Conversions and Rollovers Regarding Advances Clause Samples
Conversions and Rollovers Regarding Advances. (1) Subject to the Types of Accommodation and Advances, the Borrowers may elect to (i) change any Advance outstanding, or any portion thereof, in each case, in the minimum aggregate amount referred to in Schedule 5 to another Type of Advance or convert an Advance outstanding to another Type of Accommodation (y) in the case of a Floating Rate Advance, as of any Business Day, and (z) in the case of a LIBOR Rate Advance, as of the last day of the Interest Period applicable to such LIBOR Rate Advance; provided that in the case of the change or conversion of an Advance denominated in one currency to an Advance denominated in another currency, the principal amount and interest thereon of such Advance to be changed or converted is paid in full on the date of such change or conversion; or (ii) continue any LIBOR Rate Advance for a further Interest Period beginning on the last day of the then current Interest Period applicable to such LIBOR Rate Advance.
(2) Each election to change or convert an Advance into another Type of Advance or Type of Accommodation or to continue a LIBOR Rate Advance for a further Interest Period, shall be made on the number of days prior notice specified in Schedule 5 given, in each case, not later than 11:00 a.m. (Toronto time) by the applicable Borrower to the Agent. Each such notice (an “Interest Rate Election Notice”) shall be given substantially in the form of Schedule 2 and shall be irrevocable and binding upon the applicable Borrower. If the applicable Borrower fails to deliver an Interest Rate Election Notice to the Agent for any LIBOR Rate Advance as provided in this Section 3.03(2), such LIBOR Rate Advance shall be converted (as of the last day of the applicable Interest Period) to and be outstanding as a Base Rate (Canada) Advance or Base Rate (United States) Advance, as applicable. No Borrower shall select an Interest Period which conflicts with the definition of Interest Period.
Conversions and Rollovers Regarding Advances. (a) The Borrower may elect to:
(i) change any Advance, or portion thereof, in each case, in the minimum aggregate amount and in an integral multiple of the amount set forth in Schedule 5 to another Type of Advance or convert an Advance to another Type of Accommodation (y) in the case of a Floating Rate Advance, as of any Business Day, and (z) in the case of a Fixed Rate Advance, as of the last day of the Interest Period applicable to such Fixed Rate Advance, provided that in the case of the change or conversion of a Canadian Dollar Advance to a U.S. Dollar Advance, or a U.S. Dollar Advance to a Canadian Dollar Advance, the principal amount and interest thereon of such Advance to be changed or converted is paid in full on the date of such change or conversion; or
(ii) continue any Fixed Rate Advance for a further Interest Period beginning on the last day of the then current Interest Period applicable to such Advance.
(b) Each election to change or convert an Advance into another Type of Advance or Type of Accommodation or to continue a Fixed Rate Advance for a further Interest Period, shall be made on the number of days prior notice specified in Schedule 5 given, in each case, not later than 9:00 a.m. (Calgary time) by the Borrower to the Administrative Agent. Each such notice (an “Interest Rate Election”) shall be given substantially in the form of Schedule 3 and shall be irrevocable and binding upon the Borrower. If the Borrower fails to deliver an Interest Rate Election to the Administrative Agent for any Fixed Rate Advance under the Credit Facility as provided in this Section 3.2, such Fixed Rate Advance shall be converted (as of the last day of the applicable Interest Period) to and be outstanding as a Base Rate (Canada) Advance. The Borrower shall not select an Interest Period which conflicts with the definition of Interest Period in Section 1.1.
Conversions and Rollovers Regarding Advances. (1) A Borrower may elect to convert any Advance outstanding, or any portion thereof in the minimum aggregate amount referred to in Section 3.01(2) to another type of Accommodation as of any Business Day.
(2) Each election to convert an Advance into another type of Accommodation shall be made on the number of days prior notice specified in Schedule 4 given, in each case, not later than 10:00 a.m. (Toronto time) by the applicable Borrower to the Administrative Agent. Each such notice (an “Interest Rate Election Notice”) shall be given substantially in the form of Schedule 2 and shall be irrevocable and binding upon the Borrower.
Conversions and Rollovers Regarding Advances. (a) The Borrower may elect to:
(i) change any Advance, or portion thereof, in each case, in the minimum aggregate amount and in an integral multiple of the amount set forth in Schedule 4 to another Type of Advance or convert an Advance to another Type of Advance (y) in the case of a Base Rate (Canada) Advance, as of any Business Day, and (z) in the case of a SOFR Loan, as of the last day of the Interest Period applicable to such SOFR Loan; or
(ii) continue any SOFR Loan for a further Interest Period beginning on the last day of the then current Interest Period applicable to such SOFR Loan.
(b) Each election to change or convert an Advance into another Type of Advance or to continue a SOFR Loan for a further Interest Period, shall be made on the number of days prior notice specified in Schedule 4 given, in each case, not later than 9:00 a.m. (Calgary time) by the Borrower to the Administrative Agent. Each such notice (an “Interest Rate Election”) shall be given substantially in the form of Schedule 3 and shall be irrevocable and binding upon the Borrower. If the Borrower fails to deliver an Interest Rate Election to the Administrative Agent for any SOFR Loan under the Credit Facility as provided in this Section 3.2, such SOFR Loan shall be converted (as of the last day of the applicable Interest Period) to and be outstanding as a Base Rate (Canada) Advance. The Borrower shall not select an Interest Period which conflicts with the definition of Interest Period in Section 1.1.
Conversions and Rollovers Regarding Advances. (1) A Borrower may elect to convert any Advance outstanding, or any portion thereof in the minimum aggregate amount referred to in Section 3.01(2) to another type of Accommodation as of any Business Day.
(2) Each election to convert an Advance into another type of Accommodation shall be made on the number of days prior notice specified in Schedule 4 given, in each case, not later than 10:00 a.m. (Toronto time) by the applicable Borrower to the Administrative Agent. Each such notice (an “Interest Rate Election Notice”) shall be given substantially in the form of Schedule 2 and shall be irrevocable and binding upon the Borrower.