Common use of Extension and Conversion Clause in Contracts

Extension and Conversion. The Borrower shall have the option, on any Business Day, to extend existing Loans into a subsequent permissible Interest Period or to convert Loans into Loans of another Type; provided, however, that (i) except as provided in Section 3.7, Eurodollar Loans may be converted into Prime Rate Loans only on the last day of the Interest Period applicable thereto, (ii) Eurodollar Loans may be extended, and Prime Rate Loans may be converted into Eurodollar Loans, only if no Default or Event of Default is in existence on the date of extension or conversion, (iii) Loans extended as, or converted into, Eurodollar Loans shall be subject to the terms of the definition of "Interest Period" set forth in Section 1.1 and shall be in such minimum amounts as provided in Section 2.l(b)(ii) and (iv) any request for extension or conversion of a Eurodollar Loan which shall fail to specify an Interest Period shall be deemed to be a request for an Interest Period of one month. Each such extension or conversion shall be effected by the Borrower by giving a Notice of Extension/Conversion in the form of Exhibit 3.2 (or telephone notice promptly confirmed in writing) to the Agent prior to 10:30 A.M. (Milwaukee, Wisconsin time) on the Business Day of, in the case of the conversion of a Eurodollar Loan into a Prime Rate Loan and on the third Business Day prior to, in the case of the extension of a Eurodollar Loan as, or conversion of a Prime Rate Loan into, a Eurodollar Loan, the date of the proposed extension or conversion, specifying the date of the proposed extension or conversion, the Loans to be so extended or converted, the Types of Loans into which such Loans are to be converted and, if appropriate, the applicable Interest Periods with respect thereto. Each request for extension or conversion shall constitute a representation and warranty by the Borrower of the matters specified in paragraphs (a) and (b), and in (c) or (d), of Section 5.2. In the event the Borrower fails to request extension or conversion of any Eurodollar Loan in accordance with this Section, or any such conversion or extension is not permitted or required by this Section, then such Loans shall be automatically converted into Prime Rate Loans at the end of their Interest Period. The Agent shall give each Lender notice as promptly as practicable of any such proposed extension or conversion affecting any Loan.

Appears in 3 contracts

Samples: Credit Agreement (Oshkosh Truck Corp), Credit Agreement (C2 Inc), Credit Agreement (C2 Inc)

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Extension and Conversion. The Borrower Borrowers shall have the option, option on any Business Day, to extend existing Loans into a subsequent permissible Interest Period or to convert Loans into Loans of another Type; provided, however, that (ia) except as provided in Section 3.7, Eurodollar Loans may be converted into Prime Base Rate Loans only on the last day of the Interest Period applicable thereto, (iib) Eurodollar Loans may be extended, and Prime Base Rate Loans may be converted into Eurodollar Loans, only if no Default or Event of Default is in existence on the date of extension or conversion, (iiic) Loans extended as, or converted into, Eurodollar Loans shall be subject to the terms of the definition of "Interest Period" set forth in Section 1.1 and shall be in such minimum amounts as provided in Section 2.l(b)(ii2, (d) no more than six separate Eurodollar Loans shall be outstanding hereunder at any time with respect to the Revolving Loans and no more than six separate Eurodollar Loans shall be outstanding hereunder at any time with respect to any Term Loan, if applicable, and (ive) any request for extension or conversion of a Eurodollar Loan which shall fail to specify an Interest Period shall be deemed to be a request for an Interest Period of one (1) month. Each such extension or conversion shall be effected by the Borrower Borrowers by giving a Notice of Extension/Conversion in the form of Exhibit 3.2 (or telephone notice promptly confirmed in writing) to the Administrative Agent prior to 10:30 A.M. (Milwaukee, Wisconsin time) 11:00 a.m. on the Business Day of, in the case of the conversion of a Eurodollar Loan into a Prime Base Rate Loan and on the third Business Day prior to, in the case of the extension of a Eurodollar Loan as, or conversion of a Prime Base Rate Loan into, a Eurodollar Loan, the date of the proposed extension or conversion, specifying the date of the proposed extension or conversion, the Loans to be so extended or converted, the Types of Loans into which such Loans are to be converted and, if appropriate, the applicable Interest Periods with respect thereto. Each request for extension or conversion shall constitute a representation and warranty by the Borrower Borrowers of the matters specified in paragraphs (a) and clauses (b), and in (c) or ), (d), (e) and (f) of Section 5.2. In the event the Borrower fails Borrowers fail to request extension or conversion of any Eurodollar Loan in accordance with this SectionSection 3.1, or any such conversion or extension is not permitted or required by this SectionSection 3.1, then such Loans Loan shall be automatically converted into Prime a Base Rate Loans Loan at the end of their the Interest PeriodPeriod applicable thereto. The Administrative Agent shall give each applicable Lender notice as promptly as practicable of any such proposed extension or conversion affecting any Loan.

