Common use of Conversions and Continuations Clause in Contracts

Conversions and Continuations. (a) The Borrower shall have the right, on any Business Day occurring on or after the Amendment Effective Date, to elect (i) to convert all or a portion of the outstanding principal amount of any ABR Loans into LIBOR Loans, or to convert any LIBOR Loans the Interest Periods for which end on the same day into ABR Loans, or (ii) to continue all or a portion of the outstanding principal amount of any LIBOR Loans the Interest Periods for which end on the same day for an additional Interest Period, provided that (x) any such conversion of LIBOR Loans into ABR Loans shall involve an aggregate principal amount of not less than $500,000 or, if greater, an integral multiple of $100,000 thereof; any such conversion of ABR Loans into, or continuation of, LIBOR Loans shall involve an aggregate principal amount of not less than $1,000,000 or, if greater, an integral multiple of $500,000 thereof, and no partial conversion of LIBOR Loans made pursuant to a single Borrowing shall reduce the outstanding principal amount of such LIBOR Loans to less than $1,000,000 or to any greater amount not an integral multiple of $500,000 in excess thereof, (x) except as otherwise provided in SECTION 2.16(D), LIBOR Loans may be converted into ABR Loans only on the last day of the Interest Period applicable thereto (and, in any event, if a LIBOR Loan is converted into an ABR Loan on any day other than the last day of the Interest Period applicable thereto, the Borrower will pay, upon such conversion, all amounts required under SECTION 2.18 to be paid as a consequence thereof), (y) no such conversion or continuation shall be permitted with regard to any ABR Loans that are Swingline Loans, and (z) no conversion of ABR Loans into LIBOR Loans or continuation of LIBOR Loans upon the expiration of the Interest Period therefor shall be permitted during the continuance of a Default or Event of Default. (b) The Borrower shall make each such election by giving the Agent written notice not later than 11:00 a.m., Charlotte time, three (3) Business Days prior to the intended effective date of any conversion of ABR Loans into, or continuation of, LIBOR Loans and one (1) Business Day prior to the intended effective date of any conversion of LIBOR Loans into ABR Loans. Each such notice (each, a "Notice of Conversion/Continuation") shall be irrevocable, shall be given in the form of EXHIBIT D and shall specify (x) the date of such conversion or continuation (which shall be a Business Day), (y) in the case of a conversion into, or a continuation of, LIBOR Loans, the Interest Period to be applicable thereto, and (z) the aggregate amount and Type of the Revolving Loans being converted or continued. Upon the receipt of a Notice of Conversion/Continuation, the Agent will promptly notify each Lender of the proposed conversion or continuation. In the event that the Borrower shall fail to deliver a Notice of Conversion/Continuation as provided herein with respect to any outstanding LIBOR Loans, such LIBOR Loans shall automatically be converted to ABR Loans upon the expiration of the then current Interest Period applicable thereto (unless repaid pursuant to the terms hereof).

Appears in 2 contracts

Samples: Credit Agreement (Eclipsys Corp), Credit Agreement (Eclipsys Corp)

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Conversions and Continuations. (a) The Borrower Borrowers shall have the right, on any Business Day occurring on or after the Amendment Effective Closing Date, to elect (i) to convert all or a portion of the outstanding principal amount of any ABR Base Rate Loans of any Class into LIBOR LoansLoans of the same Class, or to convert any Dollar LIBOR Loans of any Class the Interest Periods for which end on the same day into ABR LoansBase Rate Loans of the same Class, or (ii) upon the expiration of any Interest Period, to continue all or a portion of the outstanding principal amount of any LIBOR Loans of any Class the Interest Periods for which end on the same day for an additional Interest Period, provided that (xv) any such continuation of LIBOR Loans that are Foreign Currency Revolving Loans for an additional Interest Period shall be in the same Foreign Currency, (w) any such conversion of LIBOR Loans into ABR Base Rate Loans shall involve an aggregate principal amount of not less than $500,000 or, if greater, an integral multiple of $100,000 in excess thereof; any such conversion of ABR Base Rate Loans into, or continuation of, LIBOR Loans shall involve an aggregate principal amount of not less than $1,000,000 or, if greater, an integral multiple of $500,000 in excess thereof, ; and no partial conversion of LIBOR Loans made pursuant to a single Borrowing shall reduce the outstanding principal amount of such LIBOR Loans to less than $1,000,000 or to any greater amount not an integral multiple of $500,000 in excess thereof, (x) except as otherwise provided in SECTION 2.16(D), if any LIBOR Loans may be are converted into ABR Base Rate Loans only on the last day of the Interest Period applicable thereto (and, in any event, if a LIBOR Loan is converted into an ABR Loan on any day other than on the last day of the Interest Period applicable thereto, the applicable Borrower will pay, upon such conversion, all amounts required under SECTION Section 2.18 to be paid as a consequence thereof), (y) no such conversion or continuation shall be permitted with regard to any ABR Base Rate Loans that are Swingline Loans, and (z) no conversion of ABR Base Rate Loans into LIBOR Loans or continuation of LIBOR Loans upon the expiration of the Interest Period therefor shall be permitted during the continuance of a Default or Event of Default. (b) The applicable Borrower shall make each such election by giving the Administrative Agent written notice not later than 11:00 a.m., Charlotte time, three (3) the Applicable Number of Business Days prior to the intended effective date of any conversion of ABR Base Rate Loans into, or continuation of, LIBOR Loans and one (1) Business Day prior to the intended effective date of any conversion of LIBOR Loans into ABR Base Rate Loans. Each such notice (each, a "Notice of Conversion/Continuation") shall be irrevocable, shall be given in the form of EXHIBIT D Exhibit B-3 and shall specify (xw) the date of such conversion or continuation (which shall be a Business Day), (yx) in the case of a conversion into, or a continuation of, LIBOR Loans, the Interest Period to be applicable thereto, (y) in the case of a continuation of Foreign Currency Revolving Loans, the applicable Foreign Currency, and (z) the aggregate amount amount, Class and Type of the Revolving Loans being converted or continued. Upon the receipt of a Notice of Conversion/Continuation, the Administrative Agent will promptly notify each applicable Lender of the proposed conversion or continuation. In the event that the applicable Borrower shall fail to deliver a Notice of Conversion/Continuation as provided herein with respect to any outstanding LIBOR Loans, such LIBOR Loans shall automatically be converted to ABR Base Rate Loans upon the expiration of the then current Interest Period applicable thereto (unless repaid pursuant to the terms hereof). In the event the applicable Borrower shall have failed to select in a Notice of Conversion/Continuation the duration of the Interest Period to be applicable to any conversion into, or continuation of, LIBOR Loans, then such Borrower shall be deemed to have selected an Interest Period with a duration of one month. (c) At the election of the Required Revolving Credit Lenders, upon the occurrence and during the continuance of any Event of Default, all Foreign Currency Loans then outstanding shall be redenominated into Dollars (based on the Dollar Amount of such Foreign Currency Loans on the date of redenomination) on the last day of the then current Interest Periods therefor, provided that in each case the Borrowers shall be liable for any currency exchange loss related to such payments and shall promptly pay to each Lender, upon receipt of notice thereof from such Lender to the Company, the amount of any such loss incurred by such Lender.

Appears in 2 contracts

Samples: Credit Agreement (Dj Orthopedics Inc), Credit Agreement (Dj Orthopedics Inc)

Conversions and Continuations. (a) The Each Borrower shall have the right, on any Business Day occurring on or after the Amendment Effective Closing Date, to elect (i) to convert all or a portion of the outstanding principal amount of any ABR Base Rate Loans into LIBOR SOFR Loans, or to convert any LIBOR SOFR Loans the Interest Periods for which end on the same day into ABR Base Rate Loans, or (ii) upon the expiration of any Interest Period, to continue all or a portion of the outstanding principal amount of any LIBOR SOFR Loans the Interest Periods for which end on the same day for an additional Interest Period, provided that (xw) any such conversion of LIBOR SOFR Loans of the same Borrowing into ABR Base Rate Loans shall involve an aggregate principal amount of not less than $500,000 3,000,000 or, if greater, an integral multiple of $100,000 1,000,000 in excess thereof; any such conversion of ABR Base Rate Loans of the same Borrowing into, or continuation of, LIBOR SOFR Loans shall involve an aggregate principal amount of not less than $1,000,000 5,000,000 or, if greater, an integral multiple of $500,000 1,000,000 in excess thereof, ; and no partial conversion of LIBOR SOFR Loans made pursuant to a single of the same Borrowing shall reduce the outstanding principal amount of such LIBOR SOFR Loans to less than $1,000,000 5,000,000 or to any greater amount not an integral multiple of $500,000 1,000,000 in excess thereof, (x) except as otherwise provided in SECTION 2.16(D), LIBOR Loans may be converted into ABR Loans only on the last day of the Interest Period applicable thereto (and, in any event, if a LIBOR SOFR Loan is converted into an ABR a Base Rate Loan on any day other than the last day of the Interest Period applicable thereto, the applicable Borrower will pay, upon such conversion, all amounts required under SECTION 2.18 Section 2.19 to be paid as a consequence thereof), (y) no such conversion or continuation shall be permitted with regard to any ABR Swingline Loans that are Swingline Loans, and (z) no conversion of ABR Base Rate Loans into LIBOR SOFR Loans or continuation of LIBOR SOFR Loans upon the expiration of the Interest Period therefor shall be permitted during the continuance of a Default or Event of Default. (b) The applicable Borrower shall make each such election by giving the Administrative Agent written notice not later than 11:00 a.m., Charlotte time, a.m. three (3) U.S. Government Securities Business Days prior to the intended effective date of any conversion of ABR Base Rate Loans into, or continuation of, LIBOR SOFR Loans and one (1) Business Day prior to the intended effective date of any conversion of LIBOR SOFR Loans into ABR Base Rate Loans. Each such notice (each, a "Notice of Conversion/Continuation") shall be irrevocable, shall be given in the form of EXHIBIT D Exhibit B-3 and shall specify (x) the date of such conversion or continuation (which shall be a Business Day), (y) in the case of a conversion into, or a continuation of, LIBOR SOFR Loans, the Interest Period to be applicable thereto, and (z) the aggregate amount and Type of the Revolving Loans being converted or continued. Upon the receipt of a Notice of Conversion/Continuation, the Administrative Agent will promptly notify each Lender of the proposed conversion or continuation. In the event that the Borrower Borrowers shall fail to deliver a Notice of Conversion/Continuation as provided herein with respect to any outstanding LIBOR SOFR Loans, such LIBOR SOFR Loans shall automatically be converted to ABR Base Rate Loans upon the expiration of the then then-current Interest Period applicable thereto (unless repaid pursuant to the terms hereof). In the event the applicable Borrower shall have failed to select in a Notice of Conversion/Continuation the duration of the Interest Period to be applicable to any conversion into, or continuation of, SOFR Loans, then such Borrower shall be deemed to have selected an Interest Period with a duration of one month.

Appears in 2 contracts

Samples: Credit Agreement (Unum Group), Credit Agreement (Unum Group)

Conversions and Continuations. (a) The Each Borrower shall have the right, on any Business Day occurring on or after the Amendment Effective Date, to may elect (i) to convert all or a portion of the outstanding principal amount of any ABR of its Base Rate Loans into LIBOR Loans, or to convert any of its LIBOR Loans the Interest Periods for which end on the same day into ABR Base Rate Loans, or (ii) upon the expiration of any Interest Period, to continue all or a portion of the outstanding principal amount of any of its LIBOR Loans the Interest Periods for which end on the same day for an additional Interest Period, provided that (x) any such conversion of LIBOR Loans into ABR Base Rate Loans shall involve an aggregate be in a principal amount of not less than $500,000 3,000,000 or, if greater, an integral multiple of $100,000 1,000,000 in excess thereof; any such conversion of ABR Base Rate Loans of the same Borrowing into, or continuation of, of LIBOR Loans shall involve an aggregate be in a principal amount of not less than $1,000,000 5,000,000 or, if greater, an integral multiple of $500,000 1,000,000 in excess thereof, ; and no partial conversion of LIBOR Loans made pursuant to a single of the same Borrowing shall reduce the outstanding principal amount of such LIBOR Loans to less than $1,000,000 5,000,000 or to any greater amount not an integral multiple of $500,000 1,000,000 in excess thereof, (xy) except as otherwise provided in SECTION 2.16(DSection 2.15(f), LIBOR Loans may be converted into ABR Base Rate Loans only on the last day of the Interest Period applicable thereto (and, in any event, if a LIBOR Loan is converted into an ABR a Base Rate Loan on any day other than the last day of the Interest Period applicable thereto, the respective Borrower will pay, upon such conversion, all amounts required under SECTION 2.18 Section 2.17 to be paid as a consequence thereof), (y) no such conversion or continuation shall be permitted with regard to any ABR Loans that are Swingline Loans, and (z) no conversion of ABR Base Rate Loans into LIBOR Loans or continuation of LIBOR Loans upon the expiration of the Interest Period therefor shall be permitted during the continuance of a Default or Event of Default. (b) The Each Borrower shall make each such election by giving must give the Administrative Agent written notice not later than 11:00 a.m., Charlotte time, three (3) Business Days prior to the intended effective date of any conversion of ABR Base Rate Loans into, or continuation of, LIBOR Loans and one (1) Business Day prior to the intended effective date of any conversion of LIBOR Loans into ABR Base Rate Loans. Each such notice (each, a "Notice of Conversion/Continuation") shall be irrevocable, shall be given in the form of EXHIBIT D Exhibit B-2 and shall specify (x) the date of such conversion or continuation (which shall be a Business Day), (y) in the case of a conversion into, or a continuation of, LIBOR Loans, the Interest Period to be applicable thereto, and (z) the aggregate amount and Type of the Revolving Loans being converted or continued. Upon the receipt of a Notice of Conversion/Continuation, the Administrative Agent will promptly notify each Tranche 1 Lender of the proposed conversion or continuation. In the event that the any Borrower shall fail to deliver a Notice of Conversion/Continuation as provided herein with respect to any of its outstanding LIBOR Loans, such LIBOR Loans shall automatically be converted to ABR Base Rate Loans upon the expiration of the then current Interest Period applicable thereto (unless repaid pursuant to the terms hereof). In the event that any Borrower shall have failed to specify an Interest Period to be applicable to any conversion into, or continuation of, its LIBOR Loans, then such Borrower shall be deemed to have selected an Interest Period of one month.

Appears in 2 contracts

Samples: Credit Agreement (Platinum Underwriters Holdings LTD), Credit Agreement (Platinum Underwriters Holdings LTD)

Conversions and Continuations. (a) The Borrower shall have the right, on right from time to time to Convert any Business Day occurring on or after the Amendment Effective Date, to elect (i) to convert all or a portion Loan from one Type of the outstanding principal amount Loan into another Type of any ABR Loans into LIBOR Loans, Loan or to convert Continue any LIBOR Loans the Interest Periods for which end on the same day into ABR Loans, or (ii) to continue all or a portion of the outstanding principal amount of any LIBOR Loans the Interest Periods for which end on the same day for an additional Interest Period, provided that (x) any such conversion of LIBOR Loans into ABR Loans shall involve an aggregate principal amount of not less than $500,000 or, if greater, an integral multiple of $100,000 thereof; any such conversion of ABR Loans into, or continuation of, LIBOR Loans shall involve an aggregate principal amount of not less than $1,000,000 or, if greater, an integral multiple of $500,000 thereof, and no partial conversion of LIBOR Loans made pursuant to a single Borrowing shall reduce the outstanding principal amount of such LIBOR Loans to less than $1,000,000 or to any greater amount not an integral multiple of $500,000 in excess thereof, (x) except Loan as otherwise provided in SECTION 2.16(D), LIBOR Loans may be converted into ABR Loans only on the last day of the Interest Period applicable thereto (and, in any event, if a LIBOR Loan is converted into an ABR Loan on any day other than the last day of the Interest Period applicable thereto, the Borrower will pay, upon such conversion, all amounts required under SECTION 2.18 to be paid as a consequence thereof), (y) no such conversion or continuation shall be permitted with regard to any ABR Loans that are Swingline Loans, and (z) no conversion of ABR Loans into LIBOR Loans or continuation of LIBOR Loans upon the expiration of the Interest Period therefor shall be permitted during the continuance of a Default or Event of Default. (b) The Borrower shall make each such election by giving the Agent written notice (a) for Conversion into an Alternate Base Rate Loan, not later than 11:00 a.m.a.m. on the date on which Borrower desires that the Conversion occur (which shall be a Business Day), Charlotte timein which case such Loan shall be Converted into an Alternate Base Rate Loan on such date, and (b) for Continuation of or Conversion into a LIBOR Loan, not later than 11:00 a.m. three (3) Business Days prior to before the intended effective date of any conversion of ABR Loans intosuch Conversion or Continuation, or continuation of, LIBOR Loans and one specifying (1) Business Day prior to the intended effective date of any conversion of LIBOR Loans into ABR Loans. Each such notice (each, a "Notice of Conversion/Continuation") shall be irrevocable, shall be given in the form of EXHIBIT D and shall specify (xi) the Conversion or Continuation date of such conversion or continuation (which shall be a Business Day), (yii) in the case of Conversions, the Type of Loan to be Converted into, and (iii) in the case of a conversion intoContinuation of or Conversion into a LIBOR Loan, or a continuation of, LIBOR Loans, the duration of the Interest Period to be applicable theretothereto after giving effect to such election; provided that (x) no Loan which is a LIBOR Loan may be in an amount which is less than $250,000.00, (y) at any time there can be no more than eight (8) Interest Periods in effect for all LIBOR Loans, and (z) the aggregate amount except for Conversions to Alternate Base Rate Loans, no Lender shall have an obligation to make any Conversions while an Event of Default or an Unmatured Event of Default has occurred and Type of the Revolving Loans being converted or continuedis continuing. Upon the receipt of a Notice of Conversion/Continuation, the Agent will promptly notify each Lender of the proposed conversion or continuationAll notices under this Section shall be irrevocable once given. In the event that the If Borrower shall fail to deliver a Notice give Agent the notice specified above for Continuation or Conversion of Conversion/Continuation as provided herein any LIBOR Loan prior to the end of the Interest Period with respect to any outstanding LIBOR Loansthereto, such LIBOR Loans Loan shall automatically be converted to ABR Loans upon Converted into an Alternate Base Rate Loan on the expiration last day of the then current such Interest Period applicable thereto (unless repaid pursuant to the terms hereof)Period.

Appears in 2 contracts

Samples: Credit Agreement (Insperity, Inc.), Credit Agreement (Insperity, Inc.)

Conversions and Continuations. (a) The Borrower shall have the right, on any Business Day occurring on or after the Amendment Effective Closing Date, to elect (i) to convert all or a portion of the outstanding principal amount of any ABR Base Rate Loans into LIBOR Loans, or to convert any LIBOR Loans the Interest Periods for which end on the same day into ABR Base Rate Loans, or (ii) to continue all or a portion of the outstanding principal amount of any LIBOR Loans the Interest Periods for which end on the same day for an additional Interest Period, ; provided that (x) any such conversion of LIBOR Loans into ABR Base Rate Loans shall involve an aggregate principal amount of not less than $500,000 or, if greater, an integral multiple of $100,000 in excess thereof; any such conversion of ABR Base Rate Loans into, or continuation of, LIBOR Loans shall involve an aggregate principal amount of not less than $1,000,000 500,000 or, if greater, an integral multiple of $500,000 100,000 in excess thereof, ; and no partial conversion of LIBOR Loans made pursuant to a single Borrowing shall reduce the outstanding principal amount of such LIBOR Loans to less than $1,000,000 500,000 or to any greater amount not an integral multiple of $500,000 100,000 in excess thereof, (xy) except as otherwise provided in SECTION 2.16(DSections 2.16(e) and 2.16(f), LIBOR Loans may be converted into ABR Base Rate Loans only on the last day of the Interest Period applicable thereto (and, in any event, if a LIBOR Loan is converted into an ABR a Base Rate Loan on any day other than the last day of the Interest Period applicable thereto, the Borrower will pay, upon such conversion, all amounts required under SECTION Section 2.18 to be paid as a consequence thereof), (y) no such conversion or continuation shall be permitted with regard to any ABR Loans that are Swingline Loans, and (z) no conversion of ABR Base Rate Loans into LIBOR Loans or continuation of LIBOR Loans upon the expiration of the Interest Period therefor shall be permitted during the continuance of a Default or Event of Default. (b) The Borrower shall make each such election by giving the Administrative Agent written notice not later than 11:00 a.m., Charlotte time, 12:00 p.m. three (3) Business Days prior to the intended effective date of any conversion of ABR Base Rate Loans into, or continuation of, LIBOR Loans and one (1) Business Day prior to the intended effective date of any conversion of LIBOR Loans into ABR Base Rate Loans, unless such notice requirement is shortened by the Administrative Agent. Each such notice (each, a "Notice of Conversion/Continuation") shall be irrevocable, shall be given in the form of EXHIBIT D Exhibit B-2 and shall specify (x) the date of such conversion or continuation (which shall be a Business Day), (y) in the case of a conversion into, or a continuation of, LIBOR Loans, the Interest Period to be applicable thereto, and (z) the aggregate amount and Type of the Revolving Loans being converted or continued. Upon the receipt of a Notice of Conversion/Continuation, the Agent will promptly notify each Lender of the proposed conversion or continuation. In the event that the Borrower shall fail to deliver a Notice of Conversion/Continuation as provided herein with respect to any outstanding LIBOR Loans, such LIBOR Loans shall automatically be converted to ABR Base Rate Loans upon the expiration of the then current Interest Period applicable thereto (unless repaid pursuant to the terms hereof). In the event the Borrower shall have failed to select in a Notice of Conversion/Continuation the duration of the Interest Period to be applicable to any conversion into, or continuation of, LIBOR Loans, then the Borrower shall be deemed to have selected an Interest Period with a duration of one (1) month.

Appears in 2 contracts

Samples: Credit Agreement (Selective Insurance Group Inc), Credit Agreement (Selective Insurance Group Inc)

Conversions and Continuations. (a) The Borrower shall have the right, on any Business Day occurring on or after the Amendment Effective Closing Date, to elect (i) to convert all or a portion of the outstanding principal amount of any ABR Base Rate Loans into LIBOR Loans, or to convert any LIBOR Loans the Interest Periods for which end on the same day into ABR Base Rate Loans, or (ii) to continue all or a portion of the outstanding principal amount of any LIBOR Loans the Interest Periods for which end on the same day for an additional Interest Period, provided that (x) any such conversion of LIBOR Loans into ABR Loans shall involve an aggregate principal amount of not less than $500,000 or, if greater, an integral multiple of $100,000 thereof; any such conversion of ABR Loans into, or continuation of, LIBOR Base Rate Loans shall involve an aggregate principal amount of not less than $1,000,000 or, if greater, an integral multiple of $500,000 in excess thereof; any such conversion of Base Rate Loans into, or continuation of, LIBOR Loans shall involve an aggregate principal amount of not less than $3,000,000 or, if greater, an integral multiple of $1,000,000 in excess thereof; and no partial conversion of LIBOR Loans made pursuant to a single Borrowing shall reduce the outstanding principal amount of such LIBOR Loans to less than $1,000,000 3,000,000 or to any greater amount not an integral multiple of $500,000 1,000,000 in excess thereof, (xy) except as otherwise provided in SECTION 2.16(D2.16(d), LIBOR Loans may be converted into ABR Base Rate Loans only on the last day of the Interest Period applicable thereto (and, in any event, if a LIBOR Loan is converted into an ABR a Base Rate Loan on any day other than the last day of the Interest Period applicable thereto, the Borrower will pay, upon such conversion, all amounts required under SECTION 2.18 to be paid as a consequence thereof), (y) no such conversion or continuation shall be permitted with regard to any ABR Loans that are Swingline Loans, and (z) no conversion of ABR Base Rate Loans into LIBOR Loans or continuation of LIBOR Loans upon the expiration of the Interest Period therefor shall be permitted during the continuance of a Default or Event of Default. (b) The Borrower shall make each such election by giving the Agent written notice not later than 11:00 a.m., Charlotte time, three (3) Business Days prior to the intended effective date of any conversion of ABR Base Rate Loans into, or continuation of, LIBOR Loans and one (1) Business Day prior to the intended effective date of any conversion of LIBOR Loans into ABR Base Rate Loans. Each such notice (each, a "Notice of Conversion/Continuation") shall be irrevocable, shall be given in the form of EXHIBIT D B-2 and shall specify (x) the date of such conversion or continuation (which shall be a Business Day), (y) in the case of a conversion into, or a continuation of, LIBOR Loans, the Interest Period to be applicable thereto, and (z) the aggregate amount and Type of the Revolving Loans being converted or continued. Upon the receipt of a Notice of Conversion/Continuation, the Agent will promptly notify each Lender of the proposed conversion or continuation. In the event that the Borrower shall fail to deliver a Notice of Conversion/Continuation as provided herein with respect to any outstanding LIBOR Loans, such LIBOR Loans shall automatically be converted to ABR Base Rate Loans upon the expiration of the then current Interest Period applicable thereto (unless repaid pursuant to the terms hereof). In the event the Borrower shall have failed to select in a Notice of Conversion/Continuation the duration of the Interest Period to be applicable to any conversion into, or continuation of, LIBOR Loans, then the Borrower shall be deemed to have selected an Interest Period with a duration of one month.

Appears in 2 contracts

Samples: Credit Agreement (Pxre Corp), Credit Agreement (Pxre Group LTD)

Conversions and Continuations. (a) The Borrower shall have the right, on any Business Day occurring on or after the Amendment Effective Closing Date, to elect (i) to convert all or a portion of the outstanding principal amount of any ABR Base Rate Loans of any Class into LIBOR LoansLoans of the same Class, or to convert any LIBOR Loans of any Class the Interest Periods for which end on the same day into ABR LoansBase Rate Loans of the same Class, or (ii) upon the expiration of any Interest Period, to continue all or a portion of the outstanding principal amount of any LIBOR Loans of any Class the Interest Periods for which end on the same day for an additional Interest Period, provided that (xw) any such conversion of LIBOR Loans into ABR Base Rate Loans shall involve an aggregate principal amount of not less than $500,000 3,000,000 or, if greater, an integral multiple of $100,000 1,000,000 in excess thereof; any such conversion of ABR Base Rate Loans into, or continuation of, LIBOR Loans shall involve an aggregate principal amount of not less than $1,000,000 5,000,000 or, if greater, an integral multiple of $500,000 1,000,000 in excess thereof, ; and no partial conversion of LIBOR Loans made pursuant to a single Borrowing shall reduce the outstanding principal amount of such LIBOR Loans to less than $1,000,000 5,000,000 or to any greater amount not an integral multiple of $500,000 1,000,000 in excess thereof, (x) except as otherwise provided in SECTION 2.16(DSection 2.16(f), LIBOR Loans may be converted into ABR Base Rate Loans only on the last day of the Interest Period applicable thereto (and, in any event, if a LIBOR Loan is converted into an ABR a Base Rate Loan on any day other than the last day of the Interest Period applicable thereto, the Borrower will pay, upon such conversion, all amounts required under SECTION Section 2.18 to be paid as a consequence thereof), (y) no such conversion or continuation shall be permitted with regard to any ABR Base Rate Loans that are Swingline Loans, and (z) no conversion of ABR Base Rate Loans into LIBOR Loans or continuation of LIBOR Loans upon the expiration of the Interest Period therefor shall be permitted during the continuance of a Default or Event of Default. (b) The Borrower shall make each such election by giving the Administrative Agent written notice not later than 11:00 a.m., Charlotte time, three (3) Business Days prior to the intended effective date of any conversion of ABR Base Rate Loans into, or continuation of, LIBOR Loans and one (1) Business Day prior to the intended effective date of any conversion of LIBOR Loans into ABR Base Rate Loans. Each such notice (each, a "Notice of Conversion/Continuation") shall be irrevocable, shall be given in the form of EXHIBIT D Exhibit B-3 and shall specify (x) the date of such conversion or continuation (which shall be a Business Day), (y) in the case of a conversion into, or a continuation of, LIBOR Loans, the Interest Period to be applicable thereto, and (z) the aggregate amount amount, Class and Type of the Revolving Loans being converted or continued. Upon the receipt of a Notice of Conversion/Continuation, the Administrative Agent will promptly notify each applicable Lender of the proposed conversion or continuation. In the event that the Borrower shall fail to deliver a Notice of Conversion/Continuation as provided herein with respect to any outstanding LIBOR Loans, such LIBOR Loans shall automatically be converted to ABR Base Rate Loans upon the expiration of the then current Interest Period applicable thereto (unless repaid pursuant to the terms hereof). In the event the Borrower shall have failed to select in a Notice of Conversion/Continuation the duration of the Interest Period to be applicable to any conversion into, or continuation of, LIBOR Loans, then the Borrower shall be deemed to have selected an Interest Period with a duration of one month.

Appears in 2 contracts

Samples: Credit Agreement (Krispy Kreme Doughnuts Inc), Credit Agreement (Krispy Kreme Doughnuts Inc)

Conversions and Continuations. (a) The Borrower shall have the right, on any Business Day occurring on or after the Amendment Effective Closing Date, to elect (i) to convert all or a portion of the outstanding principal amount of any ABR Base Rate Loans into LIBOR Loans, or to convert any LIBOR Loans the Interest Periods for which end on the same day into ABR Base Rate Loans, or (ii) upon the expiration of any Interest Period, to continue all or a portion of the outstanding principal amount of any LIBOR Loans the Interest Periods for which end on the same day for an additional Interest Period, provided that (xw) any such conversion of LIBOR Loans of the same Borrowing into ABR Base Rate Loans shall involve an aggregate principal amount of not less than $500,000 3,000,000 or, if greater, an integral multiple of $100,000 1,000,000 in excess thereof; any such conversion of ABR Base Rate Loans of the same Borrowing into, or continuation of, LIBOR Loans shall involve an aggregate principal amount of not less than $1,000,000 5,000,000 or, if greater, an integral multiple of $500,000 1,000,000 in excess thereof, ; and no partial conversion of LIBOR Loans made pursuant to a single of the same Borrowing shall reduce the outstanding principal amount of such LIBOR Loans to less than $1,000,000 5,000,000 or to any greater amount not an integral multiple of $500,000 1,000,000 in excess thereof, (xy) except as otherwise provided in SECTION 2.16(DSection 2.17(f), LIBOR Loans may be converted into ABR Base Rate Loans only on the last day of the Interest Period applicable thereto (and, in any event, if a LIBOR Loan is converted into an ABR a Base Rate Loan on any day other than the last day of the Interest Period applicable thereto, the Borrower will pay, upon such conversion, all amounts required under SECTION 2.18 Section 2.19 to be paid as a consequence thereof), (y) no such conversion or continuation shall be permitted with regard to any ABR Loans that are Swingline Loans, and (z) no conversion of ABR Base Rate Loans into LIBOR Loans or continuation of LIBOR Loans upon the expiration of the Interest Period therefor shall be permitted during the continuance of a Default or Event of Default. (b) The Borrower shall make each such election by giving the Administrative Agent written notice not later than 11:00 a.m., Charlotte time, three (3) Business Days prior to the intended effective date of any conversion of ABR Base Rate Loans into, or continuation of, LIBOR Loans and one (1) Business Day prior to the intended effective date of any conversion of LIBOR Loans into ABR Base Rate Loans. Each such notice (each, a "Notice of Conversion/Continuation") shall be irrevocable, shall be given in the form of EXHIBIT D Exhibit B-3 and shall specify (x) the date of such conversion or continuation (which shall be a Business Day), (y) in the case of a conversion into, or a continuation of, LIBOR Loans, the Interest Period to be applicable thereto, and (z) the aggregate amount and Type of the Revolving Loans being converted or continued. Upon the receipt of a Notice of Conversion/Continuation, the Administrative Agent will promptly notify each Lender of the proposed conversion or continuation. In the event that the Borrower shall fail to deliver a Notice of Conversion/Continuation as provided herein with respect to any outstanding LIBOR Loans, such LIBOR Loans shall automatically be converted to ABR Base Rate Loans upon the expiration of the then then-current Interest Period applicable thereto (unless repaid pursuant to the terms hereof). In the event the Borrower shall have failed to select in a Notice of Conversion/Continuation the duration of the Interest Period to be applicable to any conversion into, or continuation of, LIBOR Loans, then the Borrower shall be deemed to have selected an Interest Period with a duration of one month.

Appears in 2 contracts

Samples: Credit Agreement (Unum Group), Credit Agreement (Unum Group)

Conversions and Continuations. (a) The With respect to Revolving Loans, the Borrower shall have the right, on any Business Day occurring on or after the Amendment Restatement Effective Date, to elect (i) to convert all or a portion of the outstanding principal amount of any ABR Base Rate Loans or any LIBOR Market Index Loans into LIBOR Loans, or to convert any LIBOR Loans the Interest Periods for which end on the same day into ABR Base Rate Loans or LIBOR Market Index Loans, or (ii) upon the expiration of any Interest Period, to continue all or a portion of the outstanding principal amount of any LIBOR Loans the Interest Periods for which end on the same day for an additional Interest Period, provided that (xw) any such conversion of LIBOR Loans into ABR Base Rate Loans or LIBOR Market Index Loans shall involve an aggregate principal amount of not less than $500,000 1,000,000 or, if greater, an integral multiple of $100,000 500,000 in excess thereof; any such conversion of ABR Base Rate Loans or LIBOR Market Index Loans into, or continuation of, LIBOR Loans shall involve an aggregate principal amount of not less than $1,000,000 or, if greater, an integral multiple of $500,000 in excess thereof, ; and no partial conversion of LIBOR Loans made pursuant to a single Borrowing shall reduce the outstanding principal amount of such LIBOR Loans to less than $1,000,000 or to any greater amount not an integral multiple of $500,000 in excess thereof, (x) except as otherwise provided in SECTION 2.16(DSection 2.16(d), LIBOR Loans may be converted into ABR Base Rate Loans or LIBOR Market Index Loans only on the last day of the Interest Period applicable thereto (and, in any event, if a LIBOR Loan is converted into an ABR a Base Rate Loan or LIBOR Market Index Loan on any day other than the last day of the Interest Period applicable thereto, the Borrower will pay, upon such conversion, all amounts required under SECTION Section 2.18 to be paid as a consequence thereof), (y) no such conversion or continuation shall be permitted with regard to any ABR Loans that are Swingline Loans, and (z) no conversion of ABR Base Rate Loans or LIBOR Market Index Loans into LIBOR Loans or continuation of LIBOR Loans upon the expiration of the Interest Period therefor shall be permitted during the continuance of a Default or Event of Default. (b) The Borrower shall make each such election by giving the Administrative Agent written notice not later than 11:00 a.m., Charlotte time, three (3) Business Days prior to the intended effective date of any conversion of ABR Base Rate Loans or LIBOR Market Index Loans into, or continuation of, LIBOR Loans and one (1) Business Day prior to the intended effective date of any conversion of LIBOR Loans into ABR Base Rate Loans or LIBOR Market Index Loans. Each such notice (each, a "Notice of Conversion/Continuation") shall be irrevocable, shall be given in the form of EXHIBIT D Exhibit B-3 and shall specify (x) the date of such conversion or continuation (which shall be a Business Day), (y) in the case of a conversion into, or a continuation of, LIBOR Loans, the Interest Period to be applicable thereto, and (z) the aggregate amount and Type of the Revolving Loans being converted or continued. Upon the receipt of a Notice of Conversion/Continuation, the Administrative Agent will promptly notify each Lender of the proposed conversion or continuation. In the event that the Borrower shall fail to deliver a Notice of Conversion/Continuation as provided herein with respect to any outstanding LIBOR Loans, such LIBOR Loans shall automatically be converted to ABR LIBOR Market Index Loans upon the expiration of the then current Interest Period applicable thereto (unless repaid pursuant to the terms hereof). In the event the Borrower shall have failed to select in a Notice of Conversion/Continuation the duration of the Interest Period to be applicable to any conversion into, or continuation of, LIBOR Loans, then the Borrower shall be deemed to have selected an Interest Period with a duration of one month.

Appears in 2 contracts

Samples: Credit Agreement (Old Dominion Freight Line Inc/Va), Credit Agreement (Old Dominion Freight Line Inc/Va)

Conversions and Continuations. (a) The Borrower Borrowers shall have the right, on any Business Day occurring on or after the Amendment Effective Closing Date, to elect (i) to convert all or a portion of the outstanding principal amount of any ABR Base Rate Loans into LIBOR Loans, or to convert any LIBOR Loans the Interest Periods for which end on the same day into ABR Base Rate Loans, or (ii) upon the expiration of any Interest Period, to continue all or a portion of the outstanding principal amount of any LIBOR Loans the Interest Periods for which end on the same day for an additional Interest Period, provided that (xw) any such conversion of LIBOR Loans into ABR Base Rate Loans shall involve an aggregate principal amount of not less than $500,000 3,000,000 or, if greater, an integral multiple of $100,000 1,000,000 in excess thereof; any such conversion of ABR Base Rate Loans into, or continuation of, LIBOR Loans shall involve an aggregate principal amount of not less than $1,000,000 3,000,000 or, if greater, an integral multiple of $500,000 1,000,000 in excess thereof, ; and no partial conversion of LIBOR Loans made pursuant to a single Borrowing shall reduce the outstanding principal amount of such LIBOR Loans to less than $1,000,000 3,000,000 or to any greater amount not an integral multiple of $500,000 1,000,000 in excess thereof, (x) except as otherwise provided in SECTION 2.16(DSection 2.16(f), LIBOR Loans may be converted into ABR Base Rate Loans only on the last day of the Interest Period applicable thereto (and, in any event, if a LIBOR Loan is converted into an ABR a Base Rate Loan on any day other than the last day of the Interest Period applicable thereto, the Borrower Borrowers will pay, upon such conversion, all amounts required under SECTION Section 2.18 to be paid as a consequence thereof), (y) no such conversion or continuation shall be permitted with regard to any ABR Base Rate Loans that are Swingline Loans, and (z) no conversion of ABR Base Rate Loans into LIBOR Loans or continuation of LIBOR Loans upon the expiration of the Interest Period therefor shall be permitted during the continuance of a Default or Event of Default. (b) The Borrower Borrowers shall make each such election by giving the Administrative Agent written notice from the Administrative Borrower not later than 11:00 a.m., Charlotte time, three (3) Business Days prior to the intended effective date of any conversion of ABR Base Rate Loans into, or continuation of, LIBOR Loans and one (1) Business Day prior to the intended effective date of any conversion of LIBOR Loans into ABR Base Rate Loans. Each such notice (each, a "Notice of Conversion/Continuation") shall be irrevocable, shall be given in the form of EXHIBIT D Exhibit B-3 and shall specify (x) the date of such conversion or continuation (which shall be a Business Day), (y) in the case of a conversion into, or a continuation of, LIBOR Loans, the Interest Period to be applicable thereto, and (z) the aggregate amount and Type of the Revolving Loans being converted or continued. Upon the receipt of a Notice of Conversion/Continuation, the Administrative Agent will promptly notify each applicable Lender of the proposed conversion or continuation. In the event that the Borrower Borrowers shall fail to deliver a Notice of Conversion/Continuation as provided herein with respect to any outstanding LIBOR Loans, such LIBOR Loans shall automatically be converted to ABR Base Rate Loans upon the expiration of the then current Interest Period applicable thereto (unless repaid pursuant to the terms hereof). In the event the Borrowers shall have failed to select in a Notice of Conversion/Continuation the duration of the Interest Period to be applicable to any conversion into, or continuation of, LIBOR Loans, then the Borrowers shall be deemed to have selected an Interest Period with a duration of one month.

Appears in 2 contracts

Samples: Credit Agreement (Jackson Hewitt Tax Service Inc), Credit Agreement (Jackson Hewitt Tax Service Inc)

Conversions and Continuations. (a) The Borrower shall have the right, on any Business Day occurring on or after the Amendment Effective Closing Date, to elect (i) to convert all or a portion of the outstanding principal amount of any ABR Base Rate Loans into LIBOR Loans, or to convert any LIBOR Loans the Interest Periods for which end on the same day into ABR Base Rate Loans, or (ii) upon the expiration of any Interest Period, to continue all or a portion of the outstanding principal amount of any LIBOR Loans the Interest Periods for which end on the same day for an additional Interest Period, provided that (xt) Borrowings of a Class may only be continued as or converted into a Borrowing of the same Class, (u) a Borrowing denominated in one Currency may not be continued as, or converted to, a Borrowing in a different Currency, (v) a Borrowing of LIBOR Loans denominated in a Foreign Currency may not be converted to a Borrowing of a different Type, (w) any such conversion of LIBOR Loans into ABR Base Rate Loans shall involve an aggregate principal amount of not less than $500,000 3,000,000 or, if greater, an integral multiple of $100,000 1,000,000 in excess thereof; any such conversion of ABR Base Rate Loans into, or continuation of, LIBOR Loans shall involve an aggregate principal amount of not less than $1,000,000 5,000,000 or, if greater, an integral multiple of $500,000 1,000,000 in excess thereof, ; and no partial conversion of LIBOR Loans made pursuant to a single Borrowing shall reduce the outstanding principal amount of such LIBOR Loans to less than $1,000,000 5,000,000 or to any greater amount not an integral multiple of $500,000 1,000,000 in excess thereof, (x) except as otherwise provided in SECTION 2.16(DSection 2.15(f), LIBOR Loans may be converted into ABR Base Rate Loans only on the last day of the Interest Period applicable thereto (and, in any event, if a LIBOR Loan is converted into an ABR a Base Rate Loan on any day other than the last day of the Interest Period applicable thereto, the Borrower will pay, upon such conversion, all amounts required under SECTION 2.18 Section 2.17 to be paid as a consequence thereof), (y) no such conversion or continuation shall be permitted with regard to any ABR Loans that are Swingline Loans, and (z) no conversion of ABR Base Rate Loans into LIBOR Loans or continuation of LIBOR Loans upon the expiration of the Interest Period therefor shall be permitted during the continuance of a Default or Event of Default. (b) The Borrower shall make each such election by giving the Administrative Agent written notice (i) not later than 11:00 a.m., Charlotte Charlotte, North Carolina time, three (3) Business Days prior to the intended effective date of any conversion of ABR Base Rate Loans intointo LIBOR Loans, or any continuation of, of LIBOR Loans denominated in Dollars, (ii) not later than 10:00 a.m., Charlotte, North Carolina time, four (4) Business Days prior to the intended effective date of any continuation of LIBOR Loans denominated in a Foreign Currency, and (iii) not later than 11:00 a.m., Charlotte, North Carolina time, one (1) Business Day prior to the intended effective date of any conversion of LIBOR Loans into ABR Base Rate Loans. Each such notice (each, a "Notice of Conversion/Continuation") shall be irrevocable, shall be given in the form of EXHIBIT D Exhibit B-3 and shall specify (x) the date of such conversion or continuation (which shall be a Business Day), (y) in the case of a conversion into, or a continuation of, LIBOR Loans, the Interest Period to be applicable thereto, and (z) the aggregate amount amount, Class, Currency and Type of the Revolving Loans being converted or continued. Upon the receipt of a Notice of Conversion/Continuation, the Administrative Agent will promptly notify each applicable Lender of the proposed conversion or continuation. In the event that the Borrower shall fail to deliver a Notice of Conversion/Continuation as provided herein with respect to any of its outstanding LIBOR Loans, such LIBOR Loans denominated in Dollars shall automatically be converted to ABR Base Rate Loans upon the expiration of the then current Interest Period applicable thereto (unless repaid pursuant to the terms hereof)) and LIBOR Loans denominated in a Foreign Currency shall be repaid upon the expiration of the then current Interest Period applicable thereto pursuant to the terms hereof. In the event the Borrower shall have failed to select in a Notice of Conversion/Continuation the duration of the Interest Period to be applicable to any conversion into, or continuation of, its LIBOR Loans, then the Borrower shall be deemed to have selected an Interest Period with a duration of one month.

