Continuation of Loans. Any Borrower may elect to continue (on the last day of the applicable Interest Period) any Eurodollar Loan or Eurocurrency Loan as the same type of Loan by giving the Administrative Agent an irrevocable Notice of Continuation/Conversion not later than 12:00 noon, New York, New York time, the third Eurocurrency Business Day before the last day of such Interest Period, if continuing a Eurodollar Loan or Eurocurrency Loan. The Notice of Continuation/Conversion shall specify the portion of such Loan that shall be continued and the duration of the Interest Period applicable thereto.
Continuation of Loans. Each Borrowing hereunder shall be automatically continued, at the end of each Interest Period that ends prior to the Loan Maturity Date for the Loans comprising such Borrowing, for an additional Interest Period of the same duration as such ending Interest Period, unless the Borrower delivers a written notice in the form of Exhibit B-2, appropriately completed (a “Continuation Notice”) electing a different Interest Period by no later than 2:00 p.m., New York Time, at least three (3) Business Days prior to the end of such Interest Period. Each such continuation shall be made pro rata among the Lenders in accordance with the respective principal amounts of the Loans comprising the continued Borrowing.
Continuation of Loans. Notwithstanding any other provision of this Agreement, the Borrower shall not be entitled to (a) request, or to elect to continue any borrowing of Eurodollar Loans if the Interest Period requested with respect thereto would end after the Maturity Date, or (b) subject to Section 3.03 and Section 5.05, convert any Eurodollar Loan into an ABR Loan.
Continuation of Loans. If any Loan shall be outstanding as a Eurodollar Loan, then not later than 3:00 p.m. Philadelphia time on the date that is three (3) Business Days prior to the last day of the current Interest Period for such Loan, the Borrower may elect to continue such Loan as the same type of Loan for a subsequent Interest Period as provided in this Section 2.7(D). If the Borrower Agent elects to continue any such Loan as aforesaid, the Borrower Agent shall give notice not later than the time set forth above, which notice shall identify the type, amount and current Interest Period of the Loan to be continued, and the duration of the new Interest Period for such Loan.
Continuation of Loans. So long as no Event of Default exists and is continuing, (i) the Borrower may on any Business Day, with respect to any Term SOFR Loan, elect to maintain such Term SOFR Loan or any portion thereof as a Term SOFR Loan by selecting a new Interest Period for such Term SOFR Loan and (ii) any Daily Simple SOFR Loan shall automatically Continue as a Daily Simple SOFR Loan until such time as the Borrower Converts such Daily Simple SOFR Loan to a different Type in accordance with Section 2.11. Each Continuation of a Term SOFR Loan shall be in an aggregate minimum amount of $2,000,000 and integral multiples of $500,000 in excess of that amount, and each new Interest Period selected under this Section shall commence on the last day of the immediately preceding Interest Period. Each selection of a new Interest Period shall be made by the Borrower giving to the Administrative Agent a Notice of Continuation not later than 11:00 a.m. on the second (2nd) U.S. Government Securities Business Day prior to the date of any such Continuation. Such notice by the Borrower of a Continuation shall be by telecopy, electronic mail or other similar form of communication in the form of a Notice of Continuation, specifying (a) the proposed date of such Continuation, (b) the Term SOFR Loans and portions 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. Each Notice of Continuation shall be irrevocable by and binding on the Borrower once given. Promptly after receipt of a Notice of Continuation, the Administrative Agent shall notify each Lender of the proposed Continuation. If the Borrower shall fail to select in a timely manner a new Interest Period for any Term SOFR Loan in accordance with this Section, such Loan will automatically, on the last day of the current Interest Period therefor, Continue as a Term SOFR Loan with an Interest Period of one month; provided, however that if an Event of Default exists and is continuing, such Loan will automatically, on the last day of the then-current Interest Period therefor, Convert into a Base Rate Loan notwithstanding the first sentence of Section 2.11 or the Borrower’s failure to comply with any of the terms of such Section.
