Conversion Options. (a) The Borrower may elect from time to time to convert any outstanding Revolving Credit Loan to a Revolving Credit Loan of another Type, PROVIDED that (i) with respect to any such conversion of a Eurodollar Rate Loan to a Prime Rate Loan, such conversion shall take place automatically at the end of the applicable Interest Period unless the Borrower provides notice to the Agent of its request to continue such Loan as a Eurodollar Rate Loan as provided in Section 2.5(b) and Section 2.5(a)(ii); (ii) subject to the further proviso at the end of this Section 2.5(a) and subject to Section 2.5(b) and Section 2.5(d), with respect to any conversion of a Prime Rate Loan to a Eurodollar Rate Loan (or a continuation of a Eurodollar Rate Loan, as provided in Section 2.5(b)), the Borrower shall give the Agent (with copies to the Agent for each Bank) at least four (4) Eurodollar Business Days' prior written notice of such election, which such notice must be received by the Agent by 10:00 a.m. on any Business Day; and (iii) no Loan may be converted into a Eurodollar Rate Loan when any Default or Event of Default has occurred and is continuing. All or any part of outstanding Revolving Credit Loans of any Type may be converted as provided herein, PROVIDED that each Conversion Request relating to the conversion of a Prime Rate Loan to a Eurodollar Rate Loan shall be for an amount equal to $1,000,000 or an integral multiple of $100,000 in excess thereof and shall be irrevocable by the Borrower. (b) Any Revolving Credit Loan of any Type may be continued as such upon the expiration of the Interest Period with respect thereto (i) in the case of Prime Rate Loans, automatically and (ii) in the case of Eurodollar Rate Loans by compliance by the Borrower with the notice provisions contained in Section 2.5(a)(ii); PROVIDED that no Eurodollar -36- Rate Loan may be continued as such when any Default or Event of Default has occurred and is continuing but shall be automatically converted to a Prime Rate Loan on the last day of the first Interest Period relating thereto ending during the continuance of any Default or Event of Default. The Borrower shall notify the Agent promptly when any such automatic conversion contemplated by this Section 2.5(b) is scheduled to occur. (c) In the event that the Borrower does not notify the Agent of its election hereunder with respect to any Revolving Credit Loan, such Loan shall be automatically converted to a Prime Rate Loan at the end of the applicable Interest Period. (d) The Borrower may not request or elect a Eurodollar Rate Loan pursuant to Section 2.4, elect to convert a Prime Rate Loan to a Eurodollar Loan pursuant to Section 2.5(a) or elect to continue a Eurodollar Rate Loan pursuant to Section 2.5(b) if, after giving effect thereto, there would be greater than six (6) Eurodollar Rate Loans then outstanding. Any Loan Request or Conversion Request for a Eurodollar Rate Loan that would create greater than six (6) Eurodollar Rate Loans outstanding shall be deemed to be a Loan Request or Conversion Request for a Prime Rate Loan. By way of explanation of the foregoing, in the event that the Borrower wishes to convert or continue two or more Loans into one Eurodollar Rate Loan on the same day and for identical Interest Periods (or borrow an additional Revolving Credit Loan simultaneously with converting or continuing a Revolving Credit Loan for identical Interest Periods), such Eurodollar Rate Loan shall constitute one single Eurodollar Rate Loan for purposes of this clause (d).
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Conversion Options. (a) The Borrower may elect from time to time to convert any outstanding Revolving Credit Loan to a Revolving Credit Loan of another Type, PROVIDED provided that (i) with respect to any such conversion of a Eurodollar LIBOR Rate Loan to a Prime Base Rate Loan, such conversion shall take place automatically at the end of the applicable Interest Period unless the Borrower provides notice to the Agent of its request to continue such Revolving Credit Loan as a Eurodollar LIBOR Rate Loan as provided in Section 2.5(bss.2.5(b) and Section 2.5(a)(iiss.2.5(a)(ii); (ii) subject to the further proviso at the end of this Section 2.5(ass.2.5(a) and subject to Section 2.5(bss.2.5(b) and Section 2.5(d), with respect to any conversion of a Prime Base Rate Loan to a Eurodollar LIBOR Rate Loan (or a continuation of a Eurodollar LIBOR Rate Loan, as provided in Section 2.5(bss.2.5(b)), the Borrower shall give the Agent (with copies to the Agent for each Bank) at least four three (43) Eurodollar LIBOR Business Days' prior written notice of such election, which such notice must be received by the Agent by 10:00 a.m. on any Business Day; and (iii) no Revolving Credit Loan may be converted into a Eurodollar LIBOR Rate Loan when any Default or Event of Default has occurred and is continuing. The Agent shall provide each Bank with a copy of such notice promptly after its receipt thereof. All or any part of outstanding Revolving Credit Loans of any Type may be converted as provided herein, PROVIDED provided that each Conversion Request relating to the conversion of a Prime Base Rate Loan to a Eurodollar LIBOR Rate Loan shall be for an amount equal to $1,000,000 250,000 or an integral multiple of $100,000 50,000 in excess thereof and shall be irrevocable by the Borrower.
(b) Any Revolving Credit Loan of any Type may be continued as such upon the expiration of the Interest Period with respect thereto (i) in the case of Prime Base Rate Loans, automatically and (ii) in the case of Eurodollar LIBOR Rate Loans by compliance by the Borrower with the notice provisions contained in Section 2.5(a)(iiss.2.5(a)(ii); PROVIDED provided that no Eurodollar -36- LIBOR Rate Loan may be continued as such when any Default or Event of Default has occurred and is continuing but shall be automatically converted to a Prime Base Rate Loan on the last day of the first Interest Period relating thereto ending during the continuance of any Default or Event of Default. The Borrower Agent shall notify the Agent Banks promptly when any such automatic conversion contemplated by this Section 2.5(b) is scheduled to occur.
(c) In the event that the Borrower does not notify the Agent of its election hereunder with respect to any Revolving Credit Loan, such Loan shall be automatically converted to a Prime Rate Loan at the end of the applicable Interest Period.
(d) The Borrower may not request or elect a Eurodollar Rate Loan pursuant to Section 2.4, elect to convert a Prime Rate Loan to a Eurodollar Loan pursuant to Section 2.5(a) or elect to continue a Eurodollar Rate Loan pursuant to Section 2.5(b) if, after giving effect thereto, there would be greater than six (6) Eurodollar Rate Loans then outstanding. Any Loan Request or Conversion Request for a Eurodollar Rate Loan that would create greater than six (6) Eurodollar Rate Loans outstanding shall be deemed to be a Loan Request or Conversion Request for a Prime Rate Loan. By way of explanation of the foregoing, in the event that the Borrower wishes to convert or continue two or more Loans into one Eurodollar Rate Loan on the same day and for identical Interest Periods (or borrow an additional Revolving Credit Loan simultaneously with converting or continuing a Revolving Credit Loan for identical Interest Periods), such Eurodollar Rate Loan shall constitute one single Eurodollar Rate Loan for purposes of this clause (d).ss.2.5
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Conversion Options. (a) 2.7.1. Conversion to Different Type of Revolving Credit Loan. ----------------------------------------------------- The Borrower may elect from time to time to convert any outstanding Revolving Credit Loan to a Revolving Credit Loan of another Type, PROVIDED provided that (ia) with respect to any such conversion of a Eurodollar -------- Rate Loan to a Base Rate Loan, the Borrower shall give the Agent at least one (1) Business Day's prior written notice of such election; (b) with respect to any such conversion of a Base Rate Loan to a Eurodollar Rate Loan, the Borrower shall give the Agent at least three (3) Eurodollar Business Days' prior written notice of such election; (c) with respect to any such conversion of a Eurodollar Rate Loan to a Prime Base Rate Loan, such conversion shall take place automatically at only be made on the end last day of the applicable Interest Period unless the Borrower provides notice with respect to the Agent of its request to continue such Loan as a Eurodollar Rate Loan as provided in Section 2.5(b) and Section 2.5(a)(ii); (ii) subject to the further proviso at the end of this Section 2.5(a) and subject to Section 2.5(b) and Section 2.5(d), with respect to any conversion of a Prime Rate Loan to a Eurodollar Rate Loan (or a continuation of a Eurodollar Rate Loan, as provided in Section 2.5(b)), the Borrower shall give the Agent (with copies to the Agent for each Bank) at least four (4) Eurodollar Business Days' prior written notice of such election, which such notice must be received by the Agent by 10:00 a.m. on any Business Day; and (iiid) no Base Rate Loan may be converted into a Eurodollar Rate Loan when any Default or Event of Default has occurred and is continuing. On the date on which such conversion is being made each Bank shall take such action as is necessary to transfer its applicable Commitment Percentage of such Revolving Credit Loans to its Domestic Lending Office or its Eurodollar Lending Office, as the case may be. All or any part of outstanding Revolving Credit Loans of any Type may be converted into a Revolving Credit Loan of another Type as provided herein, PROVIDED provided that each Conversion Request relating to the any partial conversion of a Prime Rate Loan to a Eurodollar Rate Loan shall be for in an aggregate -------- principal amount equal to of $1,000,000 500,000 or an integral multiple of $100,000 in excess thereof thereof. Each Conversion Request relating to the conversion of a Base Rate Loan to a Eurodollar Rate Loan shall specify the Interest Period for such converted Eurodollar Rate Loan and shall be irrevocable by the Borrower.
