Conversion and Continuation Options. (a) The Borrower or any Subsidiary Borrower may elect from time to time to convert Eurocurrency Loans to ABR Loans by giving the Administrative Agent prior irrevocable notice of such election no later than 11:00 A.M., New York City time, on the Business Day preceding the proposed conversion date, provided that any such conversion of Eurocurrency Loans may only be made on the last day of an Interest Period with respect thereto. The Borrower or any Subsidiary Borrower may elect from time to time to convert ABR Loans to Eurocurrency Loans by giving the Administrative Agent prior irrevocable notice of such election no later than 12:00 Noon, New York City time, on the third Business Day preceding the proposed conversion date (which notice shall specify the length of the initial Interest Period therefor), provided that no ABR Loan under a particular Facility may be converted into a Eurocurrency Loan when any Event of Default has occurred and is continuing and the Administrative Agent or the Majority Facility Lenders in respect of such Facility have determined in its or their sole discretion not to permit such conversions. Upon receipt of any such notice the Administrative Agent shall promptly notify each relevant Lender thereof. (b) Any Eurocurrency Loan may be continued as such upon the expiration of the then current Interest Period with respect thereto by the Borrower or relevant Subsidiary Borrower giving irrevocable notice to the Administrative Agent, in accordance with the applicable provisions of the term “Interest Period” set forth in Section 1.1, of the length of the next Interest Period to be applicable to such Loans, provided that no Eurocurrency Loan under a particular Facility may be continued as such when any Event of Default has occurred and is continuing and the Administrative Agent has or the Majority Facility Lenders in respect of such Facility have determined in its or their sole discretion not to permit such continuations (and the Administrative Agent shall notify the Borrower within a reasonable amount of time of any such determination), and provided, further, that if the Borrower or such Subsidiary Borrower shall fail to give any required notice as described above in this paragraph such Loans shall be automatically continued as Eurocurrency Loans having an Interest Period of one month in duration or if such continuation is not permitted pursuant to the preceding proviso such Loans shall be automatically converted to ABR Loans on the last day of such then expiring Interest Period. Upon receipt of any such notice the Administrative Agent shall promptly notify each relevant Lender thereof.
Appears in 16 contracts
Sources: Credit Agreement (Avis Budget Group, Inc.), Credit Agreement (Avis Budget Group, Inc.), Credit Agreement (Avis Budget Group, Inc.)
Conversion and Continuation Options. (a) The Borrower or any Subsidiary Borrower may elect from time to time to convert Eurocurrency Loans made to the Borrower to ABR Loans by giving the Administrative Agent prior irrevocable written notice of such election no later than 11:00 A.M.12:00 Noon, New York City time, on the third Business Day preceding the proposed conversion date, ; provided that if any such conversion of Eurocurrency Loans may only be made Loan is so converted on any day other than the last day of an the Interest Period with respect applicable thereto, the Borrower shall also pay any amounts owing pursuant to Section 2.21. The Borrower or any Subsidiary Borrower may elect from time to time to convert ABR Loans made to the Borrower to Eurocurrency Loans by giving the Administrative Agent prior irrevocable written notice of such election no later than 12:00 Noon, New York City time, on the third Business Day preceding the proposed conversion date (which notice shall specify the length of the initial Interest Period therefor), ; provided that no ABR Loan under a particular Facility may be converted into a Eurocurrency Loan when any Event of Default has occurred and is continuing and the Administrative Agent or the Majority Facility Lenders in respect of such Facility have determined in its or their sole discretion not to permit such conversions. Upon receipt of any such notice the Administrative Agent shall promptly notify each relevant Lender thereof.
(b) Any Eurocurrency Loan may be continued as such upon the expiration of the then current Interest Period with respect thereto by the Borrower or relevant Subsidiary Borrower giving irrevocable written notice to the Administrative Agent, in accordance with the applicable provisions of the term “Interest Period” set forth in Section 1.11.1 and no later than 12:00 Noon, New York City time, on the third Business Day preceding the proposed continuation date, of the length of the next Interest Period to be applicable to such Loans; provided that if any Eurocurrency Loan is so continued on any day other than the last day of the Interest Period applicable thereto, provided the Borrower shall also pay any amounts owing pursuant to Section 2.21; provided, further, that no Eurocurrency Loan under a particular Facility may be continued as such when any Event of Default has occurred and is continuing and the Administrative Agent has or the Majority Facility Lenders in respect of such Facility have determined in its or their sole discretion not to permit such continuations (and the Administrative Agent shall notify the Borrower within a reasonable amount of time of any such determination), continuations; and provided, further, that (i) if the Borrower or such Subsidiary Borrower shall fail to give any required notice as described above in this paragraph such Eurocurrency Loans shall be automatically continued as Eurocurrency Loans having an Interest Period of one month in month’s duration or on the last day of such then-expiring Interest Period and (ii) if such continuation is not permitted pursuant to the preceding proviso proviso, such Eurocurrency Loans shall be automatically converted to ABR Loans on the last day of such then expiring Interest Period. Upon receipt of any such notice the Administrative Agent shall promptly notify each relevant Lender thereof.
Appears in 14 contracts
Sources: Credit Agreement (Booz Allen Hamilton Holding Corp), Credit Agreement (Covetrus, Inc.), Credit Agreement (Booz Allen Hamilton Holding Corp)
Conversion and Continuation Options. (a) The Borrower or any Subsidiary Borrower may elect from time to time to convert Eurocurrency Eurodollar Loans of any Class to ABR Loans of such Class by giving the Administrative Agent at least two Business Days’ prior irrevocable notice of such election no later than 11:00 A.M., New York City time, on the Business Day preceding the proposed conversion dateelection, provided that any such conversion of Eurocurrency Eurodollar Loans may only be made on the last day of an Interest Period with respect thereto. The Borrower or any Subsidiary Borrower may elect from time to time to convert ABR Loans of any Class to Eurocurrency Eurodollar Loans of such Class by giving the Administrative Agent prior irrevocable notice of such election no later than 12:00 Noon, 1:00 P.M. New York City time, on the third Business Day preceding prior to the proposed conversion date (which notice shall specify the length of the initial Interest Period therefor), provided that no ABR Loan under a particular Facility may be converted into a Eurocurrency Eurodollar Loan when any Event of Default has occurred and is continuing and the Administrative Agent or the Majority Facility Lenders in respect of such Facility have determined in its or their sole discretion not to permit such conversionscontinuing. Upon receipt of any such notice the Administrative Agent shall promptly notify each relevant Lender thereof.
(b) Any Eurocurrency Eurodollar Loan may be continued as such upon by the Borrower giving irrevocable notice to the Administrative Agent at least three Business Days prior to the expiration of the then current Interest Period with respect thereto by the Borrower or relevant Subsidiary Borrower giving irrevocable notice to the Administrative AgentPeriod, in accordance with the applicable provisions of the term “Interest Period” set forth in Section 1.1, of the length of the next Interest Period to be applicable to such Loans, provided that (i) if so required by the Administrative Agent, no Eurocurrency Eurodollar Loan under a particular Facility may be continued as such when any Event of Default has occurred and is continuing and the Administrative Agent has or the Majority Facility Lenders in respect of such Facility have determined in its or their sole discretion not to permit such continuations (and the Administrative Agent shall notify the Borrower within a reasonable amount of time of any such determination), and provided, further, that ii) if the Borrower or such Subsidiary Borrower shall fail to give any required notice as described above in this paragraph such Loans shall be automatically continued as Eurocurrency Loans having an Interest Period of one month in duration or if such continuation is not permitted pursuant to paragraph, the preceding proviso such relevant Eurodollar Loans shall be automatically converted to ABR Eurodollar Loans having a one-month Interest Period on the last day of such the then expiring Interest Period. Upon receipt of any such notice notice, the Administrative Agent shall promptly notify each relevant Lender thereof.
Appears in 8 contracts
Sources: Credit Agreement (Cco Holdings Capital Corp), Restatement Agreement (Charter Communications, Inc. /Mo/), Credit Agreement (Cco Holdings LLC)
Conversion and Continuation Options. (a) The Borrower or any Subsidiary Borrower may elect from time to time to convert Eurocurrency Term Benchmark Revolving Loans to ABR Loans by giving the Administrative Agent prior irrevocable notice of such election no later than 11:00 A.M., New York City time, on the third Business Day preceding the proposed conversion date, ; provided that any such conversion of Eurocurrency Term Benchmark Revolving Loans may only be made on the last day of an Interest Period with respect thereto. The Borrower or any Subsidiary Borrower may elect from time to time to convert ABR Loans to Eurocurrency Term Benchmark Revolving Loans by giving the Administrative Agent prior irrevocable notice of such election no later than 12:00 Noon11:00 A.M., New York City time, on the third Business Day preceding the proposed conversion date (which notice shall specify the length of the initial Interest Period therefor), ; provided that no ABR Loan under a particular Facility may be converted into a Eurocurrency Term Benchmark Revolving Loan when any Event of Default has occurred and is continuing and the Administrative Agent or the Majority Facility Required Lenders in respect of such Facility have determined in its or their sole discretion not to permit such conversions. Upon receipt of any such notice the Administrative Agent shall promptly notify each relevant Lender thereof.
(b) Any Eurocurrency Term Benchmark Revolving Loan may be continued as such upon the expiration of the then current Interest Period with respect thereto by the Borrower or relevant Subsidiary Borrower giving irrevocable notice to the Administrative Agent, in accordance with the applicable provisions of the term “Interest Period” set forth in Section 1.1, of the length of the next Interest Period to be applicable to such Revolving Loans, ; provided that no Eurocurrency Term Benchmark Revolving Loan under a particular Facility may be continued as such when any Event of Default has occurred and is continuing and the Administrative Agent has or the Majority Facility Required Lenders in respect of such Facility have determined in its or their sole discretion not to permit such continuations (and the Administrative Agent shall notify the Borrower within a reasonable amount of time of any such determination), and continuations; provided, further, that if the Borrower or such Subsidiary Borrower shall fail to give any required notice as described above in this paragraph such Loans shall be automatically continued as Eurocurrency Loans having an Interest Period of one month in duration or the immediately preceding paragraph or if such continuation is not permitted pursuant to the preceding proviso such Revolving Loans shall be automatically converted to ABR Loans on the last day of such then expiring Interest Period. Upon receipt of any such notice the Administrative Agent shall promptly notify each relevant Lender thereof.
Appears in 8 contracts
Sources: Credit Agreement (Public Service Co of Colorado), Credit Agreement (Public Service Co of Colorado), Credit Agreement (Public Service Co of Colorado)
Conversion and Continuation Options. (a) The Borrower or any Subsidiary Borrower may elect from time to time to convert Eurocurrency Loans denominated in the Base Currency to ABR Loans by giving the Administrative Agent prior irrevocable notice of such election no later than 11:00 10:00 A.M., New York City time, on the Business Day preceding the proposed conversion date, provided that any such conversion of Eurocurrency Loans may only be made on the last day of an Interest Period with respect thereto. The Borrower or any Subsidiary Borrower may elect from time to time to convert ABR Loans to Eurocurrency Loans denominated in the Base Currency by giving the Administrative Agent prior irrevocable notice of such election no later than 12:00 Noon10:00 A.M., New York City time, on the third fourth (4th) Business Day preceding the proposed conversion date (which notice shall specify the length of the initial Interest Period therefor), provided that no ABR Loan under a particular Facility may be converted into a Eurocurrency Loan when any Event of Default has occurred and is continuing and the Administrative Agent or the Majority Facility Required Lenders in respect of such Facility have determined in its or their sole discretion not to permit such conversions. Upon receipt of any such notice the Administrative Agent shall promptly notify each relevant Lender thereof.
(b) Any Eurocurrency Loan may be continued as such upon the expiration of the then current Interest Period with respect thereto by the Borrower or relevant Subsidiary Borrower giving irrevocable notice to the Administrative Agent, in accordance with the applicable provisions of the term “Interest Period” set forth in Section 1.1, of the length of the next Interest Period to be applicable to such Loans, provided that no Eurocurrency Loan under a particular Facility may be continued as such when any Event of Default has occurred and is continuing and the Administrative Agent has or the Majority Facility Required Lenders in respect of such Facility have determined in its or their sole discretion not to permit such continuations (and the Administrative Agent shall notify the Borrower within a reasonable amount of time of any such determination)continuations, and provided, further, that if the Borrower or such Subsidiary Borrower shall fail to give any required notice as described above in this paragraph such Loans shall be automatically continued as Eurocurrency Loans having an Interest Period of one month in duration or if such continuation is not permitted pursuant to the preceding proviso proviso, any such Eurocurrency Loans denominated in the Base Currency shall be automatically converted to ABR Loans on the last day of such then expiring Interest Period, and any such Eurocurrency Loans denominated in the Optional Currency shall as of the last day of such then expiring Interest Period bear interest at such rate as the Administrative Agent determines adequately reflects the costs (including a comparable margin to that set forth herein) to the Lenders of maintaining such Loans. Upon receipt of any such notice the Administrative Agent shall promptly notify each relevant Lender thereof.
Appears in 7 contracts
Sources: Revolving Credit Agreement (Bunge LTD), Revolving Credit Agreement (Bunge LTD), Revolving Credit Agreement (Bunge LTD)
Conversion and Continuation Options. (a) The Borrower or any Subsidiary Borrower may elect from time to time to convert Eurocurrency Eurodollar Loans to ABR Loans by giving the Administrative Agent at least one Business Days' prior irrevocable notice of such election no later than 11:00 A.M., New York City time, on the Business Day preceding the proposed conversion dateelection, provided that if any such conversion of Eurocurrency Eurodollar Loans may only be is made on a day which is not the last day of an Interest Period with respect theretothereto the Borrower shall pay to the Administrative Agent on the date of such conversion accrued interest to the date of such conversion on the principal amount converted together with any amounts payable pursuant to subsection 2.16. The Borrower or any Subsidiary Borrower may elect from time to time to convert ABR Loans to Eurocurrency Eurodollar Loans by giving the Administrative Agent at least three Business Days' prior irrevocable notice of such election no later than 12:00 Noon, New York City time, on the third Business Day preceding the proposed election. Any such notice of conversion date (which notice 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 outstanding Eurodollar Loans and ABR Loans may be converted as provided herein, provided that (i) no ABR Loan under a particular Facility may be converted into a Eurocurrency Eurodollar Loan when any if a Default or Event of Default has occurred and is continuing and the Administrative Agent or the Majority Facility Required Lenders in respect of such Facility have determined in its or their sole discretion that such a conversion is not appropriate and (ii) no Revolving Credit Loan may be converted into a Eurodollar Loan after the date that is one month prior to permit such conversions. Upon receipt the Revolving Credit Termination Date, and no Term Loan may be converted into a Eurodollar Loan after the date that is one month prior to the final maturity of any such notice the Administrative Agent shall promptly notify each relevant Lender thereofTerm Loans.
(b) Any Eurocurrency Loan Eurodollar Loans may be continued as such upon the expiration of the then current Interest Period with respect thereto by the Borrower or relevant Subsidiary Borrower giving irrevocable notice to the Administrative Agent, in accordance with the applicable provisions of the term “"Interest Period” " set forth in Section subsection 1.1, of the length of the next Interest Period to be applicable to such Loans, provided that (i) no Eurocurrency Eurodollar Loan under a particular Facility may be continued as such when any if a Default or Event of Default has occurred and is continuing and the Administrative Agent has or the Majority Facility Required Lenders in respect of such Facility have determined that such a continuation is not appropriate and (ii) no Eurodollar Loan may be continued as such after the date that is one month prior to (A) the Revolving Credit Termination Date, in its the case of Revolving Credit Loans or their sole discretion not to permit such continuations (and B) the Administrative Agent shall notify final maturity of the Borrower within a reasonable amount Term Loans, in the case of time of any such determination)Term Loans, and provided, further, that if the Borrower or such Subsidiary Borrower shall fail to give any required such notice as described above in this paragraph such Loans shall be automatically continued as Eurocurrency Loans having an Interest Period of one month in duration or if such continuation is not permitted pursuant to the immediately preceding proviso such Loans shall be automatically converted to ABR Loans on the last day of such then expiring Interest Period. Upon receipt of any such notice the Administrative Agent shall promptly notify each relevant Lender thereof.
Appears in 6 contracts
Sources: Credit Agreement (Sprint Spectrum L P), Credit Agreement (Sprint Spectrum Finance Corp), Credit Agreement (Sprint Spectrum L P)
Conversion and Continuation Options. (a) The Borrower or any Subsidiary Borrower may elect from time to time to convert Eurocurrency LIBOR Loans to ABR Loans by giving the Administrative Agent at least two Business Days’ prior irrevocable notice of such election no later than 11:00 A.M., New York City time, on the Business Day preceding the proposed conversion date, provided that any such conversion of Eurocurrency Loans may only be made on the last day of an Interest Period with respect theretoelection. The Borrower or any Subsidiary Borrower may elect from time to time to convert ABR Loans to Eurocurrency LIBOR Loans by giving the Administrative Agent at least three Business Days’ prior irrevocable notice of such election no later than 12:00 Noon, New York City time, on in the third case of LIBOR Loans in Dollars and at least four Business Day preceding Days’ prior irrevocable notice of such election in the proposed case of LIBOR Loans in Available Foreign Currencies. Any such notice of conversion date (which notice to LIBOR Loans shall specify the length of the initial Interest Period therefor). Upon receipt of any such notice the Administrative Agent shall promptly notify each Lender thereof. All or any part of outstanding LIBOR Loans and ABR Loans may be converted as provided herein, provided that (i) no Multicurrency Loan may be converted to an ABR Loan, (ii) no Loan under a particular Facility may be converted into a Eurocurrency LIBOR Loan when any Event of Default has occurred and is continuing and the Administrative Agent has or the Majority Facility Lenders in respect of such Facility have determined in its or their sole discretion that such a conversion is not appropriate, (iii) no Loan may be converted into a LIBOR Loan after the date that is one month prior to permit such conversions. Upon receipt of any such notice the Administrative Agent shall promptly notify each relevant Lender thereofTermination Date and (iv) no Loan may be converted from one currency to another currency.
(b) Any Eurocurrency Loan LIBOR Loans may be continued as such upon the expiration of the then current Interest Period with respect thereto by the Borrower or relevant Subsidiary Borrower giving irrevocable notice to the Administrative Agent, in accordance with the applicable provisions of the term “Interest Period” set forth in Section subsection 1.1, of the length of the next Interest Period to be applicable to such Loans, provided that no Eurocurrency LIBOR Loan under a particular Facility may may, except as provided in the following proviso, be continued as such (A) when any Event of Default has occurred and is continuing and the Administrative Agent has or the Majority Facility Lenders in respect of such Facility have determined in its that such a continuation is not appropriate or their sole discretion not (B) after the date that is one month prior to permit such continuations (and the Administrative Agent shall notify the Borrower within a reasonable amount of time of any such determination)Termination Date, and provided, further, that if the Borrower or such Subsidiary Borrower shall fail to give such notice or if such continuation is not permitted, (x) with respect to any required notice as described above in this paragraph such Loans which are Multicurrency Loans, the Borrower shall be automatically continued as Eurocurrency Loans having deemed to have specified an Interest Period of one month in duration or if and (y) all such continuation is not permitted pursuant to the preceding proviso such other Loans shall be automatically converted to ABR Loans on the last day of such then expiring Interest Period. Upon receipt of any such notice pursuant to this subsection 3.2(b), the Administrative Agent shall promptly notify each relevant Lender thereof.
Appears in 5 contracts
Sources: Credit Agreement (Henry Schein Inc), Credit Agreement (Henry Schein Inc), Credit Agreement (Henry Schein Inc)
Conversion and Continuation Options. (a) The Borrower or any Subsidiary Borrower may elect from time to time to convert Eurocurrency LIBOR Rate Loans to ABR Loans by giving the Administrative Agent prior irrevocable notice of such election no later than 11:00 A.M.12:00 Noon, New York City time, on the Business Day preceding the proposed conversion date, ; provided that any such conversion of Eurocurrency LIBOR Rate Loans may only be made on the last day of an Interest Period with respect thereto. The Borrower or any Subsidiary Borrower may elect from time to time to convert ABR Loans to Eurocurrency LIBOR Rate Loans by giving the Administrative Agent prior irrevocable notice of such election no later than 12:00 Noon, New York City time, on the third Business Day preceding the proposed conversion date (which notice shall specify the length of the initial Interest Period therefor), ; provided that no ABR Loan under a particular Facility may be converted into a Eurocurrency LIBOR Rate Loan when any Event of Default has occurred and is continuing and the Administrative Agent has or the Majority Facility Required Lenders in respect of such Facility have determined in its or their sole discretion not to permit such conversions. Upon receipt of any such notice the Administrative Agent shall promptly notify each relevant Lender thereof.
(b) Any Eurocurrency LIBOR Rate Loan may be continued as such upon the expiration of the then current Interest Period with respect thereto by the Borrower or relevant Subsidiary Borrower giving irrevocable notice to the Administrative Agent, in accordance with the applicable provisions of the term “Interest Period” Period set forth in Section 1.1, of the length of the next Interest Period to be applicable to such Loans, ; provided that no Eurocurrency LIBOR Rate Loan under a particular Facility may be continued as such when any Event of Default has occurred and is continuing and the Administrative Agent has or the Majority Facility Required Lenders in respect of such Facility have determined in its or their sole discretion not to permit such continuations (and the Administrative Agent shall notify the Borrower within a reasonable amount of time of any such determination), continuations; and provided, further, that if the Borrower or such Subsidiary Borrower shall fail to give any required notice as described above in this paragraph such Loans shall be automatically continued as Eurocurrency Loans having an Interest Period of one month in duration or if such continuation is not permitted pursuant to the preceding proviso such Loans shall be automatically converted to ABR Loans on the last day of such then expiring Interest Period. Upon receipt of any such notice the Administrative Agent shall promptly notify each relevant Lender thereof.
Appears in 5 contracts
Sources: Credit Agreement (Alkermes Plc.), Credit Agreement (Alkermes Plc.), First Lien Credit Agreement (Alkermes Plc.)
Conversion and Continuation Options. (a) The Borrower or any Subsidiary Borrower may elect from time to time to convert Eurocurrency Eurodollar Loans to ABR Loans by giving the Administrative Agent prior irrevocable notice in the form of Exhibit G of such election no later than 11:00 A.M., New York City time, on the Business Day preceding the proposed conversion date; provided, provided that any such conversion of Eurocurrency Eurodollar Loans may only be made on the last day of an Interest Period with respect thereto. The Borrower or any Subsidiary Borrower may elect from time to time to convert ABR Loans to Eurocurrency Eurodollar Loans by giving the Administrative Agent prior irrevocable notice in the form of Exhibit G of such election no later than 12:00 Noon11:00 A.M., New York City time, on the third Business Day preceding the proposed conversion date (which notice shall specify the length of the initial Interest Period therefor); provided, provided that no ABR Loan under a particular Facility may be converted into a Eurocurrency Eurodollar Loan when any Event of Default has occurred and is continuing and the Administrative Agent or the Majority Facility Lenders in respect of such Facility have determined in its or their sole discretion not to permit such conversions. Upon receipt of any such notice the Administrative Agent shall promptly notify each relevant Lender thereof.
(b) Any Eurocurrency Eurodollar Loan may be continued as such upon the expiration of the then current Interest Period with respect thereto by the Borrower or relevant Subsidiary Borrower giving irrevocable notice to the Administrative AgentAgent in the form of Exhibit G, in accordance with the applicable provisions of the term “Interest Period” set forth in Section 1.1, of the length of the next Interest Period to be applicable to such Loans; provided, provided that no Eurocurrency Eurodollar Loan under a particular Facility may be continued as such when any Event of Default has occurred and is continuing and the Administrative Agent has or the Majority Facility Lenders in respect of such Facility have determined in its or their sole discretion not to permit such continuations (and the Administrative Agent shall notify the Borrower within a reasonable amount of time of any such determination), and provided, continuations; provided further, that if the Borrower or such Subsidiary Borrower shall fail to give any required notice as described above in this paragraph such Loans shall be automatically continued as Eurocurrency Loans having an Interest Period of one month in duration or if such continuation is not permitted pursuant to the preceding proviso such Loans shall be automatically converted to ABR Loans on the last day of such then expiring Interest Period. Upon receipt of any such notice the Administrative Agent shall promptly notify each relevant Lender thereof.
Appears in 4 contracts
Sources: First Lien Credit Agreement (WEB.COM Group, Inc.), First Lien Credit Agreement (WEB.COM Group, Inc.), First Lien Credit Agreement (WEB.COM Group, Inc.)
Conversion and Continuation Options. (a) The Borrower or any Subsidiary Any Borrower may elect from time to time to convert Eurocurrency LIBOR Loans denominated in Dollars to ABR Loans by giving the Managing Administrative Agent at least three Business Days’ prior irrevocable notice of such election no later than 11:00 A.M., New York City time, on the Business Day preceding the proposed conversion dateelection, provided that any such conversion of Eurocurrency such LIBOR Loans may only be made on the last day of an Interest Period with respect thereto. The Borrower or any Subsidiary Any Borrower may elect from time to time to convert ABR Loans to Eurocurrency LIBOR Loans by giving the Managing Administrative Agent at least three Business Days’ prior irrevocable notice of such election no later than 12:00 Noon, New York City time, on the third Business Day preceding the proposed election. Any such notice of conversion date (which notice to LIBOR Loans shall specify the length of the initial Interest Period or Interest Periods therefor). Upon receipt of any such notice the Managing Administrative Agent shall promptly notify each Lender thereof. All or any part of outstanding LIBOR Loans and ABR Loans may be converted as provided herein, provided that (i) no ABR Revolving Credit Loan under a particular Facility may be converted into a Eurocurrency LIBOR Loan when any Event of Default has occurred and is continuing and the Managing Administrative Agent has or the Majority Facility Required Lenders in respect of such Facility have determined that such a conversion is not appropriate, (ii) no Swing Line Loan may be converted into a loan that bears interest at any rate other than the ABR, (iii) a Revolving Credit Loan denominated in its or their sole discretion one Currency may not be converted to permit such conversions. Upon receipt a Revolving Credit Loan in a different Currency and (iv) a LIBOR Loan denominated in Euros may not be converted to a Loan of any such notice the Administrative Agent shall promptly notify each relevant Lender thereofa different Type.
(b) Any Eurocurrency Loan LIBOR Loans may be continued as such upon the expiration of the then current Interest Period with respect thereto by the Borrower or relevant Subsidiary applicable Borrower giving irrevocable notice to the Managing Administrative Agent, in accordance with the applicable provisions of the term “Interest Period” set forth in Section 1.1, of the length of the next Interest Period to be applicable to such Revolving Credit Loans, provided that (i) no Eurocurrency LIBOR Loan under a particular Facility denominated in Dollars may be continued as such when any Event of Default has occurred and is continuing and the Managing Administrative Agent has or the Majority Facility Required Lenders have determined that such a continuation is not appropriate, (ii) no LIBOR Loan denominated in respect Euros may have an Interest period of more than one month’s duration when any Event of Default has occurred and is continuing and the Managing Administrative Agent has or the Required Lenders have made such determination, (iii) a Revolving Credit Loan denominated in one Currency may not be continued as a Loan in a different Currency, but instead must be prepaid in the original Currency of such Facility have determined Revolving Credit Loan and reborrowed in its or their sole discretion not to permit such continuations the other Currency and (and iv) no LIBOR Loan denominated in Euros may be continued if, after giving effect thereto, the Administrative Agent shall notify aggregate Revolving Credit Exposures would exceed the Borrower within a reasonable amount of time of any such determination), aggregate Commitments; and provided, further, that if the Borrower or such Subsidiary applicable Borrower shall fail to give any required such notice as described above in this paragraph such Loans shall be automatically continued as Eurocurrency Loans having an Interest Period of one month in duration or if such continuation is not permitted pursuant to the preceding proviso such Revolving Credit Loans shall (in the case of failure to give such notice, if such Borrower would have then been entitled to select a one month Interest Period for such LIBOR Loan) be automatically converted to ABR LIBOR Loans with an Interest Period of one month on the last day of such then expiring Interest Period. Upon receipt of any Period or, in all other cases (if such notice the Administrative Agent shall promptly notify each relevant Lender thereofLoan is denominated in Dollars), be converted to ABR Loans.
Appears in 4 contracts
Sources: Credit Agreement (Mastercard Inc), Credit Agreement (Mastercard Inc), Credit Agreement (Mastercard Inc)
Conversion and Continuation Options. (a) The Borrower or any Subsidiary Borrower may elect from time to time to convert Eurocurrency Loans made to the Borrower to ABR Loans by giving the Administrative Agent prior irrevocable notice substantially in the form of Exhibit M of such election no later than 11:00 A.M.12:00 Noon, New York City time, on the second Business Day preceding the proposed conversion date, ; provided that any such conversion (i) a borrowing of Eurocurrency a Class of Loans may only not be made converted into a borrowing of a different Class of Loans, (ii) a borrowing denominated in one Currency may not be converted to a borrowing of a different Currency, (iii) no Eurocurrency Loan denominated in an Agreed Foreign Currency may be converted to a borrowing of a different Type and (iv) if any Eurocurrency Loan is so converted on any day other than the last day of an the Interest Period with respect applicable thereto, the Borrower shall also pay any amounts owing pursuant to Section 2.21. The Borrower or any Subsidiary Borrower may elect from time to time to convert ABR Loans made to the Borrower to Eurocurrency Loans by giving the Administrative Agent prior irrevocable notice of such election no later than 12:00 Noon, New York City time, on the third Business Day preceding the proposed conversion date (which notice shall specify the length of the initial Interest Period therefor), ; provided that (i) a borrowing of a Class of Loans may not be converted into a borrowing of a different Class of Loans, (ii) a borrowing denominated in one Currency may not be converted to a borrowing of a different Currency and (iii) no ABR Loan under a particular Facility may be converted into a Eurocurrency Loan when any Event of Default has occurred and is continuing and the Administrative Agent or the Majority Facility Lenders in respect of such Facility have determined in its or their sole discretion not to permit such conversions. Upon receipt of any such notice the Administrative Agent shall promptly notify each relevant Lender thereof.
(b) Any Eurocurrency Loan may be continued as such upon the expiration of the then current Interest Period with respect thereto by the Borrower or relevant Subsidiary Borrower giving irrevocable notice to the Administrative Agent, in accordance with the applicable provisions of the term “Interest Period” set forth in Section 1.11.1 and no later than 1:00 P.M., New York City time, on the third Business Day preceding the proposed continuation date, of the length of the next Interest Period to be applicable to such Loans; provided that (i) a borrowing of a Class of Loans may not be continued as a borrowing of a different Class of Loans, provided (ii) a borrowing denominated in one Currency may not be continued as a borrowing of a different Currency, (iii) no Eurocurrency Loan denominated in a Foreign Currency may be continued if, after giving effect thereto, the Revolving Multicurrency Exposure would exceed the aggregate Multicurrency Revolving Commitments and (iv) if any Eurocurrency Loan is so continued on any day other than the last day of the Interest Period applicable thereto, the Borrower shall also pay any amounts owing pursuant to Section 2.21 and; provided, further, that no Eurocurrency Loan under a particular Facility may be continued as such when any Event of Default has occurred and is continuing and the Administrative Agent has or the Majority Facility Lenders in respect of such Facility have determined in its or their sole discretion not to permit such continuations (and the Administrative Agent shall notify the Borrower within a reasonable amount of time of any such determination), and and; provided, further, that if the Borrower or such Subsidiary Borrower shall fail to give any required notice as described above in this paragraph such Loans shall be automatically continued as Eurocurrency Loans having an Interest Period of one month in duration or if such continuation is not permitted pursuant to the preceding proviso such Loans denominated (i) in Dollars shall be automatically converted to ABR Loans on the last day of such then expiring Interest Period or (ii) in another Currency shall be automatically converted to Eurocurrency Loans having an Interest Period of one month’s duration on the last day of such then expiring Interest Period. Upon receipt of any such notice the Administrative Agent shall promptly notify each relevant Lender thereof.
Appears in 4 contracts
Sources: Credit Agreement (Wesco Aircraft Holdings, Inc), Credit Agreement (Wesco Aircraft Holdings, Inc), Credit Agreement (Wesco Aircraft Holdings, Inc)
Conversion and Continuation Options. (a) The Borrower or any Subsidiary Borrower may elect from time to time to convert Eurocurrency LIBOR Loans to ABR Base Rate Loans by giving the Administrative Agent prior irrevocable notice of such election no later than 11:00 A.M.1:00 P.M., New York City time, on the Business Day preceding the proposed conversion date; provided, provided that any such conversion of Eurocurrency LIBOR Loans may only be made on the last day of an Interest Period with respect theretothereto (unless the Borrower pays the amount owing pursuant to Section 2.12). The Borrower or any Subsidiary Borrower may elect from time to time to convert ABR Base Rate Loans to Eurocurrency LIBOR Loans by giving the Administrative Agent prior irrevocable notice of such election no later than 12:00 Noon1:00 P.M., New York City time, on the third Business Day preceding the proposed conversion date (which notice shall specify the length of the initial Interest Period therefor); provided, provided that no ABR Base Rate Loan under a particular Facility may be converted into a Eurocurrency LIBOR Loan when any Event of Default has occurred and is continuing and the Administrative Agent or the Majority Facility Lenders in respect of such Facility have determined in its or their sole discretion not to permit such conversions. Upon receipt of any such notice the Administrative Agent shall promptly notify each relevant Lender thereof.
(b) Any Eurocurrency LIBOR Loan may be continued as such upon the expiration of the then current Interest Period with respect thereto by the Borrower or relevant Subsidiary Borrower giving irrevocable notice to the Administrative Agent, in accordance with the applicable provisions of the term “Interest Period” set forth in Section 1.1, of the length of the next Interest Period to be applicable to such Loans; provided, provided that no Eurocurrency LIBOR Loan under a particular Facility may be continued as such when any Event of Default has occurred and is continuing and the Administrative Agent has or the Majority Facility Lenders in respect of such Facility have determined in its or their sole discretion not to permit such continuations (and the Administrative Agent shall notify the Borrower within a reasonable amount of time of any such determination), and continuations; provided, further, that if the Borrower or such Subsidiary Borrower shall fail to give any required notice as described above in this paragraph such Loans shall be automatically continued as Eurocurrency Loans having an Interest Period of one month in duration or if such continuation is not permitted pursuant to the preceding proviso such Loans shall be automatically converted to ABR Base Rate Loans on the last day of such then expiring Interest Period. Upon receipt of any such notice the Administrative Agent shall promptly notify each relevant Lender thereof.
Appears in 4 contracts
Sources: Credit Agreement (Centurylink, Inc), Credit Agreement (Centurylink, Inc), Credit Agreement (Centurylink, Inc)
Conversion and Continuation Options. (a) The Borrower or any Subsidiary Borrower may elect from time to time to convert outstanding Loans made or outstanding from Eurocurrency Loans to ABR Loans by giving the Administrative Agent at least two Business Days’ (or such shorter period as may be agreed by the Administrative Agent in its reasonable discretion) prior irrevocable notice of such election no later than 11:00 A.M., New York City time, on the Business Day preceding the proposed conversion dateelection, provided that any such conversion of Eurocurrency Loans may only be made on the last day of an Interest Period with respect thereto. The Borrower or any Subsidiary Borrower may elect from time to time to convert outstanding Loans from ABR Loans to Eurocurrency Loans by giving the Administrative Agent at least three Business Days’ (or such shorter period as may be agreed by the Administrative Agent in its reasonable discretion) prior irrevocable notice of such election no later than 12:00 Noon, New York City time, on the third Business Day preceding the proposed election. Any such notice of conversion date (which notice to Eurocurrency Loans shall specify the length of the initial Interest Period or Interest Periods therefor), provided that no ABR Loan under a particular Facility may be converted into a Eurocurrency Loan when any Event of Default has occurred and is continuing and the Administrative Agent or the Majority Facility Lenders in respect of such Facility have determined in its or their sole discretion not to permit such conversions. Upon receipt of any such notice the Administrative Agent shall promptly notify each relevant affected Lender thereof. All or any part of outstanding Eurocurrency Loans and ABR Loans may be converted as provided herein, provided that (i) (unless the Required Lenders otherwise consent) no Loan may be converted into a Eurocurrency Loan when any Default or Event of Default has occurred and is continuing and the Administrative Agent has given notice to the Borrower that no such conversions may be made and (ii) no Loan may be converted into a Eurocurrency Loan after the date that is one month prior to the applicable Maturity Date.
(b) Any Eurocurrency Loan may be continued as such upon the expiration of the then current Interest Period with respect thereto by the Borrower or relevant Subsidiary Borrower giving irrevocable notice to the Administrative AgentAgent of the length of the next Interest Period to be applicable to such Loan, determined in accordance with the applicable provisions of the term “Interest Period” set forth in Section subsection 1.1, of the length of the next Interest Period to be applicable to such Loans, provided that no Eurocurrency Loan under a particular Facility may be continued as such (i) (unless the Required Lenders otherwise consent) when any Default or Event of Default has occurred and is continuing and the Administrative Agent has or given notice to the Majority Facility Lenders in respect of such Facility have determined in its or their sole discretion not to permit Borrower that no such continuations may be made or (and ii) after the Administrative Agent shall notify date that is one month prior to the Borrower within a reasonable amount of time of any such determination)applicable Maturity Date, and provided, provided further, that if the Borrower or such Subsidiary Borrower shall fail to give any required notice as described above in this paragraph such Loans shall be automatically continued as Eurocurrency Loans having an Interest Period of one month in duration subsection 3.2(b) or if such continuation is not permitted pursuant to the preceding proviso such Eurocurrency Loans shall be automatically converted to ABR Loans on the last day of such then expiring Interest Period. Upon receipt of any such notice of continuation pursuant to this subsection 3.2(b), the Administrative Agent shall promptly notify each relevant affected Lender thereof.