Continuation of Loans. The parties agree that the Existing Term Loans are “Loans” under this Agreement on the Effective Date. Loans that are repaid or prepaid may not be reborrowed. Loans may be Base Rate Loans or Eurocurrency Loans, as further provided herein, and may not be converted into a currency other than Dollars.
Continuation of Loans. (a) Borrower may from time to time submit in writing a request that Prime Rate Loans be converted to LIBOR Rate Loans or that any existing LIBOR Rate Loans continue for an additional Interest Period. Such request shall specify the amount of the Prime Rate Loans which will constitute LIBOR Rate Loans (subject to the limits set forth below) and the Interest Period to be applicable to such LIBOR Rate Loans. Each written request for a conversion to a LIBOR Rate Loan or a continuation of a LIBOR Rate Loan shall be substantially in the form of a LIBOR Rate Conversion/Continuation Certificate as set forth on Exhibit B, which shall be duly executed by the Borrower. Subject to the terms and conditions contained herein THREE (3) BUSINESS DAYS AFTER BANK'S RECEIPT OF SUCH A REQUEST FROM BORROWER, such Prime 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 or event which with notice or passage of time or both would constitute an Event of Default exists;
(ii) no party hereto shall have sent any notice of termination of this Supplement or of the Loan Agreement.
(iii) Borrower shall have complied with such customary procedures as Bank has established from time to time for Borrower's requests for LIBOR Rate Loans;
(iv) the amount of a LIBOR Rate Loan shall be $500,000 or such greater amount which is an integral multiple of $50,000; and
(v) Bank shall have determined that the Interest Period or LIBOR Rate is available to Bank which can be readily determined as of the date of the request for such LIBOR Rate Loan. Any request by Borrower to convert Prime Rate Loans to LIBOR Rate Loans or continue any existing LIBOR Rate Loans shall be irrevocable. Notwithstanding anything to the contrary contained herein, Bank 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 Bank had purchased such deposits to fund the LIBOR Rate Loans.
(b) Any LIBOR Rate Loans shall automatically convert to Prime Rate Loans upon the last day of the applicable Interest Period, UNLESS BANK HAS RECEIVED AND APPROVED A COMPLETE AND PROPER REQUEST TO CONTINUE SUCH LIBOR RATE LOAN AT LEAST THREE (3) BUSINESS DAYS PRIOR TO SUCH LAST DAY in accordance with the terms hereof. Any LIBOR Rate Loans shall, at Bank's option, convert to Prime Rate Loans in...
Continuation of Loans. Subject to the terms and conditions stated ---------------------- herein, each Lender hereby agrees to continue to lend the original principal amount of its respective Loan until the Maturity Date (as defined in this Agreement).
Continuation of Loans. Any Eurodollar Loan may be continued as such upon the expiration of the then current Interest Period with respect thereto by the Borrower giving notice to the Administrative Agent, in accordance with the applicable provisions of the term "Interest Period" set forth in subsection 1.1, of the length of the next Interest Period to be applicable to such Loans, provided that no Eurodollar Loan may be continued as such (i) when any Event of Default has occurred and is continuing and the Administrative Agent has or the Majority Lenders have determined that such a continuation is not appropriate or (ii) after the date that is one month prior to the Termination Date (in the case of Revolving Credit Loans or Additional Revolving Credit Loans) or the date of the final installment of principal of the Term Loans (in the case of Term Loans) and provided, further, that if the Borrower shall fail to give such notice or if such continuation is not permitted such Loans shall be automatically converted to ABR Loans on the last day of such then expiring Interest Period.
Continuation of Loans. The Borrower may, by delivery to the Lender of a notice ("Continuation Notice") in the form of EXHIBIT C attached hereto with appropriate insertions, before 10:00 A.M., Chicago time, two (2) Business Days prior to continuation, continue a Revolving Loan as into a subsequent Interest Period of the same duration or of any other duration permitted hereunder provided that in the case of a continuation of less than all Revolving Loans, the aggregate principal amount of such Revolving Loans continued shall be not less than $500,000 or any larger integral multiple of $250,000 in excess thereof.
