Continuation and Conversion Procedure Clause Samples
Continuation and Conversion Procedure. (a) Base Rate Loans shall continue as Base Rate Loans unless and until converted into LIBOR Rate Loans. The Company may elect from time to time, subject to the terms and conditions of this Agreement, to convert all or any part of the outstanding Base Rate Loans into LIBOR Rate Loans.
(b) At the end of the applicable Interest Period for LIBOR Rate Loans, such LIBOR Rate Loans shall be automatically converted into Base Rate Loans unless the Company shall have given the Agent notice in accordance with section 2.4(c) requesting that, at the end of such Interest Period, such LIBOR Rate Loans continue as LIBOR Rate Loans.
(c) The Company shall deliver a Conversion/ Continuation Notice to the Agent for each conversion of Base Rate Loans or continuation of LIBOR Rate Loans. The Conversion/Continuation Notice must be received by the Agent not later than 11 a.m., Milwaukee time, at least three Business Days prior to the date of the requested conversion or continuation and must specify (i) the requested date (which shall be a Business Day) of such conversion or continuation, (ii) the amount of Loans to be converted or continued and (iii) the duration of the Interest Periods applicable thereto.
(d) The Agent will promptly notify each Lender of its receipt of a Conversion/Continuation Notice or, if no notice is timely provided by the Company, the Agent will promptly notify each Lender of the details of any automatic conversion. All conversions and continuations shall be made ratably according to the respective outstanding principal amounts of the Loans with respect to which the notice was given.
(e) Notwithstanding anything to the contrary contained in this section, Loans may not be converted into or continued as LIBOR Rate Loans when any Default or Event of Default has occurred and is continuing.
Continuation and Conversion Procedure. (i) Either Borrower may elect from time to time, subject to the terms and conditions of this Agreement, to convert all or a portion of the outstanding Reference Rate Loans to LIBOR Rate Loans (in each case, in a minimum amount of $100,000).
(ii) At the end of the applicable Interest Period for a LIBOR Rate Loan, such LIBOR Rate Loan shall automatically continue as a LIBOR Rate Loan with the same Interest Period unless either Borrower shall have given Lender notice in accordance with section 2(c)(iii) below requesting that, at the end of such Interest Period, all or a portion of such LIBOR Rate Loan be [a] continued as a LIBOR Rate Loan with a different Interest Period or [b] be converted into a Reference Rate Loan.
(iii) Either Borrower shall furnish to Lender an appropriately completed and executed Notice of Conversion/Continuation for each conversion of a LIBOR Rate Loan to a Reference Rate Loan not later than 11 a.m., Chicago time, on the date three Business Days prior to the date of the requested conversion. Each such request by Borrowers for a conversion of a LIBOR Rate Loan shall be irrevocable and shall constitute a certification by Borrowers that the borrowing conditions specified in section 6 will be satisfied on the specified conversion or continuation date.
(iv) Notwithstanding anything to the contrary contained in this section, no Revolving Loan may be converted into or continued as a LIBOR Rate Loan when any Event of Default has occurred and is continuing.