Conversion of Borrowings. Each Borrowing initially shall be of the type specified in the applicable Notice of Borrowing and, in the case of a LIBOR Loan, shall have an initial Interest Period as specified in such Notice of Borrowing. Thereafter, Borrower may elect to convert such Borrowing to a different type or to continue such Borrowing and, in the case of a LIBOR Loan, may elect Interest Periods therefor, all as provided in this Paragraph 2.03. Borrower may elect different options with respect to different portions of the affected Borrowing, in which case each such portion shall be allocated ratably among Lenders holding the Loans comprising such Borrowing, and the Loans comprising each such portion shall be considered a separate Borrowing. Notwithstanding any contrary provision of this Agreement, if an Event of Default has occurred and is continuing and Agent, at the written request of the Required Lenders, so notifies Borrower, then (A) no outstanding Borrowing may be converted to or continued as a Borrowing consisting of LIBOR Loans and (B) unless repaid, each Borrowing consisting of LIBOR Loans shall be converted to a Borrowing consisting of Base Rate Loans at the end of the Interest Period applicable thereto.
Conversion of Borrowings. (a) The Borrower shall have the right at any time upon prior irrevocable telephonic notice to the Administrative Agent (i) not later than 12:00 (noon), New York City time, three Business Days prior to conversion, to convert any Borrowing into another Type of Borrowing, followed by prompt written notice, subject in each case to the following:
Conversion of Borrowings. Canadian Borrower: Conversion of Canadian B/As and Base Rate Loans: The Canadian Borrower shall be permitted to convert Canadian B/As to Base Rate Loans in C$ and convert Base Rate Loan in C$ to Canadian B/As in accordance with Section 2.11 (a) and (c) of this Agreement; provided that for this purpose: (i) Section 2.11(a) and (c) shall be read as if all references therein to Eurocurrency Loans mean Canadian B/As and all references therein to Interest Periods mean Canadian Contract Periods, (ii) all such conversions shall be made in minimum aggregate amounts and whole multiples in excess thereof as are provided for in respect of such Loans in Section 2.2 of this Agreement, and (iii) after any partial conversion not less than C$1,600,000 shall remain outstanding as Canadian B/As or not less than C$500,000 shall remain outstanding as Base Rate Loans, as applicable. 178 SCHEDULE 1.1 TO CREDIT AGREEMENT COMMITMENTS US LENDERS THE CHASE MANHATTAN BANK US Revolving Credit Commitment: $19,414,471.25 Chips Acquisition Term Loan Commitment: $35,500,000.00 Chips Limited Term Loan Commitment $28,231,250.00 CIBC INC. US Revolving Credit Commitment: $15,073,493.72 Chips Limited Term Loan Commitment: $10,000,000.00 BANK OF MONTREAL US Revolving Credit Commitment: $7,158,385.09 Chips Limited Term Loan Commitment: $10,000,000.00 THE BANK OF NOVA SCOTIA US Revolving Credit Commitment: $10,000,000.00 Chips Limited Term Loan Commitment: $10,000,000.00 CITIBANK US Revolving Credit Commitment: $9,521,552.36 Chips Limited Term Loan Commitment: $17,000,000.00 FUJI BANK LIMITED, NEW YORK BRANCH US Revolving Credit Commitment: $9,540,186.00 ROYAL BANK OF CANADA Chips Limited Term Loan Commitment: $10,000,000.00 BANK OF TOKYO-MITSUBISHI TRUST COMPANY US Revolving Credit Commitment: $6,487,326.42 Chips Limited Term Loan Commitment: $10,000,000.00 BANKERS TRUST US Revolving Credit Commitment: $6,487,326.42 ABN AMRO BANK N.V. US Revolving Credit Commitment: $8,500,000.00 Chips Limited Term Loan Commitment: $10,000,000.00 THE FIRST NATIONAL BANK OF CHICAGO US Revolving Credit Commitment: $6,487,326.42 Chips Limited Term Loan Commitment: $10,000,000.00 SAKURA BANK US Revolving Credit Commitment: $6,487,326.42 Chips Limited Term Loan Commitment: $17,000,000.00 THE SUMITOMO BANK, LIMITED, NEW YORK BRANCH US Revolving Credit Commitment: $1,795,031.06 Chips Limited Term Loan Commitment: $10,000,000.00 NATIONAL BANK OF CANADA US Revolving Credit Commitment: $6,487,326.42 BANQUE NATIONALE DE P...
Conversion of Borrowings. Unless an Event of Default shall have occurred and be continuing and subject to the terms and conditions of this Agreement, the Borrower shall have the right at any time or from time to time prior to the Maturity Date to convert Base Borrowings to LIBOR Borrowings and LIBOR Borrowings to Base Borrowings in the same aggregate principal amount, or to select a new Interest Period for an outstanding LIBOR Borrowing, provided that: (i) the Borrower shall give the Lender notice of each such conversion or renewal as provided below; (ii) LIBOR Borrowings may be converted or renewed (upon at least five (5) Business Days' notice to the Lender pursuant to a Notice of Conversion or Renewal of Interest) only on the last day of an Interest Period for such Borrowings; (iii) Base Borrowings may be converted at any time upon two (2) Business Days' notice to the Lender pursuant to a Notice of Conversion or Renewal of Interest in a minimum aggregate principal amount of one million dollars ($1,000,000). Each Notice of Conversion or Renewal of Interest shall specify the Borrowings to be converted or renewed, whether such Borrowings are being converted or renewed, the duration of the Interest Period selected and the date of conversion or renewal (which shall be a Business Day). In the event that the Borrower fails to renew any Interest Period for any LIBOR Borrowing before the expiration of such Interest Period, such Borrowing will be automatically converted into a Base Borrowing on the last day of the then current Interest Period for such Borrowing.