Appears in 3 contracts
Sources: Credit Agreement (Frontdoor, Inc.), Credit Agreement (Frontdoor, Inc.), Credit Agreement (Servicemaster Global Holdings Inc)
Conversion and Continuation Options. (a) The Borrower or any Subsidiary Borrower may elect from time to time to convert Eurocurrency Eurodollar Loans to ABR Base Rate Loans by giving the Administrative Agent at least one Business Day prior irrevocable notice of such election no not later than 11:00 A.M.12:00 Noon, New York City time, on the Business Day preceding the proposed conversion date, provided that any such conversion of Eurocurrency Eurodollar Loans may only be made only on the last day of an Interest Period with respect thereto. The Borrower or any Subsidiary Borrower may elect from time to time to convert ABR Base Rate Loans to Eurocurrency Eurodollar Loans by giving the Administrative Agent at least three Business Days’ prior irrevocable notice of such election no not later than 12:00 Noon, New York City time, on the third Business Day preceding the proposed conversion date time (which notice shall specify the length of the initial Interest Period therefor), provided that no ABR Base Rate Loan under a particular Facility may be converted into a Eurocurrency Eurodollar Loan (i) when any Event of Default has occurred and is continuing and the Administrative Agent has, or the Majority Facility Lenders in respect of such Facility have have, determined in its or their sole discretion not to permit such conversionsconversions or (ii) after the date that is one month prior to the final scheduled termination or maturity date of such Facility. Upon receipt of any such notice the Administrative Agent shall promptly notify each relevant Lender thereof.
(b) Any Eurocurrency The Borrower may elect to continue any Eurodollar Loan may be continued as such upon the expiration of the then current Interest Period with respect thereto by the Borrower or relevant Subsidiary Borrower giving irrevocable notice to the Administrative Agent, in accordance with the applicable provisions of the term “Interest Period” set forth in Section 1.11.01, of the length of the next Interest Period to be applicable to such LoansLoan, provided provided, that if the Borrower shall fail to give any such required notice as described above, or notify the Administrative Agent of an intent to convert any such Eurodollar Loan to a Base Rate Loan, at least three Business Days prior to the expiration of the then current Interest Period, at the end of such Interest Period, such Loan shall be continued automatically as a Eurodollar Loan with a three-month Interest Period (unless the then final scheduled termination or maturity date for the relevant Facility would be prior to the end of such three-month Interest Period or such continuation is not permitted pursuant to the following proviso, in which case such Loan shall, absent the consent of the Administrative Agent to the contrary (which may be given or withheld in its sole discretion) then be converted automatically to a Base Rate Loan); and provided, further, that no Eurocurrency Eurodollar Loan under a particular Facility may be continued as such (i) when any Event of Default has occurred and is continuing and the Administrative Agent has has, or the Majority Facility Lenders in respect of such Facility have have, determined in its or their sole discretion not to permit such continuations or (and ii) after the Administrative Agent shall notify the Borrower within a reasonable amount of time of any such determination), and provided, further, date that if the Borrower or such Subsidiary Borrower shall fail to give any required notice as described above in this paragraph such Loans shall be automatically continued as Eurocurrency Loans having an Interest Period of is one month in duration or if such continuation is not permitted pursuant prior to the preceding proviso such Loans shall be automatically converted to ABR Loans on the last day final scheduled termination or maturity date of such then expiring Interest PeriodFacility. Upon receipt of any such notice the Administrative Agent shall promptly notify each relevant Lender thereof.
Appears in 3 contracts
Sources: Refinancing Amendment and Joinder Agreement (Verint Systems Inc), Credit Agreement (Verint Systems Inc), Credit Agreement (Verint Systems Inc)
Conversion and Continuation Options. (a) The Borrower or and any Subsidiary Borrower may elect from time to time to convert Eurocurrency Eurodollar Loans denominated in Dollars to ABR Loans by giving the Administrative Agent prior irrevocable notice of such election no later than 11:00 A.M., New York City time, on the Business Day preceding the proposed conversion date, provided that any such conversion of Eurocurrency Eurodollar Loans may only be made on the last day of an Interest Period with respect thereto. The Borrower or and any Subsidiary Borrower may elect from time to time to convert ABR Loans to Eurocurrency Eurodollar Loans denominated in Dollars by giving the Administrative Agent prior irrevocable notice of such election no later than 12:00 Noon11:00 A.M., New York City time, on the third Business Day preceding the proposed conversion date (which notice shall specify the length of the initial Interest Period therefor), provided that no ABR Loan under a particular Facility may be converted into a Eurocurrency Eurodollar Loan when any Event of Default has occurred and is continuing and the Administrative Agent or the Majority Facility Lenders in respect of such Facility have determined in its or their sole discretion not to permit such conversions. Upon receipt of any such notice the Administrative Agent shall promptly notify each relevant Lender thereof.
(b) Any Eurocurrency Eurodollar Loan may be continued as such upon the expiration of the then current Interest Period with respect thereto by the Borrower or relevant Subsidiary Borrower giving irrevocable notice to the Administrative Agent, in accordance with the applicable provisions of the term “Interest Period” set forth in Section 1.1, of the length of the next Interest Period to be applicable to such Revolving Loans, provided that no Eurocurrency Eurodollar Loan under a particular Facility denominated in Dollars may be continued as such when any Event of Default has occurred and is continuing and the Administrative Agent has or the Majority Facility Lenders in respect of such Facility have determined in its or their sole discretion not to permit such continuations (and the Administrative Agent shall notify the Borrower within a reasonable amount of time of any such determination)continuations, and provided, further, that if the Borrower or such relevant Subsidiary Borrower shall fail to give any required notice as described above in this paragraph such Loans shall be automatically continued as Eurocurrency Loans having an Interest Period of one month in duration or if such continuation is not permitted pursuant to the preceding proviso such Loans denominated in Dollars shall be automatically converted to ABR Loans on the last day of such then expiring Interest PeriodPeriod and, if the Borrower or relevant Subsidiary Borrower shall fail to give such notice of continuation of a Multicurrency Loan, such Multicurrency Loan shall be automatically continued for an Interest Period of one month. Upon receipt of any such notice the Administrative Agent shall promptly notify each relevant Lender thereof.
Appears in 3 contracts
Sources: Credit Agreement (Synopsys Inc), Credit Agreement (Synopsys Inc), Credit Agreement (Synopsys Inc)
Conversion and Continuation Options. (a) The Borrower or any Subsidiary Borrower may elect from time to time to convert Eurocurrency LIBO Rate Loans made to ABR the Borrower to Base Rate Loans by giving the Administrative Agent prior irrevocable notice of such election no later than 11:00 A.M.1:00 P.M., New York City time, on the second Business Day preceding the proposed conversion date, ; provided that if any such conversion of Eurocurrency Loans may only be made LIBO Rate Loan is so converted on any day other than the last day of an the Interest Period with respect applicable thereto, the Borrower shall also pay any amounts owing pursuant to Section 2.21. The Borrower or any Subsidiary Borrower may elect from time to time to convert ABR Base Rate Loans made to Eurocurrency the Borrower to LIBO Rate Loans by giving the Administrative Agent prior irrevocable notice of such election no later than 12:00 Noon1:00 P.M., New York City time, on the third second Business Day preceding the proposed conversion date (which notice shall specify the length of the initial Interest Period therefor), ; provided that no ABR Base Rate Loan under a particular Facility may be converted into a Eurocurrency LIBO Rate Loan when any Event of Default has occurred and is continuing and the Administrative Agent or the Majority Facility Lenders in respect of such Facility have determined in its or their sole discretion not to permit such conversions. Upon receipt of any such notice the Administrative Agent shall promptly notify each relevant Lender thereof.
(b) Any Eurocurrency LIBO Rate Loan may be continued as such upon the expiration of the then current Interest Period with respect thereto by the Borrower or relevant Subsidiary Borrower giving irrevocable notice to the Administrative Agent, in accordance with the applicable provisions of the term “Interest Period” set forth in Section 1.11.1 and no later than 1:00 P.M., New York City time, on the second Business Day preceding the proposed continuation date, of the length of the next Interest Period to be applicable to such Loans, ; provided that if any LIBO Rate Loan is so continued on any day other than the last day of the Interest Period applicable thereto, the Borrower shall also pay any amounts owing pursuant to Section 2.21 and; provided, further, that no Eurocurrency LIBO Rate Loan under a particular Facility may be continued as such when any Event of Default has occurred and is continuing and the Administrative Agent has or the Majority Facility Lenders in respect of such Facility have determined in its or their sole discretion not to permit such continuations (and the Administrative Agent shall notify the Borrower within a reasonable amount of time of any such determination), and and; provided, further, that if the Borrower or such Subsidiary Borrower shall fail to give any required notice as described above in this paragraph such Loans shall be automatically continued as Eurocurrency Loans having an Interest Period of one month in duration or if such continuation is not permitted pursuant to the preceding proviso such Loans shall be automatically converted to ABR Base Rate Loans on the last day of such then expiring Interest Period. Upon receipt of any such notice the Administrative Agent shall promptly notify each relevant Lender thereof.
Appears in 3 contracts
Sources: Credit Agreement (Allison Transmission Holdings Inc), Credit Agreement (Allison Transmission Holdings Inc), Credit Agreement (Allison Transmission Holdings Inc)
Conversion and Continuation Options. (a) The Borrower or any Subsidiary Borrower may elect from time to time to convert Eurocurrency Loans denominated in Dollars to ABR Loans by giving the Administrative Agent prior irrevocable notice of such election no not later than 11:00 A.M., New York City time, on the one Business Day preceding prior to the proposed conversion datedate of conversion, provided that any such conversion of Eurocurrency Loans may only be made on the last day of an Interest Period with respect thereto. The Borrower or any Subsidiary Borrower may elect from time to time to convert its ABR Loans to Eurocurrency Loans denominated in Dollars by giving the Administrative Agent prior irrevocable notice of such election no later than 12:00 Noon, New York City time, on the third Business Day preceding the proposed conversion date (which notice shall specify the length of the initial Interest Period therefor)) not later than 11:00 A.M., New York City time, three Business Days prior to the date of conversion, provided that no ABR Loan under a particular Facility may be converted into a Eurocurrency Loan when any Event of Default has occurred and is continuing and the Administrative Agent or the Majority Facility Required Lenders in respect of such Facility have determined in its or their sole discretion not to permit such conversions. Upon receipt of any such notice the Administrative Agent shall promptly notify each relevant Lender thereof.
(b) Any Eurocurrency Loan may be continued as such upon the expiration of the then current Interest Period with respect thereto by the Borrower or relevant Subsidiary Borrower giving irrevocable notice to the Administrative Agent, in accordance with the applicable provisions of the term “"Interest Period” " set forth in Section 1.1, of the length of the next Interest Period to be applicable to such Loans, provided that no Eurocurrency Loan under a particular Facility denominated in Dollars may be continued as such when any Event of Default has occurred and is continuing and the Administrative Agent has or the Majority Facility Required Lenders in respect of such Facility have determined in its or their sole discretion not to permit such continuations (and the Administrative Agent shall notify the Borrower within a reasonable amount of time of any such determination)continuation, and provided, further, that if the Borrower or such Subsidiary Borrower shall fail to give any required notice as described above in this paragraph such Loans shall be automatically continued as Eurocurrency Loans having an Interest Period of one month in duration or if such continuation is not permitted pursuant to the preceding proviso any such Loans denominated in Dollars shall be automatically converted to ABR Loans on the last day of such then expiring Interest PeriodPeriod and, if the Borrower shall fail to give such notice of continuation of a Foreign Currency Loan, such Foreign Currency Loan shall be automatically continued for an Interest Period of one month. Upon receipt of any such notice the Administrative Agent shall promptly notify each relevant Lender thereof.
Appears in 3 contracts
Sources: Credit Agreement (Thermo Electron Corp), 364 Day Credit Agreement (Thermo Electron Corp), 364 Day Credit Agreement (Thermo Electron Corp)
Conversion and Continuation Options. (a) The Borrower or any Subsidiary Borrower Company may elect from time to time to convert Eurocurrency LIBOR Loans to ABR Loans Base Rate Loans, by giving the General Administrative Agent at least two Business Days' prior irrevocable notice of such election no later than 11:00 A.M., New York City time, on the Business Day preceding the proposed conversion date, election; provided that any such conversion of Eurocurrency LIBOR Loans may only be made on the last day of an Interest Period with respect thereto. The Borrower or any Subsidiary Borrower Company may elect from time to time to convert ABR Base Rate Loans to Eurocurrency LIBOR Loans by giving the General Administrative Agent at least three Business Days' prior irrevocable notice of such election no later than 12:00 Noon, New York City time, on the third Business Day preceding the proposed election. Any such notice of conversion date (which notice to LIBOR Loans shall specify the length of the initial Interest Period or Interest Periods therefor). Upon receipt of any such notice the General Administrative Agent shall promptly notify each affected Lender thereof. All or any part of outstanding LIBOR Loans and Base Rate Loans may be converted as provided herein, provided that (i) no ABR Base Rate Loan under a particular Facility may be converted into a Eurocurrency LIBOR Loan when any Event of Default has occurred and is continuing and the General Administrative Agent has or the Majority Facility Lenders in respect of such Facility have determined in its or their sole discretion that such a conversion is not appropriate and (ii) no Loan may be converted into a LIBOR Loan after the date that is one month prior to permit the final maturity date of such conversions. Upon receipt of any such notice the Administrative Agent shall promptly notify each relevant Lender thereofFacility.
(b) Any Eurocurrency Loan LIBOR Loans may be continued as such upon the expiration of the then current Interest Period with respect thereto by the Borrower or relevant Subsidiary Borrower Company giving irrevocable notice to the General Administrative Agent, in accordance with the applicable provisions of the term “"Interest Period” " set forth in Section 1.1, of the length of the next Interest Period to be applicable to such Loans, provided that no Eurocurrency LIBOR Loan under a particular Facility may be continued as such (i) when any Event of Default has occurred and is continuing and the General Administrative Agent has or the Majority Facility Lenders in respect of such Facility have determined in its or their sole discretion that such a continuation is not appropriate or (ii) after the date that is one month prior to permit the final maturity date of such continuations (and the Administrative Agent shall notify the Borrower within a reasonable amount of time of any such determination), Facility and provided, further, that if the Borrower or such Subsidiary Borrower Company shall fail to give any required such notice as described above in this paragraph such Loans shall be automatically continued as Eurocurrency Loans having an Interest Period of one month in duration or if such continuation is not permitted pursuant to the preceding proviso such Loans shall be automatically converted to ABR Base Rate Loans on the last day of such then expiring Interest Period. Upon receipt of any such notice the General Administrative Agent shall promptly notify each relevant Lender thereof.
Appears in 3 contracts
Sources: Credit Agreement (Laidlaw Environmental Services Inc), Credit Agreement (Laidlaw Environmental Services Inc), Credit Agreement (Laidlaw Environmental Services Inc)
Conversion and Continuation Options. (a) The Borrower or any Subsidiary Borrower may elect from time to time to convert Eurocurrency Eurodollar Loans to ABR Loans by giving the Administrative Agent prior irrevocable notice in the form of Exhibit G of such election no later than 11:00 A.M.1:00 P.M., New York City time, on the Business Day preceding the proposed conversion date; provided, provided that any such conversion of Eurocurrency Eurodollar Loans may only be made on the last day of an Interest Period with respect thereto. The Borrower or any Subsidiary Borrower may elect from time to time to convert ABR Loans to Eurocurrency Eurodollar Loans by giving the Administrative Agent prior irrevocable notice in the form of Exhibit G of such election no later than 12:00 Noon1:00 P.M., New York City time, on the third Business Day preceding the proposed conversion date (which notice shall specify the length of the initial Interest Period therefor); provided, provided that no ABR Loan under a particular Facility may be converted into a Eurocurrency Eurodollar Loan when any Event of Default has occurred and is continuing and the Administrative Agent or the Majority Facility Lenders in respect of such Facility have determined in its or their sole discretion not to permit such conversions. Upon receipt of any such notice the Administrative Agent shall promptly notify each relevant Lender thereof.
(ba) Any Eurocurrency Eurodollar Loan may be continued as such upon the expiration of the then current Interest Period with respect thereto by the Borrower or relevant Subsidiary Borrower giving irrevocable notice to the Administrative AgentAgent in the form of Exhibit G, in accordance with the applicable provisions of the term “Interest Period” set forth in Section 1.1, of the length of the next Interest Period to be applicable to such Loans; provided, provided that no Eurocurrency Eurodollar Loan under a particular Facility may be continued as such when any Event of Default has occurred and is continuing and the Administrative Agent has or the Majority Facility Lenders in respect of such Facility have determined in its or their sole discretion not to permit such continuations (and the Administrative Agent shall notify the Borrower within a reasonable amount of time of any such determination), and provided, continuations; provided further, that if the Borrower or such Subsidiary Borrower shall fail to give any required notice as described above in this paragraph such Loans shall be automatically continued as Eurocurrency Loans having an Interest Period of one month in duration or if such continuation is not permitted pursuant to the preceding proviso such Loans shall be automatically converted to ABR Loans on the last day of such then expiring Interest Period. Upon receipt of any such notice the Administrative Agent shall promptly notify each relevant Lender thereof.
Appears in 3 contracts
Sources: Credit Agreement (WEB.COM Group, Inc.), Credit Agreement (WEB.COM Group, Inc.), Credit Agreement (WEB.COM Group, Inc.)
Conversion and Continuation Options. (a) The Borrower or any Subsidiary Borrower may elect from time to time to convert Eurocurrency Eurodollar Loans to ABR Loans by giving the Administrative Agent at least two Business Days’ prior irrevocable notice written notice, substantially in the form of Exhibit I, of such election no later than 11:00 A.M., New York City time, on the Business Day preceding the proposed conversion date, election; provided that any such conversion of Eurocurrency Eurodollar Loans may only be made on the last day of an Interest Period with respect thereto. The Borrower or any Subsidiary Borrower may elect from time to time to convert ABR Loans (other than ABR Loans which are Swingline Loans) to Eurocurrency Eurodollar Loans by giving the Administrative Agent at least three Business Days’ prior irrevocable written notice, substantially in the form of Exhibit I, of such election. Any such notice of such election no later than 12:00 Noon, New York City time, on the third Business Day preceding the proposed conversion date (which notice 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 outstanding Eurodollar Loans and ABR Loans may be converted as provided herein; provided that (x) no ABR Loan under a particular Facility may be converted into a Eurocurrency Eurodollar Loan when any Event of Default has occurred and is continuing and the Administrative Agent has or the Majority Facility Required Lenders in respect of such Facility have determined in its or their sole discretion that such a conversion is not appropriate and (y) no Swingline Loan may be converted to permit such conversions. Upon receipt of any such notice the Administrative Agent shall promptly notify each relevant Lender thereofa Eurodollar Loan.
(b) Any Eurocurrency Eurodollar Loan may be continued as such upon the expiration of the then current Interest Period with respect thereto by the Borrower or relevant Subsidiary Borrower giving irrevocable notice written notice, substantially in the form of Exhibit I, to the Administrative Agent, in accordance with the applicable provisions of the term “Interest Period” set forth in Section 1.1, of the length of the next Interest Period to be applicable to such Loans, Loan; provided that no Eurocurrency Eurodollar Loan under a particular Facility may be continued as such when any Event of Default has occurred and is continuing and the Administrative Agent has or notified the Majority Facility Borrower that the Required Lenders in respect of such Facility have determined in its or their sole discretion that such a continuation is not to permit such continuations (and the Administrative Agent shall notify the Borrower within a reasonable amount of time of any such determination), appropriate; and provided, further, that (i) if the Borrower or such Subsidiary Borrower shall fail fails to give any required such notice as described above in this paragraph such Loans shall be automatically continued as Eurocurrency Loans having an Interest Period of one month in duration or if such continuation is not permitted pursuant to the preceding proviso permitted, then such Loans Eurodollar Loan shall be automatically converted to an ABR Loans Loan on the last day of such then expiring Interest Period and (ii) if the Borrower gives a notice of continuation but fails to specify the applicable Interest Period. Upon receipt of any such notice , then the Administrative Agent Borrower shall promptly notify each relevant Lender thereofbe deemed to have requested a one-month Interest Period.
Appears in 3 contracts
Sources: Credit Agreement (Affiliated Managers Group Inc), Credit Agreement (Affiliated Managers Group Inc), Credit Agreement (Affiliated Managers Group Inc)
Conversion and Continuation Options. (a) The Borrower or any Subsidiary Borrower Borrowers’ Agent may elect from time to time to convert Eurocurrency Convert Eurodollar Loans to ABR Base Rate Loans by giving the Administrative Agent at least two (2) Business Days’ prior irrevocable notice of such election no later than 11:00 A.M.in the form attached hereto as Annex II (the “Continuation/Conversion Notice”), New York City time, on such Continuation/Conversion Notice specifying the Business Day preceding amount and the proposed conversion date, date such Conversion is to be made; provided that any such conversion Conversion of Eurocurrency Eurodollar Loans may only be made on the last day of an Interest Period with respect thereto. The Borrower or any Subsidiary Borrower Borrowers’ Agent may elect from time to time to convert ABR Convert Base Rate Loans to Eurocurrency Eurodollar Loans by giving the Administrative Agent prior irrevocable notice of such election no later than 12:00 Noon, (in the form of a Continuation/Conversion Notice) prior to 1:00 p.m. (New York City time) at its New York office, on three (3) Business Days before the third Business Day preceding the proposed conversion date (which of such election. Any such notice of Conversion to Eurodollar Loans shall specify the amount to be Converted, the date of such Conversion and 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 outstanding Eurodollar Loans or Base Rate Loans may be Converted as provided herein; provided that (i) no ABR Base Rate Loan under a particular Facility may be converted Converted into a Eurocurrency Eurodollar Loan when any Event of Default has occurred and is continuing and the Administrative Agent has or the Majority Required Lenders have reasonably determined that such a Conversion is not appropriate and (ii) no Base Rate Loan may be Converted into a Eurodollar Loan after the date that is one (1) month prior to the Revolving Facility Lenders in respect of such Facility have determined in its or their sole discretion not to permit such conversions. Upon receipt of any such notice the Administrative Agent shall promptly notify each relevant Lender thereofCommitment Termination Date.
(b) Any Eurocurrency Loan Eurodollar Loans may be continued Continued as such upon the expiration of the then current Interest Period with respect thereto by the Borrower or relevant Subsidiary Borrower Borrowers’ Agent giving the Administrative Agent irrevocable notice (in the form of a Continuation/Conversion Notice) prior to 1:00 p.m. (New York City time), at its New York office, in each case, three (3) Business Days before the Administrative Agentdate such Eurodollar Loans are to be Continued, in accordance with the applicable provisions of the term “Interest Period” set forth in Section 1.1, of the length of the next Interest Period to be applicable to such Loans, provided that no Eurocurrency Loan under a particular Facility may be continued as such when any Event of Default has occurred and is continuing and . If the Administrative Borrowers’ Agent has or the Majority Facility Lenders in respect of such Facility have determined in its or their sole discretion not to permit such continuations (and the Administrative Agent shall notify the Borrower within a reasonable amount of time of any such determination), and provided, further, that if the Borrower or such Subsidiary Borrower shall fail fails to give any required timely notice as described above in this paragraph such requesting a Continuation, then the applicable Loans shall be automatically continued as Eurocurrency Loans having an Interest Period of one month in duration or if such continuation is not permitted pursuant Converted to the preceding proviso such Base Rate Loans. Any automatic Conversion to Base Rate Loans shall be automatically converted to ABR Loans on effective as of the last day of such the Interest Period then expiring Interest Period. Upon receipt of any such notice in effect with respect to the Administrative Agent shall promptly notify each relevant Lender thereofapplicable Eurodollar Loans.
Appears in 3 contracts
Sources: Credit Agreement (Cypress Environmental Partners, L.P.), Credit Agreement (Cypress Environmental Partners, L.P.), Credit Agreement (Cypress Energy Partners, L.P.)
Conversion and Continuation Options. (a) The Borrower or any Subsidiary Borrower Borrowers’ Agent may elect from time to time to convert Eurocurrency Convert Eurodollar Loans to ABR Base Rate Loans by giving the Administrative Agent at least two (2) Business Days’ prior irrevocable notice of such election no later than 11:00 A.M.in the form attached hereto as Annex II (the “Continuation/Conversion Notice”), New York City time, on such Continuation/Conversion Notice specifying the Business Day preceding amount and the proposed conversion date, date such Conversion is to be made; provided that any such conversion Conversion of Eurocurrency Eurodollar Loans may only be made on the last day of an Interest Period with respect thereto. The Borrower or any Subsidiary Borrower Borrowers’ Agent may elect from time to time to convert ABR Convert Base Rate Loans to Eurocurrency Eurodollar Loans by giving the Administrative Agent prior irrevocable notice of such election no later than 12:00 Noon, (in the form of a Continuation/Conversion Notice) prior to 1:00 p.m. (New York City time) at its New York office, on three (3) Business Days before the third Business Day preceding the proposed conversion date (which of such election. Any such notice of Conversion to Eurodollar Loans shall specify the amount to be Converted, the date of such Conversion and 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 outstanding Eurodollar Loans or Base Rate Loans may be Converted as provided herein; provided that (i) no ABR Base Rate Loan under a particular Facility may be converted Converted into a Eurocurrency Eurodollar Loan when any Event of Default has occurred and is continuing and the Administrative Agent has or the Majority Facility Required Lenders in respect of have reasonably determined that such Facility have determined in its or their sole discretion a Conversion is not appropriate and (ii) no Base Rate Loan may be Converted into a Eurodollar Loan after the date that is one (1) month prior to permit such conversions. Upon receipt of any such notice the Administrative Agent shall promptly notify each relevant Lender thereofCommitment Termination Date.
(b) Any Eurocurrency Loan Eurodollar Loans may be continued Continued as such upon the expiration of the then current Interest Period with respect thereto by the Borrower or relevant Subsidiary Borrower Borrowers’ Agent giving the Administrative Agent irrevocable notice (in the form of a Continuation/Conversion Notice) prior to 1:00 p.m. (New York City time), at its New York office, in each case, three (3) Business Days before the Administrative Agentdate such Eurodollar Loans are to be Continued, in accordance with the applicable provisions of the term “Interest Period” set forth in Section 1.1, of the length of the next Interest Period to be applicable to such Loans, provided that no Eurocurrency Loan under a particular Facility may be continued as such when any Event of Default has occurred and is continuing and . If the Administrative Borrowers’ Agent has or the Majority Facility Lenders in respect of such Facility have determined in its or their sole discretion not to permit such continuations (and the Administrative Agent shall notify the Borrower within a reasonable amount of time of any such determination), and provided, further, that if the Borrower or such Subsidiary Borrower shall fail fails to give any required timely notice as described above in this paragraph such requesting a Continuation, then the applicable Loans shall be automatically continued as Eurocurrency Loans having an Interest Period of one month in duration or if such continuation is not permitted pursuant Converted to the preceding proviso such Base Rate Loans. Any automatic Conversion to Base Rate Loans shall be automatically converted to ABR Loans on effective as of the last day of such the Interest Period then expiring Interest Period. Upon receipt of any such notice in effect with respect to the Administrative Agent shall promptly notify each relevant Lender thereofapplicable Eurodollar Loans.
Appears in 3 contracts
Sources: Credit Agreement (Cypress Energy Partners, L.P.), Credit Agreement (Cypress Energy Partners, L.P.), Credit Agreement (Cypress Energy Partners, L.P.)
Conversion and Continuation Options. (a) The Borrower or any Subsidiary Borrower may elect from time to time to convert Eurocurrency Eurodollar Loans made to the Borrower to ABR Loans by giving the Administrative Agent prior irrevocable notice of such election no later than 11:00 A.M.1:00 P.M., New York City time, on the second Business Day preceding the proposed conversion date, ; provided that if any such conversion of Eurocurrency Loans may only be made Eurodollar Loan is so converted on any day other than the last day of an the Interest Period with respect applicable thereto, the Borrower shall also pay any amounts owing pursuant to Section 2.21. The Borrower or any Subsidiary Borrower may elect from time to time to convert ABR Loans made to Eurocurrency the Borrower to Eurodollar Loans by giving the Administrative Agent prior irrevocable notice of such election no later than 12:00 Noon1:00 P.M., New York City time, on the third Business Day preceding the proposed conversion date (which notice shall specify the length of the initial Interest Period therefor), ; provided that no ABR Loan under a particular Facility may be converted into a Eurocurrency Eurodollar Loan when any Event of Default has occurred and is continuing and the Administrative Agent or the Majority Facility Lenders in respect of such Facility have determined in its or their sole discretion not to permit such conversions. Upon receipt of any such notice the Administrative Agent shall promptly notify each relevant Lender thereof.
(b) Any Eurocurrency Eurodollar Loan may be continued as such upon the expiration of the then current Interest Period with respect thereto by the Borrower or relevant Subsidiary Borrower giving irrevocable notice to the Administrative Agent, in accordance with the applicable provisions of the term “Interest Period” set forth in Section 1.11.1 and no later than 1:00 P.M., New York City time, on the third Business Day preceding the proposed continuation date, of the length of the next Interest Period to be applicable to such Loans, ; provided that if any Eurodollar Loan is so continued on any day other than the last day of the Interest Period applicable thereto, the Borrower shall also pay any amounts owing pursuant to Section 2.21 and; provided, further, that no Eurocurrency Eurodollar Loan under a particular Facility may be continued as such when any Event of Default has occurred and is continuing and the Administrative Agent has or the Majority Facility Lenders in respect of such Facility have determined in its or their sole discretion not to permit such continuations (and the Administrative Agent shall notify the Borrower within a reasonable amount of time of any such determination), and and; provided, further, that if the Borrower or such Subsidiary Borrower shall fail to give any required notice as described above in this paragraph such Loans shall be automatically continued as Eurocurrency Loans having an Interest Period of one month in duration or if such continuation is not permitted pursuant to the preceding proviso such Loans shall be automatically converted to ABR Loans on the last day of such then expiring Interest Period. Upon receipt of any such notice the Administrative Agent shall promptly notify each relevant Lender thereof.
Appears in 3 contracts
Sources: Credit Agreement (Yankee Finance, Inc.), First Lien Credit Agreement (Vertrue Inc), Credit Agreement (Yankee Holding Corp.)
Conversion and Continuation Options. (a) The Borrower Company or any Subsidiary Borrower may elect from time to time to convert Eurocurrency Loans in Dollars to ABR Loans by giving the Administrative Agent prior irrevocable notice of such election no later than 11:00 A.M.1:00 P.M., New York City time, on the third Business Day preceding the proposed conversion date, provided provided, that any such conversion of Eurocurrency Loans may only be that is not made on the last day of an Interest Period with respect theretothereto shall be subject to Section 2.25. The Borrower Company or any Subsidiary Borrower may elect from time to time to convert ABR Loans to Eurocurrency Loans denominated in Dollars by giving the Administrative Agent prior irrevocable notice of such election no later than 12:00 Noon1:00 P.M., New York City time, on the third Business Day preceding the proposed conversion date (which notice shall specify the length of the initial Interest Period therefor); provided, provided that no ABR Loan under a particular Facility may be converted into a Eurocurrency Loan denominated in Dollars when (after giving effect to such Loan and to the application of proceeds thereof) any Event of Default has occurred and is continuing and the Administrative Agent has or the Majority Facility Lenders in respect of such Facility have determined in its or their sole discretion not to permit such conversionsconversions (and the Administrative Agent shall notify the Company within a reasonable amount of time of any such determination). Upon receipt of any such notice conversion notice, the Administrative Agent shall promptly notify each relevant Lender Lender, the Company and any relevant Subsidiary Borrower thereof.
(b) Any Eurocurrency Loan may be continued as such upon the expiration of the then current Interest Period with respect thereto by the Borrower Company or relevant Subsidiary Borrower giving irrevocable notice to the Administrative Agent, in accordance with the applicable provisions of the term “Interest Period” set forth in Section 1.1, of the length of the next Interest Period Period(s) to be applicable to such Loans; provided, provided that no Eurocurrency notwithstanding any contrary provision hereof, if (after giving effect to such Loan under a particular Facility may be continued as such when any and to the application of proceeds thereof) an Event of Default has occurred and is continuing and the Administrative Agent has or Agent, at the request of the Majority Facility Lenders in respect of such any Facility have determined or in its or their sole discretion not discretion, so notifies the Company, then, so long as an Event of Default is continuing, other than to permit such continuations the extent repaid, (i) each Eurocurrency Loan denominated in Dollars under the relevant Facility shall be converted to an ABR Loan at the end of the Interest Period applicable thereto and (ii) each Eurocurrency Loan denominated in an Optional Currency under the Administrative Agent applicable Facility shall notify be converted at the Borrower within end of the Interest Period applicable thereto to a reasonable amount Eurocurrency Loan with an Interest Period of time of any such determination), two weeks; and provided, further, that if the Borrower Company or such Subsidiary Borrower shall fail to give any required notice as described above in this paragraph such Loans shall be automatically continued as a Eurocurrency Loans having an Interest Period of one month in duration or if such continuation is not permitted pursuant to the preceding proviso such Loans shall be automatically converted to ABR Loans Loan, on the last day of such then expiring Interest Period and shall have an Interest Period of the same duration as the expiring Interest Period. Upon receipt of any such continuation notice (or any such automatic continuation), the Administrative Agent shall promptly notify each relevant Lender Lender, the Company and any relevant Subsidiary Borrower thereof.
Appears in 3 contracts
Sources: 3 Year Revolving Credit Agreement (General Motors Financial Company, Inc.), 3 Year Revolving Credit Agreement (General Motors Co), Revolving Credit Agreement (General Motors Financial Company, Inc.)
Conversion and Continuation Options. (a) The Borrower or any Subsidiary Borrower may elect from time to time to convert Eurocurrency Eurodollar Loans to ABR Base Rate Loans by giving the Administrative Agent prior irrevocable notice of such election no later than 11:00 A.M.12:00 noon, New York City time, on the Business Day preceding the proposed conversion date, provided that any such conversion of Eurocurrency Eurodollar Loans may only be made on the last day of an Interest Period with respect thereto. The Borrower or any Subsidiary Borrower may elect from time to time to convert ABR Base Rate Loans to Eurocurrency Eurodollar Loans by giving the Administrative Agent prior irrevocable notice of such election no later than 12:00 Noonnoon, New York City time, on the third Business Day preceding the proposed conversion date (which notice shall specify the length of the initial Interest Period therefor), provided that no ABR Base Rate Loan under a particular Facility may be converted into a Eurocurrency Eurodollar Loan when any Event of Default has occurred and is continuing and the Administrative Agent or the Majority Facility Lenders in respect of such Facility have determined in its or their sole discretion not to permit such conversions. Upon receipt of any such notice the Administrative Agent shall promptly notify each relevant Lender thereof.
(b) Any Eurocurrency Eurodollar Loan may be continued as such upon the expiration of the then current Interest Period with respect thereto by the Borrower or relevant Subsidiary Borrower giving irrevocable notice to the Administrative Agent, in accordance with the applicable provisions of the term “Interest Period” set forth in Section 1.1, of the length of the next Interest Period to be applicable to such Loans, ; provided that no Eurocurrency Eurodollar Loan under a particular Facility may be continued as such when any Event of Default has occurred and is continuing and the Administrative Agent has or the Majority Facility Lenders in respect of such Facility have determined in its or their sole discretion not to permit such continuations (and the Administrative Agent shall notify the Borrower within a reasonable amount of time of any such determination), and continuations; provided, further, that if the Borrower or such Subsidiary Borrower shall fail to give any required notice as described above in this paragraph such Loans shall be automatically continued as Eurocurrency Loans having an Interest Period of one month in duration or if such continuation is not permitted pursuant to the preceding proviso such Eurodollar Loans shall be automatically converted to ABR Base Rate Loans on the last day of such then expiring Interest Period. Upon receipt of any such notice the Administrative Agent shall promptly notify each relevant Lender thereof.
Appears in 3 contracts
Sources: Credit Agreement (Henry Schein Inc), Credit Agreement (Henry Schein Inc), Credit Agreement (Henry Schein Inc)
Conversion and Continuation Options. (a) The Borrower or any Subsidiary Borrower may elect from time to time to convert Eurocurrency Eurodollar Loans made to ABR the Borrower to Base Rate Loans by giving the Administrative Agent at least two Business Days’ prior irrevocable notice (which may be telephonic) of such election no later than 11:00 A.M., New York City time, on the Business Day preceding the proposed conversion date, provided that any such conversion of Eurocurrency Loans may only be made on the last day of an Interest Period with respect theretoelection. The Borrower or any Subsidiary Borrower may elect from time to time to convert ABR Base Rate Loans made to Eurocurrency the Borrower to Eurodollar Loans by giving the Administrative Agent at least three Business Days’ prior irrevocable notice (which may be telephonic) of such election no later than 12:00 Noon, New York City time, on the third Business Day preceding the proposed conversion date (which notice shall specify the length of the initial Interest Period therefor); provided, however, that if the Borrower wishes to request Eurodollar Loans having an Interest Period of nine or twelve months in duration as provided in the definition of “Interest Period”, the applicable notice must be received by the Administrative Agent not later than 11:00 A.M. four Business Days prior to the requested date of such conversion or continuation, whereupon the Administrative Agent shall give prompt notice to the Lenders of such request and determine whether the requested Interest Period is unavailable to any of them. Not later than 10:00 A.M. three Business Days before the requested date of such conversion or continuation, the Administrative Agent shall notify the Borrower (which notice may be by telephone) whether or not the requested Interest Period is unavailable to any of the Lenders, provided, further that no ABR Base Rate Loan under a particular Facility may be converted into to a Eurocurrency Eurodollar Loan (i) when any Event of Default has occurred and is continuing and the Administrative Agent or the Majority Facility Lenders in respect of such Facility have determined in its or their sole discretion not to permit such conversionsconversions or (ii) during the one month period immediately prior to the Revolving Credit Termination Date. Each telephonic notice by the Borrower pursuant to this Section 2.9 must be confirmed promptly by delivery to the Administrative Agent of a written Borrowing Request appropriately completed and signed by a Responsible Officer of the Borrower. If the Borrower requests a conversion to a Eurodollar Loan in any Borrowing Request, but fails to specify an Interest Period, it will be deemed to have specified an Interest Period of one month. Upon receipt of any such notice the Administrative Agent shall promptly notify each relevant Lender the Lenders thereof.
