Continuation and Conversion of Loans. The Borrower shall have the right, at any time, (i) to convert any LIBOR Loan or portion thereof to an Alternate Base Rate Loan or to continue such LIBOR Loan or a portion thereof for a successive Interest Period, or (ii) to convert any Alternate Base Rate Loan or a portion thereof to a LIBOR Loan, subject to the following:
(a) the Borrower shall give the Administrative Agent prior written, facsimile or telephonic (promptly confirmed in writing) notice of each continuation or conversion hereunder of at least three Business Days for continuation as or conversion to a LIBOR Loan; such notice shall be irrevocable and to be effective, must be received by the Administrative Agent on the day required not later than 2:00 p.m., New York City time;
(b) unless the Required Lenders otherwise consent, no Event of Default or Default shall have occurred and be continuing at the time of any conversion to a LIBOR Loan or continuation of any such LIBOR Loan into a subsequent Interest Period;
(c) no Alternate Base Rate Loan may be converted to a LIBOR Loan and no LIBOR Loan may be continued as a LIBOR Loan if, after such conversion or continuance, and after giving effect to any concurrent prepayment of Loans, an aggregate of more than six (6) separate LIBOR Loans would be outstanding hereunder with respect to each Lender (for purposes of determining the number of such Loans outstanding, Loans with different Interest Periods shall be counted as different Loans even if made on the same date);
(d) if fewer than all Loans at the time outstanding shall be continued or converted, such continuation or conversion shall be made pro rata among the Lenders in accordance with the respective Percentage of the principal amount of such Loans held by the Lenders immediately prior to such continuation or conversion;
(e) the aggregate principal amount of Loans continued as or converted to LIBOR Loans as part of the same Borrowing shall be $500,000 or such greater amount which is an integral multiple of $100,000;
(f) accrued interest on the LIBOR Loans (or portion thereof) being continued shall be paid by the Borrower at the time of continuation;
(g) the Interest Period with respect to a new LIBOR Loan effected by a continuation or conversion shall commence on the date of such continuation or conversion;
(h) if a LIBOR Loan is converted to another type of Loan prior to the last day of the Interest Period with respect thereto, the amounts required by Section 2.10(b) shall be paid upon such con...
Continuation and Conversion of Loans. The Company shall have the ------------------------------------ right at any time on prior irrevocable written notice to the Bank (i) to continue any Loan into a subsequent Interest Period and (ii) to convert any Loan into another type of Loan permitted by this Agreement (specifying, in the case of LIBOR Rate Loan, the Interest Period to be applicable thereto), subject to the following:
(a) in the case of a conversion of less than all of the outstanding Loans, the aggregate principal amount of Loans converted shall not be less than the minimum amounts and multiples thereof specified in Section 2.4 hereof; and
(b) no Loan (other than a Fluctuating Rate Loan) shall be converted at any time other than at the end of an Interest Period applicable thereto. In the event that the Company shall not give notice to continue a Loan into a subsequent Interest Period, such Loan (unless prepaid) shall automatically be converted into a Fluctuating Rate Loan. The Interest Period resulting from a conversion shall be specified by the Company in the irrevocable notice delivered by the Company pursuant to this Section and Section 2.4 hereof; provided, -------- however, that, if such notice does not specify the Interest Period to be ------- applicable thereto, the Loan shall automatically be converted into, or continued as, as the case may be, a Fluctuating Rate Loan until such required information is furnished pursuant to the terms hereof. Notwithstanding anything to the contrary contained above, if an Event of Default shall have occurred and is continuing, no Loan may be continued into a subsequent Interest Period and no Fluctuating Rate Loan may be converted into a Fixed Rate Loan.
Continuation and Conversion of Loans. Subject to the terms and conditions of this Agreement, the Borrower may borrow the Loans as Base Rate Loans or Eurodollar Loans and, until the applicable Maturity Date, the Borrower may Continue Eurodollar Loans or Convert Loans of one Type into Loans of the other Type.
Continuation and Conversion of Loans. Subject to Section 2.09 hereof, Allied Systems shall have the right, at any time, on three (3) Business Days prior irrevocable written notice to the Administrative Agent, to continue any LIBOR Rate Loan, or any portion thereof, into a subsequent Interest Period or to convert any Reference Rate Loan or portion thereof into a LIBOR Rate Loan, or on one (1) Business Day prior irrevocable written notice to the Administrative Agent, to convert any LIBOR Rate Loan or portion thereof into a Reference Rate Loan, subject to the following:
(a) no LIBOR Rate Loan may be continued as such and no Reference Rate Loan may be converted into a LIBOR Rate Loan, when any Event of Default or Default shall have occurred and be continuing at such time,
(b) in the case of a continuation of a LIBOR Rate Loan as such or a conversion of a Reference Rate Loan into a LIBOR Rate Loan, the aggregate principal amount of such LIBOR Rate Loan shall not be less than $1,000,000 and in multiples of $500,000 if in excess thereof;
(c) any portion of a Loan maturing or required to be repaid in less than two weeks may not be converted into or continued as a LIBOR Rate Loan; and
(d) if any conversion of a LIBOR Rate Loan shall be effected on a day other than the last day of an Interest Period, Allied Systems shall reimburse each Revolving Loan Lender on demand for any loss incurred or to be incurred or to be incurred by it in the reemployment of the funds released by such conversion as provided in Section 2.10 hereof. In the event that Allied Systems shall not give notice to continue any LIBOR Rate Loan into a subsequent Interest Period, such Loan shall automatically become a Reference Rate Loan at the expiration of the then current Interest Period.