Appears in 2 contracts

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

Conversions and Continuations. (a) The Borrower shall have the right, on any Business Day occurring on or after the Amendment Effective Closing Date, to elect (i) to convert all or a portion of the outstanding principal amount of any ABR Base Rate Loans of any Class into LIBOR LoansLoans of the same Class, or to convert any LIBOR Loans of any Class the Interest Periods for which end on the same day into ABR LoansBase Rate Loans of the same Class, or (ii) to continue all or a portion of the outstanding principal amount of any LIBOR Loans of any Class the Interest Periods for which end on the same day for an additional Interest Period, provided that (xw) any such conversion of LIBOR Loans into ABR Loans shall involve an aggregate principal amount of not less than $500,000 or, if greater, an integral multiple of $100,000 thereof; any such conversion of ABR Loans into, or continuation of, LIBOR Base Rate Loans shall involve an aggregate principal amount of not less than $1,000,000 or, if greater, an integral multiple of $500,000 thereofin excess thereof (or, in the case of the Sterling Facilities, (pound)1,000,000 or, if greater, an integral multiple of (pound)500,000, respectively); any such conversion of Base Rate Loans into, or continuation of, LIBOR Loans shall involve an aggregate principal amount of not less than $3,000,000 or, if greater, an integral multiple of $1,000,000 in excess thereof (or, in the case of the Sterling Facilities, (pound)3,000,000 and (pound)1,000,000, respectively); and no partial conversion of LIBOR Loans made pursuant to a single Borrowing shall reduce the outstanding principal amount of such LIBOR Loans to less than $1,000,000 3,000,000 or to any greater amount not an integral multiple of $500,000 1,000,000 in excess thereofthereof (or, in the case of the Sterling Facilities, (pound)3,000,000 and (pound)1,000,000, respectively), (x) except as otherwise provided in SECTION 2.16(DSection 2.16(d), LIBOR Loans may be converted into ABR Base Rate Loans only on the last day of the Interest Period applicable thereto (and, in any event, if a LIBOR Loan is converted into an ABR a Base Rate Loan on any day other than the last day of the Interest Period applicable thereto, the Borrower will pay, upon such conversion, all amounts required under SECTION Section 2.18 to be paid as a consequence thereof), and (y) no such conversion or continuation shall be permitted with regard to any ABR Loans that are Swingline Loans, and (z) no conversion of ABR Base Rate Loans into LIBOR Loans or continuation of LIBOR Loans upon the expiration of the Interest Period therefor shall be permitted during the continuance of a Default or Event of Default. (b) The Borrower shall make each such election by giving the Agent written notice not later than 11:00 a.m., Charlotte timeLocal Time, three (3) the Applicable Number of Business Days (based on the Type of Loan continued or into which the Loan will be converted) prior to the intended effective date of any conversion of ABR Loans into, or continuation of, LIBOR Loans and one (1) Business Day prior to the intended effective date of any conversion of LIBOR Loans into ABR Loans. Each such notice (each, a "Notice of Conversion/Continuation") shall be irrevocable, shall be given in the form of EXHIBIT D Exhibit B-2, including in the case of a conversion or continuation of any Revolving Loans a duly completed Revolving Commitment Worksheet attached thereto, and shall specify (xv) the amount of the Total Unutilized Revolving Credit Commitment as of the intended effective date, (w) the date of such conversion or continuation (which shall be a Business Day), (x) the Applicable Currency in which such Loans shall be denominated, (y) in the case of a conversion into, or a continuation of, LIBOR Loans, the Interest Period to be applicable thereto, and (z) the aggregate amount amount, Class and Type of the Revolving Loans being converted or continued. Upon the receipt of a Notice of Conversion/Continuation, the Agent will promptly notify each Lender having a Commitment for Loans of the relevant Class (or having outstanding Loans of the relevant Class) of the proposed conversion or continuation. In the event that the Borrower shall fail to deliver a Notice of Conversion/Continuation as provided herein with respect to any outstanding LIBOR Loans, such LIBOR Loans shall automatically be converted to ABR Base Rate Loans upon the expiration of the then current Interest Period applicable thereto (unless repaid pursuant to the terms hereof).

Appears in 2 contracts

Samples: Credit Agreement (Chartwell Re Holdings Corp), Credit Agreement (Chartwell Re Corp)

Conversions and Continuations. (a) The Borrower shall have the right, on any Business Day occurring on or after the Amendment Effective Closing Date, to elect (i) to convert all or a portion of the outstanding principal amount of any ABR Base Rate Loans into LIBOR Loans, or to convert any LIBOR Loans the Interest Periods for which end on the same day into ABR Base Rate Loans, or (ii) to continue all or a portion of the outstanding principal amount of any LIBOR Loans the Interest Periods for which end on the same day for an additional Interest Period, provided that (x) any such conversion of LIBOR Loans into ABR Loans shall involve an aggregate principal amount of not less than $500,000 or, if greater, an integral multiple of $100,000 thereof; any such conversion of ABR Loans into, or continuation of, LIBOR Base Rate Loans shall involve an aggregate principal amount of not less than $1,000,000 or, if greater, an integral multiple of $500,000 100,000 in excess thereof; any such conversion of Base Rate Loans into, or continuation of, LIBOR Loans shall involve an aggregate principal amount of not less than $3,000,000 or, if greater, an integral multiple of $1,000,000 in excess thereof; and no partial conversion of LIBOR Loans made pursuant to a single Borrowing shall reduce the outstanding principal amount of such LIBOR Loans to less than $1,000,000 3,000,000 or to any greater amount not an integral multiple of $500,000 1,000,000 in excess thereof, (xy) except as otherwise provided in SECTION 2.16(D2.16(d), LIBOR Loans may be converted into ABR Base Rate Loans only on the last day of the Interest Period applicable thereto (and, in any event, if a LIBOR Loan is converted into an ABR a Base Rate Loan on any day other than the last day of the Interest Period applicable thereto, the Borrower will pay, upon such conversion, all amounts required under SECTION 2.18 to be paid as a consequence thereof), (y) no such conversion or continuation shall be permitted with regard to any ABR Loans that are Swingline Loans, and (z) no conversion of ABR Base Rate Loans into LIBOR Loans or continuation of LIBOR Loans upon the expiration of the Interest Period therefor shall be permitted during the continuance of a Default or Event of Default. (b) The Borrower shall make each such election by giving the Agent written notice not later than 11:00 a.m.12:00 noon, Charlotte time, three (3) Business Days prior to the intended effective date of any conversion of ABR Base Rate Loans into, or continuation of, LIBOR Loans and one (1) Business Day prior to the intended effective date of any conversion of LIBOR Loans into ABR Base Rate Loans. Each such notice (each, a "Notice of Conversion/Continuation") shall be irrevocable, shall be given in the form of EXHIBIT D B-2 and shall specify (x) the date of such conversion or continuation (which shall be a Business Day), (y) in the case of a conversion into, or a continuation of, LIBOR Loans, the Interest Period to be applicable thereto, and (z) the aggregate amount and Type of the Revolving Loans being converted or continued. Upon the receipt of a Notice of Conversion/Continuation, the Agent will promptly notify each Lender of the proposed conversion or continuation. In the event that the Borrower shall fail to deliver a Notice of Conversion/Continuation as provided herein with respect to any outstanding LIBOR Loans, such LIBOR Loans shall automatically be converted to ABR Base Rate Loans upon the expiration of the then current Interest Period applicable thereto (unless repaid pursuant to the terms hereof). In the event the Borrower shall have failed to select in a Notice of Conversion/Continuation the duration of the Interest Period to be applicable to any conversion into, or continuation of, LIBOR Loans, then the Borrower shall be deemed to have selected an Interest Period with a duration of one month.

Appears in 1 contract

Samples: Credit Agreement (Orthalliance Inc)

Conversions and Continuations. (a) The Borrower shall have the right, on any Business Day occurring on or after the Amendment Effective Closing Date, to elect (i) to convert all or a portion of the outstanding principal amount Tranche of any ABR Base Rate Loans into an equivalent Tranche of LIBOR Loans, or to convert a Tranche of any LIBOR Loans the Interest Periods for which end on the same day into ABR an equivalent Tranche of Base Rate Loans, or (ii) to continue all or a portion of the outstanding principal amount Tranche of any LIBOR Loans the Interest Periods for which end on the same day for an additional Interest Period, provided that (x) any such conversion of LIBOR Loans into ABR Loans shall involve an aggregate principal amount of not less than $500,000 or, if greater, an integral multiple of $100,000 thereof; any such conversion of ABR Loans into, or continuation of, LIBOR Base Rate Loans shall involve an aggregate principal amount of not less than $1,000,000 or, if greater, an integral multiple of $500,000 125,000 in excess thereof; any such conversion of Base Rate Loans into, or continuation of, LIBOR Loans shall involve an aggregate principal amount of not less than $2,000,000 or, if greater, an integral multiple of $125,000 in excess thereof; and no partial conversion of LIBOR Loans made pursuant to a within any single Borrowing Tranche shall reduce the outstanding principal amount of such LIBOR Loans remaining within such Tranche to less than $1,000,000 2,000,000 or to any greater amount not an integral multiple of $500,000 125,000 in excess thereof, (xy) except as otherwise provided in SECTION 2.16(DSection 2.16(d), LIBOR Loans may be converted into ABR Base Rate Loans only on the last day of the Interest Period applicable thereto (and, in any event, if a LIBOR Loan is converted into an ABR a Base Rate Loan on any day other than the last day of the Interest Period applicable thereto, the Borrower will pay, upon such conversion, all amounts required under SECTION Section 2.18 to be paid as a consequence thereof), (y) no such conversion or continuation shall be permitted with regard to any ABR Loans that are Swingline Loans, and (z) no conversion of ABR Base Rate Loans into LIBOR Loans or continuation of LIBOR Loans upon the expiration of the Interest Period therefor shall be permitted during the continuance of a Default or Event of Default. (b) The Borrower shall make each such election by giving the Agent written notice not later than 11:00 a.m., Charlotte time, three (3) Business Days prior to the intended effective date of any conversion of ABR Base Rate Loans into, or continuation of, LIBOR Loans and one (1) Business Day prior to the intended effective date of any conversion of LIBOR Loans into ABR Base Rate Loans. Each such notice (each, a "Notice of Conversion/Continuation") shall be irrevocable, shall be given in the form of EXHIBIT D Exhibit C and shall specify (x) the date of such conversion or continuation (which shall be a Business Day), (y) in the case of a conversion into, or a continuation of, LIBOR Loans, the Interest Period to be applicable thereto, and (z) the aggregate amount and Type of the Revolving Loans being converted or continued. Upon the receipt of a Notice of Conversion/Continuation, the Agent will promptly notify each Lender of the proposed conversion or continuation. In the event that the Borrower shall fail to deliver a Notice of Conversion/Continuation as provided herein with respect to any outstanding LIBOR Loans, such LIBOR Loans shall automatically be converted to ABR Base Rate Loans upon the expiration of the then current Interest Period applicable thereto (unless repaid pursuant to the terms hereof).

Appears in 1 contract

Samples: Credit Agreement (Front Royal Inc)

Conversions and Continuations. (a) The Borrower shall have the right, on any Business Day occurring on or after the Amendment Effective Closing Date, to elect (i) to convert all or a portion of the outstanding principal amount of any ABR Base Rate Loans into LIBOR Loans, or to convert any LIBOR Loans the Interest Periods for which end on the same day into ABR Base Rate Loans, or (ii) upon the expiration of any Interest Period, to continue all or a portion of the outstanding principal amount of any LIBOR Loans the Interest Periods for which end on the same day for an additional Interest Period, provided that (xw) any such conversion of LIBOR Loans into ABR Base Rate Loans shall involve an aggregate principal amount of not less than $500,000 3,000,000 or, if greater, an integral multiple of $100,000 1,000,000 in excess thereof; any such conversion of ABR Base Rate Loans into, or continuation of, LIBOR Loans shall involve an aggregate principal amount of not less than $1,000,000 5,000,000 or, if greater, an integral multiple of $500,000 1,000,000 in excess thereof, ; and no partial conversion of LIBOR Loans made pursuant to a single Borrowing shall reduce the outstanding principal amount of such LIBOR Loans to less than $1,000,000 5,000,000 or to any greater amount not an integral multiple of $500,000 1,000,000 in excess thereof, (xy) except as otherwise provided in SECTION 2.16(DSection 2.15(f), LIBOR Loans may be converted into ABR Base Rate Loans only on the last day of the Interest Period applicable thereto (and, in any event, if a LIBOR Loan is converted into an ABR a Base Rate Loan on any day other than the last day of the Interest Period applicable thereto, the Borrower will pay, upon such conversion, all amounts required under SECTION 2.18 Section 2.17 to be paid as a consequence thereof), (y) no such conversion or continuation shall be permitted with regard to any ABR Loans that are Swingline Loans, and (z) no conversion of ABR Base Rate Loans into LIBOR Loans or continuation of LIBOR Loans upon the expiration of the Interest Period therefor shall be permitted during the continuance of a Default or Event of Default. (b) The Borrower shall make each such election by giving the Administrative Agent written notice not later than 11:00 a.m., Charlotte time, three (3) Business Days prior to the intended effective date of any conversion of ABR Base Rate Loans into, or continuation of, LIBOR Loans and one (1) Business Day prior to the intended effective date of any conversion of LIBOR Loans into ABR Base Rate Loans. Each such notice (each, a "Notice of Conversion/Continuation") shall be irrevocable, shall be given in the form of EXHIBIT D Exhibit B-2 and shall specify (x) the date of such conversion or continuation (which shall be a Business Day), (y) in the case of a conversion into, or a continuation of, LIBOR Loans, the Interest Period to be applicable thereto, and (z) the aggregate amount and Type of the Revolving Loans being converted or continued. Upon the receipt of a Notice of Conversion/Continuation, the Administrative Agent will promptly notify each Lender of the proposed conversion or continuation. In the event that the Borrower shall fail to deliver a Notice of Conversion/Continuation as provided herein with respect to any outstanding LIBOR Loans, such LIBOR Loans shall automatically be converted to ABR Base Rate Loans upon the expiration of the then current Interest Period applicable thereto (unless repaid pursuant to the terms hereof). In the event the Borrower shall have failed to select in a Notice of Conversion/Continuation the duration of the Interest Period to be applicable to any conversion into, or continuation of, LIBOR Loans, then the Borrower shall be deemed to have selected an Interest Period with a duration of one month.

Appears in 1 contract

Samples: Credit Agreement (American Financial Group Inc)

Conversions and Continuations. (a) The Borrower shall have the right, on any Business Day occurring on or after the Amendment Effective Closing Date, to elect (i) to convert all or a portion of the outstanding principal amount of any ABR Base Rate Loans into LIBOR Loans, or to convert any LIBOR Loans the Interest Periods for which end on the same day into ABR Base Rate Loans, or (ii) to continue all or a portion of the outstanding principal amount of any LIBOR Loans the Interest Periods for which end on the same day for an additional Interest Period, provided that (xw) any such conversion of LIBOR Loans into ABR Loans shall involve an aggregate principal amount of not less than $500,000 or, if greater, an integral multiple of $100,000 thereof; any such conversion of ABR Loans into, or continuation of, LIBOR Base Rate Loans shall involve an aggregate principal amount of not less than $1,000,000 or, if greater, an integral multiple of $500,000 in excess thereof; any such conversion of Base Rate Loans into, or continuation of, LIBOR Loans shall involve an aggregate principal amount of not less than $2,000,000 or, if greater, an integral multiple of $1,000,000 in excess thereof; and no partial conversion of LIBOR Loans made pursuant to a single Borrowing shall reduce the outstanding principal amount of such LIBOR Loans to less than $1,000,000 2,000,000 or to any greater amount not an integral multiple of $500,000 1,000,000 in excess thereof, (x) except as otherwise provided in SECTION 2.16(DSection 2.16(d), LIBOR Loans may be converted into ABR Base Rate Loans only on the last day of the Interest Period applicable thereto (and, in any event, if a LIBOR Loan is converted into an ABR a Base Rate Loan on any day other than the last day of the Interest Period applicable thereto, the Borrower will pay, upon such conversion, all amounts required under SECTION Section 2.18 to be paid as a consequence thereof), (y) no such conversion or continuation shall be permitted with regard to any ABR Base Rate Loans that are Swingline Loans, and (z) no conversion of ABR Base Rate Loans into LIBOR Loans or continuation of LIBOR Loans upon the expiration of the Interest Period therefor shall be permitted during the continuance of a Default or Event of Default. (b) The Borrower shall make each such election by giving the Agent written notice not later than 11:00 a.m.12:00 noon, Charlotte time, three (3) Business Days prior to the intended effective date of any conversion of ABR Base Rate Loans into, or continuation of, LIBOR Loans and one (1) Business Day prior to on the intended effective date of any conversion of LIBOR Loans into ABR Base Rate Loans. Each such notice (each, a "Notice of Conversion/Continuation") shall be irrevocable, shall be given in the form of EXHIBIT D Exhibit B-3 and shall specify (x) the date of such conversion or continuation (which shall be a Business Day), (y) in the case of a conversion into, or a continuation of, LIBOR Loans, the Interest Period to be applicable thereto, and (z) the aggregate amount and Type of the Revolving Loans being converted or continued. Upon the receipt of a Notice of Conversion/Continuation, the Agent will promptly notify each Lender of the proposed conversion or continuation. In the event that the Borrower shall fail to deliver a Notice of Conversion/Continuation as provided herein with respect to any outstanding LIBOR Loans, such LIBOR Loans shall automatically be converted to ABR Base Rate Loans upon the expiration of the then current Interest Period applicable thereto (unless repaid pursuant to the terms hereof).

Appears in 1 contract

Samples: Credit Agreement (Movie Gallery Inc)

Conversions and Continuations. (a) The Borrower shall have the right, on any Business Day occurring on or after the Amendment Effective Closing Date, to elect (i) to convert all or a portion of the outstanding principal amount of any ABR Base Rate Loans of any Class into LIBOR LoansLoans of the same Class, or to convert any LIBOR Loans of any Class the Interest Periods for which end on the same day into ABR LoansBase Rate Loans of the same Class, or (ii) upon the expiration of any Interest Period, to continue all or a portion of the outstanding principal amount of any LIBOR Loans of any Class, the Interest Periods for which end on the same day day, for an additional Interest Period, provided that (x) any such conversion of LIBOR Loans into ABR Base Rate Loans shall involve an aggregate principal amount of not less than $500,000 or, if greater, an integral multiple of $100,000 in excess thereof; any such conversion of ABR Base Rate Loans into, or continuation of, LIBOR Loans shall involve an aggregate principal amount of not less than $1,000,000 or, if greater, an integral multiple of $500,000 100,000 in excess thereof, ; and no partial conversion of LIBOR Loans made pursuant to a single Borrowing shall reduce the outstanding principal amount of such LIBOR Loans to less than $1,000,000 or to any greater amount not an integral multiple of $500,000 100,000 in excess thereof, (xy) except as otherwise provided in SECTION 2.16(DSection 2.16(d), LIBOR Loans may be converted into ABR Base Rate Loans only on the last day of the Interest Period applicable thereto (and, in any event, if a LIBOR Loan is converted into an ABR Loan on any day other than the last day of the Interest Period applicable thereto, the Borrower will pay, upon such conversion, all amounts required under SECTION 2.18 to be paid as a consequence thereof), (y) no such conversion or continuation shall be permitted with regard to any ABR Loans that are Swingline Loans, and (z) no conversion of ABR Base Rate Loans into LIBOR Loans or continuation of LIBOR Loans upon the expiration of the Interest Period therefor shall be permitted during the continuance of a Default or an Event of Default. (b) The Borrower shall make each such election by giving the Administrative Agent written notice not later than 11:00 a.m., Charlotte time12:00 p.m., three (3) Business Days prior to the intended effective date of any such conversion or continuation (or in the case of a conversion of ABR Loans intoany Loan into a Base Rate Loan, or continuation of, LIBOR Loans and one (1) Business Day prior to on the intended effective date of any conversion of LIBOR Loans into ABR Loanssuch conversion). Each such notice (each, a "Notice of Conversion/Continuation") shall be irrevocable, shall be given in the form of EXHIBIT D Exhibit B-2 and shall specify (x) the date of such conversion or continuation (which shall be a Business Day), (y) in the case of a conversion into, or a continuation of, LIBOR Loans, the Interest Period to be applicable thereto, and (z) the aggregate amount amount, Class and Type of the Revolving Loans being converted or continued. Upon the receipt of a Notice of Conversion/Continuation, the Administrative Agent will promptly notify each Lender having a Commitment for Loans (or outstanding Loans) of the relevant Class of the proposed conversion or continuation. In the event that the Borrower shall fail to deliver a Notice of Conversion/Continuation as provided herein with respect to any outstanding LIBOR Loans, such LIBOR Loans shall automatically be converted continued at the end of its Interest Period as a LIBOR Loan with an Interest Period of one month. In the event the Borrower shall have failed to ABR Loans upon select in a Notice of Conversion/Continuation the expiration duration of the then current Interest Period to be applicable thereto (unless repaid pursuant to any conversion into, or continuation of, LIBOR Loans, then the terms hereof)Borrower shall be deemed to have selected an Interest Period with a duration of three months.

Appears in 1 contract

Samples: Credit Agreement

Conversions and Continuations. (a) The Borrower shall have the right, on any Business Day occurring on or after the Amendment Effective Closing Date, to elect elect (i) to convert all or a portion of the outstanding principal amount of any ABR Base Rate Loans into LIBOR Loans, or to convert any LIBOR Loans the Interest Periods for which end on the same day into ABR Base Rate Loans, or (ii) upon the expiration of any Interest Period, to continue all or a portion of the outstanding principal amount of any LIBOR Loans the Interest Periods for which end on the same day for an additional Interest Period, provided that (xt) Borrowings of a Class may only be continued as or converted into a Borrowing of the same Class, (u) a Borrowing denominated in one Currency may not be continued as, or converted to, a Borrowing in a different Currency, (v) a Borrowing of LIBOR Loans denominated in a Foreign Currency may not be converted to a Borrowing of a different Type, (w) any such conversion of LIBOR Loans into ABR Base Rate Loans shall involve an aggregate principal amount of not less than $500,000 3,000,000 or, if greater, an integral multiple of $100,000 1,000,000 in excess thereof; any such conversion of ABR Base Rate Loans into, or continuation of, LIBOR Loans shall involve an aggregate principal amount of not less than $1,000,000 5,000,000 or, if greater, an integral multiple of $500,000 1,000,000 in excess thereof, ; and no partial conversion of LIBOR Loans made pursuant to a single Borrowing shall reduce the outstanding principal amount of such LIBOR Loans to less than $1,000,000 5,000,000 or to any greater amount not an integral multiple of $500,000 1,000,000 in excess thereof, (x) except as otherwise provided in SECTION 2.16(D), LIBOR Loans may be converted into ABR Loans only on the last day of the Interest Period applicable thereto (and, in any event, if a LIBOR Loan is converted into an ABR Loan on any day other than the last day of the Interest Period applicable thereto, the Borrower will pay, upon such conversion, all amounts required under SECTION 2.18 to be paid as a consequence thereof), (y) no such conversion or continuation shall be permitted with regard to any ABR Loans that are Swingline Loans, and (z) no conversion of ABR Loans into LIBOR Loans or continuation of LIBOR Loans upon the expiration of the Interest Period therefor shall be permitted during the continuance of a Default or Event of Default. (b) The Borrower shall make each such election by giving the Agent written notice not later than 11:00 a.m., Charlotte time, three (3) Business Days prior to the intended effective date of any conversion of ABR Loans into, or continuation of, LIBOR Loans and one (1) Business Day prior to the intended effective date of any conversion of LIBOR Loans into ABR Loans. Each such notice (each, a "Notice of Conversion/Continuation") shall be irrevocable, shall be given in the form of EXHIBIT D and shall specify (x) the date of such conversion or continuation (which shall be a Business Day), (y) in the case of a conversion into, or a continuation of, LIBOR Loans, the Interest Period to be applicable thereto, and (z) the aggregate amount and Type of the Revolving Loans being converted or continued. Upon the receipt of a Notice of Conversion/Continuation, the Agent will promptly notify each Lender of the proposed conversion or continuation. In the event that the Borrower shall fail to deliver a Notice of Conversion/Continuation as provided herein with respect to any outstanding LIBOR Loans, such LIBOR Loans shall automatically be converted to ABR Loans upon the expiration of the then current Interest Period applicable thereto (unless repaid pursuant to the terms hereof).,

Appears in 1 contract

Samples: Credit Agreement

Conversions and Continuations. (a) The Borrower shall have the right, on any Business Day occurring on or after the Amendment Effective DateDay, to elect (iy) to convert all (or a portion of the outstanding principal in an amount of any ABR Loans into LIBOR Loans, or to convert any LIBOR Loans the Interest Periods for which end on the same day into ABR Loans, or (ii) to continue all or a portion of the outstanding principal amount of any LIBOR Loans the Interest Periods for which end on the same day for an additional Interest Period, provided that (x) any such conversion of LIBOR Loans into ABR Loans shall involve an aggregate principal amount of not less than $500,000 or(A) in the case of a conversion to Base Rate Loans, if greater, an integral multiple of $100,000 thereof; any such conversion of ABR Loans into, or continuation of, LIBOR Loans shall involve an aggregate principal amount of not less than $1,000,000 or, if greater, an integral multiple of $500,000 thereofand (B) in the case of a conversion to LIBOR Loans, and no partial conversion $3,000,000 or, if greater, an integral multiple of $1,000,000) of the outstanding principal amount of any Loans of one Type made pursuant to one or more Borrowings (and, in the case of LIBOR Loans, having the same Interest Period) into a Borrowing or Borrowings of Loans of the other Type, or (z) to continue all (or a portion, subject to the restrictions as to amount set forth in clause (B) of the parenthetical in clause (y) above) of the outstanding principal amount of any LIBOR Loans made pursuant to a single Borrowing shall reduce one or more Borrowings (and having the outstanding principal amount of such LIBOR Loans to less than $1,000,000 or to any greater amount not same Interest Period) for an integral multiple of $500,000 in excess thereofadditional Interest Period, provided that (xi) except as otherwise provided for in SECTION 2.16(D2.11(D), LIBOR Loans may be converted into ABR Base Rate Loans only on the last day of the Interest Period applicable thereto (and, in any event, if a LIBOR Loan is converted into an ABR a Base Rate Loan on any day other than the last day of the Interest Period applicable thereto, the Borrower will pay, upon such conversion, all amounts required under SECTION 2.18 2.13 to be paid as a consequence thereof), (ii) if any partial conversion of LIBOR Loans into Base Rate Loans shall have reduced the outstanding principal amount of the remaining LIBOR Loans made pursuant to a single Borrowing (and thereby continued) to less than $3,000,000, such remaining LIBOR Loans shall be converted immediately into Base Rate Loans and may not thereafter be converted into or continued as LIBOR Loans unless the requirements of clause (y) above are satisfied, (iii) no conversion of Base Rate Loans into LIBOR Loans or continuation of LIBOR Loans shall be permitted during the continuance of a Default or Event of Default, (iv) no conversion or continuation under this Section shall result in a greater number of separate Interest Periods in respect of LIBOR Loans than is permitted under SECTION 2.2(A)(IV), and (v) no such conversion or continuation shall be permitted with regard to any ABR Base Rate Loans that are Swingline Loans, and (z) no conversion of ABR Loans into LIBOR Loans or continuation of LIBOR Loans upon the expiration of the Interest Period therefor shall be permitted during the continuance of a Default or Event of Default. (b) The Borrower shall make each such election by giving delivering written notice to the Agent written notice not later than 11:00 a.m.prior to 1:00 p.m., Charlotte Charlotte, North Carolina local time, at least three (3) Business Days prior to the intended effective date of any conversion of ABR Base Rate Loans into, or continuation of, LIBOR Loans and at least one (1) Business Day prior to the intended effective date of any conversion of LIBOR Loans into ABR Base Rate Loans. Each such notice (each, a "Notice of Conversion/Continuation") shall be irrevocable, shall be given in the form of EXHIBIT D B-3 and shall be appropriately completed to specify (x) the date of such conversion or continuation (which shall be a Business Day)continuation, (y) in the case of a conversion into, or a continuation of, LIBOR Loans, the Interest Period to be applicable thereto, thereto and (z) the aggregate amount and Type of the Revolving Loans being converted or continued. Upon the receipt of a Notice of Conversion/Continuation, the Agent will promptly notify each Lender of the proposed conversion or continuation, of such Lender's Pro Rata Share thereof and of the other matters specified in the Notice of Conversion/Continuation. In the event that the Borrower shall fail to deliver a Notice of Conversion/Continuation as provided herein hereinabove with respect to any outstanding Borrowing of LIBOR Loans, such LIBOR Loans shall automatically be converted to ABR Base Rate Loans upon the expiration of the then current Interest Period applicable thereto (unless repaid pursuant to the terms hereof)thereto.

Appears in 1 contract

Samples: Credit Agreement (Envoy Corp /Tn/)

Conversions and Continuations. (a) The Borrower shall have the right, on any Business Day occurring on or after the Amendment Effective Closing Date, to elect (i) to convert all or a portion of the outstanding principal amount of any ABR Base Rate Loans into LIBOR Loans, or to convert any LIBOR Loans the Interest Periods for which end on the same day into ABR Base Rate Loans, or (ii) upon the expiration of any Interest Period, to continue all or a portion of the outstanding principal amount of any LIBOR Loans the Interest Periods for which end on the same day for an additional Interest Period, provided that (xw) any such conversion of LIBOR Loans of the same Borrowing into ABR Base Rate Loans shall involve an aggregate principal amount of not less than $500,000 3,000,000 or, if greater, an integral multiple of $100,000 1,000,000 in excess thereof; 11863223v8 24740.00050 any such conversion of ABR Base Rate Loans of the same Borrowing into, or continuation of, LIBOR Loans shall involve an aggregate principal amount of not less than $1,000,000 5,000,000 or, if greater, an integral multiple of $500,000 1,000,000 in excess thereof, ; and no partial conversion of LIBOR Loans made pursuant to a single of the same Borrowing shall reduce the outstanding principal amount of such LIBOR Loans to less than $1,000,000 5,000,000 or to any greater amount not an integral multiple of $500,000 1,000,000 in excess thereof, (x) except as otherwise provided in SECTION 2.16(D), LIBOR Loans may be converted into ABR Loans only on the last day of the Interest Period applicable thereto (and, in any event, if a LIBOR Loan is converted into an ABR a Base Rate Loan on any day other than the last day of the Interest Period applicable thereto, the Borrower will pay, upon such conversion, all amounts required under SECTION 2.18 Section 2.19 to be paid as a consequence thereof), (y) no such conversion or continuation shall be permitted with regard to any ABR Swingline Loans that are Swingline Loans, and (z) no conversion of ABR Base Rate Loans into LIBOR Loans or continuation of LIBOR Loans upon the expiration of the Interest Period therefor shall be permitted during the continuance of a Default or Event of Default. (b) The Borrower shall make each such election by giving the Administrative Agent written notice not later than 11:00 a.m., Charlotte time, a.m. three (3) Business Days prior to the intended effective date of any conversion of ABR Base Rate Loans into, or continuation of, LIBOR Loans and one (1) Business Day prior to the intended effective date of any conversion of LIBOR Loans into ABR Base Rate Loans. Each such notice (each, a "Notice of Conversion/Continuation") shall be irrevocable, shall be given in the form of EXHIBIT D Exhibit B-3 and shall specify (x) the date of such conversion or continuation (which shall be a Business Day), (y) in the case of a conversion into, or a continuation of, LIBOR Loans, the Interest Period to be applicable thereto, and (z) the aggregate amount and Type of the Revolving Loans being converted or continued. Upon the receipt of a Notice of Conversion/Continuation, the Administrative Agent will promptly notify each Lender of the proposed conversion or continuation. In the event that the Borrower shall fail to deliver a Notice of Conversion/Continuation as provided herein with respect to any outstanding LIBOR Loans, such LIBOR Loans shall automatically be converted to ABR Base Rate Loans upon the expiration of the then then-current Interest Period applicable thereto (unless repaid pursuant to the terms hereof). In the event the Borrower shall have failed to select in a Notice of Conversion/Continuation the duration of the Interest Period to be applicable to any conversion into, or continuation of, LIBOR Loans, then the Borrower shall be deemed to have selected an Interest Period with a duration of one month.

Appears in 1 contract

Samples: Credit Agreement (Unum Group)

Conversions and Continuations. (a) The Each Borrower shall have the right, on any Business Day occurring on or after the Amendment Effective Date, to may elect (i) to convert all or a portion of the outstanding principal amount of any ABR of its Base Rate Loans into LIBOR Loans, or to convert any of its LIBOR Loans the Interest Periods for which end on the same day into ABR Base Rate Loans, or (ii) upon the expiration of any Interest Period, to continue all or a portion of the outstanding principal amount of any of its LIBOR Loans the Interest Periods for which end on the same day for an additional Interest Period, provided that (x) after giving effect to any such conversion or continuation, each Borrowing of LIBOR Loans into ABR Loans shall involve an be in a principal amount of $10,000,000 or a higher integral multiple of $1,000,000 and the aggregate principal amount of not less than all Base Rate Loans shall be in a principal amount of $500,000 or, if greater, an 10,000,000 or a higher integral multiple of $100,000 thereof; any such conversion of ABR Loans into, or continuation of, LIBOR Loans shall involve an aggregate principal amount of not less than $1,000,000 or, if greater, an integral multiple of $500,000 thereof, and no partial conversion of LIBOR Loans made pursuant to a single Borrowing shall reduce the outstanding principal amount of such LIBOR Loans to less than $1,000,000 or to any greater amount not an integral multiple of $500,000 in excess thereof1,000,000, (xy) except as otherwise provided in SECTION 2.16(DSection 2.15(d), LIBOR Loans may be converted into ABR Base Rate Loans only on the last day of the Interest Period applicable thereto (and, in any event, if any conversion of a LIBOR Loan is converted into an ABR a Base Rate Loan on any day other than the last day of the Interest Period applicable thereto, the Borrower will pay, upon such conversion, all amounts required under SECTION 2.18 to be paid as a consequence thereof), (y) no such conversion or continuation thereto shall be permitted with regard subject to any ABR Loans that are Swingline Loans, Section 2.17) and (z) no conversion of ABR Base Rate Loans into LIBOR Loans or continuation of LIBOR Loans upon the expiration of the Interest Period therefor shall be permitted during the continuance existence of a Default or Event of Default. (b) The Each Borrower shall make each such election by giving must give the Administrative Agent written notice not later than 11:00 a.m., Charlotte time, a.m. three (3) Business Days prior to the intended effective date of any conversion of ABR Base Rate Loans into, or continuation of, LIBOR Loans and one (1) Business Day prior to the intended effective date of any conversion of LIBOR Loans into ABR Base Rate Loans. Each such notice (each, a "Notice of Conversion/Continuation") shall be irrevocable, shall be given in the form of EXHIBIT D Exhibit B-3 and shall specify (x) the date of such conversion or continuation (which shall be a Business Day), (y) in the case of a conversion into, or a continuation of, LIBOR Loans, the Interest Period to be applicable thereto, and (z) the aggregate amount and Type of the Revolving Loans being converted or continued. Upon the receipt of a Notice of Conversion/Continuation, the Administrative Agent will promptly notify each Lender Bank of the proposed conversion or continuation. In the event that the any Borrower shall fail to deliver a Notice of Conversion/Continuation as provided herein with respect to any of its outstanding LIBOR Loans, such LIBOR Loans shall automatically be converted to ABR Base Rate Loans upon the expiration of the then current Interest Period applicable thereto (unless repaid pursuant to the terms hereof). In the event that any Borrower shall have failed to specify an Interest Period to be applicable to any conversion into, or continuation of, its LIBOR Loans, then such Borrower shall be deemed to have selected an Interest Period of one month.

Appears in 1 contract

Samples: Credit Agreement (ACE LTD)

Conversions and Continuations. (a) The Borrower shall have the right, on any Business Day occurring on or after the Amendment Effective Closing Date, to elect (i) to convert all or a portion of the outstanding principal amount of any ABR Base Rate Loans into LIBOR Loans, or to convert any LIBOR Loans the Interest Periods for which end on the same day into ABR Base Rate Loans, or (ii) to continue all or a portion of the outstanding principal amount of any LIBOR Loans the Interest Periods for which end on the same day for an additional Interest Period, ; provided that (x) any such conversion of LIBOR Loans into ABR Base Rate Loans shall involve an aggregate principal amount of not less than $500,000 or, if greater, an integral multiple of $100,000 in excess thereof; any such conversion of ABR Base Rate Loans into, or continuation of, LIBOR Loans shall involve an aggregate principal amount of not less than $1,000,000 500,000 or, if greater, an integral multiple of $500,000 100,000 in excess thereof, ; and no partial conversion of LIBOR Loans made pursuant to a single Borrowing shall reduce the outstanding principal amount of such LIBOR Loans to less than $1,000,000 500,000 or to any greater amount not an integral multiple of $500,000 100,000 in excess thereof, (xy) except as otherwise provided in SECTION 2.16(DSection 2.16(e), LIBOR Loans may be converted into ABR Base Rate Loans only on the last day of the Interest Period applicable thereto (and, in any event, if a LIBOR Loan is converted into an ABR a Base Rate Loan on any day other than the last day of the Interest Period applicable thereto, the Borrower will pay, upon such conversion, all amounts required under SECTION Section 2.18 to be paid as a consequence thereof), (y) no such conversion or continuation shall be permitted with regard to any ABR Loans that are Swingline Loans, and (z) no conversion of ABR Base Rate Loans into LIBOR Loans or continuation of LIBOR Loans upon the expiration of the Interest Period therefor shall be permitted during the continuance of a Default or Event of Default. (b) The Borrower shall make each such election by giving the Administrative Agent written notice not later than 11:00 a.m.12:00 p.m., Charlotte time, three (3) Business Days prior to the intended effective date of any conversion of ABR Base Rate Loans into, or continuation of, LIBOR Loans and one (1) Business Day prior to the intended effective date of any conversion of LIBOR Loans into ABR Base Rate Loans, unless such notice requirement is shortened by the Administrative Agent. Each such notice (each, a "Notice of Conversion/Continuation") shall be irrevocable, shall be given in the form of EXHIBIT D Exhibit B-2 and shall specify (x) the date of such conversion or continuation (which shall be a Business Day), (y) in the case of a conversion into, or a continuation of, LIBOR Loans, the Interest Period to be applicable thereto, and (z) the aggregate amount and Type of the Revolving Loans being converted or continued. Upon the receipt of a Notice of Conversion/Continuation, the Agent will promptly notify each Lender of the proposed conversion or continuation. In the event that the Borrower shall fail to deliver a Notice of Conversion/Continuation as provided herein with respect to any outstanding LIBOR Loans, such LIBOR Loans shall automatically be converted to ABR Base Rate Loans upon the expiration of the then current Interest Period applicable thereto (unless repaid pursuant to the terms hereof). In the event the Borrower shall have failed to select in a Notice of Conversion/Continuation the duration of the Interest Period to be applicable to any conversion into, or continuation of, LIBOR Loans, then the Borrower shall be deemed to have selected an Interest Period with a duration of one month.

Appears in 1 contract

Samples: Credit Agreement (Selective Insurance Group Inc)

Conversions and Continuations. (a) The Each Borrower shall have the right, on any Business Day occurring on or after the Amendment Effective Date, to may elect (i) to convert all or a portion of the outstanding principal amount of any ABR of its Base Rate Loans (other than Swingline Loans) into LIBOR Loans, or to convert any of its LIBOR Loans the Interest Periods for which end on the same day into ABR Base Rate Loans, or (ii) upon the expiration of any Interest Period, to continue all or a portion of the outstanding principal amount of any of its LIBOR Loans the Interest Periods for which end on the same day for an additional Interest Period, provided that (x) any such conversion of LIBOR Loans into ABR Base Rate Loans shall involve an aggregate be in a principal amount of not less than $500,000 or, if greater, an integral multiple of $100,000 thereof; any such conversion of ABR Loans into, or continuation of, LIBOR Loans shall involve an aggregate principal amount of not less than $1,000,000 or, if greater, an integral multiple of $100,000 in excess thereof; any such conversion of Base Rate Loans of the same Borrowing into, or continuation of LIBOR Loans shall be in a principal amount not less than $3,000,000 or, if greater, an integral multiple of $500,000 in excess thereof, ; and no partial conversion of LIBOR Loans made pursuant to a single of the same Borrowing shall reduce the outstanding principal amount of such LIBOR Loans to less than $1,000,000 3,000,000 or to any greater amount not an integral multiple of $500,000 in excess thereof, (xy) except as otherwise provided in SECTION 2.16(DSection 2.15(f), LIBOR Loans may be converted into ABR Base Rate Loans (other than Swingline Loans) only on the last day of the Interest Period applicable thereto (and, in any event, if a LIBOR Loan is converted into an ABR a Base Rate Loan on any day other than the last day of the Interest Period applicable thereto, the respective Borrower will pay, upon such conversion, all amounts required under SECTION 2.18 Section 2.17 to be paid as a consequence thereof), (y) no such conversion or continuation shall be permitted with regard to any ABR Loans that are Swingline Loans, and (z) no conversion of ABR Base Rate Loans into LIBOR Loans or continuation of LIBOR Loans upon the expiration of the Interest Period therefor shall be permitted during the continuance of a Default or Event of Default. Notwithstanding anything to the contrary herein, a Swingline Loan may not be converted to a LIBOR Loan. (b) The Each Borrower shall make each such election by giving must give the Administrative Agent written notice not later than 11:00 a.m., Charlotte time, a.m. three (3) Business Days prior to the intended effective date of any conversion of ABR Base Rate Loans into, or continuation of, LIBOR Loans and one (1) Business Day prior to the intended effective date of any conversion of LIBOR Loans into ABR Base Rate Loans. Each such notice (each, a "Notice of Conversion/Continuation") shall be irrevocable, shall be given in the form of EXHIBIT D Exhibit B-2 and shall specify (x) the date of such conversion or continuation (which shall be a Business Day), (y) in the case of a conversion into, or a continuation of, LIBOR Loans, the Interest Period to be applicable thereto, and (z) the aggregate amount and Type of the Revolving Loans being converted or continued. Upon the receipt of a Notice of Conversion/Continuation, the Administrative Agent will promptly notify each Lender of the proposed conversion or continuation. In the event that the any Borrower shall fail to deliver a Notice of Conversion/Continuation as provided herein with respect to any of its outstanding LIBOR Loans, such LIBOR Loans shall automatically be converted to ABR Base Rate Loans upon the expiration of the then current Interest Period applicable thereto (unless repaid pursuant to the terms hereof). In the event that any Borrower shall have failed to specify an Interest Period to be applicable to any conversion into, or continuation of, its LIBOR Loans, then such Borrower shall be deemed to have selected an Interest Period of one month.

Appears in 1 contract

Samples: Credit Agreement (Allied World Assurance Co Holdings, AG)

Conversions and Continuations. (a) The Borrower shall have the right, on any Business Day occurring on or after the Amendment Effective third (3rd) Business Day after the Closing Date, to elect (i) to convert all or a portion of the outstanding principal amount of any ABR Loans Base Rate Loan into a LIBOR LoansLoan, or to convert any LIBOR Loans the Interest Periods for which end on the same day Loan into ABR Loansa Base Rate Loan, or (ii) to continue all or a portion of the outstanding principal amount of any LIBOR Loans the Interest Periods for which end on the same day Loan for an additional Interest Period, provided that (x) any such conversion of a LIBOR Loans Loan into ABR Loans shall involve an aggregate principal amount of not less than $500,000 or, if greater, an integral multiple of $100,000 thereof; any such conversion of ABR Loans into, or continuation of, LIBOR Loans a Base Rate Loan shall involve an aggregate principal amount of not less than $1,000,000 or, if greater, an integral multiple of $500,000 in excess thereof; any such conversion of Base Rate Loans into, or continuation of a LIBOR Loan shall involve an aggregate principal amount of not less than $3,000,000 or, if greater, an integral multiple of $1,000,000 in excess thereof; and no partial conversion of a LIBOR Loans made pursuant to a single Borrowing Loan shall reduce the outstanding principal amount of such LIBOR Loans Loan to less than $1,000,000 3,000,000 or to any greater amount not an integral multiple of $500,000 1,000,000 in excess thereof, (xy) except as otherwise provided in SECTION 2.16(DSection 2.13(d), a LIBOR Loans Loan may be converted into ABR Loans a Base Rate Loan only on the last day of the Interest Period applicable thereto (and, in any event, if a LIBOR Loan is converted into an ABR a Base Rate Loan on any day other than the last day of the Interest Period applicable thereto, the Borrower will pay, upon such conversion, all amounts required under SECTION 2.18 Section 2.15 to be paid as a consequence thereof), (y) no such conversion or continuation shall be permitted with regard to any ABR Loans that are Swingline Loans, and (z) no conversion of ABR Base Rate Loans into LIBOR Loans or continuation of LIBOR Loans upon the expiration of the Interest Period therefor shall be permitted during the continuance of a Default or Event of Default. (b) The Borrower shall make each such election by giving the Agent Lender written notice not later than 11:00 a.m., Charlotte time, three (3) Business Days prior to the intended effective date of any conversion of ABR Loans a Base Rate Loan into, or continuation of, a LIBOR Loans Loan and one (1) Business Day prior to the intended effective date of any conversion of a LIBOR Loans Loan into ABR Loansa Base Rate Loan. Each such notice (each, a "Notice of Conversion/Conversion/ Continuation") shall be irrevocable, shall be given in the form of EXHIBIT D Exhibit B-2 and shall specify (x) the date of such conversion or continuation (which shall be a Business Day), (y) in the case of a conversion into, or a continuation of, a LIBOR LoansLoan, the Interest Period to be applicable thereto, and (z) the aggregate amount and Type of the Revolving Loans Loan being converted or continued. Upon the receipt of a Notice of Conversion/Continuation, the Agent will promptly notify each Lender of the proposed conversion or continuation. In the event that the Borrower shall fail to deliver a Notice of Conversion/Continuation as provided herein with respect to any outstanding LIBOR LoansLoan, such LIBOR Loans Loan shall automatically be converted to ABR Loans a Base Rate Loan upon the expiration of the then current Interest Period applicable thereto (unless repaid pursuant to the terms hereof).