Conversion of Borrowings. A Borrower may initiate a Conversion by notifying the Administrative Agent (a "Conversion Notice") not later than 1:00 p.m. on the third Business Day before the Conversion Date. The Administrative Agent shall promptly notify each Lender of the contents of each Conversion Notice and of the Lender's Loans that will result from the Conversion. A Conversion Notice shall be in substantially the form of Exhibit D and shall: - state the Conversion Date, - identify each then outstanding Borrowing that is to be converted, - state the aggregate unpaid principal amount of the Loans in such outstanding Borrowings, and - state the principal amount and Interest Period (which shall not extend beyond the Maturity Date) of each Borrowing into which such outstanding Borrowings are to be converted.
Conversion of Borrowings. Each Borrowing initially shall be of the type specified in the applicable Notice of Borrowing and, in the case of a LIBOR Loan, shall have an initial Interest Period as specified in such Notice of Borrowing. Thereafter, Borrower may elect to convert such Borrowing to a different type or to continue such Borrowing and, in the case of a LIBOR Loan, may elect Interest Periods therefor, all as provided in this Paragraph 2.03. Borrower may elect different options with respect to different portions of the affected Borrowing, in which case each such portion shall be allocated ratably among Lenders holding the Loans comprising such Borrowing, and the Loans comprising each such portion shall be considered a separate Borrowing.
Conversion of Borrowings. Subject to Sections 4.2 through 4.7, and to Section 11.5, the Borrower may during the Revolving Period, convert any basis of Borrowing into another basis of Borrowing on any Business Day upon the Lead Borrower giving a notice of conversion in form and substance as provided in Schedule 5.1 within the delays specified in Sections 4.2, 4.3, 4.4 or 4.5, as the case may be.
Conversion of Borrowings. Canadian Borrower: Conversion of Canadian B/As and Base Rate Loans: The Canadian Borrower shall be permitted to convert Canadian B/As to Base Rate Loans in C$ and convert Base Rate Loan in C$ to Canadian B/As in accordance with Section 2.11 (a) and (c) of this Agreement; provided that for this purpose: (i) Section 2.11(a) and (c) shall be read as if all references therein to Eurocurrency Loans mean Canadian B/As and all references therein to Interest Periods mean Canadian Contract Periods, (ii) all such conversions shall be made in minimum aggregate amounts and whole multiples in excess thereof as are provided for in respect of such Loans in Section 2.2 of this Agreement, and (iii) after any partial conversion not less than C$1,600,000 shall remain outstanding as Canadian B/As or not less than C$500,000 shall remain outstanding as Base Rate Loans, as applicable. 169
Conversion of Borrowings. (a) Interest Rate Conversion or Renewal. Unless an Event of Default shall ----------------------------------- have occurred and be continuing and subject to the terms and conditions of this Agreement, the Borrower shall have the right at any time or from time to time prior to the Maturity Date to convert Base Borrowings to LIBOR Borrowings and LIBOR Borrowings to Base Borrowings in the same aggregate principal amount, or to select a new Interest Period for an outstanding LIBOR Borrowing or Borrowing of Gold, provided that: (i) the Borrower shall give the Agent notice of each -------- such conversion or renewal as provided below; (ii) LIBOR Borrowings may be converted or renewed (upon at least five Business Days' notice to the Agent pursuant to a Notice of Conversion or Renewal of Interest) only on the last day of an Interest Period for such Borrowings; (iii) Borrowings of Gold may be renewed (on at least three Business Days' notice pursuant to a Notice of Conversion or Renewal of Interest from the Borrower to the Agent, which shall give at least two Business Days' notice thereof to each Bank) only on the last day of an Interest Period for such Borrowings; and (iv) Base Borrowings may be converted at any time upon two Business Days' notice to the Agent pursuant to a Notice of Conversion or Renewal of Interest in a minimum aggregate principal amount of $2,000,000. The renewal of an Interest Period for an outstanding Borrowing of Gold shall not affect the Advance Date Value for such Borrowing of Gold. Each Notice of Conversion or Renewal of Interest shall specify the Borrowings to be converted or renewed, whether such Borrowings are being converted or renewed, the duration of the Interest Period selected and the date of conversion or renewal (which shall be a Business Day or, in the case of a renewal of an Interest Period for a Borrowing of Gold, a Business Day that is followed by a Business Day). In the event that the Borrower fails to renew any Interest Period for any LIBOR Borrowing or any Gold Borrowing before the expiration of such Interest Period, such Borrowings (if LIBOR Borrowings) will be automatically converted into Base Borrowings on the last day of the then current Interest Period for such Borrowings or (if Gold Borrowings) will be automatically renewed for an Interest Period of one month.
Conversion of Borrowings. Each Borrowing initially shall be of the type specified in the applicable Notice of Borrowing and, in the case of a LIBOR Loan, shall have an initial Interest Period as specified in such Notice of Borrowing. Thereafter, the Borrower(s) may elect to convert such Borrowing to a different type or to continue such Borrowing and, in the case of a LIBOR Loan, may elect Interest Periods therefor, all as provided in this Paragraph 2.03. The Borrowers may elect different options with respect to different portions of the affected Borrowing, in which case each such portion shall be allocated ratably among Lenders holding the Loans comprising such Borrowing, and the Loans comprising each such portion shall be considered a separate Borrowing. Notwithstanding the foregoing, in no event shall any Borrower be permitted to convert a Loan in one currency into a Loan of a different currency (as opposed to repaying such Loan and thereafter obtaining a new Loan).
