Common use of Continuations; Conversions Clause in Contracts

Continuations; Conversions. In order to elect to Continue or convert a Loan under this Section, the Borrower shall deliver an irrevocable Notice of Continuation/Conversion to the Administrative Agent at its Applicable Lending Office no later than 12:00 p.m. Noon (New York time) (i) at least three Business Days in advance of the requested date of any conversion to or continuation of Eurodollar Loans or of any conversion of Eurodollar Loans to ABR Loans and (ii) at least one Business Day in advance of the requested date of any ABR Loan. Each such Notice of Continuation/Conversion shall be in writing or by telex, telecopier or telephone, confirmed promptly in writing specifying (A) the requested Continuation or conversion date (which shall be a Business Day), (B) the amount of the Loans to be Continued or converted, and (C) with respect to any Eurodollar Loans, the requested Interest Period to apply thereto. Promptly after receipt of a Notice of Continuation/Conversion under this paragraph, the Administrative Agent shall provide each applicable Lender with a copy thereof and notify each applicable Lender of the interest rate under Sections 2.05(a)(i) or (ii).

Appears in 2 contracts

Samples: Credit Facility Agreement, Credit Facility Agreement

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Continuations; Conversions. In order to elect to Continue or convert a Loan an Advance under this Section, the applicable Borrower shall deliver an irrevocable Notice of Continuation/Conversion to the Administrative Agent at its Applicable Lending Office no later than 12:00 p.m. Noon (New York time) ) (i) at least three Business Days in advance of the requested date of any conversion to or continuation of Eurodollar Loans Advances or of any conversion of Eurodollar Loans Advances to ABR Loans Advances, and (ii) at least one Business Day in advance of the requested date of any ABR LoanAdvance. Each such Notice of Continuation/Conversion shall be in writing or by telex, telecopier or telephone, confirmed promptly in writing specifying (A) the requested Continuation or conversion date (which shall be a Business Day), (B) the amount of the Loans Advances to be Continued or converted, and (C) with respect to any Eurodollar LoansAdvances, the requested Interest Period to apply thereto. Promptly after receipt of a Notice of Continuation/Conversion under this paragraph, the Administrative Agent shall provide each applicable Revolving Credit Lender with a copy thereof and notify each applicable Revolving Credit Lender of the interest rate under Sections 2.05(a)(i) or (ii).

Appears in 1 contract

Samples: Credit Agreement (Vantage Drilling CO)

Continuations; Conversions. In order to elect to Continue or convert a Loan an Advance under this Section, the applicable Borrower shall deliver an irrevocable Notice of Continuation/Conversion to the Administrative Collateral Agent at its Applicable Lending Office no later than 12:00 p.m. Noon (New York time) ) (i) at least three Business Days in advance of the requested date of any conversion to or continuation of Eurodollar Loans Advances or of any conversion of Eurodollar Loans Advances to ABR Loans Advances, and (ii) at least one Business Day in advance of the requested date of any ABR LoanAdvance. Each such Notice of Continuation/Conversion shall be in writing or by telex, telecopier or telephone, confirmed promptly in writing specifying (A) the requested Continuation or conversion date (which shall be a Business Day), (B) the amount of the Loans Advances to be Continued or converted, and (C) with respect to any Eurodollar LoansAdvances, the requested Interest Period to apply thereto. Promptly after receipt of a Notice of Continuation/Conversion under this paragraph, the Administrative Collateral Agent shall provide each applicable Lender with a copy thereof and notify each applicable Lender of the interest rate under Sections 2.05(a)(i) or (ii).

Appears in 1 contract

Samples: Credit Agreement (Vantage Drilling CO)

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Continuations; Conversions. In order to elect to Continue or convert a Loan under this Section, the Borrower shall deliver an irrevocable Notice of Continuation/Conversion to the Administrative Agent at its Applicable Lending Office no later than 12:00 p.m. Noon (New York time) ) (i) at least three Business Days in advance of the requested date of any conversion to or continuation of Eurodollar Loans or of any conversion of Eurodollar Loans to ABR Loans and (ii) at least one Business Day in advance of the requested date of any ABR Loan. Each such Notice of Continuation/Conversion shall be in writing or by telex, telecopier or telephone, confirmed promptly in writing specifying (A) the requested Continuation or conversion date (which shall be a Business Day), (B) the amount of the Loans to be Continued or converted, and (C) with respect to any Eurodollar Loans, the requested Interest Period to apply thereto. Promptly after receipt of a Notice of Continuation/Conversion under this paragraph, the Administrative Agent shall provide each applicable Lender with a copy thereof and notify each applicable Lender of the interest rate under Sections 2.05(a)(i) or (ii).

Appears in 1 contract

Samples: Credit Agreement (Vantage Drilling International)

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