Appears in 1 contract

Samples: Credit Agreement (Everest Reinsurance Holdings Inc)

Conversions and Continuations. (a) The Borrower Borrowers shall have the right, on any Business Day occurring on or after the Amendment Restatement Effective Date, to elect (i) to convert all or a portion of the outstanding principal amount of any ABR Base Rate Loans into LIBOR Loans, or to convert any LIBOR Loans the Interest Periods for which end on the same day into ABR Base Rate Loans, or (ii) upon the expiration of any Interest Period, (A) to continue all or a portion of the outstanding principal amount of any LIBOR Loans Loans, the Interest Periods for which end on the same day day, for an additional Interest Period, or (B) to continue all or a portion of the outstanding principal amount of any Foreign Currency Revolving Loans in any Foreign Currency, the Interest Periods for which end on the same day, for an additional Interest Period as Foreign Currency Revolving Loans in the same Foreign Currency, provided that (xw) any such conversion of LIBOR Loans into ABR Loans shall involve an aggregate principal amount of not less than $500,000 or, if greater, an integral multiple of $100,000 thereof; any such conversion of ABR Loans into, or continuation of, LIBOR Base Rate Loans shall involve an aggregate principal amount of not less than $1,000,000 or, if greater, an integral multiple of $500,000 in excess thereof; any such conversion of Base Rate Loans into, or continuation of, LIBOR Loans, or continuation of Foreign Currency Revolving Loans, shall involve an aggregate principal Dollar Amount of not less than $3,000,000 or, if greater, an integral multiple of a Dollar Amount of $1,000,000 in excess thereof; and no partial conversion of LIBOR Loans made pursuant to a single Borrowing shall reduce the outstanding principal amount of such LIBOR Loans to less than $1,000,000 3,000,000 or to any greater amount not an integral multiple of $500,000 1,000,000 in excess thereof, (x) except as otherwise provided in SECTION 2.16(D), LIBOR Loans may be converted into ABR Base Rate Loans only on the last day of the Interest Period applicable thereto (and, in any event, if a LIBOR Loan is converted into an ABR a Base Rate Loan on any day other than the last day of the Interest Period applicable thereto, the applicable Borrower will pay, upon such conversion, all amounts required under SECTION 2.18 to be paid as a consequence thereof), (y) no such conversion or continuation shall be permitted with regard to any ABR Base Rate Loans that are Swingline Loans, and (z) no conversion of ABR Loans into LIBOR Loans or continuation of LIBOR Loans upon the expiration of the Interest Period therefor shall be permitted during the continuance of a Default or Event of Default. (b) The Borrower shall make each such election by giving the Agent written notice not later than 11:00 a.m., Charlotte time, three (3) Business Days prior to the intended effective date of any conversion of ABR Base Rate Loans into, or continuation of, LIBOR Loans and one (1) Business Day prior to the intended effective date of any conversion of LIBOR Loans into ABR Loans. Each such notice (each, a "Notice of Conversion/Continuation") shall be irrevocable, shall be given in the form of EXHIBIT D and shall specify (x) the date of such conversion or continuation (which shall be a Business Day), (y) in the case of a conversion into, or a continuation of, LIBOR Loans, the Interest Period to be applicable thereto, and (z) the aggregate amount and Type of the Revolving Loans being converted or continued. Upon the receipt of a Notice of Conversion/Continuation, the Agent will promptly notify each Lender of the proposed conversion or continuation. In the event that the Borrower shall fail to deliver a Notice of Conversion/Continuation as provided herein with respect to any outstanding LIBOR Loans, such LIBOR Loans shall automatically be converted to ABR Loans upon the expiration of the then current Interest Period applicable thereto (unless repaid pursuant to the terms hereof).

Appears in 1 contract

Samples: Credit Agreement (Matria Healthcare Inc)

Conversions and Continuations. (a) The Borrower shall have the right, on any Business Day occurring on or after the Amendment Effective Closing Date, to elect (i) to convert all or a portion of the outstanding principal amount of any ABR Base Rate Loans into LIBOR Loans, or to convert any LIBOR Loans the Interest Periods for which end on the same day into ABR Base Rate Loans, or (ii) to continue all or a portion of the outstanding principal amount of any LIBOR Loans the Interest Periods for which end on the same day for an additional Interest Period, provided that (x) any such conversion of LIBOR Loans into ABR Loans shall involve an aggregate principal amount of not less than $500,000 or, if greater, an integral multiple of $100,000 thereof; any such conversion of ABR Loans into, or continuation of, LIBOR Base Rate Loans shall involve an aggregate principal amount of not less than $1,000,000 or, if greater, an integral multiple of $500,000 100,000 in excess thereof; any such conversion of Base Rate Loans into, or continuation of, LIBOR Loans shall involve an aggregate principal amount of not less than $3,000,000 or, if greater, an integral multiple of $1,000,000 in excess thereof; and no partial conversion of LIBOR Loans made pursuant to a single Borrowing shall reduce the outstanding principal amount of such LIBOR Loans to less than $1,000,000 3,000,000 or to any greater amount not an integral multiple of $500,000 1,000,000 in excess thereof, (xy) except as otherwise provided in SECTION 2.16(D), LIBOR Loans may be converted into ABR Base Rate Loans only on the last day of the Interest Period applicable thereto (and, in any event, if a LIBOR Loan is converted into an ABR a Base Rate Loan on any day other than the last day of the Interest Period applicable thereto, the Borrower will pay, upon such conversion, all amounts required under SECTION 2.18 to be paid as a consequence thereof), (y) no such conversion or continuation shall be permitted with regard to any ABR Loans that are Swingline Loans, and (z) no conversion of ABR Base Rate Loans into LIBOR Loans or continuation of LIBOR Loans upon the expiration of the Interest Period therefor shall be permitted during the continuance of a Default or Event of Default. (b) The Borrower shall make each such election by giving the Agent written notice not later than 11:00 a.m.12:00 noon, Charlotte time, three (3) Business Days prior to the intended effective date of any conversion of ABR Base Rate Loans into, or continuation of, LIBOR Loans and one (1) Business Day prior to the intended effective date of any conversion of LIBOR Loans into ABR Base Rate Loans. Each such notice (each, a "Notice of Conversion/Continuation") shall be irrevocable, shall be given in the form of EXHIBIT D B-2 and shall specify (x) the date of such conversion or continuation (which shall be a Business Day), (y) in the case of a conversion into, or a continuation of, LIBOR Loans, the Interest Period to be applicable thereto, and (z) the aggregate amount and Type of the Revolving Loans being converted or continued. Upon the receipt of a Notice of Conversion/Continuation, the Agent will promptly notify each Lender of the proposed conversion or continuation. In the event that the Borrower shall fail to deliver a Notice of Conversion/Continuation as provided herein with respect to any outstanding LIBOR Loans, such LIBOR Loans shall automatically be converted to ABR Base Rate Loans upon the expiration of the then current Interest Period applicable thereto (unless repaid pursuant to the terms hereof). In the event the Borrower shall have failed to select in a Notice of Conversion/Continuation the duration of the Interest Period to be applicable to any conversion into, or continuation of, LIBOR Loans, then the Borrower shall be deemed to have selected an Interest Period with a duration of one month.

Appears in 1 contract

Samples: Credit Agreement (Orthalliance Inc)

Conversions and Continuations. (a) The Each Borrower shall have the right, on any Business Day occurring on or after the Amendment Effective Date, to may elect (i) to convert all or a portion of the outstanding principal amount of any ABR of its Base Rate Loans into LIBOR Loans, or to convert any of its LIBOR Loans the Interest Periods for which end on the same day into ABR Base Rate Loans, or (ii) upon the expiration of any Interest Period, to continue all or a portion of the outstanding principal amount of any of its LIBOR Loans the Interest Periods for which end on the same day for an additional Interest Period, ; provided that (x) any such conversion of LIBOR Loans into ABR Base Rate Loans shall involve an aggregate be in a principal amount of not less than $500,000 3,000,000 or, if greater, an integral multiple of $100,000 1,000,000 in excess thereof; any such conversion of ABR Base Rate Loans of the same Borrowing into, or continuation of, LIBOR Loans shall involve an aggregate be in a principal amount of not less than $1,000,000 5,000,000 or, if greater, an integral multiple of $500,000 1,000,000 in excess thereof, ; and no partial conversion of LIBOR Loans made pursuant to a single of the same Borrowing shall reduce the outstanding principal amount of such LIBOR Loans to less than $1,000,000 5,000,000 or to any greater amount not an integral multiple of $500,000 1,000,000 in excess thereof, (xy) except as otherwise provided in SECTION 2.16(DSection 2.15(f), LIBOR Loans may be converted into ABR Base Rate Loans only on the last day of the Interest Period applicable thereto (and, in any event, if a LIBOR Loan is converted into an ABR a Base Rate Loan on any day other than the last day of the Interest Period applicable thereto, the respective Borrower will pay, upon such conversion, all amounts required under SECTION 2.18 Section 2.17 to be paid as a consequence thereof), (y) no such conversion or continuation shall be permitted with regard to any ABR Loans that are Swingline Loans, and (z) no conversion of ABR Base Rate Loans into LIBOR Loans or continuation of LIBOR Loans upon the expiration of the Interest Period therefor shall be permitted during the continuance of a Default or Event of Default. (b) The Each Borrower shall make each such election by giving must give the Administrative Agent written notice not later than 11:00 a.m., Charlotte time, three (3) Business Days prior to the intended effective date of any conversion of ABR Base Rate Loans into, or continuation of, LIBOR Loans and one (1) Business Day prior to the intended effective date of any conversion of LIBOR Loans into ABR Base Rate Loans. Each such notice (each, a "Notice of Conversion/Continuation") shall be irrevocable, shall be given substantially in the form of EXHIBIT D Exhibit B-2 and shall specify (x) the date of such conversion or continuation (which shall be a Business Day), (y) in the case of a conversion into, or a continuation of, LIBOR Loans, the Interest Period to be applicable thereto, and (z) the aggregate amount and Type of the Revolving Loans being converted or continued. Upon the receipt of a Notice of Conversion/Continuation, the Administrative Agent will promptly notify each Tranche 1 Lender of the proposed conversion or continuation. In the event that the any Borrower shall fail to deliver a Notice of Conversion/Continuation as provided herein with respect to any of its outstanding LIBOR Loans, such LIBOR Loans shall automatically be converted to ABR Base Rate Loans upon the expiration of the then then-current Interest Period applicable thereto (unless repaid pursuant to the terms hereof). In the event that any Borrower shall have failed to specify in a Notice of Conversion/Continuation the duration of the Interest Period to be applicable to any conversion into, or continuation of, its LIBOR Loans, then such Borrower shall be deemed to have selected an Interest Period with a duration of one month.

Appears in 1 contract

Samples: Credit Agreement (Platinum Underwriters Holdings LTD)

Conversions and Continuations. (a) The Each Borrower shall have the right, on any Business Day occurring on or after the Amendment Effective Date, to may elect (i) to convert all or a portion of the outstanding principal amount of any ABR of its Base Rate Loans into LIBOR Loans, or to convert any of its LIBOR Loans the Interest Periods for which end on the same day into ABR Base Rate Loans, or (ii) upon the expiration of any Interest Period, to continue all or a portion of the outstanding principal amount of any of its LIBOR Loans the Interest Periods for which end on the same day for an additional Interest Period, provided that (x) any such conversion of LIBOR Loans into ABR Base Rate Loans shall involve an aggregate be in a principal amount of not less than $500,000 or, if greater, an integral multiple of $100,000 thereof; any such conversion of ABR Loans into, or continuation of, LIBOR Loans shall involve an aggregate principal amount of not less than $1,000,000 or, if greater, an integral multiple of $100,000 in excess thereof; any such conversion of Base Rate Loans of the same Borrowing into, or continuation of LIBOR Loans shall be in a principal amount not less than $3,000,000 or, if greater, an integral multiple of $500,000 in excess thereof, ; and no partial conversion of LIBOR Loans made pursuant to a single of the same Borrowing shall reduce the outstanding principal amount of such LIBOR Loans to less than $1,000,000 3,000,000 or to any greater amount not an integral multiple of $500,000 in excess thereof, (xy) except as otherwise provided in SECTION 2.16(DSection 2.15(f), LIBOR Loans may be converted into ABR Base Rate Loans only on the last day of the Interest Period applicable thereto (and, in any event, if a LIBOR Loan is converted into an ABR a Base Rate Loan on any day other than the last day of the Interest Period applicable thereto, the respective Borrower will pay, upon such conversion, all amounts required under SECTION 2.18 Section 2.17 to be paid as a consequence thereof), (y) no such conversion or continuation shall be permitted with regard to any ABR Loans that are Swingline Loans, and (z) no conversion of ABR Base Rate Loans into LIBOR Loans or continuation of LIBOR Loans upon the expiration of the Interest Period therefor shall be permitted during the continuance of a Default or Event of Default. (b) The Each Borrower shall make each such election by giving must give the Administrative Agent written notice not later than 11:00 a.m., Charlotte time, a.m. three (3) Business Days prior to the intended effective date of any conversion of ABR Base Rate Loans into, or continuation of, LIBOR Loans and one (1) Business Day prior to the intended effective date of any conversion of LIBOR Loans into ABR Base Rate Loans. Each such notice (each, a "Notice of Conversion/Continuation") shall be irrevocable, shall be given in the form of EXHIBIT D Exhibit B-2 and shall specify (x) the date of such conversion or continuation (which shall be a Business Day), (y) in the case of a conversion into, or a continuation of, LIBOR Loans, the Interest Period to be applicable thereto, and (z) the aggregate amount and Type of the Revolving Loans being converted or continued. Upon the receipt of a Notice of Conversion/Continuation, the Administrative Agent will promptly notify each Lender of the proposed conversion or continuation. In the event that the any Borrower shall fail to deliver a Notice of Conversion/Continuation as provided herein with respect to any of its outstanding LIBOR Loans, such LIBOR Loans shall automatically be converted to ABR Base Rate Loans upon the expiration of the then current Interest Period applicable thereto (unless repaid pursuant to the terms hereof). In the event that any Borrower shall have failed to specify an Interest Period to be applicable to any conversion into, or continuation of, its LIBOR Loans, then such Borrower shall be deemed to have selected an Interest Period of one month.

Appears in 1 contract

Samples: Credit Agreement (Allied World Assurance Co Holdings, AG)

Conversions and Continuations. (a) The Borrower shall have the right, on any Business Day occurring on or after the Amendment Effective DateDay, to elect (iy) to convert all (or a portion of the outstanding principal in an amount of any ABR Loans into LIBOR Loans, or to convert any LIBOR Loans the Interest Periods for which end on the same day into ABR Loans, or (ii) to continue all or a portion of the outstanding principal amount of any LIBOR Loans the Interest Periods for which end on the same day for an additional Interest Period, provided that (x) any such conversion of LIBOR Loans into ABR Loans shall involve an aggregate principal amount of not less than $500,000 or(A) in the case of a conversion to Base Rate Loans, if greater, an integral multiple of $100,000 thereof; any such conversion of ABR Loans into, or continuation of, LIBOR Loans shall involve an aggregate principal amount of not less than $1,000,000 or, if greater, an integral multiple of $500,000 thereofin excess thereof and (B) in the case of a conversion to LIBOR Loans, and no partial conversion of LIBOR Loans made pursuant to a single Borrowing shall reduce the outstanding principal amount of such LIBOR Loans to less than $1,000,000 or to any greater amount not or, if greater, an integral multiple of $500,000 in excess thereof) of the outstanding principal amount of any Loans of one Type made pursuant to one or more Borrowings under any Facility (and, in the case of LIBOR Loans, having the same Interest Period) into a Borrowing or Borrowings of Loans (xunder the same Facility) of the other Type, or (z) to continue all (or a portion, subject to the restrictions as to amount set forth in clause (B) of the parenthetical in clause (y) above) of the outstanding principal amount of any LIBOR Loans made pursuant to one or more Borrowings under any Facility (and having the same Interest Period) for an additional Interest Period, provided that (i) except as otherwise provided for in SECTION 2.16(DSection 2.11(d), LIBOR Loans may be converted into ABR Base Rate Loans only on the last day of the Interest Period applicable thereto (and, in any event, if a LIBOR Loan is converted convened into an ABR a Base Rate Loan on any day other than the last day of the Interest Period applicable thereto, the Borrower will pay, upon such conversion, all amounts required under SECTION 2.18 Section 2.13 to be paid as a consequence thereof), (ii) if any partial conversion of LIBOR Loans into Base Rate Loans shall have reduced the outstanding principal amount of the remaining LIBOR Loans made pursuant to a single Borrowing (and thereby continued) to less than $1,000,000, such remaining LIBOR Loans shall be converted immediately into Base Rate Loans and may not thereafter be converted into or continued as LIBOR Loans unless the requirements of clause (y) no such conversion or continuation shall be permitted with regard to any ABR Loans that above are Swingline Loanssatisfied, and (ziii) no conversion of ABR Base Rate Loans into LIBOR Loans or continuation of LIBOR Loans upon the expiration of the Interest Period therefor shall be permitted during the continuance of a Default or Event of DefaultDefault and (iv) no conversion or continuation under this Section shall result in a greater number of separate Interest Periods in respect of LIBOR Loans under either Facility than is permitted under Section 2.2(a)(iv). (b) The Borrower shall make each such election by giving the Agent delivering written notice not later than to the Administrative Agent prior to 11:00 a.m., Charlotte Nashville, Tennessee local time, at least three (3) Business Days prior to the intended effective date of any conversion of ABR Base Rate Loans into, or continuation of, LIBOR Loans and one (1) Business Day prior to 11:00 a.m., Nashville, Tennessee local time on the intended effective date of any conversion of LIBOR Loans into ABR Base Rate Loans. Each such notice (each, a "Notice of Conversion/Continuation") shall be irrevocable, shall be given in the form of EXHIBIT D Exhibit B-2 and shall be appropriately completed to specify (x) the date of such conversion or continuation (which shall be a Business Day)continuation, (y) in the case of a conversion into, or a continuation of, LIBOR Loans, the Interest Period to be applicable thereto, thereto and (z) the aggregate amount amount, Type and Type Facility of the Revolving Loans being converted or continued. Upon the receipt of a Notice of Conversion/Continuation, the Administrative Agent will promptly notify each Lender having a Commitment under the Facility pursuant to which such conversion or continuation is elected of the proposed conversion or continuation, of such Lender's Pro Rata Share thereof and of the other matters specified in the Notice of Conversion/Continuation. In the event that the Borrower shall fail to deliver a Notice of Conversion/Continuation as provided herein hereinabove with respect to any outstanding Borrowing of LIBOR Loans, such LIBOR Loans shall automatically be converted to ABR Base Rate Loans upon the expiration of the then current Interest Period applicable thereto (unless repaid pursuant to the terms hereof)thereto.

Appears in 1 contract

Samples: Credit Agreement (Ipayment Inc)

Conversions and Continuations. (a) The Borrower shall have ----------------------------- the right, on any Business Day occurring on or after the Amendment Effective Closing Date, to elect (i) to convert all or a portion of the outstanding principal amount of any ABR Base Rate Loans of any Class into LIBOR LoansLoans of the same Class, or to convert any LIBOR Loans of any Class the Interest Periods for which end on the same day into ABR LoansBase Rate Loans of the same Class, or (ii) to continue all or a portion of the outstanding principal amount of any LIBOR Loans of any Class the Interest Periods for which end on the same day for an additional Interest Period, provided that (x) any such conversion of LIBOR Loans into ABR Base Rate Loans shall involve an aggregate principal amount of not less than $500,000 or, if greater, an integral multiple of $100,000 thereof; any such conversion of ABR Loans into, or continuation of, LIBOR Loans shall -------- involve an aggregate principal amount of not less than $1,000,000 or, if greater, an integral multiple of $500,000 in excess thereof; any such conversion of Base Rate Loans into, or continuation of, LIBOR Loans shall involve an aggregate principal amount of not less than $5,000,000 or, if greater, an integral multiple of $1,000,000 in excess thereof; and no partial conversion of LIBOR Loans made pursuant to a single Borrowing shall reduce the outstanding principal amount of such LIBOR Loans to less than $1,000,000 5,000,000 or to any greater amount not an integral multiple of $500,000 1,000,000 in excess thereof, (xy) except as otherwise provided in SECTION 2.16(DSection 2.16(d), LIBOR Loans may be converted into ABR Base Rate Loans only on the last day of the Interest Period applicable thereto (and, in any event, if a LIBOR Loan is converted into an ABR a Base Rate Loan on any day other than the last day of the Interest Period applicable thereto, the Borrower will pay, upon such conversion, all amounts required under SECTION Section 2.18 to be paid as a consequence thereof), (y) no such conversion or continuation shall be permitted with regard to any ABR Loans that are Swingline Loans, and (z) no conversion of ABR Base Rate Loans into LIBOR Loans or continuation of LIBOR Loans upon the expiration of the Interest Period therefor shall be permitted during the continuance of a Default or Event of Default. (b) The Borrower shall make each such election by giving the Administrative Agent written notice not later than 11:00 a.m.1:00 p.m., Charlotte time, three (3) Business Days prior to the intended effective date of any conversion of ABR Base Rate Loans into, or continuation of, LIBOR Loans and one (1) Business Day prior to on the intended effective date of any conversion of LIBOR Loans into ABR Base Rate Loans. Each such notice (each, a "Notice of Conversion/Continuation") shall be irrevocable, shall be given in the form of EXHIBIT D Exhibit B-2 and shall specify (x) the date of such conversion or continuation (which shall be a Business Day), (y) in the case of a conversion into, or a continuation of, LIBOR Loans, the Interest Period to be applicable thereto, and (z) the aggregate amount amount, Class and Type of the Revolving Loans being converted or continued. Upon the receipt of a Notice of Conversion/Continuation, the Administrative Agent will promptly notify each Lender of the proposed conversion or continuation. In the event that the Borrower shall fail to deliver a Notice of Conversion/Continuation as provided herein with respect to any outstanding LIBOR Loans, such LIBOR Loans shall automatically be converted to ABR Base Rate Loans upon the expiration of the then current Interest Period applicable thereto (unless repaid pursuant to the terms hereof). In the event the Borrower shall have failed to select in a Notice of Conversion/Continuation the duration of the Interest Period to be applicable to any conversion into, or continuation of, LIBOR Loans, then the Borrower shall be deemed to have selected an Interest Period with a duration of one month.

Appears in 1 contract

Samples: Credit Agreement (Ackerley Group Inc)

Conversions and Continuations. (a) The Each Borrower shall have the right, on any Business Day occurring on or after the Amendment Effective Date, to may elect (i) to convert all or a portion of the outstanding principal amount of any ABR of its Base Rate Loans into LIBOR Loans, or to convert any of its LIBOR Loans the Interest Periods for which end on the same day into ABR Base Rate Loans, or (ii) upon the expiration of any Interest Period, to continue all or a portion of the outstanding principal amount of any of its LIBOR Loans the Interest Periods for which end on the same day for an additional Interest Period, provided that (x) any such conversion of LIBOR Loans into ABR Base Rate Loans shall involve an aggregate be in a principal amount of not less than $500,000 or, if greater, an integral multiple of $100,000 thereof; any such conversion of ABR Loans into, or continuation of, LIBOR Loans shall involve an aggregate principal amount of not less than $1,000,000 or, if greater, an integral multiple of $100,000 in excess thereof; any such conversion of Base Rate Loans of the same Borrowing into, or continuation of LIBOR Loans shall be in a principal amount not less than $3,000,000 or, if greater, an integral multiple of $500,000 in excess thereof, ; and no partial conversion of LIBOR Loans made pursuant to a single of the same Borrowing shall reduce the outstanding principal amount of such LIBOR Loans to less than $1,000,000 3,000,000 or to any greater amount not an integral multiple of $500,000 in excess thereof, (xy) except as otherwise provided in SECTION 2.16(DSection 2.15(f), LIBOR Loans may be converted into ABR Base Rate Loans only on the last day of the Interest Period applicable thereto (and, in any event, if a LIBOR Loan is converted into an ABR a Base Rate Loan on any day other than the last day of the Interest Period applicable thereto, the respective Borrower will pay, upon such conversion, all amounts required under SECTION 2.18 Section 2.17 to be paid as a consequence thereof), (y) no such conversion or continuation shall be permitted with regard to any ABR Loans that are Swingline Loans, and (z) no conversion of ABR Base Rate Loans into LIBOR Loans or continuation of LIBOR Loans upon the expiration of the Interest Period therefor shall be permitted during the continuance of a Default or Event of Default. (b) The Each Borrower shall make each such election by giving must give the Administrative Agent written notice not later than 11:00 a.m., Charlotte Charlotte, North Carolina time, three (3) Business Days prior to the intended effective date of any conversion of ABR Base Rate Loans into, or continuation of, LIBOR Loans and one (1) Business Day prior to the intended effective date of any conversion of LIBOR Loans into ABR Base Rate Loans. Each such notice (each, a "Notice of Conversion/Continuation") shall be irrevocable, shall be given in the form of EXHIBIT D Exhibit B-2 and shall specify (x) the date of such conversion or continuation (which shall be a Business Day), (y) in the case of a conversion into, or a continuation of, LIBOR Loans, the Interest Period to be applicable thereto, and (z) the aggregate amount and Type of the Revolving Loans being converted or continued. Upon the receipt of a Notice of Conversion/Continuation, the Administrative Agent will promptly notify each Lender of the proposed conversion or continuation. In the event that the any Borrower shall fail to deliver a Notice of Conversion/Continuation as provided herein with respect to any of its outstanding LIBOR Loans, such LIBOR Loans shall automatically be converted to ABR Base Rate Loans upon the expiration of the then current Interest Period applicable thereto (unless repaid pursuant to the terms hereof). In the event that any Borrower shall have failed to specify an Interest Period to be applicable to any conversion into, or continuation of, its LIBOR Loans, then such Borrower shall be deemed to have selected an Interest Period of one month.

Appears in 1 contract

Samples: Credit Agreement (Allied World Assurance Co Holdings LTD)

Conversions and Continuations. (a) The Borrower shall have the right, on any Business Day occurring on or after the Amendment Effective Closing Date, to elect (i) to convert all or a portion of the outstanding principal amount of any ABR Base Rate Loans into LIBOR Loans, or to convert any LIBOR Loans the Interest Periods for which end on the same day into ABR Base Rate Loans, or (ii) upon the expiration of any Interest Period, to continue all or a portion of the outstanding principal amount of any LIBOR Loans the Interest Periods for which end on the same day for an additional Interest Period, provided that (xw) any such conversion of LIBOR Loans into ABR Base Rate Loans shall involve an aggregate principal amount of not less than $500,000 3,000,000 or, if greater, an integral multiple of $100,000 1,000,000 in excess thereof; any such conversion of ABR Base Rate Loans into, or continuation of, LIBOR Loans shall involve an aggregate principal amount of not less than $1,000,000 3,000,000 or, if greater, an integral multiple of $500,000 1,000,000 in excess thereof, ; and no partial conversion of LIBOR Loans made pursuant to a single Borrowing shall reduce the outstanding principal amount of such LIBOR Loans to less than $1,000,000 3,000,000 or to any greater amount not an integral multiple of $500,000 1,000,000 in excess thereof, (x) except as otherwise provided in SECTION 2.16(D), LIBOR Loans may be converted into ABR Base Rate Loans only on the last day of the Interest Period applicable thereto (and, in any event, if a LIBOR Loan is converted into an ABR a Base Rate Loan on any day other than the last day of the Interest Period applicable thereto, the Borrower will pay, upon such conversion, all amounts required under SECTION 2.18 to be paid as a consequence thereof), (y) no such conversion or continuation shall be permitted with regard to any ABR Base Rate Loans that are Swingline Loans, and (z) no conversion of ABR Base Rate Loans into LIBOR Loans or continuation of LIBOR Loans upon the expiration of the Interest Period therefor shall be permitted during the continuance of a Default or Event of Default. (b) The Borrower shall make each such election by giving the Agent written notice not later than 11:00 a.m., Charlotte time, three (3) Business Days prior to the intended effective date of any conversion of ABR Base Rate Loans into, or continuation of, LIBOR Loans and one (1) Business Day prior to the intended effective date of any conversion of LIBOR Loans into ABR Base Rate Loans. Each such notice (each, a "Notice of Conversion/Continuation") shall be irrevocable, shall be given in the form of EXHIBIT D B-3 and shall specify (x) the date of such conversion or continuation (which shall be a Business Day), (y) in the case of a conversion into, or a continuation of, LIBOR Loans, the Interest Period to be applicable thereto, and (z) the aggregate amount amount, Class and Type of the Revolving Loans being converted or continued. Upon the receipt of a Notice of Conversion/Continuation, the Agent will promptly notify each Lender of the proposed conversion or continuation. In the event that the Borrower shall fail to deliver a Notice of Conversion/Continuation as provided herein with respect to any outstanding LIBOR Loans, such LIBOR Loans shall automatically be converted to ABR Base Rate Loans upon the expiration of the then current Interest Period applicable thereto (unless repaid pursuant to the terms hereof). In the event the Borrower shall have failed to select in a Notice of Conversion/Continuation the duration of the Interest Period to be applicable to any conversion into, or continuation of, LIBOR Loans, then the Borrower shall be deemed to have selected an Interest Period with a duration of one month.

Appears in 1 contract

Samples: Credit Agreement (Physicians Specialty Corp)

Conversions and Continuations. (a) The Borrower Borrowers shall have the right, on any Business Day occurring on or after the Amendment Effective Closing Date, to elect (i) to convert all or a portion of the outstanding principal amount of any ABR Base Rate Loans into LIBOR Loans, or to convert any LIBOR Loans the Interest Periods for which end on the same day into ABR Base Rate Loans, or (ii) to continue all or a portion of the outstanding principal amount of any LIBOR Loans the Interest Periods for which end on the same day for an additional Interest Period, ; provided that (xw) any such conversion of LIBOR Loans into ABR Loans shall involve an aggregate principal amount of not less than $500,000 or, if greater, an integral multiple of $100,000 thereof; any such conversion of ABR Loans into, or continuation of, LIBOR Base Rate Loans shall involve an aggregate principal amount of not less than $1,000,000 or, if greater, an integral multiple of $500,000 in excess thereof; any such conversion of Base Rate Loans into, or continuation of, LIBOR Loans shall involve an aggregate principal amount of not less than $5,000,000 or, if greater, an integral multiple of $1,000,000 in excess thereof; and no partial conversion of LIBOR Loans made pursuant to a single Borrowing shall reduce the outstanding principal amount of such LIBOR Loans to less than $1,000,000 5,000,000 or to any greater amount not an integral multiple of $500,000 1,000,000 in excess thereof, (x) except as otherwise provided in SECTION 2.16(DSection 2.16(d), LIBOR Loans may be converted into ABR Base Rate Loans only on the last day of the Interest Period applicable thereto (and, in any event, if a LIBOR Loan is converted into an ABR a Base Rate Loan on any day other than the last day of the Interest Period applicable thereto, the Borrower Borrowers will pay, upon such conversion, all amounts required under SECTION Section 2.18 to be paid as a consequence thereof), and (y) no such conversion or continuation shall be permitted with regard to any ABR Loans that are Swingline Loans, and (z) no conversion of ABR Base Rate Loans into LIBOR Loans or continuation of LIBOR Loans upon the expiration of the Interest Period therefor shall be permitted during the continuance of a Default or Event of Default. (b) The Borrower Borrowers shall make each such election by giving the Agent written notice notice, executed by an Authorized Officer of each Borrower, not later than 11:00 a.m., Charlotte time, three (3) Business Days prior to the intended effective date of any conversion of ABR Base Rate Loans into, or continuation of, LIBOR Loans and one (1) Business Day prior to the intended effective date of any conversion of LIBOR Loans into ABR Base Rate Loans. Each such notice (each, a "Notice of Conversion/Continuation") shall be irrevocable, shall be given in the form of EXHIBIT D Exhibit B-2 and shall specify (x) the date of such conversion or continuation (which shall be a Business Day), (y) in the case of a conversion into, or a continuation of, LIBOR Loans, the Interest Period to be applicable thereto, and (z) the aggregate amount and Type of the Revolving Loans being converted or continued. Upon the receipt of a Notice of Conversion/Continuation, the Agent will promptly notify each Lender of the proposed conversion or continuation. In the event that the Borrower Borrowers shall fail to deliver a Notice of Conversion/Continuation as provided herein with respect to any outstanding LIBOR Loans, such LIBOR Loans shall automatically be converted to ABR Base Rate Loans upon the expiration of the then current Interest Period applicable thereto (unless repaid pursuant to the terms hereof).

Appears in 1 contract

Samples: Credit Agreement (Tel Save Holdings Inc)

Conversions and Continuations. (a) The Borrower shall have the right, on any Business Day occurring on or after the Amendment Effective Date, to may elect (i) to convert all or a portion of the outstanding principal amount of any ABR of its Base Rate Loans into LIBOR Loans, or to convert any of its LIBOR Loans the Interest Periods for which end on the same day into ABR Base Rate Loans, or (ii) upon the expiration of any Interest Period, to continue all or a portion of the outstanding principal amount of any of its LIBOR Loans the Interest Periods for which end on the same day for an additional Interest Period, provided that (x) any such conversion of LIBOR Loans into ABR Base Rate Loans shall involve an aggregate be in a principal amount of not less than $500,000 5,000,000 or, if greater, an integral multiple of $100,000 1,000,000 in excess thereof; any such conversion of ABR Base Rate Loans of the same Borrowing into, or continuation of, of LIBOR Loans shall involve an aggregate be in a principal amount of not less than $1,000,000 5,000,000 or, if greater, an integral multiple of $500,000 1,000,000 in excess thereof, ; and no partial conversion of LIBOR Loans made pursuant to a single of the same Borrowing shall reduce the outstanding principal amount of such LIBOR Loans to less than $1,000,000 5,000,000 or to any greater amount not an integral multiple of $500,000 1,000,000 in excess thereof, (xy) except as otherwise provided in SECTION 2.16(DSection 2.15(f), LIBOR Loans may be converted into ABR Base Rate Loans only on the last day of the Interest Period applicable thereto (and, in any event, if a LIBOR Loan is converted into an ABR a Base Rate Loan on any day other than the last day of the Interest Period applicable thereto, the Borrower will pay, upon such conversion, all amounts required under SECTION 2.18 Section 2.17 to be paid as a consequence thereof), (y) no such conversion or continuation shall be permitted with regard to any ABR Loans that are Swingline Loans, and (z) no conversion of ABR Base Rate Loans into LIBOR Loans or continuation of LIBOR Loans upon the expiration of the Interest Period therefor shall be permitted during the continuance of a Default or Event of Default. (b) The Borrower shall make each such election by giving must give the Administrative Agent written notice not later than 11:00 a.m., Charlotte time, three (3) Business Days prior to the intended effective date of any conversion of ABR Base Rate Loans into, or continuation of, LIBOR Loans and one (1) Business Day prior to the intended effective date of any conversion of LIBOR Loans into ABR Base Rate Loans. Each such notice (each, a "Notice of Conversion/Continuation") shall be irrevocable, shall be given in the form of EXHIBIT D Exhibit B-2 and shall specify (x) the date of such conversion or continuation (which shall be a Business Day), (y) in the case of a conversion into, or a continuation of, LIBOR Loans, the Interest Period to be applicable thereto, and (z) the aggregate amount and Type of the Revolving Loans being converted or continued. Upon the receipt of a Notice of Conversion/Continuation, the Administrative Agent will promptly notify each Tranche 1 Lender of the proposed conversion or continuation. In the event that the Borrower shall fail to deliver a Notice of Conversion/Continuation as provided herein with respect to any of its outstanding LIBOR Loans, such LIBOR Loans shall automatically be converted to ABR Base Rate Loans upon the expiration of the then current Interest Period applicable thereto (unless repaid pursuant to the terms hereof). In the event that the Borrower shall have failed to specify an Interest Period to be applicable to any conversion into, or continuation of, its LIBOR Loans, then the Borrower shall be deemed to have selected an Interest Period of one month.

Appears in 1 contract

Samples: Credit Agreement (Odyssey Re Holdings Corp)

Conversions and Continuations. (a) The Borrower shall have the right, on any Business Day occurring on or after the Amendment Effective Closing Date, to elect (i) to convert all or a portion of the outstanding principal amount of any ABR Base Rate Loans of any Class into LIBOR LoansSOFR Loans of the same Class, or to convert any LIBOR SOFR Loans of any Class the Interest Periods for which end on the same day into ABR LoansBase Rate Loans of the same Class, or (ii) upon the expiration of any Interest Period, to continue all or a portion of the outstanding principal amount of any LIBOR SOFR Loans of any Class, the Interest Periods for which end on the same day day, for an additional Interest Period, provided that (xw) any such conversion of LIBOR SOFR Loans into ABR Loans shall involve an aggregate principal amount of not less than $500,000 or, if greater, an integral multiple of $100,000 thereof; any such conversion of ABR Loans into, or continuation of, LIBOR Base Rate Loans shall involve an aggregate principal amount of not less than $1,000,000 (or, if less, the aggregate outstanding amount of such SOFR Loan) and, if greater, an integral multiple of $500,000 in excess thereof; any such conversion of Base Rate Loans into, or continuation of, SOFR Loans shall involve an aggregate principal amount of not less than $1,000,000 (or, if less, the aggregate outstanding amount of such Base Rate Loan) or, if greater, an integral multiple of $500,000 thereofin excess thereof (or, if such excess amount is less than $500,000, the remainder of such excess amount) and no partial conversion of LIBOR SOFR Loans made pursuant to a single Borrowing shall reduce the outstanding principal amount of such LIBOR SOFR Loans to less than $1,000,000 or to any greater amount not an integral multiple of $500,000 in excess thereofthereof (or, if such excess amount is less than $500,000, the remainder of such excess amount), (x) except as otherwise provided in SECTION 2.16(D)Section 2.16, LIBOR SOFR Loans may be converted into ABR Base Rate Loans and only on the last day of the Interest Period applicable thereto (and, in any event, if a LIBOR Loan is converted into an ABR Loan on any day other than the last day of the Interest Period applicable thereto, the Borrower will pay, upon such conversion, all amounts required under SECTION 2.18 to be paid as a consequence thereof), (y) no such conversion or continuation shall be permitted with regard to any ABR Base Rate Loans that are Swingline Loans, Loans and (z) no conversion of ABR Base Rate Loans into LIBOR SOFR Loans or continuation of LIBOR SOFR Loans upon the expiration of the Interest Period therefor shall be permitted during the continuance of a Default or an Event of Default. (b) . The Borrower shall make each such election by giving the Administrative Agent written notice not later than 11:00 a.m., Charlotte time2:00 p.m., three (3) Business Days prior to the intended effective date of any such conversion or continuation (or in the case of a conversion of ABR Loans intoany Loan into a Base Rate Loan, or continuation of, LIBOR Loans and one (1) Business Day prior to on the intended effective date of any conversion of LIBOR Loans into ABR Loanssuch conversion). Each such notice (each, a "Notice of Conversion/Continuation") shall be irrevocable, shall be given in the form of EXHIBIT D Exhibit B-3 and shall specify (x) the date of such conversion or continuation (which shall be a Business Day), (y) in the case of a conversion into, or a continuation of, LIBOR SOFR Loans, the Interest Period to be applicable thereto, and (z) the aggregate amount principal amount, Class and Type of the Revolving Loans being converted or continued. Upon the receipt of a Notice of Conversion/Continuation, the Administrative Agent will promptly notify each Lender having a Commitment for Loans (or outstanding Loans) of the relevant Class of the proposed conversion or continuation. In the event that the Borrower shall fail to deliver a Notice of Conversion/Continuation as provided herein with respect to any outstanding LIBOR SOFR Loans, such LIBOR SOFR Loans shall automatically be converted continued at the end of its Interest Period as a SOFR Loan with an Interest Period of one month. In the event the Borrower shall have failed to ABR Loans upon select in a Notice of Conversion/Continuation the expiration duration of the then current Interest Period to be applicable thereto (unless repaid pursuant to any conversion into, or continuation of, SOFR Loans, then the terms hereof)Borrower shall be deemed to have selected an Interest Period with a duration of three months.

Appears in 1 contract

Samples: Credit Agreement (Blue Bird Corp)

Conversions and Continuations. (a) The Borrower shall have the right, on any Business Day occurring on or after the Amendment Effective Date, to IPC Holdings may elect (i) to convert all or a portion of the outstanding principal amount of any ABR of its Base Rate Loans into LIBOR Loans, or to convert any of its LIBOR Loans the Interest Periods for which end on the same day into ABR Base Rate Loans, or (ii) upon the expiration of any Interest Period, to continue all or a portion of the outstanding principal amount of any of its LIBOR Loans the Interest Periods for which end on the same day for an additional Interest Period, provided that (x) any such conversion of LIBOR Loans into ABR Base Rate Loans shall involve an aggregate be in a principal amount of not less than $500,000 3,000,000 or, if greater, an integral multiple of $100,000 1,000,000 in excess thereof; any such conversion of ABR Base Rate Loans of the same Borrowing into, or continuation of, of LIBOR Loans shall involve an aggregate be in a principal amount of not less than $1,000,000 5,000,000 or, if greater, an integral multiple of $500,000 1,000,000 in excess thereof, ; and no partial conversion of LIBOR Loans made pursuant to a single of the same Borrowing shall reduce the outstanding principal amount of such LIBOR Loans to less than $1,000,000 5,000,000 or to any greater amount not an integral multiple of $500,000 1,000,000 in excess thereof, (xy) except as otherwise provided in SECTION 2.16(D3.15(F), LIBOR Loans may be converted into ABR Base Rate Loans only on the last day of the Interest Period applicable thereto (and, in any event, if a LIBOR Loan is converted into an ABR a Base Rate Loan on any day other than the last day of the Interest Period applicable thereto, the Borrower IPC Holdings will pay, upon such conversion, all amounts required under SECTION 2.18 3.17 to be paid as a consequence thereof), (y) no such conversion or continuation shall be permitted with regard to any ABR Loans that are Swingline Loans, and (z) no conversion of ABR Base Rate Loans into LIBOR Loans or continuation of LIBOR Loans upon the expiration of the Interest Period therefor shall be permitted during the continuance of a Default or Event of Default. (b) The Borrower shall make each such election by giving IPC Holdings must give the Administrative Agent written notice not later than 11:00 a.m., Charlotte time, three (3) Business Days prior to the intended effective date of any conversion of ABR Base Rate Loans into, or continuation of, LIBOR Loans and one (1) Business Day prior to the intended effective date of any conversion of LIBOR Loans into ABR Base Rate Loans. Each such notice (each, a "Notice of Conversion/Continuation") shall be irrevocable, shall be given in the form of EXHIBIT D B-2 and shall specify (x) the date of such conversion or continuation (which shall be a Business Day), (y) in the case of a conversion into, or a continuation of, LIBOR Loans, the Interest Period to be applicable thereto, thereto and (z) the aggregate amount and Type of the Revolving Loans being converted or continued. Upon the receipt of a Notice of Conversion/Continuation, the Administrative Agent will promptly notify each Tranche 1 Lender of the proposed conversion or continuation. In the event that the Borrower IPC Holdings shall fail to deliver a Notice of Conversion/Continuation as provided herein with respect to any of its outstanding LIBOR Loans, such LIBOR Loans shall automatically be converted to ABR Base Rate Loans upon the expiration of the then current Interest Period applicable thereto (unless repaid pursuant to the terms hereof). In the event that IPC Holdings shall have failed to specify an Interest Period to be applicable to any conversion into, or continuation of, its LIBOR Loans, then IPC Holdings shall be deemed to have selected an Interest Period of one month.

Appears in 1 contract

Samples: Credit Agreement (Ipc Holdings LTD)

Conversions and Continuations. (a) The Borrower shall have the right, on any Business Day occurring on or after the Amendment third (3rd) Business Day after the Restatement Effective Date, to elect (i) to convert all or a portion of the outstanding principal amount of any ABR Base Rate Loans into LIBOR Loans, or to convert any LIBOR Loans the Interest Periods for which end on the same day into ABR Base Rate Loans, or (ii) to continue all or a portion of the outstanding principal amount of any LIBOR Loans the Interest Periods for which end on the same day for an additional Interest Period, provided PROVIDED that (xw) any such conversion of LIBOR Loans into ABR Loans shall involve an aggregate principal amount of not less than $500,000 or, if greater, an integral multiple of $100,000 thereof; any such conversion of ABR Loans into, or continuation of, LIBOR Base Rate Loans shall involve an aggregate principal amount of not less than $1,000,000 or, if greater, an integral multiple of $500,000 in excess thereof; any such conversion of Base Rate Loans into, or continuation of, LIBOR Loans shall involve an aggregate principal amount of not less than $5,000,000 or, if greater, an integral multiple of $1,000,000 in excess thereof; and no partial conversion of LIBOR Loans made pursuant to a single Borrowing shall reduce the outstanding principal amount of such LIBOR Loans to less than $1,000,000 5,000,000 or to any greater amount not an integral multiple of $500,000 1,000,000 in excess thereof, (xy) except as otherwise provided in SECTION 2.16(D2.16(d), LIBOR Loans may be converted into ABR Base Rate Loans only on the last day of the Interest Period applicable thereto (and, in any event, if a LIBOR Loan is converted into an ABR a Base Rate Loan on any day other than the last day of the Interest Period applicable thereto, the Borrower will pay, upon such conversion, all amounts required under SECTION 2.18 to be paid as a consequence thereof), (y) no such conversion or continuation shall be permitted with regard to any ABR Loans that are Swingline Loans, and (z) no conversion of ABR Base Rate Loans into LIBOR Loans or continuation of LIBOR Loans upon the expiration of the Interest Period therefor shall be permitted during the continuance of a Default or Event of Default. (b) The Borrower shall make each such election by giving the Administrative Agent written notice not later than 11:00 a.m.12:00 noon, Charlotte time, three (3) Business Days prior to the intended effective date of any conversion of ABR Base Rate Loans into, or continuation of, LIBOR Loans and one (1) Business Day prior to the intended effective date of any conversion of LIBOR Loans into ABR Base Rate Loans. Each such notice (each, a "Notice of Conversion/Continuation") shall be irrevocable, shall be given in the form of EXHIBIT D B-2 and shall specify (x) the date of such conversion or continuation (which shall be a Business Day), (y) in the case of a conversion into, or a continuation of, LIBOR Loans, the Interest Period to be applicable thereto, and (z) the aggregate amount and Type of the Revolving Loans being converted or continued. Upon the receipt of a Notice of Conversion/Continuation, the Administrative Agent will promptly notify each Lender of the proposed conversion or continuation. In the event that the Borrower shall fail to deliver a Notice of Conversion/Continuation as provided herein with respect to any outstanding LIBOR Loans, such LIBOR Loans shall automatically be converted to ABR Base Rate Loans upon the expiration of the then current Interest Period applicable thereto (unless repaid pursuant to the terms hereof). In the event the Borrower shall have failed to select in a Notice of Conversion/Continuation the duration of the Interest Period to be applicable to any conversion into, or continuation of, LIBOR Loans, then the Borrower shall be deemed to have selected an Interest Period with a duration of one month.