(b) Any Eurocurrency The Borrower may elect to continue any Eurodollar Loan may be continued made to the Borrower as such upon the expiration of the then current Interest Period with respect thereto by the Borrower or relevant Subsidiary Borrower giving irrevocable notice (which may be telephonic) to the Administrative Agent, in accordance with the applicable provisions of the term “Interest Period” set forth in Section 1.1, of the length of the next Interest Period to be applicable to such Loans, provided that no Eurocurrency Eurodollar Loan under a particular Facility may be continued as such (i) when any Event of Default has occurred and is continuing and the Administrative Agent has or the Majority Facility Lenders in respect of such Facility have determined in its or their sole discretion not to permit such continuations or (and ii) during the Administrative Agent shall notify one month period immediately prior to the Borrower within a reasonable amount of time of any such determination)Revolving Credit Termination Date, and provided, further, that if the Borrower or such Subsidiary Borrower shall fail to give any required notice as described above in this paragraph such Loans shall be automatically continued as Eurocurrency Loans having an Interest Period of one month in duration or if such continuation is not permitted pursuant to the preceding proviso proviso, such Loans shall be converted automatically converted to ABR Base Rate Loans on the last day of such then expiring Interest Period. Each telephonic notice by the Borrower pursuant to this Section 2.9 must be confirmed promptly by delivery to the Administrative Agent of a written Borrowing Request appropriately completed and signed by a Responsible Officer of the Borrower. Upon receipt of any such notice the Administrative Agent shall promptly notify each relevant Lender the Lenders thereof.
Appears in 2 contracts
Sources: Credit Agreement (White Mountains Insurance Group LTD), Credit Agreement (White Mountains Insurance Group LTD)
Conversion and Continuation Options. (a) The Borrower or any Subsidiary Borrower may elect from time to time to convert outstanding Loans made or outstanding from Eurocurrency Loans to ABR Loans by giving the Administrative Agent at least two Business Days’ (or such shorter period as may be agreed by the Administrative Agent in its reasonable discretion) prior irrevocable notice of such election no later than 11:00 A.M., New York City time, on the Business Day preceding the proposed conversion dateelection, provided that any such conversion of Eurocurrency Loans made or outstanding may only be made on the last day of an Interest Period with respect thereto. The Borrower or any Subsidiary Borrower may elect from time to time to convert outstanding Loans from ABR Loans to Eurocurrency Loans by giving the Administrative Agent at least three Business Days’ (or such shorter period as may be agreed by the Administrative Agent in its reasonable discretion) prior irrevocable notice of such election no later than 12:00 Noon, New York City time, on the third Business Day preceding the proposed election. Any such notice of conversion date (which notice to Eurocurrency Loans shall specify the length of the initial Interest Period or Interest Periods therefor), provided that no ABR Loan under a particular Facility may be converted into a Eurocurrency Loan when any Event of Default has occurred and is continuing and the Administrative Agent or the Majority Facility Lenders in respect of such Facility have determined in its or their sole discretion not to permit such conversions. Upon receipt of any such notice the Administrative Agent shall promptly notify each relevant affected Lender thereof. All or any part of outstanding Eurocurrency Loans made or outstanding and ABR Loans may be converted as provided herein, provided that (i) (unless the Required Lenders otherwise consent) no Loan may be converted into a Eurocurrency Loan when any Default or Event of Default has occurred and is continuing and the Administrative Agent has given notice to the Borrower that no such conversions may be made and (ii) no Loan may be converted into a Eurocurrency Loan after the date that is three Business Days prior to the Maturity Date.
(b) Any Eurocurrency Loan may be continued as such upon the expiration of the then current Interest Period with respect thereto by the Borrower or relevant Subsidiary Borrower giving irrevocable notice to the Administrative AgentAgent of the length of the next Interest Period to be applicable to such Loan, determined in accordance with the applicable provisions of the term “Interest Period” set forth in Section subsection 1.1, of the length of the next Interest Period to be applicable to such Loans, provided that no Eurocurrency Loan under a particular Facility may be continued as such (i) (unless the Required Lenders otherwise consent) when any Default or Event of Default has occurred and is continuing and the Administrative Agent has or given notice to the Majority Facility Lenders in respect of such Facility have determined in its or their sole discretion not to permit Borrower that no such continuations may be made or (and ii) after the Administrative Agent shall notify date that is three Business Days prior to the Borrower within a reasonable amount of time of any such determination)Maturity Date, and provided, provided further, that if the Borrower or such Subsidiary Borrower shall fail to give any required notice as described above in this paragraph such Loans shall be automatically continued as Eurocurrency Loans having an Interest Period of one month in duration subsection 3.2(b) or if such continuation is not permitted pursuant to the preceding proviso such Eurocurrency Loans shall be automatically converted to ABR Loans on the last day of such then expiring Interest Period. Upon receipt of any such notice of continuation pursuant to this subsection 3.2(b), the Administrative Agent shall promptly notify each relevant affected Lender thereof.
Appears in 2 contracts
Sources: Credit Agreement (Servicemaster Global Holdings Inc), Credit Agreement (Servicemaster Global Holdings Inc)
Conversion and Continuation Options. (a) The Borrower Company or any Subsidiary Borrower may elect from time to time to convert Eurocurrency Term Benchmark Loans in Dollars to Daily Simple SOFR Loans or ABR Loans by giving the Administrative Agent prior irrevocable notice of such election no later than 11:00 A.M.1:00 P.M., New York City time, on the third Business Day preceding the proposed conversion date, provided provided, that any such conversion of Eurocurrency Term Benchmark Loans may only be that is not made on the last day of an Interest Period with respect theretothereto shall be subject to Section 2.22. The Company or any Subsidiary Borrower may elect from time to time to convert (x) Daily Simple SOFR Loans to ABR Loans or (y) ABR Loans to Daily Simple SOFR Loans, in each case, by giving the Administrative Agent prior irrevocable notice of such election no later than 1:00 P.M., New York City time, on the third Business Day preceding the proposed conversion date. The Company or any Subsidiary Borrower may elect from time to time to convert ABR Loans or Daily Simple SOFR Loans to Eurocurrency Term Benchmark Loans by giving the Administrative Agent prior irrevocable notice of such election no later than 12:00 Noon1:00 P.M., New York City time, on the third Business Day preceding the proposed conversion date (which notice shall specify the length of the initial Interest Period therefor); provided, provided that no ABR Loan under a particular Facility may be converted into a Eurocurrency Term Benchmark Loan when (after giving effect to such Loan and to the application of proceeds thereof) any Event of Default has occurred and is continuing and the Administrative Agent has or the Majority Facility Required Lenders in respect of such Facility have determined in its or their sole discretion not to permit such conversionsconversions (and the Administrative Agent shall notify the Company within a reasonable amount of time of any such determination). Upon receipt of any such notice conversion notice, the Administrative Agent shall promptly notify each relevant Lender Lender, the Company and any relevant Subsidiary Borrower thereof.
(b) Any Eurocurrency Term Benchmark Loan may be continued as such upon the expiration of the then current Interest Period with respect thereto by the Borrower Company or relevant Subsidiary Borrower giving irrevocable notice to the Administrative Agent, in accordance with the applicable provisions of the term “Interest Period” set forth in Section 1.1, of the length of the next Interest Period Period(s) to be applicable to such Loans; provided, provided that no Eurocurrency notwithstanding any contrary provision hereof, if (after giving effect to such Loan under a particular Facility may be continued as such when any and to the application of proceeds thereof) an Event of Default has occurred and is continuing and the Administrative Agent has Agent, at the request of the Required Lenders or the Majority Facility Lenders in respect of such Facility have determined in its or their sole discretion not discretion, so notifies the Company, then, so long as an Event of Default is continuing, other than to permit such continuations (and the Administrative Agent extent repaid, each Term Benchmark Loan under the Facility shall notify be converted to an ABR Loan at the Borrower within a reasonable amount end of time of any such determination), the Interest Period applicable thereto; and provided, further, that if the Borrower Company or such Subsidiary Borrower shall fail to give any required notice as described above in this paragraph such Loans shall be automatically continued as Eurocurrency Loans having an Interest Period of one month in duration or if such continuation is not permitted pursuant to the preceding proviso such Loans shall be automatically converted to ABR Loans a Term Benchmark Loan, on the last day of such then expiring Interest Period and shall have an Interest Period of the same duration as the expiring Interest Period. Upon receipt of any such continuation notice (or any such automatic continuation), the Administrative Agent shall promptly notify each relevant Lender Lender, the Company and any relevant Subsidiary Borrower thereof.
Appears in 2 contracts
Sources: 364 Day Revolving Credit Agreement (General Motors Financial Company, Inc.), 364 Day Revolving Credit Agreement (General Motors Financial Company, Inc.)
Conversion and Continuation Options. (a) The Borrower or any Subsidiary Borrower may elect from time to time to convert Eurocurrency Eurodollar Loans to ABR Base Rate Loans by giving the Administrative Agent and, in the case of the Revolving Loans, the Sub-Agent prior irrevocable notice notice, in substantially the form attached hereto as Exhibit H, of such election no later than 11:00 A.M.12:00 Noon, New York City time, on the Business Day preceding the proposed conversion date, provided that any such conversion of Eurocurrency Eurodollar Loans may only be made on the last day of an Interest Period with respect thereto. The Borrower or any Subsidiary Borrower may elect from time to time to convert ABR Base Rate Loans to Eurocurrency Eurodollar Loans by giving the Administrative Agent and, in the case of the Revolving Loans, the Sub-Agent prior irrevocable notice of such election no later than 12:00 Noon, New York City time, on the third (3rd) Business Day preceding the proposed conversion date (which notice shall specify the length of the initial Interest Period therefor), provided that no ABR Base Rate Loan under a particular Facility may be converted into a Eurocurrency Eurodollar Loan when any Event of Default has occurred and is continuing and the Administrative Agent or the Majority Facility Lenders in respect of such Facility have determined in its or their sole discretion not to permit such conversions. Upon receipt of any such notice the Administrative Agent or, in the case of the Revolving Loans, the Sub-Agent shall promptly notify each relevant Lender thereof.
(b) Any Eurocurrency Eurodollar Loan may be continued as such upon the expiration of the then current Interest Period with respect thereto by the Borrower or relevant Subsidiary Borrower giving irrevocable notice to the Administrative AgentAgent or, in the case of the Revolving Loans, the Sub-Agent in accordance with the applicable provisions of the term “Interest Period” set forth in Section 1.1, of the length of the next Interest Period to be applicable to such Loans, provided that no Eurocurrency Eurodollar Loan under a particular Facility may be continued as such when any Event of Default has occurred and is continuing and the Administrative Agent has or the Majority Facility Lenders in respect of such Facility have determined in its or their sole discretion not to permit such continuations (and the Administrative Agent shall notify the Borrower within a reasonable amount of time of any such determination)continuations, and provided, further, that if the Borrower or such Subsidiary Borrower shall fail to give any required notice as described above in this paragraph such Loans shall be automatically continued as Eurocurrency Loans having an Interest Period of one month in duration or if such continuation is not permitted pursuant to the preceding proviso such Loans shall be automatically converted to ABR Base Rate Loans on the last day of such then expiring Interest Period. Upon receipt of any such notice the Administrative Agent or, in the case of the Revolving Loans, the Sub-Agent shall promptly notify each relevant Lender thereof.
Appears in 2 contracts
Sources: Credit Agreement (Calpine Corp), Credit Agreement (Calpine Corp)
Conversion and Continuation Options. (a) The Borrower or any Subsidiary Borrower may elect from time to time to convert Eurocurrency SOFR Loans to ABR Base Rate Loans by giving the Administrative Agent at least three Business Days’ prior irrevocable notice of such election no later than 11:00 A.M., New York City time, on the Business Day preceding the proposed conversion dateelection, provided that any such conversion of Eurocurrency SOFR Loans may only be made on the last day of an Interest Period with respect thereto. The Borrower or any Subsidiary Borrower may elect elect, from time to time time, to convert ABR Base Rate Loans to Eurocurrency SOFR Loans by giving the Administrative Agent at least three Business Days’ prior irrevocable notice of such election no later than 12:00 Noon, New York City time, on the third Business Day preceding the proposed conversion date (which notice shall specify the length of the initial Interest Period therefor), ; provided that no ABR Base Rate Loan under a particular Facility may be converted into a Eurocurrency SOFR Loan (i) when any Event of Default has occurred and is continuing and the Administrative Agent has or the Majority Facility Lenders in respect of such Facility have determined in its or their sole discretion not to permit such conversionsconversions or (ii) after the date that is one month prior to the final scheduled termination or maturity date of such Facility. If no Interest Period with respect to any SOFR Loan is specified in any such notice, 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 relevant Lender thereof.
(b) Any Eurocurrency SOFR Loan may be continued as such upon the expiration of the then current Interest Period with respect thereto by the Borrower or relevant Subsidiary Borrower giving irrevocable notice to the Administrative Agent, in accordance with the applicable provisions of the term “Interest Period” set forth in Section 1.1, of the length of the next Interest Period to be applicable to such Loans, Loan; provided that no Eurocurrency SOFR Loan under a particular Facility may be continued as such (i) when any Event of Default has occurred and is continuing and the Administrative Agent has or the Majority Facility Lenders in respect of such Facility have determined in its or their sole discretion not to permit such continuations or (and ii) after the Administrative Agent shall notify date that is one month prior to the Borrower within a reasonable amount final scheduled termination or maturity date of time of any such determination)Facility, and provided, further, that if the Borrower or such Subsidiary Borrower shall fail to give any required notice as described above in this paragraph such Loans shall be automatically continued as Eurocurrency Loans having an Interest Period of one month in duration or if such continuation is not permitted pursuant to the preceding proviso such Loans SOFR Loan shall be automatically converted to ABR Loans a Base Rate Loan on the last day of such then expiring Interest Period. Upon receipt of any such notice the Administrative Agent shall promptly notify each relevant Lender thereof.
Appears in 2 contracts
Sources: Credit Agreement (B&G Foods, Inc.), Credit Agreement (B&G Foods, Inc.)
Conversion and Continuation Options. (a) The Borrower or any Subsidiary Borrower may elect from time to time to convert Eurocurrency Eurodollar Loans to ABR Loans by giving the Administrative Agent prior irrevocable notice of such election substantially in the form of Exhibit K no later than 11:00 A.M., New York City time, on the Business Day preceding the proposed conversion date, provided that any such conversion of Eurocurrency Eurodollar Loans may only be made on the last day of an Interest Period with respect thereto. The Borrower or any Subsidiary Borrower may elect from time to time to convert ABR Loans to Eurocurrency Eurodollar Loans by giving the Administrative Agent prior irrevocable notice of such election substantially in the form of Exhibit K no later than 12:00 Noon11:00 A.M., New York City time, on the third Business Day preceding the proposed conversion date (which notice shall specify the length of the initial Interest Period therefor), provided that no ABR Loan under a particular Facility may be converted into a Eurocurrency Eurodollar Loan when any Event of Default has occurred and is continuing and the Administrative Agent or the Majority Facility Required Lenders in respect of such Facility have determined in its or their sole discretion not to permit such conversions. Upon receipt of any such notice the Administrative Agent shall promptly notify each relevant Lender thereof.
(b) Any Eurocurrency Eurodollar Loan may be continued as such upon the expiration of the then current Interest Period with respect thereto by the Borrower or relevant Subsidiary Borrower giving irrevocable notice to the Administrative AgentAgent substantially in the form of Exhibit K, in accordance with the applicable provisions of the term “Interest Period” set forth in Section 1.110, of the length of the next Interest Period to be applicable to such Eurodollar Loans, provided that no Eurocurrency Eurodollar Loan under a particular Facility may be continued as such (i) when any Event of Default has occurred and is continuing and the Administrative Agent has or the Majority Facility Required Lenders in respect of such Facility have determined in its or their sole discretion not to permit such continuations or (and the Administrative Agent shall notify ii) if an Event of Default specified in Section 9(j) or 9(k) with respect to the Borrower within a reasonable amount of time of any such determination)is in existence, and provided, further, that if the Borrower or such Subsidiary Borrower shall fail to give any required notice as described above in this paragraph such Loans shall be automatically continued as Eurocurrency Loans having an Interest Period of one month in duration or if such continuation is not permitted pursuant to the preceding proviso such Loans shall be automatically converted to ABR Loans on the last day of such then expiring Interest Period. Upon receipt of any such notice the Administrative Agent shall promptly notify each relevant Lender thereof.
Appears in 2 contracts
Sources: Credit Agreement (InfraREIT, Inc.), Credit Agreement (InfraREIT, Inc.)
Conversion and Continuation Options. (a) The Borrower or any Subsidiary Borrower Borrowers may elect from time to time to convert Eurocurrency LIBOR Loans to ABR Loans Base Rate Loans, by the Borrowers giving the Administrative Agent at least two Business Days' prior irrevocable written notice of such election no later than 11:00 A.M., New York City time, on the Business Day preceding the proposed conversion datepursuant to a Continuation Notice, provided that any such conversion of Eurocurrency LIBOR Loans may only be made on the last day of an Interest Period with respect thereto. The Borrower or any Subsidiary Borrower Borrowers may elect from time to time to convert ABR Base Rate Loans to Eurocurrency LIBOR Loans by the Borrowers giving the Administrative Agent at least three Eurodollar Business Days' prior irrevocable written notice of such election no later than 12:00 Noon, New York City time, on the third Business Day preceding the proposed pursuant to a Continuation Notice. Any such notice of conversion date (which notice to LIBOR Loans shall specify the length of the initial Interest Period or Interest Periods therefor), provided that no ABR Loan under a particular Facility may be converted into a Eurocurrency Loan when any Event of Default has occurred and is continuing and the Administrative Agent or the Majority Facility Lenders in respect of such Facility have determined in its or their sole discretion not to permit such conversions. Upon receipt of any such notice the Administrative Agent shall promptly notify each relevant Lender thereof. All or any part of outstanding LIBOR Loans and Base Rate Loans may be converted as provided herein, provided that (i) any such conversion may only be made if, after giving effect thereto, Section 2.7 shall not have been contravened, (ii) no Incremental Loan may be converted into a LIBOR Loan after the date that is one month prior to the Incremental Loan Commitment Expiration Date, (iii) no Revolving Loan may be converted into a LIBOR Loan after the date that is one month prior to the Revolving Loan Commitment Expiration Date and (iv) the Borrowers shall not have the right to elect to continue at the end of the applicable Interest Period, or to convert to, a LIBOR Loan if a Default shall have occurred and be continuing.
(b) Any Eurocurrency LIBOR Loan may be continued as such upon the expiration of the then current Interest Period with respect thereto by the Borrower or relevant Subsidiary Borrower Borrowers giving irrevocable notice to the Administrative Agent, in accordance with the applicable provisions of the term “"Interest Period” " set forth in Section 1.1, of the length of the next Interest Period to be applicable to such LoansLIBOR Loan, provided that no Eurocurrency LIBOR Loan under a particular Facility may be continued -------- as such when any Event of (i) if, after giving effect thereto, Section 2.7 would be contravened, (ii) after the date that is one month prior to the Incremental Loan Commitment Expiration Date, (iii) after the date that is one month prior to the Revolving Loan Commitment Expiration Date or (iv) if a Default has shall have occurred and is be continuing and the Administrative Agent has or the Majority Facility Lenders in respect of such Facility have determined in its or their sole discretion not to permit such continuations (and the Administrative Agent shall notify the Borrower within a reasonable amount of time of any such determination), and provided, further, that if the Borrower or such Subsidiary Borrower Borrowers shall fail to give any -------- ------- required notice as described above in this paragraph such Loans shall be automatically continued as Eurocurrency Loans having an Interest Period of one month in duration Section or if such continuation is not permitted pursuant to the preceding proviso proviso, such Loans shall be automatically converted to ABR Base Rate Loans on the last day of such then then-expiring Interest Period. Upon receipt of any such notice the Administrative Agent shall promptly notify each relevant Lender thereof.
Appears in 2 contracts
Sources: Credit Agreement (Entravision Communications Corp), Credit Agreement (Entravision Communications Corp)
Conversion and Continuation Options. (a) The Borrower or any Subsidiary Borrower may elect from time to time to convert outstanding Loans from Eurocurrency Loans to ABR Loans by giving the Administrative Agent at least one Business Day’s (no later than 1:00 P.M., New York City time on such day) (or such shorter period as may be agreed by the Administrative Agent in its reasonable discretion) prior irrevocable notice of such election election. The Borrower may elect from time to time to convert outstanding Loans from ABR Loans to Eurocurrency Loans by giving the Administrative Agent at least three Business Days’ (no later than 11:00 A.M.1:00 P.M., New York City time, time on such day) (or such shorter period as may be agreed by the Business Day preceding the proposed conversion dateAdministrative Agent in its reasonable discretion) prior irrevocable notice of such election, provided that any such conversion of Eurocurrency Loans may only be made on the last day of an Interest Period with respect thereto. The Borrower or any Subsidiary Borrower may elect from time to time to convert ABR Loans Any such notice of conversion to Eurocurrency Loans by giving shall be in substantially the Administrative Agent prior irrevocable notice of such election no later than 12:00 Noon, New York City time, on the third Business Day preceding the proposed conversion date (which notice form attached hereto as Exhibit S and shall specify the length of the initial Interest Period or Interest Periods therefor), provided that no ABR Loan under a particular Facility may be converted into a Eurocurrency Loan when any Event of Default has occurred and is continuing and the Administrative Agent or the Majority Facility Lenders in respect of such Facility have determined in its or their sole discretion not to permit such conversions. Upon receipt of any such notice the Administrative Agent shall promptly notify each relevant affected Lender thereof. All or any part of outstanding Eurocurrency Loans and ABR Loans may be converted as provided herein, provided that (i) (unless the Required Lenders otherwise consent) no Loan may be converted into a Eurocurrency Loan when any Default or Event of Default has occurred and is continuing and the Administrative Agent has given notice to the Borrower that no such conversions may be made and (ii) no Loan may be converted into a Eurocurrency Loan after the date that is one month prior to the applicable Maturity Date.
(b) Any Eurocurrency Loan may be continued as such upon the expiration of the then current Interest Period with respect thereto by the Borrower or relevant Subsidiary Borrower giving irrevocable notice notice, in substantially the form attached hereto as Exhibit S, to the Administrative AgentAgent of the length of the next Interest Period to be applicable to such Loan, determined in accordance with the applicable provisions of the term “Interest Period” set forth in Section subsection 1.1, of the length of the next Interest Period to be applicable to such Loans, provided that no Eurocurrency Loan under a particular Facility may be continued as such (i) (unless the Required Lenders otherwise consent) when any Default or Event of Default has occurred and is continuing and the Administrative Agent has or given notice to the Majority Facility Lenders in respect of such Facility have determined in its or their sole discretion not to permit Borrower that no such continuations may be made or (and ii) after the Administrative Agent shall notify date that is one month prior to the Borrower within a reasonable amount of time of any such determination)applicable Maturity Date, and provided, provided further, that if the Borrower or such Subsidiary Borrower shall fail to give any required notice as described above in this paragraph such Loans shall be automatically continued as Eurocurrency Loans having an Interest Period of one month in duration subsection 3.2(b) or if such continuation is not permitted pursuant to the preceding proviso such Eurocurrency Loans shall be automatically converted to ABR Loans on the last day of such then expiring Interest Period. Upon receipt of any such notice of continuation pursuant to this subsection 3.2(b), the Administrative Agent shall promptly notify each relevant affected Lender thereof.
Appears in 2 contracts
Sources: First Lien Credit Agreement (Us LBM Holdings, Inc.), Second Lien Credit Agreement (Us LBM Holdings, Inc.)
Conversion and Continuation Options. (a) The Subject to its obligations pursuant to Subsection 4.12(c), the Borrower or any Subsidiary Borrower Representative may elect from time to time to convert Eurocurrency outstanding Loans of a given Tranche from Term SOFR Loans to ABR Loans by the Borrower Representative giving the Administrative Agent prior irrevocable notice of such election no later than 11:00 A.M.prior to 2:00 P.M., New York City time, on time two Business Days (or such shorter period as may be agreed by the Business Day preceding the proposed conversion date, provided that any Administrative Agent in its reasonable discretion) prior to such conversion of Eurocurrency Loans may only be made on the last day of an Interest Period with respect theretoelection. The Borrower or any Subsidiary Borrower Representative may elect from time to time to convert outstanding Term Loans of a given Tranche from ABR Loans to Eurocurrency Loans Term SOFR Loans, by the Borrower Representative giving the Administrative Agent prior irrevocable notice of such election no later than 12:00 Noonprior to 2:00 P.M., New York City time, on time at least three Business Days (or such shorter period as may be agreed by the third Business Day preceding the proposed Administrative Agent in its reasonable discretion) prior to such election. Any such notice of conversion date (which notice to Term SOFR Loans shall specify the length of the initial Interest Period or Interest Periods therefor), provided that no ABR Loan under a particular Facility may be converted into a Eurocurrency Loan when any Event of Default has occurred and is continuing and the Administrative Agent or the Majority Facility Lenders in respect of such Facility have determined in its or their sole discretion not to permit such conversions. Upon receipt of any such notice the Administrative Agent shall promptly notify each relevant affected Lender thereof. All or any part of outstanding Term SOFR Loans or ABR Loans may be converted as provided herein, provided that (i) (unless the Required Lenders otherwise consent) no Loan may be converted into a Term SOFR Loan when any Default or Event of Default has occurred and is continuing and, in the case of any Default (other than a Default under Subsection 9.1(f)), the Administrative Agent has given notice to the Borrower Representative that no such conversions may be made and (ii) no Term Loan may be converted into a Term SOFR Loan after the date that is one month prior to the applicable Maturity Date.
(b) Any Eurocurrency Term SOFR Loan may be continued as such upon the expiration of the then current Interest Period with respect thereto by the Borrower or relevant Subsidiary Borrower Representative giving irrevocable notice to the Administrative AgentAgent of the length of the next Interest Period to be applicable to such Term SOFR Loan prior to 2:00 P.M., New York City time two Business Days (or such shorter period as may be agreed by the Administrative Agent in its reasonable discretion) prior to such election, determined in accordance with the applicable provisions of the term “Interest Period” set forth in Section Subsection 1.1, of the length of the next Interest Period to be applicable to such Loans, provided that no Eurocurrency Term SOFR Loan under a particular Facility may be continued as such (i) (unless the Required Lenders otherwise consent) when any Default or Event of Default has occurred and is continuing and and, in the case of any Default (other than a Default under Subsection 9.1(f)), the Administrative Agent has or given notice to the Majority Facility Lenders in respect of such Facility have determined in its or their sole discretion not to permit Borrower Representative that no such continuations may be made or (and ii) after the Administrative Agent shall notify date that is one month prior to the Borrower within a reasonable amount of time of any such determination)applicable Maturity Date, and provided, further, that if the Borrower or such Subsidiary Borrower Representative shall fail to give any required notice as described above in this paragraph such Loans shall be automatically continued as Eurocurrency Loans having an Interest Period of one month in duration clause (b) or if such continuation is not permitted pursuant to the preceding proviso such Term SOFR Loans shall be automatically converted to ABR Loans on the last day of such then expiring Interest Period. Upon receipt of any such notice of continuation pursuant to this Subsection 4.2(b), the Administrative Agent shall promptly notify each relevant affected Lender thereof.
Appears in 2 contracts
Sources: Credit Agreement (SiteOne Landscape Supply, Inc.), Credit Agreement (SiteOne Landscape Supply, Inc.)
Conversion and Continuation Options. (a) The Borrower or any Subsidiary Borrower may elect from time to time to convert Eurocurrency Eurodollar Loans to ABR Loans by giving the Administrative Agent prior irrevocable notice of such election no later than 11:00 A.M., New York City time, on the Business Day preceding the proposed conversion date, provided that any such conversion of Eurocurrency Loans may only be made on the last day of an Interest Period with respect thereto. The Borrower or any Subsidiary Borrower may elect from time to time to convert ABR Loans to Eurocurrency Base Rate Loans by giving the Administrative Agent prior irrevocable notice of such election no later than 12:00 Noon, New York City time, on the third Business Day preceding the proposed conversion date, provided that any such conversion of Eurodollar Loans may only be made on the last day of an Interest Period with respect thereto. The Borrower may elect from time to time to convert Base Rate Loans to Eurodollar Loans by giving the Administrative Agent prior irrevocable notice of such election no later than 12:00 Noon, New York City time, on the Business Day preceding the proposed conversion date (which notice shall specify the length of the initial Interest Period therefor), provided that no ABR Base Rate Loan under a particular Facility may be converted into a Eurocurrency Eurodollar Loan when any Event of Default has occurred and is continuing and the Administrative Agent or the Majority Facility Lenders in respect of such Facility have determined in its or their sole discretion not to permit such conversions. Upon receipt of any such notice the Administrative Agent shall promptly notify each relevant Lender thereof.
(b) Any Eurocurrency Eurodollar Loan may be continued as such upon the expiration of the then current Interest Period with respect thereto by the Borrower or relevant Subsidiary Borrower giving irrevocable notice to the Administrative Agent, in accordance with the applicable provisions of the term “"Interest Period” " set forth in Section 1.1, of the length of the next Interest Period to be applicable to such Loans, provided that no Eurocurrency Eurodollar Loan under a particular Facility may be continued as such when any Event of Default has occurred and is continuing and the Administrative Agent has or the Majority Facility Lenders in respect of such Facility have determined in its or their sole discretion not to permit such continuations (and the Administrative Agent shall notify the Borrower within a reasonable amount of time of any such determination)continuations, and provided, further, that if the Borrower or such Subsidiary Borrower shall fail to give any required notice as described above in this paragraph such Loans shall be automatically continued as Eurocurrency Loans having an Interest Period of one month in duration or if such continuation is not permitted pursuant to the preceding proviso such Loans shall be automatically converted to ABR Base Rate Loans on the last day of such then expiring Interest Period. Upon receipt of any such notice the Administrative Agent shall promptly notify each relevant Lender thereof.
Appears in 2 contracts
Sources: Credit Agreement (Donnelley R H Inc), Credit Agreement (Donnelley R H Inc)
Conversion and Continuation Options. (a) The Borrower or any Subsidiary applicable Borrower may elect from time to time to convert Eurocurrency Term Benchmark Loans to ABR Loans by giving the Administrative Agent prior irrevocable notice of such election no later than 11:00 A.M.12:00 P.M., New York City time, on the Business Day preceding the proposed conversion date, provided that any such conversion of Eurocurrency Term Benchmark Loans may only be made on the last day of an Interest Period with respect thereto. The Borrower or any Subsidiary applicable Borrower may elect from time to time to convert ABR Loans to Eurocurrency Term Benchmark Loans by giving the Administrative Agent prior irrevocable notice of such election no later than 12:00 Noon1:00 P.M., New York City time, on the third Business Day preceding the proposed conversion date (which notice shall specify the length of the initial Interest Period therefor), provided that no ABR Loan under a particular Facility may be converted into a Eurocurrency Term Benchmark Loan when any Event of Default has occurred and is continuing and the Administrative Agent or the Majority Facility Lenders in respect of such Facility have determined in its or their sole discretion not to permit such conversions. Upon receipt of any such notice the Administrative Agent shall promptly notify each relevant Lender thereof.
(b) Any Eurocurrency Term Benchmark Loan may be continued as such upon the expiration of the then current Interest Period with respect thereto by the Borrower or relevant Subsidiary applicable Borrower giving irrevocable notice to the Administrative Agent, in accordance with the applicable provisions of the term “Interest Period” set forth in Section 1.1, of the length of the next Interest Period to be applicable to such Loans, provided that no Eurocurrency Term Benchmark Loan under a particular Facility may be continued as such (i) when any Event of Default has occurred and is continuing and the Administrative Agent has or the Majority Facility Lenders in respect of such Facility have determined in its or their sole discretion not to permit such continuations or (and the Administrative Agent shall notify the ii) if an Event of Default specified in clause (i) or (ii) of Section 8(f) with respect to any Borrower within a reasonable amount of time of any such determination)is in existence, and provided, further, that that, if the Borrower or such Subsidiary applicable Borrower shall fail to give any required notice as described above in this paragraph such Loans shall be automatically continued as Eurocurrency Loans having an Interest Period of one month in duration or if such continuation is not permitted pursuant to the preceding proviso any such Loans shall be automatically converted to ABR Loans on the last day of such then expiring Interest Period. Upon receipt of any such notice the Administrative Agent shall promptly notify each relevant Lender thereof.
Appears in 2 contracts
Sources: Credit Agreement (Wolverine World Wide Inc /De/), Credit Agreement (Wolverine World Wide Inc /De/)
Conversion and Continuation Options. (a) The Borrower or any Subsidiary Borrower may elect from time to time to convert Eurocurrency Term Benchmark Loans or RFR Loans, as applicable, to ABR Loans by giving the Administrative Agent prior irrevocable notice of such election by submitting an Interest Election Request no later than 11:00 A.M.12:00 Noon, New York City time, on the Business Day preceding the proposed conversion date, provided that any such conversion of Eurocurrency Term Benchmark Loans or RFR Loans may only be made on the last day of an Interest Period with respect applicable thereto. The Borrower or any Subsidiary Borrower may elect from time to time to convert ABR Loans to Eurocurrency Term Benchmark Loans by giving the Administrative Agent prior irrevocable notice of such election no later than 12:00 Noon, New York City time, on the third Business Day preceding the proposed conversion date (which notice Interest Election Request shall specify the length of the initial Interest Period therefor), provided that no ABR Loan under a particular Facility may be converted into a Eurocurrency Term Benchmark Loan when any Event of Default has occurred and is continuing and the Administrative Agent or the Majority Facility Lenders in respect of such Facility have determined in its or their sole discretion not to permit such conversions. Upon receipt of any such notice Interest Election Request the Administrative Agent shall promptly notify each relevant Lender thereof.
(b) Any Eurocurrency Term Benchmark Loan may be continued as such upon the expiration of the then current Interest Period with respect thereto by the Borrower or relevant Subsidiary Borrower giving irrevocable notice by submitting an Interest Election Request to the Administrative Agent, in accordance with the applicable provisions of the term “Interest Period” set forth in Section 1.1, of the length of the next Interest Period to be applicable to such Loans, provided that no Eurocurrency Term Benchmark Loan under a particular Facility may be continued as such (i) when any Event of Default has occurred and is continuing and the Administrative Agent has or the Majority Facility Lenders in respect of such Facility have determined in its or their sole discretion not to permit such continuations or (and the Administrative Agent shall notify the Borrower within ii) if a reasonable amount Specified Event of time of any such determination)Default is in existence, and provided, further, that if the Borrower or such Subsidiary Borrower shall fail to give any required notice Interest Election Request as described above in this paragraph such Loans shall be automatically continued as Eurocurrency Loans having an Interest Period of one month in duration or if such continuation is not permitted pursuant to the preceding proviso such Loans shall be automatically converted to ABR Loans on the last day of such then expiring Interest Period. Upon receipt of any such notice Interest Election Request the Administrative Agent shall promptly notify each relevant Lender thereof.
Appears in 2 contracts
Sources: Term Loan Credit Agreement (Upbound Group, Inc.), Term Loan Credit Agreement (Upbound Group, Inc.)
Conversion and Continuation Options. (a) The Borrower or any Subsidiary Borrower may elect from time to time to convert Eurocurrency Eurodollar Loans to ABR Loans by giving the Administrative Agent prior irrevocable notice substantially in the form of Exhibit A-2 hereto of such election no later than 11:00 A.M., New York City time, on the third Business Day preceding the proposed conversion date, ; provided that if any such conversion of Eurocurrency Loans may only be made Eurodollar Loan is so converted on any day other than the last day of an the Interest Period with respect applicable thereto, the Borrower shall also pay any amounts owing pursuant to Section 2.21. The Borrower or any Subsidiary Borrower may elect from time to time to convert ABR Loans to Eurocurrency Eurodollar Loans by giving the Administrative Agent prior irrevocable notice substantially in the form of Exhibit A-2 hereto of such election no later than 12:00 Noon11:00 A.M., New York City time, on the third Business Day preceding the proposed conversion date (which notice shall specify the length of the initial Interest Period therefor), ; provided that no ABR Loan under a particular Facility may be converted into a Eurocurrency Eurodollar Loan when any Event of Default has occurred and is continuing and the Administrative Agent or the Majority Facility Lenders in respect of such Facility have determined in its or their sole discretion not to permit such conversions. Upon receipt of any such notice the Administrative Agent shall promptly notify each relevant Lender thereof.
(b) Any Eurocurrency Eurodollar Loan may be continued as such upon the expiration of the then current Interest Period with respect thereto by the Borrower or relevant Subsidiary Borrower giving irrevocable notice to the Administrative Agent, in accordance with the applicable provisions of the term “Interest Period” set forth in Section 1.11.1 and no later than 11:00 A.M., New York City time, on the third Business Day preceding the proposed continuation date, of the length of the next Interest Period to be applicable to such Loans, ; provided that if any Eurodollar Loan is so continued on any day other than the last day of the Interest Period applicable thereto, the Borrower shall also pay any amounts owing pursuant to Section 2.21 and; provided, further, that no Eurocurrency Eurodollar Loan under a particular Facility may be continued as such when any Event of Default has occurred and is continuing and the Administrative Agent has or the Majority Facility Lenders in respect of such Facility have determined in its or their sole discretion not to permit such continuations (and the Administrative Agent shall notify the Borrower within a reasonable amount of time of any such determination), and and; provided, further, that if the Borrower or such Subsidiary Borrower shall fail to give any required notice as described above in this paragraph such Loans shall be automatically continued as Eurocurrency Loans having an Interest Period of one month in duration or if such continuation is not permitted pursuant to the preceding proviso such Loans shall be automatically converted to ABR Loans on the last day of such then expiring Interest Period. Upon receipt of any such notice the Administrative Agent shall promptly notify each relevant Lender thereof.
Appears in 2 contracts
Sources: First Lien Credit Agreement (PGA Holdings, Inc.), First Lien Credit Agreement (PGA Holdings, Inc.)
