Continuation and Conversions Sample Clauses
Continuation and Conversions. The Borrower shall have the option, on any Business Day, to continue existing Eurodollar Loans for a subsequent Interest Period, to convert Base Rate Loans into Eurodollar Loans or to convert Eurodollar Loans in Dollars into Base Rate Loans; provided, however, that (a) each such continuation or conversion must be requested by the Borrower pursuant to a Notice of Continuation/Conversion, in compliance with the terms set forth below, (b) except as provided in Section 4.1, Eurodollar Loans may only be continued or converted into Base Rate Loans on the last day of the Interest Period applicable hereto, (c) Eurodollar Loans may not be continued nor may Base Rate Loans be converted into Eurodollar Loans during the existence and continuation of a Default or Event of Default and (d) any request to continue a Eurodollar Loan that fails to comply with the terms hereof or any failure to request a continuation of a Eurodollar Loan at the end of an Interest Period shall constitute a conversion in each case, to a Base Rate Loan on the last day of the applicable Interest Period. Each continuation or conversion must be requested by the Borrower no later than 12:00 p.m. (noon) (i) on the date for a requested conversion of a Eurodollar Loan to a Base Rate Loan or (ii) three Business Days prior to the date for a requested continuation of a Eurodollar Loan or conversion of a Base Rate Loan to a Eurodollar Loan, in each case pursuant to a Notice of Continuation/Conversion submitted to the Administrative Agent which shall set forth (A) whether the Borrower wishes to continue or convert such Loans and (B) if the request is to continue a Eurodollar Loan or convert a Base Rate Loan to a Eurodollar Loan, the Interest Period applicable thereto. Each conversion or continuation hereunder shall be subject to the following requirements: (a) each Eurodollar Loan shall be in a minimum of $5,000,000, (b) each Base Rate Loan shall be in a minimum amount of the lesser of $5,000,000 and (c) no more than ten Interest Periods shall be in effect.
Continuation and Conversions. Provided that no Event of Default ---------------------------- then exists, Borrower shall have the option, subject to the provisions of Sections 2.3.1 and 2.3.3 and the following provisions of this Section 2.3.2, on the first day following expiration of an Interest Period in the case of a Quoted LIBOR Rate Election or at any time in the case of a Prime Rate Election, to continue a previously selected Quoted LIBOR Rate Election for an additional Interest Period or to convert all or a portion of the outstanding principal amount of under any Prime Rate Election to a Quoted LIBOR Rate Election, provided that the outstanding principal amount of Loans being continued as or converted into a Quoted LIBOR Rate Election shall be at least Two Hundred Fifty Thousand Dollars U.S. ($250,000.00). Each such conversion shall be effected by Borrower giving the Bank prior notice in the form as required by the Bank, specifying the Loan and amount of such Loan to be so continued or converted, and the Interest Period.
Continuation and Conversions. (a) Subject to Sections 3.2 and 3.3 hereof, the Borrower shall have the option, from time to time, to elect to convert or continue the Type of Loan as follows:
(i) if such Loan is a Base Rate Loan, the Borrower may elect, as of any Business Day, to convert such Loan or a portion thereof in the amount of One Million Dollars ($1,000,000) or an integral multiple of Five Hundred Thousand Dollars ($500,000) in excess thereof to a Eurodollar Loan; and
(ii) if such Loan is a Eurodollar Loan, the Borrower may elect to convert such Loan or a portion thereof to a Base Rate Loan, or may elect to continue such Loan or a portion thereof as a Eurodollar Loan for an additional Interest Period, in each case beginning on the last day of the then current Interest Period applicable to such Loan; PROVIDED that (A) no election of a Eurodollar Loan may be made if a Default or Event of Default shall have occurred and be continuing, (B) unless the outstanding principal amount outstanding is less than One Million Dollars ($1,000,000), no conversion shall reduce the outstanding principal amount of a Eurodollar Loan to an amount which is not One Million Dollars ($1,000,000) or an integral multiple of Five Hundred Thousand Dollars ($500,000) in excess thereof, and (C) the amount of such Loan, when aggregated with all other Loans outstanding hereunder, the Stated Amount of all Letters of Credit issued hereunder, and, to the extent not included in the amount of such Loans or Letters of Credit, the amount of all Unpaid Drawings, would not exceed the Aggregate Commitments.
(b) Each Continuation or Conversion shall be effected by the Borrower's delivering to the Agent notice thereof (which notice may be in writing or by telecopy, telex or telegraph, or by telephone, if immediately confirmed in writing, substantially in the form attached hereto as EXHIBIT C) (a "Notice of Continuation/Conversion") at least (i) one (1) Business Day prior to a Conversion by the Borrower of a Eurodollar Loan to a Base Rate Loan and (ii) in all other cases, three (3) Business Days prior to the date of the proposed Continuation or Conversion, each such notice to be given prior to 11:00 a.m., Eastern Time, on the date specified. Each Notice of Continuation/Conversion shall be irrevocable and shall specify the Type of Loan to be Continued or Converted, the aggregate principal amount thereof and the Interest Period to be applicable thereto. In the event no Notice of Continuation/Conversion is delivered by the Borr...