Appears in 1 contract

Samples: Credit Agreement (Concentra Managed Care Inc)

Conversions and Continuations. (a) The Borrower shall have the right, on any Business Day occurring on or after the Amendment Effective DateDay, to elect (iy) to convert all (or a portion of the outstanding principal in an amount of any ABR Loans into LIBOR Loans, or to convert any LIBOR Loans the Interest Periods for which end on the same day into ABR Loans, or (ii) to continue all or a portion of the outstanding principal amount of any LIBOR Loans the Interest Periods for which end on the same day for an additional Interest Period, provided that (x) any such conversion of LIBOR Loans into ABR Loans shall involve an aggregate principal amount of not less than (A) in the case of Base Rate Loans, $500,000 or, if greater, an integral multiple of $100,000 thereof; any such conversion of ABR Loans into, or continuation of, LIBOR Loans shall involve an aggregate principal amount of not less than $1,000,000 2,000,000 or, if greater, an integral multiple of $500,000 in excess thereof and (B) in the case of LIBOR Loans, $3,000,000 or, if greater, an integral multiple of $1,000,000 in excess thereof) of the outstanding principal amount of any Loans of one Type made pursuant to one or more Borrowings (and, and no partial conversion in the case of LIBOR Loans, having the same Interest Period) into a Borrowing or Borrowings of Loans of the other Type, or (z) to continue all (or a portion, subject to the restrictions as to amount set forth in clause (B) of the parenthetical in clause (y) above) of the outstanding principal amount of any LIBOR Loans made pursuant to a single Borrowing shall reduce one or more Borrowings (having the outstanding principal amount of such LIBOR Loans to less than $1,000,000 or to any greater amount not same Interest Period) for an integral multiple of $500,000 in excess thereofadditional Interest Period, provided that (xi) except as otherwise provided for in SECTION 2.16(D2.11(D), LIBOR Loans may be converted into ABR Base Rate Loans only on the last day of the Interest Period applicable thereto (and, in any event, if a LIBOR Loan is converted into an ABR a Base Rate Loan on any day other than the last day of the Interest Period applicable thereto, the Borrower will pay, upon such conversion, all amounts required under SECTION 2.18 2.13 to be paid as a consequence thereof), (ii) if any partial conversion of LIBOR Loans into Base Rate Loans shall have reduced the outstanding principal amount of the remaining LIBOR Loans made pursuant to a single Borrowing (and thereby continued) to less than $3,000,000, such remaining LIBOR Loans shall be converted immediately into Base Rate Loans and may not thereafter be converted into or continued as LIBOR Loans unless the requirements of clause (y) no such conversion or continuation shall be permitted with regard to any ABR Loans that above are Swingline Loanssatisfied, and (ziii) no conversion of ABR Base Rate Loans into LIBOR Loans or continuation of LIBOR Loans upon the expiration of the Interest Period therefor shall be permitted during the continuance of a Default or an Event of DefaultDefault and (iv) no conversion or continuation under this Section shall result in a greater number of separate Interest Periods in respect of LIBOR Loans than is permitted under SECTION 2.2(A)(IV). (b) The Borrower shall make each such election by giving delivering written notice to the Agent written notice not later than prior to 11:00 a.m., Charlotte time, at least three (3) Business Days prior to the intended effective date of any conversion of ABR Base Rate Loans into, or continuation of, LIBOR Loans and at least one (1) Business Day prior to the intended effective date of any conversion of LIBOR Loans into ABR Base Rate Loans. Each such notice (each, a "Notice of Conversion/Continuation") shall be irrevocable, shall be given in the form of EXHIBIT D B-2 and shall be appropriately completed to specify (x) the date of such conversion or continuation (which shall be a Business Day)continuation, (y) in the case of a conversion into, or a continuation of, LIBOR Loans, the Interest Period to be applicable thereto, thereto and (z) the aggregate amount and Type of the Revolving Loans being converted or continued. Upon the receipt of a Notice of Conversion/Continuation, the Agent will promptly notify each Lender having a Commitment of the proposed conversion or continuation, of such Lender's Pro Rata Share thereof and of the other matters specified in the Notice of Conversion/Continuation. In the event that the Borrower shall fail to deliver a Notice of Conversion/Continuation as provided herein hereinabove with respect to any outstanding Borrowing of LIBOR Loans, such LIBOR Loans shall automatically be converted to ABR Base Rate Loans upon the expiration of the then current Interest Period applicable thereto (unless repaid pursuant to the terms hereof)thereto.

Appears in 1 contract

Samples: Loan Agreement (American Oncology Resources Inc /De/)

Conversions and Continuations. (a) The Borrower shall have the right, on any Business Day occurring on or after the Amendment Effective Date, to elect (i) to convert all or a portion of the outstanding principal amount of any ABR Base Rate Loans under either Credit Facility into LIBOR LoansLoans under the same Credit Facility, or to convert any LIBOR Loans under either Credit Facility the Interest Periods for which end on the same day into ABR LoansBase Rate Loans under the same Credit Facility, or (ii) to continue all or a portion of the outstanding principal amount of any LIBOR Loans under either Credit Facility the Interest Periods for which end on the same day for an additional Interest Period, provided that (xi) any such conversion of LIBOR Loans into ABR Loans shall involve an aggregate principal amount of not less than $500,000 or, if greater, an integral multiple of $100,000 thereof; any such conversion of ABR Loans into, or continuation of, LIBOR Base Rate Loans shall involve an aggregate principal amount of not less than $1,000,000 or, if greater, an integral multiple of $500,000 in excess thereof; (ii) any such conversion of Base Rate Loans into, and or continuation of, LIBOR Loans shall involve an aggregate principal amount of not less than $3,000,000 or, if greater, an integral multiple of $1,000,000 in excess thereof; (iii) no partial conversion of LIBOR Loans made pursuant to a single Borrowing shall reduce the outstanding principal amount of such LIBOR Loans to less than $1,000,000 3,000,000 or to any greater amount not an integral multiple of $500,000 1,000,000 in excess thereof, (xiv) except as otherwise provided in SECTION 2.16(D)no such conversion or continuation shall be permitted with regard to any Base Rate Loans that are Swingline Loans, and (v) no conversion of Base Rate Loans into LIBOR Loans may be converted or continuation of LIBOR Loans into ABR Loans only on the last day of the a new Interest Period applicable thereto (and, in any event, if shall be permitted during the continuance of a Default or Event of Default. If a LIBOR Loan is converted into an ABR a Base Rate Loan on any day other than the last day of the Interest Period applicable thereto, the Borrower will pay, upon such conversion, all amounts required under SECTION 2.18 2.13 to be paid as a consequence thereof), (y) no such conversion or continuation shall be permitted with regard to any ABR Loans that are Swingline Loans, and (z) no conversion of ABR Loans into LIBOR Loans or continuation of LIBOR Loans upon the expiration of the Interest Period therefor shall be permitted during the continuance of a Default or Event of Default. (b) The Borrower shall make each such election by giving the Agent written notice not later than 11:00 a.m.12:00 noon, Charlotte time, three (3) Business Days prior to the intended effective date of any conversion of ABR Base Rate Loans into, or continuation of, LIBOR Loans and one (1) Business Day prior to the intended effective date of any conversion of LIBOR Loans into ABR Base Rate Loans. Each such notice (each, a "Notice of Conversion/Continuation") shall be irrevocable, shall be given in the form of EXHIBIT D B-2 and shall specify (x) the date of such conversion or continuation (which shall be a Business Day), (y) in the case of a conversion into, or a continuation of, LIBOR Loans, the Interest Period to be applicable thereto, and (z) the aggregate amount and Type of the Revolving Loans being converted or continued. Upon continued and the receipt of a Notice of Conversion/Continuation, the Agent will promptly notify each Lender of the proposed conversion or continuation. In the event that the Borrower shall fail to deliver a Notice of Conversion/Continuation as provided herein with respect to any outstanding LIBOR Loans, Credit Facility under which such LIBOR Loans shall automatically be converted to ABR Loans upon the expiration of the then current Interest Period applicable thereto (unless repaid pursuant to the terms hereof).were

Appears in 1 contract

Samples: Credit Agreement (Province Healthcare Co)

Conversions and Continuations. (a) The With respect to Loans not constituting Swingline Loans made pursuant to the Sweep Program, the Borrower shall have the right, on any Business Day occurring on or after the Amendment Effective Closing Date, to elect (i) to convert all or a portion of the outstanding principal amount of any ABR Base Rate Loans or any LIBOR Market Index Loans (other than Swingline Loans made after the Sweep Program has been terminated) into LIBOR Loans, or to convert any LIBOR Loans the Interest Periods for which end on the same day into ABR Base Rate Loans or LIBOR Market Index Loans, or (ii) upon the expiration of any Interest Period, to continue all or a portion of the outstanding principal amount of any LIBOR Loans the Interest Periods for which end on the same day for an additional Interest Period, provided that (xw) any such conversion of LIBOR Loans into ABR Base Rate Loans or LIBOR Market Index Loans shall involve an aggregate principal amount of not less than $500,000 1,000,000 or, if greater, an integral multiple of $100,000 500,000 in excess thereof; any such conversion of ABR Base Rate Loans or LIBOR Market Index Loans into, or continuation of, LIBOR Loans shall involve an aggregate principal amount of not less than $1,000,000 or, if greater, an integral multiple of $500,000 in excess thereof, ; and no partial conversion of LIBOR Loans made pursuant to a single Borrowing shall reduce the outstanding principal amount of such LIBOR Loans to less than $1,000,000 or to any greater amount not an integral multiple of $500,000 in excess thereof, (x) except as otherwise provided in SECTION 2.16(DSection 2.16(d), LIBOR Loans may be converted into ABR Base Rate Loans or LIBOR Market Index Loans only on the last day of the Interest Period applicable thereto (and, in any event, if a LIBOR Loan is converted into an ABR a Base Rate Loan or a LIBOR Market Index Loan on any day other than the last day of the Interest Period applicable thereto, the Borrower will pay, upon such conversion, all amounts required under SECTION Section 2.18 to be paid as a consequence thereof), (y) no such conversion or continuation shall be permitted with regard to any ABR Base Rate Loans that are Swingline Loans, and (z) no conversion of ABR Base Rate Loans or LIBOR Market Index Loans into LIBOR Loans or continuation of LIBOR Loans upon the expiration of the Interest Period therefor shall be permitted during the continuance of a Default or Event of Default. (b) The Borrower shall make each such election by giving the Agent written notice not later than 11:00 a.m., Charlotte time, three (3) Business Days prior to the intended effective date of any conversion of ABR Base Rate Loans or LIBOR Market Index Loans into, or continuation of, LIBOR Loans and one (1) Business Day prior to the intended effective date of any conversion of LIBOR Loans into ABR Base Rate Loans or LIBOR Market Index Loans. Each such notice (each, a "Notice of Conversion/Continuation") shall be irrevocable, shall be given in the form of EXHIBIT D Exhibit B-3 and shall specify (x) the date of such conversion or continuation (which shall be a Business Day), (y) in the case of a conversion into, or a continuation of, LIBOR Loans, the Interest Period to be applicable thereto, and (z) the aggregate amount and Type of the Revolving Loans being converted or continued. Upon the receipt of a Notice of Conversion/Continuation, the Agent will promptly notify each Lender of the proposed conversion or continuation. In the event that the Borrower shall fail to deliver a Notice of Conversion/Continuation as provided herein with respect to any outstanding LIBOR Loans, such LIBOR Loans shall automatically be converted to ABR LIBOR Market Index Rate Loans upon the expiration of the then current Interest Period applicable thereto (unless repaid pursuant to the terms hereof). In the event the Borrower shall have failed to select in a Notice of Conversion/Continuation the duration of the Interest Period to be applicable to any conversion into, or continuation of, LIBOR Loans, then the Borrower shall be deemed to have selected an Interest Period with a duration of one month.

Appears in 1 contract

Samples: Credit Agreement (Old Dominion Freight Line Inc/Va)

Conversions and Continuations. (a) The Borrower shall have the right, on any Business Day occurring on or after the Amendment Effective Closing Date, to elect (i) to convert all or a portion of the outstanding principal amount of any ABR Base Rate Loans of any Class into LIBOR LoansLoans of the same Class, or to convert any LIBOR Loans of any Class the Interest Periods for which end on the same day into ABR LoansBase Rate Loans of the same Class, or (ii) to continue all or a portion of the outstanding principal amount of any LIBOR Loans of any Class the Interest Periods for which end on the same day for an additional Interest Period, provided that (x) any such conversion of LIBOR Loans into ABR Loans shall involve an aggregate principal amount of not less than $500,000 or, if greater, an integral multiple of $100,000 thereof; any such conversion of ABR Loans into, or continuation of, LIBOR Base Rate Loans shall involve an aggregate principal amount of not less than $1,000,000 or, if greater, an integral multiple of $500,000 in excess thereof; any such conversion of Base Rate Loans into, or continuation of, LIBOR Loans shall involve an aggregate principal amount of not less than $5,000,000 or, if greater, an integral multiple of $1,000,000 in excess thereof; and no partial conversion of LIBOR Loans made pursuant to a single Borrowing shall reduce the outstanding principal amount of such LIBOR Loans to less than $1,000,000 5,000,000 or to any greater amount not an integral multiple of $500,000 1,000,000 in excess thereof, (xy) except as otherwise provided in SECTION 2.16(DSection 2.16(d), LIBOR Loans may be converted into ABR Base Rate Loans only on the last day of the Interest Period applicable thereto (and, in any event, if a LIBOR Loan is converted into an ABR a Base Rate Loan on any day other than the last day of the Interest Period applicable thereto, the Borrower will pay, upon such conversion, all amounts required under SECTION Section 2.18 to be paid as a consequence thereof), (y) no such conversion or continuation shall be permitted with regard to any ABR Loans that are Swingline Loans, and (z) no conversion of ABR Base Rate Loans into LIBOR Loans or continuation of LIBOR Loans upon the expiration of the Interest Period therefor shall be permitted during the continuance of a Default or Event of Default. (b) The Borrower shall make each such election by giving the Administrative Agent written notice not later than 11:00 a.m.1:00 p.m., Charlotte time, three (3) Business Days prior to the intended effective date of any conversion of ABR Base Rate Loans into, or continuation of, LIBOR Loans and one (1) Business Day prior to the intended effective date of any conversion of LIBOR Loans into ABR Base Rate Loans. Each such notice (each, a "Notice of Conversion/Continuation") shall be irrevocable, shall be given in the form of EXHIBIT D Exhibit B-2 and shall specify (x) the date of such conversion or continuation (which shall be a Business Day), (y) in the case of a conversion into, or a continuation of, LIBOR Loans, the Interest Period to be applicable thereto, and (z) the aggregate amount amount, Class and Type of the Revolving Loans being converted or continued. Upon the receipt of a Notice of Conversion/Continuation, the Administrative Agent will promptly notify each Lender of the proposed conversion or continuation. In the event that the Borrower shall fail to deliver a Notice of Conversion/Continuation as provided herein with respect to any outstanding LIBOR Loans, such LIBOR Loans shall automatically be converted to ABR Base Rate Loans upon the expiration of the then current Interest Period applicable thereto (unless repaid pursuant to the terms hereof). In the event the Borrower shall have failed to select in a Notice of Conversion/Continuation the duration of the Interest Period to be applicable to any conversion into, or continuation of, LIBOR Loans, then the Borrower shall be deemed to have selected an Interest Period with a duration of one month.

Appears in 1 contract

Samples: Credit Agreement (Ackerley Group Inc)

Conversions and Continuations. (a) The Each Borrower shall have the right, on any Business Day occurring on or after the Amendment Effective DateDay, to elect (i) to convert all or a portion of the outstanding principal amount of any ABR Base Rate Loans into LIBOR Loans, or to convert any LIBOR Loans the Interest Periods for which end on the same day into ABR Base Rate Loans, or (ii) upon the expiration of any Interest Period, to continue all or a portion of the outstanding principal amount of any LIBOR Loans the Interest Periods for which end on the same day for an additional Interest Period, ; provided that (x) any such conversion of LIBOR Loans into ABR Loans shall involve an aggregate principal amount of not less than $500,000 or, if greater, an integral multiple of $100,000 thereof; any such conversion of ABR Loans into, or continuation of, LIBOR Base Rate Loans shall involve an aggregate principal amount of not less than $1,000,000 or, if greater, an integral multiple of $500,000 in excess thereof; any such conversion of Base Rate Loans of the same Borrowing into, or continuation of LIBOR Loans shall involve an aggregate principal amount of not less than $3,000,000 or, if greater, an integral multiple of $1,000,000 in excess thereof; and no partial conversion of LIBOR Loans made pursuant to a single of the same Borrowing shall reduce the outstanding principal amount of such LIBOR Loans to less than $1,000,000 3,000,000 or to any greater amount not an integral multiple of $500,000 1,000,000 in excess thereof, ; (xy) except as otherwise provided in SECTION 2.16(DSection 2.16(d), LIBOR Loans may be converted into ABR Base Rate Loans only on the last day of the Interest Period applicable thereto (and, in any event, if a LIBOR Loan is converted into an ABR a Base Rate Loan on any day other than the last day of the Interest Period applicable thereto, the respective Borrower will pay, upon such conversion, all amounts required under SECTION Section 2.18 to be paid as a consequence thereof), (y) no such conversion or continuation shall be permitted with regard to any ABR Loans that are Swingline Loans, ; and (z) no conversion of ABR Base Rate Loans into LIBOR Loans or continuation of LIBOR Loans upon the expiration of the Interest Period therefor shall be permitted during the continuance of a Default or Event of Default. (b) The A Borrower shall make each such election by giving the Administrative Agent written notice not later than 11:00 a.m., Charlotte time, a.m. three (3) Business Days prior to the intended effective date of any conversion of ABR Base Rate Loans into, or continuation of, LIBOR Loans and one (1) Business Day prior to the intended effective date of any conversion of LIBOR Loans into ABR Base Rate Loans. Each such notice (each, a "Notice of Conversion/Continuation") shall be irrevocable, shall be given in the form of EXHIBIT D Exhibit B-2 and shall specify (x) the date of such conversion or 8470562v6 24740.00061 continuation (which shall be a Business Day), (y) in the case of a conversion into, or a continuation of, LIBOR Loans, the Interest Period to be applicable thereto, and (z) the aggregate amount and Type of the Revolving Loans being converted or continued. Upon the receipt of a Notice of Conversion/Continuation, the Administrative Agent will promptly notify each Tranche 1 Lender of the proposed conversion or continuation. In the event that the respective Borrower shall fail to deliver a Notice of Conversion/Continuation as provided herein with respect to any outstanding LIBOR Loans, such LIBOR Loans shall automatically be converted to ABR Loans a LIBOR Loan having an Interest Period of one month; provided that if such Borrower is not otherwise entitled to convert into or continue a LIBOR Loan, then such LIBOR Loan shall automatically be converted to a Base Rate Loan, in each case upon the expiration of the then current Interest Period applicable thereto (unless repaid pursuant to the terms hereof). In the event a Borrower shall have failed to select in a Notice of Conversion/Continuation the duration of the Interest Period to be applicable to any conversion into, or continuation of, LIBOR Loans, then such Borrower shall be deemed to have selected an Interest Period with a duration of one month.

Appears in 1 contract

Samples: Credit Agreement (Everest Re Group LTD)

Conversions and Continuations. (a) The Borrower shall have the right, on any Business Day occurring on or after the Amendment Effective Closing Date, to elect (i) to convert all or a portion of the outstanding principal amount of any ABR Base Rate Loans into LIBOR Loans, or to convert any LIBOR Loans Loans, the Interest Periods for which end on the same day day, into ABR Base Rate Loans, or (ii) upon the expiration of any Interest Period, to continue all or a portion of the outstanding principal amount of any LIBOR Loans Loans, the Interest Periods for which end on the same day day, for an additional Interest Period, provided that (xw) any such conversion of LIBOR Loans into ABR Base Rate Loans shall involve an aggregate principal amount of not less than $500,000 3,000,000 or, if greater, an integral multiple of $100,000 1,000,000 in excess thereof; any such conversion of ABR Base Rate Loans into, or continuation of, LIBOR Loans shall involve an aggregate principal amount of not less than $1,000,000 5,000,000 or, if greater, an integral multiple of $500,000 1,000,000 in excess thereof, ; and no partial conversion of LIBOR Loans made pursuant to a single Borrowing shall reduce the outstanding principal amount of such LIBOR Loans to less than $1,000,000 5,000,000 or to any greater amount not an integral multiple of $500,000 1,000,000 in excess thereof, (x) except as otherwise provided in SECTION 2.16(DSection 2.15(f), LIBOR Loans may be converted into ABR Base Rate Loans only on the last day of the Interest Period applicable thereto (and, in any event, if a LIBOR Loan is converted into an ABR a Base Rate Loan on any day other than the last day of the Interest Period applicable thereto, the Borrower will pay, upon such conversion, all amounts required under SECTION 2.18 Section 2.17 to be paid as a consequence thereof), and (y) no such conversion or continuation shall be permitted with regard to any ABR Loans that are Swingline Loans, and (z) no conversion of ABR Base Rate Loans into LIBOR Loans or continuation of LIBOR Loans upon the expiration of the Interest Period therefor shall be permitted during the continuance of a Default or Event of Default. (b) The Borrower shall make each such election by giving the Administrative Agent written notice not later than 11:00 a.m., Charlotte time, three (3) Business Days prior to the intended effective date of any conversion of ABR Base Rate Loans into, or continuation of, LIBOR Loans and one (1) Business Day prior to the intended effective date of any conversion of LIBOR Loans into ABR Base Rate Loans. Each such notice (each, a "Notice of Conversion/Continuation") shall be irrevocable, shall be given in the form of EXHIBIT D Exhibit B-3 and shall specify (x) the date of such conversion or continuation (which shall be a Business Day), (y) in the case of a conversion into, or a continuation of, LIBOR Loans, the Interest Period to be applicable thereto, and (z) the aggregate amount and Type of the Revolving Loans being converted or continued. Upon the receipt of a Notice of Conversion/Continuation, the Administrative Agent will promptly notify each applicable Lender of the proposed conversion or continuation. In the event that the Borrower shall fail to deliver a Notice of Conversion/Continuation as provided herein with respect to any of its outstanding LIBOR Loans, such LIBOR Loans shall automatically be converted to ABR Base Rate Loans upon the expiration of the then current Interest Period applicable thereto (unless repaid pursuant to the terms hereof). In the event the Borrower shall have failed to select in a Notice of Conversion/Continuation the duration of the Interest Period to be applicable to any conversion into, or continuation of, its LIBOR Loans, then the Borrower shall be deemed to have selected an Interest Period with a duration of one month.

Appears in 1 contract

Samples: Credit Agreement (Intercontinentalexchange Inc)

Conversions and Continuations. (a) The Borrower shall have the right, on any Business Day occurring on or after the Amendment Effective DateDay, to elect (iy) to convert all (or a portion of the outstanding principal in an amount of any ABR Loans into LIBOR Loans, or to convert any LIBOR Loans the Interest Periods for which end on the same day into ABR Loans, or (ii) to continue all or a portion of the outstanding principal amount of any LIBOR Loans the Interest Periods for which end on the same day for an additional Interest Period, provided that (x) any such conversion of LIBOR Loans into ABR Loans shall involve an aggregate principal amount of not less than $500,000 or(A) in the case of a conversion to Base Rate Loans, if greater, an integral multiple of $100,000 thereof; any such conversion of ABR Loans into, or continuation of, LIBOR Loans shall involve an aggregate principal amount of not less than $1,000,000 or, if greater, an integral multiple of $500,000 thereofand (B) in the case of a conversion to LIBOR Loans, and no partial conversion $3,000,000 or, if greater, an integral multiple of $1,000,000) of the outstanding principal amount of any Loans of one Type made pursuant to one or more Borrowings (and, in the case of LIBOR Loans, having the same Interest Period) into a Borrowing or Borrowings of Loans of the other Type, or (z) to continue all (or a portion, subject to the restrictions as to amount set forth in clause (B) of the parenthetical in clause (y) above) of the outstanding principal amount of any LIBOR Loans made pursuant to a single Borrowing shall reduce one or more Borrowings (and having the outstanding principal amount of such LIBOR Loans to less than $1,000,000 or to any greater amount not same Interest Period) for an integral multiple of $500,000 in excess thereofadditional Interest Period, provided that (xi) except as otherwise provided for in SECTION 2.16(D)3.6, LIBOR Loans may be converted into ABR Base Rate Loans only on the last day of the Interest Period applicable thereto (and, in any event, if a LIBOR Loan is converted into an ABR a Base Rate Loan on any day other than the last day of the Interest Period applicable thereto, the Borrower will pay, upon such conversion, all amounts required under SECTION 2.18 3.4 to be paid as a consequence thereof), (ii) if any partial conversion of LIBOR Loans into Base Rate Loans shall have reduced the outstanding principal amount of the remaining LIBOR Loans made pursuant to a single Borrowing (and thereby continued) to less than $3,000,000, such remaining LIBOR Loans shall be converted immediately into Base Rate Loans and may not thereafter be converted into or continued as LIBOR Loans unless the requirements of clause (y) above are satisfied, (iii) no conversion of Base Rate Loans into LIBOR Loans or continuation of LIBOR Loans shall be permitted during the continuance of a Default or Event of Default, (iv) no conversion or continuation under this Section shall result in a greater number of separate Interest Periods in respect of LIBOR Loans than is permitted under SECTION 2.2(A)(V), and (v) no such conversion or continuation shall be permitted with regard to any ABR Base Rate Loans that are Swingline Loans, and (z) no conversion of ABR Loans into LIBOR Loans or continuation of LIBOR Loans upon the expiration of the Interest Period therefor shall be permitted during the continuance of a Default or Event of Default. (b) . The Borrower shall make each such election by giving delivering written notice to the Agent written notice not later than 11:00 a.m.prior to 12:00 p.m., Charlotte Charlotte, North Carolina local time, at least three (3) Business Days prior to the intended effective date of any conversion of ABR Base Rate Loans into, or continuation of, LIBOR Loans and at least one (1) Business Day prior to the intended effective date of any conversion of LIBOR Loans into ABR Base Rate Loans. Each such notice (each, a "Notice of Conversion/Continuation") shall be irrevocable, shall be given in the form of EXHIBIT D G and shall be appropriately completed to specify (x) the date of such conversion or continuation (which shall be a Business Day)continuation, (y) in the case of a conversion into, or a continuation of, LIBOR Loans, the Interest Period to be applicable thereto, thereto and (z) the aggregate amount and Type of the Revolving Loans being converted or continued. Upon the receipt of a Notice of Conversion/Continuation, the Agent will promptly notify each Lender of the proposed conversion or continuation, of such Lender's Pro Rata Share thereof and of the other matters specified in the Notice of Conversion/Continuation. In the event that the Borrower shall fail to deliver a Notice of Conversion/Continuation as provided herein hereinabove with respect to any outstanding Borrowing of LIBOR Loans, such LIBOR Loans shall automatically be converted to ABR Base Rate Loans upon the expiration of the then current Interest Period applicable thereto (unless repaid pursuant to the terms hereof)thereto.

Appears in 1 contract

Samples: Loan Agreement (Lason Inc)

Conversions and Continuations. (a) The Borrower shall have the right, on any Business Day occurring on or after the Amendment Effective Date, to elect (i) to convert all or a portion of the outstanding principal amount of any ABR Base Rate Loans into LIBOR Loans, or to convert all or any portion of LIBOR Loans the Interest Periods for which end on the same day into ABR Base Rate Loans, or (ii) upon the expiration of any Interest Period, to continue all or a portion of the outstanding principal amount of any LIBOR Loans the Interest Periods for which end on the same day for an additional Interest Period, provided that (x) any such conversion of LIBOR Loans into ABR Base Rate Loans shall involve an aggregate principal amount of not less than $500,000 or, if greater, an integral multiple of $100,000 in excess thereof; any such conversion of ABR Base Rate Loans into, or continuation of, LIBOR Loans shall involve an aggregate principal amount of not less than $1,000,000 or, if greater, an integral multiple of $500,000 1,000,000 in excess thereof, ; and no partial conversion of LIBOR Loans made pursuant to a single Borrowing shall reduce the outstanding principal amount of such LIBOR Loans to less than $1,000,000 or to any greater amount not an integral multiple of $500,000 1,000,000 in excess thereof, (xy) except as otherwise provided in SECTION 2.16(DSection 5.9(d), LIBOR Loans may be converted into ABR Base Rate Loans only on the last day of the Interest Period applicable thereto (and, in any event, if a LIBOR Loan is converted into an ABR a Base Rate Loan on any day other than the last day of the Interest Period applicable thereto, the Borrower will pay, upon such conversion, all amounts required under SECTION 2.18 Section 5.11 to be paid as a consequence thereof), (y) no such conversion or continuation shall be permitted with regard to any ABR Loans that are Swingline Loans, and (z) no conversion of ABR Base Rate Loans into LIBOR Loans or continuation of LIBOR Loans upon the expiration of the Interest Period therefor shall be permitted during the continuance of a Default or Event of Default. (b) The Borrower shall make each such election by giving the Administrative Agent written notice not later than 11:00 a.m., Charlotte time, three (3) Business Days prior to the intended effective date of any conversion of ABR Base Rate Loans into, or continuation of, of LIBOR Loans and one (1) on the same Business Day prior to the intended effective date of for any conversion of LIBOR Loans into ABR Base Rate Loans. Each such notice (each, a "Notice of Conversion/Continuation") shall be irrevocable, shall be given in the form of EXHIBIT D Exhibit B-2 and shall specify (w) the Term Loan B Segment or Revolving Loans subject to such election, (x) the date of such conversion or continuation (which shall be a Business Day), (y) in the case of a conversion into, or a continuation of, LIBOR Loans, the Interest Period to be applicable thereto, and (z) the aggregate amount and Type of the Revolving Loans being converted or continued. Upon the receipt of a Notice of Conversion/Continuation, the Administrative Agent will promptly notify each Lender of the proposed conversion or continuation. In the event that the Borrower shall fail to deliver a Notice of Conversion/Continuation as provided herein with respect to any outstanding LIBOR Loans, such LIBOR Loans shall automatically be converted to ABR Base Rate Loans upon the expiration of the then current Interest Period applicable thereto (unless repaid pursuant to the terms hereof). In the event the Borrower shall have failed to select in a Notice of Conversion/Continuation the duration of the Interest Period to be applicable to any conversion into, or continuation of, LIBOR Loans, then the Borrower shall be deemed to have selected an Interest Period with a duration of one month.

Appears in 1 contract

Samples: Credit Agreement (Radiation Therapy Services Inc)

Conversions and Continuations. (a) The Borrower shall have the right, on any Business Day occurring on or after the Amendment Effective Closing Date, to elect (i) to convert all or a portion of the outstanding principal amount of any ABR Base Rate Loans of any Class into LIBOR LoansLoans of the same Class, or to convert any LIBOR Loans of any Class the Interest Periods for which end on the same day into ABR LoansBase Rate Loans of the same Class, or (ii) upon the expiration of any Interest Period, to continue all or a portion of the outstanding principal amount of any LIBOR Loans of any Class the Interest Periods for which end on the same day for an additional Interest Period, provided that (xw) any such conversion of LIBOR Loans into ABR Base Rate Loans shall involve an aggregate principal amount of not less than $500,000 3,000,000 or, if greater, an integral multiple of $100,000 1,000,000 in excess thereof; any such conversion of ABR Base Rate Loans into, or continuation of, LIBOR Loans shall involve an aggregate principal amount of not less than $1,000,000 5,000,000 or, if greater, an integral multiple of $500,000 1,000,000 in excess thereof, ; and no partial conversion of LIBOR Loans made pursuant to a single Borrowing shall reduce the outstanding principal amount of such LIBOR Loans to less than $1,000,000 5,000,000 or to any greater amount not an integral multiple of $500,000 1,000,000 in excess thereof, (x) except as otherwise provided in SECTION 2.16(DSection 2.15(f), LIBOR Loans may be converted into ABR Base Rate Loans only on the last day of the Interest Period applicable thereto (and, in any event, if a LIBOR Loan is converted into an ABR a Base Rate Loan on any day other than the last day of the Interest Period applicable thereto, the Borrower will pay, upon such conversion, all amounts required under SECTION 2.18 Section 2.17 to be paid as a consequence thereof), (y) no such conversion or continuation shall be permitted with regard to any ABR Loans that are Swingline Loans, and (z) no conversion of ABR Base Rate Loans into LIBOR Loans or continuation of LIBOR Loans upon the expiration of the Interest Period therefor shall be permitted during the continuance of a Default or Event of Default. (b) The Borrower shall make each such election by giving the Administrative Agent written notice not later than 11:00 a.m., Charlotte time, three (3) Business Days prior to the intended effective date of any conversion of ABR Base Rate Loans into, or continuation of, LIBOR Loans and one (1) Business Day prior to the intended effective date of any conversion of LIBOR Loans into ABR Base Rate Loans. Each such notice (each, a "Notice of Conversion/Continuation") shall be irrevocable, shall be given in the form of EXHIBIT D Exhibit B-3 and shall specify (x) the date of such conversion or continuation (which shall be a Business Day), (y) in the case of a conversion into, or a continuation of, LIBOR Loans, the Interest Period to be applicable thereto, and (z) the aggregate amount amount, Class and Type of the Revolving Loans being converted or continued. Upon the receipt of a Notice of Conversion/Continuation, the Administrative Agent will promptly notify each applicable Lender of the proposed conversion or continuation. In the event that the Borrower shall fail to deliver a Notice of Conversion/Continuation as provided herein with respect to any outstanding LIBOR Loans, such LIBOR Loans shall automatically be converted to ABR Base Rate Loans upon the expiration of the then current Interest Period applicable thereto (unless repaid pursuant to the terms hereof). In the event the Borrower shall have failed to select in a Notice of Conversion/Continuation the duration of the Interest Period to be applicable to any conversion into, or continuation of, LIBOR Loans, then the Borrower shall be deemed to have selected an Interest Period with a duration of one month.

Appears in 1 contract

Samples: Credit Agreement (Intercontinentalexchange Inc)

Conversions and Continuations. (a) The Borrower Borrowers shall have the right, on any Business Day occurring on or after the Amendment Effective DateDay, to elect (iy) to convert all (or a portion in an amount not less than, in the case of the outstanding principal amount of any ABR Loans into LIBOR Loans, or to convert any LIBOR Loans the Interest Periods for which end on the same day into ABR Loans, or (ii) to continue all or a portion of the outstanding principal amount of any LIBOR Loans the Interest Periods for which end on the same day for an additional Interest Period, provided that (x) any such conversion of LIBOR Loans into ABR Loans shall involve an aggregate principal amount of not less than $500,000 or, if greater, an integral multiple of $100,000 thereof; any such conversion of ABR Loans into, or continuation of, LIBOR Loans shall involve an aggregate principal amount of not less than $1,000,000 or, if greater, an integral multiple of $500,000 1,000,000 in excess thereof) of the outstanding principal amount of any Loans of one Type made pursuant to one or more Borrowings under any Facility (and, and no partial conversion in the case of LIBOR Loans, having the same Interest Period) into a Borrowing or Borrowings of Loans of the other Type, or (z) to continue all (or a portion, subject to the restrictions as to amount set forth in clause (y) above) of the outstanding principal amount of any LIBOR Loans made pursuant to a single Borrowing shall reduce one or more Borrowings (and having the outstanding principal amount of such LIBOR Loans to less than $1,000,000 or to any greater amount not same Interest Period) for an integral multiple of $500,000 in excess thereofadditional Interest Period, provided that (xi) except as otherwise provided for in SECTION 2.16(D2.11(d), LIBOR Loans may be converted into ABR Base Rate Loans only on the last day of the Interest Period applicable thereto (and, in any event, if a LIBOR Loan is converted into an ABR a Base Rate Loan on any day other than the last day of the Interest Period applicable thereto, the Borrower Borrowers will pay, upon such conversion, all amounts required under SECTION 2.18 2.13 to be paid as a consequence thereof), (ii) if any partial conversion of LIBOR Loans into Base Rate Loans shall have reduced the outstanding principal amount of the remaining LIBOR Loans made pursuant to a single Borrowing (and thereby continued) to less than $1,000,000, such remaining LIBOR Loans shall be converted immediately into Base Rate Loans and may not thereafter be converted into or continued as LIBOR Loans unless the requirements of clause (y) no such conversion or continuation shall be permitted with regard to any ABR Loans that above are Swingline Loanssatisfied, and (ziii) no conversion of ABR Base Rate Loans into LIBOR Loans or continuation of LIBOR Loans upon the expiration of the Interest Period therefor shall be permitted during the continuance of a Default or Event of Default. (b) The Borrower shall make each such election by giving the Agent written notice not later than 11:00 a.m., Charlotte time, three (3) Business Days prior to the intended effective date of any conversion of ABR Loans into, or continuation of, LIBOR Loans and one (1) Business Day prior to the intended effective date of any conversion of LIBOR Loans into ABR Loans. Each such notice (each, a "Notice of Conversion/Continuation") shall be irrevocable, shall be given in the form of EXHIBIT D and shall specify (x) the date of such conversion or continuation (which shall be a Business Day), (y) in the case of a conversion into, or a continuation of, LIBOR Loans, the Interest Period to be applicable thereto, and (z) the aggregate amount and Type of the Revolving Loans being converted or continued. Upon the receipt of a Notice of Conversion/Continuation, the Agent will promptly notify each Lender of the proposed conversion or continuation. In the event that the Borrower shall fail to deliver a Notice of Conversion/Continuation as provided herein with respect to any outstanding LIBOR Loans, such LIBOR Loans shall automatically be converted to ABR Loans upon the expiration of the then current Interest Period applicable thereto (unless repaid pursuant to the terms hereof).

Appears in 1 contract

Samples: Credit Agreement (Shop Vac Corp)

Conversions and Continuations. (a) The Borrower shall have the right, on any Business Day occurring on or after the Amendment Effective Closing Date, to elect (i) to convert all or a portion of the outstanding principal amount of any ABR Base Rate Loans of any Class into LIBOR LoansLoans of the same Class, or to convert any LIBOR Loans of any Class the Interest Periods for which end on the same day into ABR LoansBase Rate Loans of the same Class, or (ii) upon the expiration of any Interest Period, to continue all or a portion of the outstanding principal amount of any LIBOR Loans of any Class the Interest Periods for which end on the same day for an additional Interest Period, provided that (xw) any such conversion of LIBOR Loans into ABR Base Rate Loans shall involve an aggregate principal amount of not less than $500,000 or, if greater, an integral multiple of $100,000 in excess thereof; any such conversion of ABR Base Rate Loans into, or continuation of, LIBOR Loans shall involve an aggregate principal amount of not less than $1,000,000 or, if greater, an integral multiple of $500,000 in excess thereof, ; and no partial conversion of LIBOR Loans made pursuant to a single Borrowing shall reduce the outstanding principal amount of such LIBOR Loans to less than $1,000,000 or to any greater amount not an integral multiple of $500,000 in excess thereof, (x) except as otherwise provided in SECTION 2.16(DSection 2.16(d), LIBOR Loans may be converted into ABR Base Rate Loans only on the last day of the Interest Period applicable thereto (and, in any event, if a LIBOR Loan is converted into an ABR a Base Rate Loan on any day other than the last day of the Interest Period applicable thereto, the Borrower will pay, upon such conversion, all amounts required under SECTION Section 2.18 to be paid as a consequence thereof), (y) no such conversion or continuation shall be permitted with regard to any ABR Base Rate Loans that are Swingline Loans, and (z) no conversion of ABR Base Rate Loans into LIBOR Loans or continuation of LIBOR Loans upon the expiration of the Interest Period therefor shall be permitted during the continuance of a Default or Event of Default. (b) The Borrower shall make each such election by giving the Administrative Agent written notice not later than 11:00 a.m., Charlotte Charlotte, North Carolina time, three (3) Business Days prior to the intended effective date of any conversion of ABR Base Rate Loans into, or continuation of, LIBOR Loans and one (1) Business Day prior to the intended effective date of any conversion of LIBOR Loans into ABR Base Rate Loans. Each such notice (each, a "Notice of Conversion/Continuation") shall be irrevocable, shall be given in the form of EXHIBIT D Exhibit B-3 and shall specify (x) the date of such conversion or continuation (which shall be a Business Day), (y) in the case of a conversion into, or a continuation of, LIBOR Loans, the Interest Period to be applicable thereto, and (z) the aggregate amount amount, Class and Type of the Revolving Loans being converted or continued. Once given, a Notice of Conversion/Continuation may not be revoked by the Borrower except upon payment of any amounts required under Section 2.18 to be paid as a consequence of such revocation. Upon the receipt of a Notice of Conversion/Continuation, the Administrative Agent will promptly notify each applicable Lender of the proposed conversion or continuationcontinuation by facsimile transmission. In the event that the Borrower shall fail to deliver a Notice of Conversion/Continuation as provided herein with respect to any outstanding LIBOR Loans, such LIBOR Loans shall automatically be converted to ABR Base Rate Loans upon the expiration of the then current Interest Period applicable thereto (unless repaid pursuant to the terms hereof). In the event the Borrower shall have failed to select in a Notice of Conversion/Continuation the duration of the Interest Period to be applicable to any conversion into, or continuation of, LIBOR Loans, then the Borrower shall be deemed to have selected an Interest Period with a duration of one month.

Appears in 1 contract

Samples: Credit Agreement (Symmetry Medical Inc.)

Conversions and Continuations. (a) The Borrower shall have the right, on any Business Day occurring on or after the Amendment Effective Closing Date, to elect (i) to convert all or a portion of the outstanding principal amount of any ABR Base Rate Loans into LIBOR Loans, or to convert any LIBOR Loans the Interest Periods for which end on the same day into ABR Base Rate Loans, or (ii) to continue all or a portion of the outstanding principal amount of any LIBOR Loans the Interest Periods for which end on the same day for an additional Interest Period, provided that (xw) any such conversion of LIBOR Loans into ABR Loans shall involve an aggregate principal amount of not less than $500,000 or, if greater, an integral multiple of $100,000 thereof; any such conversion of ABR Loans into, or continuation of, LIBOR Base Rate Loans shall involve an aggregate principal amount of not less than $1,000,000 or, if greater, an integral multiple of $500,000 in excess thereof; any such conversion of Base Rate Loans into, or continuation of, LIBOR Loans shall involve an aggregate principal amount of not less than $3,000,000 or, if greater, an integral multiple of $1,000,000 in excess thereof; and no partial conversion of LIBOR Loans made pursuant to a single Borrowing shall reduce the outstanding principal amount of such LIBOR Loans to less than $1,000,000 3,000,000 or to any greater amount not an integral multiple of $500,000 1,000,000 in excess thereof, (x) except as otherwise provided in SECTION 2.16(D), LIBOR Loans may be converted into ABR Base Rate Loans only on the last day of the Interest Period applicable thereto (and, in any event, if a LIBOR Loan is converted into an ABR a Base Rate Loan on any day other than the last day of the Interest Period applicable thereto, the Borrower will pay, upon such conversion, all amounts required under SECTION 2.18 to be paid as a consequence thereof), (y) no such conversion or continuation shall will be permitted with regard to any ABR Loans Base Rate Loan that are Swingline Loans, and (z) no conversion of ABR Base Rate Loans into LIBOR Loans or continuation of LIBOR Loans upon the expiration of the Interest Period therefor shall be permitted during the continuance of a Default or Event of Default. (b) The Borrower shall make each such election by giving the Agent written notice not later than 11:00 12:00 a.m., Charlotte time, three (3) Business Days prior to the intended effective date of any conversion of ABR Base Rate Loans into, or continuation of, LIBOR Loans and one (1) Business Day prior to on the day of the intended effective date of any conversion of LIBOR Loans into ABR Base Rate Loans. Each such notice (each, a "Notice of Conversion/Continuation") shall be irrevocable, shall be given in the form of EXHIBIT D B-3 and shall specify (x) the date of such conversion or continuation (which shall be a Business Day), (y) in the case of a conversion into, or a continuation of, LIBOR Loans, the Interest Period to be applicable thereto, and (z) the aggregate amount and Type of the Revolving Loans being converted or continued. Upon the receipt of a Notice of Conversion/Continuation, the Agent will promptly notify each Lender of the proposed conversion or continuation. In the event that the Borrower shall fail to deliver a Notice of Conversion/Continuation as provided herein with respect to any outstanding LIBOR Loans, such LIBOR Loans shall automatically be converted to ABR Base Rate Loans upon the expiration of the then current Interest Period applicable thereto (unless repaid pursuant to the terms hereof). In the event the Borrower shall have failed to select in a Notice of Conversion/Continuation the duration of the Interest Period to be applicable to any conversion into, or continuation of, LIBOR Loans, then the Borrower shall be deemed to have selected an Interest Period with a duration of one month.

