Common use of Duration of Interest Periods Clause in Contracts

Duration of Interest Periods. (a) Subject to the provisions of the definition of Interest Period, the duration of each Interest Period applicable to a Loan shall be as specified in the applicable Notice of Borrowing or Notice of Continuation or Conversion delivered pursuant to the provisions of Section 2.1.4. or Section 2.2.2. (b) If the Bank does not receive a notice of election of duration of an Interest Period for a Loan pursuant to subsection (a) above within the applicable time limits specified therein, or if a Default or an Event of Default exists when such notice must be given, the Company shall be deemed to have elected to convert such Loan in whole into a Prime Rate Loan on the last day of the then current Interest Period with respect thereto, except that if such Loan is converted to a Prime Rate Loan because an Event of Default exists, the rate of interest payable on all Loans shall be the Default Rate. (c) Notwithstanding the foregoing, the Company may not select an Interest Period that would end, but for the provisions of the definition of Interest Period, after the Scheduled Maturity Date.

Duration of Interest Periods. (a) Subject to the provisions of the definition of Interest Period, the duration of each Interest Period applicable to a Loan shall be as specified in the applicable Notice of Borrowing or Notice of Continuation or Conversion delivered pursuant to the provisions of Section 2.1.4. or Section 2.2.22.3.2. (b) If the Bank Agent does not receive a notice of election of duration of an Interest Period for a Loan pursuant to subsection (a) above within the applicable time limits specified therein, or if a Default or an Event of Default exists when such notice must be given, the Company shall be deemed to have elected to convert such Loan in whole into a Prime Rate Loan on the last day of the then current Interest Period with respect thereto, except that if such Loan is converted to a Prime Rate Loan because an Event of Default exists, the rate of interest payable on all Loans shall be the Default Rate.is (c) Notwithstanding the foregoing, the Company may not select an Interest Period that would end, but for the provisions of the definition of Interest Period, after the Scheduled Maturity Date.

Duration of Interest Periods. (a) Subject to the provisions of the definition of Interest Period, the duration of each Interest Period applicable to a Loan shall be as specified in the applicable Notice of Borrowing or Notice of Continuation or Conversion delivered pursuant to the provisions of Section 2.1.4. or Section 2.2.22.3.2. (b) If the Bank Administrative Agent does not receive a notice of election of duration of an Interest Period for a Loan pursuant to subsection (a) above within the applicable time limits specified therein, or if a Default or an Event of Default exists when such notice must be given, the Company shall be deemed to have elected to convert such Loan in whole into a Prime Rate Loan on the last day of the then current Interest Period with respect thereto, except that if such Loan is converted to a Prime Rate Loan because an Event of Default exists, the rate of interest payable on all Loans shall be the Default Rate. (c) Notwithstanding the foregoing, the Company may not select an Interest Period that would end, but for the provisions of the definition of Interest Period, after the Scheduled Maturity Date.

Duration of Interest Periods. (a) Subject to the provisions of the definition of Interest Period, the duration of each Interest Period applicable to a Loan shall be as specified in the applicable Notice of Borrowing or Notice of Continuation or Conversion delivered pursuant to the provisions of Section 2.1.4. or Section 2.2.22.3.2. (b) If the Bank Agent does not receive a notice of election of duration of an Interest Period for a Loan pursuant to subsection (a) above within the applicable time limits specified therein, or if a Default or an Event of Default exists when such notice must be given, the Company shall be deemed to have elected to convert such Loan in whole into a Prime Rate Loan on the last day of the then current Interest Period with respect thereto, except that if such Loan is converted to a Prime Rate Loan because an Event of Default exists, the rate of interest payable on all Loans shall be the Default Rate. (c) Notwithstanding the foregoing, the Company may not select an Interest Period that would end, but for the provisions of the definition of Interest Period, after the Scheduled Maturity Date.