Conversion and Continuation Options. (a) The Borrower or any Subsidiary Borrower may elect from time to time to convert Eurocurrency LIBOR Loans to ABR Loans by giving the Managing Administrative Agent at least three Business Days’ prior irrevocable notice of such election no later than 11:00 A.M., New York City time, on the Business Day preceding the proposed conversion dateelection, provided that any such conversion of Eurocurrency LIBOR Loans may only be made on the last day of an Interest Period with respect thereto. The Borrower or any Subsidiary Borrower may elect from time to time to convert ABR Loans to Eurocurrency LIBOR Loans by giving the Managing Administrative Agent at least three Business Days’ prior irrevocable notice of such election no later than 12:00 Noon, New York City time, on the third Business Day preceding the proposed election. Any such notice of conversion date (which notice to LIBOR Loans shall specify the length of the initial Interest Period or Interest Periods therefor). Upon receipt of any such notice the Managing Administrative Agent shall promptly notify each Lender thereof. All or any part of outstanding LIBOR Loans and ABR Loans may be converted as provided herein, provided that (i) no ABR Revolving Credit Loan under a particular Facility may be converted into a Eurocurrency LIBOR Loan when any Event of Default has occurred and is continuing and the Managing Administrative Agent has or the Majority Facility Required Lenders in respect of such Facility have determined in its or their sole discretion that such a conversion is not to permit such conversions. Upon receipt of appropriate, and (ii) no Swing Line Loan may be converted into a loan that bears interest at any such notice rate other than the Administrative Agent shall promptly notify each relevant Lender thereofABR.
(b) Any Eurocurrency Loan LIBOR Loans may be continued as such upon the expiration of the then current Interest Period with respect thereto by the Borrower or relevant Subsidiary Borrower giving irrevocable notice to the Managing Administrative Agent, in accordance with the applicable provisions of the term “Interest Period” set forth in Section 1.1, of the length of the next Interest Period to be applicable to such Revolving Credit Loans, provided that no Eurocurrency LIBOR Loan under a particular Facility may be continued as such when any Event of Default has occurred and is continuing and the Managing Administrative Agent has or the Majority Facility Required Lenders in respect of such Facility have determined in its or their sole discretion that such a continuation is not to permit such continuations (and the Administrative Agent shall notify the Borrower within a reasonable amount of time of any such determination), appropriate; and provided, further, that if the Borrower or such Subsidiary Borrower shall fail to give any required such notice as described above in this paragraph such Loans shall be automatically continued as Eurocurrency Loans having an Interest Period of one month in duration or if such continuation is not permitted pursuant to the preceding proviso such Revolving Credit Loans shall (in the case of failure to give such notice, if the Borrower would have then been entitled to select a one month Interest Period for such LIBOR Loan) be automatically converted to ABR LIBOR Loans with an Interest Period of one month on the last day of such then expiring Interest Period. Upon receipt of any such notice the Administrative Agent shall promptly notify each relevant Lender thereofPeriod or (in all other cases) be converted to ABR Loans.
Appears in 2 contracts
Sources: Credit Agreement (Mastercard Inc), Credit Agreement (Mastercard Inc)
Conversion and Continuation Options. (a) The Borrower Company or any Subsidiary Borrower may elect from time to time to convert Eurocurrency Loans in Dollars to ABR Loans by giving the Administrative Agent prior irrevocable notice of such election no later than 11:00 A.M.1:00 P.M., New York City time, on the third Business Day preceding the proposed conversion date, provided provided, that any such conversion of Eurocurrency Loans may only be that is not made on the last day of an Interest Period with respect theretothereto shall be subject to Section 2.22. The Borrower Company or any Subsidiary Borrower may elect from time to time to convert ABR Loans to Eurocurrency Loans denominated in Dollars by giving the Administrative Agent prior irrevocable notice of such election no later than 12:00 Noon1:00 P.M., New York City time, on the third Business Day preceding the proposed conversion date (which notice shall specify the length of the initial Interest Period therefor); provided, provided that no ABR Loan under a particular Facility may be converted into a Eurocurrency Loan denominated in Dollars when (after giving effect to such Loan and to the application of proceeds thereof) any Event of Default has occurred and is continuing and the Administrative Agent has or the Majority Facility Lenders in respect of such Facility have determined in its or their sole discretion not to permit such conversionsconversions (and the Administrative Agent shall notify the Company within a reasonable amount of time of any such determination). Upon receipt of any such notice conversion notice, the Administrative Agent shall promptly notify each relevant Lender Lender, the Company and any relevant Subsidiary Borrower thereof.
(b) Any Eurocurrency Loan may be continued as such upon the expiration of the then current Interest Period with respect thereto by the Borrower Company or relevant Subsidiary Borrower giving irrevocable notice to the Administrative Agent, in accordance with the applicable provisions of the term “Interest Period” set forth in Section 1.1, of the length of the next Interest Period Period(s) to be applicable to such Loans; provided, provided that no Eurocurrency notwithstanding any contrary provision hereof, if (after giving effect to such Loan under a particular Facility may be continued as such when any and to the application of proceeds thereof) an Event of Default has occurred and is continuing and the Administrative Agent has or Agent, at the request of the Majority Facility Lenders in respect of such any Facility have determined or in its or their sole discretion not discretion, so notifies the Company, then, so long as an Event of Default is continuing, other than to permit such continuations the extent repaid, (i) each Eurocurrency Loan denominated in Dollars under the relevant Facility shall be converted to an ABR Loan at the end of the Interest Period applicable thereto and (ii) each Eurocurrency Loan denominated in an Optional Currency under the Administrative Agent applicable Facility shall notify be converted at the Borrower within end of the Interest Period applicable thereto to a reasonable amount Eurocurrency Loan with an Interest Period of time of any such determination), two weeks; and provided, further, that if the Borrower Company or such Subsidiary Borrower shall fail to give any required notice as described above in this paragraph such Loans shall be automatically continued as a Eurocurrency Loans having an Interest Period of one month in duration or if such continuation is not permitted pursuant to the preceding proviso such Loans shall be automatically converted to ABR Loans Loan, on the last day of such then expiring Interest Period and shall have an Interest Period of the same duration as the expiring Interest Period. Upon receipt of any such continuation notice (or any such automatic continuation), the Administrative Agent shall promptly notify each relevant Lender Lender, the Company and any relevant Subsidiary Borrower thereof.
Appears in 2 contracts
Sources: Revolving Credit Agreement (General Motors Financial Company, Inc.), 3 Year Revolving Credit Agreement (General Motors Financial Company, Inc.)
Conversion and Continuation Options. Subject to Section 2.10, the Borrower shall have the right at any time upon prior irrevocable notice to the Lender (i) not later than 12:00, noon, Philadelphia time, three (3) Business Days prior to conversion or continuation, to convert any Base Rate Loan into a LIBOR Loan or to continue any LIBOR Loan as a LIBOR Loan for any additional Interest Period and (ii) not later than 10:00 am, Philadelphia time, not less than two (2) nor more than five (5) Business Days prior to conversion, to convert any LIBOR Advantage Loan into a LIBOR Loan, subject in each case to the following:
(a) The Borrower no LIBOR Loan may be continued as such and no Base Rate Loan or any Subsidiary Borrower may elect from time to time to convert Eurocurrency Loans to ABR Loans by giving the Administrative Agent prior irrevocable notice of such election no later than 11:00 A.M., New York City time, on the Business Day preceding the proposed conversion date, provided that any such conversion of Eurocurrency Loans may only be made on the last day of an Interest Period with respect thereto. The Borrower or any Subsidiary Borrower may elect from time to time to convert ABR Loans to Eurocurrency Loans by giving the Administrative Agent prior irrevocable notice of such election no later than 12:00 Noon, New York City time, on the third Business Day preceding the proposed conversion date (which notice shall specify the length of the initial Interest Period therefor), provided that no ABR LIBOR Advantage Loan under a particular Facility may be converted into to a Eurocurrency LIBOR Loan when any Default or Event of Default has occurred and is continuing and the Administrative Agent or the Majority Facility Lenders in respect of Lender has determined that such Facility have determined in its or their sole discretion a continuation is not to permit such conversions. Upon receipt of any such notice the Administrative Agent shall promptly notify each relevant Lender thereof.appropriate; and
(b) Any Eurocurrency any portion of a Revolver Loan maturing or required to be repaid in less than one month may not be converted into or continued as a LIBOR Loan;
(c) any portion of a LIBOR Loan that cannot be converted into or continued as a LIBOR Loan by reason of subsection 2.4(a) or 2.4(b) shall be converted to a Base Rate Loan on the last day of the Interest Period in effect for such Revolver Loan;
(d) any LIBOR Loan as to which the Borrower has failed to give notice of continuation (or has failed to specify an Interest Period in such notice of continuation) automatically shall be continued as such upon the expiration of the then current Interest Period a LIBOR Loan with respect thereto by the Borrower or relevant Subsidiary Borrower giving irrevocable notice to the Administrative Agent, in accordance with the applicable provisions of the term “Interest Period” set forth in Section 1.1, of the length of the next Interest Period to be applicable to such Loans, provided that no Eurocurrency Loan under a particular Facility may be continued as such when any Event of Default has occurred and is continuing and the Administrative Agent has or the Majority Facility Lenders in respect of such Facility have determined in its or their sole discretion not to permit such continuations (and the Administrative Agent shall notify the Borrower within a reasonable amount of time of any such determination), and provided, further, that if the Borrower or such Subsidiary Borrower shall fail to give any required notice as described above in this paragraph such Loans shall be automatically continued as Eurocurrency Loans having an Interest Period of one month in duration or if such continuation is not permitted pursuant to the preceding proviso such month’s duration; and
(e) LIBOR Advantage Loans shall be automatically converted to ABR LIBOR Loans in the minimum amount of $1,000,000 or in whole multiples of $100,000 in excess thereof. Each request by the Borrower to convert or continue a Revolver Loan shall constitute a representation and warranty that no Default or Event of Default shall have occurred and be continuing. Accrued interest on a Revolver Loan (or portion thereof) being converted shall be paid by the last day Borrower at the time of conversion. In connection with each such then expiring Interest Period. Upon receipt conversion or continuation requested by the Borrower, the Borrower shall deliver to the Lender a Notice of any such notice the Administrative Agent shall promptly notify each relevant Lender thereofBorrowing.
Appears in 2 contracts
Sources: Credit Agreement (Eresearchtechnology Inc /De/), Credit Agreement (Eresearchtechnology Inc /De/)
Conversion and Continuation Options. (a) The Borrower or any Subsidiary Subject to its obligations pursuant to Section 2.17(c), each Borrower may elect from time to time to convert Eurocurrency its outstanding Term Loans from Term SOFR Rate Loans to ABR Term Loans by such Borrower giving the Administrative Agent prior irrevocable notice of such election no later than 11:00 A.M.(each such irrevocable notice, a “Notice of Conversion/Continuation”) prior to 2:00 P.M., New York City time, on time two Business Days (or such shorter period as may be agreed by the Business Day preceding the proposed conversion date, provided that any Administrative Agent) prior to such conversion of Eurocurrency Loans may only be made on the last day of an Interest Period with respect theretoelection. The Borrower or any Subsidiary Such Borrower may elect from time to time to convert outstanding Term Loans from ABR Term Loans in whole or in part to Eurocurrency Term SOFR Rate Loans by (it being agreed that such Borrower may select Interest Periods with different lengths for different parts of such converted Term SOFR Rate Loan (and upon the applicable conversion, each part of such Term SOFR Rate Loan with a different Interest Period shall thereafter constitute a separate Term SOFR Rate Loan))by such Borrower giving the Administrative Agent prior irrevocable notice a Notice of Conversion/Continuation of such election no later than 12:00 Noonprior to 2:00 P.M., New York City time, on time at least three Business Days (or such shorter period as may be agreed by the third Business Day preceding the proposed Administrative Agent) prior to such election. Any such Notice of Conversion/Continuation requesting a conversion date (which notice to Term SOFR Rate Loans shall specify the length of the initial Interest Period or Interest Periods therefor), . Upon receipt of any such Notice of Conversion/Continuation the Administrative Agent shall promptly notify each affected Lender thereof. All or any part of outstanding Term SOFR Rate Loans or ABR Term Loans may be converted as provided herein; provided that (i) (unless the Required Lenders otherwise consent) no ABR Term Loan under a particular Facility may be converted into a Eurocurrency Term SOFR Rate Loan when any Default or Event of Default has occurred and is continuing and and, in the case of any Default (other than any Default under clause (j) of Article VII), the Administrative Agent or has given notice to the Majority Facility Lenders in respect of Borrowers that no such Facility have determined in its or their sole discretion not conversions may be made and (ii) no Term Loan may be converted into a Term SOFR Rate Loan after the date that is one month prior to permit such conversions. Upon receipt of any such notice the Administrative Agent shall promptly notify each relevant Lender thereofStated Maturity Date.
(b) Any Eurocurrency Term SOFR Rate Loan may be continued as such in whole or in part upon the expiration of the then current Interest Period with respect thereto by the a Borrower or relevant Subsidiary Borrower giving irrevocable notice submitting a Notice of Conversion/Continuation to the Administrative AgentAgent of the length of the next Interest Period to be applicable to such Term Loan, determined in accordance with the applicable provisions of the term “Interest Period” set forth in Section 1.1, it being agreed that such Borrower may select Interest Periods with different lengths for different parts of such Term SOFR Rate Loan (and upon the length applicable continuation, each part of the next such Term SOFR Rate Loan with a different Interest Period to be applicable to such Loans, shall thereafter constitute a separate Term SOFR Rate Loan); provided that no Eurocurrency Term SOFR Rate Loan under a particular Facility may be continued as such (i) (unless the Required Lenders otherwise consent) when any Default or Event of Default has occurred and is continuing and and, in the case of any Default (other than any Default under clause (j) of Article VII), the Administrative Agent has given notice to the Borrowers that no such continuation may be made or (ii) after the Majority Facility Lenders in respect of such Facility have determined in its or their sole discretion not date that is one month prior to permit such continuations (and the Administrative Agent shall notify the Borrower within a reasonable amount of time of any such determination), and Stated Maturity Date; provided, further, that if the Borrower or such Subsidiary a Borrower shall fail to give any required notice Notice of Conversion/Continuation as described above in this paragraph clause (b), then (x) such Term Loans shall be automatically continued in full as Eurocurrency Term SOFR Rate Loans having on the last day of such then expiring Interest Period with an Interest Period of one month in duration the same length as the then expiring Interest Period or (y) if such continuation is not permitted pursuant to the preceding proviso proviso, such Term Loans shall be automatically converted to ABR Term Loans on the last day of such then expiring Interest Period. Upon receipt of any such notice Notice of Conversion/Continuation requesting a continuation pursuant to this Section 2.24(b), the Administrative Agent shall promptly notify each relevant affected Lender thereof.
Appears in 2 contracts
Sources: Term Loan Agreement (CD&R Investment Associates XII, Ltd.), Term Loan Agreement (CD&R Channel Holdings, L.P.)
Conversion and Continuation Options. (a) The Borrower or any Subsidiary Borrower may elect from time to time to convert Eurocurrency Term Benchmark Loans to ABR Loans by giving the Administrative Agent prior irrevocable notice of such election no later than 11:00 A.M., New York City time, on the third Business Day preceding the proposed conversion date, ; provided that any such conversion of Eurocurrency Term Benchmark Loans may only be made on the last day of an Interest Period with respect thereto. The Borrower or any Subsidiary Borrower may elect from time to time to convert ABR Loans to Eurocurrency Term Benchmark Loans by giving the Administrative Agent prior irrevocable notice of such election no later than 12:00 Noon11:00 A.M., New York City time, on the third Business Day preceding the proposed conversion date (which notice shall specify the length of the initial Interest Period therefor), ; provided that no ABR Loan under a particular Facility may be converted into a Eurocurrency Term Benchmark Loan when any Event of Default has occurred and is continuing and the Administrative Agent or the Majority Facility Required Lenders in respect of such Facility have determined in its or their sole discretion not to permit such conversions. Upon receipt of any such notice the Administrative Agent shall promptly notify each relevant Lender thereof.
(b) Any Eurocurrency Term Benchmark Loan may be continued as such upon the expiration of the then current Interest Period with respect thereto by the Borrower or relevant Subsidiary Borrower giving irrevocable notice to the Administrative Agent, in accordance with the applicable provisions of the term “Interest Period” set forth in Section 1.1, of the length of the next Interest Period to be applicable to such Revolving Loans, ; provided that no Eurocurrency Term Benchmark Loan under a particular Facility may be continued as such when any Event of Default has occurred and is continuing and the Administrative Agent has or the Majority Facility Required Lenders in respect of such Facility have determined in its or their sole discretion not to permit such continuations (and the Administrative Agent shall notify the Borrower within a reasonable amount of time of any such determination), and continuations; provided, further, that if the Borrower or such Subsidiary Borrower shall fail to give any required notice as described above in this paragraph such Loans shall be automatically continued as Eurocurrency Loans having an Interest Period of one month in duration or the immediately preceding paragraph or if such continuation is not permitted pursuant to the preceding proviso such Revolving Loans shall be automatically converted to ABR Loans on the last day of such then expiring Interest Period. Upon receipt of any such notice the Administrative Agent shall promptly notify each relevant Lender thereof. For the avoidance of doubt, this Section 2.7 shall not apply to Swingline Loans, which may not be converted or continued.
Appears in 2 contracts
Sources: Credit Agreement (Public Service Co of Colorado), Credit Agreement (Public Service Co of Colorado)
Conversion and Continuation Options. (a) The Borrower or any Subsidiary Borrower may elect from time to time to convert Eurocurrency LIBOR Loans to ABR Base Rate Loans by giving delivering to the Administrative Agent prior an irrevocable written notice in the form of such election Exhibit A-3 (a “Notice of Conversion or Continuation”) no later than 11:00 10:00 A.M., New York City time, on the Business Day preceding the proposed conversion date, provided that any such conversion of Eurocurrency LIBOR Loans may only be made on the last day of an Interest Period with respect thereto. The Borrower or any Subsidiary Borrower may elect from time to time to convert ABR Base Rate Loans to Eurocurrency LIBOR Loans by giving delivering to the Administrative Agent prior an irrevocable notice Notice of such election Conversion or Continuation no later than 12:00 Noon10:00 A.M., New York City time, on the third Business Day preceding the proposed conversion date (which notice shall specify the length of the initial Interest Period therefor), provided that no ABR Base Rate Loan under a particular Facility may be converted into a Eurocurrency LIBOR Loan when any Event of Default has occurred and is continuing and the Administrative Agent or the Majority Facility Required Lenders in respect of such Facility have determined in its or their sole discretion not to permit such conversions. Upon receipt of any such notice the Administrative Agent shall promptly notify each relevant Lender thereof.
(b) Any Eurocurrency LIBOR Loan may be continued as such upon the expiration of the then current Interest Period with respect thereto by the Borrower or relevant Subsidiary Borrower giving irrevocable notice delivering to the Administrative AgentAgent an irrevocable Notice of Conversion or Continuation, in accordance with the applicable provisions of the term “Interest Period” set forth in Section 1.1, of the length of the next Interest Period to be applicable to such Loans, provided that no Eurocurrency LIBOR Loan under a particular Facility may be continued as such when any Event of Default has occurred and is continuing and the Administrative Agent has or the Majority Facility Required Lenders in respect of such Facility have determined in its or their sole discretion not to permit such continuations (and the Administrative Agent shall notify the Borrower within a reasonable amount of time of any such determination)continuations, and provided, further, that if the Borrower or such Subsidiary Borrower shall fail to give any required notice as described above in this paragraph such Loans shall be automatically continued as Eurocurrency Loans having an Interest Period of one month in duration or if such continuation is not permitted pursuant to the preceding proviso such Loans shall be automatically converted to ABR Base Rate Loans on the last day of such then expiring Interest Period. Upon receipt of any such notice the Administrative Agent shall promptly notify each relevant Lender thereof.
Appears in 2 contracts
Sources: Credit Agreement (Sunpower Corp), Credit Agreement (Sunpower Corp)
Conversion and Continuation Options. (a) The Borrower Company or any Subsidiary Borrower may elect from time to time to convert Eurocurrency Loans in Dollars to ABR Loans by giving the Administrative Agent prior irrevocable notice of such election no later than 11:00 A.M.1:00 P.M., New York City time, on the third Business Day preceding the proposed conversion date, provided provided, that any such conversion of Eurocurrency Loans may only be that is not made on the last day of an Interest Period with respect theretothereto shall be subject to Section 2.20. The Borrower Company or any Subsidiary Borrower may elect from time to time to convert ABR Loans to Eurocurrency Loans denominated in Dollars by giving the Administrative Agent prior irrevocable notice of such election no later than 12:00 Noon1:00 P.M., New York City time, on the third Business Day preceding the proposed conversion date (which notice shall specify the length of the initial Interest Period therefor); provided, provided that no ABR Loan under a particular Facility may be converted into a Eurocurrency Loan denominated in Dollars when (after giving effect to such Loan and to the application of proceeds thereof) any Event of Default has occurred and is continuing and the Administrative Agent has or the Majority Facility Lenders in respect of such Facility have determined in its or their sole discretion not to permit such conversionsconversions (and the Administrative Agent shall notify the Company within a reasonable amount of time of any such determination). Upon receipt of any such notice conversion notice, the Administrative Agent shall promptly notify each relevant Lender Lender, the Company and any relevant Subsidiary Borrower thereof.
(b) Any Eurocurrency Loan may be continued as such upon the expiration of the then current Interest Period with respect thereto by the Borrower Company or relevant Subsidiary Borrower giving irrevocable notice to the Administrative Agent, in accordance with the applicable provisions of the term “Interest Period” set forth in Section 1.1, of the length of the next Interest Period Period(s) to be applicable to such Loans; provided, provided that no Eurocurrency notwithstanding any contrary provision hereof, if (after giving effect to such Loan under a particular Facility may be continued as such when any and to the application of proceeds thereof) an Event of Default has occurred and is continuing and the Administrative Agent has or Agent, at the request of the Majority Facility Lenders in respect of such any Facility have determined or in its or their sole discretion not discretion, so notifies the Company, then, so long as an Event of Default is continuing, other than to permit such continuations the extent repaid, (i) each Eurocurrency Loan denominated in Dollars under the relevant Facility shall be converted to an ABR Loan at the end of the Interest Period applicable thereto and (ii) each Eurocurrency Loan denominated in an Optional Currency under the Administrative Agent applicable Facility shall notify be converted at the Borrower within end of the Interest Period applicable thereto to a reasonable amount Eurocurrency Loan with an Interest Period of time of any such determination), two weeks; and provided, further, that if the Borrower Company or such Subsidiary Borrower shall fail to give any required notice as described above in this paragraph such Loans shall be automatically continued as a Eurocurrency Loans having an Interest Period of one month in duration or if such continuation is not permitted pursuant to the preceding proviso such Loans shall be automatically converted to ABR Loans Loan, on the last day of such then expiring Interest Period and shall have an Interest Period of the same duration as the expiring Interest Period. Upon receipt of any such continuation notice (or any such automatic continuation), the Administrative Agent shall promptly notify each relevant Lender Lender, the Company and any relevant Subsidiary Borrower thereof.
Appears in 2 contracts
Sources: 5 Year Revolving Credit Agreement (General Motors Co), 5 Year Revolving Credit Agreement (General Motors Financial Company, Inc.)
Conversion and Continuation Options. (a) The Borrower or any Subsidiary Borrower may elect from time to time to convert Eurocurrency Eurodollar Loans to ABR Loans by giving the Administrative Agent at least one Business Day prior irrevocable notice of such election no not later than 11:00 A.M.12:00 Noon, New York City time, on the Business Day preceding the proposed conversion date, provided that any such conversion of Eurocurrency Eurodollar Loans may only be made only on the last day of an Interest Period with respect thereto. The Borrower or any Subsidiary Borrower may elect from time to time to convert ABR Loans to Eurocurrency Eurodollar Loans by giving the Administrative Agent at least three Business Days’ prior irrevocable notice of such election no not later than 12:00 Noon, New York City time, on the third Business Day preceding the proposed conversion date time (which notice shall specify the length of the initial Interest Period therefor), provided that no ABR Loan under a particular Facility may be converted into a Eurocurrency Eurodollar Loan (i) when any Event of Default has occurred and is continuing and the Administrative Agent has, or the Majority Facility Lenders in respect of such Facility have have, determined in its or their sole discretion not to permit such conversionsconversions or (ii) after the date that is one month prior to the final scheduled termination or maturity date of such Facility. Upon receipt of any such notice the Administrative Agent shall promptly notify each relevant Lender thereof.
(b) Any Eurocurrency The Borrower may elect to continue any Eurodollar Loan may be continued as such upon the expiration of the then current Interest Period with respect thereto by the Borrower or relevant Subsidiary Borrower giving irrevocable notice to the Administrative Agent, in accordance with the applicable provisions of the term “Interest Period” set forth in Section 1.11.01, of the length of the next Interest Period to be applicable to such LoansLoan, provided provided, that if the Borrower shall fail to give any such required notice as described above, or notify the Administrative Agent of an intent to convert any such Eurodollar Loan to an ABR Loan, at least three Business Days prior to the expiration of the then current Interest Period, at the end of such Interest Period, such Loan shall be continued automatically as a Eurodollar Loan with a three-month Interest Period (unless the then final scheduled termination or maturity date for the relevant Facility would be prior to the end of such three-month Interest Period or such continuation is not permitted pursuant to the following proviso, in which case such Loan shall, absent the consent of the Administrative Agent to the contrary (which may be given or withheld in its sole discretion) then be converted automatically to an ABR Loan); and provided, further, that no Eurocurrency Eurodollar Loan under a particular Facility may be continued as such when any Event of Default has occurred and is continuing and the Administrative Agent has has, or the Majority Facility Lenders in respect of such Facility have have, determined in its or their sole discretion not to permit such continuations (and the Administrative Agent shall notify the Borrower within a reasonable amount of time of any such determination), and provided, further, that if the Borrower or such Subsidiary Borrower shall fail to give any required notice as described above in this paragraph such Loans shall be automatically continued as Eurocurrency Loans having an Interest Period of one month in duration or if such continuation is not permitted pursuant to the preceding proviso such Loans shall be automatically converted to ABR Loans on the last day of such then expiring Interest Periodcontinuations. Upon receipt of any such notice the Administrative Agent shall promptly notify each relevant Lender thereof.
Appears in 2 contracts
Sources: Credit Agreement (Verint Systems Inc), Credit Agreement (Verint Systems Inc)
Conversion and Continuation Options. (a) The Borrower or any Subsidiary With regard to the Revolving Facility, the Borrower may elect from time to time to convert Eurocurrency Daily Simple SOFR Rate Loans to ABR Term SOFR Rate Loans by giving the Administrative Agent prior irrevocable notice of such election no later than 11:00 A.M., New York City time, on the Business Day preceding the proposed conversion date, provided that any such conversion of Eurocurrency Loans may only be made on the last day of an Interest Period with respect thereto. The Borrower or any Subsidiary Borrower may elect from time to time to convert ABR Loans to Eurocurrency Loans by giving the Administrative Agent prior irrevocable notice of such election no later than 12:00 Noon, New York City time, 10:00 A.M. on the third (3rd) U.S. Government Securities Business Day preceding the proposed conversion date (such conversion date, the “Daily Simple SOFR Rate Conversion Date”) (which notice shall specify the length of the initial Interest Period therefor), provided that no ABR Daily Simple SOFR Rate Loan under a particular Facility may be converted into a Eurocurrency Term SOFR Rate Loan when any Event of Default has occurred and is continuing and the Administrative Agent has or the Majority Facility Required Lenders have determined in respect its or their sole discretion not to permit such conversions. The Borrower may elect from time to time to convert Term SOFR Rate Loans to Daily Simple SOFR Rate Loans by giving the Administrative Agent prior irrevocable notice of such Facility election no later than 10:00 A.M. on the third (3rd) U.S. Government Securities Business Day preceding the proposed conversion date (such conversion date, the “Term SOFR Rate Conversion Date”); provided that any such conversion of Term SOFR Rate Loans may only be made on the last day of an Interest Period with respect thereto, and provided further that no Term SOFR Rate Loan may be converted into a Daily Simple SOFR Rate Loan when any Event of Default has occurred and is continuing and the Administrative Agent has or the Required Lenders have determined in its or their sole discretion not to permit such conversions. Upon receipt of any such notice the Administrative Agent shall promptly notify each relevant Lender thereof.
(b) Any Eurocurrency With regard to the Revolving Loan Facility, any Term SOFR Rate Loan may be continued as such upon the expiration of the then current Interest Period with respect thereto by the Borrower or relevant Subsidiary Borrower giving irrevocable notice to the Administrative Agent, in accordance with the applicable provisions of the term “Interest Period” set forth in Section 1.1, 1.1 of the length of the next Interest Period to be applicable to such Loans, provided that no Eurocurrency Term SOFR Rate Loan under a particular Facility or Daily Simple SOFR Rate Loan may be continued as such when any Event of Default has occurred and is continuing and the Administrative Agent has or the Majority Facility Required Lenders in respect of such Facility have determined in its or their sole discretion not to permit such continuations (and the Administrative Agent shall notify the Borrower within a reasonable amount of time of any such determination)continuations, and provided, further, that if the Borrower or such Subsidiary Borrower shall fail to give any required notice as described above in this paragraph such Loans shall be automatically continued as Eurocurrency Loans having an Interest Period of one month in duration or if such continuation is not permitted pursuant to the preceding proviso proviso, any such Term SOFR Rate Loans or Daily Simple SOFR Rate Loans shall be automatically converted to ABR Base Rate Loans on the last day of such then expiring Interest PeriodPeriod (with respect to any such Term SOFR Rate Loan) or on the date of determination as described in the preceding proviso (with respect to any such Daily Simple SOFR Rate Loan). Upon receipt of any such notice the Administrative Agent shall promptly notify each relevant Lender thereof.
Appears in 2 contracts
Sources: Credit Agreement (Bungeltd), Credit Agreement (Bungeltd)
Conversion and Continuation Options. (a) The Borrower or any Subsidiary Borrower may elect from time to time to convert Eurocurrency Eurodollar Loans to ABR Loans by giving the Administrative Agent at least two Business Days’ prior irrevocable notice of such election no later than 11:00 A.M., New York City time, on the Business Day preceding the proposed conversion date, provided that any such conversion of Eurocurrency Loans may only be made on the last day of an Interest Period with respect theretoelection. The Borrower or any Subsidiary Borrower may elect from time to time to convert ABR Loans to Eurocurrency Eurodollar Loans by giving the Administrative Agent at least three Business Days’ prior irrevocable notice of such election no later than 12:00 Noon, New York City time, on the third Business Day preceding the proposed election. Any such notice of conversion date (which notice to Eurodollar Loans shall specify the length of the initial Interest Period therefor). Upon receipt of any such notice the Administrative Agent shall promptly notify each Lender thereof. All or any part of outstanding Eurodollar Loans and ABR Loans may be converted as provided herein, provided that (i) no ABR Loan under a particular Facility may be converted into a Eurocurrency Eurodollar Loan when any Event of Default has occurred and is continuing and the Administrative Agent has or the Majority Facility Lenders in respect of such Facility have determined in its or their sole discretion that such a conversion is not appropriate, (ii) no Loan may be converted into a Eurodollar Loan after the date that is one month prior to permit such conversions. Upon receipt of any such notice the Administrative Agent shall promptly notify each relevant Lender thereofTermination Date and (iii) no Loan may be converted from one Class to another Class.
(b) Any Eurocurrency Loan Eurodollar Loans may be continued as such upon the expiration of the then current Interest Period with respect thereto by the Borrower or relevant Subsidiary Borrower giving irrevocable notice to the Administrative Agent, in accordance with the applicable provisions of the term “Interest Period” set forth in Section subsection 1.1, of the length of the next Interest Period to be applicable to such Loans, provided that no Eurocurrency Eurodollar Loan under a particular Facility may be continued as such (i) when any Event of Default has occurred and is continuing and the Administrative Agent has or the Majority Facility Lenders in respect of such Facility have determined in its that such a continuation is not appropriate or their sole discretion not (ii) after the date that is one month prior to permit such continuations (and the Administrative Agent shall notify the Borrower within a reasonable amount of time of any such determination)Termination Date, and provided, further, that if the Borrower or such Subsidiary Borrower shall fail to give any required such notice as described above in this paragraph such Loans shall be automatically continued as Eurocurrency Loans having an Interest Period of one month in duration or if such continuation is not permitted pursuant to the preceding proviso permitted, any such Loans shall be automatically converted to ABR Loans on the last day of such then expiring Interest Period. Upon receipt of any such notice the Administrative Agent shall promptly notify each relevant Lender thereof.
Appears in 2 contracts
Sources: Term Loan Credit Agreement (Boston Scientific Corp), Term Loan Credit Agreement
Conversion and Continuation Options. (a) The Borrower Company or any Subsidiary Borrower may elect from time to time to convert Eurocurrency Loans denominated in Dollars to ABR Loans by giving the Administrative Agent prior irrevocable notice of such election no later than 11:00 A.M., New York City time, on the third Business Day preceding the proposed conversion date, provided that any such conversion of Eurocurrency Loans may only be that is not made on the last day of an Interest Period with respect theretothereto shall be subject to Section 2.27. The Borrower Company or any Subsidiary Borrower may elect from time to time to convert ABR Loans to Eurocurrency Loans denominated in Dollars by giving the Administrative Agent prior irrevocable notice of such election no later than 12:00 Noon, New York City time, on the third Business Day preceding the proposed conversion date (which notice shall specify the length of the initial Interest Period therefor), ; provided that no ABR Loan under a particular Facility may be converted into a Eurocurrency Loan denominated in Dollars when any Event of Default has occurred and is continuing and the Administrative Agent or the Majority Facility Lenders in respect of such Facility have determined in its or their sole discretion not to permit such conversions. Upon receipt of any such notice the Administrative Agent shall promptly notify each relevant Lender Lender, the Company and any relevant Subsidiary Borrower thereof.
(b) Any Eurocurrency Loan may be continued as such upon the expiration of the then current Interest Period with respect thereto by the Borrower Company or relevant Subsidiary Borrower giving irrevocable notice to the Administrative Agent, in accordance with the applicable provisions of the term “Interest Period” set forth in Section 1.1, of the length of the next Interest Period Period(s) to be applicable to such Loans, ; provided that no Eurocurrency Loan denominated in Dollars under a particular Facility may be continued as such when any Event of Default has occurred and is continuing and the Administrative Agent has or the Majority Facility Lenders in respect of such Facility have determined in its or their sole discretion not to permit such continuations (and the Administrative Agent shall notify the Borrower Company within a reasonable amount of time of any such determination), ; and provided, further, that if the Borrower Company or such Subsidiary Borrower shall fail to give any required notice as described above in this paragraph such Loans Loan shall be automatically continued as a Eurocurrency Loans having Loan or an Interest Period of one month in duration or if such continuation is not permitted pursuant to the preceding proviso such Loans shall be automatically converted to ABR Loans Loan, as applicable, on the last day of such then expiring Interest Period and, in the case of any Eurocurrency Loan, shall have an Interest Period of the same duration as such expiring Interest Period. Upon receipt of any such notice (or any such automatic continuation), the Administrative Agent shall promptly notify each relevant Lender Lender, the Company and any relevant Subsidiary Borrower thereof.
Appears in 2 contracts
Sources: Credit Agreement (Ford Motor Co), Credit Agreement (Ford Motor Co)
Conversion and Continuation Options. (a) The Borrower or any Subsidiary Borrower may elect from time to time to convert Eurocurrency LIBOR Loans to ABR Loans Base Rate Loans, by the Borrower giving the Administrative Agent at least two Business Days' prior irrevocable written notice of such election no later than 11:00 A.M., New York City time, on the Business Day preceding the proposed conversion datepursuant to a Continuation Notice, provided that any such conversion of Eurocurrency LIBOR Loans may only be made on the last day of an Interest Period with respect thereto. The Borrower or any Subsidiary Borrower may elect from time to time to convert ABR Base Rate Loans (other than Swing Line Loans) to Eurocurrency LIBOR Loans by the Borrower giving the Administrative Agent at least three Eurodollar Business Days' prior irrevocable written notice of such election no later than 12:00 Noon, New York City time, on the third Business Day preceding the proposed pursuant to a Continuation Notice. Any such notice of conversion date (which notice to LIBOR Loans shall specify the length of the initial Interest Period or Interest Periods therefor), provided that no ABR Loan under a particular Facility may be converted into a Eurocurrency Loan when any Event of Default has occurred and is continuing and the Administrative Agent or the Majority Facility Lenders in respect of such Facility have determined in its or their sole discretion not to permit such conversions. Upon receipt of any such notice the Administrative Agent shall promptly notify each relevant Lender thereof. All or any part of outstanding LIBOR Loans and Base Rate Loans may be converted as provided herein, provided that (i) any such conversion may only be made if, after giving effect thereto, Section 2.8 shall not have been contravened, (ii) no Revolving Loan may be converted into a LIBOR Loan after the date that is one month prior to the Revolving Loan Commitment Expiration Date and (iii) the Borrower shall not have the right to elect to convert to a LIBOR Loan if a Default shall have occurred and be continuing.
(b) Any Eurocurrency LIBOR Loan may be continued as such upon the expiration of the then current Interest Period with respect thereto by the Borrower or relevant Subsidiary Borrower giving irrevocable notice to the Administrative Agent, in accordance with the applicable provisions of the term “"Interest Period” " set forth in Section 1.1, of the length of the next Interest Period to be applicable to such LoansLIBOR Loan; provided, provided however, that no Eurocurrency LIBOR Loan under a particular Facility may be continued as such when any Event of (i) if, after giving effect thereto, Section 2.8 would be contravened, (ii) after the date that is one month prior to the Revolving Loan Commitment Expiration Date or (iii) if a Default has shall have occurred and is continuing be continuing; and the Administrative Agent has or the Majority Facility Lenders in respect of such Facility have determined in its or their sole discretion not to permit such continuations (and the Administrative Agent shall notify the Borrower within a reasonable amount of time of any such determination), and further provided, furtherhowever, that that, if the Borrower or such Subsidiary Borrower shall fail to give any required notice as described above in this paragraph such Loans shall be automatically continued as Eurocurrency Loans having an Interest Period of one month in duration Section or if such continuation is not permitted pursuant to the preceding proviso proviso, such Loans LIBOR Loan shall be automatically converted to ABR Loans a Base Rate Loan on the last day of such then then-expiring Interest Period. Upon receipt of any such notice the Administrative Agent shall promptly notify each relevant Lender thereof.
