Common use of Conversion and Continuation Options for Loans Clause in Contracts

Conversion and Continuation Options for Loans. (a) Borrower or the Additional Borrower may elect from time to time to convert (i) Eurodollar Loans to ABR Loans, by giving the Administrative Agent prior notice (which may be given by telephone) of such election not later than 11:00 a.m., New York City time, on the Business Day prior to a requested conversion or (ii) ABR Loans to Eurodollar Loans by giving the Administrative Agent prior notice (which may be given by telephone) of such election not later than 11:00 a.m., New York City time, three Business Days prior to a requested conversion; provided that if any such conversion of Eurodollar Loans is made other than on the last day of an Interest Period with respect thereto, Borrower or the Additional Borrower, as applicable, shall pay any amounts due to the Lenders pursuant to Section 2.17 as a result of such conversion. Any such notice of conversion to Eurodollar Loans shall specify the length of the initial Interest Period or Interest Periods therefor. Upon receipt of any such notice the Administrative Agent shall promptly notify each Lender thereof. All or any part of the outstanding Eurodollar Loans or ABR Loans may be converted as provided herein; provided that (i) no Loan may be converted into a Eurodollar Loan when any Event of Default has occurred and is continuing and (ii) no Loan may be converted into a Eurodollar Loan after the date that is one month prior to the Revolving Credit Maturity Date (in the case of Revolving Loans) or the Term Loan Maturity Date (in the case of Term Loans). (b) Any Eurodollar Loans may be continued as such upon the expiration of the then current Interest Period with respect thereto by Borrower or the Additional Borrower, as applicable, giving prior notice (which may be given by telephone) to the Administrative Agent, not later than 11:00 a.m., New York City time, three Business Days prior to a requested continuation setting forth 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 (ii) after the date that is one month prior to the Revolving Credit Maturity Date (in the case of Revolving Loans) or the Term Loan Maturity Date (in the case of Term Loans); and provided further that if Borrower or the Additional Borrower, as applicable, shall fail to give any required notice as described above in this Section 2.03 or if such continuation is not permitted pursuant to the preceding proviso, then such Loans shall be automatically converted to ABR Loans on the last day of such then expiring Interest Period (in which case the Administrative Agent shall notify Borrower of such conversion). (c) In connection with any Eurodollar Loans, there shall be no more than 10 Interest Periods outstanding at any time. (d) This Section 2.03 shall not apply to Swingline Loans.

Appears in 2 contracts

Samples: First Lien Credit Agreement (Emdeon Inc.), First Lien Credit Agreement (Emdeon Inc.)

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Conversion and Continuation Options for Loans. (a) Borrower or the Additional The Borrower may elect from time to time to convert (i) Eurodollar Loans to ABR Loans, by giving the Administrative Agent prior notice (which may be given by telephone) of such election not later than 11:00 a.m., New York City time, on the Business Day prior to a requested conversion or (ii) ABR Loans to Eurodollar Loans by giving the Administrative Agent prior notice (which may be given by telephone) of such election not later than 11:00 a.m., New York City time, three Business Days prior to a requested conversion; provided that if any such conversion of Eurodollar Loans is made other than on the last day of an Interest Period with respect thereto, the Borrower or the Additional Borrower, as applicable, shall pay any amounts due to the Lenders pursuant to Section 2.17 as a result of such conversion. Any such notice of conversion to Eurodollar Loans shall specify the length of the initial Interest Period or Interest Periods therefor. Upon receipt of any such notice the Administrative Agent shall promptly notify each Lender thereof. All or any part of the outstanding Eurodollar Loans or ABR Loans may be converted as provided herein; provided that (i) no Loan may be converted into a Eurodollar Loan when any Default or Event of Default has occurred and is continuing continuing, and (ii) no Loan may be converted into a Eurodollar Loan after the date that is one month prior to the Revolving Credit Maturity Date (in the case of Revolving Loans) or the Term B Loan Maturity Date (in the case of Term Loans)Date, as applicable. (b) Any Eurodollar Loans may be continued as such upon the expiration of the then current Interest Period with respect thereto by the Borrower or the Additional Borrower, as applicable, giving prior notice (which may be given by telephone) to the Administrative Agent, not later than 11:00 a.m., New York City time, three Business Days prior to a requested continuation setting forth 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 Default or Event of Default has occurred and is continuing continuing, and (ii) after the date that is one month prior to the Revolving Credit Maturity Date (in the case of Revolving Loans) or the Term B Loan Maturity Date (in the case of Term Loans); and provided further that if Borrower or the Additional BorrowerDate, as applicable; and provided, further, that if the Borrower shall fail to give any required notice as described above in this Section 2.03 or if such continuation is not permitted pursuant to the preceding proviso, then such Loans shall be automatically converted to ABR Loans on the last day of such then expiring Interest Period (in which case the Administrative Agent shall notify the Borrower of such conversion). (c) In connection with any Eurodollar Loans, there shall be no more than 10 five (5) Interest Periods outstanding at any time. (d) This Section 2.03 shall not apply to Swingline Loans.

Appears in 2 contracts

Samples: Credit Agreement (Seminis Inc), Credit Agreement (Seminis Inc)

Conversion and Continuation Options for Loans. (a) Borrower or the Additional Borrower may elect from time to time to convert (i) Eurodollar Loans to ABR Loans, Loans by Borrower giving the Administrative Agent prior written notice (which may be given by telephone) of such election not later than 11:00 a.m., New York City time, on the Business Day prior to a requested conversion or (ii) ABR Loans to Eurodollar Loans by Borrower giving the Administrative Agent prior written notice (which may be given by telephone) of such election not later than 11:00 a.m., New York City time, three Business Days prior to a requested conversion; provided that if any such conversion of Eurodollar Loans is made other than on the last day of an Interest Period with respect thereto, Borrower or the Additional Borrower, as applicable, shall pay any amounts due to the Lenders pursuant to Section 2.17 as a result of such conversion. Any such notice of conversion to Eurodollar Loans shall specify the length of the initial Interest Period or Interest Periods therefor. Upon receipt of any such notice the Administrative Agent shall promptly notify each Term Lender thereofor each Revolving Lender, as applicable. All or any part of the outstanding Eurodollar Loans or ABR Loans may be converted as provided herein; provided that (i) no Loan may be converted into a Eurodollar Loan when any Event of Default has occurred and is continuing continuing, and (ii) no Loan may be converted into a Eurodollar Loan after the date that is one month prior to the applicable Revolving Credit Maturity Date (in the case of Revolving Loans) or the applicable Term Loan Maturity Date (in the case of Term Loans)Date, as applicable. (b) Any Eurodollar Loans may be continued as such upon the expiration of the then current Interest Period with respect thereto by Borrower or the Additional Borrower, as applicable, giving prior notice (which may be given by telephone) to the Administrative Agent, not later than 11:00 a.m., New York City time, three Business Days prior to a requested continuation setting forth 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 or (ii) after the date that is one month prior to the applicable Revolving Credit Maturity Date (in the case of Revolving Loans) or the applicable Term Loan Maturity Date (in the case of Term Loans)Date, as applicable; and provided further provided, further, that if Borrower or the Additional Borrower, as applicable, shall fail to give any required notice as described above in this Section 2.03 or if such continuation is not permitted pursuant to the preceding proviso, then such Loans shall be automatically converted to ABR Loans on the last day of such then expiring Interest Period (in which case the Administrative Agent shall notify Borrower of such conversion). (c) In connection with any Eurodollar Loans, there shall be no more than 10 20 Interest Periods outstanding at any time, of which Term Loans shall have no more than 10 Interest Periods. (d) This Section 2.03 shall not apply to Swingline Loans.

Appears in 2 contracts

Samples: Credit Agreement (Lifepoint Health, Inc.), Credit Agreement (Lifepoint Hospitals, Inc.)

Conversion and Continuation Options for Loans. (a) Borrower or the Additional Each Borrower may elect from time to time to convert (i) Eurodollar Eurocurrency Loans denominated in Dollars to ABR Loans, by giving the Administrative Agent prior notice (which may be given by telephone) of such election not later than 11:00 10:00 a.m., New York City time, on the Business Day prior to a requested conversion or (ii) ABR Loans to Eurodollar Eurocurrency Loans by giving the Administrative Agent prior notice (which may be given by telephone) of such election not later than 11:00 a.m., New York City London time, three Business Days prior to a requested conversion; provided that if any such conversion of Eurodollar Eurocurrency Loans is made other than on the last day of an Interest Period with respect thereto, such Borrower or the Additional Borrower, as applicable, shall pay any amounts due to the Lenders pursuant to Section 2.17 2.18 as a result of such conversion. Any such notice of conversion to Eurodollar Eurocurrency Loans shall specify the length of the initial Interest Period or Interest Periods therefor. Upon receipt of any such notice the Administrative Agent shall promptly notify each Lender thereof. All or any part of the outstanding Eurodollar Eurocurrency Loans or ABR Loans may be converted as provided herein; provided that (i) no Loan may be converted into a Eurodollar Eurocurrency Loan when any Event of Default has occurred and is continuing and the Administrative Agent or the Required Lenders have determined that such a conversion is not appropriate and (ii) no Loan may be converted into a Eurodollar Eurocurrency Loan after the date that is one month prior to the Revolving Credit Maturity Date (in the case of Revolving Loans) or the Term Loan Maturity Date (Date, as applicable. Notwithstanding the foregoing, a Borrower may not elect to convert the currency in which any Loan is denominated; however, subject to the case terms of Term Loans)Section 2.01 and Section 2.04, a Borrower may elect to prepay a Revolving Loan and refinance the amount of such Revolving Loan in another permitted currency. (b) Any Eurodollar Eurocurrency Loans may be continued as such upon the expiration of the then current Interest Period with respect thereto by the relevant Borrower or the Additional Borrower, as applicable, giving prior notice (which may be given by telephone) to the Administrative Agent, not later than 11:00 a.m., New York City London time, three Business Days prior to a requested continuation setting forth the length of the next Interest Period to be applicable to such Loans; provided that no Eurodollar Eurocurrency Loan may be continued as such (i) when any Event of Default has occurred and is continuing and the Administrative Agent or the Required Lenders have determined that such a continuation is not appropriate, (ii) after the date that is one month prior to the Revolving Credit Maturity Date (in the case of Revolving Loans) or the Term Loan Maturity Date Date, as applicable or (in the case of Term Loans)iii) if, after giving effect thereto, Section 2.04 would be contravened; and provided further further, that if such Borrower or the Additional Borrower, as applicable, shall fail to give any required notice as described above in this Section 2.03 or if such continuation is not permitted pursuant to the preceding proviso (or clause (ii) of the preceding proviso, in the case of Alternative Committed Currency Loans), then (A) in the case of Alternative Committed Currency Loans, such Loans shall continue as Eurocurrency Loans bearing interest at a rate determined by reference to the Adjusted LIBO Rate with an Interest Period of one month commencing on the last day of the then current Interest Period or (B) in the case of Loans denominated in Dollars, such Loans shall be automatically converted to ABR Loans on the last day of such then expiring Interest Period (in which case the Administrative Agent shall notify Borrower CCSC of such conversion). (c) In connection with any Eurodollar Loans, there shall be no more than 10 Interest Periods outstanding at any time. (d) This Section 2.03 shall not apply to Swingline Loans.

Appears in 2 contracts

Samples: Credit Agreement (Crown Cork & Seal Co Inc), Credit Agreement (Crown Cork & Seal Co Inc)

Conversion and Continuation Options for Loans. (a) Borrower or the Additional Borrower may elect from time to time to convert (ix) Eurodollar Loans to ABR Loans, Loans by giving the Administrative Agent prior notice (which may be given by telephone) of such election not later than 11:00 a.m., New York City time, on the Business Day prior to a requested conversion or (iiy) ABR Loans to Eurodollar Loans by giving the Administrative Agent prior notice (which may be given by telephone) of such election not later than 11:00 a.m., New York City time, three Business Days prior to a requested conversion; provided that if any such conversion of Eurodollar Loans is made other than on the last day of an Interest Period with respect thereto, Borrower or the Additional Borrower, as applicable, shall pay any amounts due to the Lenders pursuant to Section 2.17 as a result of such conversion. Any such notice of conversion to Eurodollar Loans shall specify the length of the initial Interest Period or Interest Periods therefor. Upon receipt of any such notice the Administrative Agent shall promptly notify each Lender thereof. All or any part of the outstanding Eurodollar Loans or ABR Loans may be converted as provided herein; provided that (i) no Loan may be converted into a Eurodollar Loan (i) when any Event of Default has occurred and is continuing and continuing, or (ii) no Loan may be converted into a Eurodollar Loan after the date that is one month prior to the Revolving Credit Maturity Date (in the case of Revolving Loans) or the Term Loan Maturity Date (in the case of Term Loans)Date, as applicable. (b) Any Eurodollar Loans may be continued as such upon the expiration of the then current Interest Period with respect thereto by Borrower or the Additional Borrower, as applicable, giving prior notice (which may be given by telephone) to the Administrative Agent, not later than 11:00 a.m., New York City time, three Business Days prior to a requested continuation setting forth 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 continuing, or (ii) after the date that is one month prior to the Revolving Credit Maturity Date (in the case of Revolving Loans) or the Term Loan Maturity Date (in the case of Term Loans)Date, as applicable; and provided further provided, further, that if Borrower or the Additional Borrower, as applicable, shall fail to give any required notice as described above in this Section 2.03 or if such continuation is not permitted pursuant to the preceding proviso, then such Loans shall be automatically converted to ABR Loans on the last day of such then expiring Interest Period (in which case the Administrative Agent shall notify Borrower of such conversion). (c) In connection with any Eurodollar Loans, there shall be no more than 10 four (4) Interest Periods outstanding at any timetime with respect to the Term Loans and no more than six (6) Interest Periods outstanding at any time with respect to the Revolving Loans. (d) This Section 2.03 shall not apply to Swingline Loans.

