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 conversion; (i) each request for a continuation as or conversion to a LIBOR Loan which fails to state an applicable Interest Period shall be deemed to be a request for an Interest Period of one month; and (j) in the event that the Borrower shall not give notice to continue or convert any LIBOR Loan as provided above, such Loan (unless repaid) shall automatically be converted to an Alternate Base Rate Loan at the expiration of the then current Interest Period. The Administrative Agent shall, after it receives notice from the Borrower, promptly give the Lenders notice of any continuation or conversion.
Appears in 3 contracts
Samples: Credit, Security, Guaranty and Pledge Agreement (RHI Entertainment, Inc.), Credit, Security, Guaranty and Pledge Agreement (RHI Entertainment, Inc.), Credit, Security, Guaranty and Pledge Agreement (RHI Entertainment, Inc.)
Continuation and Conversion of Loans. The (a) Each Borrower shall have the right, with respect to any Eurodollar Loan made to such Borrower, at the end of any timeInterest Period, on three Business Days’ prior telephonic notice to the Administrative Agent (which shall be confirmed in writing on the next Business Day thereafter) (i) to convert any LIBOR Loan or portion thereof to an Alternate Base Rate Loan or to continue such LIBOR Loan or into a portion thereof for subsequent Interest Period (provided that no Loan shall be continued into an Interest Period that ends on a successive Interest Period, date that is later than the earlier to occur of the one-year anniversary of the Borrowing Date with respect to such Loan and the Termination Date) or (ii) to convert such Loan into an ABR Loan.
(b) Each Borrower shall have the right, with respect to any Alternate Base Rate ABR Loan made to such Borrower, at any time, on three Business Days’ prior telephonic notice to the Administrative Agent (which shall be confirmed in writing on the next Business Day thereafter), to convert such Loan into a Eurodollar Loan.
(c) Any notice required to be given by any Borrower to the Administrative Agent pursuant to this Section 2.07 shall be irrevocable. Any notice given by any Borrower to the Administrative Agent hereunder shall be promptly communicated by the Administrative Agent to the Lenders.
(d) In addition to the above notice requirements, any continuation or a portion thereof conversion by such Borrower pursuant to a LIBOR Loan, this Section 2.07 shall be subject to the following:
(ai) 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 such continuation or continuation of any such LIBOR Loan into a subsequent Interest Periodconversion;
(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);
(dii) if fewer less than all the 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 principal amounts of the principal amount Loans of such Loans the Type being continued or converted held by the Lenders immediately prior to such continuation or conversion;
(eiii) each conversion shall be effected by each Lender by applying the aggregate principal amount of Loans continued as or converted to LIBOR Loans as part proceeds of the same Borrowing shall be $500,000 new ABR Loan or such greater amount which is an integral multiple of $100,000Eurodollar Loan, as the case may be, to the Loan being converted;
(fiv) upon each conversion of an ABR Loan into a Eurodollar Loan, and upon the conversion of a Eurodollar Loan into an ABR Loan, such Borrower shall pay all accrued interest on the LIBOR Loans (or portion thereof) such Loan being continued shall be paid by the Borrower converted at the time of continuationconversion;
(gv) if the new Loan made in respect of a conversion shall be a Eurodollar Loan, the first Interest Period with respect to a new LIBOR Loan effected by a continuation or conversion thereto shall commence on the date of such continuation or conversion;
(hvi) if any Loan which may not be continued as or converted into a LIBOR Eurodollar Loan is shall be automatically continued as or converted to another type an ABR Loan; provided that each Loan shall be paid in full not later than the earlier to occur of the one-year anniversary of the Borrowing Date with respect to such Loan prior and the Termination Date;
(vii) (vii) a Eurodollar Loan may be converted to an ABR Loan only on the last day of the an Interest Period with respect thereto, the amounts required by Section 2.10(bPeriod; and (viii) any conversion shall be paid upon such conversion;
(isubject to Section 1.01(b) each request for a continuation as or conversion to a LIBOR Loan which fails to state an applicable Interest Period shall be deemed to be a request for an Interest Period of one month; and
(j) in hereof. In the event that the any Borrower shall not give notice to continue any Eurodollar Loan as a Eurodollar Loan into a subsequent Interest Period, or to convert any LIBOR Loan as provided abovesuch Loan, such Loan (unless repaid) shall automatically be converted to become an Alternate Base Rate ABR Loan at the expiration of the then current Interest Period. The Administrative Agent shall, after it receives notice from the Borrower, promptly give the Lenders notice of any continuation or conversion.
Appears in 2 contracts
Samples: Revolving Credit Agreement, Revolving Credit Agreement (Avangrid, Inc.)
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 The Borrower shall give the Administrative Agent prior written, facsimile may from time to time request LIBOR Rate Loans 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 may request that 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 Loan that is a LIBOR Loan or continuation of any such LIBOR Loan into a subsequent Interest Period;
(c) no Alternate Base Reference Rate Loan may be converted to a LIBOR Rate Loan or that any existing LIBOR Rate Loan continue for an additional Interest Period. Such request from the Borrower to the Administrative Agent shall be in writing and no shall specify the amount of the LIBOR Loan may Rate Loans or the amount of the Reference Rate Loans to be converted to LIBOR Rate Loans or the amount of the LIBOR Rate Loans to be continued as a (subject to the limits set forth below) and the Interest Period to be applicable to such LIBOR Loan if, after such conversion or continuance, and after giving effect to any concurrent prepayment of Rate Loans, an aggregate provided that such request shall apply to the Term Loan or a portion of more than six each Lender’s Pro Rata Share of the Term Loan. Subject to the terms and conditions contained herein, three (63) separate LIBOR Loans would be outstanding hereunder with respect to each Lender (for purposes of determining Business Days after receipt by the number Administrative Agent of such Loans outstanding, Loans with different Interest Periods shall be counted as different Loans even if made on a request from the same date);
(d) if fewer than all Loans at the time outstanding shall be continued or convertedBorrower, such continuation or conversion LIBOR Rate Loans shall be made pro rata among or Reference Rate Loans shall be converted to LIBOR Rate Loans or such LIBOR Rate Loans shall continue, as the Lenders case may be, provided that, (i) no Event of Default shall exist or have occurred and be continuing, (ii) no party hereto shall have sent any notice of termination of this Agreement pursuant to the terms hereof, (iii) no more than five (5) Interest Periods may be in accordance with the respective Percentage of the principal amount of such Loans held by the Lenders immediately prior to such continuation or conversion;
effect at any one time, (eiv) the aggregate principal amount of the LIBOR Rate Loans continued as must be in an aggregate amount not less than $10,000,000 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;
500,000 in excess thereof and each Lender shall have a Pro Rata Share thereof, and (fv) accrued interest no Lender shall have notified the Borrower that LIBOR Rate Loans are unavailable pursuant to Section 2.11. Any request by or on behalf of the Borrower for LIBOR Rate Loans (or portion thereof) being continued to convert Reference Rate Loans to LIBOR Rate Loans or to continue any existing LIBOR Rate Loans 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 irrevocable. Notwithstanding anything to the last day of the Interest Period with respect theretocontrary contained herein, the amounts Lenders shall not be required by Section 2.10(b) shall be paid upon such conversion;
(i) each request for a continuation as to purchase United States Dollar deposits in the London interbank market or conversion other applicable LIBOR Rate market to a fund any LIBOR Loan which fails to state an applicable Interest Period Rate Loans, but the provisions hereof shall be deemed to be a request for an Interest Period of one month; and
(j) in the event that the Borrower shall not give notice to continue or convert any LIBOR Loan apply as provided above, such Loan (unless repaid) shall automatically be converted to an Alternate Base Rate Loan at the expiration of the then current Interest Period. The Administrative Agent shall, after it receives notice from the Borrower, promptly give if the Lenders notice of any continuation or conversionhad purchased such deposits to fund the LIBOR Rate Loans.
Appears in 2 contracts
Samples: Financing Agreement (Delek US Holdings, Inc.), Financing Agreement (Delek US Holdings, Inc.)
Continuation and Conversion of Loans. The Borrower shall have the right, at any time, (i) to convert any LIBOR Eurodollar Rate Loan or portion thereof to an Alternate a Base Rate Loan or Loan, (ii) to continue such LIBOR any Eurodollar Rate Loan or a portion thereof for a successive Interest Period, or (iiiii) to convert any Alternate Base Rate Loan or a portion thereof to a LIBOR Eurodollar Rate Loan, subject to the following:
(a) at least three (3) Business Days prior to any conversion or continuation hereunder, the Borrower shall give deliver to the Administrative Agent prior written, facsimile written notice with respect thereto in the form of a Loan Notice (or by telephonic (notice 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.11:00 a.m. (Charlotte, New York City North Carolina time);
(b) unless the Administrative Agent and the Required Lenders otherwise consent, no Default or Event of Default or Default shall have occurred and be continuing at the time of any conversion to a LIBOR Eurodollar Rate Loan or continuation of any such LIBOR a Eurodollar Rate Loan into a subsequent Interest Period;
(c) the aggregate principal amount of Loans continued as, or converted to, Eurodollar Rate Loans as part of the same continuation or conversion, shall be in a minimum amount of $1,000,000 or in such greater amount which is an integral multiple of $100,000;
(d) if fewer than all Loans of a particular type at the time outstanding shall be continued or converted, such continuation or conversion shall be made pro rata among the applicable Lenders in accordance with the respective principal amount of such Loans held by the applicable Lenders immediately prior to such continuation or conversion;
(e) no Alternate Base Rate Loan (or portion thereof) may be converted to a LIBOR Eurodollar Rate Loan and no LIBOR Eurodollar Rate Loan may be continued as a LIBOR Eurodollar Rate Loan if, after such conversion or continuancecontinuation, and after giving effect to any concurrent prepayment of Loans, an aggregate of more than six fifteen (615) separate LIBOR Eurodollar Rate Loans would be outstanding hereunder with respect to each a Lender (for purposes of determining the number of such Loans outstanding, Loans with different Interest Periods shall be counted as different Eurodollar Rate 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 Eurodollar Rate Loan effected by a continuation or conversion shall commence on the date of such continuation or conversion;
(hg) if a LIBOR Eurodollar Rate Loan is converted to another type of a Base Rate Loan prior to other than on the last day of the Interest Period with respect thereto, the amounts required by Section 2.10(b) 3.5 shall be paid upon such conversion;; and
(ih) each request for a continuation as as, or conversion to to, a LIBOR Eurodollar Rate Loan which fails to state an applicable Interest Period shall be deemed to be a request for an Interest Period of one (1) month; and
(j) . Subject to the foregoing, in the event that the Borrower shall not give notice to continue or convert any LIBOR Eurodollar Rate Loan as provided above, such Loan (unless repaid) shall automatically be converted to an Alternate a Base Rate Loan at the expiration of the then current Interest Period. The Administrative Agent shall, after it receives notice from the Borrower, promptly give the Lenders notice of any continuation or conversion.
Appears in 2 contracts
Samples: Credit and Guaranty Agreement (Ventas Inc), Credit and Guaranty Agreement (Ventas Inc)
Continuation and Conversion of Loans. The Borrower shall have the right, at any time, (i) to convert any LIBOR Eurodollar Loan or portion thereof to an Alternate Base Rate Loan or to continue such LIBOR any Eurodollar 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 Eurodollar 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 (3) Business Days for continuation as or conversion to a LIBOR Eurodollar 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 Eurodollar Loan or continuation of any such LIBOR Eurodollar Loan into a subsequent Interest Period;
(c) no Alternate Base Rate Loan may be converted to a LIBOR Eurodollar Loan and no LIBOR Eurodollar Loan may be continued as a LIBOR Eurodollar Loan if, after such conversion or continuancecontinuation, and after giving effect to any concurrent prepayment of Loans, an aggregate of more than six twelve (612) separate LIBOR Eurodollar 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 Eurodollar 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 Eurodollar Loans (or portion thereof) being continued or converted shall be paid by the Borrower at the time of continuationcontinuation or conversion (as applicable);
(g) the Interest Period with respect to a new LIBOR Eurodollar Loan effected by a continuation or conversion shall commence on the date of such continuation or conversion;
(h) if a LIBOR Eurodollar Loan is converted to another type of an Alternate Base Rate Loan prior to other than on the last day of the Interest Period with respect thereto, the amounts required by Section 2.10(b2.9(b) shall be paid upon such conversion;; and
(i) each request for a continuation as or conversion to a LIBOR Eurodollar Loan which fails to state an applicable Interest Period shall be deemed to be a request for an Interest Period of one month; and
(j) in . In the event that the Borrower shall not give notice to continue or convert any LIBOR Eurodollar Loan as provided above, such Loan (unless repaid) shall automatically be converted to an Alternate Base Rate Loan at the expiration of the then current Interest Period. The Administrative Agent shall, after it receives notice from the Borrower, promptly give the Lenders notice of any continuation or conversion.
Appears in 2 contracts
Samples: Credit Agreement (First Look Studios Inc), Credit, Security, Guaranty and Pledge Agreement (Overseas Filmgroup Inc)
Continuation and Conversion of Loans. (a) The Borrower shall have the right, with respect to any Eurodollar Loan made to the Borrower, at the end of any timeInterest Period, on three Business Days’ prior telephonic notice to the Administrative Agent (which shall be confirmed in writing on the next Business Day thereafter) (i) to convert any LIBOR Loan or portion thereof to an Alternate Base Rate Loan or to continue such LIBOR Loan or into a portion thereof for subsequent Interest Period (provided that no Loan shall be continued into an Interest Period that ends on a successive Interest Period, date that is later than the Termination Date) or (ii) to convert such Loan into an ABR Loan.
(b) The Borrower shall have the right, with respect to any Alternate Base Rate ABR Loan made to the Borrower, at any time, on three Business Days’ prior telephonic notice to the Administrative Agent (which shall be confirmed in writing on the next Business Day thereafter), to convert such Loan into a Eurodollar Loan.
(c) Any notice required to be given by the Borrower to the Administrative Agent pursuant to this Section 2.07 shall be irrevocable. Any notice given by the Borrower to the Administrative Agent hereunder shall be promptly communicated by the Administrative Agent to the Lenders.
(d) In addition to the above notice requirements, any continuation or a portion thereof conversion by the Borrower pursuant to a LIBOR Loan, this Section 2.07 shall be subject to the following:
(ai) 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 such continuation or continuation of any such LIBOR Loan into a subsequent Interest Periodconversion;
(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);
(dii) if fewer less than all the 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 principal amounts of the principal amount Loans of such Loans the Type being continued or converted held by the Lenders immediately prior to such continuation or conversion;
(eiii) each conversion shall be effected by each Lender by applying the aggregate principal amount of Loans continued as or converted to LIBOR Loans as part proceeds of the same Borrowing shall be $500,000 new ABR Loan or such greater amount which is an integral multiple of $100,000Eurodollar Loan, as the case may be, to the Loan being converted;
(fiv) upon each conversion of an ABR Loan into a Eurodollar Loan, and upon the conversion of a Eurodollar Loan into an ABR Loan, the Borrower shall pay all accrued interest on the LIBOR Loans (or portion thereof) such Loan being continued shall be paid by the Borrower converted at the time of continuationconversion;
(gv) if the new Loan made in respect of a conversion shall be a Eurodollar Loan, the first Interest Period with respect to a new LIBOR Loan effected by a continuation or conversion thereto shall commence on the date of such continuation or conversion;
(hvi) if any Loan which may not be continued as or converted into a LIBOR Eurodollar Loan is shall be automatically continued as or converted to another type of an ABR Loan; provided that each Loan prior shall be paid in full not later than the Termination Date;
(vii) (vii) a Eurodollar Loan may be converted to an ABR Loan only on the last day of the an Interest Period with respect thereto, the amounts required by Section 2.10(bPeriod; and (viii) any conversion shall be paid upon such conversion;
(isubject to Section 1.01(b) each request for a continuation as or conversion to a LIBOR Loan which fails to state an applicable Interest Period shall be deemed to be a request for an Interest Period of one month; and
(j) in hereof. In the event that the Borrower shall not give notice to continue any Eurodollar Loan as a Eurodollar Loan into a subsequent Interest Period, or to convert any LIBOR Loan as provided abovesuch Loan, such Loan (unless repaid) shall automatically be converted to become an Alternate Base Rate ABR Loan at the expiration of the then current Interest Period. The Administrative Agent shall, after it receives notice from the Borrower, promptly give the Lenders notice of any continuation or conversion.
Appears in 2 contracts
Samples: Term Loan Agreement (PNM Resources Inc), Term Loan Credit Agreement (Avangrid, Inc.)
Continuation and Conversion of Loans. (a) The Borrower shall have the right, with respect to any SOFR Loan made to the Borrower, at the end of any timeInterest Period, on three U.S. Government Securities Business Days’ prior telephonic notice to the Administrative Agent (which shall be confirmed in writing on the next U.S. Government Securities Business Day thereafter) (i) to convert any LIBOR Loan or portion thereof to an Alternate Base Rate Loan or to continue such LIBOR Loan or into a portion thereof for subsequent Interest Period (provided that no Loan shall be continued into an Interest Period that ends on a successive Interest Period, date that is later than the Termination Date) or (ii) to convert such Loan into an ABR Loan.
(b) The Borrower shall have the right, with respect to any Alternate Base Rate ABR Loan made to the Borrower, at any time, on three U.S. Government Securities Business Days’ prior telephonic notice to the Administrative Agent (which shall be confirmed in writing on the next U.S. Government Securities Business Day thereafter), to convert such Loan into a SOFR Loan.
(c) Any notice required to be given by the Borrower to the Administrative Agent pursuant to this Section 2.07 shall be irrevocable. Any notice given by the Borrower to the Administrative Agent hereunder shall be promptly communicated by the Administrative Agent to the Lenders.
(d) In addition to the above notice requirements, any continuation or a portion thereof conversion by the Borrower pursuant to a LIBOR Loan, this Section 2.07 shall be subject to the following:
(ai) 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 such continuation or continuation of any such LIBOR Loan into a subsequent Interest Periodconversion;
(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);
(dii) if fewer less than all the 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 principal amounts of the principal amount Loans of such Loans the Type being continued or converted held by the Lenders immediately prior to such continuation or conversion;
(eiii) each conversion shall be effected by each Lender by applying the aggregate principal amount of Loans continued as or converted to LIBOR Loans as part proceeds of the same Borrowing shall be $500,000 new ABR Loan or such greater amount which is an integral multiple of $100,000SOFR Loan, as the case may be, to the Loan being converted;
(fiv) upon each conversion of an ABR Loan into a SOFR Loan, and upon the conversion of a SOFR Loan into an ABR Loan, the Borrower shall pay all accrued interest on the LIBOR Loans (or portion thereof) such Loan being continued shall be paid by the Borrower converted at the time of continuationconversion;
(gv) if the new Loan made in respect of a conversion shall be a SOFR Loan, the first Interest Period with respect to a new LIBOR Loan effected by a continuation or conversion thereto shall commence on the date of such continuation or conversion;
(hvi) if any Loan which may not be continued as or converted into a LIBOR SOFR Loan is shall be automatically continued as or converted to another type of an ABR Loan; provided that each Loan prior shall be paid in full not later than the Termination Date;
(vii) a SOFR Loan may be converted to an ABR Loan only on the last day of the an Interest Period with respect thereto, the amounts required by Section 2.10(b) shall be paid upon such conversionPeriod;
(iviii) any conversion shall be (A) in the case of any ABR Loan, (1) in a minimum aggregate principal amount of $5,000,000 or (2) in an integral multiple of $500,000 in excess of the amount provided in clause (A)(2) above, as the case may be, and (B) in the case of SOFR Loans, (1) in a minimum aggregate principal amount of $5,000,000 or (2) in an integral multiple of $1,000,000 in excess of the amount provided in clause (B)(1) above, as the case may be;
(ix) each Lender may at its option cause any domestic or foreign branch or Affiliate of such Lender to hold any of such Lender’s SOFR Loans; provided that any exercise of such option shall not affect the obligation of the Borrower to repay such Loan in accordance with the terms of this Agreement;
(x) Borrowings of more than one Type may be outstanding at the same time; provided, however, that the Borrower shall not be entitled to request any Borrowing that, if made, would result in an aggregate of more than four separate SOFR Loans of any Lender being outstanding to the Borrower hereunder at any one time; provided that, for a continuation as or conversion to a LIBOR Loan which fails to state an applicable purposes of the foregoing, SOFR Loans having different Interest Period Periods, regardless of whether they commence on the same date, shall be deemed to be a request for an Interest Period of one month; and
(j) in considered separate Loans. In the event that the Borrower shall not give notice to continue any SOFR Loan as a SOFR Loan into a subsequent Interest Period, or to convert any LIBOR Loan as provided abovesuch Loan, such Loan (unless repaid) shall automatically be converted to become an Alternate Base Rate ABR Loan at the expiration of the then current Interest Period. The Administrative Agent shall, after it receives notice from the Borrower, promptly give the Lenders notice of any continuation or conversion.