(b) Any Revolving Credit Loan of any Type may be continued as such upon the expiration of the Interest Period with respect thereto (i) in the case of Prime Rate Loans, automatically and (ii) in the case of Eurodollar Rate Loans by compliance by the Borrower with the notice provisions contained in Section 2.5(a)(ii); PROVIDED that no Eurodollar -36- Rate Loan may be continued as such when any Default or Event of Default has occurred and is continuing but shall be automatically converted to a Prime Rate Loan on the last day of the first Interest Period relating thereto ending during the continuance of any Default or Event of Default. The Borrower shall notify the Agent promptly when any such automatic conversion contemplated by this Section 2.5(b) is scheduled to occur.
(c) In the event that the Borrower does not notify the Agent of its election hereunder with respect to any Revolving Credit Loan, such Loan shall be automatically converted to a Prime Rate Loan at the end of the applicable Interest Period.
(d) The Borrower may not request or elect a Eurodollar Rate Loan pursuant to Section 2.4, elect to convert a Prime Rate Loan to a Eurodollar Loan pursuant to Section 2.5(a) or elect to continue a Eurodollar Rate Loan pursuant to Section 2.5(b) if, after giving effect thereto, there would be greater than six (6) Eurodollar Rate Loans then outstanding. Any Loan Request or Conversion Request for a Eurodollar Rate Loan that would create greater than six (6) Eurodollar Rate Loans outstanding shall be deemed to be a Loan Request or Conversion Request for a Prime Rate Loan. By way of explanation of the foregoing, in the event that the Borrower wishes to convert or continue two or more Loans into one Eurodollar Rate Loan on the same day and for identical Interest Periods (or borrow an additional Revolving Credit Loan simultaneously with converting or continuing a Revolving Credit Loan for identical Interest Periods), such Eurodollar Rate Loan shall constitute one single Eurodollar Rate Loan for purposes of this clause (d).
Appears in 1 contract
Samples: Revolving Credit and Term Loan Agreement (Petro Stopping Centers L P)
Conversion Options. (a) The Borrower may elect from time to time to convert any outstanding Revolving Credit Loan to a Revolving Credit Loan of another Type, PROVIDED provided that (i) with respect to any such conversion of a Eurodollar Rate Loan to a Prime Rate Loan, such conversion shall take place automatically at the end of the applicable Interest Period unless the Borrower provides notice to the Agent of its request to continue such Loan as a Eurodollar Rate Loan as provided in Section 2.5(b) and Section 2.5(a)(ii); (ii) subject to the further proviso at the end of this Section §2.5(a) and subject to Section §2.5(b) and Section §2.5(d), with respect to any conversion of a Prime Base Rate Loan to a Eurodollar Libor Rate Loan (or a continuation of a Eurodollar Libor Rate Loan, as provided in Section §2.5(b)), the Borrower shall give the Agent (with copies to the Agent for each BankLender) at least four three (43) Eurodollar Business Days' ’ prior written notice of such election, which such notice must be received by the Agent by 10:00 a.m. on any Business Day; and (iiiii) no Loan may be converted into a Eurodollar Libor Rate Loan when any Default or Event of Default has occurred and is continuing. All or any part of outstanding Revolving Credit Loans of any Type may be converted as provided herein, PROVIDED provided that each Conversion Request relating to the conversion of a Prime Base Rate Loan to a Eurodollar Libor Rate Loan shall be for an amount equal to $1,000,000 or an integral multiple of $100,000 in excess thereof and shall be irrevocable by the Borrower.
(b) Any Revolving Credit Loan of any Type may be continued as such upon the expiration of the Interest Period with respect thereto (i) in the case of Prime Base Rate Loans, automatically and (ii) in the case of Eurodollar Libor Rate Loans by compliance by the Borrower with the notice provisions contained in Section 2.5(a)(ii§2.5(a)(i); PROVIDED provided that no Eurodollar -36- Libor Rate Loan may be continued as such when any Default or Event of Default has occurred and is continuing but shall be automatically converted to a Prime Base Rate Loan on the last day of the first Interest Period relating thereto ending during the continuance of any Default or Event of Default. The Borrower shall notify the Agent promptly when any such automatic conversion contemplated by this Section §2.5(b) is scheduled to occur.
(c) In the event that the Borrower does not notify the Agent of its election hereunder with respect to any Revolving Credit LoanLoan in accordance with the terms hereof, such Loan shall be automatically converted to a Prime Base Rate Loan at the end of the applicable Interest Period.
(d) The Borrower may not request or elect a Eurodollar Libor Rate Loan pursuant to Section §2.4, elect to convert a Prime Base Rate Loan to a Eurodollar Libor Rate Loan pursuant to Section §2.5(a) or elect to continue a Eurodollar Libor Rate Loan pursuant to Section §2.5(b) if, after giving effect thereto, there would be greater than six five (65) Eurodollar Libor Rate Loans then outstanding. Any Loan Request or Conversion Request for a Eurodollar Libor Rate Loan that would create greater than six five (65) Eurodollar Libor Rate Loans outstanding shall be deemed to be a Loan Request or Conversion Request for a Prime Base Rate Loan. By way of explanation of the foregoing, in the event that the Borrower wishes to convert or continue two or more Loans into one Eurodollar Libor Rate Loan on the same day and for identical Interest Periods (or borrow an additional Revolving Credit Loan simultaneously with converting or continuing a Revolving Credit Loan for identical Interest Periods), such Eurodollar Libor Rate Loan shall constitute one single Eurodollar Libor Rate Loan for purposes of this clause (d).
Appears in 1 contract
Samples: Revolving Credit Agreement (First Potomac Realty Trust)
Conversion Options. (a) The Borrower may elect from time to time to convert any outstanding Revolving Credit Loan to a Revolving Credit Loan of another Type, PROVIDED provided that (i) with respect to any such conversion of a Eurodollar Eurocurrency Rate Loan to a Prime Base Rate Loan, such conversion shall take place automatically at the end of the applicable Interest Period unless the Borrower provides notice to shall give the Agent at least three (3) Business Days’ prior written notice of its request to continue such Loan as a Eurodollar Rate Loan as provided in Section 2.5(b) and Section 2.5(a)(ii)election, which notice must be received by the Agent by 11:00 a.m. on any Business Day; (ii) subject to the further proviso at the end of this Section §2.5(a) and subject to Section §2.5(b) and Section §2.5(d), with respect to any conversion of a Prime Base Rate Loan to a Eurodollar Rate Loan (or a continuation of a Eurodollar Eurocurrency Rate Loan, as provided in Section 2.5(b)), the Borrower shall give the Agent (with copies to the Agent for each Bank) at least four three (43) Eurodollar Business Days' ’ prior written notice of such election, which such notice must be received by the Agent by 10:00 11:00 a.m. on any Business Day; and (iii) no Loan may be converted into a Eurodollar Eurocurrency Rate Loan (whether in Dollars or any Alternative Currency) when any Default or Event of Default has occurred and is continuing. Following receipt of such notice from the Borrower, Agent shall promptly notify each Bank of such request by Borrower. All or any part of outstanding Revolving Credit Loans of any Type may be converted as provided herein, PROVIDED provided that each Conversion Request relating to the conversion of a Prime Base Rate Loan to a Eurodollar Eurocurrency Rate Loan shall be for an amount equal to $1,000,000 2,000,000 or an integral multiple of $100,000 in excess thereof and shall be irrevocable by the Borrower.
(b) Any Revolving Credit Loan of any Type may be continued as such upon the expiration of the Interest Period with respect thereto (i) in the case of Prime Base Rate Loans, automatically and (ii) in the case of Eurodollar Rate Loans by compliance by the Borrower with the notice provisions contained in Section §2.5(a)(ii) and (ii) in the case of Eurocurrency Rate Loans, subject to the proviso at the end of this §2.5(b) and §2.5(d), automatically as set forth in §2.5(c), or by compliance by the Borrower with the notice provisions contained in §2.5(a)(ii); PROVIDED provided that no Eurodollar -36- Eurocurrency Rate Loan in Dollars may be continued as such when any Default or Event of Default has occurred and is continuing but shall be automatically converted to a Prime Base Rate Loan on the last day of the first Interest Period relating thereto ending during the continuance of any Default or Event of Default; and provided, further, that that no Eurocurrency Rate Loan in any Alternative Currency may be continued as such when any Default or Event of Default has occurred and is continuing without the consent of the Required Banks, and the Required Banks may demand that any or all of the then outstanding Eurocurrency Rate Loans denominated in an Alternative Currency be prepaid, or redenominated into Dollars in the amount of the Dollar Equivalent thereof, on the last day of the first Interest Period relating thereto ending during the continuance of any Default or Event of Default. The Borrower shall notify the Agent promptly when any such automatic conversion contemplated by this Section §2.5(b) is scheduled to occur.
(c) In Subject to the provisions of §2.5(a), §2.5(b) and §2.5(d), in the event that the Borrower does not notify the Agent of its election hereunder with respect to any Revolving Credit Loan, such Loan shall be automatically converted to (or continued as) a Prime Eurocurrency Rate Loan in its original currency having a 1-month Interest Period, at the end of the applicable Interest Period; provided, if such Revolving Credit Loan is a Base Rate Loan made at a point when the time between the end of the initial Interest Period for such Base Rate Loan and the making of such Base Rate Loan is less than three (3) Business Days, such Base Rate Loan shall continue as a Base Rate Loan and not be so converted to a Eurocurrency Rate Loan until the end of the Interest Period for such Base Rate Loan which next follows such Base Rate Loan’s initial Interest Period; and provided further, however, that nothing contained in the foregoing proviso shall limit or restrict Borrower’s right to convert such Base Rate Loan to a Eurocurrency Rate Loan prior to the end of such second Interest Period in accordance with §2.5(a)(ii). No Revolving Credit Loan may be converted into or continued as a Revolving Credit Loan denominated in a different currency, but instead must be prepaid in the original currency of such Loan and reborrowed in the other currency.
