Common use of Conversions and Continuations Clause in Contracts

Conversions and Continuations. In order to elect to Convert or continue an Advance under this paragraph, the Borrower shall deliver an irrevocable Notice of Continuation or Conversion to the Administrative Agent at the Administrative Agent’s office no later than 1:00 p.m. (Houston, Texas time) (i) on the Business Day before the date of the proposed conversion date in the case of a Conversion to a Base Rate Advance and (ii) at least three (3) Business Days in advance of the proposed Conversion or continuation date in the case of a Conversion to, or a continuation of, a Eurodollar Advance; provided that, if Conversions to Eurodollar Advances, if any, are to be made on the Effective Date, such Conversions shall be made pursuant to the applicable Notice of Continuation or Conversion given not later than 1:00 p.m. (Houston, Texas time) on the second Business Day before the Effective Date. Each such Notice of Continuation or Conversion shall be in writing or by facsimile or electronic mail (with a PDF file of the executed Notice of Continuation or Conversion attached), specifying (i) the requested Conversion or continuation date (which shall be a Business Day), (ii) the amount, Type, and Class of the Advance to be Converted or continued, (iii) whether a Conversion or continuation is requested and, if a Conversion, into what Type of Advance, and (iv) in the case of a Conversion to, or a continuation of, a Eurodollar Advance, the requested Interest Period. Promptly after receipt of a Notice of Continuation or Conversion under this paragraph, the Administrative Agent shall provide each Lender with a copy thereof and, in the case of a Conversion to or a continuation of a Eurodollar Advance, notify each Lender of the applicable interest rate under Section 2.8(b). The portion of Advances comprising part of the same Borrowing that are Converted to Advances of another Type shall constitute a new Borrowing.

Appears in 2 contracts

Samples: Credit Agreement (Forum Energy Technologies, Inc.), Credit Agreement (Forum Energy Technologies, Inc.)

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Conversions and Continuations. In order to elect to Convert or continue an Advance Advances comprising part of the same Revolving Borrowing under this paragraphSection, the Borrower shall deliver an irrevocable Notice of Conversion or Continuation or Conversion to the Administrative Agent at the Administrative Agent’s office (i) no later than 1:00 p.m. 10:00 a.m. (Houston, Texas time) (i) on the Business Day before the date of the proposed conversion date in the case of a Conversion of such Advances to a Adjusted Base Rate Advance and Advances, (ii) no later than 12:00 p.m. (Houston, Texas time) at least three (3) Business Days in advance of the proposed Conversion or continuation date in the case of a Conversion to, or a continuation of, a Eurodollar AdvanceEurocurrency Rate Advances denominated in Dollars; provided that, if Conversions to Eurodollar Advances, if any, are to be made on the Effective Date, such Conversions shall be made pursuant to the applicable Notice of Continuation or Conversion given not and (iii) no later than 1:00 12:00 p.m. (Houston, Texas time) on at least four Business Days in advance of the second Business Day before proposed Conversion or continuation date in the Effective Datecase of a Conversion to, or a continuation of, Eurocurrency Rate Advances denominated in Foreign Currencies. Each such Notice of Conversion or Continuation or Conversion shall be by telephone or facsimile, and if by telephone, confirmed promptly in writing or (which confirmation may be provided by facsimile or electronic mail (with a PDF “PDF” file of the executed Notice of Continuation or Conversion attacheddelivered in an e-mail with a return acknowledgment requested), specifying (iA) the requested Conversion or continuation date (which shall be a Business Day), (iiB) the amount, Type, Borrowing amount and Class Type of the Advance Advances to be Converted or continued, (iiiC) whether a Conversion or continuation is requested andrequested, and if a Conversion, into what Type of AdvanceAdvances, and (ivD) in the case of a Conversion to, or a continuation of, a Eurodollar AdvanceEurocurrency Rate Advances, the requested Interest Period. Promptly after receipt of a Notice of Conversion or Continuation or Conversion under this paragraph, the Administrative Agent shall provide each Lender with a copy thereof and, in the case of a Conversion to or a continuation of a Eurodollar AdvanceEurocurrency Rate Advances, notify each Lender of the applicable interest rate under Section 2.8(b2.6(b). The For purposes other than the conditions set forth in Section 3.3, the portion of Revolving Advances comprising part of the same Revolving Borrowing that are Converted to Revolving Advances of another Type shall constitute a new Revolving Borrowing.

Appears in 2 contracts

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

Conversions and Continuations. In order to elect to Convert or continue an Advance Continue Revolving Advances comprising part of the same Borrowing under this paragraphSection, the Borrower Representative shall deliver an irrevocable Notice of Conversion or Continuation or Conversion to the Administrative Agent at the Administrative Agent’s office no later than 1:00 2:00 p.m. (Houston, Texas time) (i) on the at least one Business Day before the date in advance of the proposed conversion Conversion date in the case of a Conversion of such Revolving Advances to a Base Rate Advance Advances, and (ii) at least three (3) Business Days in advance of the proposed Conversion or continuation Continuation date in the case of a Conversion to, or a continuation Continuation of, a Eurodollar Advance; provided that, if Conversions to Eurodollar Advances, if any, are to be made on the Effective Date, such Conversions shall be made pursuant to the applicable Notice of Continuation or Conversion given not later than 1:00 p.m. (Houston, Texas time) on the second Business Day before the Effective Date. Each such Notice of Conversion or Continuation or Conversion shall be in writing or by facsimile or electronic mail (with a PDF file of the executed Notice of Continuation or Conversion attached)facsimile, specifying (iA) the requested Conversion or continuation Continuation date (which shall be a Business Day), (iiB) the amount, Type, Borrowing amount and Class Type of the Advance Revolving Advances to be Converted or continuedContinued, (iiiC) whether a Conversion or continuation Continuation is requested andrequested, and if a Conversion, into what Type of AdvanceRevolving Advances, and (ivD) in the case of a Conversion to, or a continuation Continuation of, a Eurodollar AdvanceAdvances, the requested Interest Period. Promptly after receipt of a Notice of Conversion or Continuation or Conversion under this paragraph, the Administrative Agent shall provide each applicable Lender with a copy thereof and, in the case of a Conversion to or a continuation Continuation of a Eurodollar AdvanceAdvances, notify each applicable Lender of the applicable interest rate under Section 2.8(b)2.9 as applicable. The For purposes other than the conditions set forth in Section 3.2, the portion of Revolving Advances comprising part of the same Borrowing that are Converted to Advances of another Type shall constitute a new Borrowing.

Appears in 2 contracts

Samples: Credit Agreement (Rowan Companies PLC), Credit Agreement (Rowan Companies PLC)

Conversions and Continuations. In order to elect to Convert or continue an Advance Continue Term Advances under this paragraphSection, the Borrower shall deliver an irrevocable Notice of Conversion or Continuation or Conversion to the Administrative Agent at the Administrative Agent’s office its Applicable Lending Office no later than 1:00 p.m. (Houston, Texas time) (i) on the Business Day before the date 12:00 p.m. (New York time) at least [__________]* in advance of the proposed conversion such requested Conversion date in the case of a Conversion of a Eurodollar Advance to a an Adjusted Base Rate Advance and (or vice versa), or (ii) 12:00 p.m. (New York time) at least three (3) Business Days [__________]* in advance of the proposed such requested Conversion or continuation date in the case of a Conversion to, into or a continuation of, a Continuation of Eurodollar Advance; provided that, if Conversions Advances to other Eurodollar Advances, if any, are to be made on the Effective Date, such Conversions shall be made pursuant to the applicable Notice of Continuation or Conversion given not later than 1:00 p.m. (Houston, Texas time) on the second Business Day before the Effective Date. Each such Notice of Conversion or Continuation or Conversion shall be in writing or by facsimile telex, telecopier or electronic mail (with a PDF file of the executed Notice of Continuation or Conversion attached)telephone, confirmed promptly in writing specifying (iA) the requested Conversion or continuation Continuation date (which shall be a Business Day), (iiB) the amount, Type, Type and Class of the Advance Advances to be Converted or continuedContinued, (iiiC) whether a Conversion or continuation Continuation is requested andrequested, and if a Conversion, into what Type of AdvanceAdvances of the same Class, and (ivD) in the case of a Conversion to, or a continuation Continuation of, a Eurodollar AdvanceAdvances, the requested Interest PeriodPeriod(s). Promptly after receipt of a Notice of Conversion or Continuation or Conversion under this paragraph, the Administrative Agent shall thereafter promptly provide each Lender with a copy thereof and, in the case of a Conversion to or a continuation Continuation of a Eurodollar AdvanceAdvances, promptly notify each Lender of the applicable interest rate under Section 2.8(b2.5(a)(ii) after its determination. If the Borrower shall not have given a Notice of Conversion or Continuation to the Administrative Agent pursuant to and in accordance with this Section 2.2, then the Type and Class of the Advances shall automatically be Continued and, in the case of Eurodollar Advances, shall be for an Interest Period of the same duration as the Interest Period then ending; provided that such Interest Period is otherwise permitted under this Agreement (and if such Interest Period is not so permitted then such Advance shall be Converted into an Adjusted Base Rate Advance). Notwithstanding anything in this Agreement to the contrary, Conversions of Eurodollar Advances may only be made effective at the end of the applicable Interest Period for such Advances; provided, however, that Conversions of Adjusted Base Rate Advances may be made at any time upon the requisite advance notice. The portion of Advances comprising part of the same Borrowing that are Converted to Advances of another Type in the same Class of Advances shall constitute a new BorrowingBorrowing of the same Class.

Appears in 2 contracts

Samples: Credit Agreement (Cig Wireless Corp.), Credit Agreement (Cig Wireless Corp.)