Appears in 2 contracts
Samples: Term Loan Agreement (PNM Resources Inc), Term Loan Agreement (Public Service Co of New Mexico)
Continuation and Conversion of Loans. The continuation or conversion of any Loan pursuant to this Section 2.10 does not constitute a repayment and a reborrowing hereunder and is not subject to the conditions set forth in Section 4.2, and the designation of a Loan as an Alternate Base Rate Loan or Eurodollar Loan, and the designation of applicable Interest Periods, is merely a mechanism for determining the interest rate applicable to such Loan. The Borrower shall have the right, at any time, (i) to convert any LIBOR Eurodollar Loan or portion thereof to an Alternate Base Rate Loan or to continue such LIBOR Eurodollar 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 Eurodollar 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 (3) Business Days for each continuation as or conversion to a LIBOR Loanhereunder; such notice shall be irrevocable and to be effective, effective must be received by the Administrative Agent on the day required not later than 2:00 1:00 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 Eurodollar Loan or continuation of any such LIBOR a Eurodollar Loan into a subsequent Interest Period;
(c) no Alternate Base Rate Loan may be converted to a LIBOR Eurodollar Loan and no LIBOR Eurodollar Loan may be continued as a LIBOR Eurodollar Loan if, after such conversion or continuance, and after giving effect to any concurrent prepayment of Loans, an aggregate of more than six ten (610) separate LIBOR Eurodollar 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 Eurodollar Loans and Alternate Base Rate 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 principal amounts 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 Eurodollar Loans as part of the same Borrowing borrowing shall be $500,000 1,000,000 or such greater amount which is an integral multiple of $100,000500,000;
(f) accrued interest on the LIBOR Loans any Eurodollar Loan (or portion thereof) being continued or converted shall be paid by the Borrower at the time of continuationcontinuation or conversion;
(g) the Interest Period with respect to a new LIBOR Eurodollar Loan effected by a continuation or conversion shall commence on the date of such continuation or conversion;
(h) if a LIBOR Eurodollar Loan is converted to another type of Loan prior to other than on the last day of the Interest Period with respect thereto, the amounts required by Section 2.10(b2.11(b) shall be paid upon such conversion;; and
(i) each request for a continuation as or conversion to a LIBOR Eurodollar Loan which fails to state an applicable Interest Period shall be deemed to be a request for an Interest Period of one month; and
(j) in . In the event that the Borrower shall not give notice to continue or convert any LIBOR Eurodollar Loan as provided above, such Loan (unless repaid) shall automatically be (i) continued as a Eurodollar Loan with an Interest Period of one month or (ii) converted to an Alternate Base Rate Loan at the expiration of the then current Interest PeriodPeriod at the Agent’s discretion. The Administrative Agent shall, after it receives notice from the Borrower, promptly give the Lenders notice of any continuation or conversion.
Appears in 1 contract
Samples: Credit, Security, Guaranty and Pledge Agreement (Crown Media Holdings Inc)
Continuation and Conversion of Loans. The Borrower shall have the right, at any time, (i) to convert any LIBOR Eurodollar Rate Loan or portion thereof to an Alternate a Base Rate Loan or Loan, (ii) to continue such LIBOR any Eurodollar Rate Loan or a portion thereof for a successive Interest Period, or (iiiii) to convert any Alternate Base Rate Loan or a portion thereof to a LIBOR Eurodollar Rate Loan, subject to the following:
(a) at least three (3) Business Days prior to any conversion or continuation hereunder, the Borrower shall give deliver to the Administrative Agent prior written, facsimile written notice with respect thereto in the form of a Notice of Conversion/Continuation (or by telephonic (notice 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.11:00 a.m. (Charlotte, New York City North Carolina time);
(b) unless the Administrative Agent and the Required Lenders otherwise consent, no Default or Event of Default or Default shall have occurred and be continuing at the time of any conversion to a LIBOR Eurodollar Rate Loan or continuation of any such LIBOR a Eurodollar Rate Loan into a subsequent Interest Period;
(c) the aggregate principal amount of Loans continued as, or converted to, Eurodollar Rate Loans as part of the same continuation or conversion, shall be in a minimum amount of $1,000,000 or in such greater amount which is an integral multiple of $100,000;
(d) if fewer than all Loans of a particular type at the time outstanding shall be continued or converted, such continuation or conversion shall be made pro rata among the applicable Lenders in accordance with the respective principal amount of such Loans held by the applicable Lenders immediately prior to such continuation or conversion;
(e) no Alternate Base Rate Loan (or portion thereof) may be converted to a LIBOR Eurodollar Rate Loan and no LIBOR Eurodollar Rate Loan may be continued as a LIBOR Eurodollar Rate Loan if, after such conversion or continuancecontinuation, and after giving effect to any concurrent prepayment of Loans, an aggregate of more than six fifteen (615) separate LIBOR Eurodollar Rate Loans would be outstanding hereunder with respect to each a Lender (for purposes of determining the number of such Loans outstanding, Loans with different Interest Periods shall be counted as different Eurodollar Rate 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 Eurodollar Rate Loan effected by a continuation or conversion shall commence on the date of such continuation or conversion;
(hg) if a LIBOR Eurodollar Rate Loan is converted to another type of a Base Rate Loan prior to other than on the last day of the Interest Period with respect thereto, the amounts required by Section 2.10(b) 2.10 shall be paid upon such conversion;; and
(ih) each request for a continuation as as, or conversion to to, a LIBOR Eurodollar Rate Loan which fails to state an applicable Interest Period shall be deemed to be a request for an Interest Period of one month; and
(j) . Subject to the foregoing, in the event that the Borrower shall not give notice to continue or convert any LIBOR Eurodollar Rate Loan as provided above, such Loan (unless repaid) shall automatically be converted to an Alternate a Base Rate Loan at the expiration of the then current Interest Period. The Administrative Agent shall, after it receives notice from the Borrower, promptly give the Lenders notice of any continuation or conversion.
Appears in 1 contract
Samples: Credit, Security and Guaranty Agreement (Ventas Inc)
Continuation and Conversion of Loans. The Subject to Section 2.03 and Section 2.10 hereof, the Administrative Borrower shall have the right, at any time, (i) on three (3) Business Days' prior irrevocable written or telecopy notice to the Agent, to continue any Eurodollar Loan or any portion thereof into a subsequent Interest Period or, after the Syndication Date, to convert any LIBOR Prime Loan or portion thereof to an Alternate Base Rate Loan or to continue such LIBOR Loan or into a portion thereof for a successive Interest PeriodEurodollar Loan, or (ii) on one (1) Business Day's prior irrevocable written or telecopy notice to the Agent, to convert any Alternate Base Rate Eurodollar Loan or a portion thereof to into a LIBOR Prime Loan, subject to the following:
(aA) in the Borrower shall give the Administrative Agent prior writtencase of a continuation of a Eurodollar Loan or portion thereof as such or a conversion of a Prime Loan or portion thereof into a Eurodollar Loan, facsimile or telephonic (promptly confirmed in writing1) 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 Potential Default shall have occurred and be continuing at the time of any such continuation or conversion to a LIBOR Loan or continuation of any such LIBOR Loan into a subsequent Interest Period;
and (c2) 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 Eurodollar 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 resulting from this Section 2.14 shall be counted limited in number as different Loans even if made on the same dateprovided in Section 2.03(d);
(dB) if fewer than all Loans at in the time outstanding shall be continued or converted, such case of a 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) less than all Loans, the aggregate principal amount of Loans any Eurodollar Loan continued as or converted to LIBOR Loans as part of the same Borrowing shall not be less than $500,000 or such greater amount which is an integral multiple 5,000,000 and in multiples of $100,0001,000,000 if in excess thereof;
(fC) accrued interest on each conversion shall be effected by the LIBOR Loans Lenders by applying the proceeds of the new Loan to the Loan (or portion thereof) being continued converted; and, in the case of a conversion from a Eurodollar Loan to a Prime Loan, accrued interest on the Eurodollar Loan (or portion thereof) being converted shall be jointly and severally paid by the Borrower Borrowers at the time of continuationconversion;
(gD) if the new Loan made in respect of a conversion shall be a Eurodollar Loan, the first Interest Period with respect to a new LIBOR Loan effected by a continuation or conversion thereto shall commence on the date of such continuation or conversion;
(hE) no portion of any Loan shall be continued or converted to a Eurodollar Loan with an Interest Period ending later than the Termination Date; and
(F) if any conversion of a LIBOR Eurodollar Loan is converted to another type of Loan prior to shall be effected on a day other than the last day of the an Interest Period with respect theretoPeriod, the amounts required by Section 2.10(b) Borrowers shall be paid upon such conversion;
(i) jointly and severally reimburse each request Lender on demand for a continuation as any loss incurred or conversion to a LIBOR Loan which fails to state an applicable Interest Period shall be deemed to be a request for an Interest Period incurred by it in the reemployment of one month; and
(j) the funds released by such conversion as provided in Section 2.12 hereof. In the event that the Administrative Borrower shall not give notice to continue or convert any LIBOR Eurodollar Loan as provided aboveinto a subsequent Interest Period, such Loan (unless repaid) shall automatically be converted to an Alternate Base Rate become a Prime Loan at the expiration of the then current Interest Period. The Administrative Agent shall, after it receives notice from the Borrower, promptly give the Lenders notice of any continuation or conversion.
Appears in 1 contract
Continuation and Conversion of Loans. The Borrower shall have the right, at any time, (i) to convert any LIBOR Eurodollar Loan or portion thereof to an Alternate Base Rate Loan or to continue such LIBOR Eurodollar 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 Eurodollar 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 Eurodollar Loan and at least one Business Day for conversion to an Alternate Base Rate 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 1:00 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 Eurodollar Loan or continuation of any such LIBOR Eurodollar Loan into a subsequent Interest Period;
(c) no Alternate Base Rate Loan may be converted to a LIBOR Eurodollar Loan and no LIBOR Eurodollar Loan may be continued as a LIBOR Eurodollar 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 Eurodollar 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 Eurodollar Loans as part of the same Borrowing shall be at least $500,000 or such greater amount which is an integral multiple of $100,0005,000,000;
(f) accrued interest on the LIBOR Eurodollar Loans (or portion thereof) being continued or converted shall be paid by the Borrower at the time of continuationcontinuation or conversion (as applicable);
(g) the Interest Period with respect to a new LIBOR Eurodollar Loan effected by a continuation or conversion shall commence on the date of such continuation or conversion;
(h) if a LIBOR Eurodollar Loan is converted to another type of an Alternate Base Rate Loan prior to other than on the last day of the Interest Period with respect thereto, the amounts required by Section 2.10(b) 2.11 hereof shall be paid upon such conversion;; and
(i) each request for a continuation as or conversion to a LIBOR Eurodollar Loan which fails to state an applicable Interest Period shall be deemed to be a request for an Interest Period of one month; and
(j) in . In the event that the Borrower shall not give notice to continue or convert any LIBOR Eurodollar Loan as provided above, such Loan (unless repaid) shall automatically be converted to an Alternate Base Rate Loan at the expiration of the then then-current Interest Period. The Administrative Agent shall, after it receives notice from the Borrower, promptly (but in no event later than two (2) days prior to the date of any proposed conversion to, or continuation as, a Eurodollar Loan) give the Lenders notice of any continuation or conversion.
Appears in 1 contract
Samples: Credit, Guaranty, Security and Pledge Agreement (Gci Inc)
Continuation and Conversion of Loans. (a) The Borrower may from time to time request LIBOR Rate Loans or may request that a Loan that is a Reference Rate Loan be converted to a LIBOR Rate Loan or that any existing LIBOR Rate Loan continue for an additional Interest Period. Such request from the Borrower to the Lenders shall have be in writing and shall specify the rightamount of the LIBOR Rate Loans or the amount of the Reference Rate Loans to be converted to LIBOR Rate Loans or the amount of the LIBOR Rate Loans to be continued (subject to the limits set forth below) and the Interest Period to be applicable to such LIBOR Rate Loans, at any timeprovided that such request shall apply to the Term Loan or a portion of each Lender’s Pro Rata Share of the Term Loan. Subject to the terms and conditions contained herein, three Business Days after receipt by each Lender of such a request from the Borrower, such LIBOR Rate Loans shall be made or Reference Rate Loans shall be converted to LIBOR Rate Loans or such LIBOR Rate Loans shall continue, as the case may be, provided that, (i) no Event of Default shall exist or have occurred and be continuing, (ii) no party hereto shall have sent any notice of termination of this Agreement pursuant to the terms hereof, (iii) no more than five (5) Interest Periods may be in effect at any one time, (iv) the aggregate amount of the LIBOR Rate Loans must be in an aggregate amount not less than $10,000,000 or an integral multiple of $500,000 in excess thereof and each Lender shall have a Pro Rata Share thereof, and (v) no Lender shall have notified the Borrower that LIBOR Rate Loans are unavailable pursuant to Section 2.11. Any request by or on behalf of the Borrower for LIBOR Rate Loans or to convert Reference Rate Loans to LIBOR Rate Loans or to continue any existing LIBOR Rate Loans shall be irrevocable. Notwithstanding anything to the contrary contained herein, the Lenders shall not be required to purchase United States Dollar deposits in the London interbank market or other applicable LIBOR Rate market to fund any LIBOR Loan or portion thereof Rate Loans, but the provisions hereof shall be deemed to an Alternate Base apply as if the Lenders had purchased such deposits to fund the LIBOR Rate Loan or Loans.
(b) Any LIBOR Rate Loans shall automatically convert to Reference Rate Loans upon the last day of the applicable Interest Period, unless each Lender has received a request 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 Loans at least three Business Days for continuation as or conversion prior to a LIBOR Loan; such notice shall be irrevocable and to be effective, must be received by the Administrative Agent on the last 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 conversion;
(i) each request for a continuation as or conversion to a LIBOR Loan which fails to state an applicable Interest Period shall be deemed to be a request for an Interest Period of one month; and
(j) in the event that the Borrower shall not give notice to continue or convert any LIBOR Loan as provided above, such Loan (unless repaid) shall automatically be converted to an Alternate Base Rate Loan at the expiration of the then current Interest Period. The Administrative Agent shall, after it receives notice from the Borrower, promptly give the Lenders notice of any continuation or conversionterms hereof.
Appears in 1 contract
Continuation and Conversion of Loans. The Borrower shall have the right, right at any time, time on prior irrevocable written or facsimile notice to the Bank as specified in Section 2.3: (i) to convert continue any LIBOR Revolving Credit Loan or portion thereof to an Alternate Base Rate Loan or to continue such LIBOR Loan or into a portion thereof for a successive subsequent Interest Period, or (ii) to convert any Alternate Base Loan into another type of Loan (specifying, in the case of a Libor Rate Loan, the Interest Period to be applicable thereto), and (iii) to convert any Prime Rate Loan or into a portion thereof Libor Rate Loan (specifying the Interest Period to a LIBOR Loanbe applicable thereto), subject to the following:
(a) in the Borrower case of a conversion of less than all of the outstanding Revolving Credit Loans, the aggregate principal amount of Revolving Credit Loans converted 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 not be less than $100,000.00 and 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 timean integral multiple thereof;
(b) unless the Required Lenders otherwise consent, no Event of Default or Default Revolving Credit Loan (other than a Prime Rate Loan) shall have occurred and be continuing converted at any time other than at the time end of any conversion to a LIBOR Loan or continuation of any such LIBOR Loan into a subsequent an Interest PeriodPeriod applicable thereto;
(c) no Alternate Base Rate any portion of a Revolving Credit Loan maturing or required to be prepaid in less than one month may not be converted to a LIBOR Loan and no LIBOR Loan may be into or 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);Libor Rate Loan; and
(d) if fewer no more than all three (3) types of Libor Rate Loans may be outstanding 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 conversion;
(i) each request for a continuation as or conversion to a LIBOR Loan which fails to state an applicable Interest Period shall be deemed to be a request for an Interest Period of any one month; and
(j) in time. In the event that the Borrower shall not give notice to continue any Libor Rate Loan into a subsequent Interest Period or convert any LIBOR such Revolving Credit Loan, into a Revolving Credit Loan as provided aboveof another type, on the last day of the Interest Period thereof, such Revolving Credit Loan (unless repaidprepaid) shall automatically be converted into a Prime Rate Loan. The Interest Period applicable to an Alternate Base any Libor Rate Loan at resulting from a conversion or continuation shall be specified by the expiration Borrower in the irrevocable notice delivered by the Borrower pursuant to this Section and Section 2.3; provided, however, that, if such notice does not specify either the type of loan or the then current Interest PeriodPeriod to be applicable thereto, the Revolving Credit Loan shall automatically be converted into, or continued as, as the case may be, a Prime Rate Loan until such required information is furnished pursuant to the terms hereof. The Administrative Agent shallNotwithstanding anything to the contrary contained above, after it receives notice from the Borrowerif an Event of Default shall have occurred and is continuing, promptly give the Lenders notice of any continuation or conversionno Libor Rate Loan may be continued into a subsequent Interest Period and no Prime Rate Loan may be converted into a Libor Rate Loan.
Appears in 1 contract
Continuation and Conversion of Loans. The Borrower shall have the right, at any time, (i) to convert any LIBOR Eurodollar Loan or portion thereof to an Alternate Base Rate Loan or to continue such LIBOR Eurodollar 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 Eurodollar Loan, subject to the following:
(a) the Borrower shall give the Administrative Agent Lender 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 Eurodollar Loan; such notice shall be irrevocable and to be effective, must be received by the Administrative Agent Lender 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 Eurodollar Loan or continuation of any such LIBOR Eurodollar Loan into a subsequent Interest Period;
(c) no Alternate Base Rate Loan may be converted to a LIBOR Eurodollar Loan and no LIBOR Eurodollar Loan may be continued as a LIBOR Eurodollar 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 Eurodollar 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 Eurodollar Loans as part of the same Borrowing shall be $500,000 or such greater amount which is an integral multiple of $100,000;
(fe) accrued interest on the LIBOR Eurodollar Loans (or portion thereof) being continued shall be paid by the Borrower at the time of continuation;
(gf) the Interest Period with respect to a new LIBOR Eurodollar 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 conversion;
(i) each request for a continuation as or conversion to a LIBOR Loan which fails to state an applicable Interest Period shall be deemed to be a request for an Interest Period of one month; and
(j) in the event that the Borrower shall not give notice to continue or convert any LIBOR Loan as provided above, such Loan (unless repaid) shall automatically be converted to an Alternate Base Rate Loan at the expiration of the then current Interest Period. The Administrative Agent shall, after it receives notice from the Borrower, promptly give the Lenders notice of any continuation or conversion.