(d) The Borrower may not request or elect a Eurodollar Eurocurrency Rate Loan pursuant to Section §2.4, elect to convert a Prime Base Rate Loan to a Eurodollar Eurocurrency Rate Loan pursuant to Section §2.5(a) or elect to continue a Eurodollar Eurocurrency Rate Loan pursuant to Section §2.5(b) and a Revolving Credit Loan shall not be automatically converted to or continued as a Eurocurrency Rate Loan, if, after giving effect thereto, there would be greater than six ten (610) Eurodollar Eurocurrency Rate Loans then outstanding. Any Loan Request or Conversion Request for a Eurodollar Eurocurrency Rate Loan that would create greater than six ten (610) Eurodollar Eurocurrency Rate Loans outstanding shall be deemed to be a Loan Request or Conversion Request for a Prime Base Rate Loan. By way of explanation of the foregoing, in the event that the Borrower wishes to convert or continue two or more Loans into one Eurodollar Eurocurrency Rate Loan on the same day and for identical Interest Periods (or borrow an additional Revolving Credit Loan simultaneously with converting or continuing a Revolving Credit Loan for identical Interest Periods), such Eurodollar Eurocurrency Rate Loan shall constitute one single Eurodollar Eurocurrency Rate Loan for purposes of this clause (d).
Appears in 1 contract
Samples: Revolving Credit Agreement (Boston Properties LTD Partnership)
Conversion Options. (a) The Borrower may elect from time to time to convert any outstanding Revolving Credit Loan to a Revolving Credit Loan of another Type, PROVIDED provided that (i) with respect to any such conversion of a Eurodollar Rate Loan to a Prime Base Rate Loan, such conversion shall take place automatically at the end of the applicable Interest Period unless the Borrower provides notice to the Agent of its request to continue such Loan as a Eurodollar Rate Loan as provided in Section 2.5(bss.2.7(b) and Section 2.5(a)(iiss.2.7(a)(ii); (ii) subject to the further proviso at the end of this Section 2.5(ass.2.7(a) and subject to Section 2.5(bss.2.7(b) and Section 2.5(d2.7(d), with respect to any conversion of a Prime Base Rate Loan to a Eurodollar Rate Loan (or a continuation of a Eurodollar Rate Loan, as provided in Section 2.5(bss.2.7(b)), the Borrower shall give the Agent (with copies to the Agent for each Bank) at least four (4) Eurodollar Business Days' prior written notice of such election, which such notice must be received by the Agent by 10:00 a.m. on any Business Day; and (iii) no Loan may be converted into a Eurodollar Rate Loan when any Default or Event of Default has occurred and is continuing. All or any part of outstanding Revolving Credit Loans of any Type may be converted as provided herein, PROVIDED provided that each Conversion Request relating to the conversion of a Prime Base Rate Loan to a Eurodollar Rate Loan shall be for an amount equal to $1,000,000 500,000 or an integral multiple of $100,000 in excess thereof and shall be irrevocable by the Borrower.
(b) Any Revolving Credit Loan of any Type may be continued as such upon the expiration of the Interest Period with respect thereto (i) in the case of Prime Base Rate Loans, automatically and (ii) in the case of Eurodollar Rate Loans by compliance by the Borrower with the notice provisions contained in Section 2.5(a)(iiss.2.7(a)(ii); PROVIDED provided that no Eurodollar -36- Rate Loan may be continued as such when any Default or Event of Default has occurred and is continuing but shall be automatically converted to a Prime Base Rate Loan on the last day of the first Interest Period relating thereto ending during the continuance of any Default or Event of Default. The Borrower shall notify the Agent promptly when any such automatic conversion contemplated by this Section 2.5(b) is scheduled to occur.
(c) In the event that the Borrower does not notify the Agent of its election hereunder with respect to any Revolving Credit Loan, such Loan shall be automatically converted to a Prime Rate Loan at the end of the applicable Interest Period.
(d) The Borrower may not request or elect a Eurodollar Rate Loan pursuant to Section 2.4, elect to convert a Prime Rate Loan to a Eurodollar Loan pursuant to Section 2.5(a) or elect to continue a Eurodollar Rate Loan pursuant to Section 2.5(b) if, after giving effect thereto, there would be greater than six (6) Eurodollar Rate Loans then outstanding. Any Loan Request or Conversion Request for a Eurodollar Rate Loan that would create greater than six (6) Eurodollar Rate Loans outstanding shall be deemed to be a Loan Request or Conversion Request for a Prime Rate Loan. By way of explanation of the foregoing, in the event that the Borrower wishes to convert or continue two or more Loans into one Eurodollar Rate Loan on the same day and for identical Interest Periods (or borrow an additional Revolving Credit Loan simultaneously with converting or continuing a Revolving Credit Loan for identical Interest Periods), such Eurodollar Rate Loan shall constitute one single Eurodollar Rate Loan for purposes of this clause (d).or
Appears in 1 contract
Conversion Options. (a) The Borrower may elect from time to time to convert any outstanding Revolving Credit Loan to a Revolving Credit Loan of another Type, PROVIDED provided that (i) with respect to any such conversion of a Eurodollar Rate Loan to a Prime Rate Loan, such conversion shall take place automatically at the end of the applicable Interest Period unless the Borrower provides notice to shall give the Agent at least three (3) Eurodollar Business Days’ prior written notice of its request to continue such Loan as a Eurodollar Rate Loan as provided in Section 2.5(b) and Section 2.5(a)(ii)election, which notice must be received by the Agent by 11:00 a.m. on any Business Day; (ii) subject to the further proviso at the end of this Section §2.5(a) and subject to Section §2.5(b) and Section §2.5(d), with respect to any conversion of a Prime Rate Loan to a Eurodollar Rate Loan (or a continuation of a Eurodollar Rate Loan, as provided in Section 2.5(b)), the Borrower shall give the Agent (with copies to the Agent for each Bank) at least four three (43) Eurodollar Business Days' ’ prior written notice of such election, which such notice must be received by the Agent by 10:00 11:00 a.m. on any Business Day; and (iii) no Loan may be converted into a Eurodollar Rate Loan when any Default or Event of Default has occurred and is continuing. Following receipt of such notice from the Borrower, Agent shall promptly notify each Bank of such request by Borrower. All or any part of outstanding Revolving Credit Loans of any Type may be converted as provided herein, PROVIDED provided that each Conversion Request relating to the conversion of a Prime Rate Loan to a Eurodollar Rate Loan shall be for an amount equal to $1,000,000 2,000,000 or an integral multiple of $100,000 in excess thereof and shall be irrevocable by the Borrower.
(b) Any Revolving Credit Loan of any Type may be continued as such upon the expiration of the Interest Period with respect thereto (i) in the case of Prime Rate Loans, automatically and (ii) in the case of Eurodollar Rate Loans by compliance by the Borrower with the notice provisions contained in Section §2.5(a)(ii) and (ii) in the case of Eurodollar Rate Loans, subject to the proviso at the end of this §2.5(b) and §2.5(d), automatically as set forth in §2.5(c), or by compliance by the Borrower with the notice provisions contained in §2.5(a)(ii); PROVIDED provided that no Eurodollar -36- Rate Loan may be continued as such when any Default or Event of Default has occurred and is continuing but shall be automatically converted to a Prime Rate Loan on the last day of the first Interest Period relating thereto ending during the continuance of any Default or Event of Default. The Borrower shall notify the Agent promptly when any such automatic conversion contemplated by this Section §2.5(b) is scheduled to occur.
(c) In Subject to the provisions of §2.5(a), §2.5(b) and §2.5(d), in the event that the Borrower does not notify the Agent of its election hereunder with respect to any Revolving Credit Loan, such Loan shall be automatically converted to (or continued as) a Prime Eurodollar Rate Loan having a 1-month Interest Period, at the end of the applicable Interest Period; provided, if such Revolving Credit Loan is a Prime Rate Loan made at a point when the time between the end of the initial Interest Period for such Prime Rate Loan and the making of such Prime Rate Loan is less than three (3) Eurodollar Business Days, such Prime Rate Loan shall continue as a Prime Rate Loan and not be so converted to a Eurodollar Rate Loan until the end of the Interest Period for such Prime Rate Loan which next follows such Prime Rate Loan’s initial Interest Period; and provided further, however, that nothing contained in the foregoing proviso shall limit or restrict Borrower’s right to convert such Prime Rate Loan to a Eurodollar Rate Loan prior to the end of such second Interest Period in accordance with §2.5(a)(ii).
(d) The Borrower may not request or elect a Eurodollar Rate Loan pursuant to Section §2.4, elect to convert a Prime Rate Loan to a Eurodollar Loan pursuant to Section §2.5(a) or elect to continue a Eurodollar Rate Loan pursuant to Section §2.5(b) and a Revolving Credit Loan shall not be automatically converted to or continued as a Eurodollar Rate Loan, if, after giving effect thereto, there would be greater than six (6) Eurodollar Rate Loans then outstanding. Any Loan Request or Conversion Request for a Eurodollar Rate Loan that would create greater than six (6) Eurodollar Rate Loans outstanding shall be deemed to be a Loan Request or Conversion Request for a Prime Rate Loan. By way of explanation of the foregoing, in the event that the Borrower wishes to convert or continue two or more Loans into one Eurodollar Rate Loan on the same day and for identical Interest Periods (or borrow an additional Revolving Credit Loan simultaneously with converting or continuing a Revolving Credit Loan for identical Interest Periods), such Eurodollar Rate Loan shall constitute one single Eurodollar Rate Loan for purposes of this clause (d).