Conversions and Continuations. In order to elect to Convert or continue an Advance Advances comprising part of the same Revolving Borrowing under this paragraphSection, the Borrower shall deliver an irrevocable Notice of Conversion or Continuation or Conversion to the Administrative Agent at the Administrative Agent’s office no later than 1:00 12:00 p.m. (Houston, Texas time) (i) on the at least one Business Day before the date in advance of the proposed conversion date in the case of a Conversion of such Advances to a Base Prime Rate Advance and Advances, (ii) at least three (3) Business Days in advance of the proposed Conversion or continuation date in the case of a Conversion to, or a continuation of, Eurocurrency Rate Advances denominated in Dollars; and (iii) at least four Business Days in advance of the proposed Conversion or continuation date in the case of a Eurodollar Advance; provided thatConversion to, if Conversions to Eurodollar Advancesor a continuation of, if any, are to be made on the Effective Date, such Conversions shall be made pursuant to the applicable Notice of Continuation or Conversion given not later than 1:00 p.m. (Houston, Texas time) on the second Business Day before the Effective DateEurocurrency Rate Advances denominated in Foreign Currencies. Each such Notice of Conversion or Continuation or Conversion shall be by telephone or telecopier, and if by telephone, confirmed promptly in writing (which confirmation may be provided by telecopier or by facsimile or electronic mail (with a PDF “PDF” file of the executed Notice of Continuation or Conversion attacheddelivered in an e-mail with a return acknowledgment requested), specifying (iA) the requested Conversion or continuation date (which shall be a Business Day), (iiB) the amount, Type, Borrowing amount and Class Type of the Advance Advances to be Converted or continued, (iiiC) whether a Conversion or continuation is requested andrequested, and if a Conversion, into what Type of AdvanceAdvances, and (ivD) in the case of a Conversion to, or a continuation of, a Eurodollar AdvanceEurocurrency Rate Advances, the requested Interest Period. Promptly after receipt of a Notice of Conversion or Continuation or Conversion under this paragraph, the Administrative Agent shall provide each Lender with a copy thereof and, in the case of a Conversion to or a continuation of a Eurodollar AdvanceEurocurrency Rate Advances, notify each Lender of the applicable interest rate under Section 2.8(b2.6(b). The For purposes other than the conditions set forth in Section 3.2, the portion of Revolving Advances comprising part of the same Revolving Borrowing that are Converted to Revolving Advances of another Type shall constitute a new Revolving Borrowing.

Appears in 2 contracts

Samples: Year Credit Agreement (National Oilwell Varco Inc), 364 Day Credit Agreement (National Oilwell Varco Inc)

Conversions and Continuations. In order to elect to Convert or continue an Advance Advances comprising part of the same Revolving Borrowing under this paragraphSection, the Borrower shall deliver an irrevocable Notice of Conversion or Continuation or Conversion to the Administrative Agent at the Administrative Agent’s office (i) no later than 1:00 10:00 a.m. (Houston, Texas time) on the proposed Conversion date in the case of a Conversion of such Advances to Adjusted Base Rate Advances, (ii) no later than 12:00 p.m. (Houston, Texas time) (i) on the Business Day before the date of the proposed conversion date in the case of a Conversion to a Base Rate Advance and (ii) at least three (3) Business Days in advance of the proposed Conversion or continuation date in the case of a Conversion to, or a continuation of, a Eurodollar AdvanceTerm SOFR Advances; provided that, if Conversions to Eurodollar Advances, if any, are to be made on the Effective Date, such Conversions shall be made pursuant to the applicable Notice of Continuation or Conversion given not (iii) no later than 1:00 12:00 p.m. (Houston, Texas time) on at least four Business Days in advance of the second proposed Conversion or continuation date in the case of a Conversion to, or a continuation of, Eurocurrency Rate Advances denominated in Foreign Currencies; and (iv) no later than 12:00 p.m. (Houston, Texas time) at least five Business Day before Days in advance of the Effective Dateproposed Conversion or continuation date in the case of a Conversion to, or a continuation of, Adjusted Daily Simple RFR Advances denominated in any Agreed Currency that is a Foreign Currency. Each such Notice of Conversion or Continuation or Conversion shall be by telephone or facsimile, and if by telephone, confirmed promptly in writing or (which confirmation may be provided by facsimile or electronic mail (with a PDF “PDF” file of the executed Notice of Continuation or Conversion attacheddelivered in an e-mail with a return acknowledgment requested), specifying (iA) the requested Conversion or continuation date (which shall be a Business Day), (iiB) the amount, Type, Borrowing amount and Class Type of the Advance Advances to be Converted or continued, (iiiC) whether a Conversion or continuation is requested andrequested, and if a Conversion, into what Type of AdvanceAdvances, and (ivD) in the case of a Conversion to, or a continuation of, a Eurodollar AdvanceEurocurrency Rate Advances or Term SOFR Advances, the requested Interest Period. Promptly after receipt of a Notice of Conversion or Continuation or Conversion under this paragraph, the Administrative Agent shall provide each Lender with a copy thereof and, in the case of a Conversion to or a continuation of a Eurodollar AdvanceEurocurrency Rate Advances or Adjusted Daily Simple RFR Advances, notify each Lender of the applicable interest rate under Section 2.8(b2.6(b) or Section 2.6(c), as applicable. The For purposes other than the conditions set forth in Section 3.2, the portion of Revolving Advances comprising part of the same Revolving Borrowing that are Converted to Revolving Advances of another Type shall constitute a new Revolving Borrowing.

Appears in 1 contract

Samples: Year Credit Agreement (NOV Inc.)

Conversions and Continuations. In order to elect to Convert or continue an Advance Continue the Loans under this paragraphSection, the Borrower shall deliver an irrevocable Notice of Conversion or Continuation or Conversion to the Administrative Agent at the Administrative Agent’s office its Applicable Lending Office no later than 1:00 p.m. (Houston, Texas time) (i) on the 11:00 a.m. (New York time) at least one Business Day before the date in advance of the proposed conversion such requested Conversion date in the case of a Conversion of a Eurodollar Loan to a Base Rate Advance and Loan or (ii) 11:00 a.m. (New York time) at least three (3) Business Days in advance of the proposed such requested Conversion or continuation date in the case of a Conversion to, or of a continuation of, Base Rate Loan into a Eurodollar Advance; provided that, if Conversions to Loan or in the case of a Continuation of a Eurodollar Advances, if any, are to be made on the Effective Date, such Conversions shall be made pursuant to the applicable Notice of Continuation or Conversion given not later than 1:00 p.m. (Houston, Texas time) on the second Business Day before the Effective DateLoan. Each such Notice of Conversion or Continuation or Conversion shall be in writing or by facsimile telecopier, electronic mail, or electronic mail (with a PDF file of the executed Notice of Continuation or Conversion attached)telephone, confirmed promptly in writing specifying (iA) the requested Conversion or continuation Continuation date (which shall be a Business Day), (iiB) the amount, Type, amount and Class Type of the Advance Loan to be Converted or continuedContinued, (iiiC) whether a Conversion or continuation Continuation is requested andrequested, and if a Conversion, into what Type of AdvanceLoan, and (ivD) in the case of a Conversion to, or a continuation Continuation of, a Eurodollar AdvanceLoan, the requested Interest Period. Promptly after receipt of a Notice of Conversion or Continuation or Conversion under this paragraph, the Administrative Agent shall provide each Lender with a copy thereof and, in the case of a Conversion to or a continuation Continuation of a Eurodollar AdvanceLoan, notify each Lender of the applicable interest rate under Section 2.8(b2.6(b). The portion Notwithstanding anything in this Agreement to the contrary, Conversions of Advances comprising part Eurodollar Loans may only be made at the end of the same Borrowing applicable Interest Period for such Loans; provided, however, that are Converted to Advances Conversions of another Type shall constitute a new BorrowingBase Rate Loans may be made at any time.

Appears in 1 contract

Samples: Revolving Credit Agreement (McDermott International Inc)

Conversions and Continuations. In order to elect to Convert or continue Continue an Advance under this paragraphSection, the Borrower desiring a Conversion or Continuation shall deliver an irrevocable Notice of Conversion or Continuation or Conversion to the Administrative Agent at the Administrative Agent’s 's office no later than 1:00 p.m. (Houstoni) 11:00 a.m. (Dallas, Texas time) (i) on the Business Day before the date of the proposed conversion such requested Conversion date in the case of a Conversion to a U.S. Base Rate Advance and Advance, (ii) 11:00 a.m. (Dallas, Texas time) at least three (3) Business Days in advance of the proposed such requested Conversion or continuation Continuation date in the case of a Conversion to, or a continuation Continuation of, a Eurodollar Rate Advance; provided that, if Conversions to Eurodollar Advancesor (iii) 11:00 a.m. (Paris, if any, are to be made on the Effective Date, such Conversions shall be made pursuant to the applicable Notice of Continuation or Conversion given not later than 1:00 p.m. (Houston, Texas France time) on at least three Business Days in advance of such requested Conversion or Continuation date in the second Business Day before the Effective Datecase of a Conversion to, or Continuation of, a Eurocurrency Rate Advance. Each such Notice of Conversion or Continuation or Conversion shall be in writing or by facsimile telex, telecopier or electronic mail (with a PDF file of the executed Notice of Continuation or Conversion attached)telephone, confirmed promptly in writing specifying (iA) the requested Conversion or continuation Continuation date (which shall be a Business Day), (iiB) the amount, Type, and Class of the Advance to be Converted or continuedContinued, (iiiC) whether a Conversion or continuation Continuation is requested andrequested, and if a Conversion, into what Type of Advance, and (ivD) in the case of a Conversion to, or a continuation Continuation of, a Eurodollar Fixed Rate Advance, the requested Interest Period. Promptly after receipt of a Notice of Conversion or Continuation or Conversion under this paragraph, the Administrative Agent shall provide each Lender Bank with a copy thereof and, in the case of a Conversion to or a continuation Continuation of a Eurodollar Fixed Rate Advance, notify each Lender Bank of the applicable interest rate under Section 2.8(bSections 2.06(c) or 2.06(d), as applicable. The portion of Advances comprising part of the same Borrowing that are Converted converted to Advances of another Type shall constitute a new Borrowing. Notwithstanding anything in this Agreement to the contrary, Conversions of Advances may only be made at the end of the applicable Interest Period for such Advances.