Appears in 1 contract
Samples: Credit, Security, Guaranty and Pledge Agreement (Dove Entertainment Inc)
Continuation and Conversion of Loans. The Each Borrower shall have the right, at any time, (i) to convert any LIBOR Eurodollar Loan or portion thereof to an Alternate Base Rate Loan or to continue such LIBOR Eurodollar 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 Eurodollar Loan, subject to the following:
(a) the Borrower Parent 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 Eurodollar Loan and one Business Days for continuation as or conversion to an Alternate Base Rate 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.11:00 a.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 Eurodollar Loan or continuation of any such LIBOR Eurodollar Loan into a subsequent Interest Period;
(c) no Alternate Base Rate Loan may be converted to a LIBOR Eurodollar Loan and no LIBOR Eurodollar Loan may be continued as a LIBOR Eurodollar Loan if, after such conversion or continuanceconversion, and after giving effect to any concurrent prepayment of Loans, an aggregate of more than six ten (610) separate LIBOR Eurodollar 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 Eurodollar Loans and Alternate Base Rate 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 principal amounts 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 Eurodollar Loans as part of the same Borrowing borrowing, shall be $500,000 1,500,000 or such greater amount which is an integral multiple of $100,000;.
(f) accrued interest on the LIBOR Eurodollar Loans (or portion thereof) being continued or converted shall be paid by the appropriate 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 conversion;
(i) each request for a continuation as or conversion to a LIBOR Loan which fails to state an applicable Interest Period shall be deemed to be a request for an Interest Period of one month; and
(j) in the event that the Borrower shall not give notice to continue or convert any LIBOR Loan as provided above, such Loan (unless repaid) shall automatically be converted to an Alternate Base Rate Loan at the expiration of the then current Interest Period. The Administrative Agent shall, after it receives notice from the Borrower, promptly give the Lenders notice of any continuation or conversion.
Appears in 1 contract
Continuation and Conversion of Loans. The Borrower Borrowers shall have the right, at any time, (i) to convert any LIBOR Eurodollar Loan or portion thereof to an Alternate Base Rate Loan or to continue such LIBOR any Eurodollar 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 Eurodollar Loan, subject to the following:
(a) the Borrower Borrowers shall give the Administrative Agent prior written, facsimile or telephonic (promptly confirmed in writing) notice of each continuation or conversion hereunder hereunder, of at least three (3) Business Days for any continuation as or conversion to a LIBOR Eurodollar 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., 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 Eurodollar Loan or continuation of any such LIBOR a Eurodollar Loan into a subsequent Interest Period;
(c) no Alternate Base Rate Loan may be the aggregate principal amount of Loans continued as, or converted to a LIBOR Loan and no LIBOR Loan may be continued to, Eurodollar Loans as a LIBOR Loan ifpart of the same continuation or conversion, 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)in a minimum amount of $500,000 or in such greater amount which is an integral multiple of $100,000;
(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 no Alternate Base Rate Loan (or portion thereof) being may be converted to a Eurodollar Loan and no Eurodollar Loan may be continued as a Eurodollar Loan if, after such conversion or continuation, and after giving effect to any concurrent prepayment of Loans, an aggregate of more than six (6) separate Eurodollar Loans would be outstanding hereunder (for purposes of determining the number of such Loans outstanding, Loans with different Interest Periods shall be paid by counted as different Eurodollar Loans even if made on the Borrower at the time of continuationsame date);
(gf) the Interest Period with respect to a new LIBOR Eurodollar Loan effected by a continuation or conversion shall commence on the date of such continuation or conversion;
(hg) if a LIBOR Eurodollar Loan is converted to another type of an Alternate Base Rate Loan prior to other than on the last day of the Interest Period with respect thereto, the amounts required by Section 2.10(b) 2.9 shall be paid upon such conversion;
(h) accrued interest on a Eurodollar Loan (or portion thereof) being converted or continued to an Alternate Base Rate Loan shall be paid by the Borrowers at the time of conversion or continuation (as applicable); and
(i) each request for a continuation as as, or conversion to to, a LIBOR Eurodollar Loan which fails to state an applicable Interest Period shall be deemed to be a request for an Interest Period of one month; and
(j) . Subject to the foregoing, in the event that the Borrower Borrowers shall not give notice to continue or convert any LIBOR Eurodollar Loan as provided above, such Loan (unless repaid) shall automatically be converted to an Alternate Base Rate Loan at the expiration of the then current Interest Period. The Administrative Agent shall, after it receives notice from the Borrower, promptly give the Lenders notice of any continuation or conversion.
Appears in 1 contract
Continuation and Conversion of Loans. The Borrower Borrowers shall have the right, right at any time, time on prior irrevocable written or telex notice to the Bank as specified in this Agreement (i) to convert continue any LIBOR Loan or portion thereof to an Alternate Base Fixed Rate Loan or to continue such LIBOR Loan or into a portion thereof for a successive subsequent Interest Period, or (ii) to convert any Alternate Base Fixed Rate Loan into another Fixed Rate Loan with a different Interest Period or a portion thereof Fluctuating Rate Loan (specifying, in the case of a Fixed Rate Loan, the Interest Period to be applicable thereto), and (iii) to convert any Fluctuating Rate Loan into a LIBOR LoanFixed Rate Loan (specifying the Interest Period to be applicable thereto), subject to the following:
: (a) in the Borrower shall give case of a conversion of less than all of 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 outstanding 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 not be less than $100,000 and shall be $500,000 or such greater amount which is an integral multiple of $100,000;
thereof; (fb) accrued interest on the LIBOR Loans (or portion thereof) being continued no Fixed Rate Loan shall be paid by the Borrower converted at any time other than at the time end of continuation;
(g) the an Interest Period with respect applicable thereto; and (c) any portion of a Loan maturing or required to be prepaid in less than one (1) month may not be converted into or continued as a new LIBOR Fixed Rate Loan. In the event that the Borrowers shall not give notice to continue any Fixed Rate Loan effected by into a continuation subsequent Interest Period or conversion shall commence convert any such Loan into another Fixed Rate Loan or a Fluctuating Rate Loan, 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 conversion;
(i) each request for a continuation as or conversion to a LIBOR Loan which fails to state an applicable Interest Period shall be deemed to be a request for an Interest Period of one month; and
(j) in the event that the Borrower shall not give notice to continue or convert any LIBOR Loan as provided abovethereof, such Loan (unless repaidprepaid) shall automatically be converted into a Fluctuating Rate Loan. The Interest Period applicable to an Alternate Base any Fixed Rate Loan at resulting from a conversion or continuation shall be specified by the expiration Borrowers in the irrevocable notice delivered by the Borrowers pursuant to this Agreement; provided, however, that, if such notice does not specify either the type of Loan or the then current 7 8 Interest PeriodPeriod 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. The Administrative Agent shallNotwithstanding anything to the contrary contained above, after it receives notice from the Borrowerif an Event of Default shall have occurred and is continuing, promptly give the Lenders notice of any continuation or conversion.no Fixed Rate Loan may be continued into a subsequent Interest Period and no Fluctuating Rate Loan may be converted into a Fixed Rate Loan. 2.7
Appears in 1 contract
Samples: Loan Agreement (Fresh Juice Co Inc)
Continuation and Conversion of Loans. The Borrower shall have the right, at any time, (i) to convert any LIBOR Eurodollar Loan or portion thereof to an Alternate a Base Rate Loan or to continue such LIBOR any Eurodollar 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 Eurodollar Loan, subject to the following:
(a) at least three (3) Business Days prior to any conversion or continuation hereunder, the Borrower shall give deliver to the Administrative Agent prior writtena notice with respect thereto, facsimile or telephonic (promptly confirmed in writing) notice the form of each continuation or conversion hereunder of at least three Business Days for continuation as or conversion to a LIBOR LoanConversion/Continuation Certificate; 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.11:30 a.m., New York City Eastern time;
(b) unless the Administrative Agent and 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 Eurodollar Loan or continuation of any such LIBOR a Eurodollar Loan into a subsequent Interest Period;
(c) no Alternate Base Rate Loan may be the aggregate principal amount of Loans continued as, or converted to a LIBOR Loan and no LIBOR Loan may be continued to, Eurodollar Loans as a LIBOR Loan ifpart of the same continuation or conversion, 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)in a minimum amount of $2,500,000 or in such greater amount which is an integral multiple of $250,000;
(d) if fewer than all Loans of a particular type 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 no Base Rate Loan (or portion thereof) being may be converted to a Eurodollar Loan and no Eurodollar Loan may be continued as a Eurodollar Loan if, after such conversion or continuation, and after giving effect to any concurrent prepayment of Loans, an aggregate of more than twelve (12) separate Eurodollar Loans would be outstanding hereunder with respect to a Lender (for purposes of determining the number of such Loans outstanding, Loans with different Interest Periods shall be paid by counted as different Eurodollar Loans even if made on the Borrower at the time of continuationsame date);
(gf) the Interest Period with respect to a new LIBOR Eurodollar Loan effected by a continuation or conversion shall commence on the date of such continuation or conversion;
(hg) if a LIBOR Eurodollar Loan is converted to another type of a Base Rate Loan prior to other than on the last day of the Interest Period with respect thereto, the amounts required by Section 2.10(b) 2.11 shall be paid upon such conversion;; and
(ih) each request for a continuation as as, or conversion to to, a LIBOR Eurodollar Loan which fails to state an applicable Interest Period shall be deemed to be a request for an Interest Period of one month; and
(j) . Subject to the foregoing, in the event that the Borrower shall not give notice to continue or convert any LIBOR Eurodollar Loan as provided above, such Loan (unless repaid) shall automatically be converted to an Alternate a Base Rate Loan at the expiration of the then current Interest Period. The Administrative Agent shall, after it receives notice from the Borrower, promptly give the Lenders notice of any continuation or conversion.
Appears in 1 contract
Samples: Credit Agreement (Ventas Inc)
Continuation and Conversion of Loans. The Borrower shall have the right, at any time, (i) to convert any LIBOR Eurodollar Loan or portion thereof to an Alternate a Base Rate Loan or to continue such LIBOR any Eurodollar 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 Eurodollar Loan, subject to the following:
(a) at least three (3) Business Days prior to any conversion or continuation hereunder, 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 Loanwith respect thereto; 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 11:30 a.m. Eastern 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 Eurodollar Loan or continuation of any such LIBOR a Eurodollar Loan into a subsequent Interest Period;
(c) the aggregate principal amount of Loans continued as, or converted to, Eurodollar Loans as part of the same continuation or conversion, shall be in a minimum amount of $1,000,000 or in such greater amount which is an integral multiple of $100,000;
(d) no Alternate Base Rate Loan (or portion thereof) may be converted to a LIBOR Eurodollar Loan and no LIBOR Eurodollar Loan may be continued as a LIBOR Eurodollar Loan if, after such conversion or continuancecontinuation, and after giving effect to any concurrent prepayment of Loans, an aggregate of more than six (6the number of separate Eurodollar Loans permitted under Section 2.2(c) separate LIBOR Loans hereof 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 conversionhereunder;
(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 Eurodollar Loan effected by a continuation or conversion shall commence on the date of such continuation or conversion;
(hf) if a LIBOR Eurodollar Loan is converted to another type of a Base Rate Loan prior to other than on the last day of the Interest Period with respect thereto, the amounts required by Section 2.10(b) 2.12 shall be paid upon such conversion;
(ig) accrued interest on a Eurodollar Loan (or portion thereof) being converted to a Base Rate Loan shall be paid by the Borrower at the time of conversion; and
(h) each request for a continuation as as, or conversion to to, a LIBOR Eurodollar Loan which fails to state an applicable Interest Period shall be deemed to be a request for an Interest Period of one month; and
(j) . Subject to the foregoing, in the event that the Borrower shall not give notice to continue or convert any LIBOR Eurodollar Loan as provided above, such Loan (unless repaid) shall automatically be converted to an Alternate a Base Rate Loan at the expiration of the then current Interest Period. The Administrative Agent shall, after it receives notice from the Borrower, promptly give the Lenders notice of any continuation or conversion.
Appears in 1 contract
Samples: Credit, Security, Guaranty and Pledge Agreement (Guilford Mills Inc)
Continuation and Conversion of Loans. (a) The Borrower shall have the right, with respect to any Eurodollar Loan, at the end of any timeInterest Period, on three Business Days’ prior telephonic notice to the Administrative Agent (which shall be confirmed in writing on the next Business Day thereafter) (i) to convert any LIBOR Loan or portion thereof to an Alternate Base Rate Loan or to continue such LIBOR Loan or into a portion thereof for subsequent Interest Period (provided that no Loan shall be continued into an Interest Period that ends on a successive Interest Period, date that is later than the Termination Date) or (ii) to convert such Loan into an ABR Loan.
(b) The Borrower shall have the right, with respect to any Alternate Base Rate Loan or a portion thereof to a LIBOR ABR Loan, at any time, on three Business Days’ prior telephonic notice to the Administrative Agent (which shall be confirmed in writing on the next Business Day thereafter), to convert such Loan into a Eurodollar Loan.
(c) Any notice required to be given by the Borrower to the Administrative Agent pursuant to this Section 2.07 shall be irrevocable. Any notice given by the Borrower to the Administrative Agent hereunder shall be promptly communicated by the Administrative Agent to the Lenders.
(d) In addition to the above notice requirements, any continuation or conversion by the Borrower pursuant to this Section 2.07 shall be subject to the following:
(ai) 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 such continuation or continuation of any such LIBOR Loan into a subsequent Interest Periodconversion;
(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);
(dii) if fewer less than all the 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 principal amounts of the principal amount Loans of such Loans the Type being continued or converted held by the Lenders immediately prior to such continuation or conversion;
(eiii) each conversion shall be effected by each Lender by applying the aggregate principal amount of Loans continued as or converted to LIBOR Loans as part proceeds of the same Borrowing shall be $500,000 new ABR Loan or such greater amount which is an integral multiple of $100,000Eurodollar Loan, as the case may be, to the Loan being converted;
(fiv) upon each conversion of an ABR Loan into a Eurodollar Loan, and upon the conversion of a Eurodollar Loan into an ABR Loan, the Borrower shall pay all accrued interest on the LIBOR Loans (or portion thereof) such Loan being continued shall be paid by the Borrower converted at the time of continuationconversion;
(gv) if the new Loan made in respect of a conversion shall be a Eurodollar Loan, the first Interest Period with respect to a new LIBOR Loan effected by a continuation or conversion thereto shall commence on the date of such continuation or conversion;
(hvi) if any Loan which may not be continued as or converted into a LIBOR Eurodollar Loan is shall be automatically continued as or converted to another type of an ABR Loan; provided that each Loan prior shall be paid in full not later than the Termination Date;
(vii) a Eurodollar Loan may be converted to an ABR Loan only on the last day of the an Interest Period with respect thereto, the amounts required by Section 2.10(bPeriod; and (viii) any conversion shall be paid upon such conversion;
(isubject to Section 1.01(b) each request for a continuation as or conversion to a LIBOR Loan which fails to state an applicable Interest Period shall be deemed to be a request for an Interest Period of one month; and
(j) in hereof. In the event that the Borrower shall not give notice to continue any Eurodollar Loan as a Eurodollar Loan into a subsequent Interest Period, or to convert any LIBOR Loan as provided abovesuch Loan, such Loan (unless repaid) shall automatically be converted to become an Alternate Base Rate ABR Loan at the expiration of the then current Interest Period. The Administrative Agent shall, after it receives notice from the Borrower, promptly give the Lenders notice of any continuation or conversion.
Appears in 1 contract
Continuation and Conversion of Loans. The Borrower shall have the right, right at any time, time on prior irrevocable written or telex notice to the Bank as specified in this Agreement (i) to convert continue any LIBOR Loan or portion thereof to an Alternate Base Rate Loan or to continue such LIBOR Loan or into a portion thereof for a successive subsequent Interest Period, or (ii) to convert any Alternate Base Eurodollar Loan into a Fluctuating Rate Loan or and (iii) to convert any Fluctuating Rate Loan into a portion thereof Eurodollar Loan (specifying the Interest Period to a LIBOR Loanbe applicable thereto), subject to the following:
: (a) in the Borrower shall give case of a conversion of less than all of 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 outstanding 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 not be less than $100,000 and shall be $500,000 or such greater amount which is an integral multiple of $100,000;
thereof; (fb) accrued interest on the LIBOR Loans no Loan (or portion thereof) being continued shall be paid by the Borrower at the time of continuation;
(g) the Interest Period with respect to other than 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(bFluctuating Rate Loan) shall be paid upon such conversion;
(i) each request for a continuation as or conversion to a LIBOR Loan which fails to state an applicable Interest Period shall be deemed to be a request for converted at any time other than at the end of an Interest Period applicable thereto; and (c) any portion of a Loan maturing or required to be prepaid in less than one month; and
(j) in month may not be converted into or continued as a Eurodollar Loan. In the event that the Borrower shall not give notice to continue any Eurodollar Loan into a subsequent Interest Period or convert any LIBOR such Loan as provided aboveinto a Loan of another type, on the last day of the Interest Period thereof, such Loan (unless repaidprepaid) shall automatically be converted into a Fluctuating Rate Loan. The Interest Period applicable to an Alternate Base any Eurodollar Loan resulting from a conversation or continuation shall be specified by the Borrower in the irrevocable notice delivered by the Borrower pursuant to this Agreement; provided, however, that, if such notice does not specify either the type of Loan or 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 at until such required information is furnished pursuant to the expiration terms hereof. Notwithstanding anything to the contrary contained above, if an Event of the then current Default shall have occurred and is continuing, no Eurodollar Loan may be construed into a subsequent Interest PeriodPeriod and no Fluctuating Rate Loan may be converted into a Eurodollar Loan. The Administrative Agent shall, after it receives notice from the Borrower, promptly give the Lenders notice of any continuation or conversion.2.11
Appears in 1 contract
Samples: Loan Agreement (Chyron Corp)
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 a successive Loan of a different interest rate type or to continue such LIBOR any Eurodollar 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 Lender prior written, facsimile or telephonic (promptly confirmed in writing) notice of each continuation or conversion hereunder hereunder, of at least three (3) Business Days for continuation as as, or conversion to, a Eurodollar Loan and one (1) Business Day for conversion to a LIBOR an Alternate Base Rate Loan; such notice shall be irrevocable and to be effective, must be received by the Administrative Agent on the day required not Lender no later than 2:00 p.m.11:00 a.m., New York City timetime on the day required;
(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 (or portion thereof) may be converted to a LIBOR Eurodollar Loan and no LIBOR Eurodollar Loan may be continued as a LIBOR Eurodollar Loan if, after such conversion or continuancecontinuation, and after giving effect to any concurrent prepayment of Loans, an aggregate of more than six ten (610) separate LIBOR Eurodollar Loans would be outstanding hereunder with respect to each the Lender (for purposes of determining the number of such Loans outstanding, Loans with different Interest Periods commencing or ending on different dates shall be counted as different Loans even if made on the same dateLoans);
(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;
(ec) the aggregate principal amount of Loans continued as as, or converted to LIBOR to, Eurodollar Loans as part of the same Borrowing continuation or conversion, shall be $500,000 1,000,000 or such greater amount which is an integral multiple of $100,000500,000;
(fd) accrued interest on the LIBOR Loans a Eurodollar Loan (or portion thereof) being continued converted to an Alternate Base Rate Loan shall be paid by the Borrower at the time of continuationconversion;
(ge) the Interest Period with respect to a new LIBOR Eurodollar Loan effected by a continuation or conversion shall commence on the date of such continuation or conversion;
(hf) if a LIBOR Eurodollar Loan is converted to another type of an Alternate Base Rate Loan prior to other than on the last day of the Interest Period with respect thereto, the amounts required by Section 2.10(b) 7 hereunder shall be paid upon such conversion;; and
(ig) each request for a continuation as as, or conversion to to, a LIBOR Eurodollar Loan which fails to state an applicable Interest Period shall be deemed to be a request for an Interest Period of one month; and
(j) . Subject to the foregoing, in the event that the Borrower shall not give notice to continue or convert any LIBOR Eurodollar Loan as provided above, such Loan (unless repaid) shall automatically be converted to an Alternate Base Rate Loan at the expiration of the then current Interest Period. The Administrative Agent shall, after it receives notice from the Borrower, promptly give the Lenders notice of any continuation or conversion.