Appears in 2 contracts
Sources: Revolving Credit and Term Loan Agreement (Quiksilver Inc), Revolving Credit and Term Loan Agreement (Quiksilver Inc)
Conversion and Continuation Options. (a) The Borrower or any Subsidiary Each Borrower may elect from time to time to convert Eurocurrency Eurodollar Loans to ABR Loans by giving delivering to the Administrative Agent prior an irrevocable notice Notice of such election no later than 11:00 Borrowing by 10:00 A.M., New York City time, on the at least one Business Day preceding prior to the proposed conversion date, provided that any such conversion requested date of Eurocurrency Loans may only be made on the last day of an Interest Period with respect theretoconversion. The Borrower or any Subsidiary Each Borrower may elect from time to time to convert ABR Loans to Eurocurrency Eurodollar Loans by giving delivering to the Administrative Agent prior an irrevocable notice Notice of such election no later than 12:00 NoonBorrowing by 10:00 A.M., New York City time, on at least three Business Days' prior to the third Business Day preceding the proposed requested conversion date (which notice date. Any such Notice of Borrowing with respect to a conversion to Eurodollar Loans shall specify the length of the initial Interest Period or Interest Periods therefor). Upon receipt of any such Notice of Borrowing, the Administrative Agent shall promptly notify each Lender thereof. All or any part of outstanding Eurodollar Loans and ABR Loans may be converted as provided herein, provided that (i) no ABR Loan under a particular Facility may be converted into a Eurocurrency Eurodollar Loan when any Event of Default has occurred and is continuing and the Administrative Agent has or the Majority Facility Required Lenders in respect of such Facility have determined that such a conversion is not appropriate and (ii) no Loan may be converted into a Eurodollar Loan after the date that is one month prior to the Termination Date (in its the case of conversions of Revolving Credit Loans) or their sole discretion not to permit such conversions. Upon receipt the date of any such notice the Administrative Agent shall promptly notify each relevant Lender thereoffinal installment of principal of the Domestic Term Loans or UK Term Loans (as the case may be).
(b) Any Eurocurrency Loan Eurodollar Loans may be continued as such upon the expiration of the then current Interest Period with respect thereto by the relevant Borrower or relevant Subsidiary Borrower giving irrevocable notice delivering to the Administrative AgentAgent an irrevocable Notice of Borrowing, in accordance with the applicable provisions of the term “"Interest Period” " set forth in Section subsection 1.1, of the length of the next Interest Period to be applicable to such Loans, provided that no Eurocurrency Eurodollar Loan under a particular Facility may be continued as such (i) when any Event of Default has occurred and is continuing and the Administrative Agent has or the Majority Facility Required Lenders in respect of such Facility have determined that such a continuation is not appropriate or (ii) after the date that is one month prior to the Termination Date (in its the case of continuations of Revolving Credit Loans) or their sole discretion not to permit such continuations the date of the final installment of principal of the Domestic Term Loans or the UK Term Loans (and as the Administrative Agent shall notify the Borrower within a reasonable amount of time of any such determination), case may be) and provided, further, that if the Borrower or such Subsidiary a Borrower shall fail to give any required such notice as described above in this paragraph such Loans shall be automatically continued as Eurocurrency Loans having an Interest Period of one month in duration or if such continuation is not permitted pursuant to the preceding proviso such Loans shall be automatically converted to ABR Loans on the last day of such then expiring Interest Period. Upon receipt of any such notice Notice of Borrowing, the Administrative Agent shall promptly notify each relevant Lender thereof.
Appears in 2 contracts
Sources: Credit and Guarantee Agreement (Reebok International LTD), Credit and Guarantee Agreement (Reebok International LTD)
Conversion and Continuation Options. (a) The Borrower or any Subsidiary Borrower may elect from time to time to convert Eurocurrency Eurodollar Loans to ABR Loans by giving the Administrative Agent prior irrevocable notice of such election no later than 11:00 A.M.12:00 Noon, New York City time, on the Business Day preceding the proposed conversion date, provided that any such conversion of Eurocurrency Eurodollar Loans may only be made on the last day of an Interest Period with respect thereto. The Borrower or any Subsidiary Borrower may elect from time to time to convert ABR Loans to Eurocurrency Eurodollar Loans by giving the Administrative Agent prior irrevocable notice of such election no later than 12:00 Noon, New York City time, on the third Business Day preceding the proposed conversion date (which notice shall specify the length of the initial Interest Period therefor), provided that no ABR Loan under a particular Facility may be converted into a Eurocurrency Eurodollar Loan when any Event of Default has occurred and is continuing and the Administrative Agent or the Majority Facility Lenders in respect of such Facility have determined in its or their sole discretion not to permit such conversions. Upon receipt of any such notice the Administrative Agent shall promptly notify each relevant Lender thereof.
(b) Any Eurocurrency Eurodollar Loan may be continued as such upon the expiration of the then current Interest Period with respect thereto by the Borrower or relevant Subsidiary Borrower giving irrevocable notice to the Administrative Agent, in accordance with the applicable provisions of the term “Interest Period” set forth in Section 1.1, of the length of the next Interest Period to be applicable to such Loans, provided that no Eurocurrency Eurodollar Loan under a particular Facility may be continued as such when any Event of Default has occurred and is continuing and the Administrative Agent has or the Majority Facility Lenders in respect of such Facility have determined in its or their sole discretion not to permit such continuations (and the Administrative Agent shall notify the Borrower within a reasonable amount of time of any such determination)continuations, and provided, further, that if the Borrower or such Subsidiary Borrower shall fail to give any required notice as described above in this paragraph such Loans shall be automatically continued as Eurocurrency Loans having an Interest Period of one month in duration or if such continuation is not permitted pursuant to the preceding proviso such Loans shall be automatically converted to ABR Loans on the last day of such then expiring Interest Period. Upon receipt of any such notice the Administrative Agent shall promptly notify each relevant Lender thereof.
Appears in 2 contracts
Sources: Credit Agreement (Coinstar Inc), Credit Agreement (Rem Arrowhead, Inc.)
Conversion and Continuation Options. (a) The Borrower or By giving a Notice of Conversion, any Subsidiary Specified Borrower may elect from time to time (i) to convert such Specified Borrower’s Committed Rate Eurocurrency Loans in Dollars to Committed Rate ABR Loans by giving the Administrative Agent prior irrevocable notice of such election no later than 11:00 A.M., New York City time, on the Business Day preceding the proposed conversion date, provided that any such conversion of Eurocurrency Loans may only be made on the last day of an Interest Period with respect thereto. The Borrower or any Subsidiary Borrower may elect from time to time (ii) to convert such Specified Borrower’s Committed Rate ABR Loans to Committed Rate Eurocurrency Loans by giving the Administrative Agent prior irrevocable notice of such election no later than 12:00 Noon, New York City time, on the third Business Day preceding the proposed conversion date (which notice shall specify the length of the initial Interest Period therefor), provided that no ABR Loan under a particular Facility may be converted into a Eurocurrency Loan when any Event of Default has occurred and is continuing and the Administrative Agent or the Majority Facility Lenders in respect of such Facility have determined in its or their sole discretion not to permit such conversionsDollars. Upon receipt of any such notice Notice of Conversion the Administrative Agent shall promptly notify each relevant Lender Bank thereof.
. All or any part of Committed Rate Eurocurrency Loans outstanding in Dollars or Committed Rate ABR Loans may be converted as provided herein, provided that (bi) Any Eurocurrency no Committed Rate ABR Loan may be continued as such upon the expiration of the then current Interest Period with respect thereto by the Borrower or relevant Subsidiary Borrower giving irrevocable notice to the Administrative Agent, in accordance with the applicable provisions of the term “Interest Period” set forth in Section 1.1, of the length of the next Interest Period to be applicable to such Loans, provided that no converted into a Committed Rate Eurocurrency Loan under a particular Facility may be continued as such when any Event of Default has occurred and is continuing and the Administrative Agent has or the Majority Facility Lenders in respect Required Banks have determined that such a conversion is not appropriate and (ii) no Committed Rate ABR Loan may be converted into a Committed Rate Eurocurrency Loan after the date that is one month prior to the relevant Termination Date.
(b) By giving a Notice of Continuation, any Specified Borrower may continue all or any part of such Facility have determined Specified Borrower’s Committed Rate Eurocurrency Loans as Committed Rate Eurocurrency Loans in its the same Currency for one or their sole discretion not more different additional Interest Periods.
(c) Any Specified Borrower may convert Committed Rate Loans outstanding in Dollars or one Available Foreign Currency to permit Committed Rate Loans in Dollars or a different Currency by repaying such continuations Loans in the first Currency and borrowing Loans of such different Currency in accordance with the applicable provisions of this Agreement.
(and the Administrative Agent shall notify the Borrower within a reasonable amount of time of d) If any such determination), and provided, further, that if the Borrower or such Subsidiary Specified Borrower shall fail to timely give a Notice of Continuation or a Notice of Conversion in respect of any required notice as described above in this paragraph of such Specified Borrower’s Committed Rate Eurocurrency Loans with respect to which an Interest Period is expiring, such Specified Borrower shall be automatically continued as Eurocurrency Loans having deemed to have given a Notice of Continuation for an Interest Period of one month in duration or if such continuation is not permitted pursuant to the preceding proviso such Loans shall be automatically converted to ABR Loans on the last day of such then expiring Interest Period. Upon receipt of any such notice the Administrative Agent shall promptly notify each relevant Lender thereofmonth.
Appears in 2 contracts
Sources: Five Year Credit Agreement (Arrow Electronics Inc), Credit Agreement (Arrow Electronics Inc)
Conversion and Continuation Options. (a) The Borrower or any Subsidiary Borrower may elect from time to time to convert Eurocurrency Loans denominated in Dollars to ABR Loans by giving the Administrative Agent prior irrevocable notice of such election no not later than 11:00 A.M., New York City time, on the one Business Day preceding prior to the proposed conversion datedate of conversion, provided that any such conversion of Eurocurrency Loans may only be made on the last day of an Interest Period with respect thereto. The Borrower or any Subsidiary Borrower may elect from time to time to convert its ABR Loans to Eurocurrency Loans denominated in Dollars by giving the Administrative Agent prior irrevocable notice of such election no later than 12:00 Noon, New York City time, on the third Business Day preceding the proposed conversion date (which notice shall specify the length of the initial Interest Period therefor)) not later than 11:00 A.M., New York City time, three Business Days prior to the date of conversion, provided that no ABR Loan under a particular Facility may be converted into a Eurocurrency Loan when any Event of Default has occurred and is continuing and the Administrative Agent or the Majority Facility Required Lenders in respect of such Facility have determined in its or their sole discretion not to permit such conversions. Upon receipt of any such notice the Administrative Agent shall promptly notify each relevant Lender thereof.
(b) Any Eurocurrency Loan may be continued as such upon the expiration of the then current Interest Period with respect thereto by the Borrower or relevant Subsidiary Borrower giving irrevocable notice to the Administrative Agent, in accordance with the applicable provisions of the term “"Interest Period” " set forth in Section 1.1, of the length of the next Interest Period to be applicable to such Loans, provided that no Eurocurrency Loan under a particular Facility denominated in Dollars may be continued as such when any Event of Default has occurred and is continuing and the Administrative Agent has or the Majority Facility Required Lenders in respect of such Facility have determined in its or their sole discretion not to permit such continuations (and the Administrative Agent shall notify the Borrower within a reasonable amount of time of any such determination)continuations, and provided, further, that if the Borrower or such Subsidiary Borrower shall fail to give any required notice as described above in this paragraph such Loans shall be automatically continued as Eurocurrency Loans having an Interest Period of one month in duration or if such continuation is not permitted pursuant to the preceding proviso any such Loans denominated in Dollars shall be automatically converted to ABR Loans on the last day of such then expiring Interest PeriodPeriod and, if the Borrower shall fail to give such notice of continuation of a Multicurrency Loan, such Multicurrency Loan shall be automatically continued for an Interest Period of one month. Upon receipt of any such notice the Administrative Agent shall promptly notify each relevant Lender thereof.
Appears in 2 contracts
Sources: Credit Agreement (Kennametal Inc), Credit Agreement (Kennametal Inc)
Conversion and Continuation Options. (a) The Borrower or any Subsidiary Borrower Representative (on behalf of the applicable Borrower) may elect from time to time to convert outstanding Revolving Loans from Eurocurrency Loans to ABR Loans by giving the Administrative Agent at least two Business Days’ prior irrevocable notice of such election no later than 11:00 A.M., New York City time, on the Business Day preceding the proposed conversion dateelection, provided that any such conversion of Eurocurrency Loans may only be made on the last day of an Interest Period with respect thereto. The Borrower or any Subsidiary Borrower Representative (on behalf of the applicable Borrower) may elect from time to time to convert outstanding Revolving Loans from ABR Loans to Eurocurrency Loans by giving the Administrative Agent at least three Business Days’ prior irrevocable notice of such election no later than 12:00 Noon, New York City time, on the third Business Day preceding the proposed election. Any such notice of conversion date (which notice to Eurocurrency Loans shall specify the length of the initial Interest Period or Interest Periods therefor), provided that no ABR Loan under a particular Facility may be converted into a Eurocurrency Loan when any Event of Default has occurred and is continuing and the Administrative Agent or the Majority Facility Lenders in respect of such Facility have determined in its or their sole discretion not to permit such conversions. Upon receipt of any such notice the Administrative Agent shall promptly notify each relevant affected Lender thereof. All or any part of outstanding Eurocurrency Loans and ABR Loans may be converted as provided herein, provided that (i) no Revolving Loan may be converted into a Eurocurrency Loan when any Default or Event of Default has occurred and is continuing and the Administrative Agent has or the Required Lenders have given notice to the Borrower Representative that no such conversions may be made, and (ii) no Revolving Loan may be converted into a Eurocurrency Loan after the date that is one month prior to the Maturity Date.
(b) Any Eurocurrency Loan may be continued as such upon the expiration of the then current Interest Period with respect thereto by the Borrower or relevant Subsidiary Borrower Representative (on behalf of the applicable Borrower) giving irrevocable notice to the Administrative AgentAgent of the length of the next Interest Period to be applicable to such Revolving Loan, determined in accordance with the applicable provisions of the term “Interest Period” set forth in Section subsection 1.1, of the length of the next Interest Period to be applicable to such Loans, provided that no Eurocurrency Loan under a particular Facility may be continued as such (i) when any Default or Event of Default has occurred and is continuing and the Administrative Agent has or the Majority Facility Required Lenders in respect of such Facility have determined in its or their sole discretion not given notice to permit the Borrower Representative that no such continuations may be made or (and ii) after the Administrative Agent shall notify date that is one month prior to the Borrower within a reasonable amount of time of any such determination)Maturity Date, and provided, further, that if the Borrower or such Subsidiary Borrower Representative shall fail to give any required notice as described above in this paragraph such Loans shall be automatically continued as Eurocurrency Loans having an Interest Period of one month in duration subsection 4.2(b) or if such continuation is not permitted pursuant to the preceding proviso proviso, such Eurocurrency Loans shall be automatically converted to ABR Loans on the last day of such then expiring Interest Period. Upon receipt of any such notice of continuation pursuant to this subsection 4.2(b), the Administrative Agent shall promptly notify each relevant affected Lender thereof.
Appears in 2 contracts
Sources: Abl Credit Agreement (US Foods Holding Corp.), Abl Credit Agreement (Us Foods, Inc.)
Conversion and Continuation Options. (a) The Borrower or any Subsidiary Any Borrower may elect from time to time to convert Eurocurrency Term Benchmark Loans to ABR Loans by giving the Administrative Agent at least two Business Days’ prior irrevocable notice of such election no later than 11:00 A.M., New York City time, on the Business Day preceding the proposed conversion dateelection, provided that any such conversion of Eurocurrency Term Benchmark Loans may only be made on the last day of an Interest Period with respect thereto. The Borrower or any Subsidiary Any Borrower may elect from time to time to convert ABR Loans to Eurocurrency Term Benchmark Loans or RFR Loans by giving the Administrative Agent at least three Business Days’ prior irrevocable notice of such election no later than 12:00 Noon, New York City time, on the third Business Day preceding the proposed conversion date (which notice shall specify in the case of Term Benchmark Loans the length of the initial Interest Period therefor), therefor); provided that no ABR Loan under a particular Facility may be converted into a Eurocurrency Term Benchmark Loan when any Event of Default has occurred and is continuing and the Administrative Agent or the Majority Facility Lenders in respect of such Facility have determined in its or their sole discretion not to permit such conversions. Upon receipt of any such notice the Administrative Agent shall promptly notify each relevant Lender thereof.
(b) [reserved].
(c) Any Eurocurrency Term Benchmark Loan may shall be continued as such upon the expiration of the then current Interest Period with respect thereto by unless the applicable Borrower or relevant Subsidiary Borrower giving irrevocable gives notice to the Administrative Agent, in accordance with the applicable provisions of the term “Interest Period” set forth in Section 1.1, of the a different length of the next Interest Period to be applicable to such Loans, Loans or elects to convert such Loan to an ABR Loan or an RFR Loan; provided that no Eurocurrency Term Benchmark Loan denominated under a particular Facility may be continued as such when any Event of Default has occurred and is continuing and the Administrative Agent has or the Majority Facility Lenders in respect of such Facility have determined in its or their sole discretion not to permit such continuations (and the Administrative Agent shall notify the Borrower within a reasonable amount of time of any such determination), continuations; and provided, further, that if the Borrower or such Subsidiary Borrower shall fail to give any required notice as described above in this paragraph such Loans shall be automatically continued as Eurocurrency Loans having an Interest Period of one month in duration or if such continuation is not permitted pursuant to the preceding proviso such Term Benchmark Loans shall be automatically converted to ABR Loans on the last day of such then expiring Interest Period. Upon receipt of any such notice the Administrative Agent shall promptly notify each relevant Lender thereof.
Appears in 2 contracts
Sources: Credit Agreement (Neogen Corp), Credit Agreement (Garden SpinCo Corp)
Conversion and Continuation Options. (a) The Borrower or any Subsidiary Borrower may elect from time to time to convert Eurocurrency Eurodollar Loans to ABR Loans by giving the Administrative Agent at least one Business Day’s prior irrevocable written (or telephonic promptly confirmed in writing) notice of such election (but no later than 11:00 A.M.12:00 Noon, New York City time, time on the Business Day preceding the proposed conversion dateimmediately prior to such election), provided that unless the Borrower elects to deposit with the Administrative Agent the amount of any breakage costs and other Eurodollar Loans related costs to be incurred by the Borrower under this Agreement with respect to any prepayment or conversion of such Eurodollar Loans prior to the end of an Interest Period, any such conversion of Eurocurrency Eurodollar Loans may only be made on the last day of an Interest Period with respect thereto. The Borrower or any Subsidiary Borrower may elect from time to time to convert ABR Loans to Eurocurrency Eurodollar Loans by giving the Administrative Agent at least three Business Days’ prior irrevocable written (or telephonic promptly confirmed in writing) notice of such election no later than by 12:00 Noon, New York City time, on the third Business Day preceding the proposed conversion date time (which notice shall specify the length of the initial Interest Period therefor), provided that no ABR Loan under a particular Facility may be converted into a Eurocurrency Eurodollar Loan (i) when any Event of Default has occurred and is continuing and the Administrative Agent or the Majority Facility Required Lenders in respect have determined that such a conversion is not appropriate or (ii) after the date that is one month prior to the final scheduled termination or maturity date of such Facility have determined in its or their sole discretion not to permit such conversionsFacility. Upon receipt of any such notice the Administrative Agent shall promptly notify each relevant Lender thereof.
(b) Any Eurocurrency Eurodollar Loan may be continued as such upon the expiration of the then current Interest Period with respect thereto by the Borrower or relevant Subsidiary Borrower giving irrevocable notice to the Administrative Agent, in accordance with the applicable provisions of the term “Interest Period” set forth in Section subsection 1.1, of the length of the next Interest Period to be applicable to such Loans, provided that no Eurocurrency Eurodollar Loan under a particular Facility may be continued as such (i) when any Event of Default has occurred and is continuing and the Administrative Agent has or the Majority Facility Required Lenders in respect of such Facility have determined in its that such a continuation is not appropriate or their sole discretion not (ii) after the date that is one month prior to permit such continuations (and the Administrative Agent shall notify the Borrower within a reasonable amount of time final scheduled termination or maturity date of any such determination)Facility, and provided, further, provided further that if the Borrower or such Subsidiary Borrower shall fail to give any required notice as described above in this paragraph such Loans shall be automatically continued as Eurocurrency Loans having an Interest Period of one month in duration or if such continuation is not permitted pursuant to the preceding proviso such Eurodollar Loans shall be automatically converted to ABR Loans on the last day of such then expiring Interest Period. Upon receipt of any such notice the Administrative Agent shall promptly notify each relevant Lender thereof.
Appears in 2 contracts
Sources: Credit Agreement (Lin Tv Corp.), Credit Agreement (Lin Tv Corp.)
Conversion and Continuation Options. (a) The Borrower or any Subsidiary Borrower may ----------------------------------- elect from time to time to convert Eurocurrency Eurodollar Loans to ABR Base Rate Loans by giving the Administrative Agent at least one Business Day's prior irrevocable telephonic notice (promptly confirmed in writing in a Conversion/Continuation Notice) of such election no later than 11:00 A.M.(which notice must be received by the Administrative Agent prior to Noon, New York City time, Chicago time or else be deemed to be delivered on the next Business Day preceding the proposed conversion dateDay), provided that any such conversion of Eurocurrency Eurodollar Loans may only be -------- made on the last day of an Interest Period with respect thereto. The Borrower or any Subsidiary Borrower may elect from time to time to convert ABR Base Rate Loans (other than Swingline Loans which may not be converted pursuant to Eurocurrency this Section 4.5) to Eurodollar Loans by giving the Administrative Agent at least three Business Days' prior irrevocable notice of such election no later than 12:00 Noon, New York City time, on the third Business Day preceding the proposed conversion date (which notice shall specify specifying the length of the initial Interest Period therefortherefor (which notice must be received by the Administrative Agent prior to Noon, Chicago time or else be deemed to be delivered on the next Business Day), provided that no ABR Base Rate Loan under a particular Facility may -------- be converted into a Eurocurrency Eurodollar Loan (i) when any Event of Default has occurred and is continuing and the Administrative Agent has or the Majority Facility Required Lenders in respect of such Facility have determined in its or their sole discretion not to permit such conversionsconversions or (ii) after the date that is one month prior to the final scheduled termination or maturity date of such Facility. Upon receipt of any such notice the Administrative Agent shall promptly notify each relevant Lender thereof.
(b) Any Eurocurrency Eurodollar Loan may be continued as such upon the expiration of the then current Interest Period with respect thereto by the Borrower or relevant Subsidiary Borrower giving irrevocable prior telephonic notice (promptly confirmed in writing in a Conversion/Continuation Notice to the first day of the next Interest Period (which notice must be received by the Administrative Agent prior to Noon, Chicago time or else be deemed to be delivered on the next Business Day)) to the Administrative Agent, in accordance with the applicable provisions of the term “"Interest Period” " set forth in Section 1.1, of the length of the next Interest Period to be applicable to such Loans, provided that no Eurocurrency Eurodollar Loan under a -------- particular Facility may be continued as such (i) when any Event of Default has occurred and is continuing and the Administrative Agent has or the Majority Facility Required Lenders in respect of such Facility have determined in its or their sole discretion not to permit such continuations continuation, or (and ii) after the Administrative Agent shall notify date that is one month prior to the Borrower within a reasonable amount final scheduled termination or maturity date of time of any such determination)Facility, and provided, further, that that, if the Borrower or such Subsidiary Borrower shall fail to give any -------- ------- required notice as described above in this paragraph such Loans shall be automatically continued as Eurocurrency Loans having an Interest Period of one month in duration or if such continuation is not permitted pursuant to the preceding proviso such Loans shall be automatically converted to ABR Base Rate Loans on the last day of such then expiring Interest Period. Upon receipt of any such notice the Administrative Agent shall promptly notify each relevant Lender thereof.
Appears in 1 contract
Sources: Credit Agreement (Grubb & Ellis Co)
Conversion and Continuation Options. (a) The Borrower or any Subsidiary Borrower Representative (on behalf of the applicable Borrower) may elect from time to time to convert Eurocurrency outstanding Revolving Loans from Term SOFR Loans to ABR Loans by giving the Administrative Agent at least two Business Days’ prior irrevocable notice of such election no later than 11:00 A.M., New York City time, on the Business Day preceding the proposed conversion dateelection, provided that any such conversion of Eurocurrency Term SOFR Loans may only be made on the last day of an Interest Period with respect thereto. The Borrower or any Subsidiary Borrower Representative (on behalf of the applicable Borrower) may elect from time to time to convert outstanding Revolving Loans from ABR Loans to Eurocurrency Term SOFR Loans by giving the Administrative Agent at least three Business Days’ prior irrevocable notice of such election no later than 12:00 Noon, New York City time, on the third Business Day preceding the proposed election. Any such notice of conversion date (which notice to Term SOFR Loans shall specify the length of the initial Interest Period or Interest Periods therefor), provided that no ABR Loan under a particular Facility may be converted into a Eurocurrency Loan when any Event of Default has occurred and is continuing and the Administrative Agent or the Majority Facility Lenders in respect of such Facility have determined in its or their sole discretion not to permit such conversions. Upon receipt of any such notice the Administrative Agent shall promptly notify each relevant affected Lender thereof. All or any part of outstanding Term SOFR Loans and ABR Loans may be converted as provided herein, provided that (i) no Revolving Loan may be converted into a Term SOFR Loan when any Default or Event of Default has occurred and is continuing and the Administrative Agent has or the Required Lenders have given notice to the Borrower Representative that no such conversions may be made, and (ii) no Revolving Loan may be converted into a Term SOFR Loan after the date that is one month prior to the Maturity Date.
(b) Any Eurocurrency Term SOFR Loan may be continued as such upon the expiration of the then current Interest Period with respect thereto by the Borrower or relevant Subsidiary Borrower Representative (on behalf of the applicable Borrower) giving irrevocable notice to the Administrative AgentAgent of the length of the next Interest Period to be applicable to such Revolving Loan, determined in accordance with the applicable provisions of the term “Interest Period” set forth in Section subsection 1.1, of the length of the next Interest Period to be applicable to such Loans, provided that no Eurocurrency Term SOFR Loan under a particular Facility may be continued as such (i) when any Default or Event of Default has occurred and is continuing and the Administrative Agent has or the Majority Facility Required Lenders in respect of such Facility have determined in its or their sole discretion not given notice to permit the Borrower Representative that no such continuations may be made or (and ii) after the Administrative Agent shall notify date that is one month prior to the Borrower within a reasonable amount of time of any such determination)Maturity Date, and provided, further, that if the Borrower or such Subsidiary Borrower Representative shall fail to give any required notice as described above in this paragraph such Loans shall be automatically continued as Eurocurrency Loans having an Interest Period of one month in duration subsection 4.2(b) or if such continuation is not permitted pursuant to the preceding proviso proviso, such Term SOFR Loans shall be automatically converted to ABR Loans on the last day of such then expiring Interest Period. Upon receipt of any such notice of continuation pursuant to this subsection 4.2(b), the Administrative Agent shall promptly notify each relevant affected Lender thereof.
Appears in 1 contract
Conversion and Continuation Options. (ax) The Borrower or any Subsidiary Each Borrower may elect from time to time to convert Eurocurrency EurodollarTerm Benchmark Loans to ABR Loans or CDOR Loans to Canadian Prime Loans, in each case by giving the Administrative Agent prior irrevocable notice of such election no later than 11:00 A.M., New York City time, on the Business Day preceding the proposed conversion date, provided that any such conversion of Eurocurrency EurodollarTerm Benchmark Loans or CDOR Loans may only be made on the last day of an Interest Period with respect thereto. The Borrower or any Subsidiary Each Borrower may elect from time to time to convert ABR Loans to Eurocurrency EurodollarTerm Benchmark Loans or Canadian Prime Loans to CDOR Loans, in each case by giving the Administrative Agent prior irrevocable notice of such election no later than 12:00 Noon, New York City time, on the third Business Day preceding the proposed conversion date (which notice shall specify the length of the initial Interest Period therefor), provided that (i) no ABR Loan under a particular Facility may be converted into a Eurocurrency EurodollarTerm Benchmark Loan and (ii) no Canadian Prime Loan under a particular Facility may be converted into a CDOR Loan, in each case when any Event of Default has occurred and is continuing and the Administrative Agent or the Majority Facility Lenders in respect of such Facility have determined in its or their sole discretion not to permit such conversions. Upon receipt of any such notice the Administrative Agent shall promptly notify each relevant Lender thereof.
(ba) Any Eurocurrency EurodollarTerm Benchmark Loan or CDOR Loan may be continued as such upon the expiration of the then current Interest Period with respect thereto by the Borrower or relevant Subsidiary applicable Borrower giving irrevocable notice to the Administrative Agent, in accordance with the applicable provisions of the term “Interest Period” set forth in Section 1.1, of the length of the next Interest Period to be applicable to such Loans, provided that no Eurocurrency EurodollarTerm Benchmark Loan or CDOR Loan, in each case under a particular Facility Facility, may be continued as such (i) when any Event of Default has occurred and is continuing and the Administrative Agent has or the Majority Facility Lenders in respect of such Facility have determined in its or their sole discretion not to permit such continuations (and the Administrative Agent shall notify the Borrower Representative within a reasonable amount of time of any such determination)) or (ii) if an Event of Default specified in clause (i) or (ii) of Section 8(f) with respect to a Borrower is in existence, and provided, further, that if the Borrower or such Subsidiary a Borrower shall fail to give any required notice as described above in this paragraph such Loans shall be automatically continued as Eurocurrency EurodollarTerm Benchmark Loans or CDOR Loans, as applicable, having an Interest Period of one month in duration or if such continuation is not permitted pursuant to the preceding proviso such Loans shall be automatically converted to ABR Loans (in the case of EurodollarTerm Benchmark Loans) or Canadian Prime Loans (in the case of CDOR Loans) on the last day of such then expiring Interest Period. Upon receipt of any such notice the Administrative Agent shall promptly notify each relevant Lender thereof.
Appears in 1 contract
Conversion and Continuation Options. (a) The Borrower or any Subsidiary Borrower may elect from ----------------------------------- time to time to convert Eurocurrency outstanding Revolving Credit Loans from Eurodollar Loans to ABR Base Rate Loans by giving the Administrative Agent at least one Business Day's prior irrevocable notice of such election no later than 11:00 A.M., New York City time, on the Business Day preceding the proposed conversion dateelection, provided that any such -------- conversion of Eurocurrency Eurodollar Loans may only be made on the last day of an Interest Period with respect thereto. The Borrower or any Subsidiary Borrower may elect from time to time to convert ABR outstanding Revolving Credit Loans from Base Rate Loans to Eurocurrency Eurodollar Loans by giving the Administrative Agent at least three Business Days' prior irrevocable notice of such election no later than 12:00 Noon, New York City time, on the third Business Day preceding the proposed election. Any such notice of conversion date (which notice to Eurodollar Loans shall specify the length of the initial Interest Period or Interest Periods therefor), provided that no ABR Loan under a particular Facility may be converted into a Eurocurrency Loan when any Event of Default has occurred and is continuing and the Administrative Agent or the Majority Facility Lenders in respect of such Facility have determined in its or their sole discretion not to permit such conversions. Upon receipt of any such notice the Administrative Agent shall promptly notify each relevant Lender thereof. All or any part of outstanding Eurodollar Loans and Base Rate Loans may be converted as provided herein, provided that (i) no Revolving -------- Credit Loan may be converted into a Eurodollar Loan when any Default or Event of Default (other than a Default or Event of Default under Section 9(l) which occurs solely as a result of a Canadian Borrowing Base Default) has occurred and is continuing and the Administrative Agent has given notice to the Borrower that no such conversions may be made and (ii) no Revolving Credit Loan may be converted into a Eurodollar Loan after the date that is one month prior to the Termination Date.
(b) Any Eurocurrency Loan Eurodollar Loans may be continued as such upon the expiration of the then current Interest Period with respect thereto by the Borrower or relevant Subsidiary Borrower giving irrevocable notice to the Administrative Agent, in accordance with the applicable provisions of the term “Interest Period” set forth in Section 1.1, of the length of the next Interest Period to be applicable to such Loans, determined in accordance with the applicable provisions of the term "Interest Period" set forth in subsection 1.1, provided -------- that no Eurocurrency Eurodollar Loan under a particular Facility may be continued as such (i) when any Default or Event of Default (other than a Default or Event of Default under Section 9(1) which occurs solely as a result of a Canadian Borrowing Base Default) has occurred and is continuing and the Administrative Agent has or given notice to the Majority Facility Lenders in respect of such Facility have determined in its or their sole discretion not to permit Borrower that no such continuations may be made or (and ii) after the Administrative Agent shall notify date that is one month prior to the Borrower within a reasonable amount of time of any such determination)Termination Date, and provided, further, that if the Borrower or such Subsidiary Borrower shall fail -------- ------- to give any required notice as described above in this paragraph such Loans shall be automatically continued as Eurocurrency Loans having an Interest Period of one month in duration or if such continuation is not permitted pursuant to the preceding proviso such Loans shall be automatically converted to ABR Base Rate Loans on the last day of such then expiring Interest Period. Upon receipt of any such notice the Administrative Agent shall promptly notify each relevant Lender thereof.
Appears in 1 contract
Sources: Credit Agreement (CDW Holding Corp)
Conversion and Continuation Options. (a) The Borrower or any Subsidiary Borrower may elect from time to time to convert Eurocurrency Loans made to the Borrower to ABR Loans by giving the Administrative Agent prior irrevocable notice substantially in the form of Exhibit M of such election no later than 11:00 A.M.12:00 Noon, New York City time, on the second Business Day preceding the proposed conversion date, ; provided that any such conversion (i) a borrowing of Eurocurrency a Class of Loans may only not be made converted into a borrowing of a different Class of Loans and (ii) if any Eurocurrency Loan is so converted on any day other than the last day of an the Interest Period with respect applicable thereto, the Borrower shall also pay any amounts owing pursuant to Section 2.21. The Borrower or any Subsidiary Borrower may elect from time to time to convert ABR Loans made to the Borrower to Eurocurrency Loans by giving the Administrative Agent prior irrevocable notice of such election no later than 12:00 Noon, New York City time, on the third Business Day preceding the proposed conversion date (which notice shall specify the length of the initial Interest Period therefor), ; provided that (i) a borrowing of a Class of Loans may not be converted into a borrowing of a different Class of Loans and (ii) no ABR Loan under a particular Facility may be converted into a Eurocurrency Loan when any Event of Default has occurred and is continuing and the Administrative Agent or the Majority Facility Lenders in respect of such Facility have determined in its or their sole discretion not to permit such conversions. Upon receipt of any such notice the Administrative Agent shall promptly notify each relevant Lender thereof.
(b) Any Eurocurrency Loan may be continued as such upon the expiration of the then current Interest Period with respect thereto by the Borrower or relevant Subsidiary Borrower giving irrevocable notice to the Administrative Agent, in accordance with the applicable provisions of the term “Interest Period” set forth in Section 1.11.1 and no later than 1:00 P.M., New York City time, on the third Business Day preceding the proposed continuation date, of the length of the next Interest Period to be applicable to such Loans; provided that (i) a borrowing of a Class of Loans may not be continued as a borrowing of a different Class of Loans, provided and (ii) if any Eurocurrency Loan is so continued on any day other than the last day of the Interest Period applicable thereto, the Borrower shall also pay any amounts owing pursuant to Section 2.21 and; provided, further, that no Eurocurrency Loan under a particular Facility may be continued as such when any Event of Default has occurred and is continuing and the Administrative Agent has or the Majority Facility Lenders in respect of such Facility have determined in its or their sole discretion not to permit such continuations (and the Administrative Agent shall notify the Borrower within a reasonable amount of time of any such determination), and and; provided, further, that if the Borrower or such Subsidiary Borrower shall fail to give any required notice as described above in this paragraph such Loans shall be automatically continued as Eurocurrency Loans having an Interest Period of one month in duration or if such continuation is not permitted pursuant to the preceding proviso such Loans shall be automatically converted to ABR Loans on the last day of such then expiring Interest Period. Upon receipt of any such notice the Administrative Agent shall promptly notify each relevant Lender thereof.
Appears in 1 contract
Conversion and Continuation Options. (a) The Borrower or any Subsidiary Borrower may elect from time to time to convert Eurocurrency Eurodollar Loans to ABR Loans by giving the Administrative Agent at least one Business Day's prior irrevocable written (or telephonic promptly confirmed in writing) notice of such election (but no later than 11:00 A.M.12:00 Noon, New York City time, time on the Business Day preceding the proposed conversion date56 51 immediately prior to such election), provided that unless the Borrower elects to deposit with the Administrative Agent the amount of any breakage costs and other Eurodollar Loans related costs to be incurred by the Borrower under this Agreement with respect to any prepayment or conversion of such Eurodollar Loans prior to the end of an Interest Period, any such conversion of Eurocurrency Eurodollar Loans may only be made on the last day of an Interest Period with respect thereto. The Borrower or any Subsidiary Borrower may elect from time to time to convert ABR Loans to Eurocurrency Eurodollar Loans by giving the Administrative Agent at least three Business Days' prior irrevocable written (or telephonic promptly confirmed in writing) notice of such election no later than by 12:00 Noon, New York City time, on the third Business Day preceding the proposed conversion date time (which notice shall specify the length of the initial Interest Period therefor), provided that no ABR Loan under a particular Facility may be converted into a Eurocurrency Eurodollar Loan (i) when any Event of Default has occurred and is continuing and the Administrative Agent or the Majority Facility Required Lenders in respect have determined that such a conversion is not appropriate or (ii) after the date that is one month prior to the final scheduled termination or maturity date of such Facility have determined in its or their sole discretion not to permit such conversionsFacility. Upon receipt of any such notice the Administrative Agent shall promptly notify each relevant Lender thereof.