Appears in 1 contract
Conversion Options. (a) The Borrower may elect from time to time to convert any outstanding Revolving Credit Loan to a Revolving Credit Loan of another Type, PROVIDED provided that (i) with respect to any such conversion of a Eurodollar Rate Loan to a Prime Rate Loan, such conversion shall take place automatically at the end of the applicable Interest Period unless the Borrower provides notice to the Agent of its request to continue such Loan as a Eurodollar Rate Loan as provided in Section 2.5(b) and Section 2.5(a)(ii); (ii) subject to the further proviso at the end of this Section §2.5(a) and subject to Section §2.5(b) and Section §2.5(d), with respect to any conversion of a Prime Base Rate Loan to a Eurodollar Libor Rate Loan (or a continuation of a Eurodollar Libor Rate Loan, as provided in Section §2.5(b)), the Borrower shall give the Agent (with copies to the Agent for each BankLender) at least four three (43) Eurodollar Business Days' ’ prior written notice of such election, which such notice must be received by the Agent by 10:00 a.m. on any Business Day; and (iiiii) no Loan may be converted into a Eurodollar Libor Rate Loan when any Default or Event of Default has occurred and is continuing. All or any part of outstanding Revolving Credit Loans of any Type may be converted as provided herein, PROVIDED provided that each Conversion Request relating to the conversion of a Prime Base Rate Loan to a Eurodollar Libor Rate Loan shall be for an amount equal to $1,000,000 or an integral multiple of $100,000 in excess thereof and shall be irrevocable by the Borrower.
(b) Any Revolving Credit Loan of any Type may be continued as such upon the expiration of the Interest Period with respect thereto (i) in the case of Prime Base Rate Loans, automatically and (ii) in the case of Eurodollar Libor Rate Loans by compliance by the Borrower with the notice provisions contained in Section 2.5(a)(ii§2.5(a)(i); PROVIDED provided that no Eurodollar -36- Libor Rate Loan may be continued as such when any Default or Event of Default has occurred and is continuing but shall be automatically converted to a Prime Base Rate Loan on the last day of the first Interest Period relating thereto ending during the continuance of any Default or Event of Default. The Borrower shall notify the Agent promptly when any such automatic conversion contemplated by this Section §2.5(b) is scheduled to occur.
(c) In the event that the Borrower does not notify the Agent of its election hereunder with respect to any Revolving Credit LoanLoan in accordance with the terms hereof, such Loan shall be automatically converted to a Prime Base Rate Loan at the end of the applicable Interest Period.
(d) The Borrower may not request or elect a Eurodollar Libor Rate Loan pursuant to Section §2.4, elect to convert a Prime Base Rate Loan to a Eurodollar Libor Rate Loan pursuant to Section §2.5(a) or elect to continue a Eurodollar Libor Rate Loan pursuant to Section §2.5(b) if, after giving effect thereto, there would be greater than six four (64) Eurodollar Libor Rate Loans then outstanding. Any Loan Request or Conversion Request for a Eurodollar Libor Rate Loan that would create greater than six four (64) Eurodollar Libor Rate Loans outstanding shall be deemed to be a Loan Request or Conversion Request for a Prime Base Rate Loan. By way of explanation of the foregoing, in the event that the Borrower wishes to convert or continue two or more Loans into one Eurodollar Libor Rate Loan on the same day and for identical Interest Periods (or borrow an additional Revolving Credit Loan simultaneously with converting or continuing a Revolving Credit Loan for identical Interest Periods), such Eurodollar Libor Rate Loan shall constitute one single Eurodollar Libor Rate Loan for purposes of this clause (d).
Appears in 1 contract
Samples: Revolving Credit Agreement (First Potomac Realty Trust)
Conversion Options. (a) The Borrower may elect from time to time to convert any outstanding Revolving Credit Loan to a Revolving Credit Loan of another Type, PROVIDED provided that (i) with respect to any such conversion of a Eurodollar Rate Loan to a Prime Rate Loan, such conversion shall take place automatically at the end of the applicable Interest Period unless the Borrower provides notice to shall give the Agent at least four (4) Eurodollar Business Days’ prior written notice of its request to continue such Loan as a Eurodollar Rate Loan as provided in Section 2.5(b) and Section 2.5(a)(ii)election, which notice must be received by the Agent by 10:00 a.m. on any Business Day; (ii) subject to the further proviso at the end of this Section §2.5(a) and subject to Section §2.5(b) and Section §2.5(d), with respect to any conversion of a Prime Rate Loan to a Eurodollar Rate Loan (or a continuation of a Eurodollar Rate Loan, as provided in Section 2.5(b)), the Borrower shall give the Agent (with copies to the Agent for each Bank) at least four (4) Eurodollar Business Days' ’ prior written notice of such election, which such notice must be received by the Agent by 10:00 a.m. on any Business Day; and (iii) no Loan may be converted into a Eurodollar Rate Loan when any Default or Event of Default has occurred and is continuing. Following receipt of such notice from the Borrower, Agent shall promptly notify each Bank of such request by Borrower. All or any part of outstanding Revolving Credit Loans of any Type may be converted as provided herein, PROVIDED provided that each Conversion Request relating to the conversion of a Prime Rate Loan to a Eurodollar Rate Loan shall be for an amount equal to $1,000,000 2,000,000 or an integral multiple of $100,000 in excess thereof and shall be irrevocable by the Borrower.
(b) Any Revolving Credit Loan of any Type may be continued as such upon the expiration of the Interest Period with respect thereto (i) in the case of Prime Rate Loans, automatically and (ii) in the case of Eurodollar Rate Loans by compliance by the Borrower with the notice provisions contained in Section §2.5(a)(ii) above and (ii) in the case of Eurodollar Rate Loans, subject to the proviso at the end of this §2.5(b) and §2.5(d), automatically as set forth in §2.5(c), or by compliance by the Borrower with the notice provisions contained in §2.5(a)(ii); PROVIDED provided that no Eurodollar -36- Rate Loan may be continued as such when any Default or Event of Default has occurred and is continuing but shall be automatically converted to a Prime Rate Loan on the last day of the first Interest Period relating thereto ending during the continuance of any Default or Event of Default. The Borrower shall notify the Agent promptly when any such automatic conversion contemplated by this Section §2.5(b) is scheduled to occur.
(c) In Subject to the provisions of §2.5(a), §2.5(b) and §2.5(d), in the event that the Borrower does not notify the Agent of its election hereunder with respect to any Revolving Credit Loan, such Loan shall be automatically converted to (or continued as) a Prime Eurodollar Rate Loan having a 1-month Interest Period, at the end of the applicable Interest Period; provided, if the Revolving Credit Loan involves a Prime Rate Loan made at a point when the time between the end of the initial Interest Period for such Prime Rate Loan and the making of such Loan is less than four Eurodollar Business Days, such Prime Rate Loan shall continue as a Prime Rate Loan and not be so converted to a Eurodollar Rate Loan until the end of the Interest Period for such Prime Rate Loan which next follows such Loan’s initial Interest Period; and provided further, however, that nothing contained in the foregoing proviso shall limit or restrict Borrower’s right to convert such Prime Rate Loan to a Eurodollar Rate Loan prior to the end of such second Interest Period in accordance with §2.5(a)(ii).
(d) The Borrower may not request or elect a Eurodollar Rate Loan pursuant to Section §2.4, elect to convert a Prime Rate Loan to a Eurodollar Loan pursuant to Section §2.5(a) or elect to continue a Eurodollar Rate Loan pursuant to Section §2.5(b) and a Revolving Credit Loan shall not be automatically converted to or continued as a Eurodollar Rate Loan, if, after giving effect thereto, there would be greater than six (6) Eurodollar Rate Loans then outstanding. Any Loan Request or Conversion Request for a Eurodollar Rate Loan that would create greater than six (6) Eurodollar Rate Loans outstanding shall be deemed to be a Loan Request or Conversion Request for a Prime Rate Loan. By way of explanation of the foregoing, in the event that the Borrower wishes to convert or continue two or more Loans into one Eurodollar Rate Loan on the same day and for identical Interest Periods (or borrow an additional Revolving Credit Loan simultaneously with converting or continuing a Revolving Credit Loan for identical Interest Periods), such Eurodollar Rate Loan shall constitute one single Eurodollar Rate Loan for purposes of this clause (d).
Appears in 1 contract
Conversion Options. (a) The Borrower may elect from time to time to convert any outstanding Revolving Credit Loan to a Revolving Credit Loan of another Type, PROVIDED provided that (i) with respect to any such conversion of a Eurodollar Rate LIBOR Loan to a Prime Rate Loan, the Borrower shall give the Agent at least three (3) Business Days, prior written notice of such election; (ii) with respect to any such conversion of a LIBOR Loan into a Prime Rate Loan, such conversion shall take place automatically at only be made on the end last day of the applicable Interest Period unless the Borrower provides notice to the Agent of its request to continue such Loan as a Eurodollar Rate Loan as provided in Section 2.5(b) and Section 2.5(a)(ii)with respect thereto; (iiiii) subject to the further proviso at the end of this Section 2.5(a) section and subject to Section 2.5(bss.2.4(b) and Section 2.5(d), ss.2.4(d) hereof with respect to any such conversion of a Prime Rate Loan to a Eurodollar Rate Loan (or a continuation of a Eurodollar Rate LIBOR Loan, as provided in Section 2.5(b)), the Borrower shall give the Agent (with copies to the Agent for each Bank) at least four three (43) Eurodollar LIBOR Business Days' , prior written notice of such election, which such notice must be received by the Agent by 10:00 a.m. on any Business Day; election and (iiiiv) no Loan may be converted into a Eurodollar Rate LIBOR Loan when any Default or Event of Default has occurred and is continuing. On the date on which such conversion is being made, each Lender shall take such action as is necessary to transfer its Facility Percentage of such Loans to its Domestic Lending Office or its LIBOR Lending Office, as the case may be. All or any part of outstanding Revolving Credit Loans of any Type may be converted as provided herein, PROVIDED provided further that each Conversion Request relating to the conversion of a Prime Rate Loan to a Eurodollar Rate LIBOR Loan shall be for an amount equal to $1,000,000 5,000,000 or an integral multiple of $100,000 1,000,000 in excess thereof and shall be irrevocable by the Borrower.