Appears in 2 contracts

Samples: Credit Agreement (Rural Metro Corp /De/), Credit Agreement (Rural Metro Corp /De/)

Conversion and Continuation Options for Loans. (a) Borrower or the Additional The Borrower may elect from time to time to convert (i) Eurodollar Loans to ABR Loans, by giving the Administrative Agent prior notice (which may be given by telephone) of such election not later than 11:00 a.m.12:00 noon, New York City time, on the Business Day prior to a requested conversion or (ii) ABR Loans to Eurodollar Loans by giving the Administrative Agent prior notice (which may be given by telephone) of such election not later than 11:00 a.m.12:00 noon, New York City time, three Business Days prior to a requested conversion; provided that if any such conversion of Eurodollar Loans is made other than on the last day of an Interest Period with respect thereto, the Borrower or the Additional Borrower, as applicable, shall pay any amounts due to the Lenders pursuant to Section 2.17 as a result of such conversion. Any such notice of conversion to Eurodollar Loans shall specify the length of the initial Interest Period or Interest Periods therefor. Upon receipt of any such notice the Administrative Agent shall promptly notify each Lender thereof. All or any part of the outstanding Eurodollar Loans or ABR Loans may be converted as provided herein; provided that (i) no Loan may be converted into a Eurodollar Loan when any Event of Default has occurred and is continuing continuing, and (ii) no Loan may be converted into a Eurodollar Loan after the date that is one month prior to the Revolving Credit Maturity Date (in the case of Revolving Loans) or the Term Loan Maturity Date (in the case of Term Loans)Date, as applicable. (b) Any Eurodollar Loans may be continued as such upon the expiration of the then current Interest Period with respect thereto by the Borrower or the Additional Borrower, as applicable, giving prior notice (which may be given by telephone) to the Administrative Agent, not later than 11:00 a.m.12:00 noon, New York City time, three Business Days prior to a requested continuation setting forth 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 continuing, and (ii) after the date that is one month prior to the Revolving Credit Maturity Date (in the case of Revolving Loans) or the Term Loan Maturity Date (in the case of Term Loans); and provided further that if Borrower or the Additional BorrowerDate, as applicable; and provided, further, that if the Borrower shall fail to give any required notice as described above in this Section 2.03 or if such continuation is not permitted pursuant to the preceding proviso, then such Loans shall be automatically converted to ABR Loans on the last day of such then expiring Interest Period (in which case the Administrative Agent shall notify the Borrower of such conversion). (c) In connection with any Eurodollar Loans, there shall be no more than 10 ten (10) Interest Periods outstanding at any time. (d) This Section 2.03 shall not apply to Swingline Loans.

Appears in 2 contracts

Samples: Credit Agreement (Polymer Group Inc), Credit Agreement (Polymer Group Inc)

Conversion and Continuation Options for Loans. (a) Borrower or the Additional Borrower may elect from time to time to convert (i) Eurodollar Loans to ABR Loans, by giving the Administrative Agent prior notice (which may be given by telephone) of such election not later than 11:00 a.m., New York City time, on the Business Day prior to a requested conversion or (ii) ABR Loans to Eurodollar Loans by giving the Administrative Agent prior notice (which may be given by telephone) of such election not later than 11:00 a.m., New York City time, three Business Days prior to a requested conversion; provided that if any such conversion of Eurodollar Loans is made other than on the last day of an Interest Period with respect thereto, Borrower or the Additional Borrower, as applicable, shall pay any amounts due to the Lenders pursuant to Section 2.17 as a result of such conversion. Any such notice of conversion to Eurodollar Loans shall specify the length of the initial Interest Period or Interest Periods therefor. Upon receipt of any such notice the Administrative Agent shall promptly notify each Lender thereof. All or any part of the outstanding Eurodollar Loans or ABR Loans may be converted as provided herein; provided that (i) no Loan may be converted into a Eurodollar Loan when any Event of Default has occurred and is continuing and (ii) no Loan may be converted into a Eurodollar Loan after the date that is one month prior to the Revolving Credit Final Maturity Date (in the case of Revolving Loans) or the Term Loan Maturity Date (in the case of Term Loans)Date. (b) Any Eurodollar Loans may be continued as such upon the expiration of the then current Interest Period with respect thereto by Borrower or the Additional Borrower, as applicable, giving prior notice (which may be given by telephone) to the Administrative Agent, not later than 11:00 a.m., New York City time, three Business Days prior to a requested continuation setting forth 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 (ii) after the date that is one month prior to the Revolving Credit Final Maturity Date (in the case of Revolving Loans) or the Term Loan Maturity Date (in the case of Term Loans)Date; and provided further that if Borrower or the Additional Borrower, as applicable, shall fail to give any required notice as described above in this Section 2.03 or if such continuation is not permitted pursuant to the preceding proviso, then such Loans shall be automatically converted to ABR Loans on the last day of such then expiring Interest Period (in which case the Administrative Agent shall notify Borrower of such conversion). (c) In connection with any Eurodollar Loans, there shall be no more than 10 Interest Periods outstanding at any time. (d) This Section 2.03 shall not apply to Swingline Loans.

Appears in 2 contracts

Samples: Second Lien Credit Agreement (Emdeon Inc.), Second Lien Credit Agreement (Emdeon Inc.)

Conversion and Continuation Options for Loans. (a) Borrower or the Additional The Borrower may elect from time to time to convert (i) Eurodollar Eurocurrency Loans that are in Dollars to ABR Loans, by giving the Administrative Agent prior notice (which may be given by telephone) of such election not later than 11:00 a.m., New York City time, on the Business Day prior to a requested conversion or (ii) ABR Loans to Eurodollar Eurocurrency Loans by giving the Administrative Agent prior notice (which may be given by telephone) of such election not later than 11:00 a.m., New York City time, three Business Days prior to a requested conversion; provided that if any such conversion of Eurodollar Eurocurrency Loans is made other than on the last day of an Interest Period with respect thereto, the Borrower or the Additional Borrower, as applicable, shall pay any amounts due to the Lenders pursuant to Section 2.17 2.18 as a result of such conversion. Any such notice of conversion to Eurodollar Eurocurrency Loans shall specify the length of the initial Interest Period or Interest Periods therefor. Upon receipt of any such notice the Administrative Agent shall promptly notify each Lender thereof. All or any part of the outstanding Eurodollar Eurocurrency Loans or ABR Loans may be converted as provided herein; provided that (i) no Loan may be converted into a Eurodollar Eurocurrency Loan when any Default or Event of Default has occurred and is continuing continuing, and (ii) no Loan may be converted into a Eurodollar Eurocurrency Loan after the date that is one month prior to the Revolving Credit Maturity Date (in the case of Revolving Loans) or the Term B Loan Maturity Date (in the case of Term Loans)Date, as applicable. (b) Any Eurodollar Eurocurrency Loans may be continued as such upon the expiration of the then current Interest Period with respect thereto by the Borrower or the Additional Borrower, as applicable, giving prior notice (which may be given by telephone) to the Administrative Agent, not later than 11:00 a.m., New York City time, three Business Days prior to a requested continuation setting forth the length of the next Interest Period to be applicable to such Loans; provided that no Eurodollar Eurocurrency Loan (other than a Foreign Currency Loan) may be continued as such (i) when any Default or Event of Default has occurred and is continuing continuing, and (ii) after the date that is one month prior to the Revolving Credit Maturity Date (in the case of Revolving Loans) or the Term B Loan Maturity Date (in the case of Term Loans); and provided further that if Borrower or the Additional BorrowerDate, as applicable; and provided, further, that if the Borrower shall fail to give any required notice as described above in this Section 2.03 or if such continuation is not permitted pursuant to the preceding proviso, then such Loans shall be automatically converted to ABR Loans on the last day of such then expiring Interest Period (in which case the Administrative Agent shall notify the Borrower of such conversion). (c) In connection with any Eurodollar Eurocurrency Loans, there shall be no more than 10 ten (10) Interest Periods outstanding at any time. (d) This Section 2.03 shall not apply to Swingline Loans.

Appears in 1 contract

Samples: Credit Agreement (Quintiles Transnational Corp)

Conversion and Continuation Options for Loans. (a) Borrower or the Additional Borrower may elect from time to time to convert (ix) Eurodollar Loans to ABR Loans, Loans by giving the Administrative Agent prior notice (which may be given by telephone) of such election not later than 11:00 a.m., New York City time, on the Business Day prior to a requested conversion or (iiy) ABR Loans to Eurodollar Loans by giving the Administrative Agent prior notice (which may be given by telephone) of such election not later than 11:00 a.m., New York City time, three Business Days prior to a requested conversion; provided that if any such conversion of Eurodollar Loans is made other than on the last day of an Interest Period with respect thereto, Borrower or the Additional Borrower, as applicable, shall pay any amounts due to the Lenders pursuant to Section 2.17 as a result of such conversion. Any such notice of conversion to Eurodollar Loans shall specify the length of the initial Interest Period or Interest Periods therefortherefor and if no Interest Period is specified then the Borrower shall be deemed to have selected an Interest Period of one month’s duration. Upon receipt of any such notice the Administrative Agent shall promptly notify each Lender thereof. All or any part of the outstanding Eurodollar Loans or ABR Loans may be converted as provided herein; provided that (i) no Loan may be converted into a Eurodollar Loan (i) when any Event of Default has occurred and is continuing and continuing, or (ii) no Loan may be converted into a Eurodollar Loan after the date that is one month prior to the Revolving Credit Maturity Date (in the case of Revolving Loans) or the Term Loan Maturity Date (in the case of Term Loans)Date, as applicable. (b) Any Eurodollar Loans may be continued as such upon the expiration of the then current Interest Period with respect thereto by Borrower or the Additional Borrower, as applicable, giving prior notice (which may be given by telephone) to the Administrative Agent, not later than 11:00 a.m., New York City time, three Business Days prior to a requested continuation setting forth 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 continuing, or (ii) after the date that is one month prior to the Revolving Credit Maturity Date (in the case of Revolving Loans) or the Term Loan Maturity Date (in the case of Term Loans)Date, as applicable; and provided further provided, further, that if Borrower or the Additional Borrower, as applicable, shall fail to give any required notice as described above in this Section 2.03 or if such continuation is not permitted pursuant to the preceding proviso, then such Loans shall be automatically converted to ABR Loans on the last day of such then expiring Interest Period (in which case the Administrative Agent shall notify Borrower of such conversion). (c) In connection with any Eurodollar Loans, there shall be no more than 10 four (4) Interest Periods outstanding at any time. time with respect to the Term Loans and no more than six (d6) This Section 2.03 shall not apply Interest Periods outstanding at any time with respect to Swingline the Revolving Loans.