(b) Any Eurocurrency Eurodollar Loan may be continued as such upon the expiration of the then current Interest Period with respect thereto by the Borrower or relevant Subsidiary Borrower giving irrevocable notice to the Administrative Agent, in accordance with the applicable provisions of the term “"Interest Period” " set forth in Section subsection 1.1, of the length of the next Interest Period to be applicable to such Loans, provided that no Eurocurrency Eurodollar Loan under a particular Facility may be continued as such (i) when any Event of Default has occurred and is continuing and the Administrative Agent has or the Majority Facility Required Lenders in respect of such Facility have determined in its that such a continuation is not appropriate or their sole discretion not (ii) after the date that is one month prior to permit such continuations (and the Administrative Agent shall notify the Borrower within a reasonable amount of time final scheduled termination or maturity date of any such determination)Facility, and provided, further, provided further that if the Borrower or such Subsidiary Borrower shall fail to give any required notice as described above in this paragraph such Loans shall be automatically continued as Eurocurrency Loans having an Interest Period of one month in duration or if such continuation is not permitted pursuant to the preceding proviso such Eurodollar Loans shall be automatically converted to ABR Loans on the last day of such then expiring Interest Period. Upon receipt of any such notice the Administrative Agent shall promptly notify each relevant Lender thereof.
Appears in 1 contract
Conversion and Continuation Options. (a) The Borrower or any Subsidiary Borrower Lessee (on behalf of the Owner Trustee) may elect from time to time to convert Eurocurrency LIBOR Loans to ABR Loans and LIBOR Holder Advances to ABR Holder Advances by giving the Administrative Agent (on behalf of the Owner Trustee, the Lenders and the Holders) at least three Business Days' prior irrevocable notice of such election no later than 11:00 A.M.election, New York City timeprovided, on the Business Day preceding the proposed conversion date, provided that any such conversion of Eurocurrency LIBOR Loans or LIBOR Holder Advances may only be made on the last day of an the Interest Period or Payment Period with respect thereto. The Borrower or any Subsidiary Borrower Lessee (on behalf of the Owner Trustee) may elect from time to time to convert ABR Loans to Eurocurrency LIBOR Loans and ABR Holder Advances to LIBOR Holder Advances by giving the Administrative Agent at least three Business Days' prior irrevocable notice of such election no later than 12:00 Noon, New York City time, on the third Business Day preceding the proposed conversion date (which notice shall specify the length of the initial Interest Period therefor), provided that no ABR Loan under a particular Facility may be converted into a Eurocurrency Loan when any Event of Default has occurred and is continuing and the Administrative Agent or the Majority Facility Lenders in respect of such Facility have determined in its or their sole discretion not to permit such conversionselection. Upon receipt of any such notice notice, the Administrative Agent shall promptly notify each relevant Lender thereofrespecting the conversion of any Loans and each Holder respecting the conversion of any Holder Advances. All or any part of outstanding LIBOR Loans, ABR Loans, LIBOR Holder Advances or ABR Holder Advances may be converted as provided herein, provided, that (i) no ABR Loan or ABR Holder Advance may be converted into a LIBOR Loan or LIBOR Holder Advance after the date that is one month prior to the Maturity Date or the Expiration Date, as the case may be, (ii) such notice of conversion regarding any LIBOR Loan or LIBOR Holder Advance shall contain an election by the Lessee (on behalf of the Owner Trustee) of an Interest Period for such LIBOR Loan or a Payment Period for such LIBOR Holder Advance to be created by such conversion and such Interest Period or Payment Period shall be in accordance with the terms of the definition of the terms "Interest Period" or "Payment Period," as the case may be.
(b) Any Eurocurrency Subject to the restrictions set forth in Section 2.1, any LIBOR Loan or LIBOR Holder Advance may be continued as such upon the expiration of the then current Interest Period or Payment Period with respect thereto by the Borrower or relevant Subsidiary Borrower Lessee (on behalf of the Owner Trustee) giving irrevocable notice to the Administrative AgentAgent (which notice the Agent shall promptly provide to the Lenders and the Holders), in accordance with the applicable provisions notice provision for the conversion of the term “Interest Period” ABR Loans to LIBOR Loans or ABR Holder Advances to LIBOR Holder Advances set forth in Section 1.1herein, of the length of the next Interest Period or Payment Period to be applicable to such LoansLoans or Holder Advances, provided provided, that no Eurocurrency LIBOR Loan under a particular Facility or LIBOR Holder Advance may be continued as such when any Event of Default has occurred and after the date that is continuing and one month prior to the Administrative Agent has Maturity Date or the Majority Facility Lenders in respect of such Facility have determined in its or their sole discretion not to permit such continuations (and the Administrative Agent shall notify the Borrower within a reasonable amount of time of any such determination), Expiration Date and provided, further, that if the Borrower or such Subsidiary Borrower Lessee (on behalf of the Owner Trustee) shall fail to give any required notice as described above in this paragraph such Loans shall be automatically continued as Eurocurrency Loans having an Interest Period of one month in duration or otherwise herein, or if such continuation is not permitted pursuant to the preceding proviso proviso, such Loans Loan or Holder Advance shall automatically be automatically converted to ABR Loans a Reference Rate Loan or Reference Rate Holder Advance on the last day of such then expiring Interest Period or Payment Period. Upon receipt of any such notice the Administrative Agent shall promptly notify each relevant Lender thereof.
Appears in 1 contract
Sources: Participation Agreement (Coca Cola Bottling Co Consolidated /De/)
Conversion and Continuation Options. (a) The Borrower or any Subsidiary Any Borrower may elect from time to time to convert Eurocurrency LIBOR Rate Loans to ABR Base Rate Loans by giving the Administrative Agent at least two Business Days' prior irrevocable notice of such election no later than 11:00 A.M., New York City time, on the Business Day preceding the proposed conversion dateelection, provided that any such conversion of Eurocurrency LIBOR Rate Loans may only be made on the last day of an Interest Period with respect thereto. The Borrower or any Subsidiary Borrower Borrowers may elect from time to time to convert ABR Base Rate Loans to Eurocurrency LIBOR Rate Loans by giving the Administrative Agent at least three Business Days' prior irrevocable notice of such election no later than 12:00 Noon, New York City time, on the third Business Day preceding the proposed election. Any such notice of conversion date (which notice to LIBOR Rate Loans shall specify the length of the initial Interest Period Periods therefor). Upon receipt of any such notice the Administrative Agent shall promptly notify each Lender thereof. All or any part of outstanding LIBOR Rate Loans and Base Rate Loans may be converted as provided herein, provided that no ABR Loan under a particular Facility may be converted into a Eurocurrency LIBOR Rate Loan when any Event of Default has occurred and is continuing and the Administrative Agent has or the Majority Facility Lenders in respect of such Facility have determined in its or their sole discretion that such a conversion is not to permit such conversions. Upon receipt of any such notice the Administrative Agent shall promptly notify each relevant Lender thereofappropriate.
(b) Any Eurocurrency LIBOR Rate Loan may be continued as such upon the expiration of the then current Interest Period with respect thereto by the Borrower or relevant Subsidiary any Borrower giving irrevocable notice to the Administrative Agent, in accordance with the applicable provisions of the term “"Interest Period” " set forth in Section 1.12.2, of which shall specify the length of the next Interest Period to be applicable to such Loans, provided that no Eurocurrency LIBOR Rate Loan under a particular Facility may be continued as such (i) when any Event of Default has occurred and is continuing and the Administrative Agent has or the Majority Facility Required Lenders in respect of such Facility have determined in its that such a continuation is not appropriate or their sole discretion not (ii) after the date that is one month prior to permit such continuations (and the Administrative Agent shall notify the Borrower within a reasonable amount of time of any such determination)Revolving Credit Termination Date, and provided, further, that if the Borrower or such Subsidiary any Borrower shall fail to give any required such notice as described above in this paragraph such Loans shall be automatically continued as Eurocurrency Loans having an Interest Period of one month in duration or if such continuation is not permitted pursuant to the preceding proviso permitted, such Loans shall be automatically converted to ABR Loans (i) if such LIBOR Rate Loan is denominated in Dollars, a Base Rate Loan on the last day of the Interest Period for such then expiring LIBOR Rate Loan, or (ii) if such LIBOR Rate Loan is denominated in an Alternative Currency, a subsequent Interest PeriodPeriod of one month for such LIBOR Rate Loan. Upon receipt All such continuations and conversions of any such notice Loans shall be effected pro rata based on the Administrative Agent shall promptly notify each relevant Lender thereofapplicable Commitment Percentage of the Lenders.
Appears in 1 contract
Conversion and Continuation Options. (a) The Borrower or any Subsidiary Borrower may elect from time to time to convert Eurocurrency LIBOR Loans to ABR Loans Loans, by giving the Administrative Agent at least three Business Days' prior irrevocable notice of such election no later than 11:00 A.M., New York City time, on the Business Day preceding the proposed conversion dateelection, provided that any such conversion of Eurocurrency LIBOR Loans may only be made on the last day of an Interest Period with respect thereto. The Borrower or any Subsidiary Borrower may elect from time to time to convert ABR Loans to Eurocurrency LIBOR Loans by giving the Administrative Agent at least three Business Days' prior irrevocable notice of such election no later than 12:00 Noon, New York City time, on the third Business Day preceding the proposed election. Any such notice of conversion date (which notice to LIBOR 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 outstanding LIBOR Loans and ABR Loans may be converted as provided herein, provided that (i) no ABR Revolving Credit Loan under a particular Facility or Term Loan may be converted into a Eurocurrency LIBOR Loan when any Event of Default has occurred and is continuing and the Administrative Agent has or the Majority Facility Required Lenders in respect of such Facility have determined in its or their sole discretion that such a conversion is not to permit such conversions. Upon receipt of appropriate, and (ii) no Swing Line Loan may be converted into a loan that bears interest at any such notice rate other than the Administrative Agent shall promptly notify each relevant Lender thereofABR.
(b) Any Eurocurrency Loan LIBOR Loans may be continued as such upon the expiration of the then current Interest Period with respect thereto by the Borrower or relevant Subsidiary Borrower giving irrevocable notice to the Administrative Agent, in accordance with the applicable provisions of the term “"Interest Period” " set forth in Section 1.1CREDIT AGREEMENT
subsection 1. 1, of the length of the next Interest Period to be applicable to such Revolving Credit Loans, provided that no Eurocurrency LIBOR Loan under a particular Facility may be continued as such when any Event of Default has occurred and is continuing and the Administrative Agent has or the Majority Facility Required Lenders in respect of such Facility have determined in its or their sole discretion that such a continuation is not to permit such continuations (and the Administrative Agent shall notify the Borrower within a reasonable amount of time of any such determination), appropriate; and provided, further, that if the Borrower or such Subsidiary Borrower shall fail to give any required such notice as described above in this paragraph such Loans shall be automatically continued as Eurocurrency Loans having an Interest Period of one month in duration or if such continuation is not permitted pursuant to the preceding proviso such Revolving Credit Loans shall be automatically converted to ABR Loans on the last day of such then expiring Interest Period. Upon receipt of any such notice the Administrative Agent shall promptly notify each relevant Lender thereof.
Appears in 1 contract
Sources: Credit Agreement (Mastercard Inc)
Conversion and Continuation Options. (a) The Borrower or any Subsidiary Borrower Representative (on behalf of the Borrowers) may elect from time to time to convert Eurocurrency Term Benchmark Loans to ABR Loans by giving delivering to the Administrative Agent prior irrevocable notice of such election a Borrowing and Conversion/Continuation Request, no later than 11:00 A.M., 12:00 p.m. (New York City time), on the three (3) Business Day preceding Days prior to the proposed conversion date, provided that any such conversion of Eurocurrency Loans may only be made on the last day of an Interest Period with respect thereto. The Borrower or any Subsidiary Borrower Representative may elect from time to time to convert ABR Loans to Eurocurrency Term Benchmark Loans by giving delivering to the Administrative Agent prior irrevocable notice of such election a Borrowing and Conversion/Continuation Request, no later than 12:00 Noon, p.m. (New York City time), on the third Business Day preceding the proposed conversion date (which notice shall specify the length of the initial Interest Period therefor), provided that no . No ABR Loan under a particular Facility may be converted into a Eurocurrency Term Benchmark Loan when any a bankruptcy or payment Event of Default has occurred and is continuing and the Administrative Agent or the Majority Facility Lenders in respect of such Facility have determined in its or their sole discretion not to permit such conversionscontinuing. Upon receipt of any such notice the Administrative Agent shall promptly notify each relevant Lender thereof. If the Borrower Representative fails to give a timely notice requesting any conversion from one Type of Loan to another, then the applicable Loans shall be continued as, or converted to, Term Benchmark Loans with a one-month Interest Period. Any such automatic conversion to ABR Loans shall be effective as of the last day of the Interest Period then in effect with respect to the applicable Term Benchmark Loans.
(b) Any Eurocurrency Term Benchmark Loan may be continued as such upon the expiration of the then current Interest Period with respect thereto by the Borrower or relevant Subsidiary Borrower giving irrevocable notice Representative (on behalf of the Borrowers) delivering to the Administrative AgentAgent a Borrowing and Conversion/Continuation Request, no later than 2:00 p.m. (New York City time) on the third Business Day preceding the proposed continuation date in accordance with the applicable provisions case of Term Benchmark Loans; provided, that, to the term “Interest Period” set forth in Section 1.1extent the Required Lenders provide written notice thereof to the Borrower Representative, of the length of the next Interest Period to be applicable to such Loans, provided that no Eurocurrency Term Benchmark Loan under a particular Facility or RFR Loan may be continued as such when any a bankruptcy or payment Event of Default has occurred and is continuing and the Administrative Agent has or the Majority Facility Lenders in respect of such Facility have determined in its or their sole discretion not to permit such continuations (and the Administrative Agent shall notify the Borrower within a reasonable amount of time of any such determination), and continuing; provided, further, that if the Borrower or such Subsidiary Borrower Representative shall fail to give any required notice as described above in this paragraph paragraph, such Loans shall be automatically continued as Eurocurrency Term Benchmark Loans having an with a one-month Interest Period on the last day of one month in duration such then expiring Interest Period, or if such continuation is not permitted pursuant to the preceding proviso proviso, such Loans shall be automatically converted to ABR Loans on the last day of such then then-expiring Interest Period. Upon receipt of any such notice the Administrative Agent shall promptly notify each relevant Lender thereof.
Appears in 1 contract
Conversion and Continuation Options. (a) The Borrower or any Subsidiary Borrower may elect from time to time to convert Eurocurrency Eurodollar Revolving Credit Loans and Eurodollar Term Loans to ABR Loans by giving the Administrative Agent at least one Business Day’s prior irrevocable notice of such election no later than 11:00 A.M., New York City time, on the Business Day preceding the proposed conversion date, election; provided that any such conversion of Eurocurrency Eurodollar Revolving Credit Loans or Eurodollar Term Loans may only be made on the last day of an Interest Period with respect thereto. The Borrower or any Subsidiary Borrower may elect from time to time to convert ABR Loans to Eurocurrency Eurodollar Revolving Credit Loans or Eurodollar Term Loans, as applicable, by giving the Administrative Agent at least three Business Days’ prior irrevocable notice of such election no later than 12:00 Noon, New York City time, on the third Business Day preceding the proposed election. Any such notice of conversion date (which notice to Eurodollar Revolving Credit Loans or Eurodollar Term Loans shall specify the length of the initial Interest Period or Interest Periods therefor), provided that no ABR Loan under a particular Facility may be converted into a Eurocurrency Loan when any Event of Default has occurred and is continuing and the Administrative Agent or the Majority Facility Lenders in respect of such Facility have determined in its or their sole discretion not to permit such conversions. Upon receipt of any such notice the Administrative Agent shall promptly notify each relevant Lender thereof. All or any part of outstanding Eurodollar Revolving Credit Loans, Eurodollar Term Loans and ABR Loans may be converted as provided herein; provided that (i) no Loan may be converted into a Eurodollar Revolving Credit Loan or Eurodollar Term Loan when any Event of Default has occurred and is continuing, (ii) no Five-Year Loan may be converted into a Eurodollar Revolving Credit Loan after the date that is one month prior to the 2020 Extended Termination Date and (iii) no Term Loan or New Term Loan may be converted into a Eurodollar Term Loan after the date that is one month prior to the 2020 Extended Termination Date.
(b) Any Eurocurrency Loan Eurodollar Revolving Credit Loans and Eurodollar Term Loans may be continued as such upon the expiration of the then current Interest Period with respect thereto by the Borrower or relevant Subsidiary Borrower giving irrevocable notice to the Administrative Agent, in accordance with the applicable provisions of the term “Interest Period” set forth in Section 1.1, of the length of the next Interest Period to be applicable to such Loans, ; provided that no Eurocurrency Eurodollar Revolving Credit Loan under a particular Facility or Eurodollar Term Loan may be continued as such (i) when any Event of Default has occurred and is continuing and or (ii) after the Administrative Agent has or date that is one month prior to the Majority Facility Lenders in respect of such Facility have determined in its or their sole discretion not to permit such continuations (and the Administrative Agent shall notify the Borrower within a reasonable amount of time of any such determination), 2020 Extended Termination Date; and provided, further, that if the Borrower or such Subsidiary Borrower shall fail to give any required notice as described above in this paragraph such Loans shall be automatically continued as Eurocurrency Loans having an Interest Period of one month in duration or if such continuation is not permitted pursuant to the preceding proviso such Eurodollar Revolving Credit Loans or Eurodollar Term Loans shall be automatically converted to ABR Loans on the last day of such then expiring Interest Period. Upon receipt of any such notice the Administrative Agent shall promptly notify each relevant Lender thereof.
Appears in 1 contract
Sources: Competitive Advance and Revolving Credit Agreement (Tegna Inc)
Conversion and Continuation Options. (a) The Borrower or any Subsidiary Borrower may elect from time to time to convert Eurocurrency LIBOR Rate Loans to ABR Loans by giving the Administrative Agent prior irrevocable notice of such election in the form attached hereto as Exhibit G (or any other form approved by the Borrower and the Administrative Agent) no later than 11:00 A.M.12:00 Noon, New York City timetime (or such later time as the Administrative Agent may agree), on the Business Day preceding the proposed conversion date, ; provided that any such conversion of Eurocurrency LIBOR Rate Loans may only be made on the last day of an Interest Period with respect theretothereto unless the Borrower shall have paid any amounts owing pursuant to Section 3.11. The Borrower or any Subsidiary Borrower may elect from time to time to convert ABR Loans to Eurocurrency LIBOR Rate Loans by giving the Administrative Agent prior irrevocable notice of such election no later than 12:00 Noon, New York City timetime (or such later time as the Administrative Agent may agree), on the third Business Day preceding the proposed conversion date (which notice shall specify the length of the initial Interest Period therefor), ; provided that no ABR Loan under a particular Facility may be converted into a Eurocurrency LIBOR Rate Loan when any Event of Default has occurred and is continuing and the Administrative Agent has or the Majority Facility Required Lenders in respect of such Facility have determined in its or their sole discretion not to permit such conversions. Upon receipt of any such notice the Administrative Agent shall promptly notify each relevant Lender thereof.
(b) Any Eurocurrency LIBOR Rate Loan may be continued as such upon the expiration of the then current Interest Period with respect thereto by the Borrower or relevant Subsidiary Borrower giving irrevocable notice to the Administrative Agent, in accordance with the applicable provisions of the term “Interest Period” Period set forth in Section 1.1, of the length of the next Interest Period to be applicable to such Loans, ; provided that no Eurocurrency LIBOR Rate Loan under a particular Facility may be continued as such when any Event of Default has occurred and is continuing and the Administrative Agent has or the Majority Facility Required Lenders in respect of such Facility have determined in its or their sole discretion not to permit such continuations (and the Administrative Agent shall notify the Borrower within a reasonable amount of time of any such determination), continuations; and provided, further, that if the Borrower or such Subsidiary Borrower shall fail to give any required notice as described above in this paragraph such Loans shall be automatically continued as Eurocurrency Loans having an Interest Period of one month in duration or if such continuation is not permitted pursuant to the preceding proviso such Loans shall be automatically converted to ABR Loans on the last day of such then expiring Interest Period. Upon receipt of any such notice the Administrative Agent shall promptly notify each relevant Lender thereof.
Appears in 1 contract
Sources: Credit Agreement (Innoviva, Inc.)
Conversion and Continuation Options. (a) The Borrower or any Subsidiary Borrower may elect from time to time to convert Eurocurrency EurodollarTerm Benchmark Loans to ABR Loans by giving the Administrative Agent prior irrevocable notice of such election no later than 11:00 4:00 P.M11:00 A.M., New York City time, on the Business Day preceding the proposed conversion date, provided that any such conversion of Eurocurrency EurodollarTerm Benchmark Loans may only be made on the last day of an Interest Period with respect thereto. The Borrower or any Subsidiary Borrower may elect from time to time to convert ABR Loans to Eurocurrency EurodollarTerm Benchmark Loans by giving the Administrative Agent prior irrevocable notice of such election no later than 12:00 Noon4:00 P.M1100 A.M., New York City time, on the third Business Day preceding the proposed conversion date (which notice shall specify the length of the initial Interest Period therefor), provided that no ABR Loan under a particular Facility may be converted into a Eurocurrency EurodollarTerm Benchmark Loan when any Event of Default has occurred and is continuing and the Administrative Agent or the Majority Facility Required Lenders in respect of such Facility have has determined in its or their sole discretion not to permit such conversions. Upon receipt of any such notice the Administrative Agent shall promptly notify each relevant Lender thereof.
(b) Any Eurocurrency EurodollarTerm Benchmark Loan may be continued as such upon the expiration of the then current Interest Period with respect thereto by the Borrower or relevant Subsidiary Borrower giving irrevocable notice to the Administrative Agent, in accordance with the applicable provisions of the term “Interest Period” set forth in Section 1.1, of the length of the next Interest Period to be applicable to such Loans, provided that no Eurocurrency EurodollarTerm Benchmark Loan under a particular Facility may be continued as such (i) when any Event of Default has occurred and is continuing and the Administrative Agent has or the Majority Facility Required Lenders in respect of such Facility have determined in its or their sole discretion not to permit such continuations or (and the Administrative Agent shall notify ii) if an Event of Default specified in clause (i) or (ii) of Section 8(f) with respect to the Borrower within a reasonable amount of time of any such determination)is in existence, and provided, further, that if the Borrower or such Subsidiary Borrower shall fail to give any required notice as described above in this paragraph such Loans shall be automatically continued as Eurocurrency Loans having an Interest Period of one month in duration or if such continuation is not permitted pursuant to the preceding proviso such Loans shall be automatically converted to ABR Loans on the last day of such then expiring Interest Period. Upon receipt of any such notice the Administrative Agent shall promptly notify each relevant Lender thereof.
Appears in 1 contract
Sources: Seventh Amendment and Extension Agreement (Air Lease Corp)
Conversion and Continuation Options. (a) The Borrower or any Subsidiary Borrower may elect from time to time to convert Eurocurrency Term Benchmark Loans to ABR Loans by giving the Administrative Agent prior irrevocable notice of such election election, substantially in the form of Exhibit K, no later than 11:00 A.M., New York City time, on the Business Day preceding the proposed conversion date, provided that any such conversion of Eurocurrency Term Benchmark Loans may only be made on the last day of an Interest Period with respect theretothereto or, subject to payment of any amounts owing pursuant to Section 2.18, at any other time. The Borrower or any Subsidiary Borrower may elect from time to time to convert ABR Loans to Eurocurrency Term Benchmark Loans by giving the Administrative Agent prior irrevocable notice of such election election, substantially in the form of Exhibit K, no later than 12:00 Noon11:00 A.M., New York City time, on the third Business Day preceding the proposed conversion date (which notice shall specify the length of the initial Interest Period therefor), provided that no ABR Loan under a particular Facility may be converted into a Eurocurrency Term Benchmark Loan when any Event of Default has occurred and is continuing and the Administrative Agent or the Majority Facility Lenders in respect of such Facility have determined in its or their sole discretion not to permit such conversions. Upon receipt of any such notice the Administrative Agent shall promptly notify each relevant Lender thereof.
(b) Any Eurocurrency Term Benchmark Loan may be continued as such upon the expiration of the then current Interest Period with respect thereto by the Borrower or relevant Subsidiary Borrower giving irrevocable notice notice, substantially in the form of Exhibit K, to the Administrative Agent, in accordance with the applicable provisions of the term “Interest Period” set forth in Section 1.1, of the length of the next Interest Period to be applicable to such Loans, provided that no Eurocurrency Term Benchmark Loan under a particular Facility may be continued as such when any Event of Default has occurred and is continuing and the Administrative Agent has or the Majority Facility Lenders in respect of such Facility have determined in its or their sole discretion not to permit such continuations (and the Administrative Agent shall notify the Borrower within a reasonable amount of time of any such determination)continuations, and provided, further, that if the Borrower or such Subsidiary Borrower shall fail to give any required notice as described above in this paragraph such Loans shall be automatically continued as Eurocurrency Loans having an Interest Period of one month in duration or if such continuation is not permitted pursuant to the preceding proviso such Loans shall be automatically converted to ABR Loans on the last day of such then expiring Interest Period. Upon receipt of any such notice the Administrative Agent shall promptly notify each relevant Lender thereof.
Appears in 1 contract
Conversion and Continuation Options. (a) The Borrower or any Subsidiary Borrower may elect from time to time to convert Eurocurrency LIBOR Loans to ABR Loans Loans, by giving the Administrative Agent at least three Business Days' prior irrevocable notice of such election no later than 11:00 A.M., New York City time, on the Business Day preceding the proposed conversion dateelection, provided that any such conversion of Eurocurrency LIBOR Loans may only be made on the last day of an Interest Period with respect thereto. The Borrower or any Subsidiary Borrower may elect from time to time to convert ABR Loans to Eurocurrency LIBOR Loans by giving the Administrative Agent at least three Business Days' prior irrevocable notice of such election no later than 12:00 Noon, New York City time, on the third Business Day preceding the proposed election. Any such notice of conversion date (which notice to LIBOR 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 outstanding LIBOR Loans and ABR Loans may be converted as provided herein, provided that (i) no ABR Revolving Credit Loan under a particular Facility or Term Loan may be converted into a Eurocurrency LIBOR Loan when any Event of Default has occurred and is continuing and the Administrative Agent has or the Majority Facility Required Lenders in respect of such Facility have determined in its that such a conversion is not appropriate, (ii) no Revolving Credit Loan or their sole discretion not Term Loan may be converted into a LIBOR Loan after the date that is one month prior to permit such conversionsthe Revolving Credit Termination Date or the Termination Date, as the case may be, and (iii) no Swing Line Loan may be converted into a loan that bears interest at any rate other than the ABR. Upon receipt of any such notice the Administrative Agent shall promptly notify each relevant Lender thereof.CREDIT AGREEMENT
(b) Any Eurocurrency Loan LIBOR Loans may be continued as such upon the expiration of the then current Interest Period with respect thereto by the Borrower or relevant Subsidiary Borrower giving irrevocable notice to the Administrative Agent, in accordance with the applicable provisions of the term “"Interest Period” " set forth in Section subsection 1.1, of the length of the next Interest Period to be applicable to such Revolving Credit Loans, provided that no Eurocurrency LIBOR Loan under a particular Facility may be continued as such (i) when any Event of Default has occurred and is continuing and the Administrative Agent has or the Majority Facility Required Lenders in respect of such Facility have determined that such a continuation is not appropriate or (ii) after the date that is one month prior to, the Revolving Credit Termination Date (in its the case of continuations of Revolving Credit Loans) or their sole discretion not to permit such continuations (and the Administrative Agent shall notify date of the Borrower within a reasonable amount final installment of time principal of any such determination), the Term Loans and provided, further, that if the Borrower or such Subsidiary Borrower shall fail to give any required such notice as described above in this paragraph such Loans shall be automatically continued as Eurocurrency Loans having an Interest Period of one month in duration or if such continuation is not permitted pursuant to the preceding proviso such Revolving Credit Loans shall be automatically converted to ABR Loans on the last day of such then expiring Interest Period. Upon receipt of any such notice the Administrative Agent shall promptly notify each relevant Lender thereof.
Appears in 1 contract
Sources: Credit Agreement (Mastercard Inc)
Conversion and Continuation Options. (a) The Borrower or any Subsidiary Borrower may elect from time to time to convert Eurocurrency Eurodollar Loans to ABR Loans by giving the Administrative Agent at least two Business Days' prior irrevocable notice of such election no later than 11:00 A.M., New York City time, on the Business Day preceding the proposed conversion dateelection, provided that any such conversion of Eurocurrency Eurodollar Loans may only be made on the last day of an Interest Period with respect thereto. The Borrower or any Subsidiary Borrower may elect from time to time to convert ABR Loans to Eurocurrency Eurodollar Loans by giving the Administrative Agent at least three Business Days' prior irrevocable notice of such election no later than 12:00 Noon, New York City time, on the third Business Day preceding the proposed election. Any such notice of conversion date (which notice 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 affected Lender thereof. All or any part of outstanding Eurodollar Loans and ABR Loans may be converted as provided herein, provided that (i) no ABR Loan may be converted into a Eurodollar Loan under a particular Facility may be converted into a Eurocurrency Loan when any Event of Default has occurred and is continuing and the Administrative Agent has or the Majority Facility Lenders in respect of under such Facility have determined in its or their sole discretion not to permit such conversions. Upon receipt conversions and (ii) no Loan under a particular Facility may be converted into a Eurodollar Loan after the date that is one month prior to the final scheduled termination or maturity date of any such notice the Administrative Agent shall promptly notify each relevant Lender thereofFacility.
(b) Any Eurocurrency Loan Eurodollar Loans may be continued as such upon the expiration of the then current Interest Period with respect thereto by the Borrower or relevant Subsidiary Borrower giving irrevocable notice to the Administrative Agent, in accordance with the applicable provisions of the term “"Interest Period” " set forth in Section subsection 1.1, of the length of the next Interest Period to be applicable to such Loans, provided that no Eurocurrency Eurodollar Loan under a particular Facility may be continued as such (i) when any Event of Default has occurred and is continuing and the Administrative Agent has or the Majority Facility Lenders in respect of under such Facility have determined in its or their sole discretion not to permit such continuations or (and ii) after the Administrative Agent shall notify date that is one month prior to the Borrower within a reasonable amount final scheduled termination or maturity date of time of any such determination), Facility and provided, further, that if the Borrower or such Subsidiary Borrower shall fail to give any required notice as described above in this paragraph such Loans shall be automatically continued as Eurocurrency Loans having an Interest Period of one month in duration or if such continuation is not permitted pursuant to the preceding proviso such Loans shall be automatically converted to ABR Loans on the last day of such then expiring Interest Period. Upon receipt of any such notice the Administrative Agent shall promptly notify each relevant Lender thereof.
Appears in 1 contract
Conversion and Continuation Options. (a) The Borrower or any Subsidiary Borrower may elect from time to time to convert Eurocurrency Term Benchmark Loans or RFR Loans to ABR Loans by giving the Administrative Agent prior irrevocable notice of such election no later than 11:00 A.M., New York City time, on the Business Day preceding the proposed conversion date, provided that any such conversion of Eurocurrency Term Benchmark Loans may only be made on the last day of an Interest Period with respect thereto. The Borrower or any Subsidiary Borrower may elect from time to time to convert ABR Loans to Eurocurrency Term Benchmark Loans or RFR Loans by giving the Administrative Agent prior irrevocable notice of such election no later than 12:00 Noon1:00 P.M., New York City time, on the third Business Day preceding the proposed conversion date (which notice shall specify the length of the initial Interest Period therefor), provided that no ABR Loan under a particular Facility or RFR Loan may be converted into a Eurocurrency Term Benchmark Loan when any Event of Default has occurred and is continuing and the Administrative Agent or the Majority Facility Required Lenders in respect of such Facility have determined in its or their sole discretion not to permit such conversions. Upon receipt of any such notice the Administrative Agent shall promptly notify each relevant Lender thereof.
(b) Any Eurocurrency Term Benchmark Loan or RFR Loan may be continued as such upon the expiration of the then current Interest Period with respect thereto by the Borrower or relevant Subsidiary Borrower giving irrevocable notice to the Administrative Agent, in accordance with the applicable provisions of the term “Interest Period” set forth in Section 1.1, of the length of the next Interest Period to be applicable to such Loans, provided that no Eurocurrency Term Benchmark Loan under a particular Facility andor RFR Loan may be continued as such when any Event of Default has occurred and is continuing and the Administrative Agent has or the Majority Facility Required Lenders in respect of such Facility have determined in its or their sole discretion not to permit such continuations (and the Administrative Agent shall notify the Borrower within a reasonable amount of time of any such determination)continuations, and provided, further, that if the Borrower or such Subsidiary Borrower shall fail to give any required notice as described above in this paragraph such Loans shall be automatically continued as Eurocurrency Loans having an Interest Period of one month in duration or if such continuation is not permitted pursuant to the preceding proviso such Loans shall be automatically converted to ABR Loans on the last day of such then expiring Interest Period. Upon receipt of any such notice the Administrative Agent shall promptly notify each relevant Lender thereof.
Appears in 1 contract
Conversion and Continuation Options. (a) The Borrower or any Subsidiary Borrower may elect from time to time to convert Eurocurrency Term Benchmark Loans to ABR Loans by giving the Administrative Agent prior irrevocable notice of such election no later than 11:00 A.M.12:00 Noon, New York City time, on the Business Day preceding the proposed conversion date, provided that any such conversion of Eurocurrency Term Benchmark Loans may only be made on the last day of an Interest Period with respect thereto. The Borrower or any Subsidiary Borrower may elect from time to time to convert ABR Loans to Eurocurrency Term Benchmark Loans by giving the Administrative Agent prior irrevocable notice of such election no later than 12:00 Noon, New York City time, on the third Business Day preceding the proposed conversion date (which notice shall specify the length of the initial Interest Period therefor), provided that no ABR Loan under a particular Facility may be converted into a Eurocurrency Term Benchmark Loan when any Event of Default has occurred and is continuing and the Administrative Agent or the Majority Facility Required Lenders in respect of such Facility have determined in its or their sole discretion not to permit such conversions. Upon receipt of any such notice the Administrative Agent shall promptly notify each relevant Lender thereof.
(b) Any Eurocurrency Term Benchmark Loan may be continued as such upon the expiration of the then current Interest Period with respect thereto by the Borrower or relevant Subsidiary Borrower giving irrevocable notice to the Administrative Agent, in accordance with the applicable provisions of the defined term “Interest Period” set forth in Section 1.1”, of the length of the next Interest Period to be applicable to such Loans, provided that no Eurocurrency Term Benchmark Loan under a particular Facility may be continued as such when any Event of Default has occurred and is continuing and the Administrative Agent has or the Majority Facility Required Lenders in respect of such Facility have determined in its or their sole discretion not to permit such continuations (and the Administrative Agent shall notify the Borrower within a reasonable amount of time of any such determination), and continuations; provided, further, that if the Borrower or such Subsidiary Borrower shall fail to give any required notice as described above in this paragraph paragraph, subject to the preceding proviso, such Loans shall be automatically continued as Eurocurrency Term Benchmark Loans having with an Interest Period of one month in duration or if such continuation is not permitted pursuant to the preceding proviso such Loans shall be automatically converted to ABR Loans on the last day of such then expiring Interest Period. Upon receipt of any such notice the Administrative Agent shall promptly notify each relevant Lender thereof.
Appears in 1 contract
Sources: Term Loan Credit Agreement (PACIFIC GAS & ELECTRIC Co)
Conversion and Continuation Options. (a) The Borrower or any Subsidiary Borrower Borrowers may elect from time to time to convert Eurocurrency Eurodollar Loans under the Revolving Facility to ABR CBFR Loans under the Revolving Facility by giving causing the Borrower Representative to give the Administrative Agent at least two (2) Business Days’ prior irrevocable notice of such election no later than 11:00 A.M., New York City time, on the Business Day preceding the proposed conversion datepursuant to a Notice of Conversion/Continuation, provided that any such conversion of Eurocurrency Eurodollar Loans may only be made on the last day of an Interest Period with respect thereto. The Borrower or any Subsidiary Borrower Borrowers may elect from time to time to convert ABR CBFR Loans under the Revolving Facility to Eurocurrency Eurodollar Loans under the Revolving Facility by giving causing the Borrower Representative to give the Administrative Agent at least three (3) Business Days’ prior irrevocable notice of such election no later than 12:00 Noon, New York City time, on the third Business Day preceding the proposed conversion date pursuant to a Notice of Conversion/Continuation (which notice shall specify the length of the initial Interest Period therefor), provided that no ABR CBFR Loan under a particular the Revolving Facility may be converted into a Eurocurrency Eurodollar Loan when any Default or Event of Default has occurred and is continuing and the Administrative Agent or the Majority Required Facility Lenders in respect of such the Revolving Facility have determined in its or their sole discretion not to permit such conversions. Upon receipt of any such notice the Administrative Agent shall promptly notify each relevant Lender thereof.
(b) Any Eurocurrency Eurodollar Loan under the Revolving Facility may be continued as such upon the expiration of the then current Interest Period with respect thereto by the Borrowers causing the Borrower or relevant Subsidiary Borrower giving Representative to give irrevocable notice to the Administrative Agent, pursuant to a Notice of Conversion/Continuation in accordance with the applicable provisions of the term “Interest Period” set forth in Section 1.11.01, of the length of the next Interest Period to be applicable to such Loans, provided that no Eurocurrency Eurodollar Loan under a particular the Revolving Facility may be continued as such when any Default or Event of Default has occurred and is continuing continuing, and the Administrative Agent has or the Majority Required Facility Lenders in respect of such the Revolving Facility have determined in its or their sole discretion not to permit such continuations (and the Administrative Agent shall notify the Borrower within a reasonable amount of time of any such determination)continuations, and provided, further, that if the Borrower or such Subsidiary Borrower Representative shall fail to give any required notice as described above in this paragraph such Loans shall be automatically continued as Eurocurrency Loans having an Interest Period of one month in duration or if such continuation is not permitted pursuant to the preceding proviso such Loans shall be automatically converted to ABR CBFR Loans on the last day of such then expiring Interest Period. Upon receipt of any such notice the Administrative Agent shall promptly notify each relevant Lender thereof.