Appears in 1 contract

Samples: Schweitzer Mauduit International Inc

Conversions and Continuations. In order to elect to Convert or ----------------------------- continue an Advance Advances comprising part of the same Borrowing under this paragraphSection, the Borrower shall deliver an irrevocable Notice of Conversion or Continuation or Conversion to the Administrative Agent at the Administrative Agent’s 's office no later than 1:00 p.m. 11:00 a.m. (HoustonDallas, Texas time) (i) on the Business Day before the date of the proposed conversion date in the case of a Conversion to a Base Rate Advance and (ii) which is at least three (3) Business Days in advance of the proposed Conversion or continuation date in the case of a Conversion to, to or a continuation of, of a Eurodollar Advance; provided that, if Conversions to Eurodollar Advances, if any, are to be made on the Effective Date, such Conversions shall be made pursuant to the applicable Notice Borrowing comprised of Continuation or Conversion given not later than 1:00 p.m. LIBOR Advances and (Houston, Texas timeii) on the second Business Day before prior to the Effective Dateproposed conversion date in the case of a Conversion to a Borrowing comprised of Adjusted Base Rate Advances. Each such Notice of Conversion or Continuation or Conversion shall be in writing or by facsimile or electronic mail (with a PDF file of the executed Notice of Continuation or Conversion attached)telecopier, specifying (i) the requested Conversion or continuation date (which shall be a Business Day), (ii) the Borrowing amount, Type, and Class Type of the Advance Advances to be Converted or continued, (iii) whether a Conversion or continuation is requested andrequested, and if a Conversion, into what Type of AdvanceAdvances, and (iv) in the case of a Conversion to, or a continuation of, a Eurodollar AdvanceLIBOR Advances, the requested Interest Period. Promptly after receipt of a Notice of Conversion or Continuation or Conversion under this paragraph, the Administrative Agent shall provide each Lender with a copy thereof and, in the case of a Conversion to or a continuation of a Eurodollar AdvanceLIBOR Advances, notify each Lender of the applicable interest rate under Section 2.8(b2.06(b). The portion If the Borrower shall fail to specify an Interest Period for a LIBOR Advance including the continuation of Advances comprising part of a LIBOR Advance, the same Borrowing that are Converted Borrower shall be deemed to Advances of another Type shall constitute a new Borrowinghave selected an Adjusted Base Rate Advance.

Appears in 1 contract

Samples: Senior Secured Credit Agreement (Meristar Hotels & Resorts Inc)

Conversions and Continuations. In order to elect to Convert or continue an a US Advance or a Canadian Advance under this paragraph, the applicable Borrower shall deliver an irrevocable Notice of 58 Continuation or Conversion to the applicable Administrative Agent at the applicable Administrative Agent’s office (A) no later than 1:00 p.m. 11:00 a.m. (Houston, Texas time) (i) on the Business Day before the date of the proposed conversion Conversion date in the case of a Conversion to a US Base Rate Advance and Advance, (ii) on the Business Day before the date of the proposed Conversion date in the case of a Conversion to a Canadian (US) Base Rate Advance, (iii) at least three (3) Business Days in advance of the proposed Conversion or continuation date in the case of a Conversion to, or a continuation of, a Eurodollar Advance; provided that, if Conversions to Eurodollar Advances, if any, are to be made on the Effective Date, such Conversions shall be made pursuant to the applicable Notice of Continuation Eurocurrency Advance or Conversion given not a B/A Advance and (B) no later than 1:00 p.m. 10:00 a.m. (Houston, Texas time) on the second Business Day before the Effective Datedate of the proposed Conversion date in the case of a Conversion to a Canadian (Cdn) Base Rate Advance. Each such Notice of Conversion or Continuation or Conversion shall be in writing or by telephone, telex or facsimile or electronic mail (confirmed promptly by the applicable Borrower with a PDF file of the executed Notice of Continuation or Conversion attachedhard copy (other than with respect to notice sent by facsimile), specifying (i) the requested Conversion or continuation date (which shall be a Business Day), (ii) the amount, Type, Type and Class of the Advance to be Converted or continued, (iii) whether a Conversion or continuation is requested and, if a Conversion, into what Type of Advance, and (iv) in the case of a Conversion to, or a continuation of, a Eurodollar Eurocurrency Advance, the requested Interest Period and (v) in the case of a Conversion to, or a continuation of, a B/A Advance, the requested Contract Period. Promptly after receipt of a Notice of Continuation or Conversion under this paragraph, the applicable Administrative Agent shall provide each Lender with a copy thereof and, in the case of a Conversion to or a continuation of a Eurodollar Eurocurrency Advance, notify each Lender of the applicable interest rate under Section 2.8(b). The portion of Advances comprising part of the same Borrowing that are Converted to Advances of another Type shall constitute a new Borrowing.

Appears in 1 contract

Samples: Credit Agreement (NCS Multistage Holdings, Inc.)

Conversions and Continuations. In order to elect to Convert or continue an Advance Advances comprising part of the same Revolving Borrowing under this paragraphSection, the Borrower shall deliver an irrevocable Notice of Conversion or Continuation or Conversion to the Administrative Agent at the Administrative Agent’s office (i) no later than 1:00 p.m. 10:00 a.m. (Houston, Texas time) (i) on the Business Day before the date of the proposed conversion date in the case of a Conversion of such Advances to a Adjusted Base Rate Advance and Advances, (ii) no later than 12:00 p.m. (Houston, Texas time) at least three (3) Business Days in advance of the proposed Conversion or continuation date in the case of a Conversion to, or a continuation of, a Eurodollar AdvanceEurocurrency Rate Advances denominated in Dollars; provided that, if Conversions to Eurodollar Advances, if any, are to be made on the Effective Date, such Conversions shall be made pursuant to the applicable Notice of Continuation or Conversion given not and (iii) no later than 1:00 12:00 p.m. (Houston, Texas time) on at least four Business Days in advance of the second Business Day before proposed Conversion or continuation date in the Effective Datecase of a Conversion to, or a continuation of, Eurocurrency Rate Advances denominated in Foreign Currencies. Each such Notice of Conversion or Continuation or Conversion shall be by telephone or facsimile, and if by telephone, confirmed promptly in writing or (which confirmation may be provided by facsimile or electronic mail (with a PDF “PDF” file of the executed Notice of Continuation or Conversion attacheddelivered in an e-mail with a return acknowledgment requested), specifying (iA) the requested Conversion or continuation date (which shall be a Business Day), (iiB) the amount, Type, Borrowing amount and Class Type of the Advance Advances to be Converted or continued, (iiiC) whether a Conversion or continuation is requested andrequested, and if a Conversion, into what Type of AdvanceAdvances, and (ivD) in the case of a Conversion to, or a continuation of, a Eurodollar AdvanceEurocurrency Rate Advances, the requested Interest Period. Promptly after receipt of a Notice of Conversion or Continuation or Conversion under this paragraph, the Administrative Agent shall provide each Lender with a copy thereof and, in the case of a Conversion to or a continuation of a Eurodollar AdvanceEurocurrency Rate Advances, notify each Lender of the applicable interest rate under Section 2.8(b2.6(b). The For purposes other than the conditions set forth in Section 3.2, the portion of Revolving Advances comprising part of the same Revolving Borrowing that are Converted to Revolving Advances of another Type shall constitute a new Revolving Borrowing.

Appears in 1 contract

Samples: Assignment and Assumption (National Oilwell Varco Inc)

Conversions and Continuations. In order to elect to Convert or continue an a CapEx Advance, Term Advance or a Revolving Advance under this paragraph, the Borrower shall deliver an irrevocable Notice of Continuation or Conversion to the Administrative Agent at the Administrative Agent’s office no later than 1:00 p.m. 11:00 a.m. (Houston, Texas time) (i) on the Business Day before the date of the proposed conversion date in the case of a Conversion to a Base Rate Advance and (ii) at least three (3) Business Days in advance of the proposed Conversion or continuation date in the case of a Conversion to, or a continuation of, a Eurodollar Advance; provided that, if Conversions to Eurodollar Advances, if any, are to be made on the Effective Date, such Conversions shall be made pursuant to the applicable Notice of Continuation or Conversion given not later than 1:00 p.m. (Houston, Texas time) on the second Business Day before the Effective Date. Each such Notice of Conversion or Continuation or Conversion shall be in writing or sent by facsimile or by electronic mail (with a PDF file of the executed Notice of Continuation or Conversion attached)as an attachment thereto, specifying (i) the requested Conversion or continuation date (which shall be a Business Day), (ii) the amount, Type, and Class of the Advance to be Converted or continued, (iii) whether a Conversion or continuation is requested and, if a Conversion, into what Type of Advance, and (iv) in the case of a Conversion to, or a continuation of, a Eurodollar Advance, the requested Interest Period. Promptly after receipt of a Notice of Continuation or Conversion under this paragraph, the Administrative Agent shall provide each Lender with a copy thereof and, in the case of a Conversion to or a continuation Continuation of a Eurodollar Advance, notify each Lender of the applicable interest rate under Section 2.8(b2.7(b). The portion of Advances comprising part of the same Borrowing that are Converted to Advances of another Type shall constitute a new Borrowing. Notwithstanding anything to the contrary contained herein, (i) on October 15, 2015, the Borrower shall Convert any Eurodollar Advances then outstanding to Base Rate Advances and (ii) the Borrower shall not Convert any Base Rate Advance to a Eurodollar Advances from and after the Amendment No. 2 Effective Date.

Appears in 1 contract

Samples: Credit Agreement (Aly Energy Services, Inc.)

