Common use of Conversion or Continuation Clause in Contracts

Conversion or Continuation. Provided that no Default or Event of Default shall have occurred and be continuing (but subject to the provisions of SECTIONS 5.3 and 5.15), the Borrowers may request that all or any part of any outstanding Loan be converted into a Loan or Loans of a different Type or be continued as a Loan or Loans of the same Type, in the same aggregate principal amount, on any Business Day (which, in the case of continuation of a Eurodollar Rate Loan, shall be the last day of the Interest Period applicable to such Loan), upon notice (which notice shall be irrevocable) given in accordance with SECTION 5.3, PROVIDED that nothing in this ARTICLE 5 shall be construed to permit the conversion of a Loan under one Facility into a Loan outstanding under another Facility.

Appears in 2 contracts

Samples: Loan and Security Agreement (Winsloew Furniture Inc), Loan and Security Agreement (Winston Furniture Co of Alabama Inc)

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Conversion or Continuation. Provided that no Default or Event of Default shall have occurred and be continuing (but subject to the provisions of SECTIONS 5.3 5.13 and 5.15), the Borrowers may request on or after the first Margin Adjustment Date that all or any part of any outstanding Loan be converted into a Loan or Loans of a different Type or be continued as a Loan or Loans of the same Type, in the same aggregate principal amount, on any Business Day (which, in the case of continuation of a Eurodollar Rate Loan, shall be the last day of the Interest Period applicable to such Loan), upon notice (which notice shall be irrevocable) given in accordance with SECTION 5.35.13, PROVIDED that nothing in this ARTICLE 5 shall be construed to permit the conversion of a Revolving Credit Loan under one Facility into to a Term Loan outstanding under another Facilityor vice versa.

Appears in 1 contract

Samples: Loan and Security Agreement (Ridgeview Inc)

Conversion or Continuation. Provided that no Default or Event of Default shall have occurred and be continuing (but subject to the provisions of SECTIONS 5.3 Sections 5.7 and 5.15)5.9, the Borrowers Borrower may request that all or any part of any outstanding Loans of one Type comprising a single Loan (a) be converted into a Loan or Loans of a different any other Type provided for in this Agreement, or (b) be continued as a Loan or Loans of the same Type, in the same aggregate principal amount, on any Business Day (which, in the case of a conversion or continuation of a Loan comprised of Eurodollar Rate LoanLoans, shall be the last day of the Interest Period applicable to such LoanLoans), upon notice (which notice shall be irrevocable) given in accordance with SECTION 5.3, PROVIDED that nothing in this ARTICLE 5 shall be construed to permit the conversion of a Loan under one Facility into a Loan outstanding under another FacilitySection 5.7.

Appears in 1 contract

Samples: Loan and Security Agreement (Standard Commercial Corp)

Conversion or Continuation. Provided that no Default or Event of Default shall have occurred and be continuing (but subject to the provisions of SECTIONS 5.3 4.11 and 5.154.13), the Borrowers may request that all or any part of any outstanding Loan be converted into a Loan or Loans of a different Type or be continued as a Loan or Loans of the same Type, in the same aggregate principal amount, on any Business Day (which, in the case of continuation of a Eurodollar Rate Loan, shall be the last day of the Interest Period applicable to such Loan), upon notice (which notice shall be irrevocable) given in accordance with SECTION 5.3, PROVIDED that nothing in this ARTICLE 5 shall be construed to permit the conversion of a Loan under one Facility into a Loan outstanding under another Facility4.11.

Appears in 1 contract

Samples: Loan and Security Agreement (Heafner Tire Group Inc)

Conversion or Continuation. Provided that no Default or Event of Default shall have occurred and be continuing (but subject to the provisions of SECTIONS 5.3 Sections 5.13 and 5.155.16), the Borrowers Borrower may request that all or any part of any outstanding Loan be converted into a Loan or Loans of a different Type or be continued as a Loan or Loans of the same Type, in the same aggregate principal amount, on any Business Day (which, in the case of continuation of a Eurodollar Rate Loan, shall be the last day of the Interest Period applicable to such Loan), upon notice (which notice shall be irrevocable) given in accordance with SECTION 5.3Section 5.13, PROVIDED provided that nothing in this ARTICLE Article 5 shall be construed to permit the conversion of a Revolving Credit Loan under one Facility into to a Term Loan outstanding under another Facilityor vice versa.

Appears in 1 contract

Samples: Loan and Security Agreement (Ithaca Industries Inc)

Conversion or Continuation. Provided that no Default or Event of Default shall have occurred and be continuing (but subject to the provisions of SECTIONS 5.3 and 5.15), the Borrowers may request that all or any part of any outstanding Loan be converted into a Loan or Loans of a different Type or be continued as a Loan or Loans of the same Type, in the same aggregate principal amount, on any Business Day (which, in the case of continuation of a Eurodollar Rate LIBOR Loan, shall be the last day of the Interest Period applicable to such Loan), upon notice (which notice shall be irrevocable) given in accordance with SECTION 5.3, PROVIDED that nothing in this ARTICLE 5 shall be construed to permit the conversion of a Loan under one Facility into a Loan outstanding under another Facility.

