan with a one month interest period. If the Borrower requests that a Loan be continued as or converted to a Eurodollar Rate Loan, but fails to specify an Interest Period with respect thereto, then, subject to the following paragraph, the Borrower shall be deemed to have selected an Interest Period of one month with respect to such Loan. Notices pursuant to this Section 1(b) may be given by telephone if promptly confirmed in writing. Except as otherwise provided herein, a Eurodollar Rate Loan may be continued or converted only on the last day of an Interest Period for such Eurodollar Rate Loan. During the existence of a Default, no Loan may be converted to or continued as a Eurodollar Rate Loan without the consent of the Lender.
Borrowings, Conversions, Continuations. The Borrower may request that Loans be (i) made as or converted to Base Rate Loans by irrevocable notice to be received by the Lender not later than 11:00 a.m. on the Business Day of the borrowing or conversion, or (ii) made as or converted to LIBOR Floating Rate Loans by irrevocable notice to be received by the Lender not later than 11:00 a.m. on the Business Day of the borrowing or conversion. Notices pursuant to this Paragraph 1(b) may be given by telephone if promptly confirmed in writing. Each Loan shall be in a minimum principal amount of $500,000 or a whole multiple of $100,000.
Borrowings, Conversions, Continuations. Borrower may request that Loans be (i) made as or converted to Base Rate Loans by irrevocable notice to be received by Lender not later than 11 a.m. on the Business Day of the borrowing or conversion, or (ii) made or continued as, or converted to, Offshore Rate Loans by irrevocable notice to be received by Lender not later than 11 a.m. three Business Days prior to the Business Day of the borrowing, continuation or conversion. If Borrower fails to give a notice of conversion or continuation prior to the end of any Interest Period in respect of any Offshore Rate Loan, Borrower shall be deemed to have requested that such Loan be converted to a Base Rate Loan on the last day of the applicable Interest Period. Each Offshore Rate Loan shall be in a minimum principal amount of $1,000,000 or a multiple of $500,000 in excess thereof. Each Base Rate Loan shall be in a minimum principal amount of $500,000 or a multiple of $100,000 in excess thereof. There shall not be more than five (5) different Interest Periods in effect at any time. Notwithstanding the foregoing, except for the initial Loan, Borrower shall not be permitted to borrow Loans in an aggregate principal amount in excess of $2,500,000 during any consecutive fourteen (14) day period (measured on a rolling fourteen (14) day basis) (unless otherwise consented to in writing by Guarantor) and only for the purposes set forth in PARAGRAPH 3(F) hereof.
Borrowings, Conversions, Continuations. The Borrower may request that the Term Loan be (i) made as or converted to Base Rate Loans by irrevocable notice to be received by the Lender not later than 11:00 a.m. (Charlotte, North Carolina time) on the Business Day of the borrowing or conversion, or (ii) made or continued as, or converted to, Eurodollar Rate Loans by irrevocable notice executed by a Responsible Officer of the Borrower to be received by each Lender not later than 11:00 a.m. (Charlotte, North Carolina time) three Business Days prior to the Business Day of the borrowing, continuation or conversion. If the Borrower fails to give a notice of conversion or continuation prior to the end of any Interest Period in respect of any Eurodollar Rate Loan, or if an Event of Default exists and the Required Lenders so request, the Borrower shall be deemed to have requested that such Loan be converted to a Base Rate Loan on the last day of the applicable Interest Period. If the Borrower requests that a Loan be continued as or converted to a Eurodollar Rate Loan, but fails to specify an Interest Period with respect thereto, the Borrower shall be deemed to have selected an Interest Period of one month. Notices pursuant to this Section 1(b) may be given by telephone to each Lender if promptly confirmed in writing to each Lender. The initial Term Loan made on the Original Effective Date may be a Eurodollar Rate Loan so long as the Borrower provides a funding indemnity letter in form and substance reasonably satisfactory to the Lender (along with a completed notice of borrowing duly executed by the Borrower) at least three Business Days prior to the Original Effective Date. Each Eurodollar Rate Loan and each Base Rate Loan shall be in a minimum aggregate principal amount of $5,000,000 or a whole multiple of $1,000,000 in excess thereof (or the remaining amount of the Term Loan). There shall be no more than one Interest Period in effect at any time.