(b) Any Revolving Credit Loan Loans of any Type may be continued as such upon the expiration of the an Interest Period with respect thereto (i) in the case of Prime Rate Loans, automatically and (ii) in the case of Eurodollar Rate Loans by compliance by the Borrower with the notice provisions contained in Section 2.5(a)(ii)ss.2.4 (a) ; PROVIDED provided that no Eurodollar -36- Rate LIBOR Loan may be continued as such when any Default or Event of Default has occurred and is continuing but shall be automatically converted to a Prime Rate Loan on the last day of the first Interest Period relating thereto ending during the continuance of any Default or Event of Default. The Borrower shall notify Default of which the officers of the Agent promptly when any such automatic conversion contemplated by this Section 2.5(b) is scheduled to occuractive upon the Borrower's account have actual knowledge.
(c) In the event that the Borrower does not notify the Agent of its election hereunder with respect to any Revolving Credit Loan, such Loan shall be automatically converted to a Prime Rate Loan at the end of the applicable Interest Period.
(d) The Borrower may not request or elect a Eurodollar Rate Loan pursuant to Section 2.4, elect to convert a Prime Rate Loan to a Eurodollar LIBOR Loan pursuant to Section 2.5(ass.2.4(a) or elect to continue a Eurodollar Rate LIBOR Loan pursuant to Section 2.5(b) if, after giving effect thereto, there would be greater than six (6) Eurodollar Rate Loans then outstanding. Any Loan Request or Conversion Request for a Eurodollar Rate Loan that would create greater than six (6) Eurodollar Rate Loans outstanding shall be deemed to be a Loan Request or Conversion Request for a Prime Rate Loan. By way of explanation of the foregoing, in the event that the Borrower wishes to convert or continue two or more Loans into one Eurodollar Rate Loan on the same day and for identical Interest Periods (or borrow an additional Revolving Credit Loan simultaneously with converting or continuing a Revolving Credit Loan for identical Interest Periods), such Eurodollar Rate Loan shall constitute one single Eurodollar Rate Loan for purposes of this clause (d).ss.2.4
Appears in 1 contract
Conversion Options. (a) The Borrower may elect from time to time to convert any outstanding Revolving Credit Loan to a Revolving Credit Loan of another Type, PROVIDED provided that (i) with respect to any such conversion of a Eurodollar Rate Loan to a Prime Rate Loan, such conversion shall take place automatically at the end of the applicable Interest Period unless the Borrower provides notice to the Agent of its request to continue such Loan as a Eurodollar Rate Loan as provided in Section 2.5(b) and Section 2.5(a)(ii); (ii) subject to the further proviso at the end of this Section §2.5(a) and subject to Section §2.5(b) and Section §2.5(d), with respect to any conversion of a Prime Base Rate Loan to a Eurodollar Libor Rate Loan (or a continuation of a Eurodollar Libor Rate Loan, as provided in Section §2.5(b)), the Borrower shall give the Agent (with copies to the Agent for each BankLender) at least four three (43) Eurodollar Business Days' prior written notice of such election, which such notice must be received by the Agent by 10:00 a.m. on any Business Day; and (iiiii) no Loan may be converted into a Eurodollar Libor Rate Loan when any Default or Event of Default has occurred and is continuing. All or any part of outstanding Revolving Credit Loans of any Type may be converted as provided herein, PROVIDED provided that each Conversion Request relating to the conversion of a Prime Base Rate Loan to a Eurodollar Libor Rate Loan shall be for an amount equal to $1,000,000 or an integral multiple of $100,000 in excess thereof and shall be irrevocable by the Borrower.
(b) Any Revolving Credit Loan of any Type may be continued as such upon the expiration of the Interest Period with respect thereto (i) in the case of Prime Base Rate Loans, automatically and (ii) in the case of Eurodollar Libor Rate Loans by compliance by the Borrower with the notice provisions contained in Section 2.5(a)(ii§2.5(a)(i); PROVIDED provided that no Eurodollar -36- Libor Rate Loan may be continued as such when any Default or Event of Default has occurred and is continuing but shall be automatically converted to a Prime Base Rate Loan on the last day of the first Interest Period relating thereto ending during the continuance of any Default or Event of Default. The Borrower shall notify the Agent promptly when any such automatic conversion contemplated by this Section §2.5(b) is scheduled to occur.
(c) In the event that the Borrower does not notify the Agent of its election hereunder with respect to any Revolving Credit LoanLoan in accordance with the terms hereof, such Loan shall be automatically converted to a Prime Base Rate Loan at the end of the applicable Interest Period.
(d) The Borrower may not request or elect a Eurodollar Libor Rate Loan pursuant to Section §2.4, elect to convert a Prime Base Rate Loan to a Eurodollar Libor Rate Loan pursuant to Section §2.5(a) or elect to continue a Eurodollar Libor Rate Loan pursuant to Section §2.5(b) if, after giving effect thereto, there would be greater than six (6) Eurodollar Libor Rate Loans then outstanding. Any Loan Request or Conversion Request for a Eurodollar Libor Rate Loan that would create greater than six (6) Eurodollar Libor Rate Loans outstanding shall be deemed to be a Loan Request or Conversion Request for a Prime Base Rate Loan. By way of explanation of the foregoing, in the event that the Borrower wishes to convert or continue two or more Loans into one Eurodollar Libor Rate Loan on the same day and for identical Interest Periods (or borrow an additional Revolving Credit Loan simultaneously with converting or continuing a Revolving Credit Loan for identical Interest Periods), such Eurodollar Libor Rate Loan shall constitute one single Eurodollar Libor Rate Loan for purposes of this clause (d).
Appears in 1 contract
Samples: Revolving Credit Agreement (Hartman Commercial Properties Reit)
Conversion Options. (a) The Borrower may elect from time to time to convert any outstanding Revolving Credit Loan to a Revolving Credit Loan of another Type, PROVIDED provided that (i) with respect to any such conversion of a Eurodollar Rate Loan to a Prime Base Rate Loan, such conversion shall take place automatically at the end of the applicable Interest Period unless the Borrower provides notice to shall give the Agent at least three (3) Eurodollar Business Days’ prior written notice of its request to continue such Loan as a Eurodollar Rate Loan as provided in Section 2.5(b) and Section 2.5(a)(ii)election, which notice must be received by the Agent by 11:00 a.m. on any Business Day; (ii) subject to the further proviso at the end of this Section §2.5(a) and subject to Section §2.5(b) and Section §2.5(d), with respect to any conversion of a Prime Base Rate Loan to a Eurodollar Rate Loan (or a continuation of a Eurodollar Rate Loan, as provided in Section 2.5(b)), the Borrower shall give the Agent (with copies to the Agent for each Bank) at least four three (43) Eurodollar Business Days' ’ prior written notice of such election, which such notice must be received by the Agent by 10:00 11:00 a.m. on any Business Day; and (iii) no Loan may be converted into a Eurodollar Rate Loan when any Default or Event of Default has occurred and is continuing. Following receipt of such notice from the Borrower, Agent shall promptly notify each Bank of such request by Borrower. All or any part of outstanding Revolving Credit Loans of any Type may be converted as provided herein, PROVIDED provided that each Conversion Request relating to the conversion of a Prime Base Rate Loan to a Eurodollar Rate Loan shall be for an amount equal to $1,000,000 2,000,000 or an integral multiple of $100,000 in excess thereof and shall be irrevocable by the Borrower.
(b) Any Revolving Credit Loan of any Type may be continued as such upon the expiration of the Interest Period with respect thereto (i) in the case of Prime Base Rate Loans, automatically and (ii) in the case of Eurodollar Rate Loans by compliance by the Borrower with the notice provisions contained in Section §2.5(a)(ii) and (ii) in the case of Eurodollar Rate Loans, subject to the proviso at the end of this §2.5(b) and §2.5(d), automatically as set forth in §2.5(c), or by compliance by the Borrower with the notice provisions contained in §2.5(a)(ii); PROVIDED provided that no Eurodollar -36- Rate Loan may be continued as such when any Default or Event of Default has occurred and is continuing but shall be automatically converted to a Prime Base Rate Loan on the last day of the first Interest Period relating thereto ending during the continuance of any Default or Event of Default. The Borrower shall notify the Agent promptly when any such automatic conversion contemplated by this Section §2.5(b) is scheduled to occur.
(c) In Subject to the provisions of §2.5(a), §2.5(b) and §2.5(d), in the event that the Borrower does not notify the Agent of its election hereunder with respect to any Revolving Credit Loan, such Loan shall be automatically converted to (or continued as) a Prime Eurodollar Rate Loan having a 1-month Interest Period, at the end of the applicable Interest Period; provided, if such Revolving Credit Loan is a Base Rate Loan made at a point when the time between the end of the initial Interest Period for such Base Rate Loan and the making of such Base Rate Loan is less than three (3) Eurodollar Business Days, such Base Rate Loan shall continue as a Base Rate Loan and not be so converted to a Eurodollar Rate Loan until the end of the Interest Period for such Base Rate Loan which next follows such Base Rate Loan’s initial Interest Period; and provided further, however, that nothing contained in the foregoing proviso shall limit or restrict Borrower’s right to convert such Base Rate Loan to a Eurodollar Rate Loan prior to the end of such second Interest Period in accordance with §2.5(a)(ii).