Appears in 1 contract
Samples: Demand Promissory Note (Mobile Telecommunication Technologies Corp)
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 (i) at least three (3) Business Days for continuation as or conversion to a LIBOR Loan and (ii) one (1) Business Day for conversion to an Alternate Base Rate Loan; such notice shall be irrevocable and 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, on the day required;
(b) unless the Required Lenders otherwise consent, no Default or Event of Default or Default shall have occurred and be continuing at the time of any conversion to a LIBOR Loan, any request for a new LIBOR Loan or any continuation of any such LIBOR Loan into a subsequent Interest Period;
(c) no Alternate Base Rate Loan (or portion thereof) may be converted to a LIBOR Loan and no LIBOR Loan may be continued as a LIBOR Loan if, after such conversion or continuancecontinuation, and after giving effect to any concurrent prepayment of Loans, an aggregate of more than six twelve (612) 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 in a minimum aggregate principal amount of $500,000 100,000 or such greater amount which that is an integral multiple of $100,00050,000;
(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 Type of Loan prior to the last day of the Interest Period with respect thereto, the amounts required by Section 2.10(b2.9(b) shall be paid upon as provided in such conversionSection;
(i) each request for a continuation as or conversion to a LIBOR Loan which fails to state an applicable Interest Period shall be deemed to be a request for an Interest Period of one (1) month; and
(j) in the event that the Borrower shall not timely give the Administrative Agent a notice to continue or convert any LIBOR Loan as provided above, then such Loan (unless repaid) shall automatically be converted to an Alternate Base Rate Loan at the expiration of the then current Interest Period. The Administrative Agent shall, after it receives notice from the Borrower, promptly give the Lenders notice of any continuation or conversion.
Appears in 1 contract
Continuation and Conversion of Loans. The Borrower shall have the right, at any time, (i) to convert any LIBOR Eurodollar Loan or portion thereof to an Alternate a Base Rate Loan or to continue such LIBOR any Eurodollar 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 Eurodollar Loan, subject to the following:
(a) at least three (3) Business Days prior to any conversion or continuation hereunder, 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 Loanwith respect thereto; 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 11:30 a.m. Eastern 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 Eurodollar Loan or continuation of any such LIBOR a Eurodollar Loan into a subsequent Interest Period;
(c) no Alternate Base Rate Loan may be the aggregate principal amount of Loans continued as, or converted to a LIBOR Loan and no LIBOR Loan may be continued to, Eurodollar Loans as a LIBOR Loan ifpart of the same continuation or conversion, 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)in a minimum amount of $5,000,000 or in such greater amount which is an integral multiple of $1,000,000;
(d) if fewer than all Loans of a particular Tranche 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 no Base Rate Loan (or portion thereof) being may be converted to a Eurodollar Loan and no Eurodollar Loan may be continued shall as a Eurodollar Loan if, after such conversion or continuation, and after giving effect to any concurrent prepayment of Loans, an aggregate of more than the number of separate Eurodollar Loans permitted under Section 2.4(c) hereof would be paid by the Borrower at the time of continuationoutstanding hereunder;
(gf) the Interest Period with respect to a new LIBOR Eurodollar Loan effected by a continuation or conversion shall commence on the date of such continuation or conversion;
(hg) if a LIBOR Eurodollar Loan is converted to another type of a Base Rate Loan prior to other than on the last day of the Interest Period with respect thereto, the amounts required by Section 2.10(b) 2.15 shall be paid upon such conversion;
(h) accrued interest on a Eurodollar Loan (or portion thereof) being converted to a Base Rate Loan shall be paid by the Borrower at the time of conversion; and
(i) each request for a continuation as as, or conversion to to, a LIBOR Eurodollar Loan which fails to state an applicable Interest Period shall be deemed to be a request for an Interest Period of one month; and
(j) . Subject to the foregoing, in the event that the Borrower shall not give notice to continue or convert any LIBOR Eurodollar Loan as provided above, such Loan (unless repaid) shall automatically be converted to an Alternate a Base Rate Loan at the expiration of the then current Interest Period. The Administrative Agent shall, after it receives notice from the Borrower, promptly give the Lenders notice of any continuation or conversion.
Appears in 1 contract
Samples: Credit, Security, Guaranty and Pledge Agreement (Genesis Health Ventures Inc /Pa)
Continuation and Conversion of Loans. The Borrower shall have the right, right at any timetime on prior irrevocable written or telex notice to the Bank as specified in this Agreement (i) to continue any Loan into a subsequent Interest Period, (iii) to convert any LIBOR Loan or portion thereof to an Alternate Base into a Fluctuating Rate Loan or to continue such LIBOR Loan or a portion thereof for a successive Interest PeriodLoan, or and (iiiii) to convert any Alternate Base Fluctuating Rate Loan or a portion thereof to into a LIBOR LoanLoan (specifying the Interest Period to be applicable thereto), subject to the following:
(a) in the Borrower shall give case of a conversion of less than all of 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 outstanding 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 not be less than $100,000 and shall be $500,000 or such greater amount which is an integral multiple of $100,000thereof;
(fb) accrued interest on the no LIBOR Loans (or portion thereof) being continued Loan shall be paid by the Borrower converted at any time other than at the time end 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 conversion;
(i) each request for a continuation as or conversion to a LIBOR Loan which fails to state an applicable Interest Period shall be deemed to be a request for an Interest Period of one monthapplicable thereto; and
(jc) any portion of a Loan maturing or required to be prepaid in less than one month may not be converted into or continued as a LIBOR Loan. In the event that the Borrower shall not give notice to continue any LIBOR Loan into a subsequent Interest Period or convert any LIBOR such Loan as provided aboveinto a Loan of another type, on the last day of the Interest Period thereof, such Loan (unless repaidprepaid) shall automatically be converted into a Fluctuating Rate Loan. The Interest Period applicable to an Alternate Base any LIBOR Loan resulting from a conversion or continuation shall be specified by the Borrower in the irrevocable notice delivered by the Borrower pursuant to this Agreement; PROVIDED, HOWEVER, that, if such notice does not specify either the type of Loan or 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 at until such required information is furnished pursuant to the expiration terms hereof. Notwithstanding anything to the contrary contained above, if an Event of the then current Default shall have occurred and is continuing, no LIBOR Loan may be continued into a subsequent Interest Period. The Administrative Agent shall, after it receives notice from the Borrower, promptly give the Lenders notice of any continuation or conversionPeriod and no Fluctuating Rate Loan may be converted into a LIBOR Loan.
Appears in 1 contract
Continuation and Conversion of Loans. The (a) Each Borrower shall have the right, with respect to any Eurodollar Loan made to such Borrower, at the end of any timeInterest Period, on three Business Days’ prior telephonic notice to the Administrative Agent (which shall be confirmed in writing on the next Business Day thereafter) (i) to convert any LIBOR Loan or portion thereof to an Alternate Base Rate Loan or to continue such LIBOR Loan or into a portion thereof for subsequent Interest Period (provided that no Loan shall be continued into an Interest Period that ends on a successive Interest Period, date that is later than the earlier to occur of the one-year anniversary of the Borrowing Date with respect to such Loan and the Termination Date) or (ii) to convert such Loan into an ABR Loan.
(b) Each Borrower shall have the right, with respect to any Alternate Base Rate ABR Loan made to such Borrower, at any time, on three Business Days’ prior telephonic notice to the Administrative Agent (which shall be confirmed in writing on the next Business Day thereafter), to convert such Loan into a Eurodollar Loan.
(c) Any notice required to be given by any Borrower to the Administrative Agent pursuant to this Section 2.07 shall be irrevocable. Any notice given by any Borrower to the Administrative Agent hereunder shall be promptly communicated by the Administrative Agent to the Lenders.
(d) In addition to the above notice requirements, any continuation or a portion thereof conversion by such Borrower pursuant to a LIBOR Loan, this Section 2.07 shall be subject to the following:
(ai) 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 such continuation or continuation of any such LIBOR Loan into a subsequent Interest Periodconversion;
(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);
(dii) if fewer less than all the 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 principal amounts of the principal amount Loans of such Loans the Type being continued or converted held by the Lenders immediately prior to such continuation or conversion;
(eiii) each conversion shall be effected by each Lender by applying the aggregate principal amount of Loans continued as or converted to LIBOR Loans as part proceeds of the same Borrowing shall be $500,000 new ABR Loan or such greater amount which is an integral multiple of $100,000Eurodollar Loan, as the case may be, to the Loan being converted;
(fiv) upon each conversion of an ABR Loan into a Eurodollar Loan, and upon the conversion of a Eurodollar Loan into an ABR Loan, such Borrower shall pay all accrued interest on the LIBOR Loans (or portion thereof) such Loan being continued shall be paid by the Borrower converted at the time of continuationconversion;
(gv) if the new Loan made in respect of a conversion shall be a Eurodollar Loan, the first Interest Period with respect to a new LIBOR Loan effected by a continuation or conversion thereto shall commence on the date of such continuation or conversion;
(hvi) if any Loan which may not be continued as or converted into a LIBOR Eurodollar Loan is shall be automatically continued as or converted to another type an ABR Loan; provided that each Loan shall be paid in full not later than the earlier to occur of the one-year anniversary of the Borrowing Date with respect to such Loan prior and the Termination Date;
(vii) a Eurodollar Loan may be converted to an ABR Loan only on the last day of the Interest Period with respect thereto, the amounts required by Section 2.10(b) shall be paid upon such conversion;
(i) each request for a continuation as or conversion to a LIBOR Loan which fails to state an applicable Interest Period shall be deemed to be a request for an Interest Period of one monthPeriod; and
(jviii) in any conversion shall be subject to Section 1.01(b) hereof. In the event that the any Borrower shall not give notice to continue any Eurodollar Loan as a Eurodollar Loan into a subsequent Interest Period, or to convert any LIBOR Loan as provided abovesuch Loan, such Loan (unless repaid) shall automatically be converted to become an Alternate Base Rate ABR Loan at the expiration of the then current Interest Period. The Administrative Agent shall, after it receives notice from the Borrower, promptly give the Lenders notice of any continuation or conversion.
Appears in 1 contract
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 four (64) 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)Lender;
(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(b2.8(b) shall be paid upon such conversion;
(i) each request for a continuation as or conversion to a LIBOR Loan which fails to state an applicable Interest Period shall be deemed to be a request for an Interest Period of one month; and
(j) in the event that the Borrower shall not give notice to continue or convert any LIBOR Loan as provided above, such Loan (unless repaid) shall automatically be converted to an Alternate Base Rate Loan at the expiration of the then current Interest Period. The Administrative Agent shall, after it receives notice from the Borrower, promptly give the Lenders notice of any continuation or conversion.
Appears in 1 contract
Continuation and Conversion of Loans. The Borrower shall have the right, at any time, (i) to convert any LIBOR Eurodollar Loan or portion thereof to an Alternate Base Rate Loan or to continue such LIBOR Eurodollar 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 Eurodollar 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 Eurodollar Loan and at least one Business Day for conversion to an Alternate Base Rate 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 1:00 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 Eurodollar Loan or continuation of any such LIBOR Eurodollar Loan into a subsequent Interest Period;
(c) no Alternate Base Rate Loan may be converted to a LIBOR Eurodollar Loan and no LIBOR Eurodollar Loan may be continued as a LIBOR Eurodollar 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 Eurodollar 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 Eurodollar Loans as part of the same Borrowing shall be at least $500,000 or such greater amount which is an integral multiple of $100,0005,000,000;
(f) accrued interest on the LIBOR Eurodollar Loans (or portion thereof) being continued or converted shall be paid by the Borrower at the time of continuationcontinuation or conversion (as applicable);
(g) the Interest Period with respect to a new LIBOR Eurodollar Loan effected by a continuation or conversion shall commence on the date of such continuation or conversion;
(h) if a LIBOR Eurodollar Loan is converted to another type of an Alternate Base Rate Loan prior to other than on the last day of the Interest Period with respect thereto, the amounts required by Section 2.10(b) 2.11 shall be paid upon such conversion;; and
(i) each request for a continuation as or conversion to a LIBOR Eurodollar Loan which fails to state an applicable Interest Period shall be deemed to be a request for an Interest Period of one month; and
(j) in . In the event that the Borrower shall not give notice to continue or convert any LIBOR Eurodollar Loan as provided above, such Loan (unless repaid) shall automatically be converted to an Alternate Base Rate Loan at the expiration of the then current Interest Period. The Administrative Agent shall, after it receives notice from the Borrower, promptly (but in no event later than two (2) days prior to the date of any proposed conversion to, or continuation as, a Eurodollar Loan) give the Lenders notice of any continuation or conversion.
Appears in 1 contract
Samples: Credit, Guaranty, Security and Pledge Agreement (Gci Inc)
Continuation and Conversion of Loans. The Borrower shall have the right, at any time, (i) to convert any LIBOR Eurodollar Loan or portion thereof to an Alternate a Base Rate Loan or to continue such LIBOR any Eurodollar Loan or a portion thereof for a successive Interest Period, or (ii) to convert any Alternate Base Rate Loan (other than a Swingline Loan) or a portion thereof to a LIBOR Eurodollar Loan, subject to the following:
(a) at least three (3) Business Days prior to any conversion or continuation hereunder, 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 Loanwith respect thereto; 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 11:30 a.m. Eastern 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 Eurodollar Loan or continuation of any such LIBOR a Eurodollar Loan into a subsequent Interest Period;
(c) no Alternate Base Rate Loan may be the aggregate principal amount of Loans continued as, or converted to a LIBOR Loan and no LIBOR Loan may be continued to, Eurodollar Loans as a LIBOR Loan ifpart of the same continuation or conversion, 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)in a minimum amount of $5,000,000 or in such greater amount which is an integral multiple of $1,000,000;
(d) if fewer than all Loans of a particular Tranche 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 no Base Rate Loan (or portion thereof) being may be converted to a Eurodollar Loan and no Eurodollar Loan may be continued shall as a Eurodollar Loan if, after such conversion or continuation, and after giving effect to any concurrent prepayment of Loans, an aggregate of more than the number of separate Eurodollar Loans permitted under Section 2.3(c) hereof would be paid by the Borrower at the time of continuationoutstanding hereunder;
(gf) the Interest Period with respect to a new LIBOR Eurodollar Loan effected by a continuation or conversion shall commence on the date of such continuation or conversion;
(hg) if a LIBOR Eurodollar Loan is converted to another type of a Base Rate Loan prior to other than on the last day of the Interest Period with respect thereto, the amounts required by Section 2.10(b) 2.15 shall be paid upon such conversion;
(h) accrued interest on a Eurodollar Loan (or portion thereof) being converted to a Base Rate Loan shall be paid by the Borrower at the time of conversion; and
(i) each request for a continuation as as, or conversion to to, a LIBOR Eurodollar Loan which fails to state an applicable Interest Period shall be deemed to be a request for an Interest Period of one month; and
(j) . Subject to the foregoing, in the event that the Borrower shall not give notice to continue or convert any LIBOR Eurodollar Loan as provided above, such Loan (unless repaid) shall automatically be converted to an Alternate a Base Rate Loan at the expiration of the then current Interest Period. The Administrative Agent shall, after it receives notice from the Borrower, promptly give the Lenders notice of any continuation or conversion.
Appears in 1 contract
Samples: Credit, Security, Guaranty and Pledge Agreement (Genesis Healthcare Corp)
Continuation and Conversion of Loans. The Borrower shall have the right, right at any time, time on prior irrevocable written or telex notice to the Bank as specified in this Agreement (i) to convert continue any LIBOR Loan or portion thereof to an Alternate Base Rate Loan or to continue such LIBOR Loan or into a portion thereof for a successive subsequent Interest Period, or (ii) to convert any Alternate Base Eurodollar Loan into a Fluctuating Rate Loan or and (iii) to convert any Fluctuating Rate Loan into a portion thereof Eurodollar Loan (specifying the Interest Period to a LIBOR Loanbe applicable thereto), subject to the following:
: (a) in the Borrower shall give case of a conversion of less than all of 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 outstanding 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 not be less than $100,000 and shall be $500,000 or such greater amount which is an integral multiple of $100,000;
thereof; (fb) accrued interest on the LIBOR Loans no Loan (or portion thereof) being continued shall be paid by the Borrower at the time of continuation;
(g) the Interest Period with respect to other than 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(bFluctuating Rate Loan) shall be paid upon such conversion;
(i) each request for a continuation as or conversion to a LIBOR Loan which fails to state an applicable Interest Period shall be deemed to be a request for converted at any time other than at the end of an Interest Period applicable thereto; and (c) any portion of a Loan maturing or required to be prepaid in less than one month; and
(j) in month may not be converted into or continued as a Eurodollar Loan. In the event that the Borrower shall not give notice to continue any Eurodollar Loan into a subsequent Interest Period or convert any LIBOR such Loan as provided aboveinto a Loan of another type, on the last day of the Interest Period thereof, such Loan (unless repaidprepaid) shall automatically be converted into a Fluctuating Rate Loan. The Interest Period applicable to an Alternate Base any Eurodollar Loan resulting from a conversion or continuation shall be specified by the Borrower in the irrevocable notice delivered by the Borrower pursuant to this Agreement; provided, however, that, if such notice does not specify either the type of Loan or 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 at until such required information is furnished pursuant to the expiration terms hereof. Notwithstanding anything to the contrary contained above, if an Event of the then current Default shall have occurred and is continuing no Eurodollar Loan may be continued into a subsequent Interest PeriodPeriod and no Fluctuating Rate Loan may be converted into a Eurodollar Loan. The Administrative Agent shall, after it receives notice from the Borrower, promptly give the Lenders notice of any continuation or conversion.2.11
Appears in 1 contract
Samples: Loan Agreement (Chyron Corp)
Continuation and Conversion of Loans. The Borrower ------------------------------------ shall have the right, at any time, (i) to convert any LIBOR Eurodollar Loan or portion thereof to an Alternate Base Rate Loan or to continue such LIBOR Eurodollar 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 Eurodollar 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 Eurodollar 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 Eurodollar Loan or continuation of any such LIBOR Eurodollar Loan into a subsequent Interest Period;
(c) no Alternate Base Rate Loan may be converted to a LIBOR Eurodollar Loan and no LIBOR Eurodollar Loan may be continued as a LIBOR Eurodollar Loan if, after such conversion or continuance, and after giving effect to any concurrent prepayment of Loans, an aggregate of more than six (6) ten separate LIBOR Eurodollar 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 Eurodollar 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 Eurodollar 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 Eurodollar Loan effected by a continuation or conversion shall commence on the date of such continuation or conversion;
(h) if a LIBOR Eurodollar 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(b2.9(c) shall be paid upon such conversion;; and
(i) each request for a continuation as or conversion to a LIBOR Eurodollar Loan which fails to state an applicable Interest Period shall be deemed to be a request for an Interest Period of one month; and
(j) in . In the event that the Borrower shall not give notice to continue or convert any LIBOR Eurodollar Loan as provided above, such Loan (unless repaid) shall automatically be converted to an Alternate Base Rate Loan at the expiration of the then current Interest Period. The Administrative Agent shall, after it receives notice from the Borrower, promptly give the Lenders notice of any continuation or conversion.