Appears in 1 contract

Samples: Credit Agreement (Rural/Metro Corp /De/)

Conversion and Continuation Options for Loans. (a) Borrower or the Additional The Borrower may elect from time to time to convert (i) all or any portion of Eurodollar Loans to ABR Loans, by giving the Administrative Agent at least one Business Day’s prior irrevocable notice (which may be given by telephone) of such election not later than 11:00 a.m., New York City time, on the Business Day prior to a requested conversion or (ii) ABR Loans to Eurodollar Loans by giving the Administrative Agent prior notice (which may be given by telephone) of such election not later than 11:00 a.m., New York City time, three Business Days prior to a requested conversionelection; provided that if any such conversion of Eurodollar Loans is made other than on the last day of an Interest Period with respect thereto, the Borrower or the Additional Borrower, as applicable, shall pay any amounts due to the Lenders pursuant to Section 2.17 2.16 as a result of such conversion. The Borrower may elect from time to time to convert all or any portion of ABR Loans to Eurodollar Loans by giving the Administrative Agent at least three Business Days’ prior irrevocable notice of such election. Any such notice of conversion to Eurodollar Loans shall specify the length of the initial Interest Period or Interest Periods therefor. Upon receipt of any such notice the Administrative Agent shall promptly notify each Lender thereof. All or any part of the outstanding Eurodollar Loans or ABR Loans may be converted as provided herein; provided that (i) no Loan may be converted into a Eurodollar Loan when any Default or Event of Default has occurred and is continuing and the Administrative Agent or the Required Lenders have determined in its or their sole discretion that such a conversion is not appropriate, (ii) any such conversion may only be made if, after giving effect thereto, Section 2.4 shall not have been contravened and (iii) no Loan may be converted into a Eurodollar Loan after the date that is one month week prior to the Revolving Credit Maturity Date (in the case of Revolving Loans) or the Term Loan Maturity Date (in the case of Term Loans)Date. (b) Any Eurodollar Loans may be continued as such upon the expiration of the then current Interest Period with respect thereto by the Borrower or the Additional Borrower, as applicable, giving at least three Business Days’ prior irrevocable notice (which may be given by telephone) to the Administrative AgentAgent substantially in the form of Exhibit D-2, not later than 11:00 a.m.in accordance with the applicable provisions of the term “Interest Period” set forth in Section 1.1, New York City time, three Business Days prior to a requested continuation setting forth 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 Default or Event of Default has occurred and is continuing and the Administrative Agent or the Required Lenders have determined in its or their sole discretion that such a continuation is not appropriate, (ii) if, after giving effect thereto, Section 2.4 would be contravened or (iii) after the date that is one week prior to the Maturity Date and provided, further, that if (x) the Borrower shall fail to give any required notice with respect to Eurodollar Loans as described above in this Section 2.3, subject to the limitations set forth in the immediately preceding proviso, such Eurodollar Loans shall be automatically continued as such, with a one month Interest Period applicable thereto (or one week, if after the date that is one month prior to the Revolving Credit Maturity Date Date), upon the expiration of the then current Interest Period, or (in the case of Revolving Loansy) or the Term Loan Maturity Date (in the case of Term Loans); and provided further that if Borrower or the Additional Borrower, as applicable, shall fail to give any required notice as described above in this Section 2.03 or if such continuation is not permitted pursuant to the preceding proviso, then proviso such Loans shall automatically be automatically converted to ABR Loans on the last day of such then expiring Interest Period (in which case the Administrative Agent shall notify Borrower of such conversion)Period. (c) In connection with any Eurodollar Loans, there shall be no more than 10 Interest Periods outstanding at any time. (d) This Section 2.03 shall not apply to Swingline Loans.

Appears in 1 contract

Samples: Term Loan Agreement (International Business Machines Corp)

Conversion and Continuation Options for Loans. (a) Borrower or the Additional Borrower may elect from time to time to convert (i) Eurodollar Loans to ABR Loans, Loans by Borrower giving the Administrative Agent prior written notice (which may be given by telephone) of such election not later than 11:00 a.m., New York City time, on the Business Day prior to a requested conversion or (ii) ABR Loans to Eurodollar Loans by Borrower giving the Administrative Agent prior written notice (which may be given by telephone) of such election not later than 11:00 a.m., New York City time, three Business Days prior to a requested conversion; provided that if any such conversion of Eurodollar Loans is made other than on the last day of an Interest Period with respect thereto, Borrower or the Additional Borrower, as applicable, shall pay any amounts due to the Lenders pursuant to Section 2.17 as a result of such conversion. Any such notice of conversion to Eurodollar Loans shall specify the length of the initial Interest Period or Interest Periods therefor. Upon receipt of any such notice the Administrative Agent shall promptly notify each Term B Lender thereofor each Revolving Lender, as applicable. All or any part of the outstanding Eurodollar Loans or ABR Loans may be converted as provided herein; provided that (i) no Loan may be converted into a Eurodollar Loan when any Event of Default has occurred and is continuing continuing, and (ii) no Loan may be converted into a Eurodollar Loan after the date that is one month prior to the Revolving Credit Maturity Date (in the case of Revolving Loans) or the Term B Loan Maturity Date (in the case of Term Loans)Date, as applicable. (b) Any Eurodollar Loans may be continued as such upon the expiration of the then current Interest Period with respect thereto by Borrower or the Additional Borrower, as applicable, giving prior notice (which may be given by telephone) to the Administrative Agent, not later than 11:00 a.m., New York City time, three Business Days prior to a requested continuation setting forth the length of the next Interest Period to be applicable to such Loans; provided that no Eurodollar Eurodol- lar Loan may be continued as such (i) when any Event of Default has occurred and is continuing and or (ii) after the date that is one month prior to the Revolving Credit Maturity Date (in the case of Revolving Loans) or the Term B Loan Maturity Date (in the case of Term Loans)Date, as applicable; and provided further provided, further, that if Borrower or the Additional Borrower, as applicable, shall fail to give any required notice as described above in this Section 2.03 or if such continuation is not permitted pursuant to the preceding proviso, then such Loans shall be automatically converted to ABR Loans on the last day of such then expiring Interest Period (in which case the Administrative Agent shall notify Borrower of such conversion). (c) In connection with any Eurodollar Loans, there shall be no more than 10 ten (10) Interest Periods outstanding at any time, of which Term B Loans shall have no more than three (3) Interest Periods. (d) This Section 2.03 shall not apply to Swingline Loans.

Appears in 1 contract

Samples: Credit Agreement (Lakers Holding Corp.)

Conversion and Continuation Options for Loans. (a) Borrower or the Additional Borrower The Borrowers may elect from time to time to convert (i) Eurodollar Loans to ABR Loans, by the Borrower Representative giving the Administrative Agent irrevocable prior written notice (which may be given by telephone) of such election in the form attached as Exhibit J (a “Notice of Conversion/Continuation”) not later than 11:00 a.m., New York City time, a.m. on the Business Day prior to a requested conversion or (ii) ABR Loans to Eurodollar Loans by the Borrower Representative giving the Administrative Agent prior notice (which may be given by telephone) a Notice of such election Conversion/Continuation not later than 11:00 a.m., New York City time, a.m. three Business Days prior to a requested conversion; provided that if any such conversion of Eurodollar Loans is made other than on the last day of an Interest Period with respect thereto, Borrower or the Additional Borrower, as applicable, Borrowers shall pay any amounts due to the Lenders pursuant to Section 2.17 as a result of such conversion. Any such notice Notice of Conversion/Continuation with respect to the conversion to Eurodollar Loans shall specify the length of the initial Interest Period or Interest Periods therefor. Upon receipt of any such notice Notice of Conversion/Continuation the Administrative Agent shall promptly notify each Lender thereof. All or any part of the outstanding Eurodollar Loans or ABR Loans may be converted as provided herein; provided that (i) no Loan may be converted into a Eurodollar Loan when any Event of Default has occurred and is continuing continuing, and (ii) no Loan may be converted into a Eurodollar Loan after the date that is one month prior to the Revolving Credit Maturity Date (in the case of Revolving Loans) or the Term Loan Maturity Date (in the case of Term Loans)Date, as applicable. (b) Any Eurodollar Loans may be continued as such upon the expiration of the then current Interest Period with respect thereto by the Borrower or the Additional Borrower, as applicable, Representative giving prior notice (which may be given by telephone) to the Administrative AgentAgent pursuant to a Notice of Conversion/Continuation, not later than 11:00 a.m., New York City time, a.m. three Business Days prior to a requested continuation setting forth 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 continuing, and (ii) after the date that is one month prior to the Revolving Credit Maturity Date (in the case of Revolving Loans) or the Term Loan Maturity Date (in the case of Term Loans); and provided further that if Borrower or the Additional BorrowerDate, as applicable; and provided, further, that if the Borrower Representative shall fail to give any required notice as described above in this Section 2.03 or if such continuation is not permitted pursuant to the preceding proviso, then such Loans shall be automatically converted to ABR Loans on the last day of such then expiring Interest Period (in which case the Administrative Agent shall notify Borrower the Borrowers of such conversion). (c) In connection with any Eurodollar Loans, there There shall be no more than 10 ten (10) Interest Periods outstanding at any timetime with respect to the Eurodollar Loans made to the Borrowers. (d) This Section 2.03 shall not apply to Swingline Loans.

Appears in 1 contract

Samples: Credit Agreement (Consolidated Communications Holdings, Inc.)

Conversion and Continuation Options for Loans. (a) Borrower or the Additional The applicable Borrower may elect from time to time to convert (i) Eurodollar Loans to ABR Loans, by giving the Administrative Agent prior notice (which may be given by telephone) of such election not later than 11:00 a.m., New York City time, on the Business Day prior to a requested conversion or (ii) ABR Loans to Eurodollar Loans by giving the Administrative Agent prior notice (which may be given by telephone) of such election not later than 11:00 a.m., New York City time, three Business Days prior to a requested conversion; provided that if any such conversion of Eurodollar Loans is made other than on the last day of an Interest Period with respect thereto, the applicable Borrower or the Additional Borrower, as applicable, shall pay any amounts due to the Lenders pursuant to Section 2.17 as a result of such conversion. Any such notice of conversion to Eurodollar Loans shall specify the length of the initial Interest Period or Interest Periods therefor. Upon receipt of any such notice the Administrative Agent shall promptly notify each Lender thereof. All or any part of the outstanding Eurodollar Loans or ABR Loans may be converted as provided herein; provided that (i) no Loan may be converted into a Eurodollar Loan when any Default or Event of Default has occurred and is continuing and (ii) no Loan may be converted into a Eurodollar Loan after the date that is one month prior to the Revolving Credit Maturity Date (in the case of Revolving Loans) or the Term B Loan Maturity Date (in the case of Term Loans)Date, as applicable. (b) Any Eurodollar Loans may be continued as such upon the expiration of the then current Interest Period with respect thereto by the U.S. Borrower or the Additional Borrower, as applicable, giving prior notice (which may be given by telephone) to the Administrative Agent, not later than 11:00 a.m., New York City time, three Business Days prior to a requested continuation setting forth 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 Default or Event of Default has occurred and is continuing and (ii) after the date that is one month prior to the Revolving Credit Maturity Date (in the case of Revolving Loans) or the Term B Loan Maturity Date (in the case of Term Loans); and provided further that if Borrower or the Additional BorrowerDate, as applicable; and provided, further, that if the U.S. Borrower shall fail to give any required notice as described above in this Section 2.03 or if such continuation is not permitted pursuant to the preceding proviso, then such Loans shall be automatically converted to ABR Loans on the last day of such then expiring Interest Period (in which case the Administrative Agent shall notify the U.S. Borrower of such conversion). (c) In connection with any Eurodollar Loans, there shall be no more than 10 8 Interest Periods outstanding at any time. (d) This Section 2.03 shall not apply to Swingline Loans.

Appears in 1 contract

Samples: Credit Agreement (Spirit AeroSystems Holdings, Inc.)