(d) The Borrower may not request or elect a Eurodollar Rate Loan pursuant to Section §2.4, elect to convert a Prime Base Rate Loan to a Eurodollar Loan pursuant to Section §2.5(a) or elect to continue a Eurodollar Rate Loan pursuant to Section §2.5(b) and a Revolving Credit Loan shall not be automatically converted to or continued as a Eurodollar Rate Loan, if, after giving effect thereto, there would be greater than six (6) Eurodollar Rate Loans then outstanding. Any Loan Request or Conversion Request for a Eurodollar Rate Loan that would create greater than six (6) Eurodollar Rate Loans outstanding shall be deemed to be a Loan Request or Conversion Request for a Prime Base Rate Loan. By way of explanation of the foregoing, in the event that the Borrower wishes to convert or continue two or more Loans into one Eurodollar Rate Loan on the same day and for identical Interest Periods (or borrow an additional Revolving Credit Loan simultaneously with converting or continuing a Revolving Credit Loan for identical Interest Periods), such Eurodollar Rate Loan shall constitute one single Eurodollar Rate Loan for purposes of this clause (d).
Appears in 1 contract
Samples: Revolving Credit Agreement (Boston Properties LTD Partnership)
Conversion Options. (a) The Borrower may elect from time to time to convert any portion of the outstanding Revolving Credit Term Loan to a Revolving Credit Loan of another Type, PROVIDED provided that (i) with respect to any such conversion of a Eurodollar Rate Loan to a Prime Rate Loan, such conversion shall take place automatically at the end of the applicable Interest Period unless the Borrower provides notice to the Agent of its request to continue such Loan as a Eurodollar Rate Loan as provided in Section 2.5(b) and Section 2.5(a)(ii); (ii) subject to the further proviso at the end of this Section §2.5(a) and subject to Section §2.5(b) and Section §2.5(d), with respect to any conversion of a Prime Base Rate Loan to a Eurodollar Libor Rate Loan (or a continuation of a Eurodollar Libor Rate Loan, as provided in Section §2.5(b)), the Borrower shall give the Agent (with copies to the Agent for each BankLender) at least four three (43) Eurodollar Business Days' ’ prior written notice of such election, which such notice must be received by the Agent by 10:00 a.m. on any Business Day; and (iiiii) no Loan may be converted into a Eurodollar Libor Rate Loan when any Default or Event of Default has occurred and is continuing. All or any part of outstanding Revolving Credit Loans Term Loan of any Type may be converted as provided herein, PROVIDED provided that each Conversion Request relating to the conversion of a Prime Base Rate Loan to a Eurodollar Libor Rate Loan shall be for an amount equal to $1,000,000 or an integral multiple of $100,000 in excess thereof and shall be irrevocable by the Borrower.
(b) Any Revolving Credit portion of the Term Loan of any Type may be continued as such upon the expiration of the Interest Period with respect thereto (i) in the case of Prime Base Rate Loans, automatically and (ii) in the case of Eurodollar Libor Rate Loans by compliance by the Borrower with the notice provisions contained in Section 2.5(a)(ii§2.5(a)(i); PROVIDED provided that no Eurodollar -36- Libor Rate Loan may be continued as such when any Default or Event of Default has occurred and is continuing but shall be automatically converted to a Prime Base Rate Loan on the last day of the first Interest Period relating thereto ending during the continuance of any Default or Event of Default. The Borrower shall notify the Agent promptly when any such automatic conversion contemplated by this Section §2.5(b) is scheduled to occur.
(c) In the event that the Borrower does not notify the Agent of its election hereunder with respect to any Revolving Credit Loanportion of the Term Loan in accordance with the terms hereof, such Loan shall be automatically converted to a Prime Base Rate Loan at the end of the applicable Interest Period.
(d) The Borrower may not request or elect a Eurodollar Libor Rate Loan pursuant to Section §2.4, elect to convert a Prime Base Rate Loan to a Eurodollar Libor Rate Loan pursuant to Section §2.5(a) or elect to continue a Eurodollar Libor Rate Loan pursuant to Section §2.5(b) if, after giving effect thereto, there would be greater than six (6) Eurodollar Libor Rate Loans then outstanding. Any Loan Request or Conversion Request for a Eurodollar Libor Rate Loan that would create greater than six (6) Eurodollar Libor Rate Loans outstanding shall be deemed to be a Loan Request or Conversion Request for a Prime Base Rate Loan. By way of explanation of the foregoing, in the event that the Borrower wishes to convert or continue two or more Loans into one Eurodollar Libor Rate Loan on the same day and for identical Interest Periods (or borrow an additional Revolving Credit Loan simultaneously with converting or continuing a Revolving Credit Loan for identical Interest Periods), such Eurodollar Libor Rate Loan shall constitute one single Eurodollar Libor Rate Loan for purposes of this clause (d).
Appears in 1 contract
Conversion Options. (a) The Borrower may elect from time to time to convert any portion of the outstanding Revolving Credit Term Loan to another Type, provided that (i) subject to the further proviso at the end of outstanding Libor Rate Loan to a Revolving Credit Base Rate Loan of another Typeor any outstanding Base Rate Loan to a Libor Rate Loan, PROVIDED provided that (i) with respect to any such conversion of a Eurodollar Libor Rate Loan to a Prime Base Rate Loan, such conversion shall take place automatically at the end of the applicable Interest Period unless the Borrower provides notice to shall give the Agent at least three (3) Libor Business Days’ prior written notice of its request to continue such Loan as a Eurodollar Rate Loan as provided in Section 2.5(b) election, which notice must be received by the Agent by 11:00 a.m. on any Libor Business Day, and Section 2.5(a)(ii); (ii) subject to the further proviso at the end of provisos in this Section §2.5(a) and subject to Section §2.5(b) and Section §2.5(d), with respect to any conversion of a Prime Base Rate Loan to a Eurodollar Libor Rate Loan (or a continuation of a Eurodollar Libor Rate Loan, as provided in Section §2.5(b)), the Borrower shall give the Agent (with copies to the Agent for each Bank) at least four three (43) Eurodollar Libor Business Days' ’ prior written notice of such election, which such notice must be received by the Agent by 10:00 1011:00 a.m. on any Libor Business Day; and (iiiii) provided that no Loan may be converted into a Eurodollar Libor Rate Loan when any Default or Event of Default has occurred and is continuing. All or any part of the outstanding Revolving Credit Loans Term Loan of any Type TypeLibor Rate Loans may be converted to Base Rate Loans and vice versa as provided herein, PROVIDED provided that each Conversion Request relating to the conversion of a Prime Base Rate Loan to a Eurodollar Libor Rate Loan shall be for an amount equal to $1,000,000 or an integral multiple of $100,000 in excess thereof and shall be irrevocable by the Borrower.
(b) Any Revolving Credit portion of the Term Loan of any Type TypeSubject to the proviso at the end of this §2.5(b) and §2.5(d), any Libor Rate Loan may be continued automatically as such upon the expiration of the Interest Period with respect thereto (i) in the case of Prime Base Rate Loans, automatically and (ii) in the case of Eurodollar Libor Rate Loans Loansas set forth in §2.5(c) or by compliance by the Borrower with the notice provisions contained in Section 2.5(a)(ii§2.5(a)(iii); PROVIDED provided that no Eurodollar -36- Libor Rate Loan may be continued as such when any Default or Event of Default has occurred and is continuing but shall be automatically converted to a Prime Base Rate Loan on the last day of the first Interest Period relating thereto ending during the continuance of any Default or Event of Default. The Borrower shall notify the Agent promptly when any such automatic conversion contemplated by this Section §2.5(b) is scheduled to occur.
(c) In InSubject to the provisions of §2.5(a), §2.5(b) and §2.5(d), in the event that the Borrower does not notify the Agent of its election hereunder with respect to any Revolving Credit portionBase Rate Loan upon the expiration of the Term Loan in accordance with the terms hereofInterest Period or Libor Rate Loan, such portion of the Term Loan shall be automatically converted to a Prime Base(or continued as) a Libor Rate Loan having a 1-month Interest Period at the end of the applicable Interest Period.
(d) The Borrower may not request or elect a Eurodollar Libor Rate Loan pursuant to Section §2.4, elect to convert a Prime Base Rate Loan to a Eurodollar Libor Rate Loan pursuant to Section §2.5(a) or elect to continue a Eurodollar Libor Rate Loan pursuant to Section §2.5(b) ), and no Base Rate Loan shall be automatically converted to, and no Libor Rate Loan shall be automatically continued as, a Libor Rate Loan, if, after giving effect thereto, there would be greater than six fiveseven (657) Eurodollar Libor Rate Loans then outstanding. Any Loan Request or Conversion Request for a Eurodollar Libor Rate Loan that would create greater than six fiveseven (657) Eurodollar Libor Rate Loans outstanding shall be deemed to be a Loan Request or Conversion Request for a Prime Base Rate Loan. By way of explanation of the foregoing, in the event that the Borrower wishes to convert or continue two or more Loans portions of the Term LoanLoans into one Eurodollar Libor Rate Loan on the same day and for identical Interest Periods (or borrow an additional Revolving Credit Loan simultaneously with converting or continuing a Revolving Credit Loan for identical Interest Periods), such Eurodollar Libor Rate Loan shall constitute one single Eurodollar Libor Rate Loan for purposes of this clause (d).
