Common use of Continuation of LIBOR Advances Clause in Contracts

Continuation of LIBOR Advances. Borrower shall have the right on three (3) Business Days’ prior irrevocable written notice given to Agent by Borrower (prior to 11:00 a.m. New York City Time on such Business Day), subject to the provisions hereof, to continue any LIBOR Advance into a subsequent Interest Period of the same or a different permitted duration, in each case subject to the satisfaction of the following conditions: (i) in the case of a continuation of less than all LIBOR Advances, the LIBOR Advances continued shall each be in a minimum principal amount of One Million Dollars ($1,000,000) and may increase in integral multiples of One Hundred Thousand Dollars ($100,000); and (ii) no LIBOR Advance (or portion thereof) may be continued as a LIBOR Advance if an Event of Default has occurred which is then continuing or if, after giving effect to such continuation, Borrower shall have outstanding LIBOR Advances with more than four (4)

Appears in 1 contract

Samples: Loan and Security Agreement (Home Products International Inc)

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Continuation of LIBOR Advances. Borrower shall have the right on three (3) Business Days' prior irrevocable written notice given to Agent by Borrower (prior to 11:00 a.m. A.M. New York City Time on such Business Day), subject to the provisions hereof, to continue any LIBOR Advance into a subsequent Interest Period of the same or a different permitted duration, in each case subject to the satisfaction of the following conditions: (i) in the case of a continuation of less than all LIBOR Advances, the LIBOR Advances continued shall each be in a minimum principal amount of One Million Dollars ($1,000,000) and may increase in integral multiples of One Hundred Thousand Dollars ($100,000); and (ii) no LIBOR Advance (or portion thereof) may be continued as a LIBOR Advance if an Event of Default has occurred which is then continuing or if, after giving effect to such continuation, Borrower shall have outstanding LIBOR Advances with more than four (4)four

Appears in 1 contract

Samples: Loan and Security Agreement (Home Products International Inc)

Continuation of LIBOR Advances. Borrower shall have the right on three two (32) Business Days' prior irrevocable written notice given to Agent Lender by Borrower (prior to 11:00 a.m. A.M. New York City Time time on such Business Day), subject to the provisions hereof, to continue any LIBOR Advance into a subsequent Interest Period of the same or a different permitted duration, in each case subject to the satisfaction of the following conditions: (i) in the case of a continuation of less than all LIBOR Advances, the LIBOR Advances continued shall each be in a minimum principal amount of One Million Dollars ($1,000,000) 1,000,000 and may increase in integral multiples of One Hundred Thousand Dollars ($100,000); and (ii) no LIBOR Advance (or portion thereof) may be continued as a LIBOR Advance if an Event of a Default has occurred which is then continuing or if, after giving effect to such continuation, Borrower shall have outstanding LIBOR Advances with more than four three (43)

Appears in 1 contract

Samples: Loan and Security Agreement (Financial Performance Corp)

Continuation of LIBOR Advances. Borrower Borrowers shall have the right on three (3) Business Days' prior irrevocable written notice given to Agent by Borrower Borrowers (prior to 11:00 a.m. New York City A.M. Eastern Time on such Business Day), subject to suxxxxx xx the provisions hereof, to continue any LIBOR Advance into a subsequent Interest Period of the same or a different permitted duration, in each case subject to the satisfaction of the following conditions: (i) in the case of a continuation of less than all LIBOR Advances, the LIBOR Advances continued shall each be in a minimum principal amount of One Million Dollars ($1,000,000) 500,000 and may increase in integral multiples of One Hundred Thousand Dollars ($100,000)500,000; and (ii) no LIBOR Advance (or portion thereof) may be continued as a LIBOR Advance if a Default or an Event of Default has occurred which is then continuing or if, after giving effect to such continuation, Borrower Borrowers shall have outstanding at any one time LIBOR Advances with more than four twelve (412)

Appears in 1 contract

Samples: Loan and Security Agreement (United Natural Foods Inc)

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Continuation of LIBOR Advances. Borrower shall have the right on three two (32) Business Days' prior irrevocable written notice given to Agent Lender by Borrower (prior to 11:00 a.m. A.M. New York City Time on such Business Day), subject to the provisions hereof, to continue any LIBOR Advance into a subsequent Interest Period of the same or a different permitted duration, in each case subject to the satisfaction of the following conditions: (i) in the case of a continuation of less than all LIBOR Advances, the LIBOR Advances continued shall each be in a minimum principal amount of One Million Dollars ($1,000,000) 100,000 and may increase in integral multiples of One Hundred Thousand Dollars ($100,000); and; (ii) no LIBOR Advance (or portion thereof) may be continued as a LIBOR Advance if an a Default or Event of Default has occurred which is then continuing or if, after giving effect to such continuation, Borrower shall have outstanding LIBOR Advances would not be in compliance with more than four (4)subsection 3.

Appears in 1 contract

Samples: Loan and Security Agreement (Emtec Inc/Nj)

Continuation of LIBOR Advances. Borrower shall have the right on three ------------------------------ two (32) Business Days' prior irrevocable written notice given to Agent Lender by Borrower (prior to 11:00 a.m. A.M. New York City Time on such Business Day), subject to the provisions hereof, to continue any LIBOR Advance into a subsequent Interest Period of the same or a different permitted duration, in each case subject to the satisfaction of the following conditions: (i) in the case of a continuation of less than all LIBOR Advances, the LIBOR Advances continued shall each be in a minimum principal amount of One Million Dollars ($1,000,000) 100,000.00 and may increase in integral multiples of One Hundred Thousand Dollars ($100,000)100,000.00; and and (ii) no LIBOR Advance (or portion thereof) may be continued as a LIBOR Advance if an Event of a Default has occurred which is then continuing or if, after giving effect to such continuation, Borrower shall have outstanding LIBOR Advances with more than four five (45)

Appears in 1 contract

Samples: Loan and Security Agreement (Pure World Inc)

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