Conversion and Continuation Option Clause Samples
Conversion and Continuation Option. (a) The Borrower may irrevocably request a Conversion or Continuation of Loans on any Business Day in minimum amount of $5,000,000 or whole multiples of $1,000,000 in excess thereof by delivering a Committed Loan Notice therefor by notice to the Administrative Agent not later than (i) 11:00 a.m. New York City time one Business Day prior to the proposed date of Continuation of or Conversion into Base Rate Loans and (ii) 11:00 a.m. New York City time three Business Days prior to the proposed date of Continuation of or Conversion into Eurodollar Rate Loans.
(b) Unless the Borrower pays all amounts due under Section 2.13, if any, a Eurodollar Rate Loan may be Continued or Converted only on the last day of the Interest Period for such Eurodollar Rate Loan. During the existence of an Event of Default, upon the request of the Required Lenders, the Administrative Agent shall prohibit Loans from being requested as, Converted into, or Continued as Eurodollar Rate Loans, and the Required Lenders may demand that any or all of then outstanding Eurodollar Rate Loans be Converted immediately into Base Rate Loans.
(c) The Administrative Agent shall promptly notify the Borrower and the Lenders of the interest rate applicable to any Eurodollar Rate Loan upon determination of the same. The Administrative Agent shall from time to time notify the Borrower and the Lenders of any change in the Administrative Agent’s prime rate used in determining the Base Rate promptly following the public announcement of such change.
(d) Notwithstanding any other provision of this Agreement, the Borrower shall not be entitled to request, or to elect to Convert or Continue, any Loan if the Interest Period requested with respect thereto would end after the Maturity Date.
(e) Any notice of Continuation or Conversion may be provided telephonically; provided, that each such telephonic Committed Loan Notice shall be irrevocable and shall be confirmed promptly by hand delivery or telecopy or email with PDF attachment to the Administrative Agent of a written Committed Loan Notice. Each telephonic and written Committed Loan Notice shall specify the following information:
(i) the Loans to which such Committed Loan Notice applies and, if different options are being elected with respect to different portions thereof, the portions thereof to be allocated to each resulting Loan (in which case the information to be specified pursuant to clauses (iii) and (iv) below shall be specified for each resulting Loan);...
Conversion and Continuation Option. (a) The Borrower may elect from time to time to convert Eurodollar Loans to Base Rate Loans by giving the Administrative Agent at least two Business Days' prior irrevocable notice of such election, provided that any such conversion of Eurodollar 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 Base Rate Loans to Eurodollar 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 Base Rate Loan may be converted into a Eurodollar Loan (i) when any Event of Default has occurred and is continuing and the Administrative Agent has or the Required Lenders have determined or the Required Lenders have in its or their sole discretion not to permit such conversions or (ii) after the date that is one month prior to the Termination Date.
(b) Any Eurodollar Loan shall be continued as such upon the expiration of the then current Interest Period with respect thereto in accordance with clause (b) of the term "Interest Period" set forth in Section 1.1, 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 Required Lenders have determined in its or their sole discretion not to permit such continuations or (ii) after the date that is one month prior to the Termination Date, and provided, further, that 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 and shall thereafter accrue interest at the Base Rate plus the Applicable Margin.