Conversions and Continuations. In order to elect to Convert or continue an Advance Advances comprising part of the same Revolving Borrowing under this paragraphSection, the Borrower shall deliver an irrevocable Notice of Conversion or Continuation or Conversion to the Administrative Agent at the Administrative Agent’s office (i) no later than 1:00 10:00 a.m. (Houston, Texas time) on the proposed Conversion date in the case of a Conversion of such Advances to Adjusted Base Rate Advances, (ii) no later than 12:00 p.m. (Houston, Texas time) (i) on the Business Day before the date of the proposed conversion date in the case of a Conversion to a Base Rate Advance and (ii) at least three (3) Business Days in advance of the proposed Conversion or continuation date in the case of a Conversion to, or a continuation of, a Eurodollar AdvanceEurocurrency Rate Advances denominated in Dollars; provided that, if Conversions to Eurodollar Advances, if any, are to be made on the Effective Date, such Conversions shall be made pursuant to the applicable Notice of Continuation or Conversion given not and (iii) no later than 1:00 12:00 p.m. (Houston, Texas time) on at least four Business Days in advance of the second Business Day before proposed Conversion or continuation date in the Effective Datecase of a Conversion to, or a continuation of, Eurocurrency Rate Advances denominated in Foreign Currencies. Each such Notice of Conversion or Continuation or Conversion shall be by telephone or facsimile, and if by telephone, confirmed promptly in writing or (which confirmation may be provided by facsimile or electronic mail (with a PDF “PDF” file of the executed Notice of Continuation or Conversion attacheddelivered in an e-mail with a return acknowledgment requested), specifying (iA) the requested Conversion or continuation date (which shall be a Business Day), (iiB) the amount, Type, Borrowing amount and Class Type of the Advance Advances to be Converted or continued, (iiiC) whether a Conversion or continuation is requested andrequested, and if a Conversion, into what Type of AdvanceAdvances, and (ivD) in the case of a Conversion to, or a continuation of, a Eurodollar AdvanceEurocurrency Rate Advances, the requested Interest Period. Promptly after receipt of a Notice of Conversion or Continuation or Conversion under this paragraph, the Administrative Agent shall provide each Lender with a copy thereof and, in the case of a Conversion to or a continuation of a Eurodollar AdvanceEurocurrency Rate Advances, notify each Lender of the applicable interest rate under Section 2.8(b2.6(b). The For purposes other than the conditions set forth in Section 3.2, the portion of Revolving Advances comprising part of the same Revolving Borrowing that are Converted to Revolving Advances of another Type shall constitute a new Revolving Borrowing.

Appears in 1 contract

Samples: Credit Agreement (National Oilwell Varco Inc)

Conversions and Continuations. In order to elect to Convert or continue an Advance Advances comprising part of the same Revolving Borrowing under this paragraphSection, the Borrower shall deliver an irrevocable Notice of Conversion or Continuation or Conversion to the Administrative Agent at the Administrative Agent’s 's office no later than 1:00 p.m. 11:00 a.m. (HoustonDallas, Texas time) (i) on the Business Day before the date of the proposed conversion date in the case of a Conversion of such Advances to a Base Prime Rate Advance Advances and (ii) at least three (3) Business Days in advance of the proposed Conversion or continuation date in the case of a Conversion to, or a continuation of, a Eurodollar Advance; provided that, if Conversions to Eurodollar Rate Advances, if any, are to be made on the Effective Date, such Conversions shall be made pursuant to the applicable Notice of Continuation or Conversion given not later than 1:00 p.m. (Houston, Texas time) on the second Business Day before the Effective Date. Each such Notice of Conversion or Continuation or Conversion shall be in writing or by facsimile or electronic mail (with a PDF file of the executed Notice of Continuation or Conversion attached)telecopier, specifying (i) the requested Conversion or continuation date (which shall be a Business Day), (ii) the amount, Type, Borrowing amount and Class Type of the Advance Advances to be Converted or continued, (iii) whether a Conversion or continuation is requested andrequested, and if a Conversion, into what Type of AdvanceAdvances, and (iv) in the case of a Conversion to, or a continuation of, a Eurodollar AdvanceRate Advances, the requested Interest Period. Revolving Advances may only be Converted or continued as Revolving Advances. Swingline Advances may not be converted or continued. Promptly after receipt of a Notice of Conversion or Continuation or Conversion under this paragraph, the Administrative Agent shall provide each Lender Bank with a copy thereof and, in the case of a Conversion to or a continuation Continuation of a Eurodollar AdvanceRate Advances, notify each Lender Bank of the applicable interest rate under Section 2.8(b2.06(b). The For purposes other than the conditions set forth in Section 3.02, the portion of Revolving Advances comprising part of the same Revolving Borrowing that are Converted to Revolving Advances of another Type shall constitute a new Revolving Borrowing.

Appears in 1 contract

Samples: Second Amendment Agreement (Arkansas Best Corp /De/)

Conversions and Continuations. In order to A Borrower may elect to Convert or continue an Advance Continue any Borrowing under this paragraph, the Borrower shall deliver Section 2.02 by delivering an irrevocable Notice of Conversion or Continuation or Conversion from the Borrower Representative to the Administrative Agent at the Administrative Agent’s office (sent by hand delivery, fax or sent by electronic communication (e-mail) (or by telephone notice promptly confirmed by a written, fax or electronic communication (e-mail)) no later than 1:00 p.m. (Houston, Texas time) (i) noon (New York, New York time) on the Business Day before the date of the proposed conversion date in the case of a Conversion to a Base Rate Advance and (ii) which is at least three (3) U.S. Government Securities Business Days in advance of the proposed Conversion or continuation Continuation date in the case of a Conversion to, to or a continuation ofContinuation of a Borrowing comprised of SOFR Advances and (ii) noon (New York, a Eurodollar Advance; provided that, if Conversions to Eurodollar Advances, if any, are to be made on the Effective Date, such Conversions shall be made pursuant to the applicable Notice of Continuation or Conversion given not later than 1:00 p.m. (Houston, Texas New York time) on the second Business Day before the Effective Date. Each such Notice of Continuation or Conversion shall be in writing or by facsimile or electronic mail (with a PDF file date of the executed Notice of Continuation or proposed Conversion attached), specifying (i) the requested Conversion or continuation date (which shall be a Business Day), (ii) the amount, Type, and Class of the Advance to be Converted or continued, (iii) whether a Conversion or continuation is requested and, if a Conversion, into what Type of Advance, and (iv) in the case of a Conversion to, or to a continuation of, a Eurodollar Advance, the requested Interest PeriodBorrowing comprised of Base Rate Advances. Promptly after receipt of a Notice of Conversion or Continuation or Conversion under this paragraphSection 2.02(b), the Administrative Agent shall provide each Lender with a copy thereof and, in the case of a Conversion to or a continuation Continuation of a Eurodollar AdvanceBorrowing comprised of SOFR Advances, notify each Lender of the applicable interest rate under Section 2.8(b2.08(b). Notwithstanding anything in this Agreement to the contrary, Conversions of SOFR Advances may only be made at the end of the applicable Interest Period for such Advances; provided, however, that Conversions of Base Rate Advances may be made at any time. The portion of Advances comprising part of the same Borrowing that are Converted converted to Advances of another Type shall constitute a new Borrowing.. Notwithstanding the foregoing, Swingline Loans may not be Converted or Continued. lvi

Appears in 1 contract

Samples: Credit Agreement (CorEnergy Infrastructure Trust, Inc.)

Conversions and Continuations. In order to elect to Convert or continue an Continue a Revolving Advance under this paragraphSection, the Borrower shall deliver an irrevocable Notice of Conversion or Continuation or Conversion to the Administrative Agent at the Administrative Agent’s office its Applicable Lending Office no later than 1:00 p.m. (Houston, Texas time) (i) on the 12:00 p.m. (New York time) at least one Business Day before the date in advance of the proposed conversion such requested Conversion date in the case of a Conversion of a Eurodollar Advance to a Base Rate Advance and or (ii) 12:00 p.m. (New York time) at least three (3) Business Days in advance of the proposed such requested Conversion or continuation date in the case of a Conversion toof a Base Rate Advance into, or Continuation of a continuation ofEurodollar Advance to, a Eurodollar Advance; provided that, if Conversions to Eurodollar Advances, if any, are to be made on the Effective Date, such Conversions shall be made pursuant to the applicable Notice of Continuation or Conversion given not later than 1:00 p.m. (Houston, Texas time) on the second Business Day before the Effective Date. Each such Notice of Conversion or Continuation or Conversion shall be in writing or by facsimile telex, telecopier or electronic mail (with a PDF file of the executed Notice of Continuation or Conversion attached)telephone, confirmed promptly in writing specifying (iA) the requested Conversion or continuation Continuation date (which shall be a Business Day), (iiB) the amount, Type, and Class Type of the Revolving Advance to be Converted or continuedContinued, (iiiC) whether a Conversion or continuation Continuation is requested andrequested, and if a Conversion, into what Type of Revolving Advance, and (ivD) in the case of a Conversion of a Base Rate Advance to, or a continuation Continuation of, a Eurodollar Advance, the requested Interest Period. Promptly after receipt of a Notice of Conversion or Continuation or Conversion under this paragraph, the Administrative Agent shall provide each Lender with a copy thereof and of such Lender’s Pro Rata Share thereof and, in the case of a Conversion to or a continuation Continuation of a Eurodollar Advance, notify the Borrower and each Lender of the applicable interest rate under Section 2.8(b2.06(a)(ii). Notwithstanding anything in this Agreement to the contrary, Conversions of Eurodollar Advances may only be made at the end of the applicable Interest Period for such Revolving Advances; provided, however, that Conversions of Base Rate Advances may be made at any time. The portion of Revolving Advances comprising part of the same Borrowing that are Converted converted to Revolving Advances of another Type shall constitute a new Borrowing.

Appears in 1 contract

Samples: Pledge Agreement (Seahawk Drilling, Inc.)

Conversions and Continuations. In order to elect to Convert or continue an Advance Advances comprising part of the same Revolving Borrowing under this paragraphSection, the Borrower shall deliver an irrevocable Notice of Conversion or Continuation or Conversion to the Administrative Agent at the Administrative Agent’s office no later than 1:00 12:00 p.m. (Houston, Texas time) (i) on the at least one Business Day before the date in advance of the proposed conversion date in the case of a Conversion of such Advances to a Base Prime Rate Advance Advances and (ii) at least three (3) Business Days in advance of the proposed Conversion or continuation date in the case of a Conversion to, or a continuation of, a Eurodollar Advance; provided that, if Conversions to Eurodollar Rate Advances, if any, are to be made on the Effective Date, such Conversions shall be made pursuant to the applicable Notice of Continuation or Conversion given not later than 1:00 p.m. (Houston, Texas time) on the second Business Day before the Effective Date. Each such Notice of Conversion or Continuation or Conversion shall be in writing or by facsimile or electronic mail (with a PDF file of the executed Notice of Continuation or Conversion attached)telecopier, specifying (iA) the requested Conversion or continuation date (which shall be a Business Day), (iiB) the amount, Type, Borrowing amount and Class Type of the Advance Advances to be Converted or continued, (iiiC) whether a Conversion or continuation is requested andrequested, and if a Conversion, into what Type of AdvanceAdvances, and (ivD) in the case of a Conversion to, or a continuation of, a Eurodollar AdvanceRate Advances, the requested Interest Period. Revolving Advances may only be Converted or continued as Revolving Advances. Swingline Advances may not be Converted or continued. Promptly after receipt of a Notice of Conversion or Continuation or Conversion under this paragraph, the Administrative Agent shall provide each Lender Bank with a copy thereof and, in the case of a Conversion to or a continuation of a Eurodollar AdvanceRate Advances, notify each Lender Bank of the applicable interest rate under Section 2.8(b2.6(b). The For purposes other than the conditions set forth in Section 3.2, the portion of Revolving Advances comprising part of the same Revolving Borrowing that are Converted to Revolving Advances of another Type shall constitute a new Revolving Borrowing.