(e) The Agent will promptly notify each Lender of any Conversion Request received pursuant to §2.5(a) or continuation pursuant to §2.5(b) in accordance with its customary practices.
Appears in 1 contract
Samples: Secured Term Loan Agreement (First Potomac Realty Trust)
Conversion Options. (a) The Borrower may elect from time to time to convert any outstanding Revolving Credit Loan to a Revolving Credit Loan of another Type, PROVIDED provided that (i) with respect to any such conversion of a Revolving Credit -------- Eurodollar Rate Loan to a Prime Base Rate Loan, such conversion shall take place automatically at the end of the applicable Interest Period unless the Borrower provides notice to the Agent of its request to continue such Loan as a Revolving Credit Eurodollar Rate Loan as provided in Section 2.5(b(S)2.7(b) and Section 2.5(a)(ii(S)2.7(a)(ii); (ii) subject to the further proviso at the end of this Section 2.5(a(S)2.7(a) and subject to Section 2.5(b(S)2.7(b) and Section 2.5(d2.7(d), with respect to any conversion of a Prime Base Rate Loan to a Revolving Credit Eurodollar Rate Loan (or a continuation of a Revolving Credit Eurodollar Rate Loan, as provided in Section 2.5(b(S)2.7(b)), the Borrower shall give the Agent (with copies to the Agent for each Bank) at least four three (43) Eurodollar Business Days' prior written notice of such election, which such notice must be received by the Agent by 10:00 a.m. on any Business Day; and (iii) no Revolving Credit Loan may be converted into a Revolving Credit Eurodollar Rate Loan when any Default or Event of Default has occurred and is continuing. All or any part of outstanding Revolving Credit Loans of any Type may be converted as provided herein, PROVIDED provided -------- that each Conversion Request relating to the conversion of a Prime Base Rate Loan to a Revolving Credit Eurodollar Rate Loan shall be for an amount equal to $1,000,000 500,000 or an integral multiple of $100,000 in excess thereof and shall be irrevocable by the Borrower.
(b) Any Revolving Credit Loan of any Type may be continued as such upon the expiration of the Interest Period with respect thereto (i) in the case of Prime Base Rate Loans, automatically and (ii) in the case of Revolving Credit Eurodollar Rate Loans by compliance by the Borrower with the notice provisions contained in Section 2.5(a)(ii(S)2.7(a)(ii); PROVIDED provided that no Revolving Credit Eurodollar -36- Rate -------- Loan may be continued as such when any Default or Event of Default has occurred and is continuing but shall be automatically converted to a Prime Base Rate Loan on the last day of the first Interest Period relating thereto ending during the continuance of any Default or Event of Default. The Borrower Agent shall notify the Agent Banks promptly when any such automatic conversion contemplated by this Section 2.5(b) is scheduled to occur.
(c) In the event that the Borrower does not notify the Agent of its election hereunder with respect to any Revolving Credit Loan, such Loan shall be automatically converted to a Prime Rate Loan at the end of the applicable Interest Period.
(d) The Borrower may not request or elect a Eurodollar Rate Loan pursuant to Section 2.4, elect to convert a Prime Rate Loan to a Eurodollar Loan pursuant to Section 2.5(a) or elect to continue a Eurodollar Rate Loan pursuant to Section 2.5(b) if, after giving effect thereto, there would be greater than six (6) Eurodollar Rate Loans then outstanding. Any Loan Request or Conversion Request for a Eurodollar Rate Loan that would create greater than six (6) Eurodollar Rate Loans outstanding shall be deemed to be a Loan Request or Conversion Request for a Prime Rate Loan. By way of explanation of the foregoing, in the event that the Borrower wishes to convert or continue two or more Loans into one Eurodollar Rate Loan on the same day and for identical Interest Periods (or borrow an additional Revolving Credit Loan simultaneously with converting or continuing a Revolving Credit Loan for identical Interest Periods), such Eurodollar Rate Loan shall constitute one single Eurodollar Rate Loan for purposes of this clause (d).S)2.7
Appears in 1 contract
Conversion Options. (a) The Borrower may elect from time to time to convert any outstanding Revolving Credit Loan to a Revolving Credit Loan of another Type, PROVIDED provided that (i) with respect to any such conversion of a Eurodollar Rate Loan to a Prime Base Rate Loan, the Borrower shall give the Agent at least three (3) Business Days, prior written notice of such election; (ii) with respect to any such conversion of a Eurodollar Rate Loan into a Base Rate Loan, such conversion shall take place automatically at only be made on the end last day of the applicable Interest Period unless the Borrower provides notice to the Agent of its request to continue such Loan as a Eurodollar Rate Loan as provided in Section 2.5(b) and Section 2.5(a)(ii)with respect thereto; (iiiii) subject to the further proviso at the end of this Section 2.5(a) section and subject to Section 2.5(b2.6(b) and Section 2.5(d), 2.6(d) hereof with respect to any such conversion of a Prime Base Rate Loan to a Eurodollar Rate Loan (or a continuation of a Eurodollar Rate Loan, as provided in Section 2.5(b)), the Borrower shall give the Agent (with copies to the Agent for each Bank) at least four (4) Eurodollar Business Days' , prior written notice of such election, which such notice must be received by the Agent by 10:00 a.m. on any Business Day; election and (iiiiv) no Loan may be converted into a Eurodollar Rate Loan when any Default or Event of Default has occurred and is continuing. On the date on which such conversion is being made, each Bank shall take such action as is necessary to transfer its Commitment Percentage of such Loans to its Domestic Lending Office or its Eurodollar Lending Office, as the case may be. All or any part of outstanding Revolving Credit Loans of any Type may be converted as provided herein, PROVIDED provided further that each Conversion Request relating to the conversion of a Prime Base Rate Loan to a Eurodollar Rate Loan shall be for an amount equal to $1,000,000 3,000,000 or an integral multiple of $100,000 1,000,000 in excess thereof and shall be irrevocable by the Borrower.
(b) Any Revolving Credit Loan Loans of any Type may be continued as such upon the expiration of the an Interest Period with respect thereto (i) in the case of Prime Rate Loans, automatically and (ii) in the case of Eurodollar Rate Loans by compliance by the Borrower with the notice provisions contained in Section 2.5(a)(ii)2.6 (a) ; PROVIDED provided that no Eurodollar -36- Rate Loan may be continued as such when any Default or Event of Default has occurred and is continuing but shall be automatically converted to a Prime Base Rate Loan on the last day of the first Interest Period relating thereto ending during the continuance of any Default or Event of Default. The Borrower shall notify Default of which the officers of the Agent promptly when any such automatic conversion contemplated by this Section 2.5(b) is scheduled to occuractive upon the Borrower's account have actual knowledge.
(c) In the event that the Borrower does not notify the Agent of its election hereunder with respect to any Revolving Credit Loan, such Loan shall be automatically converted to a Prime Base Rate Loan at the end of the applicable Interest Period.
(d) The Borrower may not request or elect a Eurodollar Rate Loan pursuant to Section 2.42.5, elect to convert a Prime Base Rate Loan to a Eurodollar Rate Loan pursuant to Section 2.5(a) or elect to continue a Eurodollar Rate Loan pursuant to Section 2.5(b2.6(b) if, after giving effect thereto, there would be greater than six (6) Eurodollar Rate Loans then outstanding. Any Loan Request or Conversion Request for a Eurodollar Rate Loan that would create greater than six (6) Eurodollar Rate Loans outstanding shall be deemed to be a Loan Request or Conversion Request for a Prime Base Rate Loan. By way of explanation of the foregoing, in the event that the Borrower wishes to convert or continue two or more Loans into one Eurodollar Rate Loan on the same day and for identical Interest Periods (or borrow an additional Revolving Credit Loan simultaneously with converting or continuing a Revolving Credit Loan for identical Interest Periods), such Eurodollar Rate Loan shall constitute one single Eurodollar Rate Loan for purposes of this clause (d).
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Samples: Loan Agreement (Liberty Property Limited Partnership)
Conversion Options. (a) 4.1.1. The Borrower may elect from time to time to convert any outstanding Revolving Credit Loan to a Revolving Credit Loan of another TypeType and such Loan shall thereafter bear interest as a Base Rate Loan or a Eurodollar Rate Loan, PROVIDED as applicable; provided that (i) with respect to any such conversion of a Eurodollar Rate Loan to a Prime Base Rate Loan, such conversion shall take place automatically at the end of the applicable Interest Period unless the Borrower provides notice to the Agent of its request to continue such Loan as a Eurodollar Rate Loan as provided in Section 2.5(b) and Section 2.5(a)(ii); (ii) subject to the further proviso at the end of this Section 2.5(a) and subject to Section 2.5(b) and Section 2.5(d), with respect to any conversion of a Prime Rate Loan to a Eurodollar Rate Loan (or a continuation of a Eurodollar Rate Loan, as provided in Section 2.5(b)), the Borrower shall give the Agent (with copies to the Agent for each Bank) at least four (4) Eurodollar three Business Days' prior written notice of such election, which and such notice must conversion shall only be received by made on the last day of the Interest Period with respect to such Eurodollar Rate Loan; (ii) with respect to any such conversion of a Base Rate Loan to a Eurodollar Rate Loan, the Borrower shall give the Agent by 10:00 a.m. on at least four Eurodollar Business Days' prior written notice of such election and the Interest Period requested for such Loan, the principal amount of the Loan so converted shall be in a minimum aggregate amount of $2,000,000 or an integral multiple of $100,000 in excess thereof and, after giving effect to the making of such Loan, there shall be no more than five (5) Eurodollar Rate Loans outstanding at any Business Dayone time; and (iii) no Loan may be converted into a Eurodollar Rate Loan when any Default or Event of Default has occurred and is continuing. All or any part of the outstanding Revolving Credit Loans of any Type may be converted as provided herein, PROVIDED provided that no partial conversion shall result in a Base Rate Loan in an aggregate principal amount of less than $1,000,000 or a Eurodollar Rate Loan in an aggregate principal amount of less than $2,000,000 and that the aggregate principal amount of each Loan shall be in an integral multiple of $100,000. On the date on which such conversion is being made, each Bank shall take, to the extent it deems it necessary to do so, such action as is necessary to transfer its Commitment Percentage of such Loans to its Domestic Lending Office or its Eurodollar Lending Office, as the case may be. Each Conversion Request relating to the conversion of a Prime Base Rate Loan to a Eurodollar Rate Loan shall be for an amount equal to $1,000,000 or an integral multiple of $100,000 in excess thereof and shall be irrevocable by the Borrower.
