Common use of Continuation Options Clause in Contracts

Continuation Options. (a) The Borrower may elect from time to time to convert LIBO Rate Loans or Term Benchmark Loans to ABR Loans by giving the Administrative Agent at least two Business Days’ prior irrevocable notice of such election, provided that any such conversion of LIBO Rate Loans or Term Benchmark Loans may only be made on the last day of an Interest Period with respect thereto. The Borrower may elect from time to time to convert ABR Loans to LIBO Rate Loans, in the case of Tranche B Term Loans, or Term Benchmark Loans, in the case of Revolving Loans, by giving the Administrative Agent at least three Business Days’ prior irrevocable notice of such election (which notice shall specify the length of the initial Interest Period therefor); provided that no ABR Loan under a particular Facility may be converted into a LIBO Rate Loan or a Term Benchmark Loan when any Event of Default has occurred and is continuing and the Majority Facility Lenders in respect of such Facility have determined in its or their sole discretion not to permit such conversions. Upon receipt of any such notice, the Administrative Agent shall promptly notify each relevant Lender thereof. If any interest election requests a LIBO Rate Loan or Term Benchmark Loan but does not specify an Interest Period, then the Borrower shall be deemed to have selected an Interest Period of one month’s duration. (b) Any LIBO Rate Loan or Term Benchmark Loan shall be continued as such upon the expiration of the then current Interest Period with respect thereto unless the Borrower gives notice to the Administrative Agent, in accordance with the applicable provisions of the term “Interest Period” set forth in Section 1.1, of a different length of the next Interest Period to be applicable to such Loans.

Continuation Options. (a) The Borrower may elect from time to time to convert LIBO Rate Loans or Term Benchmark Loans to ABR Loans by giving the Administrative Agent at least two Business Days’ prior irrevocable notice of such election, provided that any such conversion of LIBO Rate Loans or Term Benchmark Loans may only be made on the last day of an Interest Period with respect thereto. The Borrower may elect from time to time to convert ABR Loans to LIBO Rate Loans, in the case of Tranche B Term Loans, or Term Benchmark Loans, in the case of Revolving Loans, Loans by giving the Administrative Agent at least three Business Days’ prior irrevocable notice of such election (which notice shall specify the length of the initial Interest Period therefor); provided that no ABR Loan under a particular Facility may be converted into a LIBO Rate Loan or a Term Benchmark Loan when any Event of Default has occurred and is continuing and the Majority Facility Lenders in respect of such Facility have determined in its or their sole discretion not to permit such conversions. Upon receipt of any such notice, the Administrative Agent shall promptly notify each relevant Lender thereof. If any interest election requests a LIBO Rate Loan or Term Benchmark Loan but does not specify an Interest Period, then the Borrower shall be deemed to have selected an Interest Period of one month’s duration. (b) Any LIBO Rate Loan or Term Benchmark Loan shall be continued as such upon the expiration of the then current Interest Period with respect thereto unless the Borrower gives notice to the Administrative Agent, in accordance with the applicable provisions of the term “Interest Period” set forth in Section 1.1, of a different length of the next Interest Period to be applicable to such Loans.

Continuation Options. (a) The Borrower may elect from time to time to convert LIBO Rate Loans or Term Benchmark Loans to ABR Loans by giving the Administrative Agent at least two Business Days’ prior irrevocable notice of such election, provided that any such conversion of LIBO Rate Loans or Term Benchmark Loans may only be made on the last day of an Interest Period with respect thereto. The Borrower may elect from time to time to convert ABR Loans to LIBO Rate Loans, in the case of Tranche B Term Loans, or Term Benchmark Loans, in the case of Revolving Loans, Loans by giving the Administrative Agent at least three Business Days’ prior irrevocable notice of such election (which notice shall specify the length of the initial Interest Period therefor); provided that no ABR Loan under a particular Facility may be converted into a LIBO Rate Loan or a Term Benchmark Loan when any Event of Default has occurred and is continuing and the Majority Facility Lenders in respect of such Facility have determined in its or their sole discretion not to permit such conversions. Upon receipt of any such notice, the Administrative Agent shall promptly notify each relevant Lender thereof. If any interest election requests a LIBO Rate Loan or Term Benchmark Loan but does not specify an Interest Period, then the Borrower shall be deemed to have selected an Interest Period of one month’s duration. (b) Any LIBO Rate Loan or Term Benchmark Loan shall be continued as such upon the expiration of the then current Interest Period with respect thereto unless the Borrower gives notice to the Administrative Agent, in accordance with the applicable provisions of the term “Interest Period” set forth in Section 1.1, of a different length of the next Interest Period to be applicable to such Loans.