Appears in 1 contract

Samples: Loan and Security Agreement (Russell Corp)

Conversion or Continuation. Provided that no Default or Event of Default shall have occurred and be continuing (but subject to the provisions of SECTIONS 5.3 4.11 and 5.1551 59 4.13), the Borrowers may request that all or any part of any outstanding Loan be converted into a Loan or Loans of a different Type or be continued as a Loan or Loans of the same Type, in the same aggregate principal amount, on any Business Day (which, in the case of continuation of a Eurodollar Rate Loan, shall be the last day of the Interest Period applicable to such Loan), upon notice (which notice shall be irrevocable) given in accordance with SECTION 5.3, PROVIDED that nothing in this ARTICLE 5 shall be construed to permit the conversion of a Loan under one Facility into a Loan outstanding under another Facility4.11.

Appears in 1 contract

Samples: Loan and Security Agreement (Phoenix Racing Inc)

Conversion or Continuation. Provided that no Default or Event of Default shall have occurred and be continuing (but subject to the provisions of SECTIONS 5.3 5.1(G) and 5.155.11), the Borrowers may request that all or any part of any outstanding Loan be converted into a Loan or Loans of a different Type or be continued as a Loan or Loans of the same Type, in the same aggregate principal amount, on any Business Day (which, in the case of continuation of a Eurodollar Rate LIBOR Loan, shall be the last day of the Interest Period applicable to such Loan), upon notice (which notice shall be irrevocable) given in accordance with SECTION 5.35.11, PROVIDED that nothing in this ARTICLE 5 shall be construed to permit the conversion of a Revolving Credit Loan under one Facility into to a Term Loan outstanding under another Facilityor vice versa.

Appears in 1 contract

Samples: Loan and Security Agreement (Supreme International Corp)

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Conversion or Continuation. Provided that no Default or Event of Default shall have occurred and be continuing (but subject to the provisions of SECTIONS 5.3 4.12 and 5.154.15), the Borrowers may request that all or any part of any outstanding Loan be converted into a Loan or Loans of a different Type or be continued as a Loan or Loans of the same Type, in the same aggregate principal amount, on any Business Day (which, in the case of continuation of a Eurodollar Rate Loan, shall be the last day of the Interest Period applicable to such Loan), upon notice (which notice shall be irrevocable) given in accordance with SECTION 5.3, PROVIDED that nothing in this ARTICLE 5 shall be construed to permit the conversion of a Loan under one Facility into a Loan outstanding under another Facility4.12.

Appears in 1 contract

Samples: Loan and Security Agreement (Kellstrom Industries Inc)

Conversion or Continuation. Provided that no Default or Event of Default shall have occurred and be continuing (but subject to the provisions of SECTIONS 5.3 4.11 and 5.154.13), the Borrowers may request that all or any part of any outstanding Loan be converted into a Loan or Loans of a different Type or be continued as a Loan or Loans of the same Type, in the same aggregate principal amount, on any Business Day (which, in the case of continuation of a Eurodollar Rate Loan, shall be the last day of the Interest Period applicable to such Loan), upon notice (which notice shall be irrevocable) given in accordance with SECTION 5.3, PROVIDED that nothing in this ARTICLE 5 shall be construed to permit the conversion of a Loan under one Facility into a Loan outstanding under another Facility4.11.

Appears in 1 contract

Samples: Loan and Security Agreement (American Tire Distributors Inc)

Conversion or Continuation. Provided that no Default or Event of Default shall have occurred and be continuing (but subject to the provisions of SECTIONS 5.3 and 5.15SECTION 5.14), the Borrowers Borrower may request that all or any part of any outstanding Base Rate Loan be converted into a Eurodollar Rate Loan or Loans of a different Type or (b) Eurodollar Rate Loan be continued as a Eurodollar Rate Loan or Loans of the same TypeLoans, in the same aggregate principal amount, on any Business Day (which, in the case of continuation of a Eurodollar Rate Loan, shall be the last day of the Interest Period applicable to such Loanthereto), upon notice (which notice shall be irrevocable) given in accordance with SECTION 5.35.14, PROVIDED that nothing in this ARTICLE 5 shall be construed to permit the conversion of a Revolving Credit Loan under one Facility into to a Term Loan outstanding under another Facilityor vice versa.

Appears in 1 contract

Samples: Loan and Security Agreement (Texfi Industries Inc)

Conversion or Continuation. Provided that no Default or Event of Default shall have occurred and be continuing (but subject to the provisions of SECTIONS 5.3 Sections 4.12 and 5.154.15), the Borrowers may request that all or any part of any outstanding Loan be converted into a Loan or Loans of a different Type or be continued as a Loan or Loans of the same Type, in the same aggregate principal amount, on any Business Day (which, in the case of continuation of a Eurodollar Rate Loan, shall be the last day of the Interest Period applicable to such Loan), upon notice (which notice shall be irrevocable) given in accordance with SECTION 5.3, PROVIDED that nothing in this ARTICLE 5 shall be construed to permit the conversion of a Loan under one Facility into a Loan outstanding under another FacilitySection 4.12.

Appears in 1 contract

Samples: Loan and Security Agreement (Syratech Corp)

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