Appears in 1 contract
Conversion and Continuation Options. (a) The Borrower or any Subsidiary Borrower applicable Borrowers may elect from time to time to convert Eurocurrency outstanding Revolving Credit Loans from Daily Simple SOFR Rate Loans or Term SOFR Rate Loans to ABR Loans by the Borrower Representative giving the Administrative Agent prior irrevocable notice of such election no later than 11:00 A.M.prior to 2:00 P.M., New York City time, on time two Business Days (or such shorter period as may be agreed by the Business Day preceding the proposed conversion date, provided that any Administrative Agent in its reasonable discretion) prior to such conversion of Eurocurrency Loans may only be made on the last day of an Interest Period with respect theretoelection. The Borrower or any Subsidiary Borrower Representative may elect from time to time to convert outstanding Revolving Credit Loans from ABR Loans to Eurocurrency Daily Simple SOFR Rate Loans or Term SOFR Rate Loans by the Borrower Representative giving the Administrative Agent prior irrevocable notice of such election no later than 12:00 Noonprior to 2:00 P.M., New York City time, on time at least three Business Days (or such shorter period as may be agreed by the third Business Day preceding the proposed Administrative Agent in its reasonable discretion) prior to such election. Any such notice of conversion date (which notice to Term SOFR Rate Loans shall specify the length of the initial Interest Period or Interest Periods therefor), provided that no ABR Loan under a particular Facility may be converted into a Eurocurrency Loan when any Event of Default has occurred and is continuing and the Administrative Agent or the Majority Facility Lenders in respect of such Facility have determined in its or their sole discretion not to permit such conversions. Upon receipt of any such notice the Administrative Agent shall promptly notify each relevant affected Lender thereof. All or any part of outstanding Daily Simple SOFR Rate Loans, Term SOFR Rate Loans or ABR Loans may be converted as provided herein, provided that (i) (unless the Required Lenders otherwise consent) no Loan may be converted into a Daily Simple SOFR Rate Loan or Term SOFR Rate Loan when any Default or Event of Default has occurred and is continuing and, in the case of any Default (other than any Default under Subsection 9.1(f)), the Administrative Agent has given notice to the Borrower Representative that no such conversions may be made and (ii) no Loan may be converted into a Daily Simple SOFR Rate Loan or Term SOFR Rate Loan after the date that is one month prior to the applicable Termination Date.
(b) Any Eurocurrency Term SOFR Rate Loan may be continued as such upon the expiration of the then current Interest Period with respect thereto by the Borrower or relevant Subsidiary Borrower Representative giving irrevocable three Business Days’ notice to the Administrative AgentAgent of the length of the next Interest Period to be applicable to such Loan, determined in accordance with the applicable provisions of the term “Interest Period” set forth in Section Subsection 1.1, of the length of the next Interest Period to be applicable to such Loans, provided that no Eurocurrency Term SOFR Rate Loan under a particular Facility may be continued as such (i) (unless the Required Lenders otherwise consent) when any Default or Event of Default has occurred and is continuing and and, in the case of any Default (other than any Default under Subsection 9.1(f)), the Administrative Agent has or given notice to the Majority Facility Lenders in respect of such Facility have determined in its or their sole discretion not to permit Borrower Representative that no such continuations may be made or (and ii) after the Administrative Agent shall notify date that is one month prior to the Borrower within a reasonable amount of time of any such determination)applicable Termination Date, and provided, further, that if the Borrower or such Subsidiary Borrower Representative shall fail to give any required notice as described above in this paragraph such Loans shall be automatically continued as Eurocurrency Loans having an Interest Period of one month in duration clause (b) or if such continuation is not permitted pursuant to the preceding proviso such Term SOFR Rate Loans shall be automatically converted to ABR Loans on the last day of such then expiring Interest Period. Upon receipt of any such notice of continuation pursuant to this Subsection 4.2(b), the Administrative Agent shall promptly notify each relevant affected Lender thereof.
Appears in 1 contract
Conversion and Continuation Options. (a) The Borrower or any Subsidiary Borrower may elect from time to time to convert Eurocurrency outstanding Loans of a given Tranche denominated in Dollars from Daily Simple SOFR Rate Loans or Term SOFR Rate Loans to ABR Loans by giving the Administrative Agent prior irrevocable notice of such election no later than 11:00 A.M.prior to 1:00 P.M., New York City time, on two Business Days (or such shorter period as may be agreed by the Business Day preceding the proposed conversion date, provided that any Administrative Agent in its reasonable discretion) prior to such conversion of Eurocurrency Loans may only be made on the last day of an Interest Period with respect theretoelection. The Borrower or any Subsidiary Borrower may elect from time to time to convert outstanding Loans of a given Tranche from ABR Loans to Eurocurrency Daily Simple SOFR Rate Loans or Term SOFR Rate Loans by giving the Administrative Agent prior irrevocable notice of such election no later than 12:00 Noonprior to 1:00 P.M., New York City time, on at least three Business Days (or such shorter period as may be agreed by the third Business Day preceding the proposed Administrative Agent in its reasonable discretion) prior to such election. Any such notice of conversion date (which notice to Daily Simple SOFR Rate Loans or Term SOFR Rate Loans shall specify the length of the initial Interest Period or Interest Periods therefor), provided that no ABR Loan under a particular Facility may be converted into a Eurocurrency Loan when any Event of Default has occurred and is continuing and the Administrative Agent or the Majority Facility Lenders in respect of such Facility have determined in its or their sole discretion not to permit such conversions. Upon receipt of any such notice the Administrative Agent shall promptly notify each relevant affected Lender thereof. All or any part of outstanding Daily Simple SOFR Rate Loans, Term SOFR Rate Loans or ABR Loans may be converted as provided herein, provided that (i) (unless the Required Lenders otherwise consent) no Loan may be converted into a Daily Simple SOFR Rate Loan or Term SOFR Rate Loan when any Default or Event of Default has occurred and is continuing and, in the case of any Default (other than a Default under Subsection 9.1(h) or (i)), the Administrative Agent has given notice to the Borrower that no such conversions may be made and (ii) no Loan may be converted into a Daily Simple SOFR Rate Loan or Term SOFR Rate Loan after the date that is one month prior to the applicable Maturity Date.
(b) Any Eurocurrency Term SOFR Rate Loan may be continued as such upon the expiration of the then current Interest Period with respect thereto by the Borrower or relevant Subsidiary Borrower giving irrevocable notice to the Administrative AgentAgent of the length of the next Interest Period to be applicable to such Term SOFR Rate Loan, determined in accordance with the applicable provisions of the term “Interest Period” set forth in Section Subsection 1.1, of the length of the next Interest Period to be applicable to such Loans, provided that no Eurocurrency Term SOFR Rate Loan under a particular Facility may be continued as such (i) (unless the Required Lenders otherwise consent) when any Default or Event of Default has occurred and is continuing and and, in the case of any Default (other than a Default under Subsection 9.1(h) or (i)), the Administrative Agent has or given notice to the Majority Facility Lenders in respect of such Facility have determined in its or their sole discretion not to permit Borrower that no such continuations may be made or (and ii) after the Administrative Agent shall notify date that is one month prior to the Borrower within a reasonable amount of time of any such determination)applicable Maturity 102 Date, and provided, further, that if the Borrower or such Subsidiary Borrower shall fail to give any required notice as described above in this paragraph such Loans shall be automatically continued as Eurocurrency Loans having an Interest Period of one month in duration clause (b) or if such continuation is not permitted pursuant to the preceding proviso proviso, such Loans Term SOFR Rate Loan shall be automatically converted to ABR Loans on the last day of such then expiring Interest Period. Upon receipt of any such notice of continuation pursuant to this Subsection 4.2(b), the Administrative Agent shall promptly notify each relevant affected Lender thereof.
Appears in 1 contract
Sources: Term Loan Credit Agreement (Cornerstone Building Brands, Inc.)
Conversion and Continuation Options. (a) The Borrower or any Subsidiary Borrower may elect from time to time to convert Eurocurrency Term Benchmark Loans made to it to ABR Loans by giving the Administrative Agent prior irrevocable notice notice, by submitting an Interest Election Request, of such election no later than 11:00 A.M., New York City time, on the U.S. Government Securities Business Day preceding the proposed conversion date, provided that any such conversion of Eurocurrency Term Benchmark Loans may only be made on the last day of an Interest Period with respect thereto. The Borrower or any Subsidiary Borrower may elect from time to time to convert ABR Loans made to Eurocurrency it to Term Benchmark Loans by giving the Administrative Agent prior irrevocable notice notice, by submitting an Interest Election Request, of such election no later than 12:00 Noon11:00 A.M., New York City time, on the third U.S. Government Securities Business Day preceding the proposed conversion date (which notice shall specify the length of the initial Interest Period therefor), provided that no ABR Loan under a particular Facility may be converted into a Eurocurrency Term Benchmark Loan when any Event of Default has occurred and is continuing and the Administrative Agent or the Majority Facility Required Lenders in respect of such Facility have determined in its or their sole discretion not to permit such conversions. Upon receipt of any such notice the Administrative Agent shall promptly notify each relevant Lender thereof.
(b) Any Eurocurrency Term Benchmark Loan may be continued as such upon the expiration of the then current Interest Period with respect thereto by the Borrower or relevant Subsidiary Borrower giving irrevocable notice to the Administrative AgentAgent by submitting an Interest Election Request, in accordance with the applicable provisions of the term “Interest Period” set forth in Section 1.1, of the length of the next Interest Period to be applicable to such Loans, provided that no Eurocurrency Term Benchmark Loan under a particular Facility may be continued as such (i) when any Event of Default has occurred and is continuing and the Administrative Agent has or the Majority Facility Required Lenders in respect of such Facility have determined in its or their sole discretion not to permit such continuations or (and the Administrative Agent shall notify ii) if an Event of Default specified in clause (i) or (ii) of Section 7.1 (g) with respect to the Borrower within a reasonable amount of time of any such determination)is in existence, and provided, further, that if the Borrower or such Subsidiary Borrower shall fail to give any required notice as described above in this paragraph such Loans shall be automatically continued as Eurocurrency Loans having an Interest Period of one month in duration or if such continuation is not permitted pursuant to the preceding proviso such Loans shall be automatically converted to ABR Loans on the last day of such then expiring Interest Period. Upon receipt of any such notice Interest Election Request the Administrative Agent shall promptly notify each relevant Lender thereof.
Appears in 1 contract
Conversion and Continuation Options. (a) The Borrower or any Subsidiary Borrower may elect from time to time to convert Eurocurrency Eurodollar Loans to ABR Loans by giving the Administrative Agent prior irrevocable notice in the form of Exhibit G of such election no later than 11:00 A.M.1:00 P.M., New York City time, on the Business Day preceding the proposed conversion date; provided, provided that any such conversion of Eurocurrency Eurodollar Loans may only be made on the last day of an Interest Period with respect thereto. The Borrower or any Subsidiary Borrower may elect from time to time to convert ABR Loans to Eurocurrency Eurodollar Loans by giving the Administrative Agent prior irrevocable notice in the form of Exhibit G of such election no later than 12:00 Noon1:00 P.M., New York City time, on the third Business Day preceding the proposed conversion date (which notice shall specify the length of the initial Interest Period therefor); provided, provided that no ABR Loan under a particular Facility may be converted into a Eurocurrency Eurodollar Loan when any Event of Default has occurred and is continuing and the Administrative Agent or the Majority Facility Lenders in respect of such Facility have determined in its or their sole discretion not to permit such conversions. Upon receipt of any such notice the Administrative Agent shall promptly notify each relevant Lender thereof.
(b) Any Eurocurrency Eurodollar Loan may be continued as such upon the expiration of the then current Interest Period with respect thereto by the Borrower or relevant Subsidiary Borrower giving irrevocable notice to the Administrative AgentAgent in the form of Exhibit G, in accordance with the applicable provisions of the term “Interest Period” set forth in Section 1.1, of the length of the next Interest Period to be applicable to such Loans; provided, provided that no Eurocurrency Eurodollar Loan under a particular Facility may be continued as such when any Event of Default has occurred and is continuing and the Administrative Agent has or the Majority Facility Lenders in respect of such Facility have determined in its or their sole discretion not to permit such continuations (and the Administrative Agent shall notify the Borrower within a reasonable amount of time of any such determination), and provided, continuations; provided further, that if the Borrower or such Subsidiary Borrower shall fail to give any required notice as described above in this paragraph such Loans shall be automatically continued as Eurocurrency Loans having an Interest Period of one month in duration or if such continuation is not permitted pursuant to the preceding proviso such Loans shall be automatically converted to ABR Loans on the last day of such then expiring Interest Period. Upon receipt of any such notice the Administrative Agent shall promptly notify each relevant Lender thereof.
Appears in 1 contract
Conversion and Continuation Options. (a) The Borrower or any Subsidiary Borrower Company may elect from time to time to convert Eurocurrency Loans all or a portion of the LIBOR Rate Equity Contributions to ABR Loans Base Rate Equity Contributions by giving the Administrative Agent Owner Participant prior irrevocable notice of such election no later than 11:00 A.M., New York City time, on the Business Day preceding the proposed conversion date; provided, provided that any such conversion of Eurocurrency Loans LIBOR Rate Equity Contributions may only be made on the last day of an Interest a Yield Period with respect thereto. The Borrower or any Subsidiary Borrower Company may elect from time to time to convert ABR Loans all or a portion of the Base Rate Equity Contributions to Eurocurrency Loans LIBOR Rate Equity Contributions by giving the Administrative Agent Owner Participant prior irrevocable notice of such election no later than 12:00 Noon11:00 A.M., New York City time, on the third Business Day preceding the proposed conversion date (which notice shall specify the length of the initial Interest Yield Period therefor). All or any part of the outstanding LIBOR Rate Equity Contributions or Base Rate Equity Contributions may be converted as provided herein; provided, provided that no ABR Loan under a particular Facility Base Rate Equity Contributions may be converted into a Eurocurrency Loan LIBOR Rate Equity Contributions when any Significant Company Default or Company Event of Default has occurred and is continuing and the Administrative Agent or the Majority Facility Lenders in respect of such Facility have Owner Participant has determined in its or their sole discretion not to permit such conversions. Upon receipt of any such notice conversions after the Administrative Agent shall promptly notify each relevant Lender thereofdate that is one month prior to the Commitment Termination Date.
(b) Any Eurocurrency Loan LIBOR Rate Equity Contribution may be continued as such upon the expiration of the then current Interest Yield Period with respect thereto by the Borrower or relevant Subsidiary Borrower Company giving irrevocable notice to the Administrative AgentOwner Participant, in accordance with the applicable provisions of the term “Interest Yield Period” set forth in Section 1.1Appendix A hereto, of the length of the next Interest Yield Period to be applicable to such LoansEquity Contribution, provided provided, that no Eurocurrency Loan under a particular Facility LIBOR Rate Equity Contribution may be continued as such when any Significant Company Default or Company Event of Default has occurred and is continuing and the Administrative Agent Owner Participant has or the Majority Facility Lenders in respect of such Facility have determined in its or their sole discretion not to permit such continuations (and the Administrative Agent shall notify the Borrower within a reasonable amount of time of any such determination)continuation, and provided, further, that if the Borrower or such Subsidiary Borrower Company shall fail to give any required notice as described above in this paragraph such Loans shall be automatically continued as Eurocurrency Loans having an Interest Period of one month in duration or if such continuation is not permitted pursuant to the preceding proviso such Loans Equity Contribution shall be automatically converted to ABR Loans continued as a LIBOR Rate Equity Contribution on the last day of such then expiring Interest Yield Period and such continued LIBOR Rate Equity Contribution shall have a Yield Period with the same length as that of then expiring Yield Period. Upon receipt of any such notice the Administrative Agent shall promptly notify each relevant Lender thereof.
Appears in 1 contract
Sources: Participation Agreement (Tri-State Generation & Transmission Association, Inc.)
Conversion and Continuation Options. (a) The Borrower or any Subsidiary Borrower may elect from time to time to convert Eurocurrency Eurodollar Loans to ABR Loans by giving the Administrative Agent prior irrevocable notice of such election substantially in the form of Exhibit B attached hereto (an “Interest Election Request”) no later than 11:00 A.M.12:00 Noon, New York City time, on the Business Day preceding the proposed conversion date, provided that any such conversion of Eurocurrency Eurodollar Loans may only be made on the last day of an Interest Period with respect thereto. The Borrower or any Subsidiary Borrower may elect from time to time to convert ABR Loans to Eurocurrency Eurodollar Loans by giving the Administrative Agent prior irrevocable notice of such election no later than 12:00 Noon, New York City time, on the third Business Day preceding the proposed conversion date (which notice Interest Election Request shall specify the length of the initial Interest Period therefor), provided that no ABR Loan under a particular Facility may be converted into a Eurocurrency Eurodollar Loan when (i) any Event of Default has occurred and is continuing and the Administrative Agent or the Majority Facility Required Lenders in respect of such Facility have determined in its or their sole discretion not to permit such conversionsconversion or (ii) if a Specified Event of Default is in existence. Upon receipt of any such notice Interest Election Request the Administrative Agent shall promptly notify each relevant Lender thereof.
(b) Any Eurocurrency Eurodollar Loan may be continued as such upon the expiration of the then current Interest Period with respect thereto by the Borrower or relevant Subsidiary Borrower giving irrevocable notice by submitting an Interest Election Request to the Administrative Agent, in accordance with the applicable provisions of the term “Interest Period” set forth in Section 1.1, of the length of the next Interest Period to be applicable to such Loans, provided that no Eurocurrency Eurodollar Loan under a particular Facility may be continued as such (i) when any Event of Default has occurred and is continuing and the Administrative Agent has or the Majority Facility Required Lenders in respect of such Facility have determined in its or their sole discretion not to permit such continuations or (and the Administrative Agent shall notify the Borrower within ii) if a reasonable amount Specified Event of time of any such determination)Default is in existence, and provided, further, that if the Borrower or such Subsidiary Borrower shall fail to give any required notice Interest Election Request as described above in this paragraph such Loans shall be automatically continued as Eurocurrency Loans having an Interest Period of one month in duration or if such continuation is not permitted pursuant to the preceding proviso such Loans shall be automatically converted to ABR Loans on the last day of such then expiring Interest Period. Upon receipt of any such notice Interest Election Request the Administrative Agent shall promptly notify each relevant Lender thereof.
Appears in 1 contract
Conversion and Continuation Options. (a) The Borrower or any Subsidiary Borrower may elect from time to time to convert Eurocurrency Term SOFR Loans made to the Borrower to ABR Loans by giving the Administrative Agent prior irrevocable written notice of such election no later than 11:00 A.M.12:00 Noon, New York City time, on the third Business Day preceding the proposed conversion date, ; provided that if any such conversion of Eurocurrency Loans may only be made Term SOFR Loan is so converted on any day other than the last day of an the Interest Period with respect applicable thereto, the Borrower shall also pay any amounts owing pursuant to Section 2.21. The Borrower or any Subsidiary Borrower may elect from time to time to convert ABR Loans made to Eurocurrency the Borrower to Term SOFR Loans by giving the Administrative Agent prior irrevocable written notice of such election no later than 12:00 Noon, New York City time, on the third Business Day preceding the proposed conversion date (which notice shall specify the length of the initial Interest Period therefor), ; provided that (i) no ABR Loan under a particular Facility may be converted into a Eurocurrency Term SOFR Loan when any Event of Default has occurred and is continuing and the Administrative Agent or the Majority Facility Lenders in respect of such Facility have determined in its or their sole discretion not to permit such conversionsconversions and (ii) if the Borrower wishes to request a conversion to Term SOFR Loans having an Interest Period other than one, three or six months in duration as provided in the definition of “Interest Period,” the applicable notice must be received by the Administrative Agent not later than 11:00 a.m., New York City time, four Business Days prior to the requested date of such conversion, whereupon the Administrative Agent shall give prompt notice to the relevant Lenders of such request and determine whether the requested Interest Period is acceptable to all of them. Upon receipt of any such notice the Administrative Agent shall promptly notify each relevant Lender thereofthereof and, in the case of a conversion requested pursuant to clause (ii) of the proviso to the second sentence of this Section 2.13(a), determine whether the requested Interest Period is acceptable to them. Not later than 11:00 a.m., three Business Days before the requested date of a conversion requested pursuant to clause (ii) of the proviso to the second sentence of this Section 2.13(a), the Administrative Agent shall notify the Borrower (which notice may be by telephone) whether or not the requested Interest Period has been consented to by all of the relevant Lenders and the Administrative Agent.
(b) Any Eurocurrency Term SOFR Loan may be continued as such upon the expiration of the then current Interest Period with respect thereto by the Borrower or relevant Subsidiary Borrower giving irrevocable written notice to the Administrative Agent, in accordance with the applicable provisions of the term “Interest Period” set forth in Section 1.11.1 and no later than 12:00 Noon, New York City time, on the third Business Day preceding the proposed continuation date, of the length of the next Interest Period to be applicable to such Loans, ; provided that (i) if any Term SOFR Loan is so continued on any day other than the last day of the Interest Period applicable thereto, the Borrower shall also pay any amounts owing pursuant to Section 2.21, (ii) if the Borrower wishes to request a continuation of Term SOFR Loans as Term SOFR Loans having an Interest Period other than one, three or six months in duration as provided in the definition of “Interest Period,” the applicable notice must be received by the Administrative Agent not later than 11:00 a.m., New York City time, four Business Days prior to the requested date of such conversion, whereupon the Administrative Agent shall give prompt notice to the relevant Lenders of such request and determine whether the requested Interest Period is acceptable to all of them, (iii) no Eurocurrency Term SOFR Loan under a particular Facility may be continued as such when any Event of Default has occurred and is continuing and the Administrative Agent has or the Majority Facility Lenders in respect of such Facility have determined in its or their sole discretion not to permit such continuations (and the Administrative Agent shall notify the Borrower within a reasonable amount of time of any such determination)continuations, and provided, further, that (iv) (A) if the Borrower or such Subsidiary Borrower shall fail to give any required notice as described above in this paragraph such Term SOFR Loans shall be automatically continued as Eurocurrency Term SOFR Loans having an Interest Period of one month in month’s duration or on the last day of such then-expiring Interest Period and (B) if such continuation is not permitted pursuant to the preceding proviso proviso, such Term SOFR Loans shall be automatically converted to ABR Loans on the last day of such then expiring Interest Period. Upon receipt of any such notice the Administrative Agent shall promptly notify each relevant Lender thereofthereof and, in the case of a continuation requested pursuant to clause (ii) of the proviso to the first sentence of this Section 2.13(b), if applicable, determine whether the requested Interest Period is acceptable to them. Not later than 11:00 a.m., New York City time, three Business Days before the requested date of a continuation requested pursuant to clause (ii) of the proviso to the first sentence of this Section 2.13(b), the Administrative Agent shall notify the Borrower (which notice may be by telephone) whether or not the requested Interest Period has been consented to by all of the relevant Lenders and the Administrative Agent.
Appears in 1 contract
Sources: Credit Agreement (Booz Allen Hamilton Holding Corp)
Conversion and Continuation Options. (a) i. The Borrower or any Subsidiary Borrower may elect from time to time to convert Eurocurrency Loans made to the Borrower to ABR Loans by giving the Administrative Agent prior irrevocable written notice of such election no later than 11:00 A.M.12:00 Noon, New York City time, on the third Business Day preceding the proposed conversion date, ; provided that if any such conversion of Eurocurrency Loans may only be made Loan is so converted on any day other than the last day of an the Interest Period with respect applicable thereto, the Borrower shall also pay any amounts owing pursuant to Section 2.21. The Borrower or any Subsidiary Borrower may elect from time to time to convert ABR Loans made to the Borrower to Eurocurrency Loans by giving the Administrative Agent prior irrevocable written notice of such election no later than 12:00 Noon, New York City time, on the third Business Day preceding the proposed conversion date (which notice shall specify the length of the initial Interest Period therefor), ; provided that no ABR Loan under a particular Facility may be converted into a Eurocurrency Loan when any Event of Default has occurred and is continuing and the Administrative Agent or the Majority Facility Lenders in respect of such Facility have determined in its or their sole discretion not to permit such conversions. Upon receipt of any such notice the Administrative Agent shall promptly notify each relevant Lender thereof.
(b) ii. Any Eurocurrency Loan may be continued as such upon the expiration of the then current Interest Period with respect thereto by the Borrower or relevant Subsidiary Borrower giving irrevocable written notice to the Administrative Agent, in accordance with the applicable provisions of the term “Interest Period” set forth in Section 1.11.1 and no later than 12:00 Noon, New York City time, on the third Business Day preceding the proposed continuation date, of the length of the next Interest Period to be applicable to such Loans; provided that if any Eurocurrency Loan is so continued on any day other than the last day of the Interest Period applicable thereto, provided the Borrower shall also pay any amounts owing pursuant to Section 2.21; provided, further, that no Eurocurrency Loan under a particular Facility may be continued as such when any Event of Default has occurred and is continuing and the Administrative Agent has or the Majority Facility Lenders in respect of such Facility have determined in its or their sole discretion not to permit such continuations (and the Administrative Agent shall notify the Borrower within a reasonable amount of time of any such determination), continuations; and provided, further, that (i) if the Borrower or such Subsidiary Borrower shall fail to give any required notice as described above in this paragraph such Eurocurrency Loans shall be automatically continued as Eurocurrency Loans having an Interest Period of one month in month’s duration or on the last day of such then-expiring Interest Period and (ii) if such continuation is not permitted pursuant to the preceding proviso proviso, such Eurocurrency Loans shall be automatically converted to ABR Loans on the last day of such then expiring Interest Period. Upon receipt of any such notice the Administrative Agent shall promptly notify each relevant Lender thereof.
Appears in 1 contract
Conversion and Continuation Options. (a) The Borrower or any Subsidiary Borrower may elect from time to time to convert Eurocurrency LIBORTerm Benchmark Loans denominated in Dollars to ABR Loans by giving the Administrative Agent at least two Business Days’ prior irrevocable notice of such election no later than 11:00 A.M., New York City time, on the Business Day preceding the proposed conversion date, election; provided that any such conversion of Eurocurrency LIBORTerm Benchmark Loans may only be made on the last day of an Interest Period with respect thereto. The Borrower or any Subsidiary Borrower may elect from time to time to convert ABR Loans to Eurocurrency LIBORTerm Benchmark Loans by giving the Administrative Agent at least three Business Days’ prior irrevocable notice of such election no later than 12:00 Noon, New York City time, on the third Business Day preceding the proposed conversion date (which notice shall specify the length of the initial Interest Period therefor), ; provided that no ABR Loan under a particular Facility may be converted into a Eurocurrency LIBORTerm Benchmark Loan or an RFR Loan (if applicable) (i) when any Event of Default has occurred and is continuing and the Administrative Agent has, or the Majority Facility Lenders in respect of such Facility have have, determined in its or their sole discretion not to permit such conversionsconversions or (ii) after the date that is one month prior to the final scheduled termination or maturity date of such Facility. Upon receipt of any such notice notice, the Administrative Agent shall promptly notify each relevant Lender thereof.
(b) Any Eurocurrency LIBORTerm Benchmark Loan may be continued as such upon the expiration of the then current Interest Period with respect thereto by the Borrower or relevant Subsidiary Borrower (on its own behalf) giving irrevocable notice to the Administrative Agent, in accordance with the applicable provisions of the term “Interest Period” set forth in Section 1.1, of the length of the next Interest Period to be applicable to such Loans, ; provided that no Eurocurrency LIBORTerm Benchmark Loan under a particular Facility may be continued as such (i) when any Event of Default has occurred and is continuing and the Administrative Agent has or the Majority Facility Lenders in respect of such Facility have determined in its or their sole discretion not to permit such continuations or (and ii) after the Administrative Agent shall notify date that is one month prior to the Borrower within a reasonable amount final scheduled termination or maturity date of time of any such determination), Facility; and provided, further, that if the Borrower or such Subsidiary Borrower (on its own behalf) shall fail to give any required notice as described above in this paragraph such Loans shall be automatically continued as Eurocurrency Loans having an Interest Period of one month in duration or if such continuation is not permitted pursuant to the preceding proviso such Loans shall be automatically converted to ABR continued as LIBORTerm Benchmark Loans on the last day with an Interest Period of such then expiring Interest Periodone month. Upon receipt of any such notice notice, the Administrative Agent shall promptly notify each relevant Lender thereof.
Appears in 1 contract
Conversion and Continuation Options. (a) The Borrower or any Subsidiary Borrower may elect from time to time to convert Eurocurrency EurodollarTerm SOFR Loans to ABR Loans by giving the Administrative Agent prior irrevocable notice of such election substantially in the form of Exhibit B attached hereto (an “Interest Election Request”) no later than 11:00 A.M.12:00 Noon, New York City time, on the Business Day preceding the proposed conversion date, provided that any such conversion of Eurocurrency EurodollarTerm SOFR Loans may only be made on the last day of an Interest Period with respect thereto. The Borrower or any Subsidiary Borrower may elect from time to time to convert ABR Loans to Eurocurrency EurodollarTerm SOFR Loans by giving the Administrative Agent prior irrevocable notice of such election no later than 12:00 Noon, New York City time, on the third thirdsecond U.S. Government Securities Business Day preceding the proposed conversion date (which notice Interest Election Request shall specify the length of the initial Interest Period therefor), provided that no ABR Loan under a particular Facility may be converted into a Eurocurrency EurodollarTerm SOFR Loan when (i) any Event of Default has occurred and is continuing and the Administrative Agent or the Majority Facility Required Lenders in respect of such Facility have determined in its or their sole discretion not to permit such conversionsconversion or (ii) if a Specified Event of Default is in existence. Upon receipt of any such notice Interest Election Request the Administrative Agent shall promptly notify each relevant Lender thereof.
(b) Any Eurocurrency EurodollarTerm SOFR Loan may be continued as such upon the expiration of the then current Interest Period with respect thereto by the Borrower or relevant Subsidiary Borrower giving irrevocable notice by submitting an Interest Election Request to the Administrative Agent, in accordance with the applicable provisions of the term “Interest Period” set forth in Section 1.1, of the length of the next Interest Period to be applicable to such Loans, provided that no Eurocurrency EurodollarTerm SOFR Loan under a particular Facility may be continued as such (i) when any Event of Default has occurred and is continuing and the Administrative Agent has or the Majority Facility Required Lenders in respect of such Facility have determined in its or their sole discretion not to permit such continuations (and the Administrative Agent shall notify the Borrower within a reasonable amount of time of any such determination), and provided, further, that if the Borrower or such Subsidiary Borrower shall fail to give any required notice as described above in this paragraph such Loans shall be automatically continued as Eurocurrency Loans having an Interest Period of one month in duration or if such continuation is not permitted pursuant to the preceding proviso such Loans shall be automatically converted to ABR Loans on the last day of such then expiring Interest Period. Upon receipt of any such notice the Administrative Agent shall promptly notify each relevant Lender thereof.75
Appears in 1 contract
Conversion and Continuation Options. (a) The Borrower or any Subsidiary Borrower may elect from time to time to convert Eurocurrency LIBOR Loans to ABR Loans Loans, by giving the Administrative Agent at least three Business Days' prior irrevocable notice of such election no later than 11:00 A.M., New York City time, on the Business Day preceding the proposed conversion dateelection, provided that any such conversion of Eurocurrency LIBOR Loans may only be made on the last day of an Interest Period with respect thereto. The Borrower or any Subsidiary Borrower may elect from time to time to convert ABR Loans to Eurocurrency LIBOR Loans by giving the Administrative Agent at least three Business Days' prior irrevocable notice of such election no later than 12:00 Noon, New York City time, on the third Business Day preceding the proposed election. Any such notice of conversion date (which notice to LIBOR 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 outstanding LIBOR Loans and ABR Loans may be converted as provided herein, provided that (i) no ABR Revolving Credit Loan under a particular Facility or Term Loan may be converted into a Eurocurrency LIBOR Loan when any Event of Default has occurred and is continuing and the Administrative Agent has or the Majority Facility Required Lenders in respect of such Facility have determined in its or their sole discretion that such a conversion is not to permit such conversions. Upon receipt of appropriate, and (ii) no Swing Line Loan may be converted into a loan that bears interest at any such notice rate other than the Administrative Agent shall promptly notify each relevant Lender thereofABR.
(b) Any Eurocurrency Loan LIBOR Loans may be continued as such upon the expiration of the then current Interest Period with respect thereto by the Borrower or relevant Subsidiary Borrower giving irrevocable notice to the Administrative Agent, in accordance with the applicable provisions of the term “"Interest Period” " set forth in Section 1.1, of the length of the next Interest Period to be applicable to such Revolving Credit Loans, provided that no Eurocurrency LIBOR Loan under a particular Facility may be continued as such when any Event of Default has occurred and is continuing and the Administrative Agent has or the Majority Facility Required Lenders in respect of such Facility have determined in its or their sole discretion that such a continuation is not to permit such continuations (and the Administrative Agent shall notify the Borrower within a reasonable amount of time of any such determination), appropriate; and provided, further, that if the Borrower or such Subsidiary Borrower shall fail to give any required such notice as described above in this paragraph such Loans shall be automatically continued as Eurocurrency Loans having an Interest Period of one month in duration or if such continuation is not permitted pursuant to the preceding proviso such Revolving Credit Loans shall be automatically converted to ABR Loans on the last day of such then expiring Interest Period. Upon receipt of any such notice the Administrative Agent shall promptly notify each relevant Lender thereof.CREDIT AGREEMENT
Appears in 1 contract
Sources: Credit Agreement (Mastercard Inc)
Conversion and Continuation Options. (a) The Borrower Company or any Subsidiary Borrower may elect from time to time to convert Eurocurrency Loans in Dollars to ABR Loans by giving the Administrative Agent prior irrevocable notice of such election no later than 11:00 A.M.1:00 P.M., New York City time, on the third Business Day preceding the proposed conversion date, provided provided, that any such conversion of Eurocurrency Loans may only be that is not made on the last day of an Interest Period with respect theretothereto shall be subject to Section 2.23. The Borrower Company or any Subsidiary Borrower may elect from time to time to convert ABR Loans to Eurocurrency Loans denominated in Dollars by giving the Administrative Agent prior irrevocable notice of such election no later than 12:00 Noon1:00 P.M., New York City time, on the third Business Day preceding the proposed conversion date (which notice shall specify the length of the initial Interest Period therefor); provided, provided that no ABR Loan under a particular Facility may be converted into a Eurocurrency Loan denominated in Dollars when (after giving effect to such Loan and to the application of proceeds thereof) any Event of Default has occurred and is continuing and the Administrative Agent has or the Majority Facility Lenders in respect of such Facility have determined in its or their sole discretion not to permit such conversionsconversions (and the Administrative Agent shall notify the Company within a reasonable amount of time of any such determination). Upon receipt of any such notice conversion notice, the Administrative Agent shall promptly notify each relevant Lender Lender, the Company and any relevant Subsidiary Borrower thereof.
(b) Any Eurocurrency Loan may be continued as such upon the expiration of the then current Interest Period with respect thereto by the Borrower Company or relevant Subsidiary Borrower giving irrevocable notice to the Administrative Agent, in accordance with the applicable provisions of the term “Interest Period” set forth in Section 1.1, of the length of the next Interest Period Period(s) to be applicable to such Loans; provided, provided that no Eurocurrency notwithstanding any contrary provision hereof, if (after giving effect to such Loan under a particular Facility may be continued as such when any and to the application of proceeds thereof) an Event of Default has occurred and is continuing and the Administrative Agent has or Agent, at the request of the Majority Facility Lenders in respect of such any Facility have determined or in its or their sole discretion not discretion, so notifies the Company, then, so long as an Event of Default is continuing, other than to permit such continuations the extent repaid, (i) each Eurocurrency Loan denominated in Dollars under the relevant Facility shall be converted to an ABR Loan at the end of the Interest Period applicable thereto and (ii) each Eurocurrency Loan denominated in an Optional Currency under the Administrative Agent applicable Facility shall notify be converted at the Borrower within end of the Interest Period applicable thereto to a reasonable amount Eurocurrency Loan with an Interest Period of time of any such determination), two weeks; and provided, further, that if the Borrower Company or such Subsidiary Borrower shall fail to give any required notice as described above in this paragraph such Loans shall be automatically continued as a Eurocurrency Loans having an Interest Period of one month in duration or if such continuation is not permitted pursuant to the preceding proviso such Loans shall be automatically converted to ABR Loans Loan, on the last day of such then expiring Interest Period and shall have an Interest Period of the same duration as the expiring Interest Period. Upon receipt of any such continuation notice (or any such automatic continuation), the Administrative Agent shall promptly notify each relevant Lender Lender, the Company and any relevant Subsidiary Borrower thereof.
Appears in 1 contract
Sources: 5 Year Revolving Credit Agreement (General Motors Financial Company, Inc.)