Continuation Options. (a) The Borrower may elect from time to time to convert LIBO Eurocurrency Rate Loans or Term Benchmark Loans denominated in Dollars to ABR Base Rate Loans by giving the Administrative Agent at least two Business Days’ prior irrevocable notice of such electionelection no later than 11:00 A.M., provided that any such conversion of LIBO Rate Loans or Term Benchmark Loans may only be made New York City time, on the last day of an Interest Period with respect theretoBusiness Day preceding the proposed conversion date. The Borrower may elect from time to time to convert ABR Base Rate Loans to LIBO Eurocurrency Rate Loans, Loans denominated in the case of Tranche B Term Loans, or Term Benchmark Loans, in the case of Revolving Loans, Dollars by giving the Administrative Agent at least three Business Days’ prior irrevocable notice of such election (which notice shall specify no later than 11:00 A.M., New York City time, on the length of third Business Day preceding the initial Interest Period therefor); proposed conversion date, provided that no ABR Base Rate Loan under a particular Facility may be converted into a LIBO Eurocurrency Rate Loan or a Term Benchmark Loan denominated in Dollars when any Event of Default has occurred and is continuing and the Administrative Agent or the Majority Facility Lenders in respect of such Facility have determined in its or their sole discretion not to permit such conversions. Upon receipt of any such notice, notice the Administrative Agent shall promptly notify each relevant Lender thereof. If any interest election requests a LIBO Rate Loan or Term Benchmark Loan but does not specify an Interest Period, then the Borrower shall be deemed to have selected an Interest Period of one month’s duration. (b) Any LIBO Eurocurrency Rate Loan, CDOR Rate Loan, HIBOR Rate Loan or Term Benchmark Mexican Peso Rate Loan shall may be continued as such upon the expiration of the then current Interest Period with respect thereto unless by the Borrower gives giving irrevocable notice to the Administrative Agent, in accordance with the applicable provisions of the term “Interest Period” set forth in Section 1.11.01, of a different the length of the next Interest Period to be applicable to such Loans, provided that no Eurocurrency Rate Loan, CDOR Rate Loan, HIBOR Rate Loan or Mexican Peso Rate Loan under a particular Facility may be continued as such (i) when any Event of Default has occurred and is continuing and the Administrative Agent has or the Majority Facility Lenders in respect of such Facility have determined in its or their sole discretion not to permit such continuations or (ii) if an Event of Default specified in Section 8.01(f) with respect to any Loan Party is in existence, and provided, further, that if the Company shall fail to give any required notice as described above in this paragraph or if such continuation is not permitted pursuant to the preceding proviso such Loans shall be automatically converted to Base Rate Loans on the last day of such then expiring Interest Period. Upon receipt of any such notice the Administrative Agent shall promptly notify each relevant Lender thereof.