(b) 4.1.2. Any Revolving Credit Loan of any Type may be continued as such Type upon the expiration of the an Interest Period with respect thereto (i) in the case of Prime Rate Loans, automatically and (ii) in the case of Eurodollar Rate Loans by compliance by the Borrower with the notice provisions contained in terms of Section 2.5(a)(ii)4.1; PROVIDED provided that no Eurodollar -36- Rate Loan 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 Prime Base Rate Loan on the last day of the first Interest Period relating thereto ending during the continuance of any Default or Event of Default. The Borrower shall notify the Agent promptly when any such automatic conversion contemplated by this Section 2.5(b) is scheduled to occur.
(c) 4.1.3. In the event that the Borrower does not notify the Agent of its election hereunder with respect to any Revolving Credit Loan, such Loan shall be automatically converted to a Prime Base Rate Loan at the end of the applicable Interest Period.
(d) The Borrower may not request or elect a Eurodollar Rate Loan pursuant to Section 2.4, elect to convert a Prime Rate Loan to a Eurodollar Loan pursuant to Section 2.5(a) or elect to continue a Eurodollar Rate Loan pursuant to Section 2.5(b) if, after giving effect thereto, there would be greater than six (6) Eurodollar Rate Loans then outstanding. Any Loan Request or Conversion Request for a Eurodollar Rate Loan that would create greater than six (6) Eurodollar Rate Loans outstanding shall be deemed to be a Loan Request or Conversion Request for a Prime Rate Loan. By way of explanation of the foregoing, in the event that the Borrower wishes to convert or continue two or more Loans into one Eurodollar Rate Loan on the same day and for identical Interest Periods (or borrow an additional Revolving Credit Loan simultaneously with converting or continuing a Revolving Credit Loan for identical Interest Periods), such Eurodollar Rate Loan shall constitute one single Eurodollar Rate Loan for purposes of this clause (d).
Appears in 1 contract
Samples: Revolving Credit Agreement (Crescent Real Estate Equities Inc)
Conversion Options. (a) The Borrower may elect from time to time to convert any outstanding Revolving Credit Loan to a Revolving Credit Loan of another Type, PROVIDED provided that (i) with respect to any such conversion of a Eurodollar Rate Loan to a Prime Base Rate Loan, such conversion shall take place automatically at the end of the applicable Interest Period unless the Borrower provides notice to the Agent of its request to continue such Loan as a Eurodollar Rate Loan as provided in Section 2.5(b(S)2.5(b) and Section 2.5(a)(ii(S)2.5(a)(ii); (ii) subject to the further proviso at the end of this Section 2.5(a(S)2.5(a) and subject to Section 2.5(b(S)2.5(b) and Section 2.5(d), with respect to any conversion of a Prime Base Rate Loan to a Eurodollar Rate Loan (or a continuation of a Eurodollar Rate Loan, as provided in Section 2.5(b(S)2.5(b)), the Borrower shall give the Agent (with copies to the Agent for each Bank) at least four (4) Eurodollar Business Days' prior written notice of such election, which such notice must be received by the Agent by 10:00 a.m. on any Business Day; and (iii) no Loan may be converted into a Eurodollar Rate Loan when any Default or Event of Default has occurred and is continuing. All or any part of outstanding Revolving Credit Loans of any Type may be converted as provided herein, PROVIDED provided that each -------- Conversion Request relating to the conversion of a Prime Base Rate Loan to a Eurodollar Rate Loan shall be for an amount equal to $1,000,000 or an integral multiple of $100,000 in excess thereof and shall be irrevocable by the Borrower.
(b) Any Revolving Credit Loan of any Type may be continued as such upon the expiration of the Interest Period with respect thereto (i) in the case of Prime Base Rate Loans, automatically and (ii) in the case of Eurodollar Rate Loans by compliance by the Borrower with the notice provisions contained in Section 2.5(a)(ii(S)2.5(a)(ii); PROVIDED provided that no Eurodollar -36- Rate Loan -------- may be continued as such when any Default or Event of Default has occurred and is continuing but shall be automatically converted to a Prime Base Rate Loan on the last day of the first Interest Period relating thereto ending during the continuance of any Default or Event of Default. The Borrower shall notify the Agent promptly when any such automatic conversion contemplated by this Section 2.5(b) is scheduled to occur.
(c) In the event that the Borrower does not notify the Agent of its election hereunder with respect to any Revolving Credit Loan, such Loan shall be automatically converted to a Prime Rate Loan at the end of the applicable Interest Period.
(d) The Borrower may not request or elect a Eurodollar Rate Loan pursuant to Section 2.4, elect to convert a Prime Rate Loan to a Eurodollar Loan pursuant to Section 2.5(a) or elect to continue a Eurodollar Rate Loan pursuant to Section 2.5(b) if, after giving effect thereto, there would be greater than six (6) Eurodollar Rate Loans then outstanding. Any Loan Request or Conversion Request for a Eurodollar Rate Loan that would create greater than six (6) Eurodollar Rate Loans outstanding shall be deemed to be a Loan Request or Conversion Request for a Prime Rate Loan. By way of explanation of the foregoing, in the event that the Borrower wishes to convert or continue two or more Loans into one Eurodollar Rate Loan on the same day and for identical Interest Periods (or borrow an additional Revolving Credit Loan simultaneously with converting or continuing a Revolving Credit Loan for identical Interest Periods), such Eurodollar Rate Loan shall constitute one single Eurodollar Rate Loan for purposes of this clause (d).S)2.5
Appears in 1 contract
Conversion Options. (a) The Borrower may elect from time to time to convert any outstanding Revolving Credit Loan to a Revolving Credit Loan of another Type, PROVIDED that (i) with respect to any such conversion of a Eurodollar Rate Loan to a Prime Rate Loan, such conversion shall take place automatically at the end of the applicable Interest Period unless the Borrower provides notice to the Agent of its request to continue such Loan as a Eurodollar Rate Loan as provided in Section 2.5(b) and Section 2.5(a)(ii); (ii) subject to the further proviso at the end of this Section 2.5(a) and subject to Section 2.5(b) and Section 2.5(d), with respect to any conversion of a Prime Rate Loan to a Eurodollar Rate Loan (or a continuation of a Eurodollar Rate Loan, as provided in Section 2.5(b)), the Borrower shall give the Agent (with copies to the Agent for each Bank) at least four (4) Eurodollar Business Days' prior written notice of such election, which such notice must be received by the Agent by 10:00 a.m. on any Business Day; and (iii) no Loan may be converted into a Eurodollar Rate Loan when any Default or Event of Default has occurred and is continuing. All or any part of outstanding Revolving Credit Loans of any Type may be converted as provided herein, PROVIDED that each Conversion Request relating to the conversion of a Prime Rate Loan to a Eurodollar Rate Loan shall be for an amount equal to $1,000,000 or an integral multiple of $100,000 in excess thereof and shall be irrevocable by the Borrower.
(b) Any Revolving Credit Loan of any Type may be continued as such upon the expiration of the Interest Period with respect thereto (i) in the case of Prime Rate Loans, automatically and (ii) in the case of Eurodollar Rate Loans by compliance by the Borrower with the notice provisions contained in Section 2.5(a)(ii); PROVIDED that no Eurodollar -36- Rate Loan may be continued as such when any Default or Event of Default has occurred and is continuing but shall be automatically converted to a Prime Rate Loan on the last day of the first Interest Period relating thereto ending during the continuance of any Default or Event of Default. The Borrower shall notify the Agent promptly when any such automatic conversion contemplated by this Section 2.5(b) is scheduled to occur.
(c) In the event that the Borrower does not notify the Agent of its election hereunder with respect to any Revolving Credit Loan, such Loan shall be automatically converted to a Prime Rate Loan at the end of the applicable Interest Period.
(d) The Borrower may not request or elect a Eurodollar Rate Loan pursuant to Section 2.4, elect to convert a Prime Rate Loan to a Eurodollar Loan pursuant to Section 2.5(a) or elect to continue a Eurodollar Rate Loan pursuant to Section 2.5(b) if, after giving effect thereto, there would be greater than six (6) Eurodollar Rate Loans then outstanding. Any Loan Request or Conversion Request for a Eurodollar Rate Loan that would create greater than six (6) Eurodollar Rate Loans outstanding shall be deemed to be a Loan Request or Conversion Request for a Prime Rate Loan. By way of explanation of the foregoing, in the event that the Borrower wishes to convert or continue two or more Loans into one Eurodollar Rate Loan on the same day and for identical Interest Periods (or borrow an additional Revolving Credit Loan simultaneously with converting or continuing a Revolving Credit Loan for identical Interest Periods), such Eurodollar Rate Loan shall constitute one single Eurodollar Rate Loan for purposes of this clause (d).
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