Appears in 1 contract

Samples: Credit Agreement (Varco International Inc /De/)

Conversions and Continuations. In order to elect to Convert or continue Continue an Advance under this paragraphSection, the Borrower desiring a Conversion or Continuation shall deliver an irrevocable Notice of Conversion or Continuation or Conversion to the Administrative Agent at the Administrative Agent’s 's office no later than 1:00 p.m. (Houstoni) 11:00 a.m. (Dallas, Texas time) (i) on the Business Day before the date of the proposed conversion such requested Conversion date in the case of a Conversion to a U.S. Base Rate Advance and Advance, (ii) 11:00 a.m. (Dallas, Texas time) at least three (3) Business Days in advance of the proposed such requested Conversion or continuation Continuation date in the case of a Conversion to, or a continuation Continuation of, a Eurodollar Rate Advance, (iii) 11:00 a.m. (Paris, France time) at least three Business Days in advance of such requested Conversion or Continuation date in the case of a Conversion to, or Continuation of, a Eurocurrency Rate Advance, and (iv) 11:00 a.m. (Paris, France time) three Business Days in advance of such requested Conversion or Continuation date in the case of a Conversion to, or Continuation of, a French Alternate Rate Advance; provided thatthat no such Conversion to French Alternate Rate Advances shall be permitted unless (I) there is, if with respect to requested Conversions to Eurodollar Advances, if any, or Continuations of Borrowings which are to be made on comprised of French Revolving Advances, less than 30 days from the Effective Date, date of such Conversions shall be made pursuant Conversion or Continuation until the Maturity Date applicable to the applicable Notice of Continuation such French Revolving Advances or Conversion given not later than 1:00 p.m. (Houston, Texas timeII) on the second Business Day before the Effective Datepermitted or required by this Agreement. Each such Notice of Conversion or Continuation or Conversion shall be in writing or by facsimile telex, telecopier or electronic mail (with a PDF file of the executed Notice of Continuation or Conversion attached)telephone, confirmed promptly in writing specifying (iA) the requested Conversion or continuation Continuation date (which shall be a Business Day), (iiB) the amount, Type, and Class of the Advance to be Converted or continuedContinued, (iiiC) whether a Conversion or continuation Continuation is requested andrequested, and if a Conversion, into what Type of Advance, and (ivD) in the case of a Conversion to, or a continuation Continuation of, a Eurodollar Fixed Rate Advance, the requested Interest Period. Promptly after receipt of a Notice of Continuation or Conversion under this paragraph, the Administrative Agent shall provide each Lender with a copy thereof and, in the case of a Conversion to or a continuation of a Eurodollar Advance, notify each Lender of the applicable interest rate under Section 2.8(b). The portion of Advances comprising part of the same Borrowing that are Converted to Advances of another Type shall constitute a new Borrowing.of

Appears in 1 contract

Samples: Credit Agreement (Schweitzer Mauduit International Inc)

Conversions and Continuations. In order to elect to Convert or continue an a US Advance or a Canadian Advance under this paragraph, the applicable Borrower shall deliver an irrevocable Notice of Continuation or Conversion to the applicable Administrative Agent at the applicable Administrative Agent’s office (A) no later than 1:00 p.m. 11:00 a.m. (Houston, Texas time) (i) on the Business Day before the date of the proposed conversion Conversion date in the case of a Conversion to a US Base Rate Advance and Advance, (ii) on the Business Day before the date of the proposed Conversion date in the case of a Conversion to a Canadian (US) Base Rate Advance, (iii) at least three (3) Business Days in advance of the proposed Conversion or continuation date in the case of a Conversion to, or a continuation of, a Eurodollar Advance; provided that, if Conversions to Eurodollar Advances, if any, are to be made on the Effective Date, such Conversions shall be made pursuant to the applicable Notice of Continuation Eurocurrency Advance or Conversion given not a B/A Advance and (B) no later than 1:00 p.m. 10:00 a.m. (Houston, Texas time) on the second Business Day before the Effective Datedate of the proposed Conversion date in the case of a Conversion to a Canadian (Cdn) Base Rate Advance. Each such Notice of Conversion or Continuation or Conversion shall be in writing or by telephone, telex or facsimile or electronic mail (confirmed promptly by the applicable Borrower with a PDF file of the executed Notice of Continuation or Conversion attachedhard copy (other than with respect to notice sent by facsimile), specifying (i) the requested Conversion or continuation date (which shall be a Business Day), (ii) the amount, Type, Type and Class of the Advance to be Converted or continued, (iii) whether a Conversion or continuation is requested and, if a Conversion, into what Type of Advance, and (iv) in the case of a Conversion to, or a continuation of, a Eurodollar Eurocurrency Advance, the requested Interest Period and (v) in the case of a Conversion to, or a continuation of, a B/A Advance, the requested Contract Period. Promptly after receipt of a Notice of Continuation or Conversion under this paragraph, the applicable Administrative Agent shall provide each Lender with a copy thereof and, in the case of a Conversion to or a continuation of a Eurodollar Eurocurrency Advance, notify each Lender of the applicable interest rate under Section 2.8(b). The portion of Advances comprising part of the same Borrowing that are Converted to Advances of another Type shall constitute a new Borrowing.. 60

Appears in 1 contract

Samples: Credit Agreement (NCS Multistage Holdings, Inc.)

Conversions and Continuations. In order to elect to Convert or continue an Advance Advances comprising part of the same Revolving Borrowing under this paragraphSection, the Borrower shall deliver an irrevocable Notice of Conversion or Continuation or Conversion to the Administrative Agent at the Administrative Agent’s 's office no later than 1:00 p.m. 11:00 a.m. (HoustonDallas, Texas time) (i) on the Business Day before the date of the proposed conversion date in the case of a Conversion of such Advances to a Base Rate Advance Advances and (ii) at least three (3) Business Days in advance of the proposed Conversion or continuation date in the case of a Conversion to, or a continuation of, a Eurodollar Advance; provided that, if Conversions to Eurodollar Rate Advances, if any, are to be made on the Effective Date, such Conversions shall be made pursuant to the applicable Notice of Continuation or Conversion given not later than 1:00 p.m. (Houston, Texas time) on the second Business Day before the Effective Date. Each such Notice of Conversion or Continuation or Conversion shall be in writing or by facsimile or electronic mail (with a PDF file of the executed Notice of Continuation or Conversion attached)telecopier, specifying (iA) the requested Conversion or continuation date (which shall be a Business Day), (iiB) the amount, Type, Borrowing amount and Class Type of the Advance Advances to be Converted or continued, (iiiC) whether a Conversion or continuation is requested and, if a Conversion, into what Type of AdvanceAdvances, and (ivD) in the case of a Conversion to, or a continuation Continuation of, a Eurodollar AdvanceRate Advances, the requested Interest Period. Revolving Advances may only be Converted or continued as Revolving Advances. Swingline Advances may not be Converted or continued. Promptly after receipt of a Notice of Conversion or Continuation or Conversion under this paragraphSection 2.2(b), the Administrative Agent shall provide each Lender Bank with a copy thereof and, in the case of a Conversion to or a continuation of a Eurodollar AdvanceRate Advances, notify each Lender Bank of the applicable interest rate under Section 2.8(b2.6(b). The For purposes other than the conditions set forth in Section 3.2, the portion of Revolving Advances comprising part of the same Revolving Borrowing that are Converted to Revolving Advances of another Type shall constitute a new Revolving Borrowing.

Appears in 1 contract

Samples: Credit Agreement (Arkansas Best Corp /De/)

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Conversions and Continuations. In order to elect to Convert or continue an Advance Advances comprising part of the same Borrowing under this paragraphSection, the Borrower shall deliver an irrevocable Notice of Conversion or Continuation or Conversion to the Administrative Agent at the Administrative Agent’s 's office no later than 1:00 p.m. 11:00 a.m. (HoustonDallas, Texas time) (i) on the Business Day before the date of the proposed conversion date in the case of a Conversion of such Advances to a Base Prime Rate Advance Advances and (ii) at least three (3) Business Days in advance of the proposed Conversion or continuation date in the case of a Conversion to, or a continuation of, a Eurodollar Advance; provided that, if Conversions to Eurodollar Rate Advances, if any, are to be made on the Effective Date, such Conversions shall be made pursuant to the applicable Notice of Continuation or Conversion given not later than 1:00 p.m. (Houston, Texas time) on the second Business Day before the Effective Date. Each such Notice of Conversion or Continuation or Conversion shall be in writing or by facsimile or electronic mail (with a PDF file of the executed Notice of Continuation or Conversion attached)telecopier, specifying (i) the requested Conversion or continuation date (which shall be a Business Day), (ii) the amount, Type, Borrowing amount and Class Type of the Advance Advances to be Converted or continued, (iii) whether a Conversion or continuation is requested andrequested, and if a Conversion, into what Type of AdvanceAdvances, and (iv) in the case of a Conversion to, or a continuation of, a Eurodollar AdvanceRate Advances, the requested Interest Period. Term Advances may only be Converted or continued as Term Advances and Revolving Advances may only be Converted or continued as Revolving Advances. Promptly after receipt of a Notice of Conversion or Continuation or Conversion under this paragraph, the Administrative Agent shall provide each Lender Bank with a copy thereof and, in the case of a Conversion to or a continuation Continuation of a Eurodollar AdvanceRate Advances, notify each Lender Bank of the applicable interest rate under Section 2.8(b2.06(b). The For purposes other than the conditions set forth in Section 3.02, the portion of Term Advances comprising part of the same Term Borrowing that are Converted to Term Advances of another Type shall constitute a new Term Borrowing and the portion of Revolving Advances comprising part of the same Revolving Borrowing that are Converted to Revolving Advances of another Type shall constitute a new Revolving Borrowing.