Conversion and Continuation Options for Loans. (a) Borrower or the Additional The Borrower may elect from time to time to convert (i) Eurodollar EurodollarTerm Benchmark Loans to ABR Loans, by giving the Administrative Agent at least one Business Day’s prior irrevocable notice (which may be given by telephone) of such election not later than 11:00 a.m., New York City time, on the Business Day prior to a requested conversion or (ii) ABR Loans to Eurodollar Loans by giving the Administrative Agent prior notice (which may be given by telephone) of such election not later than 11:00 a.m., New York City time, three Business Days prior to a requested conversionelection; provided that if any such conversion of Eurodollar EurodollarTerm Benchmark Loans is made other than on the last day of an Interest Period with respect thereto, the Borrower or the Additional Borrower, as applicable, shall pay any amounts due to the Lenders pursuant to Section 2.17 2.19 as a result of such conversion. The Borrower may elect from time to time to convert ABR Loans to EurodollarTerm Benchmark Loans by giving the Administrative Agent at least three Business Days’ prior irrevocable notice of such election. Any such notice of conversion to Eurodollar EurodollarTerm Benchmark Loans shall specify the length of the initial Interest Period or Interest Periods therefor. Upon receipt of any such notice the Administrative Agent shall promptly notify each Lender thereof. All or any part of the outstanding Eurodollar EurodollarTerm Benchmark Loans or ABR Loans may be converted as provided herein; provided that (i) no Loan may be converted into a Eurodollar EurodollarTerm Benchmark Loan when any Default or Event of Default has occurred and is continuing and the Administrative Agent or the Required Lenders have determined in its or their sole discretion that such a conversion is not appropriate, (ii) any such conversion may only be made if, after giving effect thereto, Section 2.4 shall not have been contravened and (iii) no Loan may be converted into a Eurodollar EurodollarTerm Benchmark Loan after the date that is one month prior to the Revolving Credit Maturity Date (in the case of Revolving Loans) or the Term Loan Maturity Date (in the case of Term Loans)Termination Date. (b) Any Eurodollar EurodollarTerm Benchmark Loans may be continued as such upon the expiration of the then current Interest Period with respect thereto by the Borrower or the Additional Borrower, as applicable, giving at least three Business Days’ prior irrevocable notice (which may be given by telephone) to the Administrative Agent, not later than 11:00 a.m.in accordance with the applicable provisions of the term “Interest Period” set forth in Section 1.1, New York City time, three Business Days prior to a requested continuation setting forth of the length of the next Interest Period to be applicable to such Loans; provided that that, except as set forth in clause (y) of the further proviso below in this paragraph, no Eurodollar EurodollarTerm Benchmark Loan may be continued as such (i) when any Default or Event of Default has occurred and is continuing and the Administrative Agent or the Required Lenders have determined in its or their sole discretion that such a continuation is not appropriate, (ii) if, after giving effect thereto, Section 2.4 would be contravened or (iii) after the date that is one month prior to the Revolving Credit Maturity Termination Date (in the case of Revolving Loans) or the Term Loan Maturity Date (in the case of Term Loans); and provided further provided, further, that if the Borrower or the Additional Borrower, as applicable, shall fail to give any required notice as described above in this Section 2.03 2.3 or if such continuation is not permitted pursuant to the preceding proviso, then proviso such EurodollarTerm Benchmark Loans shall automatically be automatically converted to ABR Loans on the last day of such then expiring Interest Period (in which case the Administrative Agent shall notify Borrower of such conversion)Period. (c) In connection with any Eurodollar Loans, there shall be no more than 10 Interest Periods outstanding at any time. (d) This Section 2.03 shall not apply to Swingline Loans.

Appears in 1 contract

Samples: Term Loan Credit Agreement (Kyndryl Holdings, Inc.)

Conversion and Continuation Options for Loans. (a) Borrower or the Additional The Borrower may elect from time to time to convert (i) Eurodollar Eurocurrency Loans to ABR Loans, by giving the Administrative Agent prior notice (which may be given by telephone) of such election not later than 11:00 10:00 a.m., New York City time, on the Business Day prior to a requested conversion or (ii) ABR Loans to Eurodollar Eurocurrency Loans by giving the Administrative Agent prior notice (which may be given by telephone) of such election not later than 11:00 a.m., New York City London time, three Business Days prior to a requested conversion; provided that if any such conversion of Eurodollar Eurocurrency Loans is made other than on the last day of an Interest Period with respect thereto, the Borrower or the Additional Borrower, as applicable, shall pay any amounts due to the Lenders pursuant to Section 2.17 as a result of such conversion. Any such notice of conversion to Eurodollar Eurocurrency Loans shall specify the length of the initial Interest Period or Interest Periods therefor. Upon receipt of any such notice the Administrative Agent shall promptly notify each Lender thereof. All or any part of the outstanding Eurodollar Eurocurrency Loans or ABR Loans may be converted as provided herein; provided that (i) no Loan may be converted into a Eurodollar Eurocurrency Loan when any Default or Event of Default has occurred and is continuing continuing, and (ii) no Loan may be converted into a Eurodollar Eurocurrency Loan after the date that is one month prior to the Revolving Credit Maturity Date (in the case of Revolving Loans) or the Term B Loan Maturity Date (in the case of Term Loans)Date, as applicable. (b) Any Eurodollar Eurocurrency Loans may be continued as such upon the expiration of the then current Interest Period with respect thereto by the Borrower or the Additional Borrower, as applicable, giving prior notice (which may be given by telephone) to the Administrative Agent, not later than 11:00 a.m., New York City London time, three Business Days prior to a requested continuation setting forth the length of the next Interest Period to be applicable to such Loans; provided that no Eurodollar Eurocurrency Loan may be continued as such (i) when any Default or Event of Default has occurred and is continuing continuing, and (ii) after the date that is one month prior to the Revolving Credit Maturity Date (in the case of Revolving Loans) or the Term B Loan Maturity Date (in the case of Term Loans)Date, as applicable; and provided further that if the Borrower or the Additional Borrower, as applicable, shall fail to give any required notice as described above in this Section 2.03 or if such continuation is not permitted pursuant to the preceding proviso, then such Loans shall be automatically converted to ABR Loans on the last day of such then expiring Interest Period (in which case the Administrative Agent shall notify the Borrower of such conversion). (c) In connection with any Eurodollar Loans, there shall be no more than 10 Interest Periods outstanding at any time. (d) This Section 2.03 shall not apply to Swingline Loans.

Appears in 1 contract

Samples: Credit Agreement (Constar International Inc)

Conversion and Continuation Options for Loans. (a) Borrower or the Additional The Borrower may elect from time to time to convert (i) Eurodollar Loans to ABR Loans, by giving the Administrative Agent at least one Business Day’s prior irrevocable notice (which may be given by telephone) of such election not later than 11:00 a.m., New York City time, on the Business Day prior to a requested conversion or (ii) ABR Loans to Eurodollar Loans by giving the Administrative Agent prior notice (which may be given by telephone) of such election not later than 11:00 a.m., New York City time, three Business Days prior to a requested conversionelection; provided that if any such conversion of Eurodollar Loans is made other than on the last day of an Interest Period with respect thereto, the Borrower or the Additional Borrower, as applicable, shall pay any amounts due to the Lenders pursuant to Section 2.17 2.19 as a result of such conversion. The Borrower may elect from time to time to convert ABR Loans to Eurodollar Loans by giving the Administrative Agent at least three Business Days’ prior irrevocable notice of such election. Any such notice of conversion to Eurodollar Loans shall specify the length of the initial Interest Period or Interest Periods therefor. Upon receipt of any such notice the Administrative Agent shall promptly notify each Lender thereof. All or any part of the outstanding Eurodollar Loans or ABR Loans may be converted as provided herein; provided that (i) no Loan may be converted into a Eurodollar Loan when any Default or Event of Default has occurred and is continuing and the Administrative Agent or the Required Lenders have determined in its or their sole discretion that such a conversion is not appropriate, (ii) any such conversion may only be made if, after giving effect thereto, Section 2.4 shall not have been contravened and (iii) no Loan may be converted into a Eurodollar Loan after the date that is one month prior to the Revolving Credit Maturity Date (in the case of Revolving Loans) or the Term Loan Maturity Date (in the case of Term Loans)Termination Date. (b) Any Eurodollar Loans may be continued as such upon the expiration of the then current Interest Period with respect thereto by the Borrower or the Additional Borrower, as applicable, giving at least three Business Days’ prior irrevocable notice (which may be given by telephone) to the Administrative Agent, not later than 11:00 a.m.in accordance with the applicable provisions of the term “Interest Period” set forth in Section 1.1, New York City time, three Business Days prior to a requested continuation setting forth of the length of the next Interest Period to be applicable to such Loans; provided that that, except as set forth in clause (y) of the further proviso below in this paragraph, no Eurodollar Loan may be continued as such (i) when any Default or Event of Default has occurred and is continuing and the Administrative Agent or the Required Lenders have determined in its or their sole discretion that such a continuation is not appropriate, (ii) if, after giving effect thereto, Section 2.4 would be contravened or (iii) after the date that is one month prior to the Revolving Credit Maturity Termination Date (in the case of Revolving Loans) or the Term Loan Maturity Date (in the case of Term Loans); and provided further provided, further, that if the Borrower or the Additional Borrower, as applicable, shall fail to give any required notice as described above in this Section 2.03 2.3 or if such continuation is not permitted pursuant to the preceding proviso, then proviso such Eurodollar Loans shall automatically be automatically converted to ABR Loans on the last day of such then expiring Interest Period (in which case the Administrative Agent shall notify Borrower of such conversion)Period. (c) In connection with any Eurodollar Loans, there shall be no more than 10 Interest Periods outstanding at any time. (d) This Section 2.03 shall not apply to Swingline Loans.

Appears in 1 contract

Samples: Term Loan Credit Agreement (Kyndryl Holdings, Inc.)

Conversion and Continuation Options for Loans. (a) Borrower or the Additional The Borrower may elect from time to time to convert (i) Eurodollar Eurocurrency Loans to ABR Loans, by giving the Administrative Agent prior notice (which may be given by telephone) of such election not later than 11:00 10:00 a.m., New York City time, on the Business Day prior to a requested conversion or (ii) ABR Loans to Eurodollar Eurocurrency Loans by giving the Administrative Agent prior notice (which may be given by telephone) of such election not later than 11:00 a.m., New York City London time, three Business Days prior to a requested conversion; provided that if any such conversion of Eurodollar Eurocurrency Loans is made other than on the last day of an Interest Period with respect thereto, the Borrower or the Additional Borrower, as applicable, shall pay any amounts due to the Lenders pursuant to Section 2.17 as a result of such conversion. Any such notice of conversion to Eurodollar Eurocurrency Loans shall specify the length of the initial Interest Period or Interest Periods therefor. Upon receipt of any such notice the Administrative Agent shall promptly notify each Lender thereof. All or any part of the outstanding Eurodollar Eurocurrency Loans or ABR Loans may be converted as provided herein; provided that (i) no Loan may be converted into a Eurodollar Eurocurrency Loan when any Default or Event of Default has occurred and is continuing continuing, and (ii) no Loan may be converted into a Eurodollar Eurocurrency Loan after the date that is one month prior to the Revolving Credit Maturity Date (in the case of Revolving Loans) or Date, the Term B Loan Maturity Date (in or the case of Additional Term Loans)B Loan Maturity Date, as applicable. (b) Any Eurodollar Eurocurrency Loans may be continued as such upon the expiration of the then current Interest Period with respect thereto by the Borrower or the Additional Borrower, as applicable, giving prior notice (which may be given by telephone) to the Administrative Agent, not later than 11:00 a.m., New York City London time, three Business Days prior to a requested continuation setting forth the length of the next Interest Period to be applicable to such Loans; provided that no Eurodollar Eurocurrency Loan may be continued as such (i) when any Default or Event of Default has occurred and is continuing continuing, and (ii) after the date that is one month prior to the Revolving Credit Maturity Date (in the case of Revolving Loans) or the Term B Loan Maturity Date (in the case of Term Loans)Date, as applicable; and provided further that if the Borrower or the Additional Borrower, as applicable, shall fail to give any required notice as described above in this Section 2.03 or if such continuation is not permitted pursuant to the preceding proviso, then such Loans shall be automatically converted to ABR Loans on the last day of such then expiring Interest Period (in which case the Administrative Agent shall notify the Borrower of such conversion). (c) In connection with any Eurodollar Loans, there shall be no more than 10 Interest Periods outstanding at any time. (d) This Section 2.03 shall not apply to Swingline Loans.