Continuation Options. (a) The Each Borrower may elect from time to time to convert LIBO Eurocurrency Rate Loans or Term Benchmark Loans denominated in Dollars to ABR Base Rate Loans by giving the Administrative Agent at least two Business Days’ prior irrevocable notice of such electionelection no later than 11:00 A.M., provided that any such conversion of LIBO Rate Loans or Term Benchmark Loans may only be made New York City time, on the last day of an Interest Period with respect theretoBusiness Day preceding the proposed conversion date. The Each Borrower may elect from time to time to convert ABR Base Rate Loans to LIBO Eurocurrency Rate Loans, Loans denominated in the case of Tranche B Term Loans, or Term Benchmark Loans, in the case of Revolving Loans, Dollars by giving the Administrative Agent at least three Business Days’ prior irrevocable notice of such election (which notice shall specify no later than 11:00 A.M., New York City time, on the length of third Business Day preceding the initial Interest Period therefor); proposed conversion date, provided that no ABR Base Rate Loan under a particular Facility may be converted into a LIBO Eurocurrency Rate Loan or a Term Benchmark Loan denominated in Dollars when any Event of Default has occurred and is continuing and the Administrative Agent or the Majority Facility Lenders in respect of such Facility have determined in its or their sole discretion not to permit such conversions. Upon receipt of any such notice, notice the Administrative Agent shall promptly notify each relevant Lender thereof. If any interest election requests a LIBO Rate Loan or Term Benchmark Loan but does not specify an Interest Period, then the Borrower shall be deemed to have selected an Interest Period of one month’s duration. (b) Any LIBO Eurocurrency Rate Loan, CDOR Rate Loan or Term Benchmark HIBOR Rate Loan shall may be continued as such upon the expiration of the then current Interest Period with respect thereto unless the by a Borrower gives giving irrevocable notice to the Administrative Agent, in accordance with the applicable provisions of the term “Interest Period” set forth in Section 1.11.01, of a different the length of the next Interest Period to be applicable to such Loans, provided that no Eurocurrency Rate Loan, CDOR Rate Loan or HIBOR Rate Loan under a particular Facility may be continued as such (i) when any Event of Default has occurred and is continuing and the Administrative Agent has or the Majority Facility Lenders in respect of such Facility have determined in its or their sole discretion not to permit such continuations or (ii) if an Event of Default specified in Section 8.01(f) with respect to any Loan Party is in existence, and provided, further, that if the Company shall fail to give any required notice as described above in this paragraph or if such continuation is not permitted pursuant to the preceding proviso such Loans shall be automatically converted to Base Rate Loans on the last day of such then expiring Interest Period. Upon receipt of any such notice the Administrative Agent shall promptly notify each relevant Lender thereof.

Continuation Options. (a) The Borrower may elect from time to time to convert LIBO Rate Loans or Term Benchmark Loans to ABR Loans by giving the Administrative Agent at least two Business Days’ prior irrevocable notice of such election, provided that any such conversion of LIBO Rate Loans or Term Benchmark Loans may only be made on the last day of an Interest Period with respect thereto. The Borrower may elect from time to time to convert ABR Loans to LIBO Rate Loans, in the case of Tranche B Term Loans, or Term Benchmark Loans, in the case of Revolving Loans, by giving the Administrative Agent at least three Business Days’ prior irrevocable notice of such election (which notice shall specify the length of the initial Interest Period therefor); provided that no ABR Loan under a particular Facility may be converted into a LIBO Rate Loan or a Term Benchmark Loan when any Event of Default has occurred and is continuing and the Majority Facility Lenders in respect of such Facility have determined in its or their sole discretion not to permit such conversions. Upon receipt of any such notice, the Administrative Agent shall promptly notify each relevant Lender thereof. If any interest election requests a LIBO Rate Loan or Term Benchmark Loan but does not specify an Interest Period, then the Borrower shall be deemed to have selected an Interest Period of one month’s duration[Reserved]. (b) Any LIBO Rate Eurocurrency Loan or Term Benchmark Loan shall may be continued as such upon the expiration of the then current Interest Period with respect thereto unless by the Borrower gives giving irrevocable written notice to the Administrative Agent, in accordance with the applicable provisions of the term “Interest Period” set forth in Section 1.11.1 and no later than 12:00 Noon, New York City time, on the third Business Day preceding the proposed continuation date, of a different the length of the next Interest Period to be applicable to such Loans; provided, that if any such Eurocurrency Loan is so continued on any day other than the last day of the Interest Period applicable thereto, the Borrower shall also pay any amounts owing pursuant to Section 2.21; provided, further, that if the Borrower shall fail to give any required notice as described above in this paragraph such Eurocurrency Loans shall be automatically continued as Eurocurrency Loans having an Interest Period of one month’s duration on the last day of such then-expiring Interest Period; provided, further, that if the Borrower wishes to, and is otherwise permitted to, request Eurocurrency Loans having an Interest Period other than one, two, three or six months in duration as provided in the definition of “Interest Period,” the applicable notice must be received by the Administrative Agent not later than 11:00 a.m. four Business Days prior to the requested date of such Borrowing or continuation, whereupon the Administrative Agent shall give prompt notice to the appropriate Lenders of such request and determine whether the requested Interest Period is acceptable to all of them. Not later than 11:00 a.m., three Business Days before the requested date of such Borrowing or continuation, the Administrative Agent shall notify the Borrower (which notice may be by telephone) whether or not the requested Interest Period has been consented to by all the Lenders. Upon receipt of any such notice the Administrative Agent shall promptly notify each relevant Lender thereof.