Appears in 1 contract

Samples: Credit Agreement (Arkansas Best Corp /De/)

Conversions and Continuations. In order to elect to Convert or continue an Advance Advances comprising part of the same Borrowing under this paragraphSection, the Borrower shall deliver an irrevocable Notice of Conversion or Continuation or Conversion to the Administrative Agent at the Administrative Agent’s office no later than 1:00 p.m. 12:00 noon (HoustonNew York, Texas New York time) (i) on the Business Day before the date of the proposed conversion date in the case of a Conversion to a Base Rate Advance and (ii) which is at least three (3) Business Days in advance of the proposed Conversion or continuation date in the case of a Conversion to, to or a continuation of, of a Borrowing comprised of Eurodollar Advance; provided that, if Conversions to Eurodollar Advances, if any, are to be made on the Effective Date, such Conversions shall be made pursuant to the applicable Notice of Continuation or Conversion given not later than 1:00 p.m. Rate Advances and (Houston, Texas timeii) on the second Business Day before prior to the Effective Dateproposed conversion date in the case of a Conversion to a Borrowing comprised of Adjusted Base Rate Advances. Each such Notice of Conversion or Continuation or Conversion shall be in writing or by facsimile or electronic mail (with a PDF file of the executed Notice of Continuation or Conversion attached)telecopier, specifying (i) the requested Conversion or continuation date (which shall be a Business Day), (ii) the Borrowing amount, Type, Type and Class of the Advance Advances to be Converted or continued, (iii) whether a Conversion or continuation is requested andrequested, and if a Conversion, into what Type of AdvanceAdvances, and (iv) in the case of a Conversion to, or a continuation of, a Eurodollar AdvanceRate Advances, the requested Interest Period. Promptly after receipt of a Notice of Conversion or Continuation or Conversion under this paragraph, the Administrative Agent shall provide each Lender with a copy thereof and, in the case of a Conversion to or a continuation of a Eurodollar AdvanceRate Advances, notify each Lender of the applicable interest rate under Section 2.8(b2.06(a)(ii). The portion If the Borrower shall fail to specify an Interest Period for a Eurodollar Rate Advance including the continuation of Advances comprising part of a Eurodollar Rate Advance, the same Borrowing that are Converted Borrower shall be deemed to Advances of another Type shall constitute a new Borrowinghave selected an Adjusted Base Rate Advance.

Appears in 1 contract

Samples: Senior Secured Credit Agreement (Interstate Hotels & Resorts Inc)

Conversions and Continuations. In order to elect to Convert or continue an a US Advance or a Canadian Advance under this paragraph, the applicable Borrower shall deliver an irrevocable Notice of Continuation or Conversion to the applicable Administrative Agent at the applicable Administrative Agent’s office (A) no later than 1:00 p.m. 11:00 a.m. (Houston, Texas time) (i) on the Business Day before the date of the proposed conversion Conversion date in the case of a Conversion to a US Base Rate Advance and Advance, (ii) on the Business Day before the date of the proposed Conversion date in the case of a Conversion to a Canadian (US) Base Rate Advance, (iii) at least three (3) Business Days in advance of the proposed Conversion or continuation date in the case of a Conversion to, or a continuation of, a Eurodollar Advance; provided that, if Conversions to Eurodollar Advances, if any, are to be made on the Effective Date, such Conversions shall be made pursuant to the applicable Notice of Continuation Eurocurrency Advance or Conversion given not a B/A Advance and (B) no later than 1:00 p.m. 10:00 a.m. (Houston, Texas time) on the second Business Day before the Effective Datedate of the proposed Conversion date in the case of a Conversion to a Canadian (Cdn) Base Rate Advance. Each such Notice of Conversion or Continuation or Conversion shall be in writing or by telephone, telex or facsimile or electronic mail (confirmed promptly by the applicable Borrower with a PDF file of the executed Notice of Continuation or Conversion attachedhard copy (other than with respect to notice sent by facsimile), specifying (i) the requested Conversion or continuation date (which shall be a Business Day), (ii) the amount, Type, Type and Class of the Advance to be Converted or continued, (iii) whether a Conversion or continuation is requested and, if a Conversion, into what Type of Advance, and (iv) in the case of a Conversion to, or a continuation of, a Eurodollar Eurocurrency Advance, the requested Interest Period and (v) in the case of a Conversion to, or a continuation of, a B/A Advance, the requested Contract Period. Promptly after receipt of a Notice of Continuation or Conversion under this paragraph, the applicable Administrative Agent shall provide each Lender with a copy thereof and, in the case of a Conversion to or a continuation of a Eurodollar Eurocurrency Advance, notify each Lender of the applicable interest rate under Section 2.8(b). The portion of Advances comprising 60 part of the same Borrowing that are Converted to Advances of another Type shall constitute a new Borrowing.

Appears in 1 contract

Samples: Credit Agreement (NCS Multistage Holdings, Inc.)

Conversions and Continuations. In order The Borrower shall have ----------------------------- the right from time to elect time to Convert all or continue part of one Type of Advance (excluding Swing Line Advances) into another Type of Advance or to Continue all or part of any Eurodollar Advance or any Alternate Currency Advance by giving the Agent written notice (by means of an Advance under this paragraph, the Borrower shall deliver an irrevocable Notice of Continuation or Conversion to the Administrative Agent Request Form) at the Administrative Agent’s office no later than 1:00 p.m. (Houston, Texas time) (i) on the least one Business Day before the date of the proposed conversion date in the case of Conversion into a Conversion to a Base Floating Rate Advance Advance, and (ii) at least three (3) Business Days in advance of the proposed before Conversion into or continuation date in the case Continuation of a Conversion toEurodollar Advance or an Alternate Currency Advance, or a continuation of, a Eurodollar Advance; provided that, if Conversions to Eurodollar Advances, if any, are to be made on the Effective Date, such Conversions shall be made pursuant to the applicable Notice of Continuation or Conversion given not later than 1:00 p.m. (Houston, Texas time) on the second Business Day before the Effective Date. Each such Notice of Continuation or Conversion shall be in writing or by facsimile or electronic mail (with a PDF file of the executed Notice of Continuation or Conversion attached), specifying specifying: (i) the requested Conversion or continuation date (which shall be a Business Day)Continuation date, (ii) the amount, Type, and Class amount of the Advance to be Converted or continuedContinued, (iii) whether a Conversion or continuation is requested andin the case of Conversions, if a Conversion, into what the Type of AdvanceAdvance to be Converted into, and (iv) in the case of a Conversion to, or a continuation of, a Eurodollar AdvanceAlternate Currency Advances, the requested Interest Period. Promptly after receipt of a Notice of Continuation or Conversion under this paragraphAlternate Currency, the Administrative Agent shall provide each Lender with a copy thereof and, and (v) in the case of a Continuation of or Conversion into a Eurodollar Advance or an Alternate Currency Advance, the duration of the Interest Period applicable thereto; provided that (a) Eurodollar Advances and Alternate Currency Advances may only be Converted on the last day of the Interest Period, (b) except for Conversions to Floating Rate Advances, no Conversions shall be made while a Default or Event of Default has occurred and is continuing and no Continuations of any Eurodollar Advances or any Alternate Currency Advances shall be made while a continuation Default or an Event of Default has occurred and is continuing, unless such Conversion or Continuation has been approved by Required Banks, (c) the aggregate principal amount of Eurodollar Advances having the same Interest Period shall be at least equal to $1,000,000 and (d) the aggregate principal amount of Alternate Currency Advances having the same Interest Period shall be at least equal to the Equivalent Amount of $1,000,000. All notices given under this Section shall be irrevocable and shall be given not later than 11:00 A.M. Dallas, Texas time (or 11:00 A.M. London time in the case of Alternate Currency Advances) on the day which is not less than the number of Business Days specified above for such notice. If the Borrower shall fail to give the Agent the notice as specified above for Continuation or Conversion of a Eurodollar Advance prior to the end of the Interest Period with respect thereto, such Eurodollar Advance shall automatically be Converted into a Floating Rate Advance on the last day of the Interest Period for such Eurodollar Advance. If Borrower shall fail to give the Agent notice as specified above for the Continuation or Conversion of an Alternate Currency Advance prior to the end of the Interest Period with respect thereto, notify each Lender such Alternate Currency Advance shall be Continued for an Interest Period of one month; provided, however, that no Alternate Currency Advance shall be Continued as such if a Default or Event of Default has occurred and continuing but in such event shall instead be Converted to a Floating Rate Advance in Dollars at the end of the applicable interest rate under Section 2.8(b). The portion of Advances comprising part of the same Borrowing that are Converted to Advances of another Type shall constitute a new BorrowingInterest Period.

Appears in 1 contract

Samples: Credit Agreement (Cellstar Corp)

Conversions and Continuations. In order to elect to Convert or continue an Advance Advances comprising part of the same Borrowing under this paragraphSection, the Borrower shall deliver an irrevocable Notice of Conversion or Continuation or Conversion to the Administrative Agent at the Administrative Agent’s 's office no later than 1:00 p.m. 11:00 a.m. (HoustonDallas, Texas time) (i) on the Business Day before the date of the proposed conversion date in the case of a Conversion to a Base Rate Advance and (ii) which is at least three (3) Business Days in advance of the proposed Conversion or continuation date in the case of a Conversion to, to or a continuation ofof a Borrowing comprised of Eurodollar Rate AdvanceS, a Eurodollar Advance; provided that, if Conversions to Eurodollar Advances, if any, are to be made on the Effective Date, such Conversions shall be made pursuant to the applicable Notice of Continuation or Conversion given not later than 1:00 p.m. (Houston, Texas timeii) on the second date which is at least four (4) Business Days in advance of the proposed Conversion or continuation date in the case of a Conversion to or a continuation of a Borrowing comprised of Alternate Currency Swing Line Advances and (iii) on the Business Day before prior to the Effective Dateproposed conversion date in the case of a Conversion to a Borrowing comprised of Adjusted Base Rate Advances. Each such Notice of Conversion or Continuation or Conversion shall be in writing or by facsimile or electronic mail (with a PDF file of the executed Notice of Continuation or Conversion attached)telecopier, specifying (i) the requested Conversion or continuation date (which shall be a Business Day), (ii) the Borrowing amount, Type, Type and Class of the Advance Advances to be Converted or continued, (iii) whether a Conversion or continuation is requested andrequested, and if a Conversion, into what Type of AdvanceAdvances, and (iv) in the case of a Conversion to, or a continuation of, a Eurodollar AdvanceRate Advances or Alternate Currency Swing Line Advances, the requested Interest Period. Promptly after receipt of a Notice of Conversion or Continuation or Conversion under this paragraph, the Administrative Agent shall provide each Lender with a copy thereof and, in the case of a Conversion to or a continuation of a Eurodollar AdvanceRate Advances, notify each Lender of the applicable interest rate under Section 2.8(b2.06(b). The portion If the Borrower shall fail to specify an Interest Period for a Eurodollar Rate Advance or Alternate Currency Swing Line Advance including the continuation of Advances comprising part of a Eurodollar Rate Advance or Alternate Currency Swing Line Advances, the same Borrowing that are Converted Borrower shall be deemed to Advances of another Type shall constitute a new Borrowinghave selected an Adjusted Base Rate Advance.