Appears in 1 contract

Samples: Credit Agreement (Constar Inc)

Conversion and Continuation Options for Loans. (a) Borrower or the Additional The Borrower may elect from time to time to convert (i) Eurodollar Loans to ABR Loans, by giving the Administrative Agent prior notice (which may be given by telephone) of such election not later than 11:00 a.m.2:00 p.m., New York City time, on the Business Day prior to a requested conversion or (ii) ABR Loans to Eurodollar Loans by giving the Administrative Agent prior notice (which may be given by telephone) of such election not later than 11:00 a.m.2:00 p.m., New York City time, three Business Days prior to a requested conversion; provided that if any such conversion conversions of Eurodollar Loans is may be made other than only on the last day of an the Interest Period with respect thereto, Borrower or the Additional Borrower, as applicable, shall pay any amounts due to the Lenders pursuant to Section 2.17 as a result of such conversion. Any such notice of conversion to Eurodollar Loans shall specify the length of the initial Interest Period or Interest Periods therefor. Upon receipt of any such notice the Administrative Agent shall promptly notify each Lender thereof. All or any part of the outstanding Eurodollar Loans or ABR Loans may be converted as provided herein; provided that (i) no Loan may be converted into a Eurodollar Loan with an Interest Period in excess of one month when any Event of Default has occurred and is continuing and continuing, (ii) no Loan may the Borrower shall not be converted into a entitled to elect any Interest Period in respect of any Eurodollar Loan after if such Interest Period would extend beyond the date that is one month prior Maturity Date, and (iii) each conversion to the Revolving Credit Maturity Date (or continuation of Eurodollar Loans shall be in the case a minimum principal amount of Revolving Loans) $1.0 million or the Term Loan Maturity Date (a whole multiple of $500,000 in the case of Term Loans)excess thereof. (b) Any Eurodollar Loans may be continued as such upon the expiration of the then current Interest Period with respect thereto by the Borrower or the Additional Borrower, as applicable, giving prior notice (which may be given by telephone) to the Administrative Agent, not later than 11:00 a.m.2:00 p.m., New York City time, three Business Days prior to a requested continuation setting forth the length of the next Interest Period to be applicable to such Loans; provided that (i) no Eurodollar Loan with an Interest Period in excess of one month may be continued as such (i) when any Event of Default has occurred and is continuing continuing, and (ii) after the date that is one month prior Borrower shall not be entitled to elect any Interest Period in respect of any Eurodollar Loan if such Interest Period would extend beyond the Revolving Credit Maturity Date (in the case of Revolving Loans) or the Term Loan Maturity Date (in the case of Term Loans)Date; and provided further provided, further, that if the Borrower or the Additional Borrower, as applicable, shall fail to give any required notice as described above in this Section 2.03 or if such continuation is not permitted pursuant to the preceding proviso, then such Loans shall be automatically converted to ABR Loans on the last day of such then expiring Interest Period (in which case the Administrative Agent shall notify the Borrower of such conversion). (c) In connection with any Eurodollar Loans, there shall be no more than 10 ten Interest Periods outstanding at any time. (d) This Section 2.03 shall not apply to Swingline Loans.

Appears in 1 contract

Samples: Credit Agreement (Solutia Inc)

Conversion and Continuation Options for Loans. (a) Borrower or the Additional The Borrower may elect from time to time to convert (i) Eurodollar Loans to ABR Loans, by giving the Administrative Agent prior notice (which may be given by telephone) of such election not later than 11:00 a.m., New York City time, on the Business Day prior to a requested conversion or (ii) ABR Loans to Eurodollar Loans by giving the Administrative Agent prior notice (which may be given by telephone) of such election not later than 11:00 a.m., New York City time, three Business Days prior to a requested conversion; provided that if any such conversion of Eurodollar Loans is made other than on the last day of an Interest Period with respect thereto, the Borrower or the Additional Borrower, as applicable, shall pay any amounts due to the Lenders pursuant to Section 2.17 as a result of such conversion. Any such notice of conversion to Eurodollar Loans shall specify the length of the initial Interest Period or Interest Periods therefor. Upon receipt of any such notice the Administrative Agent shall promptly notify each Lender thereof. All or of any part of the outstanding Eurodollar Loans or ABR Loans may be converted as provided herein; provided that (i) no Loan may be converted into a Eurodollar Loan when any Default or Event of Default has occurred and is continuing and (ii) no Loan may be converted into a Eurodollar Loan after the date that is one month prior to the applicable Revolving Credit Maturity Date, the Term B-1 Loan Maturity Date, the Term B-2 Loan Maturity Date (in the case of Revolving Loans) or the Add-On Term Loan Maturity Date (in the case of Term Loans)Date, as applicable. (b) Any Eurodollar Loans may be continued as such upon the expiration of the then current Interest Period with respect thereto by the Borrower or the Additional Borrower, as applicable, giving prior notice (which may be given by telephone) to the Administrative Agent, not later than 11:00 a.m., New York City time, three Business Days prior to a requested continuation setting forth 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 Default or Event of Default has occurred and is continuing and (ii) after the date that is one month prior to the applicable Revolving Credit Maturity Date, the Term B-1 Loan Maturity Date, the Term B-2 Loan Maturity Date (in the case of Revolving Loans) or the Add-On Term Loan Maturity Date (in the case of Term Loans); and provided further that if Borrower or the Additional BorrowerDate, as applicable; and provided, further, that if the Borrower shall fail to give any required notice as described above in this Section 2.03 or if such continuation is not permitted pursuant to the preceding proviso, then such Loans shall be automatically converted to ABR Loans on the last day of such then expiring Interest Period (in which case the Administrative Agent shall notify the Borrower of such conversion). (c) In connection with any Eurodollar Loans, there shall be no more than 10 eight Interest Periods outstanding at any time. (d) This Section 2.03 shall not apply to Swingline Loans.

Appears in 1 contract

Samples: Credit Agreement (Spirit AeroSystems Holdings, Inc.)

Conversion and Continuation Options for Loans. (a) Borrower or the Additional ---------------------------------------------- Each Borrower may elect from time to time to convert (i) Eurodollar Eurocurrency Loans denominated in Dollars to ABR Loans, by giving the Administrative Agent prior notice (which may be given by telephone) of such election not later than 11:00 10:00 a.m., New York City time, on the Business Day prior to a requested conversion or (ii) ABR Loans to Eurodollar Eurocurrency Loans by giving the Administrative Agent prior notice (which may be given by telephone) of such election not later than 11:00 a.m., New York City London time, three Business Days prior to a requested conversion; provided that if any such conversion of Eurodollar Eurocurrency Loans is made -------- other than on the last day of an Interest Period with respect thereto, such Borrower or the Additional Borrower, as applicable, shall pay any amounts due to the Lenders pursuant to Section 2.17 2.15 as a result of such conversion. Any such notice of conversion to Eurodollar Eurocurrency Loans shall specify the length of the initial Interest Period or Interest Periods therefor. Upon receipt of any such notice the Administrative Agent shall promptly notify each Lender thereof. All or any part of the outstanding Eurodollar Eurocurrency Loans or ABR Loans may be converted as provided herein; provided -------- that (i) no Loan may be converted into a Eurodollar Eurocurrency Loan when any Event of Default has occurred and is continuing and the Administrative Agent or the Required Lenders have determined that such a conversion is not appropriate and (ii) no Loan may be converted into a Eurodollar Eurocurrency Loan after the date that is one month prior to the Revolving Credit Maturity Date (Date. Notwithstanding the foregoing, a Borrower may not elect to convert the currency in the case of Revolving Loans) or the Term which any Loan Maturity Date (in the case of Term Loans). (b) Any Eurodollar Loans may be continued as such upon the expiration of the then current Interest Period with respect thereto by Borrower or the Additional Borroweris denominated; however, as applicable, giving prior notice (which may be given by telephone) subject to the Administrative Agentterms of Section 2.01 and Section 2.04, not later than 11:00 a.m., New York City time, three Business Days prior a Borrower may elect to prepay a requested continuation setting forth Loan and refinance 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 (ii) after the date that is one month prior to the Revolving Credit Maturity Date (in the case of Revolving Loans) or the Term Loan Maturity Date (in the case of Term Loans); and provided further that if Borrower or the Additional Borrower, as applicable, shall fail to give any required notice as described above in this Section 2.03 or if such continuation is not permitted pursuant to the preceding proviso, then such Loans shall be automatically converted to ABR Loans on the last day amount of such then expiring Interest Period (Loan in which case the Administrative Agent shall notify Borrower of such conversion)another currency. (c) In connection with any Eurodollar Loans, there shall be no more than 10 Interest Periods outstanding at any time. (d) This Section 2.03 shall not apply to Swingline Loans.

Appears in 1 contract

Samples: Revolving Credit and Term Loan Agreement (Crown Cork & Seal Co Inc)

Conversion and Continuation Options for Loans. (a) Borrower or the Additional The Borrower may elect from time to time to convert (i) Eurodollar Eurocurrency Loans to ABR Loans, by giving the Administrative Agent prior notice (which may be given by telephone) of such election not later than 11:00 10:00 a.m., New York City time, on the Business Day prior to a requested conversion or (ii) ABR Loans to Eurodollar Eurocurrency Loans by giving the Administrative Agent prior notice (which may be given by telephone) of such election not later than 11:00 a.m., New York City London time, three Business Days prior to a requested conversion; provided that if any such conversion of Eurodollar Eurocurrency Loans is made other than on the last day of an Interest Period with respect thereto, the Borrower or the Additional Borrower, as applicable, shall pay any amounts due to the Lenders pursuant to Section 2.17 as a result of such conversion. Any such notice of conversion to Eurodollar Eurocurrency Loans shall specify the length of the initial Interest Period or Interest Periods therefor. Upon receipt of any such notice the Administrative Agent shall promptly notify each Lender thereof. All or any part of the outstanding Eurodollar Eurocurrency Loans or ABR Loans may be converted as provided herein; provided that (i) no Loan may be converted into a Eurodollar Eurocurrency Loan when any Default or Event of Default has occurred and is continuing continuing, and (ii) no Loan may be converted into a Eurodollar Eurocurrency Loan after the date that is one month prior to the Revolving Credit Maturity Date (in the case of Revolving Loans) or the Term B Loan Maturity Date (in the case of Term Loans)Date, as applicable. (b) Any Eurodollar Eurocurrency Loans may be continued as such upon the expiration of the then current Interest Period with respect thereto by the Borrower or the Additional Borrower, as applicable, giving prior notice (which may be given by telephone) to the Administrative Agent, not later than 11:00 a.m., New York City London time, three Business Days prior to a requested continuation setting forth the length of the next Interest Period to be applicable to such Loans; provided that no Eurodollar Eurocurrency Loan may be continued as such (i) when any Default or Event of Default has occurred and is continuing continuing, and (ii) after the date that is one month prior to the Revolving Credit Maturity Date, the Term B Loan Maturity Date (in the case of Revolving Loans) or the Term C Loan Maturity Date (in the case of Term Loans); and provided further that if Borrower or the Additional BorrowerDate, as applicable; and provided, further, that if the Borrower shall fail to give any required notice as described above in this Section 2.03 or if such continuation is not permitted pursuant to the preceding proviso, then such Loans shall be automatically converted to ABR Loans on the last day of such then expiring Interest Period (in which case the Administrative Agent shall notify the Borrower of such conversion). (c) In connection with any Eurodollar Eurocurrency Loans, there shall be no more than 10 six (6) Interest Periods outstanding at any time. (d) This Section 2.03 shall not apply to Swingline Loans.

Appears in 1 contract

Samples: Credit Agreement (Constar International Inc)

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Conversion and Continuation Options for Loans. (a) Borrower or the Additional The Borrower may elect from time to time to convert (i) Eurodollar Loans to ABR Loans, by giving the Administrative Agent irrevocable prior written notice (which may be given by telephone) of such election in the form attached as Exhibit J (a “Notice of Conversion/Continuation”) not later than 11:00 a.m., New York City time, a.m. on the Business Day prior to a requested conversion or (ii) ABR Loans to Eurodollar Loans by giving the Administrative Agent prior notice (which may be given by telephone) a Notice of such election Conversion/Continuation not later than 11:00 a.m., New York City time, a.m. three Business Days prior to a requested conversion; provided that if any such conversion of Eurodollar Loans is made other than on the last day of an Interest Period with respect thereto, the Borrower or the Additional Borrower, as applicable, shall pay any amounts due to the Lenders pursuant to Section 2.17 as a result of such conversion. Any such notice Notice of Conversion/Continuation with respect to the conversion to Eurodollar Loans shall specify the length of the initial Interest Period or Interest Periods therefor. Upon receipt of any such notice Notice of Conversion/Continuation the Administrative Agent shall promptly notify each relevant Lender thereof. All or any part of the outstanding Eurodollar Loans or ABR Loans may be converted as provided herein; provided that (i) no Loan may be converted into a Eurodollar Loan when any Event of Default has occurred and is continuing and continuing, (ii) no Revolving Loan may be converted into a Eurodollar Loan during the period that is one month prior the Revolving-1 Maturity Date through the Business Day after the Revolving-1 Maturity Date and after the date that is one month prior to the Revolving-2 Maturity Date, (iii) no Initial Term-1 Loan may be converted into a Eurodollar Loan after the date that is one month prior to the Revolving Credit Maturity Date (in the case of Revolving Loans) or the Term Initial Term-1 Loan Maturity Date and (in iv) no Initial Term-2 Loan may be converted into a Eurodollar Loan after the case of Term Loans)date that is one month prior to the Initial Term-2 Loan Maturity Date. (b) Any Eurodollar Loans may be continued as such upon the expiration of the then current Interest Period with respect thereto by the Borrower or the Additional Borrower, as applicable, giving prior notice (which may be given by telephone) to the Administrative AgentAgent pursuant to a Notice of Conversion/Continuation, not later than 11:00 a.m., New York City time, a.m. three Business Days prior to a requested continuation setting forth 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 continuing, and (ii) with respect to Revolving Loans, (A) during the period that is one month prior the Revolving-1 Maturity Date through the Business Day after the Revolving-1 Maturity Date and (B) after the date that is one month prior to the Revolving Credit Revolving-2 Maturity Date Date, (in iii) with respect to Initial Term-1 Loans, after the case of Revolving Loans) or date that is one month prior to the Term Initial Term-1 Loan Maturity Date and (in iv) with respect to Initial Term-2 Loans, after the case of Term Loans); and provided further date that if Borrower or is one month prior to the Additional BorrowerInitial Term-2 Loan Maturity Date, as applicable; and provided, further, that if the Borrower shall fail to give any required notice as described above in this Section 2.03 or if such continuation is not permitted pursuant to the preceding proviso, then such Loans shall be automatically converted to ABR Loans on the last day of such then expiring Interest Period (in which case the Administrative Agent shall notify the Borrower of such conversion). (c) In connection with any Eurodollar Loans, there There shall be no more than 10 ten (10) Interest Periods outstanding at any timetime with respect to the Eurodollar Loans made to the Borrower. (d) This Section 2.03 shall not apply to Swingline Loans.