Continuation and Conversion of Loans. Subject to the terms of this Agreement, Borrower may borrow the Loans as Base Rate Loans or LIBOR Loans and Borrower may Continue LIBOR Loans or Convert Loans of one Type into Loans of the other Type.
Continuation and Conversion of Loans. (a) The Borrower may request, by telephonic notice to the Administrative Agent of a Conversion Request, confirmed in writing in substantially the form of Exhibit C by no later than 12:00 P.M., New York City time, on the same day, in advance of the requested Conversion Date as provided in the definition of “Conversion Request”, that:
(i) all the outstanding ABR Loans, or a portion thereof in an aggregate amount equal to $5,000,000 or an integral multiple of $1,000,000 in excess thereof, be converted into a Eurodollar Loan on the requested Conversion Date; or
(ii) all the Eurodollar Loans having the same Interest Period, or a portion thereof in an aggregate amount equal to $10,000,000 or an integral multiple of $1,000,000 in excess thereof, be converted into ABR Loans on the requested Conversion Date.
(b) Upon receipt of any such Conversion Request from the Borrower, the Administrative Agent shall forthwith give notice to each Bank of the substance thereof. Effective on such Conversion Date and upon payment by the Borrower of the amounts, if any, required by Section 4.03, the Loans or portions thereof as to which the Conversion Request was made shall commence to accrue interest as set forth in this Article 3 for the type of interest rate and, in the case of a conversion of ABR Loans into Eurodollar Loans, Interest Period selected by the Borrower.
Continuation and Conversion of Loans. Borrower may elect to continue any outstanding LIBOR Rate Loan from one Loan Period into a subsequent Loan Period to begin on the last day of the earlier Loan Period, or convert any outstanding Loan into another Type of Loan (on the last day of a Loan Period only, in the instance of a LIBOR Rate Loan), by giving Bank telephonic notice promptly confirmed in writing, given so as to be received by Bank not later than:
(a) 12:00 noon, Cincinnati, Ohio time, on the date of the requested conversion, if requesting conversion of a LIBOR Rate Loan to a Prime Rate Loan; or
(b) 12:00 noon, Cincinnati, Ohio time, at least two (2) New York Banking Days prior to the date of the requested continuation or conversion, if requesting the continuation of a LIBOR Rate Loan or the conversion of a Prime Rate Loan to a LIBOR Rate Loan. Each notice of continuation or conversion of a Loan shall specify (1) the effective date of the continuation or conversion (which shall be a New York Banking Day), (2) the amount and the Type or Types of Loans following such continuation or conversion (subject to the limitation on amount set forth in Section 3.1(i)(c)), and (3) for continuation as, or conversion into, LIBOR Rate Loans, the Loan Periods for such Loans. Absent timely notice of continuation or conversion as provided above, Bank may at any time thereafter convert such LIBOR Rate Loan to a Prime Rate Loan on or after the last day of an applicable Loan Period, unless paid in full on such last day, but until such conversion, the funds advanced under the LIBOR Rate Loan shall continue to accrue interest at the same rate as the interest rate in effect for such LIBOR Rate Loan prior to the end of the Loan Period. No Loan shall be continued as, or converted into, a LIBOR Rate Loan if the shortest Loan Period for such Loan may not transpire prior to the Facility Termination Date or if an Event of Default has occurred and is continuing.
Continuation and Conversion of Loans. [Intentionally Omitted].
Continuation and Conversion of Loans. (a) The Borrower may on any Business Day, upon notice given to the Administrative Agent in the form of an Interest Election Request, not later than 10:00 A.M. three (3) Business Days prior to the date of any proposed continuation of or conversion into Eurodollar Loans, and one (1) Business Day prior to the date of any proposed conversion into Base Rate Loans, and subject to the provisions of Sections 2.09, 2.10(b) and 2.12, continue Eurodollar Loans for a new Interest Period or convert a Borrowing of Loans of one Type into Loans of the other Type; provided that any continuation of Eurodollar Loans or conversion of Eurodollar Loans into Base Rate Loans shall be made on, and only on, the last day of an Interest Period for such Eurodollar Loans, unless, in the case of such a conversion, the Borrower shall also reimburse the Lenders pursuant to Section 8.04(b) on the date of such conversion. Each such Interest Election Request shall, within the restrictions specified above, specify (i) the date of such continuation or conversion, (ii) the Loans to be continued or converted, and (iii) in the case of continuation of or conversion into Eurodollar Loans, the duration of the Interest Period for such Loans.
(b) If the Borrower fails to select the Type of any Loan or the duration of any Interest Period for any Borrowing of Eurodollar Loans in accordance with the provisions contained in the definition of “Interest Period” in Section 1.01 and Section 2.10(a), the Administrative Agent will forthwith so notify the Borrower and the Lenders and such Loans will automatically, on the last day of the then existing Interest Period therefor, convert into Base Rate Loans.
Continuation and Conversion of Loans. Subject to the terms and conditions of this Agreement, F.Y.I. may borrow the Loans as Prime Rate Loans or as Eurodollar Loans (except for Loans which constitute Swingline Advances) and, until the Maturity Date, may Continue Eurodollar Loans or Convert Loans (other than Loans which constitute Swingline Advances) of one Type into Loans of the other Type.