Appears in 1 contract

Samples: Senior Secured Credit Agreement (Interstate Hotels & Resorts Inc)

Conversions and Continuations. In order to elect to Convert or continue an Advance Advances comprising part of the same Revolving Borrowing under this paragraphSection, the Borrower making such election shall deliver an irrevocable Notice of Conversion or Continuation or Conversion to the Administrative Agent at the Administrative Agent’s 's office no later than 1:00 p.m. 11:00 a.m. (HoustonDallas, Texas time) (i) on the Business Day before the date of the proposed conversion date in the case of a Conversion of such Advances to a Base Rate Advance Advances and (ii) at least three (3) Business Days in advance of the proposed Conversion or continuation date in the case of a Conversion to, or a continuation of, a Eurodollar Advance; provided that, if Conversions to Eurodollar Rate Advances, if any, are to be made on the Effective Date, such Conversions shall be made pursuant to the applicable Notice of Continuation or Conversion given not later than 1:00 p.m. (Houston, Texas time) on the second Business Day before the Effective Date. Each such Notice of Conversion or Continuation or Conversion shall be in writing or by facsimile or electronic mail (with a PDF file of the executed Notice of Continuation or Conversion attached)telecopier, specifying (iA) the requested Conversion or continuation date (which shall be a Business Day), (iiB) the amount, Type, Borrowing amount and Class Type of the Advance Advances to be Converted or continued, (iiiC) whether a Conversion or continuation is requested and, if a Conversion, into what Type of AdvanceAdvances, and (ivD) in the case of a Conversion to, or a continuation Continuation of, a Eurodollar AdvanceRate Advances, the requested Interest Period. Revolving Advances may only be Converted or continued as Revolving Advances. Swingline Advances may not be Converted or continued. Promptly after receipt of a Notice of Conversion or Continuation or Conversion under this paragraphSection 2.2(b), the Administrative Agent shall provide each Lender Bank with a copy thereof and, in the case of a Conversion to or a continuation of a Eurodollar AdvanceRate Advances, notify each Lender Bank of the applicable interest rate under Section 2.8(b2.6(b). The For purposes other than the conditions set forth in Section 3.2, the portion of Revolving Advances comprising part of the same Revolving Borrowing that are Converted to Revolving Advances of another Type shall constitute a new Revolving Borrowing.

Appears in 1 contract

Samples: Credit Agreement (Arkansas Best Corp /De/)

Conversions and Continuations. In order to elect to Convert or continue an a US Advance or a Canadian Advance under this paragraph, the applicable Borrower shall deliver an irrevocable Notice of Continuation or Conversion to the applicable Administrative Agent at the applicable Administrative Agent’s office (A) no later than 1:00 p.m. 11:00 a.m. (Houston, Texas time) (i) on the Business Day before the date of the proposed conversion Conversion date in the case of a Conversion to a US Base Rate Advance and Advance, (ii) on the Business Day before the date of the proposed Conversion date in the case of a Conversion to a Canadian (US) Base Rate Advance, (iii) at least three (3) Business Days in advance of the proposed Conversion or continuation date in the case of a Conversion to, or a continuation of, a Eurodollar Advance; provided that, if Conversions to Eurodollar Advances, if any, are to be made on the Effective Date, such Conversions shall be made pursuant to the applicable Notice of Continuation Eurocurrency Advance or Conversion given not a B/A Advance and (B) no later than 1:00 p.m. 10:00 a.m. (Houston, Texas time) on the second Business Day before the Effective Datedate of the proposed Conversion date in the case of a Conversion to a Canadian (Cdn) Base Rate Advance. Each such Notice of Conversion or Continuation or Conversion shall be in writing or by telephone, telex or facsimile or electronic mail (confirmed promptly by the applicable Borrower with a PDF file of the executed Notice of Continuation or Conversion attachedhard copy (other than with respect to notice sent by facsimile), specifying (i) the requested Conversion or continuation date (which shall be a Business Day), (ii) the amount, Type, Type and Class of the Advance to be Converted or continued, (iii) whether a Conversion or continuation is requested and, if a Conversion, into what Type of Advance, and (iv) in the case of a Conversion to, or a continuation of, a Eurodollar Eurocurrency Advance, the requested Interest Period and (v) in the case of a Conversion to, or a continuation of, a B/A Advance, the requested Contract Period. Promptly after receipt of a Notice of Continuation or Conversion under this paragraph, the applicable Administrative Agent shall provide each Lender with a copy thereof and, in the case of a Conversion to or a continuation of a Eurodollar Eurocurrency Advance, notify each Lender of the applicable interest rate under Section 2.8(b). The portion of Advances comprising part of the same Borrowing that are Converted to Advances of another Type shall constitute a new Borrowing.

Appears in 1 contract

Samples: Credit Agreement (NCS Multistage Holdings, Inc.)

Conversions and Continuations. In order to elect to Convert or continue an Advance under this paragraph, the Borrower shall deliver an irrevocable Notice of Continuation or Conversion to the Administrative Agent at the Administrative Agent’s office no later than 1:00 p.m. 12:00 noon (Houston, Texas time) (i) on the Business Day before the date of the proposed conversion date in the case of a Conversion to a Base Rate Advance and (ii) at least three (3) Business Days in advance of the proposed Conversion or continuation date in the case of a Conversion to, or a continuation of, a Eurodollar Advance; provided that, if Conversions to Eurodollar Advances, if any, are to be made on the Effective Date, such Conversions shall be made pursuant to the applicable Notice of Continuation or Conversion given not later than 1:00 p.m. 12:00 noon (Houston, Texas time) on the second Business Day before the Effective Date. Each such Notice of Conversion or Continuation or Conversion shall be in writing or by telex or facsimile or electronic mail (confirmed promptly by the Borrower with a PDF file of the executed Notice of Continuation or Conversion attachedhard copy (other than with respect to notice sent by facsimile), specifying (i) the requested Conversion or continuation date (which shall be a Business Day), (ii) the amount, Type, and Class of the Advance to be Converted or continued, (iii) whether a Conversion or continuation is requested and, if a Conversion, into what Type of Advance, and (iv) in the case of a Conversion to, or a continuation of, a Eurodollar Advance, the requested Interest Period. Promptly after receipt of a Notice of Conversion or Continuation or Conversion under this paragraph, the Administrative Agent shall provide each Lender with a copy thereof and, in the case of a Conversion to or a continuation Continuation of a Eurodollar Advance, notify each Lender of the applicable interest rate under Section 2.8(b). The portion of Advances comprising part of the same Borrowing that are Converted to Advances of another Type shall constitute a new Borrowing.

Appears in 1 contract

Samples: Credit Agreement (Forum Energy Technologies, Inc.)

Conversions and Continuations. In order to elect to Convert or continue an Advance Advances comprising part of the same Revolving Borrowing under this paragraphSection, the Borrower shall deliver an irrevocable Notice of Conversion or Continuation or Conversion to the Administrative Agent at the Administrative Agent’s office no later than 1:00 12:00 p.m. (Houston, Texas time) (i) on the at least one Business Day before the date in advance of the proposed conversion date in the case of a Conversion of such Advances to a Adjusted Base Rate Advance and Advances, (ii) at least three (3) Business Days in advance of the proposed Conversion or continuation date in the case of a Conversion to, or a continuation of, Eurocurrency Rate Advances denominated in Dollars; and (iii) at least four Business Days in advance of the proposed Conversion or continuation date in the case of a Eurodollar Advance; provided thatConversion to, if Conversions to Eurodollar Advancesor a continuation of, if any, are to be made on the Effective Date, such Conversions shall be made pursuant to the applicable Notice of Continuation or Conversion given not later than 1:00 p.m. (Houston, Texas time) on the second Business Day before the Effective DateEurocurrency Rate Advances denominated in Foreign Currencies. Each such Notice of Conversion or Continuation or Conversion shall be by telephone or facsimile, and if by telephone, confirmed promptly in writing or (which confirmation may be provided by facsimile or electronic mail (with a PDF “PDF” file of the executed Notice of Continuation or Conversion attacheddelivered in an e-mail with a return acknowledgment requested), specifying (iA) the requested Conversion or continuation date (which shall be a Business Day), (iiB) the amount, Type, Borrowing amount and Class Type of the Advance Advances to be Converted or continued, (iiiC) whether a Conversion or continuation is requested andrequested, and if a Conversion, into what Type of AdvanceAdvances, and (ivD) in the case of a Conversion to, or a continuation of, a Eurodollar AdvanceEurocurrency Rate Advances, the requested Interest Period. Promptly after receipt of a Notice of Conversion or Continuation or Conversion under this paragraph, the Administrative Agent shall provide each Lender with a copy thereof and, in the case of a Conversion to or a continuation of a Eurodollar AdvanceEurocurrency Rate Advances, notify each Lender of the applicable interest rate under Section 2.8(b2.6(b). The For purposes other than the conditions set forth in Section 3.2, the portion of Revolving Advances comprising part of the same Revolving Borrowing that are Converted to Revolving Advances of another Type shall constitute a new Revolving Borrowing.