Appears in 1 contract

Samples: Amendment Agreement (Consolidated Communications Holdings, Inc.)

Conversion and Continuation Options for Loans. (a) Borrower or the Additional Borrower The Borrowers may elect from time to time to convert (i) Eurodollar Loans to ABR Loans, by the Borrower Representative giving the Administrative Agent prior notice (which may be given by telephone) of such election not later than 11:00 a.m., New York City time, on the Business Day prior to a requested conversion or (ii) ABR Loans to Eurodollar Loans by the Borrower Representative giving the Administrative Agent prior notice (which may be given by telephone) of such election not later than 11:00 a.m., New York City time, three Business Days prior to a requested conversion; provided that if any such conversion of Eurodollar Loans is made other than on the last day of an Interest Period with respect thereto, Borrower or the Additional Borrower, as applicable, Borrowers shall pay any amounts due to the Lenders pursuant to Section 2.17 as a result of such conversion. Any such notice of conversion to Eurodollar Loans shall specify the length of the initial Interest Period or Interest Periods therefor. Upon receipt of any such notice the Administrative Agent shall promptly notify each Lender thereof. All or any part of the outstanding Eurodollar Loans or ABR Loans may be converted as provided herein; provided that (i) no Loan may be converted into a Eurodollar Loan when any Event of Default has occurred and is continuing continuing, and (ii) no Loan may be converted into a Eurodollar Loan after the date that is one month prior to the Revolving Credit Maturity Date (in the case of Revolving Loans) or the Term D Loan Maturity Date (in the case Date, as applicable. Table of Term Loans).Contents (b) Any Eurodollar Loans may be continued as such upon the expiration of the then current Interest Period with respect thereto by the Borrower or the Additional Borrower, as applicable, Representative giving prior notice (which may be given by telephone) to the Administrative Agent, not later than 11:00 a.m., New York City time, three Business Days prior to a requested continuation setting forth 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 continuing, and (ii) after the date that is one month prior to the Revolving Credit Maturity Date (in the case of Revolving Loans) or the Term D Loan Maturity Date (in the case of Term Loans); and provided further that if Borrower or the Additional BorrowerDate, as applicable; and provided, further, that if the Borrower Representative shall fail to give any required notice as described above in this Section 2.03 or if such continuation is not permitted pursuant to the preceding proviso, then such Loans shall be automatically converted to ABR Loans on the last day of such then expiring Interest Period (in which case the Administrative Agent shall notify Borrower the Borrowers of such conversion). (c) In connection with any Eurodollar Loans, there There shall be no more than 10 ten (10) Interest Periods outstanding at any timetime with respect to the Eurodollar Loans made to the Borrowers. (d) This Section 2.03 shall not apply to Swingline Loans.

Appears in 1 contract

Samples: Credit Agreement (Consolidated Communications Illinois Holdings, Inc.)

Conversion and Continuation Options for Loans. (a) Borrower or the Additional Borrower may elect from time to time to convert (i) Eurodollar Loans to ABR Loans, Loans by Borrower giving the Administrative Adminis- trative Agent prior written notice (which may be given by telephone) of such election not later than 11:00 a.m., New York City time, on the Business Day prior to a requested conversion or (ii) ABR Loans to Eurodollar Loans by Borrower giving the Administrative Agent prior written notice (which may be given by telephone) of such election not later than 11:00 a.m., New York City time, three Business Days prior to a requested conversion; provided that if any such conversion of Eurodollar Loans is made other than on the last day of an Interest Period with respect thereto, Borrower or the Additional Borrower, as applicable, shall pay any amounts due to the Lenders pursuant to Section 2.17 as a result of such conversion. Any such notice of conversion to Eurodollar Loans shall specify the length of the initial Interest Period or Interest Periods therefor. Upon receipt of any such notice the Administrative Agent shall promptly notify each Lender thereofLender. All or any part of the outstanding Eurodollar Loans or ABR Loans may be converted as provided herein; provided that (i) no Loan may be converted into a Eurodollar Loan when any Event of Default has occurred and is continuing continuing, and (ii) no Loan may be converted into a Eurodollar Loan after the date that is one month prior to the Revolving Credit Maturity Date (in the case of Revolving Loans) or the Term Loan Maturity Date (in the case of Term Loans)Date. (b) Any Eurodollar Loans may be continued as such upon the expiration of the then current Interest Period with respect thereto by Borrower or the Additional Borrower, as applicable, giving prior notice (which may be given by telephone) to the Administrative Agent, not later than 11:00 a.m., New York City time, three Business Days prior to a requested continuation setting forth 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 or (ii) after the date that is one month prior to the Revolving Credit Maturity Date (in the case of Revolving Loans) or the Term Loan Maturity Date (in the case of Term Loans)Date; and provided further provided, further, that if Borrower or the Additional Borrower, as applicable, shall fail to give any required notice as described above in this Section 2.03 or if such continuation is not permitted pursuant to the preceding proviso, then such Loans shall be automatically converted to ABR Loans on the last day of such then expiring Interest Period (in which case the Administrative Agent shall notify Borrower of such conversion). (c) In connection with any Eurodollar Loans, there shall be no more than 10 one Interest Periods Period outstanding at any time. (d) This Section 2.03 shall not apply to Swingline Loans.

Appears in 1 contract

Samples: Senior Subordinated Credit Agreement (Lifepoint Hospitals, Inc.)

Conversion and Continuation Options for Loans. (a) Borrower or the Additional The Borrower may elect from time to time to convert (i) Eurodollar Loans to ABR Loans, by giving the Administrative Agent prior notice (which may be given by telephone) of such election not later than 11:00 a.m., New York City time, on the Business Day prior to a requested conversion or (ii) ABR Loans to Eurodollar Loans by giving the Administrative Agent prior notice (which may be given by telephone) of such election not later than 11:00 a.m., New York City time, three Business Days prior to a requested conversion; provided that if any such conversion of Eurodollar Loans is made other than on the last day of an Interest Period with respect thereto, the Borrower or the Additional Borrower, as applicable, shall pay any amounts due to the Lenders pursuant to Section 2.17 as a result of such conversion. Any such notice of conversion to Eurodollar Loans shall specify the length of the initial Interest Period or Interest Periods therefor. Upon receipt of any such notice the Administrative Agent shall promptly notify each Lender thereof. All or any part of the outstanding Eurodollar Loans or ABR Loans may be converted as provided herein; provided that (i) no Loan may be converted into a Eurodollar Loan when any Default or Event of Default has occurred and is continuing and (ii) no Loan may be converted into a Eurodollar Loan after the date that is one month prior to the Revolving Credit Maturity Date (in the case of Revolving Loans) or the Term B-1 Loan Maturity Date (in the case of Term Loans)Date, as applicable. (b) Any Eurodollar Loans may be continued as such upon the expiration of the then current Interest Period with respect thereto by the Borrower or the Additional Borrower, as applicable, giving prior notice (which may be given by telephone) to the Administrative Agent, not later than 11:00 a.m., New York City time, three Business Days prior to a requested continuation setting forth 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 Default or Event of Default has occurred and is continuing and (ii) after the date that is one month prior to the Revolving Credit Maturity Date (in the case of Revolving Loans) or the Term B-1 Loan Maturity Date (in the case of Term Loans); and provided further that if Borrower or the Additional BorrowerDate, as applicable; and provided, further, that if the Borrower shall fail to give any required notice as described above in this Section 2.03 or if such continuation is not permitted pursuant to the preceding proviso, then such Loans shall be automatically converted to ABR Loans on the last day of such then expiring Interest Period (in which case the Administrative Agent shall notify the Borrower of such conversion). (c) In connection with any Eurodollar Loans, there shall be no more than 10 eight Interest Periods outstanding at any time. (d) This Section 2.03 shall not apply to Swingline Loans.

Appears in 1 contract

Samples: Credit Agreement (Spirit AeroSystems Holdings, Inc.)

Conversion and Continuation Options for Loans. (a) Borrower or the Additional Each ------------------------------------------------ Borrower may elect from time to time to convert (i) Eurodollar Eurocurrency Loans denominated in Dollars to ABR Loans, by giving the Administrative Agent prior notice (which may be given by telephone) of such election not later than 11:00 10:00 a.m., New York City time, on the Business Day prior to a requested conversion or (ii) ABR Loans to Eurodollar Eurocurrency Loans by giving the Administrative Agent prior notice (which may be given by telephone) of such election not later than 11:00 a.m., New York City London time, three Business Days prior to a requested conversion; provided that if any such conversion of Eurodollar Eurocurrency Loans is made -------- other than on the last day of an Interest Period with respect thereto, such Borrower or the Additional Borrower, as applicable, shall pay any amounts due to the Lenders pursuant to Section 2.17 2.18 as a result of such conversion. Any such notice of conversion to Eurodollar Eurocurrency Loans shall specify the length of the initial Interest Period or Interest Periods therefor. Upon receipt of any such notice the Administrative Agent shall promptly notify each Lender thereof. All or any part of the outstanding Eurodollar Eurocurrency Loans or ABR Loans may be converted as provided herein; provided -------- that (i) no Loan may be converted into a Eurodollar Eurocurrency Loan when any Event of Default has occurred and is continuing and the Administrative Agent or the Required Lenders have determined that such a conversion is not appropriate and (ii) no Loan may be converted into a Eurodollar Eurocurrency Loan after the date that is one month prior to the Revolving Credit Maturity Date (in the case of Revolving Loans) or the Term Loan Maturity Date (Date, as applicable. Notwithstanding the foregoing, a Borrower may not elect to convert the currency in which any Loan is denominated; however, subject to the case terms of Term Loans)Section 2.01 and Section 2.04, a Borrower may elect to prepay a Revolving Loan and refinance the amount of such Revolving Loan in another permitted currency. (b) Any Eurodollar Eurocurrency Loans may be continued as such upon the expiration of the then current Interest Period with respect thereto by the relevant Borrower or the Additional Borrower, as applicable, giving prior notice (which may be given by telephone) to the Administrative Agent, not later than 11:00 a.m., New York City London time, three Business Days prior to a requested continuation setting forth the length of the next Interest Period to be applicable to such Loans; provided that no Eurodollar Eurocurrency Loan may be -------- continued as such (i) when any Event of Default has occurred and is continuing and the Administrative Agent or the Required Lenders have determined that such a continuation is not appropriate, (ii) after the date that is one month prior to the Revolving Credit Maturity Date (in the case of Revolving Loans) or the Term Loan Maturity Date Date, as applicable or (in the case of Term Loans)iii) if, after giving effect thereto, Section 2.04 would be contravened; and provided further further, that if such ----------------- Borrower or the Additional Borrower, as applicable, shall fail to give any required notice as described above in this Section 2.03 or if such continuation is not permitted pursuant to the preceding proviso (or clause (ii) of the preceding proviso, in the case of Alternative Committed Currency Loans), then (A) in the case of Alternative Committed Currency Loans, such Loans shall continue as Eurocurrency Loans bearing interest at a rate determined by reference to the Adjusted LIBO Rate with an Interest Period of one month commencing on the last day of the then current Interest Period or (B) in the case of Loans denominated in Dollars, such Loans shall be automatically converted to ABR Loans on the last day of such then expiring Interest Period (in which case the Administrative Agent shall notify Borrower CCSC of such conversion). (c) In connection with any Eurodollar Loans, there shall be no more than 10 Interest Periods outstanding at any time. (d) This Section 2.03 shall not apply to Swingline Loans.