Appears in 1 contract
Samples: Credit and Security Agreement (Artisan Entertainment Inc)
Continuation and Conversion of Loans. The Borrower (a) Subject to Section 2.09 hereof, the Borrowers shall have the right, at any time, on three (i3) Business Days' prior irrevocable written or telecopy notice to the Administrative Agent, to continue any Eurodollar Loan, or any portion thereof, into a subsequent Interest Period or, after the Syndication Date, to convert any LIBOR Base Rate Loan or portion thereof to an Alternate Base Rate Loan or to continue such LIBOR Loan or into a portion thereof for a successive Interest PeriodEurodollar Loan, or on one (ii1) Business Day's prior irrevocable written or telecopy notice to the Administrative Agent, to convert any Alternate Eurodollar Loan or portion thereof into a Base Rate Loan or a portion thereof to a LIBOR Loan, subject to the following:
(ai) the Borrower shall give the Administrative Agent prior writtenno Eurodollar Loan may be continued as such and no Base Rate Loan may be converted into a Eurodollar Loan, 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 when any Event of Default or Default shall have occurred and be continuing at such time;
(ii) in the case of a continuation of a Eurodollar Loan as such or a conversion of a Base Rate Loan into a Eurodollar Loan, the aggregate principal amount of such Eurodollar Loan shall not be less than $5,000,000 and in multiples of $1,000,000 if in excess thereof;
(iii) in the case of a conversion from a Eurodollar Loan to a Base Rate Loan, accrued interest on the Loan (or portion thereof) being converted shall be paid by the applicable Borrower at the time of any conversion to a LIBOR Loan or continuation of any such LIBOR Loan into a subsequent Interest Periodconversion;
(civ) no Alternate a Base Rate Loan may be converted into a Eurodollar Loan only on the first Business Day of a month;
(v) any portion of a Loan maturing or required to a LIBOR Loan and no LIBOR Loan be repaid in less than one month may not be converted into or continued as a LIBOR Eurodollar Loan; and
(vi) if any conversion of a Eurodollar 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 effected on the same date);
(d) if fewer a day other 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 an Interest Period with respect theretoPeriod, the amounts required by Section 2.10(b) Borrowers shall be paid upon such conversion;
(i) jointly and severally reimburse each request Lender on demand for a continuation as any loss incurred or conversion to a LIBOR Loan which fails to state an applicable Interest Period shall be deemed to be a request for an Interest Period incurred by it in the reemployment of one month; and
(j) the funds released by such conversion as provided in Section 2.10 hereof. In the event that the a Borrower shall not give notice to continue or convert any LIBOR Eurodollar Loan as provided aboveinto a subsequent Interest Period, such Loan (unless repaid) shall automatically be converted to an Alternate become a Base Rate Loan at the expiration of the then current Interest Period. The Administrative Agent shall, after it receives notice from the Borrower, promptly give the Lenders notice of any continuation or conversion.
Appears in 1 contract
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, including via electronic mail) notice of each continuation or conversion hereunder of (i) at least three (3) Business Days for continuation as or conversion to a LIBOR Loan and (ii) one (1) Business Day for conversion to an Alternate Base Rate 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, on the day required;
(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 ten (610) 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 in a minimum aggregate principal amount of $500,000 250,000 or such greater amount which that 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 Type of Loan prior to the last day of the Interest Period with respect thereto, the amounts required by Section 2.10(b2.7(b) shall be paid upon as provided in such conversionSection;
(i) each request for a continuation as or conversion to a LIBOR Loan which fails to state an applicable Interest Period shall be deemed to be a request for an Interest Period of one (1) month; and
(j) in the event that the Borrower shall not give the Administrative Agent a notice to continue or convert any LIBOR Loan as provided above, then such Loan (unless repaid) shall automatically be converted to an Alternate Base Rate Loan at the expiration of the then current Interest Period. The Administrative Agent shall, after it receives notice from the Borrower, promptly give the Lenders notice of any continuation or conversion.
Appears in 1 contract
Samples: Credit Agreement (Lions Gate Entertainment Corp /Cn/)
Continuation and Conversion of Loans. (a) Provided that no Event of Default has occurred and is continuing, and except as provided in Article VIII, LIBOR Loans may be continued as LIBOR Loans from any current LIBOR Interest Period into a subsequent LIBOR Interest Period, and Loans of one type may be converted into Loans of another type in accordance with the provisions of this Agreement. The Borrower shall have deliver a Notice of Conversion/Continuation in the right, at any time, form of Exhibit C hereto (ia "Notice of Conversion/Continuation") to convert any LIBOR the Bank no later than 11:00 A.M. (Washington, D.C. time) at least one Domestic Business Day in advance of the date of the proposed date of conversion of a Loan or portion thereof to an Alternate Base Rate Loan or to continue such LIBOR a Daily Federal Funds Loan or a portion thereof for a successive Interest Period, or (ii) to convert any Alternate Base Prime Rate Loan and at least three LIBOR Business Days in advance of the date of the proposed conversion or continuation of a portion thereof Loan into or as a LIBOR Loan subject to Section below. A Notice of Conversion/Continuation shall specify the date of the proposed conversion or continuation (which shall be a Domestic Business Day for Daily Federal Funds Loans and Prime Rate Loans and a LIBOR Business Day for LIBOR Loans), the nature of the proposed conversion or continuation, and in the case of a conversion to or continuation of a LIBOR Loan, subject to the following:
(a) LIBOR Interest Period applicable thereto. In lieu of delivery of above-described Notice of Conversion/Continuation, the Borrower shall may give the Administrative Agent prior written, facsimile Bank telephonic notice by the required time of any proposed conversion 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 Loanunder this Section; provided that such notice shall be promptly confirmed in writing by delivery of a Notice of Conversion/Continuation to the Bank on or before the proposed date of conversion or continuation. If the Borrower fails to deliver timely a Notice of Conversion/Continuation of continuation of a LIBOR Loan, the Borrower shall be deemed to have delivered to the Bank a Notice of Conversion/Continuation to convert such LIBOR Loan to a Daily Federal Funds Loan. The Bank shall not incur any liability to Borrower in acting upon any telephonic notice referred to herein that the Bank believes in good faith to have been given by a duly authorized officer or other person authorized to act on behalf of Borrower or for otherwise acting in good faith under this Section 2.4(a) and upon conversion or continuation in accordance with this Agreement pursuant to any such telephonic notice, the Borrower shall have effected a conversion or continuation as the case may be hereunder. A Notice of Conversion/Continuation for conversion to, or continuation of, a LIBOR Loan (or telephonic notice in lieu thereof) shall be irrevocable and the Borrower shall be bound 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;convert or continue in accordance therewith.
(b) unless A LIBOR Loan may not be converted or continued prior to the Required Lenders otherwise consent, no expiration of the LIBOR Interest Period applicable thereto.
(c) If an Event of Default or Default shall have has occurred and be is continuing at the time of any conversion LIBOR Loan is to be continued, or any Loan is to be converted into a LIBOR Loan or continuation of any pursuant to this Section 2.4 hereunder, such LIBOR Loan shall be automatically converted into a subsequent Interest Period;
(c) no Alternate Base Prime 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 conversion;
(i) each request for a continuation as or conversion to a LIBOR Loan which fails to state an applicable Interest Period shall be deemed to be a request for an Interest Period of one month; and
(j) in the event that the Borrower shall not give notice to continue or convert any LIBOR Loan as provided above, such Loan (unless repaid) shall automatically be converted to an Alternate Base Rate Loan at the expiration of the then current Interest Period. The Administrative Agent shall, after it receives notice from the Borrower, promptly give the Lenders notice of any continuation or conversionLoan.
Appears in 1 contract
Samples: Credit Agreement (Criimi Mae Inc)
Continuation and Conversion of Loans. viii) The Borrower shall have the right, at any time, (i) may from time to convert any time request LIBOR Rate Loans or may request that a Loan or portion thereof to an Alternate Base that is a Reference 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 Rate Loan or that any existing LIBOR Rate Loans continue for an additional Interest Period. Such request from the Borrower shall be in writing and no shall specify the amount of the LIBOR Loan may Rate Loans or the amount of the Reference Rate Loans to be converted to LIBOR Rate Loans or the amount of the LIBOR Rate Loans to be continued as a (subject to the limits set forth below) and the Interest Period to be applicable to such LIBOR Loan ifRate Loans. Subject to the terms and conditions contained herein, three (3) Business Days after such conversion receipt by the Administrative Agent (or continuancethe Collateral Agent, 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 Term Loans) of such Loans outstanding, Loans with different Interest Periods shall be counted as different Loans even if made on a request from the same date);
(d) if fewer than all Loans at the time outstanding shall be continued or convertedBorrower, such continuation or conversion LIBOR Rate Loans shall be made pro rata among or Reference Rate Loans shall be converted to LIBOR Rate Loans or such LIBOR Rate Loans shall continue, as the Lenders case may be, provided, that, (i) no Event of Default shall exist or have occurred and be continuing, (ii) no party hereto shall have sent any notice of termination of this Agreement, (iii) no more than fifteen (15) Interest Periods ((A) in accordance with the respective Percentage case of Revolving Loans, no more than ten (10) Interest Periods, and (B) in the principal amount case of such Term Loans held by the Lenders immediately prior to such continuation or conversion;
B, no more than four (e4) Interest Periods) may be in effect at any one time, (iv) the aggregate principal amount of the LIBOR Rate Loans continued as or converted to LIBOR Loans as part of the same Borrowing shall must be in an amount not less than $500,000 (or such greater amount which is in the case of a Revolving Loan, $200,000) or an integral multiple of $100,000;
100,000 in excess thereof, and (fv) accrued interest on the LIBOR Loans Administrative Agent (or portion thereofthe Collateral Agent, as applicable) being continued shall not have notified the Borrower that LIBOR Rate Loans are unavailable pursuant to Section 2.09. Any request by or on behalf of the Borrower for LIBOR Rate Loans or to convert Reference Rate Loans to LIBOR Rate Loans or to continue any existing LIBOR Rate Loans 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 irrevocable. Notwithstanding anything to the last day of the Interest Period with respect theretocontrary contained herein, the amounts Agents and Lenders shall not be required by Section 2.10(b) shall be paid upon such conversion;
(i) each request for a continuation as to purchase United States Dollar deposits in the London interbank market or conversion other applicable LIBOR Rate market to a fund any LIBOR Loan which fails to state an applicable Interest Period Rate Loans, but the provisions hereof shall be deemed to be a request for an Interest Period of one month; and
(j) in apply as if the event that Agents and Lenders had purchased such deposits to fund the Borrower shall not give notice to continue or convert any LIBOR Loan as provided above, such Loan (unless repaid) shall automatically be converted to an Alternate Base Rate Loan at the expiration of the then current Interest Period. The Administrative Agent shall, after it receives notice from the Borrower, promptly give the Lenders notice of any continuation or conversionLoans.
Appears in 1 contract
Continuation and Conversion of Loans. The Borrower (a) Subject to Section 2.09 hereof, the Borrowers shall have the right, at any time, on three (i3) Business Days' prior irrevocable written or telecopy notice to the Administrative Agent, to continue any Eurodollar Loan, or any portion thereof, into a subsequent Interest Period or to convert any LIBOR Base Rate Loan or portion thereof to an Alternate Base Rate Loan or to continue such LIBOR Loan or into a portion thereof for a successive Interest PeriodEurodollar Loan, or on one (ii1) Business Day's prior irrevocable written or telecopy notice to the Administrative Agent, to convert any Alternate Eurodollar Loan or portion thereof into a Base Rate Loan or a portion thereof to a LIBOR Loan, subject to the following:
(ai) the Borrower shall give the Administrative Agent prior writtenno Eurodollar Loan may be continued as such and no Base Rate Loan may be converted into a Eurodollar Loan, 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 when any Event of Default or Default shall have occurred and be continuing at such time;
(ii) in the time case of any conversion to a LIBOR Loan or continuation of any a Eurodollar Loan as such LIBOR or a conversion of a Base Rate 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 ifEurodollar Loan, 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 such Eurodollar Loan shall not be less than $500,000 or such greater amount which is an integral multiple 5,000,000 and in multiples of $100,0001,000,000 if in excess thereof;
(fiii) in the case of a conversion from a Eurodollar Loan to a Base Rate Loan, accrued interest on the LIBOR Loans Loan (or portion thereof) being continued converted shall be paid by the applicable 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;
(hiv) [intentionally omitted];
(v) any portion of a Loan maturing or required to be repaid in less than one month may not be converted into or continued as a Eurodollar Loan; and
(vi) if any conversion of a LIBOR Eurodollar Loan is converted to another type of Loan prior to shall be effected on a day other than the last day of the an Interest Period with respect theretoPeriod, the amounts required by Section 2.10(b) Borrowers shall be paid upon such conversion;
(i) jointly and severally reimburse each request Lender on demand for a continuation as any loss incurred or conversion to a LIBOR Loan which fails to state an applicable Interest Period shall be deemed to be a request for an Interest Period incurred by it in the reemployment of one month; and
(j) the funds released by such conversion as provided in Section 2.10 hereof. In the event that the a Borrower shall not give notice to continue or convert any LIBOR Eurodollar Loan as provided aboveinto a subsequent Interest Period, such Loan (unless repaid) shall automatically be converted to an Alternate become a Base Rate Loan at the expiration of the then current Interest Period. The Administrative Agent shall, after it receives notice from the Borrower, promptly give the Lenders notice of any continuation or conversion.
Appears in 1 contract
Continuation and Conversion of Loans. (a) The Borrower may from time to time request LIBOR Rate Loans or may request that a Loan that is a Reference Rate Loan be converted to a LIBOR Rate Loan or that any existing LIBOR Rate Loan continue for an additional Interest Period. Such request from the Borrower to the Lenders shall have be in writing and shall specify the rightamount of the LIBOR Rate Loans or the amount of the Reference Rate Loans to be converted to LIBOR Rate Loans or the amount of the LIBOR Rate Loans to be continued (subject to the limits set forth below) and the Interest Period to be applicable to such LIBOR Rate Loans, at any timeprovided that such request shall apply to the Term Loan or a portion of each Lender's Pro Rata Share of the Term Loan. Subject to the terms and conditions contained herein, three Business Days after receipt by each Lender of such a request from the Borrower, such LIBOR Rate Loans shall be made or Reference Rate Loans shall be converted to LIBOR Rate Loans or such LIBOR Rate Loans shall continue, as the case may be, provided that, (i) no Event of Default shall exist or have occurred and be continuing, (ii) no party hereto shall have sent any notice of termination of this Agreement pursuant to the terms hereof, (iii) no more than five (5) Interest Periods may be in effect at any one time, (iv) the aggregate amount of the LIBOR Rate Loans must be in an aggregate amount not less than $10,000,000 or an integral multiple of $500,000 in excess thereof and each Lender shall have a Pro Rata Share thereof, and (v) no Lender shall have notified the Borrower that LIBOR Rate Loans are unavailable pursuant to Section 2.11. Any request by or on behalf of the Borrower for LIBOR Rate Loans or to convert Reference Rate Loans to LIBOR Rate Loans or to continue any existing LIBOR Rate Loans shall be irrevocable. Notwithstanding anything to the contrary contained herein, the Lenders shall not be required to purchase United States Dollar deposits in the London interbank market or other applicable LIBOR Rate market to fund any LIBOR Loan or portion thereof Rate Loans, but the provisions hereof shall be deemed to an Alternate Base apply as if the Lenders had purchased such deposits to fund the LIBOR Rate Loan or Loans.
(b) Any LIBOR Rate Loans shall automatically convert to Reference Rate Loans upon the last day of the applicable Interest Period, unless each Lender has received a request 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 Loans at least three Business Days for continuation as or conversion prior to a LIBOR Loan; such notice shall be irrevocable and to be effective, must be received by last day in accordance with 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;terms hereof.
(c) no Alternate Base Any LIBOR 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 under the number of such Loans outstanding, Loans with different Interest Periods shall be counted as different Loans even if made Existing Financing Agreement on the same date);
Effective Date (dother than LIBOR Rate Loans that are being assigned by BLUSA pursuant to the BLUSA Assignment Agreements) if fewer than all shall continue as LIBOR Rate Loans at the time outstanding shall be continued or converted, such continuation or conversion shall be made pro rata among the Lenders in accordance under this Agreement with the respective Percentage of the principal amount of such Loans held by the Lenders same remaining Interest Period as was in effect 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 conversion;
(i) each request for a continuation as or conversion to a LIBOR Loan which fails to state an applicable Interest Period shall be deemed to be a request for an Interest Period of one month; and
(j) in the event that the Borrower shall not give notice to continue or convert any LIBOR Loan as provided above, such Loan (unless repaid) shall automatically be converted to an Alternate Base Rate Loan at the expiration of the then current Interest Period. The Administrative Agent shall, after it receives notice from the Borrower, promptly give the Lenders notice of any continuation or conversionEffective Date.
Appears in 1 contract
Continuation and Conversion of Loans. The Borrower shall have the right, at any time, (i) on the last day of an Interest Period, to convert any LIBOR Eurodollar Loan or portion thereof to an Alternate a Base Rate Loan or to continue such LIBOR any Eurodollar Loan or a portion thereof for a successive Interest Period, or (ii) to convert any Alternate Base Rate Loan (other than a Swingline Loan) or a portion thereof to a LIBOR Eurodollar Loan, subject to the following:
(a) at least three (3) Business Days prior to any conversion or continuation hereunder, 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 Loanwith respect thereto; 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., 11:30 a.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 Eurodollar Loan or continuation of any such LIBOR a Eurodollar Loan into a subsequent Interest Period;
(c) no Alternate Base Rate Loan may be the aggregate principal amount of Loans continued as, or converted to a LIBOR Loan and no LIBOR Loan may be continued to, Eurodollar Loans as a LIBOR Loan ifpart of the same continuation or conversion, 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)in a minimum amount of $5,000,000 or in such greater amount which is an integral multiple of $1,000,000;
(d) if fewer than all Loans of a particular Tranche 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 no Base Rate Loan (or portion thereof) being may be converted to a Eurodollar Loan and no Eurodollar Loan may be continued shall as a Eurodollar Loan if, after such conversion or continuation, and after giving effect to any concurrent prepayment of Loans, an aggregate of more than the number of separate Eurodollar Loans permitted under Section 2.3(c) hereof would be paid by the Borrower at the time of continuationoutstanding hereunder;
(gf) the Interest Period with respect to a new LIBOR Eurodollar Loan effected by a continuation or conversion shall commence on the date of such continuation or conversion;
(hg) if accrued interest on a LIBOR Eurodollar Loan is (or portion thereof) being converted to another type of a Base Rate 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 by the Borrower at the time of conversion;; and
(ih) each request for a continuation as as, or conversion to to, a LIBOR Eurodollar Loan which fails to state an applicable Interest Period shall be deemed to be a request for an Interest Period of one month; and
(j) . Subject to the foregoing, in the event that the Borrower shall not give notice to continue or convert any LIBOR Eurodollar Loan as provided above, such Loan (unless repaid) shall automatically be converted to an Alternate a Base Rate Loan at the expiration of the then current Interest Period. The Administrative Agent shall, after it receives notice from the Borrower, promptly give the Lenders notice of any continuation or conversion.