Borrowings, Conversions, Continuations. Subject to the terms and conditions set forth herein, the Borrower may request that Loans or any portion thereof be (i) made as or converted to Base Rate Loans by irrevocable notice to be received by the Lender not later than 11:00 a.m. on the Business Day of the borrowing or conversion, or (ii) made or continued as, or converted to, Eurodollar Rate Loans by irrevocable notice to be received by the Lender not later than 11:00 a.m. two (2) Business Days (or in the case of the initial Loan, if any, to be made on the Closing Date, such shorter period as may be agreed to by the Lender) prior to the Business Day of the borrowing, continuation or conversion. If the Borrower fails
Borrowings, Conversions, Continuations. The Borrower may request that Loans be (i) made as or converted to Prime Rate Loans by irrevocable notice to be received by the Lender not later than 10 a.m. on the Business Day of the borrowing or conversion, or (ii) made or continued as, or converted to, LIBOR Loans by irrevocable notice to be received by the Lender not later than 10 a.m. three Business Days prior to the Business Day of the borrowing, continuation or conversion. If the Borrower fails to give a notice of conversion or continuation prior to the end of any Interest Period in respect of any LIBOR Loan, the Borrower shall be deemed to have requested that such Loan be converted to a Prime Rate Loan on the last day of the applicable Interest Period. If the Borrower requests that a Loan be continued as or converted to a LIBOR Loan, but fails to specify an Interest Period with respect thereto, the Borrower shall be deemed to have selected an Interest Period of one month. Notices pursuant to this Paragraph 1(b) may be given by telephone if promptly confirmed in writing. Each LIBOR Loan shall be in a principal amount of $500,000 or a whole multiple of $100,000 in excess thereof. Each Prime Rate Loan shall be in a minimum principal amount of $100,000. There shall not be more than three different Interest Periods in effect at any time.
Borrowings, Conversions, Continuations. Borrower may request that the Loan be made as or converted to a Base Rate Loan or Offshore Rate Loan by irrevocable notice to be received by Lender not later than 8:00 a.m. on the Business Day of the borrowing or conversion. If Borrower fails to give a notice of conversion or continuation prior to the end of any Interest Period in respect of any Offshore Rate Loan, Borrower shall be deemed to have requested that such Loan be converted to a Base Rate Loan on the last day of the applicable Interest Period. Each Offshore Rate Loan shall be in a minimum principal amount of $5,000,000 or a multiple of $100,000 in excess thereof.
Borrowings, Conversions, Continuations. Each of the Borrowers may request that Loans be (i) made as or converted to Base Rate Loans by irrevocable notice to be received by the Lender not later than 2 p.m. (Charlotte time) on the Business Day of the borrowing or conversion, or (ii) made or continued as, or converted to, Eurodollar Rate Loans by irrevocable notice to be received by the Lender not later than 2 p.m. (Charlotte time) three Business Days prior to the Business Day of the borrowing, continuation or conversion. If the Borrowers fail to give a notice of conversion or continuation prior to the end of any Interest Period in respect of any Eurodollar Rate Loan, the Borrowers shall be deemed to have requested that such Loan be converted to a Base Rate Loan on the last day of the applicable Interest Period. Notices pursuant to this Paragraph 1(b) may be given by telephone if -------------- promptly confirmed in writing. Each Eurodollar Rate Loan shall be in a principal amount of $1,000,000 or a whole multiple of $500,000 in excess thereof. Each Base Rate Loan shall be in a minimum principal amount of $500,000 or a whole multiple of $100,000 in excess thereof. There shall not be more than 5 different Interest Periods in effect at any time.