Conversion and Continuation Elections for All Borrowings. (a) The Borrower may upon irrevocable written notice (or telephonic notice immediately confirmed in writing) to the Administrative Agent in accordance with paragraph (b): (i) elect to convert on any Business Day, any Base Rate Loans (or any part thereof in an amount of not less than $500,000 or an integral multiple of $500,000 in excess thereof) into Euro-Dollar Loans; (ii) elect to convert on the last day of any Interest Period with respect thereto, any Euro-Dollar Loans (or any part thereof in an amount of not less than $500,000 or an integral multiple of $500,000 in excess thereof) into Base Rate Loans; or (iii) elect to continue on the last day of any Interest Period with respect thereto, any Euro-Dollar Loans (or any part thereof in an amount of not less than $500,000 or an integral multiple of $500,000 in excess thereof) as Euro-Dollar Loans; provided, however, that, if any Borrowing comprised of Euro-Dollar Loans shall have been reduced, by payment, prepayment or conversion, to an amount that is less than $1,000,000 then the Euro-Dollar Loans comprising such Borrowing shall automatically convert into Base Rate Loans on the last day of the then-current Interest Period relating thereto. (b) The Borrower shall deliver a Notice of Conversion/Continuation to be received by the Administrative Agent not later than (i) 1:00 p.m. (Boston, Massachusetts time) not less than two (2) Business Days in advance of the Conversion Date or Continuation Date, if the Loans are to be converted into or continued as Euro-Dollar Loans, and (ii) 1:00 p.m. (Boston, Massachusetts time) on the requested Conversion Date, if the Loans are to be converted into Base Rate Loans, specifying: (A) the proposed Conversion Date or Continuation Date, which shall in each case be a Business Day; (B) the aggregate principal amount of all Loans to be converted or continued;
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Samples: Credit Agreement (Meredith Corp)
Conversion and Continuation Elections for All Borrowings. (a) The Borrower may upon irrevocable written notice (or telephonic notice immediately confirmed in writing) to the Administrative Agent in accordance with paragraph (b):
(i) elect to convert on any Business Day, any Base Rate Loans (or any part thereof in an amount of not less than $500,000 1,000,000 or an integral multiple of $500,000 in excess thereof) into Euro-Dollar Eurodollar Loans; ;
(ii) elect to convert on the last day of any Interest Period with respect thereto, any Euro-Dollar Eurodollar Loans (or any part thereof in an amount of not less than $500,000 1,000,000 or an integral multiple of $500,000 in excess thereof) into Base Rate Loans; or or
(iii) elect to continue on the last day of any Interest Period with respect thereto, any Euro-Dollar Eurodollar Loans (or any part thereof in an amount of not less than $500,000 1,000,000 or an integral multiple of $500,000 in excess thereof) as Euro-Dollar Eurodollar Loans; provided, however, that, if any Borrowing comprised of Euro-Dollar Eurodollar Loans shall have been reduced, by payment, prepayment or conversion, to an amount that is less than $1,000,000 then the Euro-Dollar Eurodollar Loans comprising such Borrowing shall automatically convert into Base Rate Loans on the last day of the then-current Interest Period relating thereto.
(b) The Borrower shall deliver a Notice of Conversion/Continuation in accordance with Section 11.2 to be received by the Administrative Agent not later than (i) 1:00 12:00 p.m. (Boston, Massachusetts time) not less than two three (23) Business Days in advance of the Conversion Date or Continuation Date, if the Loans are to be converted into or continued as Euro-Dollar Eurodollar Loans, and (ii) 1:00 12:00 p.m. (Boston, Massachusetts time) on not less than one (1) Business Day in advance of the requested Conversion Date, if the Loans are to be converted into Base Rate Loans, specifying:
(A) the proposed Conversion Date or Continuation Date, which shall in each case be a Business Day; ;
(B) the aggregate principal amount of all Loans to be converted or continued;
(C) the nature of the proposed conversion or continuation; and
(D) the duration of the requested Interest Periods, if applicable.
(c) If, upon the expiration of any Interest Periods applicable to any Eurodollar Loans, the Borrower shall have failed to select on a timely basis new Interest Periods to be applicable thereto, such Eurodollar Loans shall automatically convert into Base Rate Loans upon the expiration of such periods.
(d) Upon receipt of a Notice of Conversion/Continuation, the Administrative Agent will promptly notify each Lender thereof, or, if no timely notice is provided by the Borrower, the Administrative Agent will promptly notify each Lender of the details of any automatic conversion. All conversions and continuations shall be made pro rata according to the respective outstanding principal amounts of the Loans with respect to which the notice was given.
(e) During the continuation of any Default, the Borrower may not elect to have any Loan converted into or continued as a Eurodollar Loan.
(f) Notwithstanding any other provisions contained in this Agreement, after giving effect to any conversion or continuation of any Loans, there shall not be more than twelve (12) different Interest Periods in effect in respect of all Loans which are Eurodollar Loans.
