Continuation and Conversion Options. The Loans included in each Borrowing shall bear interest initially at the type of rate allowed by Section 2.06 and as specified by the Borrower in the applicable Notice of Borrowing. Thereafter, the Borrower shall have the option, on any Business Day, to elect to change or continue the type of interest rate borne by each Group of Loans (subject in each case to the provisions of Article III and Section 2.07(d)), as follows:
Continuation and Conversion Options. The Borrower may elect from time to time to convert its outstanding Loans from Loans bearing interest at a rate determined by reference to one basis to Loans bearing interest at a rate determined by reference to an alternative basis by giving the Lender (i) irrevocable notice of an election to convert Loans to Base Rate Loans and (ii) at least three (3) LIBO Business Days' prior irrevocable notice of an election to convert Loans to LIBO Rate Loans, PROVIDED that any conversion of Loans other than Base Rate Loans shall only be made on the last day of an Interest Period with respect thereto, PROVIDED, FURTHER that no Loan may be converted to a Loan other than a Base Rate Loan so long as an Event of Default or Potential Event of Default has occurred and is continuing. The Borrower may elect from time to time to continue its outstanding Loans other than Base Rate Loans upon the expiration of the Interest Period(s) applicable thereto by giving to the Lender at least three (3) LIBO Business Days' prior irrevocable notice of continuation of a LIBO Rate Loan and the succeeding Interest Period(s) of such continued Loan or Loans will commence on the last day of the Interest Period of the Loan to be continued, PROVIDED that no Loan may be continued as a Loan other than a Base Rate Loan so long as an Event of Default or Potential Event of Default has occurred and is continuing. Each notice electing to convert or continue a Loan shall specify: (i) the proposed conversion/continuation date; (ii) the amount of the Loan to be converted/continued; (iii) the nature of the proposed continuation/conversion; and (iv) in the case of a conversion to, or continuation of, a Loan other than a Base Rate Loan, the requested Interest Period, and shall certify that no Event of Default or Potential Event of Default has occurred and is continuing. On the date on which such conversion or continuation is being made the Lender shall take such action as is necessary to effect such conversion or continuation. In the event that no notice of continuation or conversion is received by the Lender with respect to outstanding Loans other than Base Rate Loans, upon expiration of the Interest Period(s) applicable thereto, such Loans shall convert to Base Rate Loans. Subject to the limitations set forth in this Section and in the definition of Interest Period, all or any part of outstanding Loans may be converted or continued as provided herein.
Continuation and Conversion Options. 77 SECTION 2.13 FEES.............................................................. 78 SECTION 2.14 PAYMENTS, ETC..................................................... 79 SECTION 2.15 INTEREST RATE NOT ASCERTAINABLE, ETC.............................. 80 SECTION 2.16 ILLEGALITY........................................................ 80 SECTION 2.17 INCREASED COSTS................................................... 81 SECTION 2.18
Continuation and Conversion Options. Subject to the limitations set forth in Subsection 2.6.3 hereof, the Borrowers may under the Revolving Credit Facility from time to time: (i) elect to continue, on the last day of the Interest Period therefor, any LIBOR Tranche (or any portion thereof) to a subsequent Interest Period, (ii) elect to convert, on the last day of the Interest Period therefor, any LIBOR Tranche in the Prime Tranche; or (iii) elect to convert, on any Business Day, the Prime Tranche (or any portion thereof) into a
Continuation and Conversion Options. The Borrower shall have the option, on any Business Day (subject in each case to the provisions of Article III) to continue such Loans as Eurodollar Loans for an additional Interest Period, subject to Section 3.05 in the case of any such conversion or continuation effective on any day other than the last day of the then current Interest Period applicable to such Loans. Each such election shall be made by delivering a notice, substantially in the form of Exhibit A hereto (a “Notice of Extension/Conversion”) (which may be by telephone if promptly confirmed in writing), to the Administrative Agent not later than 12:00 Noon on the third Business Day before the conversion or continuation selected in such notice is to be effective. A Notice of Extension/Conversion may, if it so specifies, apply to only a portion of the aggregate principal amount of the Loan; provided that the portion of Eurodollar Loans to which such Notice applies is $5,000,000 or any larger multiple of $1,000,000.
Continuation and Conversion Options. With respect to any Loans and LC Loans, Borrower shall have the right at any time upon the irrevocable delivery of a Conversion/Continuation Certificate to Administrative Agent (1) not later than 11:00 a.m., three Banking Days prior to the expiration of the Interest Period for any LIBO Rate Loan, to convert such LIBO Rate Loan to a Base Rate Loan, to continue any LIBO Rate Loan as a LIBO Rate Loan for any additional Interest Period or to convert the Interest Period with respect to any LIBO Rate Loan to another permissible Interest Period or (2) not later than 11:00 a.m., three Banking Days prior to such conversion, to convert any Base Rate Loan into a LIBO Rate Loan, subject to the following:
Continuation and Conversion Options. Borrower may elect from time to time to convert outstanding Revolving Loans from Revolving Loans bearing interest at a rate determined by reference to one basis to Revolving Loans bearing interest at a rate determined by reference to an alternative basis if Borrower gives Bank (i) at any time irrevocable notice of an election to convert Eurodollar Rate Loans to Prime Rate Loans and (ii) at least three Eurodollar Business Days' prior irrevocable notice of an election to convert Prime Rate Loans to Eurodollar Rate Loans, provided that any conversion of Eurodollar Rate Loans to Prime Rate Loans shall only be made on the last day of an Interest Period with respect thereto, and provided further that no Prime Rate Loan may be converted to a Eurodollar Rate Loan so long as an Event of Default or Potential Event of Default has occurred and is continuing. Borrower may elect from time to time to
Continuation and Conversion Options. 24 SECTION 2.06. COMPUTATION OF INTEREST AND FEES................................ 25 (a) Calculations.................................................... 25 (b) Determination by Agent.......................................... 26
Continuation and Conversion Options. Subject to the limitations ----------------------------------- set forth in Section 2.6.2 hereof, the Borrowers may under the Revolving ------------- Credit Facility or the Term Loan from time to time: (i) elect to continue, on the last day of the Interest Period
Continuation and Conversion Options. The Borrower may elect from time to time to convert its outstanding Loans from Loans bearing interest at a rate determined by reference to one basis to Loans bearing interest at a rate determined by reference to an alternative basis by giving Standard Notice to the Agent, provided that any conversion of LIBOR Rate Loans shall only be made on the last day of an Interest Period with respect thereto. The Borrower may elect from time to time to continue its outstanding LIBOR Rate Loans upon the expiration of the Interest Period(s) applicable thereto by giving to the Agent Standard Notice and the succeeding Interest Period(s) of such continued Loan or Loans will commence on the last day of the Interest Period of the Loan to be continued. Each Standard Notice electing to convert or continue a Loan shall specify: (i) the proposed conversion/continuation date; (ii) the amount of the Loan to be converted/continued; (iii) the nature of the proposed continuation/conversion; and (iv) in the case of a conversion to, or continuation of a LIBOR Rate Loan, the requested Interest Period. In the event that no notice of continuation or conversion is received by the Agent with respect to outstanding LIBOR Rate Loans, upon expiration of the Interest Period(s) applicable thereto, such Loans shall automatically be continued for Interest Period(s) of the same number of months as such expiring the Interest Period(s). Subject to the limitations set forth in this Section and in the definition of Interest Period, all or any part of outstanding Loans may be converted or continued as provided herein.