Appears in 1 contract
Samples: Credit Agreement (Oneida LTD)
Continuation and Conversion of Loans. The Borrower shall have (a) Subject to the rightterms and conditions of this Section 3.02, any Loan may be continued or converted into one or more Tranches bearing interest at any timethe same or different Interest Rate Options as the Borrowers may elect from time to time pursuant to this Section 3.02.
(b) By delivering an irrevocable written notice of continuation/conversion to the Lender in the form of Exhibit “B” attached hereto (a “Notice of Continuation/Conversion”)(or telephonic notice confirmed on the same day in a Notice of Continuation/Conversion), (i) the Borrowers may irrevocably elect to convert any LIBOR Loan an outstanding Tranche to a Tranche bearing interest at a different Interest Rate Option or portion thereof to an Alternate Base Rate Loan or to continue such LIBOR Loan or having a portion thereof for a successive different Interest Period, or (ii) to convert any Alternate Base continue on the last day of an Interest Period a Loan as a Tranche bearing interest at the same Interest Rate Loan or Option with a portion thereof to a LIBOR Loansimilar Interest Period, subject to the followingfollowing conditions:
(ai) the Borrower shall give the Administrative Agent prior written, facsimile or telephonic (promptly confirmed in writing) notice Each 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, Conversion/Continuation must be received by the Administrative Agent on the day required Lender (A) not later than 2:00 p.m.3:00 p.m. (prevailing time in Pittsburgh, New York City Pennsylvania) at least two (2) Business Days in advance of the date of the requested continuation/conversion (the “Continuation/Conversion Date”) if the Loan is to be converted into or continued as a LIBOR Rate Tranche, and (B) not later than 3:00 p.m. (prevailing time in Pittsburgh, Pennsylvania) on the Continuation/Conversion Date if the Loan is to be converted into a Prime Rate Tranche or a LIBOR Advantage Rate Tranche;
(ii) A Prime Rate Tranche or a LIBOR Advantage Rate Tranche may be converted into a LIBOR Rate Tranche at any time;
(biii) unless A LIBOR Rate Tranche may only be converted to a Tranche bearing interest at a different Interest Rate Option or having a different Interest Period at the Required Lenders otherwise consentend of the then applicable Interest Period therefor;
(iv) Any Tranche to be continued as, no or converted into, a LIBOR Rate Tranche must be in a minimum amount of $200,000 and integral multiples of $100,000 in excess of such amount;
(v) No Tranche may be converted to, or continued as, a LIBOR Rate Tranche or a LIBOR Advantage Rate Tranche when a Potential Default or Event of Default or Default shall have has 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 Periodis continuing;
(cvi) no Alternate Base No LIBOR Rate Loan Tranche may be converted to a LIBOR Loan and no Rate Tranche of a different duration if such LIBOR Loan Rate Tranche relates to any Hedging Obligations; and
(vii) No more than four (4) LIBOR Rate Tranches may be continued as outstanding at any time.
(c) In the absence of a LIBOR Loan if, after such conversion or continuance, and after giving effect to any concurrent prepayment timely delivery of Loans, an aggregate a Notice of more than six (6) separate LIBOR Loans would be outstanding hereunder Continuation/Conversion 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 convertedany LIBOR Rate Tranche, 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 Tranche shall, 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 theretorelating to such Tranche, the amounts required by Section 2.10(b) shall be paid upon such conversion;
(i) each request for a continuation as or conversion automatically convert to a LIBOR Loan which fails Advantage Rate Tranche.
(d) In the absence of a timely delivery of a Notice of Continuation/Conversion with respect to state an applicable any LIBOR Advantage Rate Tranche, such Tranche shall continue on the last day of the Interest Period as a LIBOR Advantage Rate Tranche with a similar Interest Period.
(e) Upon the occurrence and during the continuance of an Event of Default, any outstanding LIBOR Rate Tranche shall be deemed automatically converted to be a request for an Prime Rate Tranche on the last day of the Interest Period relating thereto ending during the continuance of one month; and
(j) in the event that the Borrower shall not give notice to continue or convert any LIBOR Loan as provided above, such Loan (unless repaid) shall automatically be converted to an Alternate Base Rate Loan at the expiration Event of the then current Interest Period. The Administrative Agent shall, after it receives notice from the Borrower, promptly give the Lenders notice of any continuation or conversionDefault.
Appears in 1 contract
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 a successive Loan of a different interest rate type or to continue such LIBOR any Eurodollar 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 Lender prior written, facsimile or telephonic (promptly confirmed in writing) notice of each continuation or conversion hereunder hereunder, of at least three (3) Business Days for continuation as as, or conversion to, a Eurodollar Loan and one (1) Business Day for conversion to a LIBOR an Alternate Base Rate Loan; such notice shall be irrevocable and to be effective, must be received by the Administrative Agent on the day required not Lender no later than 2:00 p.m.11:00 a.m., New York City timetime on the day required;
(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 (or portion thereof) may be converted to a LIBOR Eurodollar Loan and no LIBOR Eurodollar Loan may be continued as a LIBOR Eurodollar Loan if, after such conversion or continuancecontinuation, and after giving effect to any concurrent prepayment of Loans, an aggregate of more than six ten (610) separate LIBOR Eurodollar Loans would be outstanding hereunder with respect to each the Lender (for purposes of determining the number of such Loans outstanding, Loans with different Interest Periods commencing or ending on different dates shall be counted as different Loans even if made on the same dateLoans);
(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;
(ec) the aggregate principal amount of Loans continued as as, or converted to LIBOR to, Eurodollar Loans as part of the same Borrowing continuation or conversion, shall be $500,000 1,000,000 or such greater amount which is an integral multiple of $100,000500,000;
(fd) accrued interest on the LIBOR Loans a Eurodollar Loan (or portion thereof) being continued converted to an Alternate Base Rate Loan shall be paid by the Borrower at the time of continuationconversion;
(ge) the Interest Period with respect to a new LIBOR Eurodollar Loan effected by a continuation or conversion shall commence on the date of such continuation or conversion;
(hf) if a LIBOR Eurodollar Loan is converted to another type of an Alternate Base Rate Loan prior to other than on the last day of the Interest Period with respect thereto, the amounts required by Section 2.10(b) 8 hereunder shall be paid upon such conversion;; and
(ig) each request for a continuation as as, or conversion to to, a LIBOR Eurodollar Loan which fails to state an applicable Interest Period shall be deemed to be a request for an Interest Period of one month; and
(j) . Subject to the foregoing, in the event that the Borrower shall not give notice to continue or convert any LIBOR Eurodollar Loan as provided above, such Loan (unless repaid) shall automatically be converted to an Alternate Base Rate Loan at the expiration of the then current Interest Period. The Administrative Agent shall, after it receives notice from the Borrower, promptly give the Lenders notice of any continuation or conversion.
Appears in 1 contract
Continuation and Conversion of Loans. The Borrower Borrowers shall have the right, at any time, (i) to convert any LIBOR Eurodollar Loan or portion thereof to an Alternate Base Rate Loan or to continue such LIBOR Eurodollar 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 Eurodollar Loan, subject to the following:
(a) the Borrower Borrowers 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 Eurodollar 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 Eurodollar Loan or continuation of any such LIBOR Eurodollar Loan into a subsequent Interest Period;
(c) no Alternate Base Rate Loan may be converted to a LIBOR Eurodollar Loan and no LIBOR Eurodollar Loan may be continued as a LIBOR Eurodollar Loan if, after such conversion or continuanceconversion, and after giving effect to any concurrent prepayment of Loans, an aggregate of more than six (6) ten separate LIBOR Eurodollar 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 Eurodollar Loans as part of the same Borrowing shall be $500,000 750,000 or such greater amount which is an integral multiple of $100,000;
(f) accrued interest on the LIBOR Eurodollar Loans (or portion thereof) being continued or converted shall be paid by the Borrower Borrowers at the time of continuationcontinuation or conversion;
(g) the Interest Period with respect to a new LIBOR Eurodollar Loan effected by a continuation or conversion shall commence on the date of such continuation or conversion;
(h) if a LIBOR Eurodollar Loan is converted to another type of Loan prior to other than on the last day of the Interest Period with respect thereto, the amounts required by Section 2.10(b2.9(b) shall be paid upon such conversion;; and
(i) each request for a continuation as or conversion to a LIBOR Eurodollar Loan which fails to state an applicable Interest Period shall be deemed to be a request for an Interest Period of one month; and
(j) in . In the event that the Borrower Borrowers shall not give notice to continue or convert any LIBOR Eurodollar Loan as provided above, such Loan (unless repaid) shall automatically be converted to an Alternate Base Rate Loan at the expiration of the then current Interest Period. The Administrative Agent shall, after it receives notice from the BorrowerBorrowers, promptly give the Lenders notice of any continuation or conversion.
Appears in 1 contract
Samples: Credit, Security, Guaranty and Pledge Agreement (Trimark Holdings Inc)
Continuation and Conversion of Loans. The Borrower ------------------------------------ shall have the right, at any time, (i) to convert any LIBOR Eurodollar Loan or portion thereof to an Alternate Base Rate Loan or to continue such LIBOR Eurodollar 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 Eurodollar 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 Eurodollar 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 Eurodollar Loan or continuation of any such LIBOR Eurodollar Loan into a subsequent Interest Period;
(c) no Alternate Base Rate Loan may be converted to a LIBOR Eurodollar Loan and no LIBOR Eurodollar Loan may be continued as a LIBOR Eurodollar Loan if, after such conversion or continuance, and after giving effect to any concurrent prepayment of Loans, an aggregate of more than six (6) twelve separate LIBOR Eurodollar 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 Eurodollar 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 Eurodollar 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 Eurodollar Loan effected by a continuation or conversion shall commence on the date of such continuation or conversion;
(h) if a LIBOR Eurodollar 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 conversion;; and
(i) each request for a continuation as or conversion to a LIBOR Eurodollar Loan which fails to state an applicable Interest Period shall be deemed to be a request for an Interest Period of one month; and
(j) in . In the event that the Borrower shall not give notice to continue or convert any LIBOR Eurodollar Loan as provided above, such Loan (unless repaid) shall automatically be converted to an Alternate Base Rate Loan at the expiration of the then current Interest Period. The Administrative Agent shall, after it receives notice from the Borrower, promptly give the Lenders notice of any continuation or conversion.
Appears in 1 contract
Samples: Credit and Guaranty Agreement (Artisan Entertainment Inc)
Continuation and Conversion of Loans. The Borrower shall have the right, at any time, (i) to convert any LIBOR Eurodollar Loan or portion thereof to an Alternate Base Rate Loan or to continue such LIBOR Eurodollar 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 Eurodollar Loan, subject to the following:
(a) the Borrower shall give the Administrative Agent Lender 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 Eurodollar Loan; such notice shall be irrevocable and to be effective, must be received by the Administrative Agent Lender 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 Eurodollar Loan or continuation of any such LIBOR Eurodollar Loan into a subsequent Interest Period;
(c) no Alternate Base Rate Loan may be converted to a LIBOR Eurodollar Loan and no LIBOR Eurodollar Loan may be continued as a LIBOR Eurodollar 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 Eurodollar 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 Eurodollar Loans as part of the same Borrowing shall be $500,000 or such greater amount which is an integral multiple of $100,000;
(fe) accrued interest on the LIBOR Eurodollar Loans (or portion thereof) being continued shall be paid by the Borrower at the time of continuation;
(gf) the Interest Period with respect to a new LIBOR Eurodollar Loan effected by a continuation or conversion shall commence on the date of such continuation or conversion;
(hg) if a LIBOR Eurodollar 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(b2.9(b) shall be paid upon such conversion;; and
(ih) each request for a continuation as or conversion to a LIBOR Eurodollar Loan which fails to state an applicable Interest Period shall be deemed to be a request for an Interest Period of one month; and
(j) in . In the event that the Borrower shall not give notice to continue or convert any LIBOR Eurodollar Loan as provided above, such Loan (unless repaid) shall automatically be converted to continued as a Eurodollar Loan having an Alternate Base Rate Loan Interest Period of one month at the expiration of the then current Interest Period. The Administrative Agent shall, after it receives notice from the Borrower, promptly give the Lenders notice of any continuation or conversion.
Appears in 1 contract
Samples: Credit Agreement (Newstar Media Inc)
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 So long as no Default 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 continuing, the time of Company may on any conversion Business Day, with respect to a any LIBOR Loan, elect to maintain such 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 portion thereof 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 selecting a new Interest Period with respect to a new for such LIBOR Loan effected by a continuation or conversion portion. Each new Interest Period selected under this Section 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 immediately preceding Interest Period with respect thereto, the amounts required by Section 2.10(b) shall be paid upon such conversion;
(i) each request for Period. Each selection of a continuation as or conversion to a LIBOR Loan which fails to state an applicable new Interest Period shall be deemed made by the Company's giving of a notice in the form of Exhibit D (a "Notice of Continuation") within the time prescribed by Section 3.3. Such notice by the Company of a Continuation shall specify (a) the effective date of such Continuation, (b) the LIBOR Loan and portion thereof subject to such Continuation and (c) the duration of the selected Interest Period, all of which shall be specified in such manner as is necessary to comply with all limitations on Loans outstanding hereunder. If the Company shall fail to select in a request timely manner a new Interest Period for any LIBOR Loan in accordance with this Section, such Loan will automatically, on the last day of the current Interest Period therefor, Convert into a Base Rate Loan notwithstanding failure of the Company to comply with the immediately following subsection (b).
(b) So long as no Default or Event of Default shall have occurred and be continuing, the Company may on any Business Day, upon the Company's giving of a notice in the form of Exhibit E (a "Notice of Conversion"), Convert all or a portion of a Loan of one Type into a Loan of another Type. In connection with any Conversion of a LIBOR Loan into a Base Rate Loan on a day other than the last day of an Interest Period of one month; and
(j) in the event that the Borrower shall not give notice to continue or convert any for such LIBOR Loan the Company as provided above, a condition to such Loan (unless repaid) Conversion shall automatically pay all amounts contemplated by Section 3.9. Each such Notice of Conversion shall be converted to an Alternate Base Rate Loan at given within the expiration of the then current Interest Period. The Administrative Agent shall, after it receives notice from the Borrower, promptly give the Lenders notice of any continuation or conversiontime prescribed by Section 3.
Appears in 1 contract
Samples: Credit Agreement (Docucorp Inc)
Continuation and Conversion of Loans. (a) The Borrower may from time to time request LIBOR Rate Loans or may request that a Loan that is a Reference Rate Loans be converted to LIBOR Rate Loans or that any existing LIBOR Rate Loans continue for an additional Interest Period. Such request shall have specify the rightamount of the LIBOR Rate Loans or the amount of the Reference Rate Loans to be converted to LIBOR Rate Loans or the amount of the LIBOR Rate Loans to be continued (subject to the limits set forth below) and the Interest Period to be applicable to such LIBOR Rate Loans. Subject to the terms and conditions contained herein, at any timethree (3) Business Days after receipt by Administrative Agent of such a request from the Borrower, such LIBOR Rate Loans shall be made or Reference Rate Loans shall be converted to LIBOR Rate Loans or such LIBOR Rate Loans shall continue, as the case may be, provided, that, (i) to convert any LIBOR Loan no Default 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 shall exist 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;
continuing, (cii) no Alternate Base party hereto shall have sent any notice of termination of this Agreement, the Borrower shall have complied with such customary procedures as are established by Administrative Agent and specified by Administrative Agent to the Borrower from time to time for requests by the Borrower for LIBOR Rate Loan Loans, (iii) no more than eight (8) Interest Periods may be converted to a LIBOR Loan and no LIBOR Loan may be continued as a LIBOR Loan ifin effect at any one time, 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;
(eiv) the aggregate principal amount of the LIBOR Rate Loans continued as must be in an amount not less than $1,000,000 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;
500,000 in excess thereof, and (fv) accrued interest on the LIBOR Loans (or portion thereof) being continued Administrative Agent and each Lender shall be paid by the Borrower at the time of continuation;
(g) have determined that the Interest Period with respect or LIBOR Rate is available to a new LIBOR Loan effected by a continuation or conversion shall commence on Administrative Agent and such Lender and can be readily determined as of the date of the request for such continuation LIBOR Rate Loan by the Borrower. Any request by or conversion;on behalf of the Borrower for LIBOR Rate Loans or to convert Reference Rate Loans to LIBOR Rate Loans or to continue any existing LIBOR Rate Loans shall be irrevocable. Notwithstanding anything to the contrary contained herein, Administrative Agent and Lenders shall not be required to purchase United States Dollar deposits in the London interbank market or other applicable LIBOR Rate market to fund any LIBOR Rate Loans, but the provisions hereof shall be deemed to apply as if Administrative Agent and Lenders had purchased such deposits to fund the LIBOR Rate Loans.
(hb) if a Any LIBOR Loan is converted Rate Loans shall automatically convert to another type of Loan prior to Reference Rate Loans upon the last day of the Interest Period with respect thereto, the amounts required by Section 2.10(b) shall be paid upon such conversion;
(i) each request for a continuation as or conversion to a LIBOR Loan which fails to state an applicable Interest Period shall be deemed to be Period, unless Administrative Agent has received and approved a request for an Interest Period of one month; and
to continue such LIBOR Rate Loan at least three (j3) Business Days prior to such last day in accordance with the terms hereof. Any LIBOR Rate Loans shall, at Administrative Agent's option, upon notice by Administrative Agent to Parent, be subsequently converted to Reference Rate Loans in the event that the this Agreement shall terminate or not be renewed. Borrower shall not give notice pay to continue Administrative Agent, for the benefit of Lenders, upon demand by Administrative Agent (or convert Administrative Agent may, at its option, charge any LIBOR Loan as provided above, such Loan (unless repaid) shall automatically be converted to an Alternate Base Rate Loan at the expiration loan account of the then current Interest Period. The Administrative Agent shallBorrower) any amounts required to compensate any Lender for any loss (including loss of anticipated profits), after it receives notice from cost or expense incurred by such person, as a result of the Borrower, promptly give conversion of LIBOR Rate Loans to Reference Rate Loans pursuant to any of the Lenders notice of any continuation or conversionforegoing.