Appears in 1 contract

Samples: Assignment and Assumption (National Oilwell Varco Inc)

Conversions and Continuations. In order to elect to Convert or continue an a Revolving Advance or a Term Advance under this paragraph, the Borrower shall deliver an irrevocable Notice of Continuation or Conversion to the Administrative Agent at the Administrative Agent’s office (A) no later than 1:00 p.m. 11:00 a.m. (Houston, Texas time) (i) on the Business Day before the date of the proposed conversion Conversion date in the case of a Conversion to a US Base Rate Advance Advance, and (ii) at least three (3) Business Days in advance of the proposed Conversion or continuation date in the case of a Conversion to, or a continuation of, a Eurodollar Advance; provided that, if Conversions to Eurodollar Advances, if any, are to be made on the Effective Date, such Conversions shall be made pursuant to the applicable Notice of Continuation Eurocurrency Advance or Conversion given not a B/A Advance and (B) no later than 1:00 p.m. 10:00 a.m. (Houston, Texas time) on the second Business Day before the Effective Datedate of the proposed Conversion date in the case of a Conversion to a Canadian Base Rate Advance. Each such Notice of Conversion or Continuation or Conversion shall be in writing or by telephone, telex or facsimile or electronic mail (confirmed promptly by the Borrower with a PDF file of the executed Notice of Continuation or Conversion attachedhard copy (other than with respect to notice sent by facsimile), specifying (i) the requested Conversion or continuation date (which shall be a Business Day), (ii) the amount, Type, Type and Class of the Advance to be Converted or continued, (iii) whether a Conversion or continuation is requested and, if a Conversion, into what Type of Advance, and (iv) in the case of a Conversion to, or a continuation of, a Eurodollar Eurocurrency Advance, the requested Interest Period and (v) in the case of a Conversion to, or a continuation of, a B/A Advance, the requested Contract Period. Promptly after receipt of a Notice of Continuation or Conversion under this paragraph, the Administrative Agent shall provide each Lender with a copy thereof and, in the case of a Conversion to or a continuation of a Eurodollar Eurocurrency Advance, notify each Lender of the applicable interest rate under Section 2.8(b). The portion of Advances comprising part of the same Borrowing that are Converted to Advances of another Type shall constitute a new Borrowing.

Appears in 1 contract

Samples: Credit Agreement (NCS Multistage Holdings, Inc.)

Conversions and Continuations. In order to elect to Convert or continue an Advance Advances comprising part of the same Borrowing under this paragraphSection, the Borrower shall deliver an irrevocable Notice of Conversion or Continuation or Conversion to the Administrative Agent at the Administrative Agent’s office no later than 1:00 12:00 p.m. (Houston, Texas time) (i) on the at least one Business Day before the date in advance of the proposed conversion Conversion date in the case of a Conversion of such Advances to a Base Rate Advance Advances, and (ii) at least three (3) Business Days in advance of the proposed Conversion or continuation date in the case of a Conversion to, or a continuation of, a Eurodollar Advance; provided that, if Conversions to Eurodollar Advances, if any, are to be made on the Effective Date, such Conversions shall be made pursuant to the applicable Notice of Continuation or Conversion given not later than 1:00 p.m. (Houston, Texas time) on the second Business Day before the Effective Date. Each such Notice of Conversion or Continuation or Conversion shall be in writing or by facsimile or electronic mail (with a PDF file of the executed Notice of Continuation or Conversion attached)facsimile, specifying (iA) the requested Conversion or continuation date (which shall be a Business Day), (iiB) the amount, Type, Borrowing amount and Class Type of the Advance Advances to be Converted or continued, (iiiC) whether a Conversion or continuation is requested andrequested, and if a Conversion, into what Type of AdvanceAdvances, and (ivD) in the case of a Conversion to, or a continuation of, a Eurodollar AdvanceAdvances, the requested Interest Period. Promptly after receipt of a Notice of Conversion or Continuation or Conversion under this paragraph, the Administrative Agent shall provide each applicable Lender with a copy thereof and, in the case of a Conversion to or a continuation of a Eurodollar AdvanceAdvances, notify each applicable Lender of the applicable interest rate under Section 2.8(b)2.7, as applicable. The portion of Advances comprising part of the same Borrowing that are Converted to Advances of another Type shall constitute a new Borrowing.

Appears in 1 contract

Samples: 364 Day Credit Agreement (Helmerich & Payne Inc)

Conversions and Continuations. In order The Borrower shall have the ----------------------------- right from time to elect time to Convert all or continue part of one Type of Advance (excluding Swing Line Advances) into another Type of Advance or to Continue all or part of any Eurodollar Advance or any Alternate Currency Advance by giving the Agent written notice (by means of an Advance under this paragraph, the Borrower shall deliver an irrevocable Notice of Continuation or Conversion to the Administrative Agent Request Form) at the Administrative Agent’s office no later than 1:00 p.m. (Houston, Texas time) (i) on the least one Business Day before the date of the proposed conversion date in the case of Conversion into a Conversion to a Base Floating Rate Advance Advance, and (ii) at least three (3) Business Days in advance of the proposed before Conversion into or continuation date in the case Continuation of a Conversion toEurodollar Advance or an Alternate Currency Advance, or a continuation of, a Eurodollar Advance; provided that, if Conversions to Eurodollar Advances, if any, are to be made on the Effective Date, such Conversions shall be made pursuant to the applicable Notice of Continuation or Conversion given not later than 1:00 p.m. (Houston, Texas time) on the second Business Day before the Effective Date. Each such Notice of Continuation or Conversion shall be in writing or by facsimile or electronic mail (with a PDF file of the executed Notice of Continuation or Conversion attached), specifying specifying: (i) the requested Conversion or continuation date (which shall be a Business Day)Continuation date, (ii) the amount, Type, and Class amount of the Advance to be Converted or continuedContinued, (iii) whether a Conversion or continuation is requested andin the case of Conversions, if a Conversion, into what the Type of AdvanceAdvance to be Converted into, and (iv) in the case of a Conversion to, or a continuation of, a Eurodollar AdvanceAlternate Currency Advances, the requested Interest Period. Promptly after receipt of a Notice of Continuation or Conversion under this paragraphAlternate Currency, the Administrative Agent shall provide each Lender with a copy thereof and, and (v) in the case of a Continuation of or Conversion into a Eurodollar Advance or an Alternate Currency Advance, the duration of the Interest Period applicable thereto; provided that (a) Eurodollar Advances and Alternate Currency Advances may only be Converted on the last day of the Interest Period, (b) except for Conversions to Floating Rate Advances, no Conversions shall be made while a Default or Event of Default has occurred and is continuing and no Continuations of any Eurodollar Advances or any Alternate Currency Advances shall be made while a continuation Default or an Event of Default has occurred and is continuing, unless such Conversion or Continuation has been approved by Required Banks, (c) the aggregate principal amount of Eurodollar Advances having the same Interest Period shall be at least equal to $1,000,000 and (d) the aggregate principal amount of Alternate Currency Advances having the same Interest Period shall be at least equal to the Equivalent Amount of $1,000,000. All notices given under this Section shall be irrevocable and shall be given not later than 11:00 A.M. Dallas, Texas time on the day which is not less than the number of Business Days specified above for such notice. If the Borrower shall fail to give the Agent the notice as specified above for Continuation or Conversion of a Eurodollar Advance prior to the end of the Interest Period with respect thereto, such Eurodollar Advance shall automatically be Converted into a Floating Rate Advance on the last day of the Interest Period for such Eurodollar Advance. If Borrower shall fail to give the Agent notice as specified above for the Continuation or Conversion of an Alternate Currency Advance prior to the end of the Interest Period with respect thereto, notify each Lender such Alternate Currency Advance shall be Continued for an Interest Period of one month; provided, however, that no Alternate Currency Advance shall be Continued as such if a Default or Event of Default has occurred and continuing but in such event shall instead be Converted to a Floating Rate Advance in Dollars at the end of the applicable interest rate under Section 2.8(b). The portion of Advances comprising part of the same Borrowing that are Converted to Advances of another Type shall constitute a new BorrowingInterest Period.

Appears in 1 contract

Samples: Credit Agreement (Cellstar Corp)

Conversions and Continuations. In order to elect to Convert or continue an a Term Advance or a Revolving Advance under this paragraph, the Borrower shall deliver an irrevocable Notice of Continuation or Conversion to the Administrative Agent at the Administrative Agent’s office no later than 1:00 p.m. 11:00 a.m. (Houston, Texas time) (i) on the Business Day before the date of the proposed conversion date in the case of a Conversion to a Base Rate Advance and (ii) at least three (3) Business Days in advance of the proposed Conversion or continuation date in the case of a Conversion to, or a continuation of, a Eurodollar Advance; provided that, if Conversions to Eurodollar Advances, if any, are to be made on the Effective Date, such Conversions shall be made pursuant to the applicable Notice of Continuation or Conversion given not later than 1:00 p.m. (Houston, Texas time) on the second Business Day before the Effective Date. Each such Notice of Conversion or Continuation or Conversion shall be in writing or sent by facsimile or facsimile, hand delivery, or, unless otherwise required by the Administrative Agent prior to such delivery, electronic mail (with a PDF file of the executed Notice of Continuation or Conversion attachedPDF), specifying (i) the requested Conversion or continuation date (which shall be a Business Day), (ii) the amount, Type, and Class of the Advance to be Converted or continued, (iii) whether a Conversion or continuation is requested and, if a Conversion, into what Type of Advance, and (iv) in the case of a Conversion to, or a continuation of, a Eurodollar Advance, the requested Interest Period. Promptly after receipt of a Notice of Conversion or Continuation or Conversion under this paragraph, the Administrative Agent shall provide each Revolving Lender (in the case of any Conversion or continuation of a Revolving Borrowing) or each Term Lender (in the case of any Conversion or continuation of a Term Borrowing) with a copy thereof and, in the case of a Conversion to or a continuation Continuation of a Eurodollar Advance, notify each such Lender of the applicable interest rate under Section 2.8(b). The portion of Advances comprising part of the same Borrowing that are Converted converted to Advances of another Type shall constitute a new Borrowing.

Appears in 1 contract

Samples: Credit Agreement (Oceaneering International Inc)

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