Appears in 1 contract

Samples: Credit Agreement (Crown Cork & Seal Co Inc)

Conversion and Continuation Options for Loans. (a) Borrower or the Additional Each Borrower may elect from time to time to convert (i) Eurodollar Eurocurrency Loans that are in Dollars to ABR Loans, Loans by giving the Administrative Agent prior notice (which may be given by telephone) of such election not later than 11:00 10:00 a.m., New York City time, on the Business Day prior to a requested conversion or (ii) ABR Loans to Eurodollar Eurocurrency Loans by giving the Administrative Agent prior notice (which may be given by telephone) of such election not later than 11:00 a.m., New York City London time, three Business Days prior to a requested conversion; provided that if any such conversion of Eurodollar Eurocurrency Loans is made other than on the last day of an Interest Period with respect thereto, such Borrower or the Additional Borrower, as applicable, shall pay any amounts due to the Lenders pursuant to Section 2.17 as a result of such conversion. Any such notice of conversion to Eurodollar Eurocurrency Loans shall specify the length of the initial Interest Period or Interest Periods therefor. Upon receipt of any such notice the Administrative Agent shall promptly notify each Lender thereof. All or any part of the outstanding Eurodollar Eurocurrency Loans or ABR Loans may be converted as provided herein; provided that (i) no Loan may be converted into a Eurodollar Eurocurrency Loan when any Default or Event of Default has occurred and is continuing and (ii) no Loan may be converted into a Eurodollar Eurocurrency Loan after the date that is one month prior to the Revolving Credit Maturity Date (in the case of Revolving Loans) or the Term B Loan Maturity Date (in the case of Term Loans)Date, as applicable. (b) Any Eurodollar Eurocurrency Loans may be continued as such upon the expiration of the then current Interest Period with respect thereto by the relevant Borrower or the Additional Borrower, as applicable, giving prior notice (which may be given by telephone) to the Administrative Applicable Agent, not later than 11:00 a.m., New York City London time, three Business Days prior to a requested continuation setting forth the length of the next Interest Period to be applicable to such Loans; provided that no Eurodollar Eurocurrency Loan may be continued as such (i) when any Default or Event of Default has occurred and is continuing and or (ii) after the date that is one month prior to the Revolving Credit Maturity Date (in the case of Revolving Loans) or the Term B Loan Maturity Date (in the case of Term Loans); and provided further that if Borrower or the Additional BorrowerDate, as applicable; and provided, further, that if such Borrower shall fail to give any required notice as described above in this Section 2.03 or if such continuation is not permitted pursuant to the preceding proviso, then (A) in the case of Loans in Euros or Pounds Sterling, such Loans shall continue as Eurocurrency Loans bearing interest at a rate determined by reference to the LIBO Rate with an Interest Period of one month commencing on the last day of the then current Interest Period or (B) in the case of Loans in Dollars, such Loans shall be automatically converted to ABR Loans on the last day of such then expiring Interest Period (in which case the Administrative Agent shall notify Borrower Crown Holdings of such conversion). (c) In connection with (i) any Eurodollar weekly Eurocurrency Loans, there shall be no more than 10 three (3) Eurocurrency Borrowings outstanding for the Euro Borrower and one (1) Eurocurrency Borrowing for the U.S. Borrower, at any time and (ii) any other Eurocurrency Loans, there shall be no more than ten (10) Interest Periods outstanding at any time. (d) This Section 2.03 shall not apply to Swingline Loans.

Appears in 1 contract

Samples: Credit Agreement (Crown Holdings Inc)

Conversion and Continuation Options for Loans. (a) Borrower or the Additional Either Borrower may elect from time to time to convert its (i) Eurodollar Loans to ABR Loans, by giving the Administrative Agent prior notice (which may be given by telephone) of such election not later than 11:00 a.m., New York City time, on the Business Day prior to a requested conversion or (ii) ABR Loans to Eurodollar Loans by giving the Administrative Agent prior notice (which may be given by telephone) of such election not later than 11:00 a.m., New York City time, three Business Days prior to a requested conversion; provided that if any such conversion of Eurodollar Loans is made other than on the last day of an Interest Period with respect thereto, such Borrower or the Additional Borrower, as applicable, shall pay any amounts due to the Lenders pursuant to Section 2.17 as a result of such conversion. Any such notice of conversion to Eurodollar Loans shall specify the length of the initial Interest Period or Interest Periods therefor. Upon receipt of any such notice the Administrative Agent shall promptly notify each Lender thereof. All or any part of the outstanding Eurodollar Loans or ABR Loans may be converted as provided herein; provided that (i) no Loan may be converted into a Eurodollar Loan when any Event of Default has occurred and is continuing continuing, and (ii) no Loan may be converted into a Eurodollar Loan after the date that is one month prior to the Revolving Credit Maturity Date, the Term A Loan Maturity Date (in the case of Revolving Loans) or the Term C Loan Maturity Date (in the case of Term Loans)Date, as applicable. (b) Any Eurodollar Loans may be continued as such upon the expiration of the then current Interest Period with respect thereto by the applicable Borrower or the Additional Borrower, as applicable, giving prior notice (which may be given by telephone) to the Administrative Agent, not later than 11:00 a.m., New York City time, three Business Days prior to a requested continuation setting forth 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 continuing, and (ii) after the date that is one month prior to the Revolving Credit Maturity Date, the Term A Loan Maturity Date (in the case of Revolving Loans) or the Term C Loan Maturity Date (in the case of Term Loans); and provided further that if Borrower or the Additional BorrowerDate, as applicable; and provided, further, that if the applicable Borrower shall fail to give any required notice as described above in this Section 2.03 or if such continuation is not permitted pursuant to the preceding proviso, then such Loans shall be automatically converted to ABR Loans on the last day of such then expiring Interest Period (in which case the Administrative Agent shall notify the applicable Borrower of such conversion). (c) In connection with any Eurodollar Loans, there There shall be no more than 10 five (5) Interest Periods outstanding at any timetime with respect to the Eurodollar Loans made to a Borrower. (d) This Section 2.03 shall not apply to Swingline Loans.

Appears in 1 contract

Samples: Credit Agreement (Consolidated Communications Texas Holdings, Inc.)

Conversion and Continuation Options for Loans. (a) Borrower or the Additional The Borrower may elect from time to time to convert (i) Eurodollar EurodollarTerm SOFR Loans to ABR Loans, by giving the Administrative Agent at least one Business Day’s prior irrevocable notice (which may be given by telephone) of such election not later than 11:00 a.m., New York City time, on the Business Day prior to a requested conversion or (ii) ABR Loans to Eurodollar Loans by giving the Administrative Agent prior notice (which may be given by telephone) of such election not later than 11:00 a.m., New York City time, three Business Days prior to a requested conversionelection; provided that if any such conversion of Eurodollar EurodollarTerm SOFR Loans is made other than on the last day of an Interest Period with respect thereto, the Borrower or the Additional Borrower, as applicable, shall pay any amounts due to the Lenders pursuant to Section 2.17 2.19 as a result of such conversion. The Borrower may elect from time to time to convert ABR Loans to EurodollarTerm SOFR Loans by giving the Administrative Agent at least three Business Days’ prior irrevocable notice of such election. Any such notice of conversion to Eurodollar EurodollarTerm SOFR Loans shall specify the length of the initial Interest Period or Interest Periods therefor. Upon receipt of any such notice the Administrative Agent shall promptly notify each Lender thereof. All or any part of the outstanding Eurodollar EurodollarTerm SOFR Loans or ABR Loans may be converted as provided herein; provided that (i) no Loan may be converted into a Eurodollar EurodollarTerm SOFR Loan when any Default or Event of Default has occurred and is continuing and the Administrative Agent or the Required Lenders have determined in its or their sole discretion that such a conversion is not appropriate, (ii) any such conversion may only be made if, after giving effect thereto, Section 2.4 shall not have been contravened and (iii) no Loan may be converted into a Eurodollar EurodollarTerm SOFR Loan after the date that is one month prior to the Revolving Credit Maturity Date (in the case of Revolving Loans) or the Term Loan Maturity Date (in the case of Term Loans)Termination Date. (b) Any Eurodollar EurodollarTerm SOFR Loans or EURIBOR Loans may be continued as such upon the expiration of the then current Interest Period with respect thereto by the Borrower or the Additional Borrower, as applicable, giving at least three Business Days’ prior irrevocable notice (which may be given by telephone) to the Administrative Agent, not later than 11:00 a.m.in accordance with the applicable provisions of the term “Interest Period” set forth in Section 1.1, New York City time, three Business Days prior to a requested continuation setting forth of the length of the next Interest Period to be applicable to such Loans; provided that that, except as set forth in clause (y) of the further proviso below in this paragraph, no Eurodollar EurodollarTerm SOFR Loan or EURIBOR Loan may be continued as such (i) when any Default or Event of Default has occurred and is continuing and the Administrative Agent or the Required Lenders have determined in its or their sole discretion that such a continuation is not appropriate, (ii) if, after giving effect thereto, Section 2.4 would be contravened or (iii) after the date that is one month prior to the Revolving Credit Maturity Termination Date (in the case of Revolving Loans) or the Term Loan Maturity Date (in the case of Term Loans); and provided further provided, further, that if the Borrower or the Additional Borrower, as applicable, shall fail to give any required notice as described above in this Section 2.03 2.3 or if such continuation is not permitted pursuant to the preceding proviso, then proviso such (x) EurodollarTerm SOFR Loans shall automatically be automatically converted to ABR Loans on the last day of such then expiring Interest Period and (in which case the Administrative Agent shall notify Borrower of such conversion). (cy) In connection with any Eurodollar Loans, there EURIBOR Loans shall be no more than 10 continued as EURIBOR Loans with an Interest Periods outstanding at any timePeriod of one month. (d) This Section 2.03 shall not apply to Swingline Loans.

Appears in 1 contract

Samples: Five Year Revolving Credit Agreement (Kyndryl Holdings, Inc.)

Conversion and Continuation Options for Loans. (a) Borrower or the Additional The Borrower may elect from time to time to convert (i) Eurodollar Loans to ABR Loans, by giving the Administrative Agent at least one Business Day’s prior irrevocable notice (which may be given by telephone) of such election not later than 11:00 a.m., New York City time, on the Business Day prior to a requested conversion or (ii) ABR Loans to Eurodollar Loans by giving the Administrative Agent prior notice (which may be given by telephone) of such election not later than 11:00 a.m., New York City time, three Business Days prior to a requested conversionelection; provided that if any such conversion of Eurodollar Loans is made other than on the last day of an Interest Period with respect thereto, the Borrower or the Additional Borrower, as applicable, shall pay any amounts due to the Lenders pursuant to Section 2.17 2.19 as a result of such conversion. The Borrower may elect from time to time to convert ABR Loans to Eurodollar Loans by giving the Administrative Agent at least three Business Days’ prior irrevocable notice of such election. Any such notice of conversion to Eurodollar Loans shall specify the length of the initial Interest Period or Interest Periods therefor. Upon receipt of any such notice the Administrative Agent shall promptly notify each Lender thereof. All or any part of the outstanding Eurodollar Loans or ABR Loans may be converted as provided herein; provided that (i) no Loan may be converted into a Eurodollar Loan when any Default or Event of Default has occurred and is continuing and the Administrative Agent or the Required Lenders have determined in its or their sole discretion that such a conversion is not appropriate, (ii) any such conversion may only be made if, after giving effect thereto, Section 2.4 shall not have been contravened and (iii) no Loan may be converted into a Eurodollar Loan after the date that is one month prior to the Revolving Credit Maturity Date (in the case of Revolving Loans) or the Term Loan Maturity Date (in the case of Term Loans)Termination Date. (b) Any Eurodollar Loans or EURIBOR Loans may be continued as such upon the expiration of the then current Interest Period with respect thereto by the Borrower or the Additional Borrower, as applicable, giving at least three Business Days’ prior irrevocable notice (which may be given by telephone) to the Administrative Agent, not later than 11:00 a.m.in accordance with the applicable provisions of the term “Interest Period” set forth in Section 1.1, New York City time, three Business Days prior to a requested continuation setting forth of the length of the next Interest Period to be applicable to such Loans; provided that that, except as set forth in clause (y) of the further proviso below in this paragraph, no Eurodollar Loan or EURIBOR Loan may be continued as such (i) when any Default or Event of Default has occurred and is continuing and the Administrative Agent or the Required Lenders have determined in its or their sole discretion that such a continuation is not appropriate, (ii) if, after giving effect thereto, Section 2.4 would be contravened or (iii) after the date that is one month prior to the Revolving Credit Maturity Termination Date (in the case of Revolving Loans) or the Term Loan Maturity Date (in the case of Term Loans); and provided further provided, further, that if the Borrower or the Additional Borrower, as applicable, shall fail to give any required notice as described above in this Section 2.03 2.3 or if such continuation is not permitted pursuant to the preceding proviso, then proviso such (x) Eurodollar Loans shall automatically be automatically converted to ABR Loans on the last day of such then expiring Interest Period and (in which case the Administrative Agent shall notify Borrower of such conversion). (cy) In connection with any Eurodollar Loans, there EURIBOR Loans shall be no more than 10 continued as EURIBOR Loans with an Interest Periods outstanding at any timePeriod of one month. (d) This Section 2.03 shall not apply to Swingline Loans.