Appears in 1 contract

Samples: Credit Agreement (Lason Inc)

Conversions and Continuations. (a) The Borrower shall have the right, on any Business Day occurring on or after the Amendment Effective DateDay, to elect (i) to convert all or a portion of the outstanding principal amount of any ABR Base Rate Loans into LIBOR Loans, or to convert any LIBOR Loans the Interest Periods for which end on the same day into ABR Base Rate Loans, or (ii) upon the expiration of any Interest Period, to continue all or a portion of the outstanding principal amount of any LIBOR Loans the Interest Periods for which end on the same day for an additional Interest Period, ; provided that (x) any such conversion of LIBOR Loans into ABR Base Rate Loans shall involve an aggregate principal amount of not less than $500,000 5,000,000 or, if greater, an integral multiple of $100,000 1,000,000 in excess thereof; any such conversion of ABR Base Rate Loans of the same Borrowing into, or continuation of, of LIBOR Loans shall involve an aggregate principal amount of not less than $1,000,000 5,000,000 or, if greater, an integral multiple of $500,000 1,000,000 in excess thereof, ; and no partial conversion of LIBOR Loans made pursuant to a single of the same Borrowing shall reduce the outstanding principal amount of such LIBOR Loans to less than $1,000,000 5,000,000 or to any greater amount not an integral multiple of $500,000 1,000,000 in excess thereof, (xy) except as otherwise provided in SECTION 2.16(D2.16(d), LIBOR Loans may be converted into ABR Base Rate Loans only on the last day of the Interest Period applicable thereto (and, in any event, if a LIBOR Loan is converted into an ABR a Base Rate Loan on any day other than the last day of the Interest Period applicable thereto, the Borrower will pay, upon such conversion, all amounts required under SECTION 2.18 to be paid as a consequence thereof), (y) no such conversion or continuation shall be permitted with regard to any ABR Loans that are Swingline Loans, and (z) no conversion of ABR Base Rate Loans into LIBOR Loans or continuation of LIBOR Loans upon the expiration of the Interest Period therefor shall be permitted during the continuance of a Default or Event of Default. (b) The Borrower shall make each such election by giving the Administrative Agent written notice not later than 11:00 a.m., Charlotte time, three (3) Business Days prior to the intended effective date of any conversion of ABR Base Rate Loans into, or continuation of, LIBOR Loans and one (1) Business Day prior to the intended effective date of any conversion of LIBOR Loans into ABR Base Rate Loans. Each such notice (each, a "Notice of Conversion/Continuation") shall be irrevocable, shall be given in the form of EXHIBIT D B-2 and shall specify (x) the date of such conversion or continuation (which shall be a Business Day), (y) in the case of a conversion into, or a continuation of, LIBOR Loans, the Interest Period to be applicable thereto, and (z) the aggregate amount and Type of the Revolving Loans being converted or continued. Upon the receipt of a Notice of Conversion/Continuation, the Administrative Agent will promptly notify each Lender of the proposed conversion or continuation. In the event that the Borrower shall fail to deliver a Notice of Conversion/Continuation as provided herein with respect to any outstanding LIBOR Loans, such LIBOR Loans shall automatically be converted to ABR Base Rate Loans upon the expiration of the then current Interest Period applicable thereto (unless repaid pursuant to the terms hereof). In the event the Borrower shall have failed to select in a Notice of Conversion/Continuation the duration of the Interest Period to be applicable to any conversion into, or continuation of, LIBOR Loans, then the Borrower shall be deemed to have selected an Interest Period with a duration of one month.

Appears in 1 contract

Samples: Credit Agreement (Alleghany Corp /De)

Conversions and Continuations. (a) The With respect to Loans not constituting Swingline Loans made pursuant to the Sweep Program, the Borrower shall have the right, on any Business Day occurring on or after the Amendment Effective Closing Date, to elect (i) to convert all or a portion of the outstanding principal amount of any ABR Base Rate Loans (other than Swingline Loans made after the Sweep Program has been terminated) into LIBOR Loans, or to convert any LIBOR Loans the Interest Periods for which end on the same day into ABR Base Rate Loans, or (ii) upon the expiration of any Interest Period, to continue all or a portion of the outstanding principal amount of any LIBOR Loans the Interest Periods for which end on the same day for an additional Interest Period, provided that (xw) any such conversion of LIBOR Loans into ABR Base Rate Loans shall involve an aggregate principal amount of not less than $500,000 3,000,000 or, if greater, an integral multiple of $100,000 500,000 in excess thereof; any such conversion of ABR Base Rate Loans into, or continuation of, LIBOR Loans shall involve an aggregate principal amount of not less than $1,000,000 3,000,000 or, if greater, an integral multiple of $500,000 in excess thereof, ; and no partial conversion of LIBOR Loans made pursuant to a single Borrowing shall reduce the outstanding principal amount of such LIBOR Loans to less than $1,000,000 3,000,000 or to any greater amount not an integral multiple of $500,000 in excess thereof, (x) except as otherwise provided in SECTION 2.16(DSection 2.16(d), LIBOR Loans may be converted into ABR Base Rate Loans only on the last day of the Interest Period applicable thereto (and, in any event, if a LIBOR Loan is converted into an ABR a Base Rate Loan on any day other than the last day of the Interest Period applicable thereto, the Borrower will pay, upon such conversion, all amounts required under SECTION Section 2.18 to be paid as a consequence thereof), (y) no such conversion or continuation shall be permitted with regard to any ABR Base Rate Loans that are Swingline Loans, and (z) no conversion of ABR Base Rate Loans into LIBOR Loans or continuation of LIBOR Loans upon the expiration of the Interest Period therefor shall be permitted during the continuance of a Default or Event of Default. (b) The Borrower shall make each such election by giving the Agent written notice not later than 11:00 a.m., Charlotte time, three (3) Business Days prior to the intended effective date of any conversion of ABR Base Rate Loans into, or continuation of, LIBOR Loans and one (1) Business Day prior to the intended effective date of any conversion of LIBOR Loans into ABR Base Rate Loans. Each such notice (each, a "Notice of Conversion/Continuation") shall be irrevocable, shall be given in the form of EXHIBIT D Exhibit B-3 and shall specify (x) the date of such conversion or continuation (which shall be a Business Day), (y) in the case of a conversion into, or a continuation of, LIBOR Loans, the Interest Period to be applicable thereto, and (z) the aggregate amount and Type of the Revolving Loans being converted or continued. Upon the receipt of a Notice of Conversion/Continuation, the Agent will promptly notify each Lender of the proposed conversion or continuation. In the event that the Borrower shall fail to deliver a Notice of Conversion/Continuation as provided herein with respect to any outstanding LIBOR Loans, such LIBOR Loans shall automatically be converted to ABR Base Rate Loans upon the expiration of the then current Interest Period applicable thereto (unless repaid pursuant to the terms hereof). In the event the Borrower shall have failed to select in a Notice of Conversion/Continuation the duration of the Interest Period to be applicable to any conversion into, or continuation of, LIBOR Loans, then the Borrower shall be deemed to have selected an Interest Period with a duration of one month.

Appears in 1 contract

Samples: Credit Agreement (Old Dominion Freight Line Inc/Va)

Conversions and Continuations. (a) The Borrower shall have the right, on any Business Day occurring on or after the Amendment Effective DateDay, to elect (i) to convert all or a portion of the outstanding principal amount of any ABR Base Rate Loans into LIBOR Loans, or to convert any LIBOR Loans the Interest Periods for which end on the same day into ABR Base Rate Loans, or (ii) to continue all or a portion of the outstanding principal amount of any LIBOR Loans the Interest Periods for which end on the same day for an additional Interest Period, provided that (x) any such conversion of LIBOR Loans of the same Borrowing into ABR Loans shall involve an aggregate principal amount of not less than $500,000 or, if greater, an integral multiple of $100,000 thereof; any such conversion of ABR Loans into, or continuation of, LIBOR Base Rate Loans shall involve an aggregate principal amount of not less than $1,000,000 or, if greater, an integral multiple of $500,000 in excess thereof; any such conversion of Base Rate Loans of the same Borrowing into, or continuation of LIBOR Loans shall involve an aggregate principal amount of not less than $3,000,000 or, if greater, an integral multiple of $1,000,000 in excess thereof; and no partial conversion of LIBOR Loans made pursuant to a single of the same Borrowing shall reduce the outstanding principal amount of such LIBOR Loans to less than $1,000,000 3,000,000 or to any greater amount not an integral multiple of $500,000 1,000,000 in excess thereof, (xy) except as otherwise provided in SECTION 2.16(D2.15(D), a LIBOR Loans Loan may be converted into ABR Loans a Base Rate Loan only on the last day of the Interest Period applicable thereto (and, in any event, if a LIBOR Loan is converted into an ABR a Base Rate Loan on any day other than the last day of the Interest Period applicable thereto, the Borrower will pay, upon such conversion, all amounts required under SECTION 2.18 2.17 to be paid as a consequence thereof), (y) no such conversion or continuation shall be permitted with regard to any ABR Loans that are Swingline Loans, and (z) no conversion of ABR Base Rate Loans into LIBOR Loans or continuation of LIBOR Loans upon the expiration of the Interest Period therefor shall be permitted during the continuance of a Default or Event of Default. (b) The Borrower shall make each such election by giving the Administrative Agent written notice not later than 11:00 a.m., Charlotte time, three (3) Business Days prior to the intended effective date of any conversion of ABR Base Rate Loans into, or continuation of, LIBOR Loans and one (1) Business Day prior to the intended effective date of any conversion of LIBOR Loans into ABR Base Rate Loans. Each such notice (each, a "Notice of Conversion/Conversion/ Continuation") shall be irrevocable, shall be given in the form of EXHIBIT D B-2 and shall specify (x) the date of such conversion or continuation (which shall be a Business Day), (y) in the case of a conversion into, or a continuation of, LIBOR Loans, the Interest Period to be applicable thereto, and (z) the aggregate amount and Type of the Revolving Loans being converted or continued. Upon the receipt of a Notice of Conversion/Continuation, the Administrative Agent will promptly notify each Lender of the proposed conversion or continuation. In the event that the Borrower shall fail to deliver a Notice of Conversion/Continuation as provided herein with respect to any outstanding LIBOR LoansLoan, such LIBOR Loans Loan shall automatically be converted to ABR Loans a LIBOR Loan having an Interest Period of one (1) month; provided that if Borrower is not otherwise entitled to convert into or continue a LIBOR Loan, then such LIBOR Loan shall automatically be converted to a Base Rate Loan, in each case upon the expiration of the then current Interest Period applicable thereto (unless repaid pursuant to the terms hereof).

Appears in 1 contract

Samples: Credit Agreement (Everest Reinsurance Holdings Inc)

Conversions and Continuations. (a) The Borrower shall have the right, on any Business Day occurring on or after the Amendment Effective Date, to elect (i) to convert all or a portion of the outstanding principal amount of any ABR Loans into LIBOR Loans, or to convert any LIBOR Loans the Interest Periods for which end on the same day into ABR Loans, or (ii) to continue all or a portion of the outstanding principal amount of any LIBOR Loans the Interest Periods for which end on the same day for an additional Interest Period, provided that (xi) any such conversion of LIBOR Loans into ABR Loans shall involve an aggregate principal amount of not less than $500,000 1,000,000 or, if greater, an integral multiple of $100,000 500,000 in excess thereof; (ii) any such conversion of ABR Loans into, or continuation of, LIBOR Loans shall involve an aggregate principal amount of not less than $1,000,000 3,000,000 or, if greater, an integral multiple of $500,000 1,000,000 in excess thereof, and ; (iii) no partial conversion of LIBOR Loans made pursuant to a single Borrowing shall reduce the outstanding principal amount of such LIBOR Loans to less than $1,000,000 3,000,000 or to any greater amount not an integral multiple of $500,000 1,000,000 in excess thereof, (xiv) except as otherwise provided in SECTION 2.16(D)no such conversion or continuation shall be permitted with regard to any ABR Loans that are Swingline Loans, and (v) no conversion of ABR Loans into LIBOR Loans may be converted or continuation of LIBOR Loans into ABR Loans only on the last day of the a new Interest Period applicable thereto (and, in any event, if shall be permitted during the continuance of a Default or Event of Default. If a LIBOR Loan is converted into an a ABR Loan on any day other than the last day of the Interest Period applicable thereto, the Borrower will pay, upon such conversion, all amounts required under SECTION 2.18 2.13 to be paid as a consequence thereof), (y) no such conversion or continuation shall be permitted with regard to any ABR Loans that are Swingline Loans, and (z) no conversion of ABR Loans into LIBOR Loans or continuation of LIBOR Loans upon the expiration of the Interest Period therefor shall be permitted during the continuance of a Default or Event of Default. (b) The Borrower shall make each such election by giving the Agent written notice not later than 11:00 a.m.12:00 noon, Charlotte time, three (3) Business Days prior to the intended effective date of any conversion of ABR Loans into, or continuation of, LIBOR Loans and one (1) Business Day prior to the intended effective date of any conversion of LIBOR Loans into ABR Loans. Each such notice (each, a "Notice of Conversion/Continuation") shall be irrevocable, shall be given in the form of EXHIBIT D B-2 and shall specify (x) the date of such conversion or continuation (which shall be a Business Day), (y) in the case of a conversion into, or a continuation of, LIBOR Loans, the Interest Period to be applicable thereto, and (z) the aggregate amount and Type of the Revolving Loans being converted or continued. Upon the receipt of a Notice of Conversion/Continuation, the Agent will promptly notify each Lender of the proposed conversion or continuation. In the event that the Borrower shall fail to deliver a Notice of Conversion/Conversion/ Continuation as provided herein with respect to any outstanding LIBOR Loans, such LIBOR Loans shall automatically be converted to ABR Loans upon the expiration of the then current Interest Period applicable thereto (unless repaid pursuant to the terms hereof). (c) The Borrower shall have a one-time option, exercisable on any Business Day, to convert Unutilized End Loaded Lease Commitments under the End Loaded Lease Credit Agreement to Revolving Credit Commitments under this Agreement on a pro rata basis among the Lenders; provided, that (i) any such conversion shall involve aggregate Unutilized End Loaded Lease Commitments of not less than $5,000,000 or, if greater, an integral multiple of $5,000,000 in excess thereof and (ii) no such conversion shall be permitted during the

Appears in 1 contract

Samples: Credit Agreement (Province Healthcare Co)

Conversions and Continuations. (a) The Each Borrower shall have the right, on any Business Day occurring on or after the Amendment Effective DateDay, to elect (i) to convert all or a portion of the outstanding principal amount of any ABR Base Rate Loans into LIBOR Loans, or to convert any LIBOR Loans the Interest Periods for which end on the same day into ABR Base Rate Loans, or (ii) upon the expiration of any Interest Period, to continue all or a portion of the outstanding principal amount of any LIBOR Loans the Interest Periods for which end on the same day for an additional Interest Period, ; provided that (x) any such conversion of LIBOR Loans into ABR Loans shall involve an aggregate principal amount of not less than $500,000 or, if greater, an integral multiple of $100,000 thereof; any such conversion of ABR Loans into, or continuation of, LIBOR Base Rate Loans shall involve an aggregate principal amount of not less than $1,000,000 or, if greater, an integral multiple of $500,000 in excess thereof; any such conversion of Base Rate Loans of the same Borrowing into, or continuation of LIBOR Loans shall involve an aggregate principal amount of not less than $3,000,000 or, if greater, an integral multiple of $1,000,000 in excess thereof; and no partial conversion of LIBOR Loans made pursuant to a single of the same Borrowing shall reduce the outstanding principal amount of such LIBOR Loans to less than $1,000,000 3,000,000 or to any greater amount not an integral multiple of $500,000 1,000,000 in excess thereof, (xy) except as otherwise provided in SECTION 2.16(DSection 2.16(d), LIBOR Loans may be converted into ABR Base Rate Loans only on the last day of the Interest Period applicable thereto (and, in any event, if a LIBOR Loan is converted into an ABR a Base Rate Loan on any day other than the last day of the Interest Period applicable thereto, the respective Borrower will pay, upon such conversion, all amounts required under SECTION Section 2.18 to be paid as a consequence thereof), (y) no such conversion or continuation shall be permitted with regard to any ABR Loans that are Swingline Loans, and (z) no conversion of ABR Base Rate Loans into LIBOR Loans or continuation of LIBOR Loans upon the expiration of the Interest Period therefor shall be permitted during the continuance of a Default or Event of Default. (b) The A Borrower shall make each such election by giving the Administrative Agent written notice not later than 11:00 a.m., Charlotte time, three (3) Business Days prior to the intended effective date of any conversion of ABR Base Rate Loans into, or continuation of, LIBOR Loans and one (1) Business Day prior to the intended effective date of any conversion of LIBOR Loans into ABR Base Rate Loans. Each such notice (each, a "Notice of Conversion/Continuation") shall be irrevocable, shall be given in the form of EXHIBIT D Exhibit B-2 and shall specify (x) the date of such conversion or continuation (which shall be a Business Day), (y) in the case of a conversion into, or a continuation of, LIBOR Loans, the Interest Period to be applicable thereto, and (z) the aggregate amount and Type of the Revolving Loans being converted or continued. Upon the receipt of a Notice of Conversion/Continuation, the Administrative Agent will promptly notify each Tranche 1 Lender of the proposed conversion or continuation. In the event that the respective Borrower shall fail to deliver a Notice of Conversion/Continuation as provided herein with respect to any outstanding LIBOR Loans, such LIBOR Loans shall automatically be converted to ABR Loans a LIBOR Loan having an Interest Period of one (1) month; provided that if such Borrower is not otherwise entitled to convert into or continue a LIBOR Loan, then such LIBOR Loan shall automatically be converted to a Base Rate Loan, in each case upon the expiration of the then current Interest Period applicable thereto (unless repaid pursuant to the terms hereof). In the event a Borrower shall have failed to select in a Notice of Conversion/Continuation the duration of the Interest Period to be applicable to any conversion into, or continuation of, LIBOR Loans, then such Borrower shall be deemed to have selected an Interest Period with a duration of one month.

Appears in 1 contract

Samples: Credit Agreement (Everest Re Group LTD)

Conversions and Continuations. (a) The Borrower shall have the right, on any Business Day occurring on or after the Amendment Effective Closing Date, to elect (i) to convert all or a portion of the outstanding principal amount of any ABR Base Rate Loans into LIBOR Loans, or to convert any LIBOR Loans the Interest Periods for which end on the same day into ABR Base Rate Loans, or (ii) to continue all or a portion of the outstanding principal amount of any LIBOR Loans the Interest Periods for which end on the same day for an additional Interest Period, provided that (x) any such conversion of LIBOR Loans into ABR Base Rate Loans shall involve an aggregate principal amount of not less than $500,000 1,000,000 or, if greater, an integral multiple of $100,000 500,000 in excess thereof; any such conversion of ABR Base Rate Loans into, or continuation of, LIBOR Loans shall involve an aggregate principal amount of not less than $1,000,000 or, if greater, an integral multiple of $500,000 in excess thereof, ; and no partial conversion of LIBOR Loans made pursuant to a single Borrowing shall reduce the outstanding principal amount of such LIBOR Loans to less than $1,000,000 or to any greater amount not an integral multiple of $500,000 in excess thereof, (xy) except as otherwise provided in SECTION 2.16(DSection 2.16(d), LIBOR Loans may be converted into ABR Base Rate Loans only on the last day of the Interest Period applicable thereto (and, in any event, if a LIBOR Loan is converted into an ABR a Base Rate Loan on any day other than the last day of the Interest Period applicable thereto, the Borrower will pay, upon such conversion, all amounts required under SECTION Section 2.18 to be paid as a consequence thereof), (y) no such conversion or continuation shall be permitted with regard to any ABR Loans that are Swingline Loans, and (z) no conversion of ABR Base Rate Loans into LIBOR Loans or continuation of LIBOR Loans upon the expiration of the Interest Period therefor shall be permitted during the continuance of a Default or Event of Default. (b) The Borrower shall make each such election by giving the Agent written notice not later than 11:00 a.m., Charlotte time, three (3) Business Days prior to the intended effective date of any conversion of ABR Base Rate Loans into, or continuation of, LIBOR Loans and one (1) Business Day prior to the intended effective date of any conversion of LIBOR Loans into ABR Base Rate Loans. Each such notice (each, a "Notice of Conversion/Continuation") shall be irrevocable, shall be given in the form of EXHIBIT D Exhibit B-2 and shall specify (x) the date of such conversion or continuation (which shall be a Business Day), (y) in the case of a conversion into, or a continuation of, LIBOR Loans, the Interest Period to be applicable thereto, and (z) the aggregate amount and Type of the Revolving Loans being converted or continued. Upon the receipt of a Notice of Conversion/Continuation, the Agent will promptly notify each Lender of the proposed conversion or continuation. In the event that the Borrower shall fail to deliver a Notice of Conversion/Continuation as provided herein with respect to any outstanding LIBOR Loans, such LIBOR Loans shall automatically be converted to ABR Base Rate Loans upon the expiration of the then current Interest Period applicable thereto (unless repaid pursuant to the terms hereof). In the event the Borrower shall have failed to select in a Notice of Conversion/Continuation the duration of the Interest Period to be applicable to any conversion into, or continuation of, LIBOR Loans, then the Borrower shall be deemed to have selected an Interest Period with a duration of one month.

Appears in 1 contract

Samples: Credit Agreement (Penn America Group Inc)

Conversions and Continuations. (a) The Borrower shall have the right, on any Business Day occurring on or after the Amendment Effective DateDay, to elect (i) to convert all or a portion of the outstanding principal amount of any ABR Base Rate Loans into LIBOR Loans, or to convert any LIBOR Loans the Interest Periods for which end on the same day into ABR Base Rate Loans, or (ii) upon the expiration of any Interest Period, to continue all or a portion of the outstanding principal amount of any LIBOR Loans the Interest Periods for which end on the same day for an additional Interest Period, ; provided that (x) any such conversion of LIBOR Loans into ABR Loans shall involve an aggregate principal amount of not less than $500,000 or, if greater, an integral multiple of $100,000 thereof; any such conversion of ABR Loans into, or continuation of, LIBOR Base Rate Loans shall involve an aggregate principal amount of not less than $1,000,000 or, if greater, an integral multiple of $500,000 in excess thereof; any such conversion of Base Rate Loans of the same Borrowing into, or continuation of LIBOR Loans shall involve an aggregate principal amount of not less than $3,000,000 or, if greater, an integral multiple of $1,000,000 in excess thereof; and no partial conversion of LIBOR Loans made pursuant to a single of the same Borrowing shall reduce the outstanding principal amount of such LIBOR Loans to less than $1,000,000 3,000,000 or to any greater amount not an integral multiple of $500,000 1,000,000 in excess thereof, (xy) except as otherwise provided in SECTION 2.16(DSection 2.15(d), LIBOR Loans may be converted into ABR Base Rate Loans only on the last day of the Interest Period applicable thereto (and, in any event, if a LIBOR Loan is converted into an ABR a Base Rate Loan on any day other than the last day of the Interest Period applicable thereto, the Borrower will pay, upon such conversion, all amounts required under SECTION 2.18 Section 2.17 to be paid as a consequence thereof), (y) no such conversion or continuation shall be permitted with regard to any ABR Loans that are Swingline Loans, and (z) no conversion of ABR Base Rate Loans into LIBOR Loans or continuation of LIBOR Loans upon the expiration of the Interest Period therefor shall be permitted during the continuance of a Default or Event of Default. (b) The Borrower shall make each such election by giving the Administrative Agent written notice not later than 11:00 a.m., Charlotte time, three (3) Business Days prior to the intended effective date of any conversion of ABR Base Rate Loans into, or continuation of, LIBOR Loans and one (1) Business Day prior to the intended effective date of any conversion of LIBOR Loans into ABR Base Rate Loans. Each such notice (each, a "Notice of Conversion/Continuation") shall be irrevocable, shall be given in the form of EXHIBIT D Exhibit B-2 and shall specify (x) the date of such conversion or continuation (which shall be a Business Day), (y) in the case of a conversion into, or a continuation of, LIBOR Loans, the Interest Period to be applicable thereto, and (z) the aggregate amount and Type of the Revolving Loans being converted or continued. Upon the receipt of a Notice of Conversion/Continuation, the Administrative Agent will promptly notify each Lender of the proposed conversion or continuation. In the event that the Borrower shall fail to deliver a Notice of Conversion/Continuation as provided herein with respect to any outstanding LIBOR Loans, such LIBOR Loans shall automatically be converted to ABR Loans a LIBOR Loan having an Interest Period of one (1) month; provided that if Borrower is not otherwise entitled to convert into or continue a LIBOR Loan, then such LIBOR Loan shall automatically be converted to a Base Rate Loan, in each case upon the expiration of the then current Interest Period applicable thereto (unless repaid pursuant to the terms hereof).

Appears in 1 contract

Samples: Credit Agreement (Everest Re Group LTD)

Conversions and Continuations. (a) The Borrower shall have the right, on any Business Day occurring on or after the Amendment Effective Date, to elect (i) to convert all or Each conversion of a portion of the outstanding principal amount Term Loans from one Type to the other, and each continuation of any ABR Loans into LIBOR Eurodollar Rate Loans, or shall be made upon the applicable Borrower’s irrevocable notice to convert any LIBOR Loans the Interest Periods for Administrative Agent, which end on the same day into ABR Loans, or (ii) to continue all or a portion of the outstanding principal amount of any LIBOR Loans the Interest Periods for which end on the same day for an additional Interest Period, provided that (x) any such conversion of LIBOR Loans into ABR Loans shall involve an aggregate principal amount of not less than $500,000 or, if greater, an integral multiple of $100,000 thereof; any such conversion of ABR Loans into, or continuation of, LIBOR Loans shall involve an aggregate principal amount of not less than $1,000,000 or, if greater, an integral multiple of $500,000 thereof, and no partial conversion of LIBOR Loans made pursuant to a single Borrowing shall reduce the outstanding principal amount of such LIBOR Loans to less than $1,000,000 or to any greater amount not an integral multiple of $500,000 in excess thereof, (x) except as otherwise provided in SECTION 2.16(D), LIBOR Loans may be converted into ABR Loans only on the last day of the Interest Period applicable thereto (and, in any event, if a LIBOR Loan is converted into an ABR Loan on any day other than the last day of the Interest Period applicable thereto, the Borrower will pay, upon given by telephone. Each such conversion, all amounts required under SECTION 2.18 to notice must be paid as a consequence thereof), (y) no such conversion or continuation shall be permitted with regard to any ABR Loans that are Swingline Loans, and (z) no conversion of ABR Loans into LIBOR Loans or continuation of LIBOR Loans upon the expiration of the Interest Period therefor shall be permitted during the continuance of a Default or Event of Default. (b) The Borrower shall make each such election received by giving the Administrative Agent written notice not later than 11:00 a.m., Charlotte time, a.m. three (3) Business Days prior to the intended effective requested date of any conversion of ABR Loans into, to or continuation of, LIBOR of Eurodollar Rate Loans and one (1) Business Day prior to the intended effective date or of any conversion of LIBOR Eurodollar Rate Loans into ABR to Base Rate Loans. Each telephonic notice by a Borrower pursuant to this Section 2.2(a) must be confirmed promptly by delivery to Administrative Agent of a written Loan Notice, appropriately completed and signed by a Responsible Officer of such notice (each, Borrower. Each conversion to or continuation of a "Notice portion of Conversion/Continuation") the Term Loans shall be irrevocable, shall be given in the form an aggregate principal amount of EXHIBIT D and $5,000,000 or a whole multiple of $1,000,000 in excess thereof. Each Loan Notice (whether telephonic or written) shall specify (xi) whether the applicable Borrower is requesting a conversion of a portion of the Term Loans from one Type to the other, or a continuation of Eurodollar Rate Loans, (ii) the requested date of such the conversion or continuation continuation, as the case may be (which shall be a Business Day), (yiii) in the case aggregate principal amount to converted or continued, (iv) the Type of the portion of the Term Loans to be converted, and (v) if applicable, the duration of the new Interest Period with respect thereto. If the applicable Borrower fails to give a conversion intotimely notice requesting a continuation of Eurodollar Rate Loans, then such Eurodollar Rate Loans shall be made as, or a continuation ofconverted to, LIBOR Base Rate Loans, . Any such automatic conversion to Base Rate Loans shall be effective as of the last day of the Interest Period then in effect with respect to the applicable Eurodollar Rate Loans. If the applicable Borrower requests a conversion to, or continuation of Eurodollar Rate Loans in any such Loan Notice, but fails to specify an Interest Period, it will be applicable thereto, and deemed to have specified an Interest Period of one month. (zb) the aggregate amount and Type of the Revolving Loans being converted or continued. Upon the receipt of a Notice of Conversion/Continuation, the Administrative Agent will promptly shall notify each Lender of the proposed details of any automatic conversion to Base Rate Loans described in the preceding subsection. (c) Except as otherwise provided herein, a Eurodollar Rate Loan may be continued or continuationconverted only on the last day of an Interest Period for such Eurodollar Rate Loan. In During the event existence of a Default, no portion of the Term Loans may be converted to or continued as Eurodollar Rate Loans without the consent of Required Lenders. (d) Administrative Agent shall promptly notify the applicable Borrower and Lenders of the interest rate applicable to any Interest Period for Eurodollar Rate Loans upon determination of such interest rate. At any time that Base Rate Loans are outstanding, Administrative Agent shall notify the applicable Borrower and Lenders of any change in Bank of America’s prime rate used in determining the Base Rate promptly following the public announcement of such change. (e) After giving effect to all conversions of portions of Term Loans from one Type to the other, and all continuations of portions of Eurodollar Rate Loans, there shall fail to deliver a Notice of Conversion/Continuation as provided herein not be more than eight (8) Interest Periods in effect with respect to any outstanding LIBOR the Term Loans, such LIBOR Loans shall automatically be converted to ABR Loans upon the expiration of the then current Interest Period applicable thereto (unless repaid pursuant to the terms hereof).

Appears in 1 contract

Samples: Term Loan Agreement (Prologis)

Conversions and Continuations. (a) The Subject to the provisions of Sections 2.1, 2.10 and 2.13, the Borrower shall have the right, option to convert on any Business Day occurring on or after the Amendment Effective Date, to elect (i) to convert all or a any portion of the outstanding principal amount of any ABR the Loans of one Type into LIBOR Loans of another Type (or select a different Interest Period for existing Eurodollar Loans); provided, or to convert any LIBOR Loans the Interest Periods for which end on the same day into ABR Loanshowever, or (ii) to continue all or a portion of the outstanding principal amount of any LIBOR Loans the Interest Periods for which end on the same day for an additional Interest Period, provided that (xa) any such conversion of LIBOR Loans into ABR Loans shall involve an may not be so converted to another Type unless the aggregate principal amount of not less than $500,000 or, if greater, the portion of the Loans to be so converted equals U.S.$1,000,000 or an integral multiple of $100,000 thereof; any such conversion of ABR Loans into, or continuation of, LIBOR Loans shall involve an aggregate principal amount of not less than $1,000,000 or, if greater, an integral multiple of $500,000 thereof, and no partial conversion of LIBOR Loans made pursuant to a single Borrowing shall reduce the outstanding principal amount of such LIBOR Loans to less than $1,000,000 or to any greater amount not an integral multiple of $500,000 U.S.$100,000 in excess thereof, (xb) except as otherwise provided in SECTION 2.16(D), LIBOR no conversion of all or any portion of the Loans which is a Eurodollar Loan may be converted into ABR Loans only on the last day of the Interest Period applicable thereto (and, in any event, if a LIBOR Loan is converted into an ABR Loan effected on any day other than the last day of the an Interest Period applicable theretoto such Eurodollar Loan, unless the Borrower will pay, upon pays all amounts owing under Section 2.12 as a result of such conversion, all amounts required under SECTION 2.18 (c) no partial conversion of any portion of the Loan which is a Eurodollar Loan shall reduce the outstanding principal amount of such Eurodollar Loans made pursuant to be paid as a consequence thereof)single Borrowing to less than U.S.$1,000,000, (yd) no a Base Rate Loan under the Term Facility or the Revolving Facility, as applicable, may not be converted into a Eurodollar Loan if an Event of Default has occurred and is continuing on the date of conversion and the Administrative Agent or the Majority Facility Lenders in respect of the Term Facility or the Revolving Facility, as applicable, have determined in its or their sole discretion not to permit such conversion or continuation shall be permitted with regard to any ABR Loans that are Swingline Loansconversions, and (ze) no conversion pursuant to this Section 2.6 shall result in a greater number of ABR Loans into LIBOR Loans or continuation of LIBOR Loans upon the expiration of the Interest Period therefor Periods than six (6) separate Interest Periods at any time outstanding. Each such conversion shall be permitted during effected by the continuance of a Default or Event of Default. (b) The Borrower shall make each such election by giving the Administrative Agent written notice not later than at its Notice Office prior to 11:00 a.m., Charlotte a.m. (New York City time, ) at least three (3) Business Days Days’ prior to the intended effective date of any conversion of ABR Loans into, or continuation of, LIBOR Loans and one (1) Business Day prior to the intended effective date of any conversion of LIBOR Loans into ABR Loans. Each such notice (each, each a "Notice of Conversion/Continuation") ”), which notice shall be irrevocable, shall be given in the form of EXHIBIT D irrevocable and shall specify (xi) the date principal amount of such conversion or continuation (which shall the portion of the Loans to be a Business Day)so converted, (yii) the Borrowing or Borrowings pursuant to which such Loans were made, (iii) the Type of Loan from which such amount is being converted and the Type of Loan into which such amount will be converted and (iv) if such amount is to be converted into Eurodollar Loans (or if a different Interest Period is selected in the case respect of a conversion into, or a continuation of, LIBOR existing Eurodollar Loans), the Interest Period to be initially applicable thereto, and (z) the aggregate amount and Type of the Revolving Loans being converted or continued. Upon the receipt of a Notice of Conversion/Continuation, the The Administrative Agent will promptly notify shall give each Lender prompt notice of the any such proposed conversion or continuation. In affecting any of its Loans. (b) Subject to the event that the Borrower shall fail to deliver a Notice provisions of Conversion/Continuation Section 2.8, any Eurodollar Loan may be continued as provided herein with respect to any outstanding LIBOR Loans, such LIBOR Loans shall automatically be converted to ABR Loans upon the expiration of the then current Interest Period with respect thereto by the Borrower giving at least three (3) Business Days’ irrevocable notice to the Administrative Agent of the length of the next Interest Period to be applicable thereto (unless repaid to such Loan; provided that no Eurodollar Loan under the Term Facility or the Revolving Facility, as applicable, may be continued as such when any Event of Default has occurred and is continuing and the Administrative Agent or the Majority Facility Lenders in respect of such Facility have determined in its or their sole discretion not to permit such conversions; provided, further, if such continuation is not permitted pursuant to the terms hereof)immediately preceding proviso such Loans shall be automatically converted to Base Rate Loans on the last day of such then expiring Interest Period. The Administrative Agent shall give each Lender prompt notice of any such proposed continuation affecting any of its Loans.

Appears in 1 contract

Samples: Credit Agreement (Exelon Generation Co LLC)

Conversions and Continuations. (a) The Borrower Borrowers shall have the right, on any Business Day occurring on or after the Amendment Effective DateJune 6, 2006, to elect (i) to convert all or a portion of the outstanding principal amount of any ABR Base Rate Loans into LIBOR Loans, or to convert any LIBOR Loans the Interest Periods for which end on the same day into ABR Base Rate Loans, or (ii) upon the expiration of any Interest Period, to continue all or a portion of the outstanding principal amount of any LIBOR Loans the Interest Periods for which end on the same day for an additional Interest Period, provided that (xw) any such conversion of LIBOR Loans into ABR Base Rate Loans shall involve an aggregate principal amount of not less than $500,000 3,000,000 or, if greater, an integral multiple of $100,000 1,000,000 in excess thereof; any such conversion of ABR Base Rate Loans into, or continuation of, LIBOR Loans shall involve an aggregate principal amount of not less than $1,000,000 5,000,000 or, if greater, an integral multiple of $500,000 1,000,000 in excess thereof, ; and no partial conversion of LIBOR Loans made pursuant to a single Borrowing shall reduce the outstanding principal amount of such LIBOR Loans to less than $1,000,000 5,000,000 or to any greater amount not an integral multiple of $500,000 1,000,000 in excess thereof, (x) except as otherwise provided in SECTION 2.16(DSection 2.16(f), LIBOR Loans may be converted into ABR Base Rate Loans only on the last day of the Interest Period applicable thereto (and, in any event, if a LIBOR Loan is converted into an ABR a Base Rate Loan on any day other than the last day of the Interest Period applicable thereto, the applicable Borrower will pay, upon such conversion, all amounts required under SECTION Section 2.18 to be paid as a consequence thereof), thereof and (y) no such conversion or continuation shall be permitted with regard to any ABR Loans that are Swingline Loans, and (z) no conversion of ABR Base Rate Loans into LIBOR Loans or continuation of LIBOR Loans upon the expiration of the Interest Period therefor shall be permitted during the continuance of a Default or Event of Default. (b) The applicable Borrower shall make each such election by giving the Administrative Agent written notice not later than 11:00 a.m., Charlotte time, three (3) Business Days prior to the intended effective date of any conversion of ABR Base Rate Loans into, or continuation of, LIBOR Loans and one (1) on the same Business Day prior to as the intended effective date of any conversion of LIBOR Loans into ABR Base Rate Loans. Each such notice (each, a "Notice of Conversion/Continuation") shall be irrevocable, shall be given in the form of EXHIBIT D Exhibit B-2 and shall specify (x) the date of such conversion or continuation (which shall be a Business Day), (y) in the case of a conversion into, or a continuation of, LIBOR Loans, the Interest Period to be applicable thereto, and (z) the aggregate amount and Type of the Revolving Loans being converted or continued. Upon the receipt of a Notice of Conversion/Continuation, the Administrative Agent will promptly notify each applicable Lender of the proposed conversion or continuation. In the event that the applicable Borrower shall fail to deliver a Notice of Conversion/Continuation as provided herein with respect to any outstanding LIBOR Loans, such LIBOR Loans shall automatically be converted to ABR Base Rate Loans upon the expiration of the then current Interest Period applicable thereto (unless repaid pursuant to the terms hereof). In the event the applicable Borrower shall have failed to select in a Notice of Conversion/Continuation the duration of the Interest Period to be applicable to any conversion into, or continuation of, LIBOR Loans, then the Borrower shall be deemed to have selected an Interest Period with a duration of one month.

Appears in 1 contract

Samples: Credit Agreement (Phoenix Companies Inc/De)

Conversions and Continuations. (a) The Borrower shall have the right, on any Business Day occurring on or after the Amendment Restatement Effective Date, to elect (i) to convert all or a portion of the outstanding principal amount of any ABR Base Rate Loans into LIBOR Loans, or to convert any LIBOR Loans the Interest Periods for which end on the same day into ABR Base Rate Loans, or (ii) upon the expiration of any Interest Period, to continue all or a portion of the outstanding principal amount of any LIBOR Loans the Interest Periods for which end on the same day for an additional Interest Period, provided that (xw) any such conversion of LIBOR Loans into ABR Base Rate Loans shall involve an aggregate principal amount of not less than $500,000 3,000,000 or, if greater, an integral multiple of $100,000 1,000,000 in excess thereof; any such conversion of ABR Base Rate Loans into, or continuation of, LIBOR Loans shall involve an aggregate principal amount of not less than $1,000,000 5,000,000 or, if greater, an integral multiple of $500,000 1,000,000 in excess thereof, ; and no partial conversion of LIBOR Loans made pursuant to a single Borrowing shall reduce the outstanding principal amount of such LIBOR Loans to less than $1,000,000 5,000,000 or to any greater amount not an integral multiple of $500,000 1,000,000 in excess thereof, (x) except as otherwise provided in SECTION 2.16(DSection 2.12(f), LIBOR Loans may be converted into ABR Base Rate Loans only on the last day of the Interest Period applicable thereto (and, in any event, if a LIBOR Loan is converted into an ABR a Base Rate Loan on any day other than the last day of the Interest Period applicable thereto, the Borrower will pay, upon such conversion, all amounts required under SECTION 2.18 Section 2.14 to be paid as a consequence thereof), and (y) no such conversion or continuation shall be permitted with regard to any ABR Loans that are Swingline Loans, and (z) no conversion of ABR Base Rate Loans into LIBOR Loans or continuation of LIBOR Loans upon the expiration of the Interest Period therefor shall be permitted during the continuance of a Default or Event of Default. (b) The Borrower shall make each such election by giving the Administrative Agent written notice not later than 11:00 a.m., Charlotte time, three (3) Business Days prior to the intended effective date of any conversion of ABR Base Rate Loans into, or continuation of, LIBOR Loans and one (1) Business Day prior to the intended effective date of any conversion of LIBOR Loans into ABR Base Rate Loans. Each such notice (each, a "Notice of Conversion/Continuation") shall be irrevocable, shall be given in the form of EXHIBIT D Exhibit B-3 and shall specify (x) the date of such conversion or continuation (which shall be a Business Day), (y) in the case of a conversion into, or a continuation of, LIBOR Loans, the Interest Period to be applicable thereto, and (z) the aggregate amount amount, and Type of the Revolving Loans being converted or continued. Upon the receipt of a Notice of Conversion/Continuation, the Administrative Agent will promptly notify each applicable Lender of the proposed conversion or continuation. In the event that the Borrower shall fail to deliver a Notice of Conversion/Continuation as provided herein with respect to any outstanding LIBOR Loans, such LIBOR Loans shall automatically be converted to ABR Base Rate Loans upon the expiration of the then current Interest Period applicable thereto (unless repaid pursuant to the terms hereof). In the event the Borrower shall have failed to select in a Notice of Conversion/Continuation the duration of the Interest Period to be applicable to any conversion into, or continuation of, LIBOR Loans, then the Borrower shall be deemed to have selected an Interest Period with a duration of one month.

Appears in 1 contract

Samples: Credit Agreement (Intercontinentalexchange Inc)

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Conversions and Continuations. (a) The Borrower shall have the right, on any Business Day occurring on or after the Amendment Effective Closing Date, to elect (i) to convert all or a portion of the outstanding principal amount of any ABR Base Rate Loans into LIBOR Loans, or to convert any LIBOR Loans the Interest Periods for which end on the same day into ABR Base Rate Loans, or (ii) to continue all or a portion of the outstanding principal amount of any LIBOR Loans the Interest Periods for which end on the same day for an additional Interest Period, provided that (x) any such conversion of LIBOR Loans into ABR Loans shall involve an aggregate principal amount of not less than $500,000 or, if greater, an integral multiple of $100,000 thereof; any such conversion of ABR Loans into, or continuation of, LIBOR Base Rate Loans shall involve an aggregate principal amount of not less than $1,000,000 or, if greater, an integral multiple of $500,000 in excess thereof; any such conversion of Base Rate Loans into, or continuation of, LIBOR Loans shall involve an aggregate principal amount of not less than $3,000,000 or, if greater, an integral multiple of $1,000,000 in excess thereof; and no partial conversion of LIBOR Loans made pursuant to a single Borrowing shall reduce the outstanding principal amount of such LIBOR Loans to less than $1,000,000 3,000,000 or to any greater amount not an integral multiple of $500,000 1,000,000 in excess thereof, (xy) except as otherwise provided in SECTION 2.16(DSection 2.16(d), LIBOR Loans may be converted into ABR Base Rate Loans only on the last day of the Interest Period applicable thereto (and, in any event, if a LIBOR Loan is converted into an ABR a Base Rate Loan on any day other than the last day of the Interest Period applicable thereto, the Borrower will pay, upon such conversion, all amounts required under SECTION Section 2.18 to be paid as a consequence thereof), (y) no such conversion or continuation shall be permitted with regard to any ABR Loans that are Swingline Loans, and (z) no conversion of ABR Base Rate Loans into LIBOR Loans or continuation of LIBOR Loans upon the expiration of the Interest Period therefor shall be permitted during the continuance of a Default or Event of Default. (b) The Borrower shall make each such election by giving the Administrative Agent written notice not later than 11:00 a.m.1:00 p.m., Charlotte time, three (3) Business Days prior to the intended effective date of any conversion of ABR Base Rate Loans into, or continuation of, LIBOR Loans and one (1) Business Day prior to the intended effective date of any conversion of LIBOR Loans into ABR Base Rate Loans. Each such notice (each, a "Notice of Conversion/Continuation") shall be irrevocable, shall be given in the form of EXHIBIT D Exhibit B-2 and shall specify (x) the date of such conversion or continuation (which shall be a Business Day), (y) in the case of a conversion into, or a continuation of, LIBOR Loans, the Interest Period to be applicable thereto, and (z) the aggregate amount and Type of the Revolving Loans being converted or continued. Upon the receipt of a Notice of Conversion/Continuation, the Administrative Agent will promptly notify each Lender of the proposed conversion or continuation. In the event that the Borrower shall fail to deliver a Notice of Conversion/Continuation as provided herein with respect to any outstanding LIBOR Loans, such LIBOR Loans shall automatically be converted to ABR Base Rate Loans upon the expiration of the then current Interest Period applicable thereto (unless repaid pursuant to the terms hereof). In the event the Borrower shall have failed to select in a Notice of Conversion/Continuation the duration of the Interest Period to be applicable to any conversion into, or continuation of, LIBOR Loans, then the Borrower shall be deemed to have selected an Interest Period with a duration of one month.