Appears in 1 contract
Continuation and Conversion of Loans. The (a) Each Borrower shall have the right, with respect to any EurodollarSOFR Loan made to such Borrower, at the end of any timeInterest Period, on three Business Days’ prior telephonic notice to the Administrative Agent (which shall be confirmed in writing on the next Business Day thereafter) (i) to convert any LIBOR Loan or portion thereof to an Alternate Base Rate Loan or to continue such LIBOR Loan or into a portion thereof for subsequent Interest Period (provided that no Loan shall be continued into an Interest Period that ends on a successive Interest Period, date that is later than the Termination Date) or (ii) to convert such Loan into an ABR Loan.
(b) Each Borrower shall have the right, with respect to any Alternate Base Rate ABR Loan made to such Borrower, at any time, on three Business Days’ prior telephonic notice to the Administrative Agent (which shall be confirmed in writing on the next Business Day thereafter), to convert such Loan into a EurodollarSOFR Loan.
(c) Any notice required to be given by any Borrower to the Administrative Agent pursuant to this Section 2.07 shall be irrevocable. Any notice given by any Borrower to the Administrative Agent hereunder shall be promptly communicated by the Administrative Agent to the Lenders.
(d) In addition to the above notice requirements, any continuation or a portion thereof conversion by such Borrower pursuant to a LIBOR Loan, this Section 2.07 shall be subject to the following:
(ai) 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 such continuation or continuation of any such LIBOR Loan into a subsequent Interest Periodconversion;
(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);
(dii) if fewer less than all the 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 principal amounts of the principal amount Loans of such Loans the Type being continued or converted held by the Lenders immediately prior to such continuation or conversion;
(eiii) each conversion shall be effected by each Lender by applying the aggregate principal amount of Loans continued as or converted to LIBOR Loans as part proceeds of the same Borrowing shall be $500,000 new ABR Loan or such greater amount which is an integral multiple of $100,000EurodollarSOFR Loan, as the case may be, to the Loan being converted;
(fiv) upon each conversion of an ABR Loan into a EurodollarSOFR Loan, and upon the conversion of a EurodollarSOFR Loan into an ABR Loan, such Borrower shall pay all accrued interest on the LIBOR Loans (or portion thereof) such Loan being continued shall be paid by the Borrower converted at the time of continuationconversion;
(gv) if the new Loan made in respect of a conversion shall be a EurodollarSOFR Loan, the first Interest Period with respect to a new LIBOR Loan effected by a continuation or conversion thereto shall commence on the date of such continuation or conversion;
(hvi) if any Loan which may not be continued as or converted into a LIBOR EurodollarSOFR Loan is shall be automatically continued as or converted to another type of an ABR Loan; provided that each Loan prior shall be paid in full not later than the Termination Date;
(vii) (vii) a EurodollarSOFR Loan may be converted to an ABR Loan only on the last day of the an Interest Period with respect thereto, the amounts required by Section 2.10(bPeriod; and (viii) any conversion shall be paid upon such conversion;
(isubject to Section 1.01(b) each request for a continuation as or conversion to a LIBOR Loan which fails to state an applicable Interest Period shall be deemed to be a request for an Interest Period of one month; and
(j) in hereof. In the event that the any Borrower shall not give notice to continue any EurodollarSOFR Loan as a EurodollarSOFR Loan into a subsequent Interest Period, or to convert any LIBOR Loan as provided abovesuch Loan, such Loan (unless repaid) shall automatically be converted to become an Alternate Base Rate ABR Loan at the expiration of the then current Interest Period. The Administrative Agent shall, after it receives notice from the Borrower, promptly give the Lenders notice of any continuation or conversion.
Appears in 1 contract
Continuation and Conversion of Loans. The Borrower Borrowers shall have the right, at any time, right (i) at any time to convert any LIBOR LIBO Rate Loan or portion thereof to an Alternate Base Rate Loan or to continue such LIBOR any LIBO Rate Loan or a portion thereof for a successive Interest Period, or Period and (ii) at any time to convert any Alternate Base Rate Loan or a portion thereof to a LIBOR LIBO Rate Loan, subject to the following:
(a) the applicable Borrower shall give the Administrative Agent prior written, facsimile or telephonic (promptly confirmed in writing) notice of at least three (3) Business Days of each continuation or conversion hereunder of at least three Business Days for continuation as or conversion to a LIBOR Loan; Loans hereunder. Each 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., p.m. New York City timetime in the case of any Loan;
(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 LIBO Rate Loan or continuation of any such LIBOR a LIBO Rate Loan into a subsequent Interest Period;
(c) no Alternate Base the aggregate principal amount of Loans continued as, or converted to, LIBO Rate Loan may be converted to a LIBOR Loan and no LIBOR Loan may be continued Loans as a LIBOR Loan ifpart of the same continuation or conversion, 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)in a minimum amount of U.S.$500,000 or in such greater amount which is an integral multiple of U.S.$100,000;
(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 such 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 no Alternate Base Rate Loan (or portion thereof) being may be converted to a LIBO Rate Loan and no LIBO Rate Loan may be continued as a LIBO Rate Loan if, after such conversion or continuation, and after giving effect to any concurrent prepayment of Loans, an aggregate of more than fifteen (15) separate LIBO Rate Loans would be outstanding to any one Borrower hereunder at any one time under the Facility (for purposes of determining the number of such Loans outstanding, Loans with different Interest Periods shall be paid by counted as different LIBO Rate Loans even if made on the Borrower at the time of continuationsame date);
(gf) the Interest Period with respect to a new LIBOR LIBO Rate Loan effected by a continuation or conversion shall commence on the date of such continuation or conversion;
(hg) if a LIBOR LIBO Rate Loan is converted to another type of an Alternate Base Rate Loan prior to other than on the last day of the Interest Period with respect thereto, the amounts required by Section 2.10(b) 2.9 shall be paid upon such conversion;
(h) accrued interest on a LIBO Rate Loan (or portion thereof) being converted to an Alternate Base Rate Loan shall be paid by the applicable Borrower at the time of conversion; and
(i) each request for a continuation as as, or conversion to to, a LIBOR LIBO Rate Loan which fails to state an applicable Interest Period shall be deemed to be a request for an Interest Period of one month; andtwo months;
(j) in In the event that the a Borrower shall not give written notice to continue or convert any LIBOR Loan as provided above, unless such Loan (unless is repaid) , such Loan shall automatically be (i) continued as a LIBO Rate Loan with an Interest Period of two months or (ii) converted to an Alternate Base Rate Loan at the expiration of the then current Interest PeriodPeriod in the Administrative Agent’s discretion. The Administrative Agent shall, after it receives notice from any of the BorrowerBorrowers, promptly give the Lenders notice of any continuation continuation, rollover or conversion.
Appears in 1 contract
Samples: Credit, Security, Guaranty and Pledge Agreement (Lions Gate Entertainment Corp /Cn/)
Continuation and Conversion of Loans. The Borrower shall have the right, right at any timetime on prior irrevocable written or telex notice to the Bank as specified in this Agreement (i) to continue any LIBOR Loan as a LIBOR Loan for the same or a different Interest Period (specifying the Interest Period to be applicable thereto), (iii) to convert any LIBOR Loan or portion thereof to an Alternate Base into a Fluctuating Rate Loan or to continue such LIBOR Loan or a portion thereof for a successive Interest Period, or and (iiiii) to convert any Alternate Base Fluctuating Rate Loan or a portion thereof to into a LIBOR LoanLoan (specifying the Interest Period to be applicable thereto) (each such notice, a "Continuation/Conversion Notice"), subject to the following:
(a) in the Borrower shall give case of a conversion of less than all of 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 outstanding 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 not be less than $100,000 and shall be $500,000 or such greater amount which is an integral multiple of $100,000thereof;
(fb) accrued interest on the no LIBOR Loans (or portion thereof) being continued Loan shall be paid by the Borrower converted at any time other than at the time end 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 conversion;
(i) each request for a continuation as or conversion to a LIBOR Loan which fails to state an applicable Interest Period shall be deemed to be a request for an Interest Period of one monthapplicable thereto; and
(jc) any portion of a Loan maturing or required to be prepaid in less than one month may not be converted into or continued as a LIBOR Loan. In the event that the Borrower shall not give notice to continue any LIBOR Loan into a subsequent Interest Period or convert any LIBOR such Loan as provided aboveinto a Loan of another type, on the last day of the Interest Period thereof, such Loan (unless repaidprepaid) shall automatically be converted into a Fluctuating Rate Loan. The Interest Period applicable to an Alternate Base any LIBOR Loan resulting from a conversion or continuation shall be specified by the Borrower in the irrevocable notice delivered by the Borrower pursuant to this Agreement; provided, however, that, if such notice does not specify either the type of Loan or 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 at until such required information is furnished pursuant to the expiration terms hereof. Notwithstanding anything to the contrary contained above, if an Event of the then current Default shall have occurred and is continuing, no LIBOR Loan may be continued into a subsequent Interest Period. The Administrative Agent shall, after it receives notice from the Borrower, promptly give the Lenders notice of any continuation or conversionPeriod and no Fluctuating Rate Loan may be converted into a LIBOR Loan.
Appears in 1 contract
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 $500,000 250,000 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(b2.9(b) shall be paid upon such conversion;
(i) each request for a continuation as or conversion to a LIBOR Loan which fails to state an applicable Interest Period shall be deemed to be a request for an Interest Period of one month; and
(j) in the event that the Borrower shall not give notice to continue or convert any LIBOR Loan as provided above, such Loan (unless repaid) shall automatically be converted to an Alternate Base Rate Loan at the expiration of the then current Interest Period. The Administrative Agent shall, after it receives notice from the Borrower, promptly give the Lenders notice of any continuation or conversion.
Appears in 1 contract
Samples: Credit Agreement (Idt Corp)
Continuation and Conversion of Loans. The Subject to Section 2.03 and Section 2.10 hereof, the Borrower shall have the right, at any time, (i) on three (3) Business Days' prior irrevocable written or telecopy notice to the Administrative Agent, to continue any Eurodollar Loan or any portion thereof into a subsequent Interest Period or, after the Syndication Date, to convert any LIBOR Prime Loan or portion thereof to an Alternate Base Rate Loan or to continue such LIBOR Loan or into a portion thereof for a successive Interest PeriodEurodollar Loan, or (ii) on one (1) Business Day's prior irrevocable written or telecopy notice to the Administrative Agent, to convert any Alternate Base Rate Eurodollar Loan or a portion thereof to into a LIBOR Prime Loan, subject to the following:
(aA) in the Borrower shall give the Administrative Agent prior writtencase of a continuation of a Eurodollar Loan or portion thereof as such or a conversion of a Prime Loan or portion thereof into a Eurodollar Loan, facsimile or telephonic (promptly confirmed in writing1) 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 Potential Default shall have occurred and be continuing at the time of any such continuation or conversion to a LIBOR Loan or continuation of any such LIBOR Loan into a subsequent Interest Period;
and (c2) 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 Eurodollar 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 resulting from this Section 2.14 shall be counted limited in number as different Loans even if made on the same dateprovided in Section 2.03(d);
(dB) if fewer than all Loans at in the time outstanding shall be continued or converted, such case of a 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) less than all Loans, the aggregate principal amount of Loans any Eurodollar Loan continued as or converted to LIBOR Loans as part of the same Borrowing shall not be less than $500,000 or such greater amount which is an integral multiple 5,000,000 and in multiples of $100,0001,000,000 if in excess thereof;
(fC) accrued interest on each conversion shall be effected by the LIBOR Loans Lenders by applying the proceeds of the new Loan to the Loan (or portion thereof) being continued converted; and, in the case of a conversion from a Eurodollar Loan to a Prime Loan, accrued interest on the Eurodollar Loan (or portion thereof) being converted shall be jointly and severally paid by the Borrower at the time of continuationconversion;
(gD) if the new Loan made in respect of a conversion shall be a Eurodollar Loan, the first Interest Period with respect to a new LIBOR Loan effected by a continuation or conversion thereto shall commence on the date of such continuation or conversion;
(hE) no portion of any Loan shall be continued or converted to a Eurodollar Loan with an Interest Period ending later than the Termination Date; and
(F) if any conversion of a LIBOR Eurodollar Loan is converted to another type of Loan prior to shall be effected on a day other than the last day of the an Interest Period with respect theretoPeriod, the amounts required by Section 2.10(b) Borrower shall be paid upon such conversion;
(i) reimburse each request Lender on demand for a continuation as any loss incurred or conversion to a LIBOR Loan which fails to state an applicable Interest Period shall be deemed to be a request for an Interest Period incurred by it in the reemployment of one month; and
(j) the funds released by such conversion as provided in Section 2.12 hereof. In the event that the Borrower shall not give notice to continue or convert any LIBOR Eurodollar Loan as provided aboveinto a subsequent Interest Period, such Loan (unless repaid) shall automatically be converted to an Alternate Base Rate become a Prime Loan at the expiration of the then current Interest Period. The Administrative Agent shall, after it receives notice from the Borrower, promptly give the Lenders notice of any continuation or conversion.
Appears in 1 contract
Samples: Revolving Credit Agreement (Sun Television & Appliances Inc)
Continuation and Conversion of Loans. The Borrower shall have the right, at any timetime on telephone notice, with written confirmation, to the Agent, given prior to 11:00 A.M. on the Business Day prior to such continuation or conversion (i) to convert continue any LIBOR Loan or portion thereof to an Alternate Base Borrowing comprised of Eurodollar Rate Loan or to continue such LIBOR Loan Loans or a portion thereof for into a successive subsequent Interest Period, or and (ii) to convert any Alternate Base Rate Loan Borrowing or a portion thereof to into a LIBOR LoanBorrowing of a different Type, subject to the followingconditions precedent set forth below. The Agent shall promptly notify the Banks of the contents of each such notice. The conditions precedent are:
(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;
(eb) in the case of a continuation of or conversion of a Borrowing of Revolving Credit Loans, the aggregate principal amount of Loans continued as or converted to LIBOR Eurodollar Rate Loans as part shall not be less than $500,000, and in integral multiples of $250,000; and in the same case of a continuation of or conversion of a Borrowing of Term Loans, the aggregate principal amount of loans continued or converted shall be $500,000 or such greater amount which is an integral multiple not less than the lesser of $100,0001,000,000 or the aggregate principal amount of all Term Loans;
(fc) accrued interest on each conversion shall be effected by each Bank by applying the LIBOR Loans proceeds of its new Base Rate Loan or Eurodollar Rate Loan to the Loan (or portion thereof) being continued converted, and accrued interest on the Loan (or portion thereof) being converted shall be paid by the Borrower at the time of continuation;conversion; and
(gd) the Interest Period with respect to a new LIBOR Eurodollar Rate Loan effected by a continuation or conversion shall commence on the date of such continuation or conversion;
(h) if a LIBOR Loan is may be converted to another type Type of Loan prior to only on the last day of the its Interest Period with respect thereto, the amounts required by Section 2.10(b) shall be paid upon such conversionPeriod;
(ie) each request for a Eurodollar Rate Loan or a continuation as or conversion to a LIBOR Loan thereof shall state an Interest Period for such Loan, and any such request which fails shall fail to state an applicable Interest Period shall be deemed to be a request for an Interest Period of one month; and's duration;
(jf) in the event that the Borrower shall does not give notice to continue or convert any LIBOR Eurodollar Rate Loan as provided aboveinto a subsequent Interest Period, the Borrower shall be deemed to have requested that such Loan (unless repaid) shall automatically be converted to an Alternate a Base Rate Loan at the expiration of the then current Interest Period. The Administrative Agent shall, after it receives notice from ;
(g) no conversion or continuation of the Borrower, promptly give the Lenders notice Loans of any continuation Borrowing pursuant to this SECTION 2.09 shall affect the Applicable Percentage of such Loans held by any Bank; and
(h) a Borrowing of Term Loans may not be converted to or conversioncontinued as a Borrowing of Eurodollar Rate Loans if after giving effect thereto (i) the Interest Period therefor would end after a date on which any principal of Term Loans is scheduled to be repaid and (ii) the aggregate principal amount of outstanding Eurodollar Rate Term Loans with Interest Periods ending on or prior to such scheduled repayment date plus the aggregate principal amount of Term Loans constituting Base Rate Loans would be less than the aggregate principal amount of Term Loans required to be repaid on such scheduled repayment date.
Appears in 1 contract
Samples: Revolving Credit and Term Loan Agreement (Transmation Inc)
Continuation and Conversion of Loans. The continuation or conversion of any Loan pursuant to this Section 2.10 does not constitute a repayment and a reborrowing hereunder and is not subject to the conditions set forth in Section 4.2, and the designation of a Loan as an Alternate Base Rate Loan or Eurodollar Loan, and the designation of applicable Interest Periods, is merely a mechanism for determining the interest rate applicable to such Loan. The Borrower shall have the right, at any time, (i) to convert any LIBOR Eurodollar Loan or portion thereof to an Alternate Base Rate Loan or to continue such LIBOR Eurodollar 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 Eurodollar 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 (3) Business Days for each continuation as or conversion to a LIBOR Loanhereunder; such notice shall be irrevocable and to be effective, effective must be received by the Administrative Agent on the day required not later than 2:00 1:00 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 Eurodollar Loan or continuation of any such LIBOR a Eurodollar Loan into a subsequent Interest Period;
(c) no Alternate Base Rate Loan may be converted to a LIBOR Eurodollar Loan and no LIBOR Eurodollar Loan may be continued as a LIBOR Eurodollar Loan if, after such conversion or continuance, and after giving effect to any concurrent prepayment of Loans, an aggregate of more than six ten (610) separate LIBOR Eurodollar 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 Eurodollar Loans and Alternate Base Rate 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 principal amounts 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 Eurodollar Loans as part of the same Borrowing borrowing shall be $500,000 1,000,000 or such greater amount which is an integral multiple of $100,000500,000;
(f) accrued interest on the LIBOR Loans any Eurodollar Loan (or portion thereof) being continued or converted shall be paid by the Borrower at the time of continuationcontinuation or conversion;
(g) the Interest Period with respect to a new LIBOR Eurodollar Loan effected by a continuation or conversion shall commence on the date of such continuation or conversion;
(h) if a LIBOR Eurodollar Loan is converted to another type of Loan prior to other than on the last day of the Interest Period with respect thereto, the amounts required by Section 2.10(b2.11(b) shall be paid upon such conversion;; and
(i) each request for a continuation as or conversion to a LIBOR Eurodollar Loan which fails to state an applicable Interest Period shall be deemed to be a request for an Interest Period of one month; and
(j) in . In the event that the Borrower shall not give notice to continue or convert any LIBOR Eurodollar Loan as provided above, such Loan (unless repaid) shall automatically be (i) continued as a Eurodollar Loan with an Interest Period of one month or (ii) converted to an Alternate Base Rate Loan at the expiration of the then current Interest PeriodPeriod at the Agent's discretion. The Administrative Agent shall, after it receives notice from the Borrower, promptly give the Lenders notice of any continuation or conversion.
Appears in 1 contract
Samples: Credit, Security, Guaranty and Pledge Agreement (Crown Media Holdings Inc)
Continuation and Conversion of Loans. The (a) Each Borrower shall have the right, with respect to any Eurodollar Loan made to such Borrower, at the end of any timeInterest Period, on three Business Days’ prior telephonic notice to the Administrative Agent (which shall be confirmed in writing on the next Business Day thereafter) (i) to convert any LIBOR Loan or portion thereof to an Alternate Base Rate Loan or to continue such LIBOR Loan or into a portion thereof for subsequent Interest Period (provided that no Loan shall be continued into an Interest Period that ends on a successive Interest Period, date that is later than the Termination Date) or (ii) to convert such Loan into an ABR Loan.