Appears in 1 contract

Samples: Revolving Credit Agreement (Kyndryl Holdings, Inc.)

Conversion and Continuation Options for Loans. (a) Borrower or the Additional Each ------------------------------------------------ Borrower may elect from time to time to convert (i) Eurodollar Eurocurrency Loans that are in Dollars to ABR Loans, Loans by giving the Administrative Agent prior notice (which may be given by telephone) of such election not later than 11:00 10:00 a.m., New York City time, on the Business Day prior to a requested conversion or (ii) ABR Loans to Eurodollar Eurocurrency Loans by giving the Administrative Agent prior notice (which may be given by telephone) of such election not later than 11:00 a.m., New York City London time, three Business Days prior to a requested conversion; provided that if any such conversion of Eurodollar Eurocurrency Loans -------- is made other than on the last day of an Interest Period with respect thereto, such Borrower or the Additional Borrower, as applicable, shall pay any amounts due to the Lenders pursuant to Section 2.17 as a result of such conversion. Any such notice of conversion to Eurodollar Eurocurrency Loans shall specify the length of the initial Interest Period or Interest Periods therefor. Upon receipt of any such notice the Administrative Agent shall promptly notify each Lender thereof. All or any part of the outstanding Eurodollar Eurocurrency Loans or ABR Loans may be converted as provided herein; provided -------- that (i) no Loan may be converted into a Eurodollar Eurocurrency Loan when any Default or Event of Default has occurred and is continuing and (ii) no Loan may be converted into a Eurodollar Eurocurrency Loan after the date that is one month prior to the Revolving Credit Maturity Date (in the case of Revolving Loans) or the Term B Loan Maturity Date (in the case of Term Loans)Date, as applicable. (b) Any Eurodollar Eurocurrency Loans may be continued as such upon the expiration of the then current Interest Period with respect thereto by the relevant Borrower or the Additional Borrower, as applicable, giving prior notice (which may be given by telephone) to the Administrative Applicable Agent, not later than 11:00 a.m., New York City London time, three Business Days prior to a requested continuation setting forth the length of the next Interest Period to be applicable to such Loans; provided that -------- no Eurodollar Eurocurrency Loan may be continued as such (i) when any Default or Event of Default has occurred and is continuing and or (ii) after the date that is one month prior to the Revolving Credit Maturity Date (in the case of Revolving Loans) or the Term B Loan Maturity Date (in the case of Term Loans); and provided further that if Borrower or the Additional BorrowerDate, as applicable; and provided, further, that if such Borrower shall fail to give any ------------------ required notice as described above in this Section 2.03 or if such continuation is not permitted pursuant to the preceding proviso, then (A) in the case of Loans in Euros or Pounds Sterling, such Loans shall continue as Eurocurrency Loans bearing interest at a rate determined by reference to the LIBO Rate with an Interest Period of one month commencing on the last day of the then current Interest Period or (B) in the case of Loans in Dollars, such Loans shall be automatically converted to ABR Loans on the last day of such then expiring Interest Period (in which case the Administrative Agent shall notify Borrower Crown Holdings of such conversion). (c) In connection with (i) any Eurodollar weekly Eurocurrency Loans, there shall be no more than 10 three (3) Eurocurrency Borrowings outstanding for the Euro Borrower and one (1) Eurocurrency Borrowing for the U.S. Borrower, at any time and (ii) any other Eurocurrency Loans, there shall be no more than ten (10) Interest Periods outstanding at any time. (d) This Section 2.03 shall not apply to Swingline Loans.SECTION 2.04. [Reserved]. ----------

Appears in 1 contract

Samples: Credit Agreement (Crown Holdings Inc)

Conversion and Continuation Options for Loans. (a) Borrower or the Additional The Borrower may elect from time to time to convert (i) Eurodollar Loans to ABR Loans, by giving the Administrative Agent irrevocable prior written notice (which may be given by telephone) of such election in the form attached as Exhibit I (a “Notice of Conversion/Continuation”) not later than 11:00 a.m., New York City time, a.m. on the Business Day prior to a requested conversion or (ii) ABR Loans to Eurodollar Loans by giving the Administrative Agent prior notice (which may be given by telephone) a Notice of such election Conversion/Continuation not later than 11:00 a.m., New York City time, a.m. three Business Days prior to a requested conversion; provided that if any such conversion of Eurodollar Loans is made other than on the last day of an Interest Period with respect thereto, the Borrower or the Additional Borrower, as applicable, shall pay any amounts due to the Lenders pursuant to Section 2.17 as a result of such conversion. Any such notice Notice of Conversion/Continuation with respect to the conversion to Eurodollar Loans shall specify the length of the initial Interest Period or Interest Periods therefor. Upon receipt of any such notice Notice of Conversion/Continuation the Administrative Agent shall promptly notify each relevant Lender thereof. All or any part of the outstanding Eurodollar Loans or ABR Loans may be converted as provided herein; provided that (i) no Loan may be converted into a Eurodollar Loan when any Event of Default has occurred and is continuing and continuing, (ii) no Revolving Loan may be converted into a Eurodollar Loan after the date that is one month prior to the Revolving Credit Maturity Date Date, and (in iii) no Initial Term Loan may be converted into a Eurodollar Loan after the case of Revolving Loans) or date that is one month prior to the Initial Term Loan Maturity Date (in the case of Term Loans)Date. (b) Any Eurodollar Loans may be continued as such upon the expiration of the then current Interest Period with respect thereto by the Borrower or the Additional Borrower, as applicable, giving prior notice (which may be given by telephone) to the Administrative AgentAgent pursuant to a Notice of Conversion/Continuation, not later than 11:00 a.m., New York City time, a.m. three Business Days prior to a requested continuation setting forth 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 continuing, (ii) with respect to Revolving Loans, after the date that is one month prior to the Revolving Credit Maturity Date and (in iii) with respect to the case of Revolving Loans) or Initial Term Loan, after the date that is one month prior to the Initial Term Loan Maturity Date (in the case of Term Loans)Date; and provided further provided, further, that if the Borrower or the Additional Borrower, as applicable, shall fail to give any required notice as described above in this Section 2.03 or if such continuation is not permitted pursuant to the preceding proviso, then such Loans shall be automatically converted to ABR Loans on the last day of such then expiring Interest Period (in which case the Administrative Agent shall notify the Borrower of such conversion). (c) In connection with any Eurodollar Loans, there There shall be no more than 10 ten (10) Interest Periods outstanding at any timetime with respect to the Eurodollar Loans made to the Borrower. (d) This Section 2.03 shall not apply to Swingline Loans.

Appears in 1 contract

Samples: Credit Agreement (Consolidated Communications Holdings, Inc.)

Conversion and Continuation Options for Loans. (a) Borrower or the Additional The Borrower may elect from time to time to convert (i) Eurodollar Loans to ABR Loans, by giving the Administrative Agent prior notice (which may be given by telephone) of such election not later than 11:00 a.m., New York City time, on the Business Day prior to a requested conversion or (ii) ABR Loans to Eurodollar Loans by giving the Administrative Agent prior notice (which may be given by telephone) of such election not later than 11:00 a.m., New York City time, three Business Days prior to a requested conversion; provided that if any such conversion of Eurodollar Loans is made other than on the last day of an Interest Period with respect thereto, the Borrower or the Additional Borrower, as applicable, shall pay any amounts due to the Lenders pursuant to Section 2.17 as a result of such conversion. Any such notice of conversion to Eurodollar Loans shall specify the length of the initial Interest Period or Interest Periods therefor. Upon receipt of any such notice the Administrative Agent shall promptly notify each Lender thereof. All or any part of the outstanding Eurodollar Loans or ABR Loans may be converted as provided herein; provided that (i) no Loan may be converted into a Eurodollar Loan when any Default or Event of Default has occurred and is continuing continuing, and (ii) no Loan may be converted into a Eurodollar Loan after the date that is one month prior to the Revolving Credit Maturity Date (in the case of Revolving Loans) or the Term B Loan Maturity Date (in the case of Term Loans)Date, as applicable. (b) Any Eurodollar Loans may be continued as such upon the expiration of the then current Interest Period with respect thereto by the Borrower or the Additional Borrower, as applicable, giving prior notice (which may be given by telephone) to the Administrative Agent, not later than 11:00 a.m., New York City time, three Business Days prior to a requested continuation setting forth 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 Default or Event of Default has occurred and is continuing continuing, and (ii) after the date that is one month prior to the Revolving Credit Maturity Date (in the case of Revolving Loans) or the Term B Loan Maturity Date (in the case of Term Loans); and provided further that if Borrower or the Additional BorrowerDate, as applicable; and provided, further, that if the Borrower shall fail to give any required notice as described above in this Section 2.03 or if such continuation is not permitted pursuant to the preceding proviso, then such Loans shall be automatically converted to ABR Loans on the last day of such then expiring Interest Period (in which case the Administrative Agent shall notify the Borrower of such conversion). (c) In connection with any Eurodollar Loans, there shall be no more than 10 ten (10) Interest Periods outstanding at any time. (d) This Section 2.03 shall not apply to Swingline Loans.

Appears in 1 contract

Samples: Credit Agreement (Seminis Inc)

Conversion and Continuation Options for Loans. (a) Borrower or the Additional The Borrower may elect from time to time to convert (i) Eurodollar Loans to ABR Loans, by giving the Administrative Agent prior notice (which may be given by telephone) of such election not later than 11:00 a.m.12:00 noon, New York City time, on the Business Day prior to a requested conversion or (ii) ABR Loans to Eurodollar Loans by giving the Administrative Agent prior notice (which may be given by telephone) of such election not later than 11:00 a.m.12:00 noon, New York City time, three Business Days prior to a requested conversion; provided PROVIDED that if any such conversion of Eurodollar Loans is made other than on the last day of an Interest Period with respect thereto, the Borrower or the Additional Borrower, as applicable, shall pay any amounts due to the Lenders pursuant to Section 2.17 as a result of such conversion. Any such notice of conversion to Eurodollar Loans shall specify the length of the initial Interest Period or Interest Periods therefor. Upon receipt of any such notice the Administrative Agent shall promptly notify each Lender thereof. All or any part of the outstanding Eurodollar Loans or ABR Loans may be converted as provided herein; provided PROVIDED that (i) no Loan may be converted into a Eurodollar Loan when any Event of Default has occurred and is continuing continuing, and (ii) no Loan may be converted into a Eurodollar Loan after the date that is one month prior to the Revolving Credit Maturity Date (in Date, the case of Revolving Loans) or the First Lien Term Loan Maturity Date (in or the case of Second Lien Term Loans)Loan Maturity Date, as applicable. (b) Any Eurodollar Loans may be continued as such upon the expiration of the then current Interest Period with respect thereto by the Borrower or the Additional Borrower, as applicable, giving prior notice (which may be given by telephone) to the Administrative Agent, not later than 11:00 a.m.12:00 noon, New York City time, three Business Days prior to a requested continuation setting forth the length of the next Interest Period to be applicable to such Loans; provided PROVIDED that no Eurodollar Loan may be continued as such (i) when any Event of Default has occurred and is continuing continuing, and (ii) after the date that is one month prior to the Revolving Credit Maturity Date (in Date, the case of Revolving Loans) or the First Lien Term Loan Maturity Date (in the case of Term Loans); and provided further that if Borrower or the Additional BorrowerSecond Lien Term Loan Maturity Date, as applicable; and PROVIDED, FURTHER, that if the Borrower shall fail to give any required notice as described above in this Section 2.03 or if such continuation is not permitted pursuant to the preceding proviso, then such Loans shall be automatically converted to ABR Loans on the last day of such then expiring Interest Period (in which case the Administrative Agent shall notify the Borrower of such conversion). (c) In connection with any Eurodollar Loans, there shall be no more than 10 ten (10) Interest Periods outstanding at any time. (d) This Section 2.03 shall not apply to Swingline Loans.

Appears in 1 contract

Samples: Credit Agreement (Polymer Group Inc)

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