Appears in 1 contract

Samples: Credit Agreement (Orion Capital Corp)

Conversions and Continuations. (a) The Borrower shall have the ----------------------------- right, on any Business Day occurring on or after the Amendment Effective Closing Date, to elect (i) to convert all or a portion of the outstanding principal amount of any ABR Loans into LIBOR Loans, or to convert any LIBOR Loans the Interest Periods for which end on the same day into ABR Loans, or (ii) to continue all or a portion of the outstanding principal amount of any LIBOR Loans the Interest Periods for which end on the same day for an additional Interest Period, provided that (xw) any -------- such conversion of LIBOR Loans into ABR Loans shall involve an aggregate principal amount of not less than $500,000 3,000,000 or, if greater, an integral multiple of $100,000 1,000,000 in excess thereof; any such conversion of ABR Loans into, or continuation of, LIBOR Loans shall involve an aggregate principal amount of not less than $1,000,000 5,000,000 or, if greater, an integral multiple of $500,000 1,000,000 in excess thereof, ; and no partial conversion of LIBOR Loans made pursuant to a single Borrowing shall reduce the outstanding principal amount of such LIBOR Loans to less than $1,000,000 5,000,000 or to any greater amount not an integral multiple of $500,000 1,000,000 in excess thereof, (x) except as otherwise provided in SECTION 2.16(D2.16(d), LIBOR Loans may be converted into ABR Loans only on the last day of the Interest Period applicable thereto (and, in any event, if a LIBOR Loan is converted into an ABR Loan on any day other than the last day of the Interest Period applicable thereto, the Borrower will pay, upon such conversion, all amounts required under SECTION 2.18 to be paid as a consequence thereof), (y) no such conversion or continuation shall be permitted with regard to any ABR Loans that are Swingline Loans, and (z) no conversion of ABR Loans into LIBOR Loans or continuation of LIBOR Loans upon the expiration of the Interest Period therefor shall be permitted during the continuance of a Default or Event of Default. (b) The Borrower shall make each such election by giving the Agent written notice not later than 11:00 a.m., Charlotte time, three (3) Business Days prior to the intended effective date of any conversion of ABR Loans into, or continuation of, LIBOR Loans and one (1) Business Day prior to the intended effective date of any conversion of LIBOR Loans into ABR Loans. Each such notice (each, a "Notice of Conversion/Continuation") shall be irrevocable, shall be given in the form of EXHIBIT D and shall specify (x) the date of such conversion or continuation (which shall be a Business Day), (y) in the case of a conversion into, or a continuation of, LIBOR Loans, the Interest Period to be applicable thereto, and (z) the aggregate amount and Type of the Revolving Loans being converted or continued. Upon the receipt of a Notice of Conversion/Continuation, the Agent will promptly notify each Lender of the proposed conversion or continuation. In the event that the Borrower shall fail to deliver a Notice of Conversion/Continuation as provided herein with respect to any outstanding LIBOR Loans, such LIBOR Loans shall automatically be converted to ABR Loans upon the expiration of the then current Interest Period applicable thereto (unless repaid pursuant to the terms hereof).

Appears in 1 contract

Samples: Credit Agreement (Petersen Companies Inc)

Conversions and Continuations. (a) The Except in the case of any Swingline Loan, the Borrower shall have the right, on any Business Day occurring on or after the Amendment Effective Closing Date, to elect (i) to convert all or a portion of the outstanding principal amount of any ABR Base Rate Loans into one or more LIBOR Loans, or to convert any LIBOR Loans the Interest Periods for which end on the same day into ABR Base Rate Loans, or (ii) upon the expiration of any Interest Period, to continue all or a portion of the outstanding principal amount of any LIBOR Loans the Interest Periods for which end on the same day for an additional Interest Period, provided that (x) any such conversion of LIBOR Loans into ABR Base Rate Loans shall involve an aggregate principal amount of not less than $500,000 5,000,000 or, if greater, an integral multiple of $100,000 1,000,000 in excess thereof; any such conversion of ABR Base Rate Loans into, or continuation of, LIBOR Loans shall involve an aggregate principal amount of not less than $1,000,000 5,000,000 or, if greater, an integral multiple of $500,000 1,000,000 in excess thereof, ; and no partial conversion of LIBOR Loans made pursuant to a single Borrowing shall reduce the outstanding principal amount of such LIBOR Loans to less than $1,000,000 5,000,000 or to any greater amount not an integral multiple of $500,000 1,000,000 in excess thereof, (xy) except as otherwise provided in SECTION 2.16(DSection 2.16(d), LIBOR Loans may be converted into ABR Base Rate Loans only on the last day of the Interest Period applicable thereto (and, in any event, if a LIBOR Loan is converted into an ABR a Base Rate Loan on any day other than the last day of the Interest Period applicable thereto, the Borrower will pay, upon such conversion, all amounts required under SECTION Section 2.18 to be paid as a consequence thereof), (y) no such conversion or continuation shall be permitted with regard to any ABR Loans that are Swingline Loans, and (z) no conversion of ABR Base Rate Loans into LIBOR Loans or continuation of LIBOR Loans upon the expiration of the Interest Period therefor shall be permitted during the continuance of a Default or Event of Default. (b) The Borrower shall make each such election by giving the Agent written notice not later than 11:00 a.m., Charlotte time, three (3) Business Days prior to the intended effective date of any conversion of ABR Loans into, or continuation of, LIBOR Loans and one (1) Business Day prior to the intended effective date of any conversion of LIBOR Loans into ABR Loans. Each such notice (each, a "Notice of Conversion/Continuation") shall be irrevocable, shall be given in the form of EXHIBIT D and shall specify (x) the date of such conversion or continuation (which shall be a Business Day), (y) in the case of a conversion into, or a continuation of, LIBOR Loans, the Interest Period to be applicable thereto, and (z) the aggregate amount and Type of the Revolving Loans being converted or continued. Upon the receipt of a Notice of Conversion/Continuation, the Agent will promptly notify each Lender of the proposed conversion or continuation. In the event that the Borrower shall fail to deliver a Notice of Conversion/Continuation as provided herein with respect to any outstanding LIBOR Loans, such LIBOR Loans shall automatically be converted to ABR Loans upon the expiration of the then current Interest Period applicable thereto (unless repaid pursuant to the terms hereof).effective

Appears in 1 contract

Samples: Credit Agreement (St Joe Co)

Conversions and Continuations. (a) The Borrower Borrowers shall have the right, on any Business Day occurring on or after the Amendment Effective Closing Date, to elect (i) to convert all or a portion of the outstanding principal amount of any ABR Base Rate Loans into LIBOR Loans, or to convert any LIBOR Loans the Interest Periods for which end on the same day into ABR Base Rate Loans, or (ii) upon the expiration of any Interest Period, to continue all or a portion of the outstanding principal amount of any LIBOR Loans the Interest Periods for which end on the same day for an additional Interest Period, provided that (xw) any such conversion of LIBOR Loans into ABR Base Rate Loans shall involve an aggregate principal amount of not less than $500,000 3,000,000 or, if greater, an integral multiple of $100,000 1,000,000 in excess thereof; any such conversion of ABR Base Rate Loans into, or continuation of, LIBOR Loans shall involve an aggregate principal amount of not less than $1,000,000 5,000,000 or, if greater, an integral multiple of $500,000 1,000,000 in excess thereof, ; and no partial conversion of LIBOR Loans made pursuant to a single Borrowing shall reduce the outstanding principal amount of such LIBOR Loans to less than $1,000,000 5,000,000 or to any greater amount not an integral multiple of $500,000 1,000,000 in excess thereof, (x) except as otherwise provided in SECTION 2.16(DSection 2.16(f), LIBOR Loans may be converted into ABR Base Rate Loans only on the last day of the Interest Period applicable thereto (and, in any event, if a LIBOR Loan is converted into an ABR a Base Rate Loan on any day other than the last day of the Interest Period applicable thereto, the applicable Borrower will pay, upon such conversion, all amounts required under SECTION Section 2.18 to be paid as a consequence thereof), thereof and (y) no such conversion or continuation shall be permitted with regard to any ABR Loans that are Swingline Loans, and (z) no conversion of ABR Base Rate Loans into LIBOR Loans or continuation of LIBOR Loans upon the expiration of the Interest Period therefor shall be permitted during the continuance of a Default or Event of Default. (b) The applicable Borrower shall make each such election by giving the Administrative Agent written notice not later than 11:00 a.m., Charlotte time, three (3) Business Days prior to the intended effective date of any conversion of ABR Base Rate Loans into, or continuation of, LIBOR Loans and one (1) on the same Business Day prior to as the intended effective date of any conversion of LIBOR Loans into ABR Base Rate Loans. Each such notice (each, a "Notice of Conversion/Continuation") shall be irrevocable, shall be given in the form of EXHIBIT D Exhibit B-2 and shall specify (x) the date of such conversion or continuation (which shall be a Business Day), (y) in the case of a conversion into, or a continuation of, LIBOR Loans, the Interest Period to be applicable thereto, and (z) the aggregate amount and Type of the Revolving Loans being converted or continued. Upon the receipt of a Notice of Conversion/Continuation, the Administrative Agent will promptly notify each applicable Lender of the proposed conversion or continuation. In the event that the applicable Borrower shall fail to deliver a Notice of Conversion/Continuation as provided herein with respect to any outstanding LIBOR Loans, such LIBOR Loans shall automatically be converted to ABR Base Rate Loans upon the expiration of the then current Interest Period applicable thereto (unless repaid pursuant to the terms hereof). In the event the applicable Borrower shall have failed to select in a Notice of Conversion/Continuation the duration of the Interest Period to be applicable to any conversion into, or continuation of, LIBOR Loans, then the Borrower shall be deemed to have selected an Interest Period with a duration of one month.

Appears in 1 contract

Samples: Credit Agreement (Phoenix Companies Inc/De)

Conversions and Continuations. (a) The Borrower shall have the ----------------------------- right, on any Business Day occurring on or after the Amendment Effective Closing Date, to elect (i) to convert all or a portion of the outstanding principal amount of any ABR Loans of any Class into LIBOR LoansLoans of the same Class, or to convert any LIBOR Loans of any Class the Interest Periods for which end on the same day into ABR LoansLoans of the same Class, or (ii) to continue all or a portion of the outstanding principal amount of any LIBOR Loans of any Class the Interest Periods for which end on the same day for an additional Interest Period, provided that (xw) any -------- such conversion of LIBOR Loans into ABR Loans shall involve an aggregate principal amount of not less than $500,000 3,000,000 or, if greater, an integral multiple of $100,000 1,000,000 in excess thereof; any such conversion of ABR Loans into, or continuation of, LIBOR Loans shall involve an aggregate principal amount of not less than $1,000,000 5,000,000 or, if greater, an integral multiple of $500,000 1,000,000 in excess thereof, ; and no partial conversion of LIBOR Loans made pursuant to a single Borrowing shall reduce the outstanding principal amount of such LIBOR Loans to less than $1,000,000 5,000,000 or to any greater amount not an integral multiple of $500,000 1,000,000 in excess thereof, (x) except as otherwise provided in SECTION 2.16(D2.16(d), LIBOR Loans may be converted into ABR Loans only on the last day of the Interest Period applicable thereto (and, in any event, if a LIBOR Loan is converted into an ABR Loan on any day other than the last day of the Interest Period applicable thereto, the Borrower will pay, upon such conversion, all amounts required under SECTION 2.18 to be paid as a consequence thereof), (y) no such conversion or continuation shall be permitted with regard to any ABR Loans that are Swingline Loans, and (z) no conversion of ABR Loans into LIBOR Loans or continuation of LIBOR Loans upon the expiration of the Interest Period therefor shall be permitted during the continuance of a Default or Event of Default. (b) The Borrower shall make each such election by giving the Administrative Agent written notice (or oral notice promptly confirmed in writing) not later than 11:00 a.m.1:00 p.m., Charlotte time, three (3) Business Days prior to the intended effective date of any conversion of ABR Loans into, or continuation of, LIBOR Loans and one (1) Business Day prior to the intended effective date of any conversion of LIBOR Loans into ABR Loans. Each such notice (each, a "Notice of Conversion/Continuation") shall be irrevocable, shall be given in the form of EXHIBIT D (or, if oral notice is given, shall be promptly followed with a writing in the form of EXHIBIT D) and shall specify (x) the date of such conversion or continuation (which shall be a Business Day), (y) in the case of a conversion into, or a continuation of, LIBOR Loans, the Interest Period to be applicable thereto, and (z) the aggregate amount amount, Class and Type of the Revolving Loans being converted or continued. Upon the receipt of a Notice of Conversion/Continuation, the Administrative Agent will promptly notify each Lender having a Commitment for Loans of the relevant Class (or having outstanding Loans of the relevant Class) of the proposed conversion or continuation. In the event that the Borrower shall fail to deliver a Notice of Conversion/Continuation as provided herein with respect to any outstanding LIBOR Loans, such LIBOR Loans shall automatically be converted to ABR Loans upon the expiration of the then current Interest Period applicable thereto (unless repaid pursuant to the terms hereof). In the event the Borrower shall have failed to select in a Notice of Conversion/Continuation the duration of the interest period to be applicable to any conversion into, or continuation of, LIBOR Loans, then the Borrower shall be deemed to have selected an Interest Period with a duration of one month.

Appears in 1 contract

Samples: Credit Agreement (Petersen Companies Inc)

Conversions and Continuations. (a) The Borrower shall have the right, on any Business Day occurring on or after the Amendment Effective DateDay, to elect (i) to convert all or a portion of the outstanding principal amount of any ABR Base Rate Loans into LIBOR Loans, or to convert any LIBOR Loans the Interest Periods for which end on having the same day Interest Period into ABR Base Rate Loans, or (ii) to continue all or a portion of the outstanding principal amount of any LIBOR Loans the Interest Periods for which end on having the same day Interest Period for an additional Interest Period, provided that (x) any such conversion of LIBOR Loans into ABR Loans or continuation shall involve an aggregate principal amount of Loans of not less than $500,000 5,000,000 or, if greater, an integral multiple of $100,000 thereof; any such conversion of ABR Loans into, or continuation of, LIBOR Loans shall involve an aggregate principal amount of not less than $1,000,000 or, if greater, an integral multiple of $500,000 in excess thereof, and no partial conversion of LIBOR Loans made pursuant to a single Borrowing shall reduce the outstanding principal amount of such LIBOR Loans to less than $1,000,000 5,000,000 or to any greater amount not an integral multiple of $500,000 1,000,000 in excess thereof, (xy) except as otherwise provided in SECTION 2.16(DSection 2.14(d), LIBOR Loans may be converted into ABR Base Rate Loans only on the last day of the Interest Period applicable thereto (and, in any event, if a LIBOR Loan is converted into an ABR a Base Rate Loan on any day other than the last day of the Interest Period applicable thereto, the Borrower will pay, upon such conversion, all amounts required under SECTION 2.18 Section 2.16 to be paid as a consequence thereof), (y) no such conversion or continuation shall be permitted with regard to any ABR Loans that are Swingline Loans, and (z) no conversion of ABR Base Rate Loans into LIBOR Loans or continuation of LIBOR Loans upon the expiration of the Interest Period therefor shall be permitted during the continuance of a Default or Event of Default. (b) The Borrower shall make each such election by giving delivering oral or written notice (by telecopier or otherwise) to the Agent written notice not later than prior to 11:00 a.m., Charlotte time, at least three (3) Business Days prior to the intended effective date of any conversion of ABR Base Rate Loans into, or continuation of, LIBOR Loans and at least one (1) Business Day prior to the intended effective date of any conversion of LIBOR Loans into ABR Base Rate Loans. Each such notice (each, a "Notice of Conversion/Continuation") shall be irrevocable, shall be given in the form of EXHIBIT D Exhibit B-2 (or, if oral notice is given, shall be promptly followed, by telecopier or otherwise, with a writing in the form of Exhibit B-2) and shall be appropriately completed to specify (x) the date of such conversion or continuation (which shall be a Business Day), (y) in the case of a conversion into, or a continuation of, LIBOR Loans, the Interest Period to be applicable thereto, thereto and (z) the aggregate amount and Type of the Revolving Loans being converted or continued. Upon the receipt of a Notice of Conversion/Continuation, the Agent will promptly notify the Agent and each Lender of the proposed conversion or continuation, of such Lender's Pro Rata Share thereof and of the other matters specified in such notice. In the event that the Borrower shall fail to deliver a Notice of Conversion/Continuation as provided herein with respect to any outstanding LIBOR Loans, such LIBOR Loans shall automatically be converted to ABR Base Rate Loans upon the expiration of the then current Interest Period applicable thereto (unless repaid pursuant to the terms hereof)thereto.

Appears in 1 contract

Samples: Credit Agreement (Guaranty National Corp)

Conversions and Continuations. (a) The With respect to Loans not constituting Swingline Loans made pursuant to the Sweep Program, the Borrower shall have the right, on any Business Day occurring on or after the Amendment Restatement Effective Date, to elect (i) to convert all or a portion of the outstanding principal amount of any ABR Base Rate Loans or any LIBOR Market Index Loans (other than Swingline Loans made after the Sweep Program has been terminated) into LIBOR Loans, or to convert any LIBOR Loans the Interest Periods for which end on the same day into ABR Base Rate Loans or LIBOR Market Index Loans, or (ii) upon the expiration of any Interest Period, to continue all or a portion of the outstanding principal amount of any LIBOR Loans the Interest Periods for which end on the same day for an additional Interest Period, provided that (xw) any such conversion of LIBOR Loans into ABR Base Rate Loans or LIBOR Market Index Loans shall involve an aggregate principal amount of not less than $500,000 1,000,000 or, if greater, an integral multiple of $100,000 500,000 in excess thereof; any such conversion of ABR Base Rate Loans or LIBOR Market Index Loans into, or continuation of, LIBOR Loans shall involve an aggregate principal amount of not less than $1,000,000 or, if greater, an integral multiple of $500,000 in excess thereof, ; and no partial conversion of LIBOR Loans made pursuant to a single Borrowing shall reduce the outstanding principal amount of such LIBOR Loans to less than $1,000,000 or to any greater amount not an integral multiple of $500,000 in excess thereof, (x) except as otherwise provided in SECTION 2.16(DSection 2.16(d), LIBOR Loans may be converted into ABR Base Rate Loans or LIBOR Market Index Loans only on the last day of the Interest Period applicable thereto (and, in any event, if a LIBOR Loan is converted into an ABR a Base Rate Loan or a LIBOR Market Index Loan on any day other than the last day of the Interest Period applicable thereto, the Borrower will pay, upon such conversion, all amounts required under SECTION Section 2.18 to be paid as a consequence thereof), (y) no such conversion or continuation shall be permitted with regard to any ABR Base Rate Loans that are Swingline Loans, and (z) no conversion of ABR Base Rate Loans or LIBOR Market Index Loans into LIBOR Loans or continuation of LIBOR Loans upon the expiration of the Interest Period therefor shall be permitted during the continuance of a Default or Event of Default. (b) The Borrower shall make each such election by giving the Administrative Agent written notice not later than 11:00 a.m., Charlotte time, three (3) Business Days prior to the intended effective date of any conversion of ABR Base Rate Loans or LIBOR Market Index Loans into, or continuation of, LIBOR Loans and one (1) Business Day prior to the intended effective date of any conversion of LIBOR Loans into ABR Base Rate Loans or LIBOR Market Index Loans. Each such notice (each, a "Notice of Conversion/Continuation") shall be irrevocable, shall be given in the form of EXHIBIT D Exhibit B-3 and shall specify (x) the date of such conversion or continuation (which shall be a Business Day), (y) in the case of a conversion into, or a continuation of, LIBOR Loans, the Interest Period to be applicable thereto, and (z) the aggregate amount and Type of the Revolving Loans being converted or continued. Upon the receipt of a Notice of Conversion/Continuation, the Administrative Agent will promptly notify each Lender of the proposed conversion or continuation. In the event that the Borrower shall fail to deliver a Notice of Conversion/Continuation as provided herein with respect to any outstanding LIBOR Loans, such LIBOR Loans shall automatically be converted to ABR LIBOR Market Index Rate Loans upon the expiration of the then current Interest Period applicable thereto (unless repaid pursuant to the terms hereof). In the event the Borrower shall have failed to select in a Notice of Conversion/Continuation the duration of the Interest Period to be applicable to any conversion into, or continuation of, LIBOR Loans, then the Borrower shall be deemed to have selected an Interest Period with a duration of one month.

Appears in 1 contract

Samples: Credit Agreement (Old Dominion Freight Line Inc/Va)

Conversions and Continuations. (a) The Borrower shall have the right, on any Business Day occurring on or after the Amendment Effective Closing Date, to elect (i) to convert all or a portion of the outstanding principal amount of any ABR Base Rate Loans of any Class into LIBOR LoansLoans of the same Class, or to convert any LIBOR Loans of any Class the Interest Periods for which end on the same day into ABR LoansBase Rate Loans of the same Class, or (ii) upon the expiration of any Interest Period, to continue all or a portion of the outstanding principal amount of any LIBOR Loans of any Class, the Interest Periods for which end on the same day day, for an additional Interest Period, provided that (xw) any such conversion of LIBOR Loans into ABR Base Rate Loans shall involve an aggregate principal amount of not less than $500,000 (or, in the case of any Base Rate Loan denominated in any Alternate Currency, the equivalent of $500,000 denominated in such Alternate Currency) or, if greater, an integral multiple of $100,000 500,000 (or, in the case of any Base Rate Loan denominated in any Alternate Currency, the equivalent of $500,000 denominated in such Alternate Currency) in excess thereof; any such conversion of ABR Base Rate Loans into, or continuation of, LIBOR Loans shall involve an aggregate principal amount of not less than $1,000,000 (or, in the case of any LIBOR Loan denominated in any Alternate Currency, the equivalent of $1,000,000 denominated in such Alternate Currency) or, if greater, an integral multiple of $500,000 (or, in the case of any LIBOR Loan denominated in any Alternate Currency, the equivalent of $500,000 denominated in such Alternate Currency) in excess thereof, ; and no partial conversion of LIBOR Loans made pursuant to a single Borrowing shall reduce the outstanding principal amount of such LIBOR Loans to less than $1,000,000 (or, in the case of any LIBOR Loan denominated in any Alternate Currency, the equivalent of $1,000,000 denominated in such Alternate Currency) or to any greater amount not an integral multiple of $500,000 (or, in the case of any LIBOR Loan denominated in any Alternate Currency, the equivalent of $500,000 denominated in such Alternate Currency) in excess thereof, (x) except as otherwise provided in SECTION 2.16(DSection 2.16(d), LIBOR Loans may be converted into ABR Base Rate Loans only on the last day of the Interest Period applicable thereto (and, in any event, if a LIBOR Loan is converted into an ABR Loan on any day other than the last day of the Interest Period applicable thereto, the Borrower will pay, upon such conversion, all amounts required under SECTION 2.18 to be paid as a consequence thereof), (y) no such conversion or continuation shall be permitted with regard to any ABR Base Rate Loans that are Swingline Loans, Loans and (z) no conversion of ABR Base Rate Loans into LIBOR Loans or continuation of LIBOR Loans upon the expiration of the Interest Period therefor shall be permitted during the continuance of a Default or an Event of Default. (b) The Borrower shall make each such election by giving the Administrative Agent written notice not later than 11:00 a.m., Charlotte time12:00 p.m., three (3) Business Days prior to the intended effective date of any such conversion or continuation (or in the case of a conversion of ABR Loans intoany Loan into a Base Rate Loan, or continuation of, LIBOR Loans and one (1) Business Day prior to on the intended effective date of any conversion of LIBOR Loans into ABR Loanssuch conversion). Each such notice (each, a "Notice of Conversion/Continuation") shall be irrevocable, shall be given in the form of EXHIBIT D Exhibit B-3 and shall specify (x) the date of such conversion or continuation (which shall be a Business Day), (y) in the case of a conversion into, or a continuation of, LIBOR Loans, the Interest Period to be applicable thereto, and (z) the currency and aggregate amount principal amount, Class and Type of the Revolving Loans being converted or continued. Upon the receipt of a Notice of Conversion/Continuation, the Administrative Agent will promptly notify each Lender having a Commitment for Loans (or outstanding Loans) of the relevant Class of the proposed conversion or continuation. In the event that the Borrower shall fail to deliver a Notice of Conversion/Continuation as provided herein with respect to any outstanding LIBOR Loans, such LIBOR Loans shall automatically be converted continued at the end of its Interest Period as a LIBOR Loan with an Interest Period of one month. In the event the Borrower shall have failed to ABR Loans upon select in a Notice of Conversion/Continuation the expiration duration of the then current Interest Period to be applicable thereto (unless repaid pursuant to any conversion into, or continuation of, LIBOR Loans, then the terms hereof)Borrower shall be deemed to have selected an Interest Period with a duration of three months.

Appears in 1 contract

Samples: Credit Agreement (Metaldyne Performance Group Inc.)

Conversions and Continuations. (a) The Borrower shall have the right, on any Business Day occurring on or after the Amendment Effective Date, to elect (i) to convert all or a portion of the outstanding principal amount of any ABR Loans into LIBOR Loans, or to convert any LIBOR Loans the Interest Periods for which end on the same day into ABR Loans, or (ii) to continue all or a portion of the outstanding principal amount of any LIBOR Loans the Interest Periods for which end on the same day for an additional Interest Period, provided that (xi) any such conversion of LIBOR Loans into ABR Loans shall involve an aggregate principal amount of not less than $500,000 1,000,000 or, if greater, an integral multiple of $100,000 500,000 in excess thereof; (ii) any such conversion of ABR Loans into, or continuation of, LIBOR Loans shall involve an aggregate principal amount of not less than $1,000,000 3,000,000 or, if greater, an integral multiple of $500,000 1,000,000 in excess thereof, and ; (iii) no partial conversion of LIBOR Loans made pursuant to a single Borrowing shall reduce the outstanding principal amount of such LIBOR Loans to less than $1,000,000 3,000,000 or to any greater amount not an integral multiple of $500,000 1,000,000 in excess thereof, (x) except as otherwise provided in SECTION 2.16(D), LIBOR Loans may be converted into ABR Loans only on the last day of the Interest Period applicable thereto (and, in any event, if a LIBOR Loan is converted into an ABR Loan on any day other than the last day of the Interest Period applicable thereto, the Borrower will pay, upon such conversion, all amounts required under SECTION 2.18 to be paid as a consequence thereof), (yiv) no such conversion or continuation shall be permitted with regard to any ABR Loans that are Swingline Loans, and (zv) no conversion of ABR Loans into LIBOR Loans or continuation of LIBOR Loans upon the expiration of the into a new Interest Period therefor shall be permitted during the continuance of a Default or Event of Default. (b) The Borrower shall make each such election by giving the Agent written notice not later than 11:00 a.m., Charlotte time, three (3) Business Days prior to the intended effective date of any conversion of . If a LIBOR Loan is converted into a ABR Loans into, or continuation of, LIBOR Loans and one (1) Business Day prior to the intended effective date of any conversion of LIBOR Loans into ABR Loans. Each such notice (each, a "Notice of Conversion/Continuation") shall be irrevocable, shall be given in the form of EXHIBIT D and shall specify (x) the date of such conversion or continuation (which shall be a Business Day), (y) in the case of a conversion into, or a continuation of, LIBOR Loans, the Interest Period to be applicable thereto, and (z) the aggregate amount and Type of the Revolving Loans being converted or continued. Upon the receipt of a Notice of Conversion/Continuation, the Agent will promptly notify each Lender of the proposed conversion or continuation. In the event that the Borrower shall fail to deliver a Notice of Conversion/Continuation as provided herein with respect to any outstanding LIBOR Loans, such LIBOR Loans shall automatically be converted to ABR Loans upon the expiration of the then current Interest Period applicable thereto (unless repaid pursuant to the terms hereof).Loan on

Appears in 1 contract

Samples: Credit Agreement (Province Healthcare Co)

Conversions and Continuations. (a) The Each Borrower shall have the right, on any Business Day occurring on or after the Amendment Effective DateDay, to elect (i) to convert all or a portion of the outstanding principal amount of any ABR Base Rate Loans into LIBOR Loans, or to convert any LIBOR Loans the Interest Periods for which end on the same day into ABR Base Rate Loans, or (ii) upon the expiration of any Interest Period, to continue all or a portion of the outstanding principal amount of any LIBOR Loans the Interest Periods for which end on the same day for an additional Interest Period, ; provided that (x) any such conversion of LIBOR Loans into ABR Loans shall involve an aggregate principal amount of not less than $500,000 or, if greater, an integral multiple of $100,000 thereof; any such conversion of ABR Loans into, or continuation of, LIBOR Base Rate Loans shall involve an aggregate principal amount of not less than $1,000,000 or, if greater, an integral multiple of $500,000 in excess thereof; any such conversion of Base Rate Loans of the same Borrowing into, or continuation of LIBOR Loans shall involve an aggregate principal amount of not less than $3,000,000 or, if greater, an integral multiple of $1,000,000 in excess thereof; and no partial conversion of LIBOR Loans made pursuant to a single of the same Borrowing shall reduce the outstanding principal amount of such LIBOR Loans to less than $1,000,000 3,000,000 or to any greater amount not an integral multiple of $500,000 1,000,000 in excess thereof, (xy) except as otherwise provided in SECTION 2.16(DSection 2.16(d), LIBOR Loans may be converted into ABR Base Rate Loans only on the last day of the Interest Period applicable thereto (and, in any event, if a LIBOR Loan is converted into an ABR a Base Rate Loan on any day other than the last day of the Interest Period applicable thereto, the respective Borrower will pay, upon such conversion, all amounts required under SECTION Section 2.18 to be paid as a consequence thereof), (y) no such conversion or continuation shall be permitted with regard to any ABR Loans that are Swingline Loans, and (z) no conversion of ABR Base Rate Loans into LIBOR Loans or continuation of LIBOR Loans upon the expiration of the Interest Period therefor shall be permitted during the continuance of a Default or Event of Default. (b) The A Borrower shall make each such election by giving the Administrative Agent written notice not later than 11:00 a.m., Charlotte time, three (3) Business Days prior to the intended effective date of any conversion of ABR Base Rate Loans into, or continuation of, LIBOR Loans and one (1) Business Day prior to the intended effective date of any conversion of LIBOR Loans into ABR Base Rate Loans. Each such notice (each, a "Notice of Conversion/Continuation") shall be irrevocable, shall be given in the form of EXHIBIT D Exhibit B-2 and shall specify (x) the date of such conversion or continuation (which shall be a Business Day), (y) in the case of a conversion into, or a continuation of, LIBOR Loans, the Interest Period to be applicable thereto, and (z) the aggregate amount and Type of the Revolving Loans being converted or continued. Upon the receipt of a Notice of Conversion/Continuation, the Administrative Agent will promptly notify each Tranche 1 Lender of the proposed conversion or continuation. In the event that the respective Borrower shall fail to deliver a Notice of Conversion/Continuation as provided herein with respect to any outstanding LIBOR Loans, such LIBOR Loans shall automatically be converted to ABR Loans a LIBOR Loan having an Interest Period of one (1) month; provided that if such Borrower is not otherwise entitled to convert into or continue a LIBOR Loan, then such LIBOR Loan shall automatically be converted to a Base Rate Loan, in each case upon the expiration of the then current Interest Period applicable thereto (unless repaid pursuant to the terms hereof).

Appears in 1 contract

Samples: Credit Agreement (Everest Re Group LTD)

Conversions and Continuations. (a) The Borrower shall have the right, on any Business Day occurring on or after the Amendment Effective fourth (4th) day after the Closing Date, to elect (i) to convert all or a portion of the outstanding principal amount of any ABR Loans Base Rate Tranche into a LIBOR LoansTranche, or to convert any LIBOR Loans the Interest Periods for which end on the same day Tranche into ABR Loansa Base Rate Tranche, or (ii) to continue all or a portion of the outstanding principal amount of any LIBOR Loans the Interest Periods for which end on the same day Tranche for an additional Interest Period, provided that (x) any such conversion or continuation of a LIBOR Loans into ABR Loans Tranche shall involve an aggregate a principal amount of not less than $500,000 or, if greater, an integral multiple of $100,000 thereof; any such conversion of ABR Loans into, or continuation of, LIBOR Loans shall involve an aggregate principal amount of not less than $1,000,000 2,000,000 or, if greater, an integral multiple of $500,000 thereof, and no partial conversion of LIBOR Loans made pursuant to a single Borrowing shall reduce the outstanding principal amount of such LIBOR Loans to less than $1,000,000 or to any greater amount not an integral multiple of $500,000 in excess thereof, (xy) except as otherwise provided in SECTION 2.16(DSection 3.7(d), a LIBOR Loans Tranche may be converted into ABR Loans a Base Rate Tranche only on the last day of the Interest Period applicable thereto (and, in any event, if a LIBOR Loan Tranche is converted into an ABR Loan a Base Rate Tranche on any day other than the last day of the Interest Period applicable thereto, the Borrower will pay, upon such conversion, all amounts required under SECTION 2.18 Section 3.9 to be paid as a consequence thereof), (y) no such conversion or continuation shall be permitted with regard to any ABR Loans that are Swingline Loans, and (z) no conversion of ABR Loans a Base Rate Tranche into a LIBOR Loans Tranche or continuation of a LIBOR Loans upon the expiration of the Interest Period therefor Tranche shall be permitted during the continuance of a Default or Event of Default. (b) The Borrower shall make each such election by giving the Agent delivering written notice not later than to the Lender prior to 11:00 a.m., Charlotte time, at least three (3) Business Days prior to the intended effective date of any conversion of ABR Loans a Base Rate Tranche into, or continuation of, a LIBOR Loans Tranche and at least one (1) Business Day prior to the intended effective date of any conversion of a LIBOR Loans Tranche into ABR Loansa Base Rate Tranche. Each such notice (each, a "Notice of Conversion/Continuation") shall be irrevocable, shall be given in the form of EXHIBIT D Exhibit B, shall be executed by an Authorized Officer of the Borrower and shall be appropriately completed to specify (x) the date of such conversion or continuation (which shall be a Business Day)continuation, (y) in the case of a conversion into, or a continuation of, a LIBOR LoansTranche, the Interest Period to be applicable thereto, thereto and (z) the aggregate amount and Type type (Base Rate or LIBOR) of the Revolving Loans Tranche being converted or continued. Upon the receipt of a Notice of Conversion/Continuation, the Agent will promptly notify each Lender of the proposed conversion or continuation. In the event that the Borrower shall fail to deliver a Notice of Conversion/Continuation as provided herein with respect to any outstanding LIBOR LoansTranche, such LIBOR Loans Tranche shall automatically be converted to ABR Loans a Base Rate Tranche upon the expiration of the then current Interest Period applicable thereto (unless repaid pursuant to the terms hereof)thereto.

Appears in 1 contract

Samples: Credit Agreement (Piedmont Management Co Inc)

Conversions and Continuations. (a) The Borrower shall have the ----------------------------- right, on any Business Day occurring on or after the Amendment Effective third (3rd) Business Day after the Closing Date, to elect (i) to convert all or a portion of the outstanding principal amount of any ABR Base Rate Loans into LIBOR Loans, or to convert any LIBOR Loans the Interest Periods for which end on the same day into ABR Base Rate Loans, or (ii) to continue all or a portion of the outstanding principal amount of any LIBOR Loans the Interest Periods for which end on the same day for an additional Interest Period, provided that (x) any such -------- conversion of LIBOR Loans into ABR Loans shall involve an aggregate principal amount of not less than $500,000 or, if greater, an integral multiple of $100,000 thereof; any such conversion of ABR Loans into, or continuation of, LIBOR Base Rate Loans shall involve an aggregate principal amount of not less than $1,000,000 or, if greater, an integral multiple of $500,000 in excess thereof; any such conversion of Base Rate Loans into, or continuation of, LIBOR Loans shall involve an aggregate principal amount of not less than $3,000,000 or, if greater, an integral multiple of $1,000,000 in excess thereof; and no partial conversion of LIBOR Loans made pursuant to a single Borrowing shall reduce the outstanding principal amount of such LIBOR Loans to less than $1,000,000 3,000,000 or to any greater amount not an integral multiple of $500,000 1,000,000 in excess thereof, (xy) except as otherwise provided in SECTION 2.16(DSection 2.14(d), LIBOR Loans may be converted into ABR Base Rate Loans only on the last day of the Interest Period applicable thereto (and, in any event, if a LIBOR Loan is converted into an ABR a Base Rate Loan on any day other than the last day of the Interest Period applicable thereto, the Borrower will pay, upon such conversion, all amounts required under SECTION 2.18 Section 2.16 to be paid as a consequence thereof), (y) no such conversion or continuation shall be permitted with regard to any ABR Loans that are Swingline Loans, and (z) no conversion of ABR Base Rate Loans into LIBOR Loans or continuation of LIBOR Loans upon the expiration of the Interest Period therefor shall be permitted during the continuance of a Default or Event of Default. (b) The Borrower shall make each such election by giving the Administrative Agent written notice not later than 11:00 a.m., Charlotte time, three (3) Business Days prior to the intended effective date of any conversion of ABR Base Rate Loans into, or continuation of, LIBOR Loans and one (1) Business Day prior to the intended effective date of any conversion of LIBOR Loans into ABR Base Rate Loans. Each such notice (each, a "Notice of Conversion/Continuation") shall be irrevocable, shall be given in the form of EXHIBIT D Exhibit B-2 and shall specify (x) the date of such conversion or continuation (which shall be a Business Day), (y) in the case of a conversion into, or a continuation of, LIBOR Loans, the Interest Period to be applicable thereto, and (z) the aggregate amount and Type of the Revolving Loans being converted or continued. Upon the receipt of a Notice of Conversion/Continuation, the Administrative Agent will promptly notify each Lender of the proposed conversion or continuation. In the event that the Borrower shall fail to deliver a Notice of Conversion/Continuation as provided herein with respect to any outstanding LIBOR Loans, such LIBOR Loans shall automatically be converted to ABR Base Rate Loans upon the expiration of the then current Interest Period applicable thereto (unless repaid pursuant to the terms hereof).

Appears in 1 contract

Samples: Credit Agreement (Vesta Insurance Group Inc)

Conversions and Continuations. (a) The Borrower shall have the right, on any Business Day occurring on or after the Amendment Effective Closing Date, to elect (i) to convert all or a portion of the outstanding principal amount of any ABR Base Rate Loans of any Class into LIBOR LoansLoans of the same Class, or to convert any LIBOR Loans of any Class the Interest Periods for which end on the same day into ABR LoansBase Rate Loans of the same Class, or (ii) upon the expiration of any Interest Period, to continue all or a portion of the outstanding principal amount of any LIBOR Loans of any Class the Interest Periods for which end on the same day for an additional Interest Period, ; provided that (xw) any such conversion of LIBOR Loans into ABR Loans shall involve an aggregate principal amount of not less than $500,000 or, if greater, an integral multiple of $100,000 thereof; any such conversion of ABR Loans into, or continuation of, LIBOR Base Rate Loans shall involve an aggregate principal amount of not less than $1,000,000 or, if greater, an integral multiple of $500,000 in excess thereof; any such conversion of Base Rate Loans into, or continuation of, LIBOR Loans shall involve an aggregate principal amount of not less than $3,000,000 or, if greater, an integral multiple of $1,000,000 in excess thereof; and no partial conversion of LIBOR Loans made pursuant to a single Borrowing shall reduce the outstanding principal amount of such LIBOR Loans to less than $1,000,000 3,000,000 or to any greater amount not an integral multiple of $500,000 1,000,000 in excess thereof, (x) except as otherwise provided in SECTION 2.16(DSection 2.16(f), LIBOR Loans may be converted into ABR Base Rate Loans only on the last day of the Interest Period applicable thereto (and, in any event, if a LIBOR Loan is converted into an ABR a Base Rate Loan on any day other than the last day of the Interest Period applicable thereto, the Borrower will pay, upon such conversion, all amounts required under SECTION Section 2.18 to be paid as a consequence thereof), (y) no such conversion or continuation shall be permitted with regard to any ABR Base Rate Loans that are Swingline Loans, and (z) no conversion of ABR Base Rate Loans into LIBOR Loans or continuation of LIBOR Loans upon the expiration of the Interest Period therefor shall be permitted during the continuance of a Default or Event of Default. (b) The Borrower shall make each such election by giving the Administrative Agent written notice not later than 11:00 a.m., Charlotte time, three (3) Business Days prior to the intended effective date of any conversion of ABR Base Rate Loans into, or continuation of, LIBOR Loans and one (1) Business Day prior to the intended effective date of any conversion of LIBOR Loans into ABR Base Rate Loans. Each such notice (each, a "Notice of Conversion/Continuation") shall be irrevocable, shall be given in the form of EXHIBIT D Exhibit B-3 and shall specify (x) the date of such conversion or continuation (which shall be a Business Day), (y) in the case of a conversion into, or a continuation of, LIBOR Loans, the Interest Period to be applicable thereto, and (z) the aggregate amount amount, Class and Type of the Revolving Loans being converted or continued. Upon the receipt of a Notice of Conversion/Continuation, the Administrative Agent will promptly notify each applicable Lender of the proposed conversion or continuation. In the event that the Borrower shall fail to deliver a Notice of Conversion/Continuation as provided herein with respect to any outstanding LIBOR Loans, such LIBOR Loans shall automatically be converted to ABR Base Rate Loans upon the expiration of the then current Interest Period applicable thereto (unless repaid pursuant to the terms hereof). In the event the Borrower shall have failed to select in a Notice of Conversion/Continuation the duration of the Interest Period to be applicable to any conversion into, or continuation of, LIBOR Loans, then the Borrower shall be deemed to have selected an Interest Period with a duration of one month.

Appears in 1 contract

Samples: Credit Agreement (Hilb Rogal & Hobbs Co)

Conversions and Continuations. (a) The Borrower shall have the right, on any Business Day occurring on or after the Amendment Effective Date, to elect (i) to convert all or a portion of the outstanding principal amount of any ABR Loans into LIBOR Loans, or to convert any LIBOR Loans the Interest Periods for which end on the same day into ABR Loans, or (ii) upon the expiration of any Interest Period, to continue all or a portion of the outstanding principal amount of any LIBOR Loans the Interest Periods for which end on the same day for an additional Interest Period, provided that (xi) any such conversion of LIBOR Loans into ABR Loans shall involve an aggregate principal amount of not less than $500,000 1,000,000 or, if greater, an integral multiple of $100,000 500,000 in excess thereof; (ii) any such conversion of ABR Loans into, or continuation of, LIBOR Loans shall involve an aggregate principal amount of not less than $1,000,000 3,000,000 or, if greater, an integral multiple of $500,000 1,000,000 in excess thereof, and ; (iii) no partial conversion of LIBOR Loans made pursuant to a single Borrowing shall reduce the outstanding principal amount of such LIBOR Loans to less than $1,000,000 3,000,000 or to any greater amount not an integral multiple of $500,000 1,000,000 in excess thereof, (xiv) except as otherwise provided in SECTION 2.16(D)no such conversion or continuation shall be permitted with regard to any ABR Loans that are Swingline Loans, and (v) no conversion of ABR Loans into LIBOR Loans may be converted or continuation of LIBOR Loans into ABR Loans only on the last day of the a new Interest Period applicable thereto (and, in any event, if shall be permitted during the continuance of a Default or Event of Default. If a LIBOR Loan is converted into an a ABR Loan on any day other than the last day of the Interest Period applicable thereto, the Borrower will pay, upon such conversion, all amounts required under SECTION 2.18 2.13 to be paid as a consequence thereof), (y) no such conversion or continuation shall be permitted with regard to any ABR Loans that are Swingline Loans, and (z) no conversion of ABR Loans into LIBOR Loans or continuation of LIBOR Loans upon the expiration of the Interest Period therefor shall be permitted during the continuance of a Default or Event of Default. (b) The Borrower shall make each such election by giving the Agent written notice not later than 11:00 a.m.12:00 noon, Charlotte time, three (3) Business Days prior to the intended effective date of any conversion of ABR Loans into, or continuation of, LIBOR Loans and one (1) Business Day prior to the intended effective date of any conversion of LIBOR Loans into ABR Loans. Each such notice (each, a "Notice of Conversion/Continuation") shall be irrevocable, shall be given in the form of EXHIBIT D B-2 and shall specify (x) the date of such conversion or continuation (which shall be a Business Day), (y) in the case of a conversion into, or a continuation of, LIBOR Loans, the Interest Period to be applicable thereto, and (z) the aggregate amount and Type of the Revolving Loans being converted or continued. Upon the receipt of a Notice of Conversion/Continuation, the Agent will promptly notify each Lender of the proposed conversion or continuation. In the event that the Borrower shall fail to deliver a Notice of Conversion/Continuation as provided herein with respect to any outstanding LIBOR Loans, such LIBOR Loans shall automatically be converted to ABR Loans upon the expiration of the then current Interest Period applicable thereto (unless repaid pursuant to the terms hereof). (c) The Borrower shall have a one-time option, exercisable on any Business Day, to convert Unutilized End Loaded Lease Commitments under the End Loaded Lease Credit Agreement to Revolving Credit Commitments under this Agreement on a pro rata basis among the Lenders; provided, that (i) any such conversion shall involve aggregate Unutilized End Loaded Lease Commitments in an amount not greater than $10,000,000 and (ii) no such conversion shall be permitted during the continuance of a Default or an

Appears in 1 contract

Samples: Credit Agreement (Province Healthcare Co)

Conversions and Continuations. (a) The Borrower shall have the right, on any Business Day occurring on or after the Amendment Effective DateDay, to elect (iy) to convert all (or a portion of the outstanding principal in an amount of any ABR Loans into LIBOR Loans, or to convert any LIBOR Loans the Interest Periods for which end on the same day into ABR Loans, or (ii) to continue all or a portion of the outstanding principal amount of any LIBOR Loans the Interest Periods for which end on the same day for an additional Interest Period, provided that (x) any such conversion of LIBOR Loans into ABR Loans shall involve an aggregate principal amount of not less than (A) in the case of Base Rate Loans, $500,000 or, if greater, an integral multiple of $100,000 thereof; any such conversion in excess thereof and (B) in the case of ABR Loans intoLIBOR Loans, or continuation of, LIBOR Loans shall involve an aggregate principal amount of not less than $1,000,000 3,000,000 or, if greater, an integral multiple of $500,000 1,000,000 in excess thereof) of the outstanding principal amount of any Loans of one Type made pursuant to one or more Borrowings under any Facility (and, and no partial conversion in the case of LIBOR Loans, having the same Interest Period) into a Borrowing or Borrowings of Loans (under the same Facility) of the other Type, or (z) to continue all (or a portion, subject to the restrictions as to amount set forth in clause (B) of the parenthetical in clause (y) above) of the outstanding principal amount of any LIBOR Loans made pursuant to a single Borrowing shall reduce one or more Borrowings under any Facility (and having the outstanding principal amount of such LIBOR Loans to less than $1,000,000 or to any greater amount not same Interest Period) for an integral multiple of $500,000 in excess thereofadditional Interest Period, provided that (xi) except as otherwise provided for in SECTION 2.16(DSection 2.11(d), LIBOR Loans may be converted into ABR Base Rate Loans or continued as new LIBOR Loans only on the last day of the Interest Period applicable thereto (and, in any event, if a LIBOR Loan is converted into an ABR a Base Rate Loan on any day other than the last day of the Interest Period applicable thereto, the Borrower will pay, upon such conversion, all amounts required under SECTION 2.18 Section 2.13 to be paid as a consequence thereof), (ii) if any partial conversion of LIBOR Loans into Base Rate Loans shall have reduced the outstanding principal amount of the remaining LIBOR Loans made pursuant to a single Borrowing (and thereby continued) to less than $3,000,000 and, if greater, an integral multiple of $1,000,000 in excess thereof, such remaining LIBOR Loans shall be converted immediately into Base Rate Loans and may not thereafter be converted into or continued as LIBOR Loans unless the requirements of clause (y) no such conversion or continuation shall be permitted with regard to any ABR Loans that above are Swingline Loanssatisfied, and (ziii) no conversion of ABR Base Rate Loans into LIBOR Loans or continuation of LIBOR Loans upon the expiration of the Interest Period therefor shall be permitted during the continuance existence of a Default or Event of DefaultDefault and (iv) no conversion or continuation under this Section shall result in a greater number of separate Interest Periods in respect of LIBOR Loans under either Facility than is permitted under Section 2.2(a)(vi). (b) The Borrower shall make each such election by giving delivering written notice to the Agent written notice not later than prior to 11:00 a.m., Charlotte time, at least three (3) Business Days prior to the intended effective date of any conversion of ABR Base Rate Loans into, or continuation of, LIBOR Loans and at least one (1) Business Day prior to the intended effective date of any conversion of LIBOR Loans into ABR Base Rate Loans. Each such notice (each, a "Notice of Conversion/Continuation") shall be irrevocable, shall be given in the form of EXHIBIT D Exhibit B-2 and shall be appropriately completed to specify (x) the date of such conversion or continuation (which shall be a Business Day)continuation, (y) in the case of a conversion into, or a continuation of, LIBOR Loans, the Interest Period to be applicable thereto, thereto and (z) the aggregate amount and Type of the Revolving Loans being converted or continued. Upon the receipt of a Notice of Conversion/Continuation, the Agent will promptly notify each Lender having a Commitment under the Facility pursuant to which such conversion or continuation is elected of the proposed conversion or continuation, of such Lender's Pro Rata Share thereof and of the other matters specified in the Notice of Conversion/Continuation. In the event that the Borrower shall fail to deliver a Notice of Conversion/Continuation as provided herein hereinabove with respect to any outstanding Borrowing of LIBOR Loans, such LIBOR Loans shall automatically be converted to ABR Base Rate Loans upon the expiration of the then current Interest Period applicable thereto (unless repaid pursuant to the terms hereof)thereto.