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Conversion and Continuation Elections for All Borrowings. (a) The Borrower may upon irrevocable written notice (or telephonic notice immediately confirmed in writing) to the Administrative Agent in accordance with paragraph (b):
(i) elect to convert on any Business Day, any Base Rate Loans (or any part thereof in an amount of not less than $500,000 or an integral multiple of $500,000 in excess thereof) into Euro-Dollar Loans; ;
(ii) elect to convert on the last day of any Interest Period with respect thereto, any Euro-Dollar Loans (or any part thereof in an amount of not less than $500,000 or an integral multiple of $500,000 in excess thereof) into Base Rate Loans; or or
(iii) elect to continue on the last day of any Interest Period with respect thereto, any Euro-Dollar Loans (or any part thereof in an amount of not less than $500,000 or an integral multiple of $500,000 in excess thereof) as Euro-Dollar Loans; provided, however, that, if any Borrowing comprised of Euro-Dollar Loans shall have been reduced, by payment, prepayment or conversion, to an amount that is less than $1,000,000 then the Euro-Dollar Loans comprising such Borrowing shall automatically convert into Base Rate Loans on the last day of the then-current Interest Period relating thereto.
(b) The Borrower shall deliver a Notice of Conversion/Continuation to be received by the Administrative Agent not later than (i) 1:00 p.m. (Boston, Massachusetts time) not less than two (2) Business Days in advance of the Conversion Date or Continuation Date, if the Loans are to be converted into or continued as Euro-Dollar Loans, and (ii) 1:00 p.m. (Boston, Massachusetts time) on the requested Conversion Date, if the Loans are to be converted into Base Rate Loans, specifying:
(A) the proposed Conversion Date or Continuation Date, which shall in each case be a Business Day; ;
(B) the aggregate principal amount of all Loans to be converted or continued;
(C) the nature of the proposed conversion or continuation; and
(D) the duration of the requested Interest Periods, if applicable. <PAGE>
(c) If, upon the expiration of any Interest Periods applicable to any Euro-Dollar Loans, the Borrower shall have failed to select on a timely basis new Interest Periods to be applicable thereto, such Euro-Dollar Loans shall automatically convert into Base Rate Loans upon the expiration of such periods.
(d) Upon receipt of a Notice of Conversion/Continuation, the Administrative Agent will promptly notify each Lender thereof, or, if no timely notice is provided by the Borrower, the Administrative Agent will promptly notify each Lender of the details of any automatic conversion. All conversions and continuations shall be made pro rata according to the respective outstanding principal amounts of the Loans with respect to which the notice was given.
(e) During the continuation of any Default, the Borrower may not elect to have any Loan converted into or continued as a Euro-Dollar Loan.
Appears in 1 contract
Samples: Credit Agreement (Meredith Corp)
Conversion and Continuation Elections for All Borrowings. (a) The Borrower may upon irrevocable written notice (or telephonic notice immediately confirmed in writing) to the Administrative Agent in accordance with paragraph PARAGRAPH (b):
(i) elect to convert on any Business Day, any Base Rate Loans (or any part thereof in an amount of not less than $500,000 or an integral multiple of $500,000 in excess thereof) into Euro-Dollar Eurodollar Loans; ;
(ii) elect to convert on the last day of any Interest Period with respect thereto, any Euro-Dollar Eurodollar Loans (or any part thereof in an amount of not less than $500,000 or an integral multiple of $500,000 in excess thereof) into Base Rate Loans; or or
(iii) elect to continue on the last day of any Interest Period with respect thereto, any Euro-Dollar Eurodollar Loans (or any part thereof in an amount of not less than $500,000 or an integral multiple of $500,000 in excess thereof) as Euro-Dollar Eurodollar Loans; providedPROVIDED, howeverHOWEVER, that, if any Borrowing comprised of Euro-Dollar Eurodollar Loans shall have been reduced, by payment, prepayment or conversion, to an amount that is less than $1,000,000 then the Euro-Dollar Eurodollar Loans comprising such Borrowing shall automatically convert into Base Rate Loans on the last day of the then-current Interest Period relating thereto.
(b) The Borrower shall deliver a Notice of Conversion/Continuation in accordance with SECTION 12.2 to be received by the Administrative Agent not later than (i) 1:00 12:00 p.m. (Boston, Massachusetts time) not less than two three (23) Business Days in advance of the Conversion Date or Continuation Date, if the Loans are to be converted into or continued as Euro-Dollar Eurodollar Loans, and (ii) 1:00 12:00 p.m. (Boston, Massachusetts time) on not less than one (1) Business Day in advance of the requested Conversion Date, if the Loans are to be converted into Base Rate Loans, specifying:
(A) the proposed Conversion Date or Continuation Date, which shall in each case be a Business Day; ;
(B) the aggregate principal amount of all Loans to be converted or continued;
(C) the nature of the proposed conversion or continuation; and
(D) the duration of the requested Interest Periods, if applicable.
(c) If, upon the expiration of any Interest Periods applicable to any Eurodollar Loans, the Borrower shall have failed to select on a timely basis new Interest Periods to be applicable thereto, such Eurodollar Loans shall automatically convert into Base Rate Loans upon the expiration of such periods.
(d) Upon receipt of a Notice of Conversion/Continuation, the Administrative Agent will promptly notify each Lender thereof, or, if no timely notice is provided by the Borrower, the Administrative Agent will promptly notify each Lender of the details of any automatic conversion. All conversions and continuations shall be made pro rata according to the respective outstanding principal amounts of the Loans with respect to which the notice was given.
(e) During the continuation of any Default, the Borrower may not elect to have any Loan converted into or continued as a Eurodollar Loan.
(f) Notwithstanding any other provisions contained in this Agreement, after giving effect to any conversion or continuation of any Loans, there shall not be more than twelve (12) different Interest Periods in effect in respect of all Loans which are Eurodollar Loans.
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