(b) Each Borrower shall have the right, with respect to any Alternate Base Rate ABR Loan made to such Borrower, at any time, on three Business Days’ prior telephonic notice to the Administrative Agent (which shall be confirmed in writing on the next Business Day thereafter), to convert such Loan into a Eurodollar Loan.
(c) Any notice required to be given by any Borrower to the Administrative Agent pursuant to this Section 2.07 shall be irrevocable. Any notice given by any Borrower to the Administrative Agent hereunder shall be promptly communicated by the Administrative Agent to the Lenders.
(d) In addition to the above notice requirements, any continuation or a portion thereof conversion by such Borrower pursuant to a LIBOR Loan, this Section 2.07 shall be subject to the following:
(ai) 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 such continuation or continuation of any such LIBOR Loan into a subsequent Interest Periodconversion;
(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);
(dii) if fewer less than all the 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 principal amounts of the principal amount Loans of such Loans the Type being continued or converted held by the Lenders immediately prior to such continuation or conversion;
(eiii) each conversion shall be effected by each Lender by applying the aggregate principal amount of Loans continued as or converted to LIBOR Loans as part proceeds of the same Borrowing shall be $500,000 new ABR Loan or such greater amount which is an integral multiple of $100,000Eurodollar Loan, as the case may be, to the Loan being converted;
(fiv) upon each conversion of an ABR Loan into a Eurodollar Loan, and upon the conversion of a Eurodollar Loan into an ABR Loan, such Borrower shall pay all accrued interest on the LIBOR Loans (or portion thereof) such Loan being continued shall be paid by the Borrower converted at the time of continuationconversion;
(gv) if the new Loan made in respect of a conversion shall be a Eurodollar Loan, the first Interest Period with respect to a new LIBOR Loan effected by a continuation or conversion thereto shall commence on the date of such continuation or conversion;
(hvi) if any Loan which may not be continued as or converted into a LIBOR Eurodollar Loan is shall be automatically continued as or converted to another type of an ABR Loan; provided that each Loan prior shall be paid in full not later than the Termination Date;
(vii) (vii) a Eurodollar Loan may be converted to an ABR Loan only on the last day of the an Interest Period with respect thereto, the amounts required by Section 2.10(bPeriod; and (viii) any conversion shall be paid upon such conversion;
(isubject to Section 1.01(b) each request for a continuation as or conversion to a LIBOR Loan which fails to state an applicable Interest Period shall be deemed to be a request for an Interest Period of one month; and
(j) in hereof. In the event that the any Borrower shall not give notice to continue any Eurodollar Loan as a Eurodollar Loan into a subsequent Interest Period, or to convert any LIBOR Loan as provided abovesuch Loan, such Loan (unless repaid) shall automatically be converted to become an Alternate Base Rate ABR Loan at the expiration of the then current Interest Period. The Administrative Agent shall, after it receives notice from the Borrower, promptly give the Lenders notice of any continuation or conversion.
Appears in 1 contract
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 a Loan of a different Interest Rate Loan Type or to continue such LIBOR a Eurodollar 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 four Business Days for continuation as or conversion to a LIBOR LoanDays; 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., 12:30 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 Eurodollar Loan or continuation of any such LIBOR Loan into a subsequent Interest Period;
(c) no Alternate Base Rate Loan (or portion thereof) may be converted to a LIBOR Loan and no LIBOR Loan may be continued as a LIBOR Eurodollar Loan if, after such conversion or continuanceconversion, and after giving effect to any concurrent prepayment of Loans, an aggregate of more than six (6) twenty separate LIBOR Eurodollar Loans would be outstanding hereunder with respect to each any Lender (for purposes of determining the number of such Loans outstanding, Loans with different Interest Periods commencing or ending on different dates 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 as, or converted to LIBOR to, Eurodollar Loans as part of the same Borrowing continuation or conversion, shall not be less than $500,000 1,000,000 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 Eurodollar Loan effected by a continuation or conversion shall commence on the date of such continuation or conversion;
(hg) if a LIBOR Eurodollar Loan is converted to another type of an Alternate Base Rate Loan prior to other than on the last day of the Interest Period with respect thereto, the amounts required by Section 2.10(b) 2.12 shall be paid upon such conversion;
(ih) each request for a continuation as or conversion to a LIBOR Eurodollar Loan which fails to state an applicable Interest Period shall be deemed to be a request for an Interest Period of one month; and
(ji) in accrued interest on a Eurodollar Loan (or portion thereof) being converted to an Alternate Base Rate Loan shall be paid by the Borrower at the time of conversion. In the event that the Borrower shall not give notice to continue or convert any LIBOR Eurodollar Loan as provided above, such Loan (unless repaid) shall automatically be converted to continued as a Eurodollar Loan with an Alternate Base Rate Loan Interest Period of one month at the expiration of the then current Interest Period. The Administrative Agent shall, after it receives notice from the Borrower, promptly give the Lenders notice of any continuation or conversion. It is understood by all parties to this Agreement that the continuation or conversion of any Loan pursuant to this Section 2.11 does not constitute a repayment and a reborrowing hereunder and is not subject to the conditions set forth in Section 4.2 and that the designation of a Loan as an Alternate Base Rate Loan or Eurodollar Loan, and the designation of applicable Interest Periods, is solely a mechanism for determining the interest rate applicable to such Loan.
Appears in 1 contract
Samples: Credit, Security and Guaranty Agreement (Actava Group Inc)
Continuation and Conversion of Loans. The Borrower shall have the right, at any time, (i) to convert any LIBOR Eurodollar Rate Loan or portion thereof to an Alternate a Base Rate Loan or Loan, (ii) to continue such LIBOR any Eurodollar Rate Loan or a portion thereof for a successive Interest Period, or (iiiii) to convert any Alternate Base Rate Loan or a portion thereof to a LIBOR Eurodollar Rate Loan, subject to the following:
(a) at least three (3) Business Days prior to any conversion or continuation hereunder, the Borrower shall give deliver to the Administrative Agent prior written, facsimile written notice with respect thereto in the form of a Loan Notice (or by telephonic (notice 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., 11:00 a.m. (New York City time);
(b) unless the Administrative Agent and the Required Lenders otherwise consent, no Default or Event of Default or Default shall have occurred and be continuing at the time of any conversion to a LIBOR Eurodollar Rate Loan or continuation of any such LIBOR a Eurodollar Rate Loan into a subsequent Interest Period;
(c) the aggregate principal amount of Loans continued as, or converted to, Eurodollar Rate Loans as part of the same continuation or conversion, shall be in a minimum amount of $1,000,000 or in such greater amount which is an integral multiple of $100,000;
(d) if fewer than all Loans of a particular type at the time outstanding shall be continued or converted, such continuation or conversion shall be made pro rata among the applicable Lenders in accordance with the respective principal amount of such Loans held by the applicable Lenders immediately prior to such continuation or conversion;
(e) no Alternate Base Rate Loan (or portion thereof) may be converted to a LIBOR Eurodollar Rate Loan and no LIBOR Eurodollar Rate Loan may be continued as a LIBOR Eurodollar Rate Loan if, after such conversion or continuancecontinuation, and after giving effect to any concurrent prepayment of Loans, an aggregate of more than six five (65) separate LIBOR Eurodollar Rate Loans would be outstanding hereunder with respect to each a Lender (for purposes of determining the number of such Loans outstanding, Loans with different Interest Periods shall be counted as different Eurodollar Rate 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 Eurodollar Rate Loan effected by a continuation or conversion shall commence on the date of such continuation or conversion;
(hg) if a LIBOR Eurodollar Rate Loan is converted to another type of a Base Rate Loan prior to other than on the last day of the Interest Period with respect thereto, the amounts required by Section 2.10(b) 3.5 shall be paid upon such conversion;; and
(ih) each request for a continuation as as, or conversion to to, a LIBOR Eurodollar Rate Loan which fails to state an applicable Interest Period shall be deemed to be a request for an Interest Period of one (1) month; and
(j) . Subject to the foregoing, in the event that the Borrower shall not give notice to continue or convert any LIBOR Eurodollar Rate Loan as provided above, such Loan (unless repaid) shall automatically be converted to an Alternate a Base Rate Loan at the expiration of the then current Interest Period. The Administrative Agent shall, after it receives notice from the Borrower, promptly give the Lenders notice of any continuation or conversion.
Appears in 1 contract
Continuation and Conversion of Loans. The Borrower (a) Subject to Section 2.09 hereof, the Borrowers shall have the right, at any time, on three (i3) Business Days' prior irrevocable written or telecopy notice to the Administrative Agent, to continue any Eurodollar Loan, or any portion thereof, into a subsequent Interest Period or, after the Syndication Date, to convert any LIBOR Base Rate Loan or portion thereof to an Alternate Base Rate Loan or to continue such LIBOR Loan or into a portion thereof for a successive Interest PeriodEurodollar Loan, or on one (ii1) Business Day's prior irrevocable written or telecopy notice to the Administrative Agent, to convert any Alternate Eurodollar Loan or portion thereof into a Base Rate Loan or a portion thereof to a LIBOR Loan, subject to the following:
(ai) the Borrower shall give the Administrative Agent prior writtenno Eurodollar Loan may be continued as such and no Base Rate Loan may be converted into a Eurodollar Loan, 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 when any Event of Default or Default shall have occurred and be continuing at such time;
(ii) in the case of a continuation of a Eurodollar Loan as such or a conversion of a Base Rate Loan into a Eurodollar Loan, the aggregate principal amount of such Eurodollar Loan shall not be less than $5,000,000 in the case of a Revolving Credit Loan and $10,000,000 in the case of the Term Loan and, in each case, in multiples of $1,000,000 if in excess thereof;
(iii) in the case of a conversion from a Eurodollar Loan to a Base Rate Loan, accrued interest on the Loan (or portion thereof) being converted shall be paid by the applicable Borrower at the time of any conversion to a LIBOR Loan or continuation of any such LIBOR Loan into a subsequent Interest Periodconversion;
(civ) no Alternate a Base Rate Loan may be converted into a Eurodollar Loan only on the first Business Day of a month;
(v) any portion of a Loan maturing or required to a LIBOR Loan and no LIBOR Loan be repaid in less than one month may not be converted into or continued as a LIBOR Eurodollar Loan; and
(vi) if any conversion of a Eurodollar 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 effected on the same date);
(d) if fewer a day other 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 an Interest Period with respect theretoPeriod, the amounts required by Section 2.10(b) Borrowers shall be paid upon such conversion;
(i) jointly and severally reimburse each request Lender on demand for a continuation as any loss incurred or conversion to a LIBOR Loan which fails to state an applicable Interest Period shall be deemed to be a request for an Interest Period incurred by it in the reemployment of one month; and
(j) the funds released by such conversion as provided in Section 2.10 hereof. In the event that the a Borrower shall not give notice to continue or convert any LIBOR Eurodollar Loan as provided aboveinto a subsequent Interest Period, such Loan (unless repaid) shall automatically be converted to an Alternate become a Base Rate Loan at the expiration of the then current Interest Period. The Administrative Agent shall, after it receives notice from the Borrower, promptly give the Lenders notice of any continuation or conversion.
Appears in 1 contract
Continuation and Conversion of Loans. The Borrower shall have the right, at any time, (i) to convert any LIBOR Eurodollar Loan or portion thereof to an Alternate Base Rate Loan or to continue such LIBOR Eurodollar 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 Eurodollar 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 Eurodollar Loan and at least one Business Day for conversion to an Alternate Base Rate 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 1:00 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 Eurodollar Loan or continuation of any such LIBOR Eurodollar Loan into a subsequent Interest Period;
(c) no Alternate Base Rate Loan may be converted to a LIBOR Eurodollar Loan and no LIBOR Eurodollar Loan may be continued as a LIBOR Eurodollar Loan if, after such conversion or continuance, and after giving effect to any concurrent prepayment of Loans, an aggregate of more than six four (64) separate LIBOR Eurodollar 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 Eurodollar Loans as part of the same Borrowing shall be at least $500,000 or such greater amount which is an integral multiple of $100,0001,000,000;
(f) accrued interest on the LIBOR Eurodollar Loans (or portion thereof) being continued or converted shall be paid by the Borrower at the time of continuationcontinuation or conversion (as applicable);
(g) the Interest Period with respect to a new LIBOR Eurodollar Loan effected by a continuation or conversion shall commence on the date of such continuation or conversion;
(h) if a LIBOR Eurodollar Loan is converted to another type of an Alternate Base Rate Loan prior to other than on the last day of the Interest Period with respect thereto, the amounts required by Section 2.10(b) 2.11 shall be paid upon such conversion;; and
(i) each request for a continuation as or conversion to a LIBOR Eurodollar Loan which fails to state an applicable Interest Period shall be deemed to be a request for an Interest Period of one month; and
(j) in . In the event that the Borrower shall not give notice to continue or convert any LIBOR Eurodollar Loan as provided above, such Loan (unless repaid) shall automatically be converted to an Alternate Base Rate Loan at the expiration of the then current Interest Period. The Administrative Agent shall, after it receives notice from the Borrower, promptly (but in no event later than two (2) days prior to the date of any proposed conversion to, or continuation as, a Eurodollar Loan) give the Lenders notice of any continuation or conversion. The Borrower shall exercise its rights pursuant to this Section 2.9 in such a manner so as to comply with its obligations set forth in the last sentence of Section 2.3(b) hereof.
Appears in 1 contract
Samples: Credit and Security Agreement (General Communication Inc)
Continuation and Conversion of Loans. The Borrower shall have the right, at any time, right (i) to convert any LIBOR Eurodollar Loan or portion thereof to an Alternate a Base Rate Loan Loan, or to continue such LIBOR any Eurodollar 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 Eurodollar Loan, subject to the following:
(a) at least three (3) Business Days prior to any conversion or continuation hereunder, the Borrower shall give deliver to the Administrative Agent prior written, facsimile or telephonic (promptly confirmed a notice with respect thereto in writing) notice the form of each continuation or conversion hereunder a Conversion/Continuation Certificate executed on behalf of at least three Business Days for continuation as or conversion to the Borrower by a LIBOR LoanFinancial Officer of the Borrower; 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.11:00 a.m., New York City Dallas, Texas time;
(b) unless the Administrative Agent and 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 Eurodollar Loan or continuation of any such LIBOR a Eurodollar Loan into a subsequent Interest Period;
(c) no Alternate Base Rate Loan may be the aggregate principal amount of Loans continued as, or converted to a LIBOR Loan and no LIBOR Loan may be continued to, Eurodollar Loans as a LIBOR Loan ifpart of the same continuation or conversion, 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)in a minimum amount of $10,000,000;
(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 no Base Rate Loan (or portion thereof) being may be converted to a Eurodollar Loan and no Eurodollar Loan may be continued as a Eurodollar Loan if, after such conversion or continuation, and after giving effect to any concurrent prepayment of Loans, an aggregate of more than five (5) separate Eurodollar Loans would be outstanding hereunder with respect to a Lender (for purposes of determining the number of such Loans outstanding, Loans with different Interest Periods shall be paid by counted as different Eurodollar Loans even if made on the Borrower at the time of continuationsame date);
(gf) the Interest Period with respect to a new LIBOR Eurodollar Loan effected by a continuation or conversion shall commence on the date of such continuation or conversion;
(hg) if a LIBOR Eurodollar Loan is converted to another type of a Base Rate Loan prior to other than on the last day of the Interest Period with respect thereto, the amounts required by Section 2.10(b) 2.12 shall be paid upon such conversion;
(h) accrued interest on a Eurodollar Loan (or portion thereof) being converted to a Base Rate Loan shall be paid by the Borrower at the time of conversion; and
(i) each request for a continuation as as, or conversion to to, a LIBOR Eurodollar Loan which fails to state an applicable Interest Period shall be deemed to be a request for an Interest Period of one month; and
(j) . Subject to the foregoing, in the event that the Borrower shall not give deliver a notice to continue or convert any LIBOR Eurodollar Loan as provided above, such Loan (unless repaid) shall automatically be converted to an Alternate a Base Rate Loan at the expiration of the then current Interest Period. The Administrative Agent shall, after it receives a notice from the Borrower, promptly give the Lenders notice of any continuation or conversionconversion and of such Lender's portion of each resulting Loan.
Appears in 1 contract
Samples: Credit and Guaranty Agreement (Wiltel Communications Group Inc)
Continuation and Conversion of Loans. The Borrower shall have the right, right at any timetime on prior irrevocable written or telex notice to the Bank as specified in this Agreement (i) to continue any LIBOR Loan as a Libor Loan for the same or a different Interest Period (specifying the Interest Period to be applicable thereto), (iii) to convert any LIBOR Loan or portion thereof to an Alternate Base into a Fluctuating Rate Loan or to continue such LIBOR Loan or a portion thereof for a successive Interest Period, or and (iiiii) to convert any Alternate Base Fluctuating Rate Loan or a portion thereof to into a LIBOR LoanLoan (specifying the Interest Period to be applicable thereto) (each such notice, a "Continuation/Conversion Notice"), subject to the following:
(a) in the Borrower shall give case of a conversion of less than all of 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 outstanding 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 not be less than $100,000 and shall be $500,000 or such greater amount which is an integral multiple of $100,000thereof;
(fb) accrued interest on the no LIBOR Loans (or portion thereof) being continued Loan shall be paid by the Borrower converted at any time other than at the time end 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 conversion;
(i) each request for a continuation as or conversion to a LIBOR Loan which fails to state an applicable Interest Period shall be deemed to be a request for an Interest Period of one monthapplicable thereto; and
(jc) any portion of a Loan maturing or required to be prepaid in less than one month may not be converted into or continued as a LIBOR Loan. In the event that the Borrower shall not give notice to continue any LIBOR Loan into a subsequent Interest Period or convert any LIBOR such Loan as provided aboveinto a Loan of another type, on the last day of the Interest Period thereof, such Loan (unless repaidprepaid) shall automatically be converted into a Fluctuating Rate Loan. The Interest Period applicable to an Alternate Base any Libor Loan resulting from a conversion or continuation shall be specified by the Borrower in the irrevocable notice delivered by the Borrower pursuant to this Agreement; provided, however, that, if such notice does not specify either the type of Loan or 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 at until such required information is furnished pursuant to the expiration terms hereof. Notwithstanding anything to the contrary contained above, if an Event of the then current Default shall have occurred and is continuing, no Libor Loan may be continued into a subsequent Interest Period. The Administrative Agent shall, after it receives notice from the Borrower, promptly give the Lenders notice of any continuation or conversionPeriod and no Fluctuating Rate Loan may be converted into a Libor Loan.
Appears in 1 contract
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 (or, to the extent the Administrative Agent has determined that each Lender can accommodate a greater number, a greater number not to exceed 12) 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 $500,000 250,000 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(b2.9(b) shall be paid upon such conversion;
(i) each request for a continuation as or conversion to a LIBOR Loan which fails to state an applicable Interest Period shall be deemed to be a request for an Interest Period of one month; and
(j) in the event that the Borrower shall not give notice to continue or convert any LIBOR Loan as provided above, such Loan (unless repaid) shall automatically be converted to an Alternate Base Rate Loan at the expiration of the then current Interest Period. The Administrative Agent shall, after it receives notice from the Borrower, promptly give the Lenders notice of any continuation or conversion.
Appears in 1 contract
Samples: Credit, Security, Guaranty and Pledge Agreement (Idt Corp)