Appears in 1 contract

Samples: Loan Agreement (Renal Treatment Centers Inc /De/)

Conversions and Continuations. (a) The Borrower shall have the right, on any Business Day occurring on or after the Amendment Effective Closing Date, to elect (i) to convert all or a portion of the outstanding principal amount of any ABR Base Rate Loans into LIBOR Loans, or to convert any LIBOR Loans the Interest Periods for which end on the same day into ABR Base Rate Loans, or (ii) upon the expiration of any Interest Period, to continue all or a portion of the outstanding principal amount of any LIBOR Loans the Interest Periods for which end on the same day for an additional Interest Period, provided that (xw) any such conversion of LIBOR Loans of the same Borrowing into ABR Base Rate Loans shall involve an aggregate principal amount of not less than $500,000 3,000,000 or, if greater, an integral multiple of $100,000 1,000,000 in excess thereof; any such conversion of ABR Base Rate Loans of the same Borrowing into, or continuation of, LIBOR Loans shall involve an aggregate principal amount of not less than $1,000,000 5,000,000 or, if greater, an integral multiple of $500,000 1,000,000 in excess thereof, ; and no partial conversion of LIBOR Loans made pursuant to a single of the same Borrowing shall reduce the outstanding principal amount of such LIBOR Loans to less than $1,000,000 5,000,000 or to any greater amount not an integral multiple of $500,000 1,000,000 in excess thereof, (x) except as otherwise provided in SECTION 2.16(D), LIBOR Loans may be converted into ABR Loans only on the last day of the Interest Period applicable thereto (and, in any event, if a LIBOR Loan is converted into an ABR a Base Rate Loan on any day other than the last day of the Interest Period applicable thereto, the Borrower will pay, upon such conversion, all amounts required under SECTION 2.18 Section 2.19 to be paid as a consequence thereof), (y) no such conversion or continuation shall be permitted with regard to any ABR Swingline Loans that are Swingline Loans, and (z) no conversion of ABR Base Rate Loans into LIBOR Loans or continuation of LIBOR Loans upon the expiration of the Interest Period therefor shall be permitted during the continuance of a Default or Event of Default. (b) The Borrower shall make each such election by giving the Administrative Agent written notice not later than 11:00 a.m., Charlotte time, a.m. three (3) Business Days prior to the intended effective date of any conversion of ABR Base Rate Loans into, or continuation of, LIBOR Loans and one (1) Business Day prior to the intended effective date of any conversion of LIBOR Loans into ABR Base Rate Loans. Each such notice (each, a "Notice of Conversion/Continuation") shall be irrevocable, shall be given in the form of EXHIBIT D Exhibit B-3 and shall specify (x) the date of such conversion or continuation (which shall be a Business Day), (y) in the case of a conversion into, or a continuation of, LIBOR Loans, the Interest Period to be applicable thereto, and (z) the aggregate amount and Type of the Revolving Loans being converted or continued. Upon the receipt of a Notice of Conversion/Continuation, the Administrative Agent will promptly notify each Lender of the proposed conversion or continuation. In the event that the Borrower shall fail to deliver a Notice of Conversion/Continuation as provided herein with respect to any outstanding LIBOR Loans, such LIBOR Loans shall automatically be converted to ABR Base Rate Loans upon the expiration of the then then-current Interest Period applicable thereto (unless repaid pursuant to the terms hereof). In the event the Borrower shall have failed to select in a Notice of Conversion/Continuation the duration of the Interest Period to be applicable to any conversion into, or continuation of, LIBOR Loans, then the Borrower shall be deemed to have selected an Interest Period with a duration of one month.

Appears in 1 contract

Samples: Credit Agreement (Unum Group)

Conversions and Continuations. (a) The Borrower Borrowers shall have the right, on any Business Day occurring on or after the Amendment Effective Closing Date, to elect (i) to convert all or a portion of the outstanding principal amount of any ABR Base Rate Loans of any Class into LIBOR LoansLoans of the same Class, or to convert any LIBOR Loans of any Class the Interest Periods for which end on the same day into ABR LoansBase Rate Loans of the same Class, or (ii) upon the expiration of any Interest Period, to continue all or a portion of the outstanding principal amount of any LIBOR Loans of any Class the Interest Periods for which end on the same day for an additional Interest Period, provided that (xw) any such conversion of LIBOR Loans into ABR Base Rate Loans shall involve an aggregate principal amount of not less than $500,000 3,000,000 or, if greater, an integral multiple of $100,000 1,000,000 in excess thereof; any such conversion of ABR Base Rate Loans into, or continuation of, LIBOR Loans shall involve an aggregate principal amount of not less than $1,000,000 3,000,000 or, if greater, an integral multiple of $500,000 1,000,000 in excess thereof, ; and no partial conversion of LIBOR Loans made pursuant to a single Borrowing shall reduce the outstanding principal amount of such LIBOR Loans to less than $1,000,000 3,000,000 or to any greater amount not an integral multiple of $500,000 1,000,000 in excess thereof, (x) except as otherwise provided in SECTION 2.16(DSection 2.16(f), LIBOR Loans may be converted into ABR Base Rate Loans only on the last day of the Interest Period applicable thereto (and, in any event, if a LIBOR Loan is converted into an ABR a Base Rate Loan on any day other than the last day of the Interest Period applicable thereto, the Borrower Borrowers will pay, upon such conversion, all amounts required under SECTION Section 2.18 to be paid as a consequence thereof), (y) no such conversion or continuation shall be permitted with regard to any ABR Base Rate Loans that are Swingline Loans, and (z) no conversion of ABR Base Rate Loans into LIBOR Loans or continuation of LIBOR Loans upon the expiration of the Interest Period therefor shall be permitted during the continuance of a Default or Event of Default. (b) The Borrower Borrowers shall make each such election by giving the Administrative Agent written notice from the Administrative Borrower not later than 11:00 a.m., Charlotte time, three (3) Business Days prior to the intended effective date of any conversion of ABR Base Rate Loans into, or continuation of, LIBOR Loans and one (1) Business Day prior to the intended effective date of any conversion of LIBOR Loans into ABR Base Rate Loans. Each such notice (each, a "Notice of Conversion/Continuation") shall be irrevocable, shall be given in the form of EXHIBIT D Exhibit B-3 and shall specify (x) the date of such conversion or continuation (which shall be a Business Day), (y) in the case of a conversion into, or a continuation of, LIBOR Loans, the Interest Period to be applicable thereto, and (z) the aggregate amount and Type of the Revolving Loans being converted or continued. Upon the receipt of a Notice of Conversion/Continuation, the Administrative Agent will promptly notify each applicable Lender of the proposed conversion or continuation. In the event that the Borrower Borrowers shall fail to deliver a Notice of Conversion/Continuation as provided herein with respect to any outstanding LIBOR Loans, such LIBOR Loans shall automatically be converted to ABR Base Rate Loans upon the expiration of the then current Interest Period applicable thereto (unless repaid pursuant to the terms hereof). In the event the Borrowers shall have failed to select in a Notice of Conversion/Continuation the duration of the Interest Period to be applicable to any conversion into, or continuation of, LIBOR Loans, then the Borrowers shall be deemed to have selected an Interest Period with a duration of one month.

Appears in 1 contract

Samples: Credit Agreement (Jackson Hewitt Tax Service Inc)

Conversions and Continuations. (a) The Borrower shall have the right, on any Business Day occurring on or after the Amendment Effective Closing Date, to elect (i) to convert all or a portion of the outstanding principal amount of any ABR Base Rate Loans into LIBOR Loans, or to convert any LIBOR Loans the Interest Periods for which end on the same day into ABR Base Rate Loans, or (ii) to continue all or a portion of the outstanding principal amount of any LIBOR Loans the Interest Periods for which end on the same day for an additional Interest Period, provided that (x) any such conversion of LIBOR Loans into ABR Base Rate Loans shall involve an aggregate principal amount of not less than $500,000 or, if greater, an integral multiple of $100,000 in excess thereof; any such conversion of ABR Base Rate Loans into, or continuation of, LIBOR Loans shall involve an aggregate principal amount of not less than $1,000,000 500,000 or, if greater, an integral multiple of $500,000 100,000 in excess thereof, ; and no partial conversion of LIBOR Loans made pursuant to a single Borrowing shall reduce the outstanding principal amount of such LIBOR Loans to less than $1,000,000 500,000 or to any greater amount not an integral multiple of $500,000 100,000 in excess thereof, (xy) except as otherwise provided in SECTION 2.16(DSection 2.16(e), LIBOR Loans may be converted into ABR Base Rate Loans only on the last day of the Interest Period applicable thereto (and, in any event, if a LIBOR Loan is converted into an ABR a Base Rate Loan on any day other than the last day of the Interest Period applicable thereto, the Borrower will pay, upon such conversion, all amounts required under SECTION Section 2.18 to be paid as a consequence thereof), (y) no such conversion or continuation shall be permitted with regard to any ABR Loans that are Swingline Loans, and (z) no conversion of ABR Base Rate Loans into LIBOR Loans or continuation of LIBOR Loans upon the expiration of the Interest Period therefor shall be permitted during the continuance of a Default or Event of Default. (b) The Borrower shall make each such election by giving the Administrative Agent written notice not later than 11:00 a.m.12:00 p.m., Charlotte time, three (3) Business Days prior to the intended effective date of any conversion of ABR Base Rate Loans into, or continuation of, LIBOR Loans and one (1) Business Day prior to the intended effective date of any conversion of LIBOR Loans into ABR Base Rate Loans, unless such notice requirement is shortened by the Administrative Agent. Each such notice (each, a "Notice of Conversion/Continuation") shall be irrevocable, shall be given in the form of EXHIBIT D Exhibit B-2 and shall specify (x) the date of such conversion or continuation (which shall be a Business Day), (y) in the case of a conversion into, or a continuation of, LIBOR Loans, the Interest Period to be applicable thereto, and (z) the aggregate amount and Type of the Revolving Loans being converted or continued. Upon the receipt of a Notice of Conversion/Continuation, the Agent will promptly notify each Lender of the proposed conversion or continuation. In the event that the Borrower shall fail to deliver a Notice of Conversion/Continuation as provided herein with respect to any outstanding LIBOR Loans, such LIBOR Loans shall automatically be converted to ABR Base Rate Loans upon the expiration of the then current Interest Period applicable thereto (unless repaid pursuant to the terms hereof). In the event the Borrower shall have failed to select in a Notice of Conversion/Continuation the duration of the Interest Period to be applicable to any conversion into, or continuation of, LIBOR Loans, then the Borrower shall be deemed to have selected an Interest Period with a duration of one month.

Appears in 1 contract

Samples: Credit Agreement (Selective Insurance Group Inc)

Conversions and Continuations. (a) The Borrower shall have the right, on any Business Day occurring on or after the Amendment Effective Closing Date, to elect (i) to convert all or a portion of the outstanding principal amount of any ABR Base Rate Loans into LIBOR Loans, or to convert any LIBOR Loans the Interest Periods for which end on the same day into ABR Base Rate Loans, or (ii) upon the expiration of any Interest Period, to continue all or a portion of the outstanding principal amount of any LIBOR Loans the Interest Periods for which end on the same day for an additional Interest Period, provided that (x) any such conversion of LIBOR Loans into ABR Base Rate Loans shall involve an aggregate principal amount of not less than $500,000 3,000,000 or, if greater, an integral multiple of $100,000 1,000,000 in excess thereof; any such conversion of ABR Base Rate Loans into, or continuation of, LIBOR Loans shall involve an aggregate principal amount of not less than $1,000,000 5,000,000 or, if greater, an integral multiple of $500,000 1,000,000 in excess thereof, ; and no partial conversion of LIBOR Loans made pursuant to a single Borrowing shall reduce the outstanding principal amount of such LIBOR Loans to less than $1,000,000 5,000,000 or to any greater amount not an integral multiple of $500,000 1,000,000 in excess thereof, (xy) except as otherwise provided in SECTION 2.16(DSection 2.16(f), LIBOR Loans may be converted into ABR Base Rate Loans only on the last day of the Interest Period applicable thereto (and, in any event, if a LIBOR Loan is converted into an ABR a Base Rate Loan on any day other than the last day of the Interest Period applicable thereto, the Borrower will pay, upon such conversion, all amounts required under SECTION Section 2.18 to be paid as a consequence thereof), (y) no such conversion or continuation shall be permitted with regard to any ABR Loans that are Swingline Loans, and (z) no conversion of ABR Base Rate Loans into LIBOR Loans or continuation of LIBOR Loans upon the expiration of the Interest Period therefor shall be permitted during the continuance of a Default or Event of Default. (b) The Borrower shall make each such election by giving the Administrative Agent written notice (i) not later than 11:00 a.m.12:00 noon, Charlotte Charlotte, North Carolina time, three (3) Business Days prior to the intended effective date of any conversion of ABR Base Rate Loans intointo LIBOR Loans, or any continuation of, of LIBOR Loans and (ii) not later than 12:00 noon, Charlotte, North Carolina time, one (1) Business Day prior to the intended effective date of any conversion of LIBOR Loans into ABR Base Rate Loans. Each such notice (each, a "Notice of Conversion/Continuation") shall be irrevocable, shall be given in the form of EXHIBIT D Exhibit B-2 and shall specify (x) the date of such conversion or continuation (which shall be a Business Day), (y) in the case of a conversion into, or a continuation of, LIBOR Loans, the Interest Period to be applicable thereto, and (z) the aggregate amount and Type of the Revolving Loans being converted or continued. Upon the receipt of a Notice of Conversion/Continuation, the Administrative Agent will promptly notify each Lender of the proposed conversion or continuation. In the event that the Borrower shall fail to deliver a Notice of Conversion/Continuation as provided herein with respect to any of its outstanding LIBOR Loans, such LIBOR Loans shall automatically be converted to ABR Base Rate Loans upon the expiration of the then current Interest Period applicable thereto (unless repaid pursuant to the terms hereof). In the event the Borrower shall have failed to select in a Notice of Conversion/Continuation the duration of the Interest Period to be applicable to any conversion into, or continuation of, its LIBOR Loans, then the Borrower shall be deemed to have selected an Interest Period with a duration of one month.

Appears in 1 contract

Samples: Credit Agreement (Intercontinentalexchange Inc)

Conversions and Continuations. (a) The Borrower shall have the right, on any Business Day occurring on or after the Amendment Effective Date, to elect (i) to convert all or a portion of the outstanding principal amount of any ABR Base Rate Loans into LIBOR Loans, or to convert all or any portion of LIBOR Loans the Interest Periods for which end on the same day into ABR Base Rate Loans, or (ii) upon the expiration of any Interest Period, to continue all or a portion of the outstanding principal amount of any LIBOR Loans the Interest Periods for which end on the same day for an additional Interest Period, provided that (x) any such conversion of LIBOR Loans into ABR Base Rate Loans shall involve an aggregate principal amount of not less than $500,000 or, if greater, an integral multiple of $100,000 in excess thereof; any such conversion of ABR Base Rate Loans into, or continuation of, LIBOR Loans shall involve an aggregate principal amount of not less than $1,000,000 or, if greater, an integral multiple of $500,000 1,000,000 in excess thereof, ; and no partial conversion of LIBOR Loans made pursuant to a single Borrowing shall reduce the outstanding principal amount of such LIBOR Loans to less than $1,000,000 or to any greater amount not an integral multiple of $500,000 $ 1,000,000 in excess thereof, (xy) except as otherwise provided in SECTION 2.16(D5.9(d), LIBOR Loans may be converted into ABR Base Rate Loans only on the last day of the Interest Period applicable thereto (and, in any event, if a LIBOR Loan is converted into an ABR a Base Rate Loan on any day other than the last day of the Interest Period applicable thereto, the Borrower will pay, upon such conversion, all amounts required under SECTION 2.18 5.10 to be paid as a consequence thereof), (y) no such conversion or continuation shall be permitted with regard to any ABR Loans that are Swingline Loans, and (z) no conversion of ABR Base Rate Loans into LIBOR Loans or continuation of LIBOR Loans upon the expiration of the Interest Period therefor shall be permitted during the continuance of a Default or Event of Default. (b) The Borrower shall make each such election by giving the Administrative Agent written notice not later than 11:00 a.m., Charlotte time, three (3) Business Days prior to the intended effective date of any conversion of ABR Base Rate Loans into, or continuation of, of LIBOR Loans and one (1) on the same Business Day prior to the intended effective date of for any conversion of LIBOR Loans into ABR Base Rate Loans. Each such notice (each, a "Notice of Conversion/Continuation") shall be irrevocable, shall be given in the form of EXHIBIT D B-2 and shall specify (w) the Term Loan A Segment, the Term Loan B Segment or Revolving Loans subject to such election, (x) the date of such conversion or continuation (which shall be a Business Day), (y) in the case of a conversion into, or a continuation of, LIBOR Loans, the Interest Period to be applicable thereto, and (z) the aggregate amount and Type of the Revolving Loans being converted or continued. Upon the receipt of a Notice of Conversion/Continuation, the Administrative Agent will promptly notify each Lender of the proposed conversion or continuation. In the event that the Borrower shall fail to deliver a Notice of Conversion/Continuation as provided herein with respect to any outstanding LIBOR Loans, such LIBOR Loans shall automatically be converted to ABR Base Rate Loans upon the expiration of the then current Interest Period applicable thereto (unless repaid pursuant to the terms hereof). In the event the Borrower shall have failed to select in a Notice of Conversion/Continuation the duration of the Interest Period to be applicable to any conversion into, or continuation of, LIBOR Loans, then the Borrower shall be deemed to have selected an Interest Period with a duration of one month.

Appears in 1 contract

Samples: Credit Agreement (Radiation Therapy Services Inc)

Conversions and Continuations. (a) The Borrower shall have the right, on any Business Day occurring on or after the Amendment Effective Closing Date, to elect (i) to convert all or a portion of the outstanding principal amount of any ABR Base Rate Loans into LIBOR Loans, or to convert any LIBOR Loans the Interest Periods for which end on the same day into ABR Base Rate Loans, or (ii) upon the expiration of any Interest Period, to continue all or a portion of the outstanding principal amount of any LIBOR Loans the Interest Periods for which end on the same day for an additional Interest Period, provided that (x) any such conversion of LIBOR Loans into ABR Base Rate Loans shall involve an aggregate principal amount of not less than $500,000 3,000,000 or, if greater, an integral multiple of $100,000 1,000,000 in excess thereof; any such conversion of ABR Base Rate Loans into, or continuation of, LIBOR Loans shall involve an aggregate principal amount of not less than $1,000,000 3,000,000 or, if greater, an integral multiple of $500,000 1,000,000 in excess thereof, ; and no partial conversion of LIBOR Loans made pursuant to a single Borrowing shall reduce the outstanding principal amount of such LIBOR Loans to less than $1,000,000 3,000,000 or to any greater amount not an integral multiple of $500,000 1,000,000 in excess thereof, (xy) except as otherwise provided in SECTION 2.16(D2.15(D), LIBOR Loans may be converted into ABR Base Rate Loans only on the last day of the Interest Period applicable thereto (and, in any event, if a LIBOR Loan is converted into an ABR a Base Rate Loan on any day other than the last day of the Interest Period applicable thereto, the Borrower will pay, upon such conversion, all amounts required under SECTION 2.18 2.17 to be paid as a consequence thereof), (y) no such conversion or continuation shall be permitted with regard to any ABR Loans that are Swingline Loans, and (z) no conversion of ABR Base Rate Loans into LIBOR Loans or continuation of LIBOR Loans upon the expiration of the Interest Period therefor shall be permitted during the continuance of a Default or Event of Default. (b) The Borrower shall make each such election by giving the Agent Lender written notice not later than 11:00 a.m., Charlotte time, three (3) Business Days prior to the intended effective date of any conversion of ABR Base Rate Loans into, or continuation of, LIBOR Loans and one (1) Business Day prior to the intended effective date of any conversion of LIBOR Loans into ABR Base Rate Loans. Each such notice (each, a "Notice of Conversion/Continuation") shall be irrevocable, shall be given in the form of EXHIBIT D B-2 and shall specify (x) the date of such conversion or continuation (which shall be a Business Day), (y) in the case of a conversion into, or a continuation of, LIBOR Loans, the Interest Period to be applicable thereto, and (z) the aggregate amount and Type of the Revolving Loans being converted or continued. Upon the receipt of a Notice of Conversion/Continuation, the Agent will promptly notify each Lender of the proposed conversion or continuation. In the event that the Borrower shall fail to deliver a Notice of Conversion/Continuation as provided herein with respect to any outstanding LIBOR Loans, such LIBOR Loans shall automatically be converted to ABR Base Rate Loans upon the expiration of the then current Interest Period applicable thereto (unless repaid pursuant to the terms hereof). In the event the Borrower shall have failed to select in a Notice of Conversion/Continuation the duration of the Interest Period to be applicable to any conversion into, or continuation of, LIBOR Loans, then the Borrower shall be deemed to have selected an Interest Period with a duration of one month.

Appears in 1 contract

Samples: Credit Agreement (Radian Group Inc)

Conversions and Continuations. (a) The Borrower shall have the right, on any Business Day occurring on or after the Amendment Effective Closing Date, to elect (i) to convert all or a portion of the outstanding principal amount of any ABR Base Rate Loans of any Class into LIBOR LoansLoans of the same Class, or to convert any LIBOR Loans of any Class the Interest Periods for which end on the same day into ABR LoansBase Rate Loans of the same Class, or (ii) upon the expiration of any Interest Period, to continue all or a portion of the outstanding principal amount of any LIBOR Loans of any Class the Interest Periods for which end on the same day for an additional Interest Period, provided that (xw) any such conversion of LIBOR Loans into ABR Base Rate Loans shall involve an aggregate principal amount of not less than $500,000 3,000,000 or, if greater, an integral multiple of $100,000 1,000,000 in excess thereof; any such conversion of ABR Base Rate Loans into, or continuation of, LIBOR Loans shall involve an aggregate principal amount of not less than $1,000,000 5,000,000 or, if greater, an integral multiple of $500,000 1,000,000 in excess thereof, ; and no partial conversion of LIBOR Loans made pursuant to a single Borrowing shall reduce the outstanding principal amount of such LIBOR Loans to less than $1,000,000 5,000,000 or to any greater amount not an integral multiple of $500,000 1,000,000 in excess thereof, (x) except as otherwise provided in SECTION 2.16(DSection 2.15(f), LIBOR Loans may be converted into ABR Base Rate Loans only on the last day of the Interest Period applicable thereto (and, in any event, if a LIBOR Loan is converted into an ABR a Base Rate Loan on any day other than the last day of the Interest Period applicable thereto, the Borrower will pay, upon such conversion, all amounts required under SECTION 2.18 Section 2.17 to be paid as a consequence thereof), (y) no such conversion or continuation shall be permitted with regard to any ABR Loans that are Swingline Loans, and (z) no conversion of ABR Base Rate Loans into LIBOR Loans or continuation of LIBOR Loans upon the expiration of the Interest Period therefor shall be permitted during the continuance of a Default or Event of Default. (b) The Borrower shall make each such election by giving the Administrative Agent written notice not later than 11:00 a.m., Charlotte time, three (3) Business Days prior to the intended effective date of any conversion of ABR Base Rate Loans into, or continuation of, LIBOR Loans and one (1) Business Day prior to the intended effective date of any conversion of LIBOR Loans into ABR Base Rate Loans. Each such notice (each, a "Notice of Conversion/Continuation") shall be irrevocable, shall be given in the form of EXHIBIT D Exhibit B-3 and shall specify (x) the date of such conversion or continuation (which shall be a Business Day), (y) in the case of a conversion into, or a continuation of, LIBOR Loans, the Interest Period to be applicable thereto, and (z) the aggregate amount amount, Class and Type of the Revolving Loans being converted or continued. Upon the receipt of a Notice of Conversion/Continuation, the Administrative Agent will promptly notify each applicable Lender of the proposed conversion or continuation. In the event that the Borrower shall fail to deliver a Notice of Conversion/Continuation as provided herein with respect to any of its outstanding LIBOR Loans, such LIBOR Loans shall automatically be converted to ABR Base Rate Loans upon the expiration of the then current Interest Period applicable thereto (unless repaid pursuant to the terms hereof). In the event the Borrower shall have failed to select in a Notice of Conversion/Continuation the duration of the Interest Period to be applicable to any conversion into, or continuation of, its LIBOR Loans, then the Borrower shall be deemed to have selected an Interest Period with a duration of one month.

Appears in 1 contract

Samples: Credit Agreement (Intercontinentalexchange Inc)

Conversions and Continuations. (a) The Borrower shall have the right, right on any Business Day occurring on or after the Amendment Effective Date, to elect (i) to convert all or a portion of the outstanding principal amount of any ABR Base Rate Loans into LIBOR Committed Loans, or to convert any LIBOR Committed Loans the Interest Periods for which end on the same day into ABR Base Rate Loans, or (ii) to continue all or a portion of the outstanding principal amount of any LIBOR Committed Loans the Interest Periods for which end on the same day for an additional Interest Period, provided PROVIDED that (x) any such conversion of LIBOR Loans into ABR Loans or continuation shall involve an aggregate principal amount of not less than $500,000 3,000,000 or, if greater, an integral multiple of $100,000 thereof; any such conversion of ABR Loans into, or continuation of, LIBOR Loans shall involve an aggregate principal amount of not less than $1,000,000 or, if greater, an integral multiple of $500,000 in excess thereof, and no partial conversion of LIBOR Committed Loans made pursuant to a single Borrowing shall reduce the outstanding principal amount of such LIBOR Committed Loans to less than $1,000,000 3,000,000 or to any greater amount not an integral multiple of $500,000 1,000,000 in excess thereof, (xy) except as otherwise provided in SECTION 2.16(D2.17(D), LIBOR Committed Loans may be converted into ABR Base Rate Loans only on the last day of the Interest Period applicable thereto (and, in any event, if a LIBOR Committed Loan is converted into an ABR a Base Rate Loan on any day other than the last day of the Interest Period applicable thereto, the Borrower will pay, upon such conversion, all amounts required under SECTION 2.18 2.19 to be paid as a consequence thereof), (y) no such conversion or continuation shall be permitted with regard to any ABR Loans that are Swingline Loans, and (z) no conversion of ABR Base Rate Loans into LIBOR Committed Loans or continuation of LIBOR Committed Loans upon the expiration of the Interest Period therefor shall be permitted during the continuance of a Default or Event of Default. (b) The Borrower shall make each such election by giving the Agent written notice not later than 11:00 a.m.12:00 noon, Charlotte time, three (3) Business Days prior to the intended effective date of any conversion of ABR Base Rate Loans into, or continuation of, LIBOR Committed Loans and one (1) Business Day prior to the intended effective date of any conversion of LIBOR Committed Loans into ABR Base Rate Loans. Each such notice (each, a "Notice of Conversion/Continuation") shall be irrevocable, shall be given in the form of EXHIBIT D B-2 and shall specify (x) the date of such conversion or continuation (which shall be a Business Day), (y) in the case of a conversion into, or a continuation of, LIBOR Committed Loans, the Interest Period to be applicable thereto, and (z) the aggregate amount and Type of the Revolving Loans being converted or continued. Upon the receipt of a Notice of Conversion/Continuation, the Agent will promptly notify each Lender of the proposed conversion or continuation. In the event that the Borrower shall fail to deliver a Notice of Conversion/Continuation as provided herein with respect to any outstanding LIBOR Committed Loans, such LIBOR Committed Loans shall automatically be converted to ABR Base Rate Loans upon the expiration of the then current Interest Period applicable thereto (unless repaid pursuant to the terms hereof).

Appears in 1 contract

Samples: Credit Agreement (Western National Corp)

Conversions and Continuations. (a) The Borrower shall have the right, on any Business Day occurring on or after the Amendment Effective DateDay, to elect (iy) to convert all (or a portion of the outstanding principal in an amount of any ABR Loans into LIBOR Loans, or to convert any LIBOR Loans the Interest Periods for which end on the same day into ABR Loans, or (ii) to continue all or a portion of the outstanding principal amount of any LIBOR Loans the Interest Periods for which end on the same day for an additional Interest Period, provided that (x) any such conversion of LIBOR Loans into ABR Loans shall involve an aggregate principal amount of not less than (A) in the case of Base Rate Loans, $500,000 or, if greater, an integral multiple of $100,000 thereof; any such conversion of ABR Loans into, or continuation of, LIBOR Loans shall involve an aggregate principal amount of not less than $1,000,000 2,000,000 or, if greater, an integral multiple of $500,000 thereof, in excess thereof and no partial conversion (B) in the case of LIBOR Loans made pursuant to a single Borrowing shall reduce Committed Loans, $3,000,000 or, if greater, an integral multiple of $1,000,000 in excess thereof) of the outstanding principal amount of any such Committed Loans of one Type made pursuant to one or more Borrowings (and, in the case of LIBOR Committed Loans, having the same Interest Period) into a Borrowing or Borrowings of Committed Loans of the other Type, or (z) to less than $1,000,000 continue all (or a portion, subject to the restrictions as to amount set forth in clause (B) of the parenthetical in clause (y) above) of the outstanding principal amount of any greater amount not LIBOR Committed Loans made pursuant to one or more Borrowings (having the same Interest Period) for an integral multiple of $500,000 in excess thereofadditional Interest Period, provided that (xi) except as otherwise provided for in SECTION 2.16(D2.13(D), LIBOR Committed Loans may be converted into ABR Base Rate Loans only on the last day of the Interest Period applicable thereto (and, in any event, if a LIBOR Committed Loan is converted into an ABR a Base Rate Loan on any day other than the last day of the Interest Period applicable thereto, the Borrower will pay, upon such conversion, all amounts required under SECTION 2.18 2.15 to be paid as a consequence thereof), (ii) if any partial conversion of LIBOR Committed Loans into Base Rate Loans shall have reduced the outstanding principal amount of the remaining LIBOR Committed Loans made pursuant to a single Borrowing (and thereby continued) to less than $3,000,000, such remaining LIBOR Committed Loans shall be converted immediately into Base Rate Loans and may not thereafter be converted into or continued as LIBOR Committed Loans unless the requirements of clause (y) no such conversion or continuation shall be permitted with regard to any ABR Loans that above are Swingline Loanssatisfied, and (ziii) no conversion of ABR Base Rate Loans into LIBOR Committed Loans or continuation of LIBOR Committed Loans upon the expiration of the Interest Period therefor shall be permitted during the continuance of a Default or an Event of DefaultDefault and (iv) no conversion or continuation under this Section shall result in a greater number of separate Interest Periods in respect of LIBOR Loans than is permitted under SECTION 2.2(A)(IV). (b) The Borrower shall make each such election by giving delivering written notice to the Agent written notice not later than 11:00 prior to 9:00 a.m., Charlotte time, three at least two (32) Business Days prior to the intended effective date of any conversion of ABR Base Rate Loans into, or continuation of, LIBOR Committed Loans and one (1) on the same Business Day prior to the intended effective date of any conversion of LIBOR Committed Loans into ABR Base Rate Loans. Each such notice (each, a "Notice of Conversion/Continuation") shall be irrevocable, shall be given in the form of EXHIBIT D B-2 and shall be appropriately completed to specify (x) the date of such conversion or continuation (which shall be a Business Day)continuation, (y) in the case of a conversion into, or a continuation of, LIBOR Committed Loans, the Interest Period to be applicable thereto, thereto and (z) the aggregate amount and Type of the Revolving Committed Loans being converted or continued. Upon the receipt of a Notice of Conversion/Continuation, the Agent will promptly notify each Lender having a Commitment of the proposed conversion or continuation, of such Lender's Pro Rata Share thereof and of the other matters specified in the Notice of Conversion/Continuation. In the event that the Borrower shall fail to deliver a Notice of Conversion/Continuation as provided herein hereinabove with respect to any outstanding Borrowing of LIBOR Committed Loans, such LIBOR Committed Loans shall automatically be converted to ABR Base Rate Loans upon the expiration of the then current Interest Period applicable thereto (unless repaid pursuant to the terms hereof)thereto.

Appears in 1 contract

Samples: Loan Agreement (American Oncology Resources Inc /De/)

Conversions and Continuations. (a) The Each Borrower shall have the right, on any Business Day occurring on or after the Amendment Effective DateDay, to elect (i) to convert all or a portion of the outstanding principal amount of any ABR Base Rate Loans into LIBOR Loans, or to convert any LIBOR Loans the Interest Periods for which end on the same day into ABR Base Rate Loans, or (ii) upon the expiration of any Interest Period, to continue all or a portion of the outstanding principal amount of any LIBOR Loans the Interest Periods for which end on the same day for an additional Interest Period, ; provided that (x) any such conversion of LIBOR Loans into ABR Loans shall involve an aggregate principal amount of not less than $500,000 or, if greater, an integral multiple of $100,000 thereof; any such conversion of ABR Loans into, or continuation of, LIBOR Base Rate Loans shall involve an aggregate principal amount of not less than $1,000,000 or, if greater, an integral multiple of $500,000 in excess thereof; any such conversion of Base Rate Loans of the same Borrowing into, or continuation of LIBOR Loans shall involve an aggregate principal amount of not less than $3,000,000 or, if greater, an integral multiple of $1,000,000 in excess thereof; and no partial conversion of LIBOR Loans made pursuant to a single of the same Borrowing shall reduce the outstanding principal amount of such LIBOR Loans to less than $1,000,000 3,000,000 or to any greater amount not an integral multiple of $500,000 1,000,000 in excess thereof, ; (xy) except as otherwise provided in SECTION 2.16(DSection 2.16(d), LIBOR Loans may be converted into ABR Base Rate Loans only on the last day of the Interest Period applicable thereto (and, in any event, if a LIBOR Loan is converted into an ABR a Base Rate Loan on any day other than the last day of the Interest Period applicable thereto, the respective Borrower will pay, upon such conversion, all amounts required under SECTION Section 2.18 to be paid as a consequence thereof), (y) no such conversion or continuation shall be permitted with regard to any ABR Loans that are Swingline Loans, ; and (z) no conversion of ABR Base Rate Loans into LIBOR Loans or continuation of LIBOR Loans upon the expiration of the Interest Period therefor shall be permitted during the continuance of a Default or Event of Default. (b) The A Borrower shall make each such election by giving the Administrative Agent written notice not later than 11:00 a.m., Charlotte time, a.m. three (3) Business Days prior to the intended effective date of any conversion of ABR Base Rate Loans into, or continuation of, LIBOR Loans and one (1) Business Day prior to the intended effective date of any conversion of LIBOR Loans into ABR Base Rate Loans. Each such notice (each, a "Notice of Conversion/Continuation") shall be irrevocable, shall be given in the form of EXHIBIT D Exhibit B-2 and shall specify (x) the date of such conversion or continuation (which shall be a Business Day), (y) in the case of a conversion into, or a continuation of, LIBOR Loans, the Interest Period to be applicable thereto, and (z) the aggregate amount and Type of the Revolving Loans being converted or continued. Upon the receipt of a Notice of Conversion/Continuation, the Administrative Agent will promptly notify each Tranche 1 Lender of the proposed conversion or continuation. In the event that the respective Borrower shall fail to deliver a Notice of Conversion/Continuation as provided herein with respect to any outstanding LIBOR Loans, such LIBOR Loans shall automatically be converted to ABR Loans a LIBOR Loan having an Interest Period of one month; provided that if such Borrower is not otherwise entitled to convert into or continue a LIBOR Loan, then such LIBOR Loan shall automatically be converted to a Base Rate Loan, in each case upon the expiration of the then current Interest Period applicable thereto (unless repaid pursuant to the terms hereof). In the event a Borrower shall have failed to select in a Notice of Conversion/Continuation the duration of the Interest Period to be applicable to any conversion into, or continuation of, LIBOR Loans, then such Borrower shall be deemed to have selected an Interest Period with a duration of one month.

Appears in 1 contract

Samples: Credit Line Agreement (Everest Re Group LTD)

Conversions and Continuations. (a) The Borrower shall have the right, on any Business Day occurring on or after the Amendment Effective Closing Date, to elect (i) to convert all or a portion of the outstanding principal amount of any ABR Base Rate Loans into LIBOR Loans, or to convert any LIBOR Loans the Interest Periods for which end on the same day into ABR Base Rate Loans, or (ii) upon the expiration of any Interest Period, to continue all or a portion of the outstanding principal amount of any LIBOR Loans the Interest Periods for which end on the same day for an additional Interest Period, provided that (x) any such conversion of LIBOR Loans into ABR Loans shall involve an aggregate principal amount of not less than $500,000 or, if greater, an integral multiple of $100,000 thereof; any such conversion of ABR Loans into, or continuation of, LIBOR Base Rate Loans shall involve an aggregate principal amount of not less than $1,000,000 or, if greater, an integral multiple of $500,000 in excess thereof; any such conversion of Base Rate Loans into, or continuation of, LIBOR Loans shall involve an aggregate principal amount of not less than $5,000,000 or, if greater, an integral multiple of $1,000,000 in excess thereof; and no partial conversion of LIBOR Loans made pursuant to a single Borrowing shall reduce the outstanding principal amount of such LIBOR Loans to less than $1,000,000 5,000,000 or to any greater amount not an integral multiple of $500,000 1,000,000 in excess thereof, (xy) except as otherwise provided in SECTION 2.16(DSection 2.16(d), LIBOR Loans may be converted into ABR Base Rate Loans only on the last day of the Interest Period applicable thereto (and, in any event, if a LIBOR Loan is converted into an ABR a Base Rate Loan on any day other than the last day of the Interest Period applicable thereto, the Borrower will pay, upon such conversion, all amounts required under SECTION Section 2.18 to be paid as a consequence thereof), (y) no such conversion or continuation shall be permitted with regard to any ABR Loans that are Swingline Loans, and (z) no conversion of ABR Base Rate Loans into LIBOR Loans or continuation of LIBOR Loans upon the expiration of the Interest Period therefor shall be permitted during the continuance of a Default or an Event of Default. (b) The Borrower shall make each such election by giving the Administrative Agent written notice not later than 11:00 a.m., Charlotte timeLocal Time, three (3) Business Days prior to the intended effective date of any conversion of ABR Base Rate Loans into, or continuation of, LIBOR Loans and one (1) Business Day prior to the intended effective date of any conversion of LIBOR Loans into ABR Base Rate Loans. Each such notice (each, a "Notice of Conversion/Continuation") shall be irrevocable, shall be given in the form of EXHIBIT D Exhibit B-2 and shall specify (x) the date of such conversion or continuation (which shall be a Business Day), (y) in the case of a conversion into, or a continuation of, LIBOR Loans, the Interest Period to be applicable thereto, and (z) the aggregate amount and Type of the Revolving Loans being converted or continued. Upon the receipt of a Notice of Conversion/Continuation, the Administrative Agent will promptly notify each Lender of the proposed conversion or continuation. In the event that the Borrower shall fail to deliver a Notice of Conversion/Continuation as provided herein with respect to any outstanding LIBOR Loans, such LIBOR Loans shall automatically be converted to ABR Base Rate Loans upon the expiration of the then current Interest Period applicable thereto (unless repaid pursuant to the terms hereof). In the event the Borrower shall have failed to select in a Notice of Conversion/Continuation the duration of the Interest Period to be applicable to any conversion into, or continuation of, LIBOR Loans, then the Borrower shall be deemed to have selected an Interest Period with a duration of one month.

Appears in 1 contract

Samples: Credit Agreement (Markel Corp)

Conversions and Continuations. (a) The Borrower Borrowers shall have the right, on any Business Day occurring on or after the Amendment Effective Closing Date, to elect (i) to convert all or a portion of the outstanding principal amount of any ABR Base Rate Loans into LIBOR Loans, or to convert any LIBOR Loans the Interest Periods for which end on the same day into ABR Base Rate Loans, or (ii) upon the expiration of any Interest Period, (A) to continue all or a portion of the outstanding principal amount of any LIBOR Loans Loans, the Interest Periods for which end on the same day day, for an additional Interest Period, or (B) to continue all or a portion of the outstanding principal amount of any Foreign Currency Loans in any Foreign Currency, the Interest Periods for which end on the same day, for an additional Interest Period as Foreign Currency Loans in the same Foreign Currency, provided that (x) any such conversion of LIBOR Loans into ABR Base Rate Loans shall involve an aggregate principal amount of not less than $500,000 or, if greater, an integral multiple of $100,000 in excess thereof; any such conversion of ABR Base Rate Loans into, or continuation of, LIBOR Loans Loans, shall involve an aggregate principal amount of not less than $1,000,000 3,000,000 or, if greater, an integral multiple of $500,000 1,000,000 in excess thereof, ; any such continuation of Foreign Currency Loans shall involve an aggregate principal Dollar Amount of not less than $1,000,000; and no partial conversion of LIBOR Loans made pursuant to a single Borrowing shall reduce the outstanding principal amount of such LIBOR Loans to less than $1,000,000 3,000,000 or to any greater amount not an integral multiple of $500,000 1,000,000 in excess thereof, (xy) except as otherwise provided in SECTION 2.16(D), LIBOR Loans may be converted into ABR Base Rate Loans only on the last day of the Interest Period applicable thereto (and, in any event, if a LIBOR Loan is converted into an ABR a Base Rate Loan on any day other than the last day of the Interest Period applicable thereto, the applicable Borrower will pay, upon such conversion, all amounts required under SECTION 2.18 to be paid as a consequence thereof), (y) no such conversion or continuation shall be permitted with regard to any ABR Loans that are Swingline Loans, and (z) no conversion of ABR Base Rate Loans into LIBOR Loans or continuation of LIBOR Fixed Rate Loans upon the expiration of the Interest Period therefor shall be permitted during the continuance of a Default or Event of Default. (b) The applicable Borrower shall make each such election by giving the Agent written notice not later than 11:00 a.m., Charlotte time, three (3) the Applicable Number of Business Days prior to the intended effective date of any such conversion of ABR Loans into, or continuation of, LIBOR Loans and one (1) Business Day prior to the intended effective date of any conversion of LIBOR Loans into ABR Loanscontinuation. Each such notice (each, a "Notice of Conversion/Continuation") shall be irrevocable, shall be given in the form of EXHIBIT D B-2 and shall specify (xw) the date of such conversion or continuation (which shall be a Business Day), (yx) in the case of a conversion of Base Rate Loans into, or a continuation of, LIBOR Loans, or a continuation of Foreign Currency Loans, the Interest Period to be applicable thereto, (y) in the case of a continuation of Foreign Currency Loans, the applicable Foreign Currency, and (z) the aggregate amount and Type of the Revolving Loans being converted or continued. Upon the receipt of a Notice of Conversion/Continuation, the Agent will promptly notify each Lender of the proposed conversion or continuation. In the event that the applicable Borrower shall fail to deliver a Notice of Conversion/Continuation as provided herein with respect to any outstanding LIBOR Fixed Rate Loans, such LIBOR Fixed Rate Loans shall automatically be converted to ABR Base Rate Loans upon the expiration of the then current Interest Period applicable thereto (unless repaid pursuant to the terms hereof), and if such Fixed Rate Loans were Foreign Currency Loans, any such Base Rate Loans shall be in an aggregate principal amount equal to the aggregate principal Dollar Amount of such Fixed Rate Loans. In the event the applicable Borrower shall have failed to select in a Notice of Conversion/Continuation the duration of the Interest Period to be applicable to any conversion into, or continuation of, Fixed Rate Loans, then such Borrower shall be deemed to have selected an Interest Period with a duration of one month.