Conversion and Continuation Options. (a) The Borrower or any Subsidiary Borrower may elect from time to time to convert Eurocurrency Eurodollar Loans to ABR Loans by giving the Administrative Agent at least one Business Day's prior irrevocable written (or telephonic promptly confirmed in writing) notice of such election (but no later than 11:00 A.M.12:00 Noon, New York City time, time on the Business Day preceding the proposed conversion dateimmediately prior to such election), provided that unless the Borrower elects to deposit with the Administrative Agent the amount of any breakage costs and other Eurodollar Loans related costs to be incurred by the Borrower under this Agreement with respect to any prepayment or conversion of such Eurodollar Loans prior to the end of an Interest Period, any such conversion of Eurocurrency Eurodollar Loans may only be made on the last day of an Interest Period with respect thereto. The Borrower or any Subsidiary Borrower may elect from time to time to convert ABR Loans to Eurocurrency Eurodollar Loans by giving the Administrative Agent at least three Business Days' prior irrevocable written (or telephonic promptly confirmed in writing) notice of such election no later than by 12:00 Noon, New York City time, on the third Business Day preceding the proposed conversion date time (which notice shall specify the length of the initial Interest Period therefor), provided that no ABR Loan under a particular Facility may be converted into a Eurocurrency Eurodollar Loan (i) when any Event of Default has occurred and is continuing and the Administrative Agent or the Majority Facility Required Lenders in respect have determined that such a conversion is not appropriate or (ii) after the date that is one month prior to the final scheduled termination or maturity date of such Facility have determined in its or their sole discretion not to permit such conversionsFacility. Upon receipt of any such notice the Administrative Agent shall promptly notify each relevant Lender thereof.
(b) Any Eurocurrency Eurodollar Loan may be continued as such upon the expiration of the then current Interest Period with respect thereto by the Borrower or relevant Subsidiary Borrower giving irrevocable notice to the Administrative Agent, in accordance with the applicable provisions of the term “"Interest Period” " set forth in Section subsection 1.1, of the length of the next Interest Period to be applicable to such Loans, provided that no Eurocurrency Eurodollar Loan under a particular Facility may be continued as such (i) when any Event of Default has occurred and is continuing and the Administrative Agent has or the Majority Facility Required Lenders in respect of such Facility have determined in its that such a continuation is not appropriate or their sole discretion not (ii) after the date that is one month prior to permit such continuations (and the Administrative Agent shall notify the Borrower within a reasonable amount of time final scheduled termination or maturity date of any such determination)Facility, and provided, further, provided further that if the Borrower or such Subsidiary Borrower shall fail to give any required notice as described above in this paragraph such Loans shall be automatically continued as Eurocurrency Loans having an Interest Period of one month in duration or if such continuation is not permitted pursuant to the preceding proviso such Eurodollar Loans shall be automatically converted to ABR Loans on the last day of such then expiring Interest Period. Upon 57 52 receipt of any such notice the Administrative Agent shall promptly notify each relevant Lender thereof.
Appears in 1 contract
Conversion and Continuation Options. (a) The Borrower or any Subsidiary Subject to Section 2.19, the Borrower may elect from time to time to convert Eurocurrency Eurodollar Loans to ABR Base Rate Loans by giving the Administrative Agent at least two Business Days’ prior irrevocable notice of such election no later than 11:00 A.M., New York City time, on the Business Day preceding the proposed conversion date, provided that any such conversion of Eurocurrency Loans may only be made on the last day of an Interest Period with respect theretoelection. The Borrower or any Subsidiary Borrower may elect from time to time to convert ABR Base Rate Loans to Eurocurrency Eurodollar Loans by giving the Administrative Agent at least three Business Days’ prior irrevocable notice of such election no later than 12:00 Noon, New York City time, on the third Business Day preceding the proposed conversion date (which notice shall specify the length of the initial Interest Period therefor), provided that no ABR Base Rate Loan under a particular Facility may be converted into a Eurocurrency Eurodollar Loan (i) when any Event of Default has occurred and is continuing and the Administrative Agent has, or the Majority Facility Lenders in respect of such Facility have have, determined in its or their sole discretion not to permit such conversionsconversions or (ii) after the date that is one month prior to the final scheduled termination or maturity date of such Facility. Upon receipt of any such notice the Administrative Agent shall promptly notify each relevant Lender thereof.
(b) Any Eurocurrency The Borrower may elect to continue any Eurodollar Loan may be continued as such upon the expiration of the then current Interest Period with respect thereto by the Borrower or relevant Subsidiary Borrower giving irrevocable notice to the Administrative Agent, in accordance with the applicable provisions of the term “Interest 2 The highlighted amendment to this Section 2.10(b) shall become effective upon the receipt by the Administrative Agent of written consent of the Majority Facility Lenders in respect of the Revolving Credit Facility; provided that the agreement of any Revolving Credit Lender to any amendment or modification of this Agreement after the Fifth Amendment Effective Date shall constitute the consent of such Revolving Credit Lender with respect thereto. Period” set forth in Section 1.1, of the length of the next Interest Period to be applicable to such Loans, provided that no Eurocurrency Eurodollar Loan under a particular Facility may be continued as such (i) when any Event of Default has occurred and is continuing and the Administrative Agent has has, or the Majority Facility Lenders in respect of such Facility have have, determined in its or their sole discretion not to permit such continuations or (and ii) after the Administrative Agent shall notify date that is one month prior to the Borrower within a reasonable amount final scheduled termination or maturity date of time of any such determination)Facility, and provided, further, that if the Borrower or such Subsidiary Borrower shall fail to give any required notice as described above in this paragraph such Loans shall be automatically continued as Eurocurrency Loans having an Interest Period of one month in duration or if such continuation is not permitted pursuant to the preceding proviso proviso, such Loans shall be converted automatically converted to ABR Base Rate Loans on the last day of such then expiring Interest Period. Upon receipt of any such notice the Administrative Agent shall promptly notify each relevant Lender thereof.
Appears in 1 contract
Conversion and Continuation Options. (a) The Borrower or any Subsidiary applicable Borrower may elect from time to time to convert Eurocurrency EurocurrencyTerm Benchmark Loans that are denominated in Dollars to ABR Loans by giving the Administrative Agent prior irrevocable notice of such election no later than 11:00 A.M.1:30 P.M., New York City time, on the Business Day preceding the proposed conversion date, provided that any such conversion of Eurocurrency EurocurrencyTerm Benchmark Loans may only be made on the last day of an Interest Period with respect thereto. The Borrower or any Subsidiary applicable Borrower may elect from time to time to convert ABR Loans to Eurocurrency EurocurrencyTerm Benchmark Loans by giving the Administrative Agent prior irrevocable notice of such election no later than 12:00 Noon3:00 P.M., New York City time, on the third Business Day preceding the proposed conversion date (which notice shall specify the length of the initial Interest Period therefor), provided that no ABR Loan under a particular Facility may be converted into a Eurocurrency EurocurrencyTerm Benchmark Loan when any Event of Default has occurred and is continuing and the Administrative Agent or the Majority Facility Lenders in respect of such Facility have determined in its or their sole discretion not to permit such conversions. Upon receipt of any such notice the Administrative Agent shall promptly notify each relevant Lender thereof.
(b) Any Eurocurrency Loan and Term Benchmark Loan may be continued as such upon the expiration of the then current Interest Period with respect thereto by the Borrower or relevant Subsidiary applicable Borrower giving irrevocable notice to the Administrative Agent, in accordance with the applicable provisions of the term “Interest Period” set forth in Section 1.1, of the length of the next Interest Period to be applicable to such Loans, provided that no Eurocurrency Loan or Term Benchmark Loan under a particular Facility may be continued as such (i) when any Event of Default has occurred and is continuing and the Administrative Agent has or the Majority Facility Lenders in respect of such Facility have determined in its or their sole discretion not to permit such continuations or (and the Administrative Agent shall notify the ii) if an Event of Default specified in clause (i) or (ii) of Section 8(f) with respect to any Borrower within a reasonable amount of time of any such determination)is in existence, and provided, further, that (i) with respect to EurocurrencyTerm Benchmark Loans denominated in Dollars, if the Borrower or such Subsidiary applicable Borrower shall fail to give any required notice as described above in this paragraph such Loans shall be automatically continued as Eurocurrency Loans having an Interest Period of one month in duration or if such continuation is not permitted pursuant to the preceding proviso any such Loans shall be automatically converted to ABR Loans on the last day of such then expiring Interest Period and (ii) with respect to Eurocurrency Loans denominated in a currency other than Dollars, (x) if the applicable Borrower shall fail to give any required notice as described above in this paragraph, such Loans shall be continued as Eurocurrency Loans with a three-month Interest Period and (y) if such continuation is not permitted pursuant to the preceding proviso any such Loans shall be subject to a rate of interest determined pursuant to negotiations (for a period of not more than thirty days) between the Administrative Agent and the Parent Borrower with a view to agreeing a substitute basis for determining the rate of interest and, pending such negotiations, the rate of interest on each Revolving Lender’s share of the relevant Foreign Currency Loan for the relevant Interest Period shall be the percentage rate per annum which is the sum of (A) the Applicable Margin and (B) the rate notified to the Administrative Agent by that Revolving Lender as soon as practicable and in any event before interest is due to be paid in respect of that Interest Period, to be that which expresses as a percentage rate per annum the cost to the relevant Revolving Lender of funding its participation in that Foreign Currency Loan from whatever source it may reasonably select (which if negative shall be deemed to be zero), and the relevant Revolving Lender shall provide a certificate to the Administrative Agent setting out in reasonable detail how it has calculated such cost, provided that nothing in this clause (y) shall require such Revolving Lender to disclose information that it is prevented from disclosing pursuant to any applicable laws, regulations or confidentiality obligations, and any alternative basis agreed pursuant to the foregoing shall be binding on all Loan Parties; and provided further that any such Eurocurrency Loan is continued in the same currency. Upon receipt of any such notice the Administrative Agent shall promptly notify each relevant Lender thereof.
Appears in 1 contract
Sources: Credit Agreement (Tempur Sealy International, Inc.)
Conversion and Continuation Options. (a) The Borrower or any Subsidiary Borrower may elect from time to time to convert Eurocurrency Term Benchmark Loans or (solely if applicable after the effectiveness of a Benchmark Replacement or otherwise pursuant to Section 2.13) RFR Loans to ABR Loans by giving the Administrative Agent prior irrevocable notice of such election no later than 11:00 A.M.12:00 noon, New York City time, on the Business Day preceding the proposed conversion date, ; provided that (i) any such conversion of Eurocurrency Term Benchmark Loans may only be made on the last day of an Interest Period with respect theretothereto and (ii) if such notice is submitted through an Approved Borrower Portal, any related signature requirement may be waived at the sole discretion of the Administrative Agent. The Borrower or any Subsidiary Borrower may elect from time to time to convert ABR Loans to Eurocurrency (i) Term Benchmark Loans by giving the Administrative Agent prior irrevocable notice of such election no later than 12:00 Noon2:00 p.m., New York City time, on the third U.S. Government Securities Business Day preceding the proposed conversion date (which notice shall specify the length of the initial Interest Period therefor)) and (ii) RFR Loans (solely if applicable after the effectiveness of a Benchmark Replacement or otherwise pursuant to Section 2.13) by giving the Administrative Agent prior irrevocable notice of such election no later than 2:00 p.m., New York City time, on the fifth U.S. Government Securities Business Day preceding the proposed conversion date; provided that (i) no ABR Loan under a particular Facility or RFR Loan may be converted into a Eurocurrency Term Benchmark Loan when any Event of Default has occurred and is continuing and the Administrative Agent or the Majority Facility Required Lenders in respect of such Facility have determined in its or their sole discretion not to permit such conversionsconversions and (ii) if such notice is submitted through an Approved Borrower Portal, any related signature requirement may be waived at the sole discretion of the Administrative Agent. Upon receipt of any such notice the Administrative Agent shall promptly notify each relevant Lender thereof.
(b) Any Eurocurrency Term Benchmark Loan or (solely if applicable after the effectiveness of a Benchmark Replacement or otherwise pursuant to Section 2.13) RFR Loan may be continued as such upon the expiration of the then current Interest Period with respect thereto by the Borrower or relevant Subsidiary Borrower giving irrevocable notice to the Administrative Agent, in accordance with the applicable provisions of the term “Interest Period” set forth in Section 1.1, of the length of the next Interest Period to be applicable to such Loans, ; provided that (i) no Eurocurrency Term Benchmark Loan under a particular Facility and RFR Loan may be continued as such when any Event of Default has occurred and is continuing and the Administrative Agent has or the Majority Facility Required Lenders in respect of such Facility have determined in its or their sole discretion not to permit such continuations and (and ii) if such notice is submitted through an Approved Borrower Portal, any related signature requirement may be waived at the sole discretion of the Administrative Agent shall notify the Borrower within a reasonable amount of time of any such determination), and Agent; provided, further, that if the Borrower or such Subsidiary Borrower shall fail to give any required notice as described above in this paragraph such Loans shall be automatically continued as Eurocurrency Loans having an Interest Period of one month in duration or if such continuation is not permitted pursuant to the preceding proviso proviso, such Loans shall be automatically converted to ABR Loans on the last day of such then expiring Interest Period. Upon receipt of any such notice the Administrative Agent shall promptly notify each relevant Lender thereof.
Appears in 1 contract
Conversion and Continuation Options. (a) The Borrower or any Subsidiary Borrower may elect from time to time to convert Eurocurrency Loans Eurodollar Borrowings to ABR Loans Floating Borrowings by giving the Administrative Agent at least two Business Days' prior irrevocable notice of such election no later than 11:00 A.M.election, New York City time, on the Business Day preceding the proposed conversion date, provided PROVIDED that any such conversion of Eurocurrency Loans may Eurodollar Borrowings shall only be made on the last day of an Interest Period with respect thereto. The Borrower or any Subsidiary Borrower may elect from time to time to convert ABR Loans Floating Rate Borrowings to Eurocurrency Loans Eurodollar Borrowings by giving the Administrative Agent at least two (2) Business Days' prior irrevocable notice of such election election. All or any part of outstanding Eurodollar Borrowings and Floating Rate Borrowings may be converted as provided herein, PROVIDED that (i) no later than 12:00 Noon, New York City time, on the third Business Day preceding the proposed conversion date (which notice shall specify the length of the initial Interest Period therefor), provided that no ABR Loan under a particular Facility Advance may be converted into a Eurocurrency Loan Eurodollar Borrowing when any Default or Event of Default has occurred and is continuing and continuing, (ii) partial conversions shall be in an aggregate principal amount of (A) in the Administrative Agent or the Majority Facility Lenders in respect of such Facility have determined in its or their sole discretion not to permit such conversions. Upon receipt case of any conversion of Floating Rate Borrowings, $10,000 or a whole multiple of $10,000 in excess thereof and (B) in the case of any conversion of Eurodollar Borrowings, at least $10,000, (iii) any such notice conversion may only be made if, after giving effect thereto, SUBSECTION 2.8(C) shall not have been contravened and (iv) no Advance may be converted to a Eurodollar Borrowing after the Administrative Agent shall promptly notify each relevant Lender thereofdate that is one (1) month prior to the Revolving Credit Termination Date.
(ba) Any Eurocurrency Loan Eurodollar Borrowing may be continued as such upon the expiration of the then current an Interest Period with respect thereto by compliance by the Borrower or relevant Subsidiary Borrower giving irrevocable notice to the Administrative Agent, in accordance with the applicable notice provisions of the term “Interest Period” set forth contained in Section 1.1, of the length of the next Interest Period to be applicable to such Loans, provided 2.5; PROVIDED that no Eurocurrency Loan under a particular Facility Eurodollar Borrowing may be continued as such when any Default or Event of Default has occurred and is continuing continuing, but shall be automatically converted to a Floating Rate Borrowing on the last day of the Interest Period, in effect for such Advance, during which such Default or Event of Default occurs; and the Administrative Agent has or the Majority Facility Lenders in respect of such Facility have determined in its or their sole discretion not to permit such continuations (and the Administrative Agent shall notify the Borrower within a reasonable amount of time of any such determination)PROVIDED, and provided, furtherFURTHER, that if the Borrower or shall not have complied with such Subsidiary notice provisions, the Borrower shall fail be deemed irrevocably to give any required notice as described above in this paragraph have requested that such Loans shall Eurodollar Borrowing be automatically continued as Eurocurrency Loans having an Interest Period of one month in duration or if such continuation is not permitted pursuant to the preceding proviso such Loans shall be automatically converted to ABR Loans a Floating Rate Borrowing on the last day of such then expiring Interest Period. Upon receipt .
(b) Any borrowings, conversions, payments and prepayments hereunder shall be in such amounts and be made pursuant to such elections so that, after giving effect thereto, the unpaid principal amount of any such notice the Administrative Agent Eurodollar Borrowings shall promptly notify each relevant Lender thereofnot be less than $100,000.
Appears in 1 contract
Sources: Loan Agreement (Geoscience Corp)
Conversion and Continuation Options. (a) The Borrower or any Subsidiary Borrower Company may elect from time to time to convert its Eurocurrency Loans to ABR Loans by giving the Administrative Agent at least two Business Days' prior irrevocable notice of such election no later than 11:00 A.M., New York City time, on the Business Day preceding the proposed conversion date, provided that any such conversion of Eurocurrency Loans may only be made on the last day of an Interest Period with respect theretoelection. The Borrower or any Subsidiary Borrower Company may elect from time to time to convert its ABR Loans to Eurocurrency Loans by giving the Administrative Agent at least three Business Days' prior irrevocable notice of such election no later than 12:00 Noon, New York City time, on the third Business Day preceding the proposed election. Any such notice of conversion date (which notice to Eurocurrency Loans shall specify the length of the initial Interest Period or Interest Periods therefor), . Upon receipt of any such notice the Agent shall promptly notify each affected Lender thereof. ABR Loans may be converted as provided herein; provided that (i) no ABR Loan under a particular Facility may be converted into a Eurocurrency Loan when any Event of Default has occurred and is continuing and the Administrative Agent has or the Majority Facility Required Lenders in respect of such Facility have determined in its or their sole discretion that such a conversion is not appropriate and (ii) no ABR Loan may be converted into a Eurocurrency Loan after the date that is one month prior to permit such conversions. Upon receipt of any such notice the Administrative Agent shall promptly notify each relevant Lender thereofTermination Date.
(b) Any Eurocurrency Loan Loans or Sterling LIBOR Loans may be continued as such upon the expiration of the then current Interest Period with respect thereto by the Borrower or relevant Subsidiary Borrower giving irrevocable notice to the Administrative Agent, in accordance with the applicable provisions of the term “"Interest Period” " set forth in Section subsection 1.1, of the length of the next Interest Period to be applicable to such Eurocurrency Loans or Sterling LIBOR Loans, as the case may be; provided that no Eurocurrency Loan under a particular Facility or Sterling LIBOR Loan may be continued as such (i) when any Event of Default has occurred and is continuing and the Administrative Agent has or the Majority Facility Required Lenders in respect of such Facility have determined in its that such a continuation is not appropriate or their sole discretion not (ii) after the date that is one month prior to permit such continuations (and the Administrative Agent shall notify the Borrower within a reasonable amount of time of any such determination), and Termination Date and; provided, further, that if the Borrower or such Subsidiary Borrower shall fail to give any required such notice as described above in this paragraph such Loans shall be automatically continued as Eurocurrency Loans having an Interest Period of one month in duration or if such continuation is not permitted pursuant to the preceding proviso such Loans shall (x) in the case of Eurocurrency Loans of the Company, be automatically converted to ABR Loans on the last day of such then expiring Interest Period. Upon receipt Period or (y) in the case of any other Eurocurrency Loans or Sterling LIBOR Loans, be paid in full on the last day of such then expiring Interest Period, except that if the reason for any Loan under this clause (y) otherwise being required to be paid in full is solely the failure of the applicable Borrower to give notice of continuation of such Loan, such Loan shall be continued as a Eurocurrency Loan or Sterling LIBOR Loan, as the Administrative case may be, with an Interest Period of one month or, if the Agent shall promptly notify each relevant so require in its sole discretion and if available, such shorter period selected by the Agent in its sole discretion. Notwithstanding the foregoing, until such time as the UK Lender thereofis a Qualified UK Lender no Interest Period for a continued Sterling LIBOR Loan shall be for a period of greater than one month.
Appears in 1 contract
Sources: Credit and Guarantee Agreement (Remington Capital Corp)
Conversion and Continuation Options. (a) The Borrower may elect from time to time to (i) convert the Interest Rate with respect to a Prime Rate Advance to the LIBOR Rate or any Subsidiary (ii) continue or change the Interest Period for a LIBOR Rate Advance by giving the Administrative Agent irrevocable written notice of such election on or prior to 2:00 p.m. New York, New York time (1:00 p.m. Chicago, Illinois time) three Business Days prior to the proposed date of continuation or conversion. In addition, the Borrower may elect from time to time to convert Eurocurrency Loans the Interest Rate with respect to ABR Loans a LIBOR Rate Advance to the Prime Rate by giving the Administrative Agent prior irrevocable written notice of such election no later than 11:00 A.M.by 12:00 Noon New York, New York City time (11:00 a.m. Chicago, Illinois time, ) on the proposed date of conversion. The form of such notice of conversion or continuation (each, a “Notice of Conversion/Continuation”) is attached as Exhibit A-5. If the date upon which the Interest Rate of a Prime Rate Advance is to be converted to the LIBOR Rate is not a Business Day preceding the proposed conversion dateDay, provided that any then such conversion of Eurocurrency Loans may only shall be made on the next succeeding Business Day. The Interest Rate with respect to all or any part of a Prime Rate Advance may be converted as provided herein; provided that (i) no Interest Rate on an Advance may be converted to the LIBOR Rate when any Termination Event or Unmatured Termination Event has occurred and is continuing and (ii) partial conversions shall be in an aggregate principal amount of $1,000,000 or a whole multiple of $500,000 in excess thereof. The Interest Rate with respect to LIBOR Rate Advances may only be converted to Prime Rate on the last day of the applicable Interest Period. If the date upon which the Interest Rate with respect to a LIBOR Rate Advance is to be converted to the Prime Rate is not a Business Day, then such conversion shall be made on the next succeeding Business Day and during the period from such last day of an Interest Period with respect thereto. The Borrower or any Subsidiary Borrower may elect from time to time to convert ABR Loans to Eurocurrency Loans by giving the Administrative Agent prior irrevocable notice of such election no later than 12:00 Noon, New York City time, on the third succeeding Business Day preceding such Advance shall bear interest at the proposed conversion date (which notice shall specify the length of the initial Interest Period therefor), provided that no ABR Loan under a particular Facility may be converted into a Eurocurrency Loan when any Event of Default has occurred and is continuing and the Administrative Agent or the Majority Facility Lenders in respect of such Facility have determined in its or their sole discretion not to permit such conversions. Upon receipt of any such notice the Administrative Agent shall promptly notify each relevant Lender thereofPrime Rate.
(b) Any Eurocurrency Loan may be continued as such If upon the expiration of the then current any Interest Period with respect thereto by applicable to a LIBOR Rate Advance, the Borrower or relevant Subsidiary Borrower giving irrevocable notice has failed to the Administrative Agent, in accordance with the applicable provisions of the term “Interest Period” set forth in Section 1.1, of the length of the next select timely a new Interest Period to be applicable to such LoansLIBOR Rate Advance, provided that no Eurocurrency Loan under a particular Facility may be continued as such when any Event of Default has occurred and is continuing and the Administrative Agent has or the Majority Facility Lenders in respect of such Facility have determined in its or their sole discretion not to permit such continuations (and the Administrative Agent shall notify the Borrower within a reasonable amount of time of any such determination), and provided, further, that if the Borrower or such Subsidiary Borrower shall fail to give any required notice as described above in this paragraph such Loans shall be automatically continued as Eurocurrency Loans having an Interest Period of one month in duration or if deemed to have elected to convert such continuation is not permitted pursuant to the preceding proviso such Loans shall be automatically converted to ABR Loans LIBOR Rate Advance into a Prime Rate Advance effective on the last day of such then expiring Interest Period. Upon receipt No LIBOR Rate Advance may be continued as such on or after the Facility Termination Date, in which case the Interest Rate with respect to such Advance shall be automatically converted to the Prime Rate at the end of any such notice the Administrative Agent shall promptly notify each relevant Lender thereofapplicable Interest Period with respect thereto.
Appears in 1 contract
Conversion and Continuation Options. (a) The Borrower or any Subsidiary Borrower may elect from time to time to convert Eurocurrency LIBOR Loans denominated in Dollars to ABR Base Rate Loans by giving the Administrative Agent prior irrevocable notice of such election no later than 11:00 A.M., New York City time, on the Business Day preceding the proposed conversion date; provided that, provided that subject to Section 2.17, any such conversion of Eurocurrency LIBOR Loans denominated in Dollars may only be made on the last day of an Interest Period with respect thereto. The Borrower or any Subsidiary Borrower may elect from time to time to convert ABR Base Rate Loans to Eurocurrency LIBOR Loans denominated in Dollars by giving the Administrative Agent prior irrevocable notice of such election no later than 12:00 Noon11:00 A.M., New York City time, on the third Business Day preceding the proposed conversion date (which notice shall specify the length of the initial Interest Period therefor), ; provided that no ABR Base Rate Loan under a particular Facility may be converted into a Eurocurrency LIBOR Loan denominated in Dollars when any Event of Default has occurred and is continuing and the Administrative Agent or the Majority Facility Required Lenders in respect of such Facility have determined in its or their sole discretion not to permit such conversions. Upon receipt of any such notice the Administrative Agent shall promptly notify each relevant Lender thereof.
(b) Any Eurocurrency LIBOR Loan may be continued as such upon the expiration of the then current Interest Period with respect thereto by the Borrower or relevant Subsidiary Borrower giving irrevocable notice to the Administrative Agent, Agent in accordance with the applicable provisions of the term “Interest Period” set forth in Section 1.1, of the length of the next Interest Period to be applicable to such Loans, ; provided that no Eurocurrency LIBOR Loan under a particular Facility denominated in Dollars may be continued as such when any Event of Default has occurred and is continuing and the Administrative Agent has or the Majority Facility Required Lenders in respect of such Facility have determined in its or their sole discretion not to permit such continuations (and the Administrative Agent shall notify the Borrower within a reasonable amount of time of any such determination), and continuations; provided, further, that if the Borrower or such Subsidiary Borrower shall fail to give any required notice as described above in this paragraph such Loans shall be automatically continued as Eurocurrency Loans having an Interest Period of one month in duration or if such continuation is not permitted pursuant to the preceding proviso such Loans denominated in Dollars shall be automatically converted to ABR Base Rate Loans on the last day of such then expiring Interest PeriodPeriod and, if the Borrower shall fail to give such notice of continuation of a Multicurrency Revolving Loan prior to the third Business Day preceding such continuation, such Multicurrency Revolving Loan shall be automatically continued for an Interest Period of one month. Upon receipt of any such notice the Administrative Agent shall promptly notify each relevant Lender and, if applicable, the Multicurrency Administrative Agent thereof.
Appears in 1 contract
Sources: Credit Agreement (Kadant Inc)
Conversion and Continuation Options. (a) The Borrower or any Subsidiary Borrower may elect from time to time to convert Eurocurrency LIBOR Loans to ABR Loans Loans, by giving the Administrative Agent at least three Business Days' prior irrevocable notice of such election no later than 11:00 A.M., New York City time, on the Business Day preceding the proposed conversion dateelection, provided that any such conversion of Eurocurrency LIBOR Loans may only be made on the last day of an Interest Period with respect thereto. The Borrower or any Subsidiary Borrower may elect from time to time to convert ABR Loans to Eurocurrency LIBOR Loans by giving the Administrative Agent at least three Business Days' prior irrevocable notice of such election no later than 12:00 Noon, New York City time, on the third Business Day preceding the proposed election. Any such notice of conversion date (which notice to LIBOR 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 outstanding LIBOR Loans and ABR Loans may be converted as provided herein, provided that (i) no ABR Revolving Credit Loan under a particular Facility or Term Loan may be converted into a Eurocurrency LIBOR Loan when any Event of Default has occurred and is continuing and the Administrative Agent has or the Majority Facility Required Lenders in respect of such Facility have determined in its or their sole discretion that such a conversion is not to permit such conversions. Upon receipt of appropriate, and (ii) no Swing Line Loan may be converted into a loan that bears interest at any such notice rate other than the Administrative Agent shall promptly notify each relevant Lender thereofABR.
(b) Any Eurocurrency Loan LIBOR Loans may be continued as such upon the expiration of the then current Interest Period with respect thereto by the Borrower or relevant Subsidiary Borrower giving irrevocable notice to the Administrative Agent, in accordance with the applicable provisions of the term “"Interest Period” " set forth in Section subsection 1.1, of the length of the next Interest Period to be applicable to such Revolving Credit Loans, provided that no Eurocurrency LIBOR Loan under a particular Facility may be continued as such when any Event of Default has occurred and is continuing and the Administrative Agent has or the Majority Facility Required Lenders in respect of such Facility have determined in its or their sole discretion that such a continuation is not to permit such continuations (and the Administrative Agent shall notify the Borrower within a reasonable amount of time of any such determination), appropriate; and provided, further, that if the Borrower or such Subsidiary Borrower shall fail to give any required such notice as described above in this paragraph such Loans shall be automatically continued as Eurocurrency Loans having an Interest Period of one month in duration or if such continuation is not permitted pursuant to the preceding proviso such Revolving Credit Loans shall be automatically converted to ABR Loans on the last day of such then expiring Interest Period. Upon receipt of any such notice the Administrative Agent shall promptly notify each relevant Lender thereof.
Appears in 1 contract
Sources: Credit Agreement (Mastercard Inc)
Conversion and Continuation Options. (a) The Borrower or any Subsidiary and the Permitted Borrower may elect from time to time to convert Eurocurrency Eurodollar Loans to ABR Loans by giving the Administrative Agent at least one Business Day's prior irrevocable written (or telephonic promptly confirmed in writing) notice of such election (but no later than 11:00 A.M.12:00 Noon, New York City time, time on the Business Day preceding the proposed conversion dateimmediately prior to such election), provided that unless the Borrower or Permitted Borrower, as applicable, elects to deposit with the Administrative Agent the amount of any breakage costs and other Eurodollar Loans related costs to be incurred by the Borrower or Permitted Borrower under this Agreement with respect to any prepayment or conversion of such Eurodollar Loans prior to the end of an Interest Period, any such conversion of Eurocurrency Eurodollar Loans may only be made on the last day of an Interest Period with respect thereto. The Borrower or any Subsidiary and the Permitted Borrower may elect from time to time to convert ABR Loans to Eurocurrency Eurodollar Loans by giving the Administrative Agent at least three Business Days' prior irrevocable written (or telephonic promptly confirmed in writing) notice of such election no later than by 12:00 Noon, New York City time, on the third Business Day preceding the proposed conversion date time (which notice shall specify the length of the initial Interest Period therefor), provided that no ABR Loan under a particular Facility may be converted into a Eurocurrency Eurodollar Loan (i) when any Event of Default has occurred and is continuing and the Administrative Agent or the Majority Facility Required Lenders in respect have determined that such a conversion is not appropriate or (ii) after the date that is one month prior to the final scheduled termination or maturity date of such Facility have determined in its or their sole discretion not to permit such conversionsFacility. Upon receipt of any such notice the Administrative Agent shall promptly notify each relevant Lender thereof.
(b) Any Eurocurrency Eurodollar Loan may be continued as such upon the expiration of the then current Interest Period with respect thereto by the Borrower or relevant Subsidiary Permitted Borrower giving irrevocable notice to the Administrative Agent, in accordance with the applicable provisions of the term “"Interest Period” " set forth in Section subsection 1.1, of the length of the next Interest Period to be applicable to such Loans, provided that no Eurocurrency Eurodollar Loan under a particular Facility may be continued as such (i) when any Event of Default has occurred and is continuing and the Administrative Agent has or the Majority Facility Required Lenders in respect of such Facility have determined in its that such a continuation is not appropriate or their sole discretion not (ii) after the date that is one month prior to permit such continuations (and the Administrative Agent shall notify the Borrower within a reasonable amount of time final scheduled termination or maturity date of any such determination)Facility, and provided, further, provided further that if the Borrower or such Subsidiary Permitted Borrower shall fail to give any required notice as described above in this paragraph such Loans shall be automatically continued as Eurocurrency Loans having an Interest Period of one month in duration or if such continuation is not permitted pursuant to the preceding proviso such Eurodollar Loans shall be automatically converted to ABR Loans on the last day of such then expiring Interest Period. Upon receipt of any such notice the Administrative Agent shall promptly notify each relevant Lender thereof.
Appears in 1 contract
Conversion and Continuation Options. (a) The Borrower or any Subsidiary Borrower may elect from time to time to convert Eurocurrency Loans Convert LIBOR Advances to ABR Loans Base Rate Advances by giving the Administrative Agent Lender at least one Business Day's prior irrevocable notice of such election no later than 11:00 A.M., New York City time, on the Business Day preceding the proposed conversion dateelection, provided that any such conversion Conversion of Eurocurrency Loans -------- LIBOR Advances may only be made on the last day of an Interest Period with respect thereto. The Borrower or any Subsidiary Borrower may elect from time to time to convert ABR Loans Convert Base Rate Advances to Eurocurrency Loans LIBOR Advances by giving the Administrative Agent Lender at least three Business Days' prior irrevocable notice of such election no later than 12:00 Noon, New York City time, election; provided that such Conversion may -------- only occur on the third Business Day preceding the proposed conversion date (which a LIBOR Borrowing Date. Any such notice of Conversion to LIBOR Advances shall specify the length of the initial Interest Period or Interest Periods therefor). All or any part of outstanding LIBOR Advances and Base Rate Advances may be Converted as provided herein, provided that (i) no ABR Loan under a particular Facility may be converted -------- Converted into a Eurocurrency Loan LIBOR Advance when any Event of Default has occurred and is continuing and the Administrative Agent Lender has determined that such a Conversion is not appropriate and (ii) no Base Rate Advance may be converted into a LIBOR Advance after the date that is one month or 30 days prior to the Majority Facility Lenders in respect of such Facility have determined in its or their sole discretion not to permit such conversions. Upon receipt of any such notice the Administrative Agent shall promptly notify each relevant Lender thereofTermination Date.
(b) Any Eurocurrency Loan LIBOR Advances may be continued Continued as such upon the expiration of the then current Interest Period with respect thereto by the Borrower or relevant Subsidiary Borrower giving irrevocable notice to the Administrative Agent, in accordance with the applicable provisions of the term “Interest Period” set forth in Section 1.1, Lender of the length of the next Interest Period to be applicable to such LoansAdvances, provided that no Eurocurrency Loan under a particular Facility LIBOR Advance may be continued Continued as such (i) -------- when any Event of Default has occurred and is continuing and the Administrative Agent Lender has determined that such a Continuation is not appropriate or (ii) after the Majority Facility Lenders in respect of such Facility have determined in its date that is one month or their sole discretion not 30 days prior to permit such continuations (and the Administrative Agent shall notify the Borrower within a reasonable amount of time of any such determination), and Termination Date; provided, further, -------- ------- that if the Borrower or such Subsidiary Borrower shall fail to give any required notice as described above in this paragraph such Loans notice, such Advances shall be automatically continued Continued as Eurocurrency Loans having LIBOR Advances for an equivalent Interest Period of one month in duration or if such continuation is not permitted pursuant to the preceding proviso such Loans shall be automatically converted to ABR Loans on the last day of such then expiring Interest Period. Upon receipt ; provided, however, that if -------- ------- such Continuation is not permitted, such Advance shall be automatically Converted into a Base Rate Advance on the last day of any such notice the Administrative Agent shall promptly notify each relevant Lender thereofthen expiring Interest Period.
Appears in 1 contract
Sources: Master Loan and Security Agreement (Imperial Credit Commercial Mortgage Investment Corp)
Conversion and Continuation Options. (a) The Borrower or any Subsidiary and the Permitted Borrower may elect from time to time to convert Eurocurrency Eurodollar Loans to ABR Loans by giving the Administrative Agent at least one Business Day’s prior irrevocable written (or telephonic promptly confirmed in writing) notice of such election (but no later than 11:00 A.M.12:00 Noon, New York City time, time on the Business Day preceding the proposed conversion dateimmediately prior to such election), provided that unless the Borrower or Permitted Borrower, as applicable, elects to deposit with the Administrative Agent the amount of any breakage costs and other Eurodollar Loans related costs to be incurred by the Borrower or Permitted Borrower under this Agreement with respect to any prepayment or conversion of such Eurodollar Loans prior to the end of an Interest Period, any such conversion of Eurocurrency Eurodollar Loans may only be made on the last day of an Interest Period with respect thereto. The Borrower or any Subsidiary and the Permitted Borrower may elect from time to time to convert ABR Loans to Eurocurrency Eurodollar Loans by giving the Administrative Agent at least three Business Days’ prior irrevocable written (or telephonic promptly confirmed in writing) notice of such election no later than by 12:00 Noon, New York City time, on the third Business Day preceding the proposed conversion date time (which notice shall specify the length of the initial Interest Period therefor), provided that no ABR Loan under a particular Facility may be converted into a Eurocurrency Eurodollar Loan (i) when any Event of Default has occurred and is continuing and the Administrative Agent or the Majority Facility Required Lenders in respect have determined that such a conversion is not appropriate or (ii) after the date that is one month prior to the final scheduled termination or maturity date of such Facility have determined in its or their sole discretion not to permit such conversionsFacility. Upon receipt of any such notice the Administrative Agent shall promptly notify each relevant Lender thereof.
(b) Any Eurocurrency Eurodollar Loan may be continued as such upon the expiration of the then current Interest Period with respect thereto by the Borrower or relevant Subsidiary Permitted Borrower giving irrevocable notice to the Administrative Agent, in accordance with the applicable provisions of the term “Interest Period” set forth in Section subsection 1.1, of the length of the next Interest Period to be applicable to such Loans, provided that no Eurocurrency Eurodollar Loan under a particular Facility may be continued as such (i) when any Event of Default has occurred and is continuing and the Administrative Agent has or the Majority Facility Required Lenders in respect of such Facility have determined in its that such a continuation is not appropriate or their sole discretion not (ii) after the date that is one month prior to permit such continuations (and the Administrative Agent shall notify the Borrower within a reasonable amount of time final scheduled termination or maturity date of any such determination)Facility, and provided, further, provided further that if the Borrower or such Subsidiary Permitted Borrower shall fail to give any required notice as described above in this paragraph such Loans shall be automatically continued as Eurocurrency Loans having an Interest Period of one month in duration or if such continuation is not permitted pursuant to the preceding proviso such Eurodollar Loans shall be automatically converted to ABR Loans on the last day of such then expiring Interest Period. Upon receipt of any such notice the Administrative Agent shall promptly notify each relevant Lender thereof.
Appears in 1 contract