Appears in 1 contract

Samples: Credit Agreement (Orthodontic Centers of America Inc /De/)

Conversions and Continuations. (a) The Each Borrower shall have the right, on any Business Day occurring on or after the Amendment Effective Date, to may elect (i) to convert all or a portion of the outstanding principal amount of any ABR of its Base Rate Loans into LIBOR Loans, or to convert any of its LIBOR Loans the Interest Periods for which end on the same day into ABR Base Rate Loans, or (ii) upon the expiration of any Interest Period, to continue all or a portion of the outstanding principal amount of any of its LIBOR Loans the Interest Periods for which end on the same day for an additional Interest Period, ; provided that (x) any such conversion of LIBOR Loans into ABR Base Rate Loans shall involve an aggregate be in a principal amount of not less than $500,000 3,000,000 or, if greater, an integral multiple of $100,000 1,000,000 in excess thereof; any such conversion of ABR Base Rate Loans of the same Borrowing into, or continuation of, LIBOR Loans shall involve an aggregate be in a principal amount of not less than $1,000,000 5,000,000 or, if greater, an integral multiple of $500,000 1,000,000 in excess thereof, ; and no partial conversion of LIBOR Loans made pursuant to a single of the same Borrowing shall reduce the outstanding principal amount of such LIBOR Loans to less than $1,000,000 5,000,000 or to any greater amount not an integral multiple of $500,000 1,000,000 in excess thereof, (xy) except as otherwise provided in SECTION 2.16(DSection 2.15(f), LIBOR Loans may be converted into ABR Base Rate Loans only on the last day of the Interest Period applicable thereto (and, in any event, if a LIBOR Loan is converted into an ABR a Base Rate Loan on any day other than the last day of the Interest Period applicable thereto, the respective Borrower will pay, upon such conversion, all amounts required under SECTION 2.18 Section 2.17 to be paid as a consequence thereof), (y) no such conversion or continuation shall be permitted with regard to any ABR Loans that are Swingline Loans, and (z) no conversion of ABR Base Rate Loans into LIBOR Loans or continuation of LIBOR Loans upon the expiration of the Interest Period therefor shall be permitted during the continuance of a Default or Event of Default. (b) The Each Borrower shall make each such election by giving must give the Administrative Agent written notice not later than 11:00 a.m., Charlotte time, three (3) Business Days prior to the intended effective date of any conversion of ABR Base Rate Loans into, or continuation of, LIBOR Loans and one (1) Business Day prior to the intended effective date of any conversion of LIBOR Loans into ABR Base Rate Loans. Each such notice (each, a "Notice of Conversion/Continuation") shall be irrevocable, shall be given substantially in the form of EXHIBIT D Exhibit B-2 and shall specify (x) the date of such conversion or continuation (which shall be a Business Day), (y) in the case of a conversion into, or a continuation of, LIBOR Loans, the Interest Period to be applicable thereto, and (z) the aggregate amount and Type of the Revolving Loans being converted or continued. Upon the receipt of a Notice of Conversion/Continuation, the Administrative Agent will promptly notify each Lender of the proposed conversion or continuation. In the event that the any Borrower shall fail to deliver a Notice of Conversion/Continuation as provided herein with respect to any of its outstanding LIBOR Loans, such LIBOR Loans shall automatically be converted to ABR Base Rate Loans upon the expiration of the then then-current Interest Period applicable thereto (unless repaid pursuant to the terms hereof). In the event that any Borrower shall have failed to specify in a Notice of Conversion/Continuation the duration of the Interest Period to be applicable to any conversion into, or continuation of, its LIBOR Loans, then such Borrower shall be deemed to have selected an Interest Period with a duration of one month.

Appears in 1 contract

Samples: Credit Agreement (Platinum Underwriters Holdings LTD)

Conversions and Continuations. (a) The Borrower shall have the right, on any Business Day occurring on or after the Amendment Effective Closing Date, to elect (i) to convert all or a portion of the outstanding principal amount of any ABR Base Rate Loans into LIBOR Loans, or to convert any LIBOR Loans the Interest Periods for which end on the same day into ABR Base Rate Loans, or (ii) upon the expiration of any Interest Period, to continue all or a portion of the outstanding principal amount of any LIBOR Loans the Interest Periods for which end on the same day for an additional Interest Period, provided that (xw) any such conversion of LIBOR Loans into ABR Loans shall involve an aggregate principal amount of not less than $500,000 or, if greater, an integral multiple of $100,000 thereof; any such conversion of ABR Loans into, or continuation of, LIBOR Base Rate -------- Loans shall involve an aggregate principal amount of not less than $1,000,000 or, if greater, an integral multiple of $500,000 in excess thereof; any such conversion of Base Rate Loans into, or continuation of, LIBOR Loans shall involve an aggregate principal amount of not less than $3,000,000 or, if greater, an integral multiple of $1,000,000 in excess thereof; and no partial conversion of LIBOR Loans made pursuant to a single Borrowing shall reduce the outstanding principal amount of such LIBOR Loans to less than $1,000,000 3,000,000 or to any greater amount not an integral multiple of $500,000 1,000,000 in excess thereof, (x) except as otherwise provided in SECTION 2.16(DSection 2.16(d), LIBOR Loans may be converted into ABR Base Rate Loans only on the last day of the Interest Period applicable thereto (and, in any event, if a LIBOR Loan is converted into an ABR a Base Rate Loan on any day other than the last day of the Interest Period applicable thereto, the Borrower will pay, upon such conversion, all amounts required under SECTION Section 2.18 to be paid as a consequence thereof), (y) no such conversion or continuation shall be permitted with regard to any ABR Base Rate Loans that are Swingline Loans, and (z) no conversion of ABR Base Rate Loans into LIBOR Loans or continuation of LIBOR Loans upon the expiration of the Interest Period therefor shall be permitted during the continuance of a Default or Event of Default. (b) The Borrower shall make each such election by giving the Agent written notice not later than 11:00 a.m.12:00 p.m. noon (Charlotte, Charlotte North Carolina time, ) three (3) Business Days prior to the intended effective date of any conversion of ABR Base Rate Loans into, or continuation of, LIBOR Loans and one (1) on the same Business Day prior to as the intended effective date of any conversion of LIBOR Loans into ABR Base Rate Loans. Each such notice (each, a "Notice of Conversion/Continuation") shall be irrevocable, shall be given in the form of EXHIBIT D Exhibit B-3 and shall specify (x) the date of such conversion or continuation (which shall be a Business Day), (y) in the case of a conversion into, or a continuation of, LIBOR Loans, the Interest Period to be applicable thereto, and (z) the aggregate amount and Type of the Revolving Loans being converted or continued. Upon the receipt of a Notice of Conversion/Continuation, the Agent will promptly notify each Lender of the proposed conversion or continuation. In the event that the Borrower shall fail to deliver a Notice of Conversion/Continuation as provided herein with respect to any outstanding LIBOR Loans, such LIBOR Loans shall automatically be converted to ABR Base Rate Loans upon the expiration of the then current Interest Period applicable thereto (unless repaid pursuant to the terms hereof). In the event the Borrower shall have failed to select in a Notice of Conversion/Continuation the duration of the Interest Period to be applicable to any conversion into, or continuation of, LIBOR Loans, then the Borrower shall be deemed to have selected an Interest Period with a duration of one month.

Appears in 1 contract

Samples: Credit Agreement (Us Oncology Inc)

Conversions and Continuations. (a) The Borrower shall have the right, on any Business Day occurring on or after the Amendment Effective Closing Date, to elect (i) to convert all or a portion of the outstanding principal amount of any ABR Base Rate Loans into LIBOR SOFR Loans, or to convert any LIBOR SOFR Loans the Interest Periods for which end on the same day into ABR Base Rate Loans, or (ii) upon the expiration of any Interest Period, to continue all or a portion of the outstanding principal amount of any LIBOR SOFR Loans the Interest Periods for which end on the same day for an additional Interest Period, ; provided that (x) any such conversion of LIBOR SOFR Loans of the same Borrowing into ABR Base Rate Loans shall involve an aggregate principal amount of not less than $500,000 or, if greater, an integral multiple of $100,000 in excess thereof; any such conversion of ABR Base Rate Loans of the same Borrowing into, or continuation of, LIBOR SOFR Loans shall involve an aggregate principal amount of not less than $1,000,000 500,000 or, if greater, an integral multiple of $500,000 100,000 in excess thereof, ; and no partial conversion of LIBOR SOFR Loans made pursuant to a single of the same Borrowing shall reduce the outstanding principal amount of such LIBOR SOFR Loans to less than $1,000,000 500,000 or to any greater amount not an integral multiple of $500,000 100,000 in excess thereof, (xy) except as otherwise provided in SECTION 2.16(D), LIBOR Loans may be converted into ABR Loans only on the last day of the Interest Period applicable thereto (and, in any event, if a LIBOR SOFR Loan is converted into an ABR a Base Rate Loan on any day other than the last day of the Interest Period applicable thereto, the Borrower will pay, upon such conversion, all amounts required under SECTION Section 2.18 to be paid as a consequence thereof), (y) no such conversion or continuation shall be permitted with regard to any ABR Loans that are Swingline Loans, and (z) no conversion of ABR Base Rate Loans into LIBOR SOFR Loans or continuation of LIBOR SOFR Loans upon the expiration of the Interest Period therefor shall be permitted during the continuance of a Default or Event of Default. (b) The Borrower shall make each such election by giving the Administrative Agent written notice not later than 11:00 a.m., Charlotte time, 12:00 p.m. three (3) U.S. Government Securities Business Days prior to the intended effective date of any conversion of ABR Base Rate Loans into, or continuation of, LIBOR SOFR Loans and one (1) Business Day prior to the intended effective date of any conversion of LIBOR SOFR Loans into ABR Base Rate Loans, unless such notice requirement is shortened by the Administrative Agent. Each such notice (each, a "Notice of Conversion/Continuation") shall be irrevocable, shall be given in the form of EXHIBIT D Exhibit B-2 and shall specify (x) the date of such conversion or continuation (which shall be a Business Day), (y) in the case of a conversion into, or a continuation of, LIBOR SOFR Loans, the Interest Period to be applicable thereto, and (z) the aggregate amount and Type of the Revolving Loans being converted or continued. Upon the receipt of a Notice of Conversion/Continuation, the Agent will promptly notify each Lender of the proposed conversion or continuation. In the event that the Borrower shall fail to deliver a Notice of Conversion/Continuation as provided herein with respect to any outstanding LIBOR SOFR Loans, such LIBOR SOFR Loans shall automatically be converted to ABR Base Rate Loans upon the expiration of the then then-current Interest Period applicable thereto (unless repaid pursuant to the terms hereof); provided, that the Borrower may direct the Administrative Agent in the Notice of Borrowing to continue SOFR Loans as successive Interest Periods of the same duration until the Borrower shall give the Administrative Agent written notice at least three (3) U.S. Government Securities Business Days prior to the end of an Interest Period in the form of Exhibit B-2 that, as of the end of such Interest Period, the SOFR Loans shall convert into Base Rate Loans or shall be continued as SOFR Loans having an Interest Period as so notified. In the event the Borrower shall have failed to select in a Notice of Conversion/Continuation the duration of the Interest Period to be applicable to any conversion into, or continuation of, SOFR Loans, then the Borrower shall be deemed to have selected an Interest Period with a duration of one (1) month.

Appears in 1 contract

Samples: Credit Agreement (Selective Insurance Group Inc)

Conversions and Continuations. (a) The With respect to Revolving Loans, the Borrower shall have the right, on any Business Day occurring on or after the Amendment Restatement Effective Date, to elect (i) to convert all or a portion of the outstanding principal amount of any ABR Base Rate Loans into LIBOR Loans, or to convert any LIBOR Loans the Interest Periods for which end on the same day into ABR Base Rate Loans, or (ii) upon the expiration of any Interest Period, to continue all or a portion of the outstanding principal amount of any LIBOR Loans the Interest Periods for which end on the same day for an additional Interest Period, provided that (xw) any such conversion of LIBOR Loans into ABR Base Rate Loans shall involve an aggregate principal amount of not less than $500,000 1,000,000 or, if greater, an integral multiple of $100,000 500,000 in excess thereof; any such conversion of ABR Base Rate Loans into, or continuation of, LIBOR Loans shall involve an aggregate principal amount of not less than $1,000,000 or, if greater, an integral multiple of $500,000 in excess thereof, ; and no partial conversion of LIBOR Loans made pursuant to a single Borrowing shall reduce the outstanding principal amount of such LIBOR Loans to less than $1,000,000 or to any greater amount not an integral multiple of $500,000 in excess thereof, (x) except as otherwise provided in SECTION 2.16(DSection 2.16(d), LIBOR Loans may be converted into ABR Base Rate Loans only on the last day of the Interest Period applicable thereto (and, in any event, if a LIBOR Loan is converted into an ABR a Base Rate Loan on any day other than the last day of the Interest Period applicable thereto, the Borrower will pay, upon such conversion, all amounts required under SECTION 2.18 Section 2.19 to be paid as a consequence thereof), (y) no such conversion or continuation shall be permitted with regard to any ABR Loans that are Swingline Loans, and (z) no conversion of ABR Base Rate Loans into LIBOR Loans or continuation of LIBOR Loans upon the expiration of the Interest Period therefor shall be permitted during the continuance of a Default or Event of Default. (b) The Borrower shall make each such election by giving the Administrative Agent written notice not later than 11:00 a.m., Charlotte time, three (3) Business Days prior to the intended effective date of any conversion of ABR Base Rate Loans into, or continuation of, LIBOR Loans and one (1) Business Day prior to the intended effective date of any conversion of LIBOR Loans into ABR Base Rate Loans. Each such notice (each, a "Notice of Conversion/Continuation") shall be irrevocable, shall be given in the form of EXHIBIT D Exhibit B-3 and shall specify (x) the date of such conversion or continuation (which shall be a Business Day), (y) in the case of a conversion into, or a continuation of, LIBOR Loans, the Interest Period to be applicable thereto, and (z) the aggregate amount and Type of the Revolving Loans being converted or continued. Upon the receipt of a Notice of Conversion/Continuation, the Administrative Agent will promptly notify each Lender of the proposed conversion or continuation. In the event that the Borrower shall fail to deliver a Notice of Conversion/Continuation as provided herein with respect to any outstanding LIBOR Loans, such LIBOR Loans shall automatically be converted to ABR Base Rate Loans upon the expiration of the then current Interest Period applicable thereto (unless repaid pursuant to the terms hereof).. In the event the Borrower shall have failed to select in a Notice of Conversion/Continuation the duration of the Interest Period to be applicable to any conversion into, or continuation of, LIBOR Loans, then the Borrower shall be deemed to have selected an Interest Period with a duration of one month. 12581222v10 24740.00017

Appears in 1 contract

Samples: Credit Agreement (Old Dominion Freight Line, Inc.)

Conversions and Continuations. (a) The applicable Borrower shall have the right, on any Business Day occurring on or after the Amendment Effective Closing Date, to elect (i) to convert all or a portion of the outstanding principal amount of any ABR Base Rate Loans into LIBOR Loans, or to convert any LIBOR Loans Loans, the Interest Periods for which end on the same day day, into ABR Base Rate Loans, or (ii) upon the expiration of any Interest Period, to continue all or a portion of the outstanding principal amount of any LIBOR Loans Loans, the Interest Periods for which end on the same day day, for an additional Interest Period, provided that (xw) any such conversion of LIBOR Loans into ABR Base Rate Loans shall involve an aggregate principal amount of not less than $500,000 3,000,000 or, if greater, an integral multiple of $100,000 1,000,000 in excess thereof; any such conversion of ABR Base Rate Loans into, or continuation of, LIBOR Loans shall involve an aggregate principal amount of not less than $1,000,000 5,000,000 or, if greater, an integral multiple of $500,000 1,000,000 in excess thereof, ; and no partial conversion of LIBOR Loans made pursuant to a single Borrowing shall reduce the outstanding principal amount of such LIBOR Loans to less than $1,000,000 5,000,000 or to any greater amount not an integral multiple of $500,000 1,000,000 in excess thereof, (x) except as otherwise provided in SECTION 2.16(DSection 2.15(f), LIBOR Loans may be converted into ABR Base Rate Loans only on the last day of the Interest Period applicable thereto (and, in any event, if a LIBOR Loan is converted into an ABR a Base Rate Loan on any day other than the last day of the Interest Period applicable thereto, the such Borrower will pay, upon such conversion, all amounts required under SECTION 2.18 Section 2.17 to be paid as a consequence thereof), and (y) no such conversion or continuation shall be permitted with regard to any ABR Loans that are Swingline Loans, and (z) no conversion of ABR Base Rate Loans into LIBOR Loans or continuation of LIBOR Loans upon the expiration of the Interest Period therefor shall be permitted during the continuance of a Default or Event of Default. (b) The A Borrower shall make each such election by giving the Administrative Agent written notice not later than 11:00 a.m., Charlotte time, three (3) Business Days prior to the intended effective date of any conversion of ABR Base Rate Loans into, or continuation of, LIBOR Loans and one (1) Business Day prior to the intended effective date of any conversion of LIBOR Loans into ABR Base Rate Loans. Each such notice (each, a "Notice of Conversion/Continuation") shall be irrevocable, shall be given in the form of EXHIBIT D Exhibit B-2 and shall specify (x) the date of such conversion or continuation (which shall be a Business Day), (y) in the case of a conversion into, or a continuation of, LIBOR Loans, the Interest Period to be applicable thereto, and (z) the aggregate amount and Type of the Revolving Loans being converted or continued. Upon the receipt of a Notice of Conversion/Continuation, the Administrative Agent will promptly notify each applicable Lender of the proposed conversion or continuation. In the event that the any Borrower shall fail to deliver a Notice of Conversion/Continuation as provided herein with respect to any of its outstanding LIBOR Loans, such LIBOR Loans shall automatically be converted to ABR Base Rate Loans upon the expiration of the then current Interest Period applicable thereto (unless repaid pursuant to the terms hereof). In the event that any Borrower shall have failed to select in a Notice of Conversion/Continuation the duration of the Interest Period to be applicable to any conversion into, or continuation of, its LIBOR Loans, then such Borrower shall be deemed to have selected an Interest Period with a duration of one month.

Appears in 1 contract

Samples: Credit Agreement (Intercontinentalexchange Inc)

Conversions and Continuations. (a) The Borrower shall have the right, on any Business Day occurring on or after the Amendment Effective DateDay, to elect (iy) to convert all (or a portion of the outstanding principal in an amount of any ABR Loans into LIBOR Loans, or to convert any LIBOR Loans the Interest Periods for which end on the same day into ABR Loans, or (ii) to continue all or a portion of the outstanding principal amount of any LIBOR Loans the Interest Periods for which end on the same day for an additional Interest Period, provided that (x) any such conversion of LIBOR Loans into ABR Loans shall involve an aggregate principal amount of not less than (A) in the case of Base Rate Loans, $500,000 or, if greater, an integral multiple of $100,000 thereof; any such conversion in excess thereof and (B) in the case of ABR Loans intoLIBOR Loans, or continuation of, LIBOR Loans shall involve an aggregate principal amount of not less than $1,000,000 3,000,000 or, if greater, an integral multiple of $500,000 1,000,000 in excess thereof) of the outstanding principal amount of any Loans of one Type made pursuant to one or more Borrowings under any Facility (and, and no partial conversion in the case of LIBOR Loans, having the same Interest Period) into a Borrowing or Borrowings of Loans (under the same Facility) of the other Type, or (z) to continue all (or a portion, subject to the restrictions as to amount set forth in clause (B) of the parenthetical in clause (y) above) of the outstanding principal amount of any LIBOR Loans made pursuant to a single Borrowing shall reduce one or more Borrowings under any Facility (and having the outstanding principal amount of such LIBOR Loans to less than $1,000,000 or to any greater amount not same Interest Period) for an integral multiple of $500,000 in excess thereofadditional Interest Period, provided that (xi) except as otherwise provided for in SECTION 2.16(DSection 2.11(d), LIBOR Loans may be converted into ABR Base Rate Loans only on the last day of the Interest Period applicable thereto (and, in any event, if a LIBOR Loan is converted into an ABR a Base Rate Loan on any day other than the last day of the Interest Period applicable thereto, the Borrower will pay, upon such conversion, all amounts required under SECTION 2.18 Section 2.13 to be paid as a consequence thereof), (ii) if any partial conversion of LIBOR Loans into Base Rate Loans shall have reduced the outstanding principal amount of the remaining LIBOR Loans made pursuant to a single Borrowing (and thereby continued) to less than $3,000,000 and, if greater, an integral multiple of $1,000,000 in excess thereof, such remaining LIBOR Loans shall be converted immediately into Base Rate Loans and may not thereafter be converted into or continued as LIBOR Loans unless the requirements of clause (y) no such conversion or continuation shall be permitted with regard to any ABR Loans that above are Swingline Loanssatisfied, and (ziii) no conversion of ABR Base Rate Loans into LIBOR Loans or continuation of LIBOR Loans upon the expiration of the Interest Period therefor shall be permitted during the continuance existence of a Default or Event of DefaultDefault and (iv) no conversion or continuation under this Section shall result in a greater number of separate Interest Periods in respect of LIBOR Loans under either Facility than is permitted under Section 2.2(a)(vi). (b) The Borrower shall make each such election by giving delivering written notice to the Agent written notice not later than prior to 11:00 a.m., Charlotte time, at least three (3) Business Days prior to the intended effective date of any conversion of ABR Base Rate Loans into, or continuation of, LIBOR Loans and at least one (1) Business Day prior to the intended effective date of any conversion of LIBOR Loans into ABR Base Rate Loans. Each such notice (each, a "Notice of Conversion/Continuation") shall be irrevocable, shall be given in the form of EXHIBIT D Exhibit B-2 and shall be appropriately completed to specify (x) the date of such conversion or continuation (which shall be a Business Day)continuation, (y) in the case of a conversion into, or a continuation of, LIBOR Loans, the Interest Period to be applicable thereto, thereto and (z) the aggregate amount and Type of the Revolving Loans being converted or continued. Upon the receipt of a Notice of Conversion/Continuation, the Agent will promptly notify each Lender having a Commitment under the Facility pursuant to which such conversion or continuation is elected of the proposed conversion or continuation, of such Lender's Pro Rata Share thereof and of the other matters specified in the Notice of Conversion/Continuation. In the event that the Borrower shall fail to deliver a Notice of Conversion/Conversion/ Continuation as provided herein hereinabove with respect to any outstanding Borrowing of LIBOR Loans, such LIBOR Loans shall automatically be converted to ABR Base Rate Loans upon the expiration of the then current Interest Period applicable thereto (unless repaid pursuant to the terms hereof)thereto.

Appears in 1 contract

Samples: Loan Agreement (Renal Treatment Centers Inc /De/)

Conversions and Continuations. (a) The Borrower shall have the ----------------------------- right, on any Business Day occurring (a) with respect to Facility A Loans, on or after the Amendment Effective Date, and (b) with respect to Facility B Loans, on or after the third (3rd) Business Day after the Amendment Effective Date, to elect (i) to convert all or a portion of the outstanding principal amount of any ABR Base Rate Loans of either Class into LIBOR LoansLoans of the same Class, or to convert any LIBOR Loans of either Class the Interest Periods for which end on the same day into ABR LoansBase Rate Loans of the same Class, or (ii) to continue all or a portion of the outstanding principal amount of any LIBOR Loans of either Class the Interest Periods for which end on the same day for an additional Interest Period, provided that (x) any such conversion of LIBOR Loans into ABR Loans shall involve an aggregate principal amount of not less than $500,000 or, if greater, an integral multiple of $100,000 thereof; any such conversion of ABR Loans into, or continuation of, LIBOR Base Rate -------- Loans shall involve an aggregate principal amount of not less than $1,000,000 or, if greater, an integral multiple of $500,000 in excess thereof; any such conversion of Base Rate Loans into, or continuation of, LIBOR Loans shall involve an aggregate principal amount of not less than $3,000,000 or, if greater, an integral multiple of $1,000,000 in excess thereof; and no partial conversion of LIBOR Loans made pursuant to a single Borrowing shall reduce the outstanding principal amount of such LIBOR Loans to less than $1,000,000 3,000,000 or to any greater amount not an integral multiple of $500,000 1,000,000 in excess thereof, (xy) except as otherwise provided in SECTION 2.16(D2.14(D), LIBOR Loans may be converted into ABR Base Rate Loans only on the last day of the Interest Period applicable thereto (and, in any event, if a LIBOR Loan is converted into an ABR a Base Rate Loan on any day other than the last day of the Interest Period applicable thereto, the Borrower will pay, upon such conversion, all amounts required under SECTION 2.18 2.16 to be paid as a consequence thereof), (y) no such conversion or continuation shall be permitted with regard to any ABR Loans that are Swingline Loans, and (z) no conversion of ABR Base Rate Loans into LIBOR Loans or continuation of LIBOR Loans upon the expiration of the Interest Period therefor shall be permitted during the continuance of a Default or Event of Default. (b) The Borrower shall make each such election by giving the Agent written notice not later than 11:00 a.m., Charlotte time, three (3) Business Days prior to the intended effective date of any conversion of ABR Loans into, or continuation of, LIBOR Loans and one (1) Business Day prior to the intended effective date of any conversion of LIBOR Loans into ABR Loans. Each such notice (each, a "Notice of Conversion/Continuation") shall be irrevocable, shall be given in the form of EXHIBIT D and shall specify (x) the date of such conversion or continuation (which shall be a Business Day), (y) in the case of a conversion into, or a continuation of, LIBOR Loans, the Interest Period to be applicable thereto, and (z) the aggregate amount and Type of the Revolving Loans being converted or continued. Upon the receipt of a Notice of Conversion/Continuation, the Agent will promptly notify each Lender of the proposed conversion or continuation. In the event that the Borrower shall fail to deliver a Notice of Conversion/Continuation as provided herein with respect to any outstanding LIBOR Loans, such LIBOR Loans shall automatically be converted to ABR Loans upon the expiration of the then current Interest Period applicable thereto (unless repaid pursuant to the terms hereof).

Appears in 1 contract

Samples: Credit Agreement (Vesta Insurance Group Inc)

Conversions and Continuations. (ai) The Borrower Subject to the provisions of Sections 3.4(b) and (c) hereof, the Borrowers shall have the right, option on any Business Day occurring on or after the Amendment Effective Date, to elect (i) to convert all or a portion of the outstanding principal amount Loan or any Tranche from one Type to another Type or, upon the expiration of any ABR Loans into LIBOR LoansInterest Period, or to convert any LIBOR Loans the Interest Periods for which end on the same day into ABR Loans, or (ii) to continue all or a portion of the outstanding principal amount of Loan or any LIBOR Loans the Interest Periods for which end on Tranche as the same day for an additional Type with the succeeding Interest Period, provided that (x) any such conversion of LIBOR Loans into ABR Loans shall involve an aggregate principal amount of not less than $500,000 or, if greater, an integral multiple of $100,000 thereof; any such conversion of ABR Loans into, or continuation of, LIBOR Loans shall involve an aggregate principal amount of not less than $1,000,000 or, if greater, an integral multiple of $500,000 thereof, and no partial conversion of LIBOR Loans made pursuant to a single Borrowing shall reduce the outstanding principal amount Period of such LIBOR Loans continued Loan or Tranche to less than $1,000,000 or to any greater amount not an integral multiple of $500,000 in excess thereof, (x) except as otherwise provided in SECTION 2.16(D), LIBOR Loans may be converted into ABR Loans only commence on the last day of the Interest Period applicable thereto of the Loan or Tranche to be continued; provided, that (and, in any event, if A) a LIBOR Loan is may be converted into an ABR Loan a different or the same Type only on any day other than the last day of the an Interest Period applicable thereto, the Borrower will pay(B) no partial conversion of a LIBOR Loan or continuation of a LIBOR Loan, upon such conversion, all amounts required as permitted under SECTION 2.18 to be paid as a consequence thereofthis Section 3.1(b), shall reduce the outstanding principal amount of any such Loan or Tranche to less than $1,000,000, (yC) no conversion to a LIBOR Loan or continuation of a LIBOR Loan as permitted under this Section 3.1(b) may be made if a Default or Event of Default is then in existence, and (D) conversions to a LIBOR Loan shall be in amounts equal to at least $1,000,000, or if greater, in integral multiples of $500,000. (ii) Each such conversion or continuation shall be permitted with regard effected by the Borrowers delivering to any ABR Loans that are Swingline Loans, and the Bank a Notice of Conversion/Continuation (zsubstantially in the form of Exhibit C) no on or before the date of the proposed conversion of ABR Loans into LIBOR Loans to or continuation of LIBOR Loans upon a Prime Rate Loan or at least three Business Days before the expiration date of the Interest Period therefor shall be permitted during the continuance proposed conversion to or continuation of a Default or Event of DefaultLIBOR Rate Loan, each such notice to be given prior to 12:00 P.M. (Roanoke, Virginia time) on the date specified. (biii) The Borrower shall make each such election by giving the Agent written notice not later than 11:00 a.m., Charlotte time, three (3) Business Days prior to the intended effective date In lieu of any conversion of ABR Loans into, or continuation of, LIBOR Loans and one (1) Business Day prior to the intended effective date of any conversion of LIBOR Loans into ABR Loans. Each such notice (each, delivering a "Notice of Conversion/Continuation", the Borrowers may give the Bank telephonic notice of the proposed conversion or continuation by the dates and times applicable to the Type; provided, that such notice shall be promptly confirmed in writing by delivery to the Bank of a Notice of Conversion/Continuation. The Bank shall incur no liability to either Borrower in acting upon any telephonic notice referred to above which the Bank believes, in good faith, to have been given by a duly authorized officer of a Borrower or for otherwise acting in good faith under this Section 3.1(b). (iv) Each Notice of Conversion/Continuation (or telephonic notice in lieu thereof) shall be irrevocable, shall be given in the form of EXHIBIT D and shall specify (x) the date amount of such conversion the Loan or continuation (which shall Tranche to be so converted into or continued as and, if to be converted to or continued as a Business Day), (y) in the case of a conversion into, or a continuation of, LIBOR LoansLoan, the Interest Period to be applicable thereto. Notwithstanding the foregoing or the provisions of Section 3.4 hereof, and (z) the aggregate amount and Type if an Event of the Revolving Loans being converted Default is in existence or continued. Upon the receipt would result from any proposed continuation of or conversion to a Notice of Conversion/Continuation, the Agent will promptly notify each Lender of the proposed conversion or continuation. In the event that the Borrower shall fail to deliver a Notice of Conversion/Continuation as provided herein with respect to any outstanding LIBOR LoansLoan, such LIBOR Loans shall automatically Loan may not be continued as or converted to ABR Loans upon a LIBOR Loan but instead shall be automatically converted on the expiration last day of the then current such Interest Period applicable thereto (unless repaid pursuant to the terms hereof)into a Prime Rate Loan.

Appears in 1 contract

Samples: Term Loan Agreement (Pulaski Furniture Corp)

Conversions and Continuations. (a) The With respect to Revolving Loans, the Borrower shall have the rightoption to, on subject to the notice requirements and minimum amounts set forth herein, (a) convert at any time following the third U.S. Government Securities Business Day occurring on or after the Amendment Restatement Effective DateDate all or any portion of any outstanding Base Rate Loans (other than Swingline Loans) into one or more SOFR Loans and (b) upon the expiration of any Interest Period therefor, to elect (i) to convert all or a portion of the outstanding principal amount any part of any ABR outstanding SOFR Loans into LIBOR Base Rate Loans (other than Swingline Loans, or to convert any LIBOR Loans the Interest Periods for which end on the same day into ABR Loans, ) or (ii) to continue all or a portion of the outstanding principal amount of any LIBOR such SOFR Loans the Interest Periods for which end on the same day for an additional Interest Periodas SOFR Loans, provided that (xw) any such conversion of LIBOR SOFR Loans into ABR Loans shall involve an aggregate principal amount of not less than $500,000 or, if greater, an integral multiple of $100,000 thereof; any such conversion of ABR Loans into, or continuation of, LIBOR Base Rate Loans shall involve an aggregate principal amount of not less than $1,000,000 or, if greater, an integral multiple of $500,000 in excess thereof; any such conversion of Base Rate Loans into, or continuation of, SOFR Loans shall involve an aggregate principal amount of not less than $1,000,000 or, if greater, an integral multiple of $500,000 in excess thereof; and no partial conversion of LIBOR SOFR Loans made pursuant to a single Borrowing shall reduce the outstanding principal amount of such LIBOR SOFR Loans to less than $1,000,000 or to any greater amount not an integral multiple of $500,000 in excess thereof, (x) except as otherwise provided in SECTION 2.16(D)Section 2.16 or 2.17, LIBOR SOFR Loans may be converted into ABR Base Rate Loans only on the last day of the Interest Period applicable thereto (and, in any event, if a LIBOR SOFR Loan is converted into an ABR a Base Rate Loan on any day other than the last day of the Interest Period applicable thereto, the Borrower will pay, upon such conversion, all amounts required under SECTION 2.18 Section 2.19 to be paid as a consequence thereof), (y) no such conversion or continuation shall be permitted with regard to any ABR Loans that are Swingline Loans, and (z) no conversion of ABR Base Rate Loans into LIBOR SOFR Loans or continuation of LIBOR SOFR Loans upon the expiration of the Interest Period therefor shall be permitted during the continuance of a Default or Event of Default. (b) The Borrower shall make each such election by giving the Administrative Agent written notice not later than 11:00 a.m., Charlotte time, three (3) U.S. Government Securities Business Days prior to the intended effective date of any conversion of ABR Base Rate Loans into, or continuation of, LIBOR SOFR Loans and one (1) Business Day prior to the intended effective date of any conversion of LIBOR SOFR Loans into ABR Base Rate Loans. Each such notice (each, a "Notice of Conversion/Continuation") shall be irrevocable, shall be given in the form of EXHIBIT D Exhibit B-3 and shall specify (x) the date of such conversion or continuation (which shall be a Business Day), (y) in the case of a conversion into, or a continuation of, LIBOR SOFR Loans, the Interest Period to be applicable thereto, and (z) the aggregate amount and Type of the Revolving Loans being converted or continued. Upon the receipt of a Notice of Conversion/Continuation, the Administrative Agent will promptly notify each Lender of the proposed conversion or continuation. In the event that the Borrower shall fail to deliver a Notice of Conversion/Continuation as provided herein with respect to any outstanding LIBOR SOFR Loans, such LIBOR SOFR Loans shall automatically be converted to ABR Base Rate Loans upon the expiration of the then current Interest Period applicable thereto (unless repaid pursuant to the terms hereof). In the event the Borrower shall have failed to select in a Notice of Conversion/Continuation the duration of the Interest Period to be applicable to any conversion into, or continuation of, SOFR Loans, then the Borrower shall be deemed to have selected an Interest Period with a duration of one month.

Appears in 1 contract

Samples: Credit Agreement (Old Dominion Freight Line, Inc.)

Conversions and Continuations. (a) The Borrower shall have the right, on any Business Day occurring on or after the Amendment Effective Closing Date, to elect (i) to convert all or a portion of the outstanding principal amount of any ABR Base Rate Loans into LIBOR Loans, or to convert any LIBOR Loans the Interest Periods for which end on the same day into ABR Base Rate Loans, or (ii) to continue all or a portion of the outstanding principal amount of any LIBOR Loans the Interest Periods for which end on the same day for an additional Interest Period, provided that (x) any such conversion of LIBOR Loans into ABR Loans shall involve an aggregate principal amount of not less than $500,000 or, if greater, an integral multiple of $100,000 thereof; any such conversion of ABR Loans into, or continuation of, LIBOR Base Rate Loans shall involve an aggregate principal amount of not less than $1,000,000 or, if greater, an integral multiple of $500,000 in excess thereof; any such conversion of Base Rate Loans into, or continuation of, LIBOR Loans shall involve an aggregate principal amount of not less than $3,000,000 or, if greater, an integral multiple of $1,000,000 in excess thereof; and no partial conversion of LIBOR Loans made pursuant to a single Borrowing shall reduce the outstanding principal amount of such LIBOR Loans to less than $1,000,000 3,000,000 or to any greater amount not an integral multiple of $500,000 1,000,000 in excess thereof, (xy) except as otherwise provided in SECTION 2.16(DSection 2.16(d), LIBOR Loans may be converted into ABR Base Rate Loans only on the last day of the Interest Period applicable thereto (and, in any event, if a LIBOR Loan is converted into an ABR a Base Rate Loan on any day other than the last day of the Interest Period applicable thereto, the Borrower will pay, upon such conversion, all amounts required under SECTION Section 2.18 to be paid as a consequence thereof), (y) no such conversion or continuation shall be permitted with regard to any ABR Loans that are Swingline Loans, and (z) no conversion of ABR Base Rate Loans into LIBOR Loans or continuation of LIBOR Loans upon the expiration of the Interest Period therefor shall be permitted during the continuance of a Default or Event of Default. (b) The Borrower shall make each such election by giving the Agent written notice not later than 11:00 a.m., Charlotte time, three (3) Business Days prior to the intended effective date of any conversion of ABR Base Rate Loans into, or continuation of, LIBOR Loans and one (1) Business Day prior to the intended effective date of any conversion of LIBOR Loans into ABR Base Rate Loans. Each such notice (each, a "Notice of Conversion/Continuation") shall be irrevocable, shall be given in the form of EXHIBIT D Exhibit B-2 and shall specify (x) the date of such conversion or continuation (which shall be a Business Day), (y) in the case of a conversion into, or a continuation of, LIBOR Loans, the Interest Period to be applicable thereto, and (z) the aggregate amount and Type of the Revolving Loans being converted or continued. Upon the receipt of a Notice of Conversion/Continuation, the Agent will promptly notify each Lender of the proposed conversion or continuation. In the event that the Borrower shall fail to deliver a Notice of Conversion/Continuation as provided herein with respect to any outstanding LIBOR Loans, such LIBOR Loans shall automatically be converted to ABR Base Rate Loans upon the expiration of the then current Interest Period applicable thereto (unless repaid pursuant to the terms hereof). In the event the Borrower shall have failed to select in a Notice of Conversion/Continuation the duration of the Interest Period to be applicable to any conversion into, or continuation of, LIBOR Loans, then the Borrower shall be deemed to have selected an Interest Period with a duration of one month.

Appears in 1 contract

Samples: Credit Agreement (Pxre Group LTD)

Conversions and Continuations. (a) The Except in the case of any Swingline Loan, the Borrower shall have the right, on any Business Day occurring on or after the Amendment Effective Initial Closing Date, to elect (i) to convert all or a portion of the outstanding principal amount of any ABR Base Rate Loans into one or more LIBOR Loans, or to convert any LIBOR Loans the Interest Periods for which end on the same day into ABR Base Rate Loans, or (ii) upon the expiration of any Interest Period, to continue all or a portion of the outstanding principal amount of any LIBOR Loans the Interest Periods for which end on the same day for an additional Interest Period, provided that (x) any such conversion of LIBOR Loans into ABR Base Rate Loans shall involve an aggregate principal amount of not less than $500,000 5,000,000 or, if greater, an integral multiple of $100,000 1,000,000 in excess thereof; any such conversion of ABR Base Rate Loans into, or continuation of, LIBOR Loans shall involve an aggregate Execution principal amount of not less than $1,000,000 5,000,000 or, if greater, an integral multiple of $500,000 1,000,000 in excess thereof, ; and no partial conversion of LIBOR Loans made pursuant to a single Borrowing shall reduce the outstanding principal amount of such LIBOR Loans to less than $1,000,000 5,000,000 or to any greater amount not an integral multiple of $500,000 1,000,000 in excess thereof, (xy) except as otherwise provided in SECTION 2.16(D2.16(d), LIBOR Loans may be converted into ABR Base Rate Loans only on the last day of the Interest Period applicable thereto (and, in any event, if a LIBOR Loan is converted into an ABR a Base Rate Loan on any day other than the last day of the Interest Period applicable thereto, the Borrower will pay, upon such conversion, all amounts required under SECTION 2.18 to be paid as a consequence thereof), (y) no such conversion or continuation shall be permitted with regard to any ABR Loans that are Swingline Loans, and (z) no conversion of ABR Base Rate Loans into LIBOR Loans or continuation of LIBOR Loans upon the expiration of the Interest Period therefor shall be permitted during the continuance of a Default or Event of Default. (b) The Borrower shall make each such election by giving the Agent written notice not later than 11:00 a.m., Charlotte time, three (3) Business Days prior to the intended effective date of any conversion of ABR Base Rate Loans into, or continuation of, LIBOR Loans and one (1) Business Day prior to the intended effective date of any conversion of LIBOR Loans into ABR Base Rate Loans. Each such notice (each, a "Notice of Conversion/Continuation") shall be irrevocable, shall be given in the form of EXHIBIT D B-3 and shall specify (x) the date of such conversion or continuation (which shall be a Business Day), (y) in the case of a conversion into, or a continuation of, LIBOR Loans, the Interest Period to be applicable thereto, and (z) the aggregate amount and Type of the Revolving Loans being converted or continued. Upon the receipt of a Notice of Conversion/Continuation, the Agent will promptly notify each Lender of the proposed conversion or continuation. In the event that the Borrower shall fail to deliver a Notice of Conversion/Continuation as provided herein with respect to any outstanding LIBOR Loans, such LIBOR Loans shall automatically be converted to ABR Base Rate Loans upon the expiration of the then current Interest Period applicable thereto (unless repaid pursuant to the terms hereof). In the event the Borrower shall have failed to select in a Notice of Conversion/Continuation the duration of the Interest Period to be applicable to any conversion into, or continuation of, LIBOR Loans, then the Borrower shall be deemed to have selected an Interest Period with a duration of one month.

Appears in 1 contract

Samples: Credit Agreement (St Joe Co)

Conversions and Continuations. (a) The Borrower shall have the right, on any Business Day occurring on or after the Amendment Effective Closing Date, to elect (i) to convert all or a portion of the outstanding principal amount of any ABR Base Rate Loans into LIBOR Loans, or to convert any LIBOR Loans the Interest Periods for which end on the same day into ABR Base Rate Loans, or (ii) to continue all or a portion of the outstanding principal amount of any LIBOR Loans the Interest Periods for which end on the same day for an additional Interest Period, provided that (x) any such conversion of LIBOR Loans into ABR Base Rate Loans shall involve an aggregate principal amount of not less than $250,000 or, if greater, an integral multiple of $50,000 in excess thereof; any such conversion of Base Rate Loans into, or continuation of, LIBOR Loans shall involve an aggregate principal amount of not less than $500,000 or, if greater, an integral multiple of $100,000 250,000 in excess thereof; any such conversion of ABR Loans into, or continuation of, LIBOR Loans shall involve an aggregate principal amount of not less than $1,000,000 or, if greater, an integral multiple of $500,000 thereof, and no partial conversion of LIBOR Loans made pursuant to a single Borrowing shall reduce the outstanding principal amount of such LIBOR Loans to less than $1,000,000 500,000 or to any greater amount not an integral multiple of $500,000 250,000 in excess thereof, (xy) except as otherwise provided in SECTION 2.16(D), LIBOR Loans may be converted into ABR Base Rate Loans only on the last day of the Interest Period applicable thereto (and, in any event, if a LIBOR Loan is converted into an ABR a Base Rate Loan on any day other than the last day of the Interest Period applicable thereto, the Borrower will pay, upon such conversion, all amounts required under SECTION 2.18 to be paid as a consequence thereof), (y) no such conversion or continuation shall be permitted with regard to any ABR Loans that are Swingline Loans, and (z) no conversion of ABR Base Rate Loans into LIBOR Loans or continuation of LIBOR Loans upon the expiration of the Interest Period therefor shall be permitted during the continuance of a Default or Event of Default. (b) The Borrower shall make each such election by giving the Agent written notice not later than 11:00 a.m.12:00 noon, Charlotte time, three (3) Business Days prior to the intended effective date of any conversion of ABR Base Rate Loans into, or continuation of, LIBOR Loans and one (1) Business Day prior to the intended effective date of any conversion of LIBOR Loans into ABR Base Rate Loans. Each such notice (each, a "Notice of Conversion/Continuation") shall be irrevocable, shall be given in the form of EXHIBIT D B-2 and shall specify (x) the date of such conversion or continuation (which shall be a Business Day), (y) in the case of a conversion into, or a continuation of, LIBOR Loans, the Interest Period to be applicable thereto, and (z) the aggregate amount and Type of the Revolving Loans being converted or continued. Upon the receipt of a Notice of Conversion/Continuation, the Agent will promptly notify each Lender of the proposed conversion or continuation. In the event that the Borrower shall fail to deliver a Notice of Conversion/Continuation as provided herein with respect to any outstanding LIBOR Loans, such LIBOR Loans shall automatically be converted to ABR Base Rate Loans upon the expiration of the then current Interest Period applicable thereto (unless repaid pursuant to the terms hereof). In the event the Borrower shall have failed to select in a Notice of Conversion/Continuation the duration of the Interest Period to be applicable to any conversion into, or continuation of, LIBOR Loans, then the Borrower shall be deemed to have selected an Interest Period with a duration of one month.

Appears in 1 contract

Samples: Credit Agreement (Orthalliance Inc)

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