Appears in 3 contracts

Samples: Credit Agreement (Speedway Motorsports LLC), Credit Agreement (Speedway Motorsports LLC), Credit Agreement (Speedway Motorsports Inc)

Extension and Conversion. The Borrower shall have the option, on any Business Day, to extend existing Loans into a subsequent permissible Interest Period or to convert Loans into Loans of another Type; provided, however, that (i) except as provided in Section Sections 3.6 and 3.7, Eurodollar Loans may be converted into Prime Rate Loans only on the last day of the Interest Period applicable thereto, (ii) Eurodollar Loans may be extended, and Prime Rate Loans may be converted into Eurodollar Loans, only if no Default or Event of Default is in existence on the date of extension or conversion, (iii) Loans extended as, or converted into, Eurodollar Loans shall be subject to the terms of the definition of "Interest Period" set forth in Section 1.1 and shall be in such minimum amounts as provided in Section 2.l(b)(ii) and (iv) any request for extension or conversion of a Eurodollar Loan which shall fail to specify an Interest Period shall be deemed to be a request for an Interest Period of one month. Each such extension or conversion shall be effected by the Borrower by giving a Notice of Extension/Conversion in the form of Exhibit 3.2 (or telephone notice promptly confirmed in writing) to the Agent prior to 10:30 A.M. (Milwaukee, Wisconsin time) on the Business Day of, in the case of the conversion of a Eurodollar Loan into a Prime Rate Loan and on the third second Business Day prior to, in the case of the extension of a Eurodollar Loan as, or conversion of a Prime Rate Loan into, a Eurodollar Loan, the date of the proposed extension or conversion, specifying the date of the proposed extension or conversion, the Loans to be so extended or converted, the Types of Loans into which such Loans are to be converted and, if appropriate, the applicable Interest Periods with respect thereto. Each request for extension or conversion shall constitute a representation and warranty by the Borrower of the matters specified in paragraphs (a) and (b), and in (c) or (d), of Section 5.2. In the event the Borrower fails to request extension or conversion of any Eurodollar Loan in accordance with this Section, or any such conversion or extension is not permitted or required by this Section, then such Loans shall be automatically converted into Prime Rate Loans at the end of their Interest Period. The Agent shall give each Lender notice as promptly as practicable of any such proposed extension or conversion affecting any Loan.

Appears in 2 contracts

Samples: Credit Agreement (Journal Communications Inc), Credit Agreement (Journal Communications Inc)

Extension and Conversion. The Borrower shall have the option, on any Business Day, to extend existing Loans into a subsequent permissible Interest Period or to convert Loans into Loans of another Type; provided, however, that (i) except as provided in Section Sections 3.6 and 3.7, Eurodollar Loans may be converted into Prime Rate Loans only on the last day of the Interest Period applicable thereto, (ii) Eurodollar Loans may be extended, and Prime Rate Loans may be converted into Eurodollar Loans, only if no Default or Event of Default is in existence on the date of extension or conversion, (iii) Loans extended as, or converted into, Eurodollar Loans shall be subject to the terms of the definition of "Interest Period" set forth in Section 1.1 and shall be in such minimum amounts as provided in Section 2.l(b)(ii) and (iv) any request for extension or conversion of a Eurodollar Loan which shall fail to specify an Interest Period shall be deemed to be a request for an Interest Period of one month. Each such extension or conversion shall be effected by the Borrower by giving a Notice of Extension/Conversion in the form of Exhibit 3.2 (or telephone notice promptly confirmed in writing) to the Agent prior to 10:30 A.M. (Milwaukee, Wisconsin time) on the Business Day of, in the case of the conversion of a Eurodollar Loan into a Prime Rate Loan and on the third second Business Day prior to, in the case of the extension of a Eurodollar Loan as, or conversion of a Prime Rate Loan into, a Eurodollar Loan, the date of the proposed extension or conversion, specifying the date of the proposed extension or conversion, the Loans to be so extended or converted, the Types of Loans into which such Loans are to be converted and, if appropriate, the applicable Interest Periods with respect thereto. Each request for extension or conversion shall constitute a representation and warranty by the Borrower of the matters specified in paragraphs (a) and (b), and in (c) or (d), of Section 5.2. In the event the Borrower fails to request extension or conversion of any Eurodollar Loan in accordance with this Section, or any such conversion or extension is not permitted or required by this Section, then such Loans shall be automatically converted into Prime Rate Loans at the end of their Interest Period. The Agent shall give each Lender notice as promptly as practicable of any such proposed extension or conversion affecting any Loan.

Appears in 2 contracts

Samples: Credit Agreement (Journal Communications Inc), Credit Agreement (Journal Communications Inc)

Extension and Conversion. The Borrower shall have the option, on any Business Day, to extend existing Revolving Loans into a subsequent permissible Interest Period or to convert Revolving Loans into Revolving Loans of another Typeinterest rate type; provided, however, that (i) except as provided in Section 3.74.07, Eurodollar LIBOR Loans may be converted into Prime Base Rate Loans only on the last day of the Interest Period applicable theretothereto unless the Borrower agrees to pay all Funding Losses, (ii) Eurodollar LIBOR Loans may be extended, and Prime Base Rate Loans may be converted into Eurodollar LIBOR Loans, only if no Default or Event of Default is the conditions in existence on the date of extension or conversionSection 5.02 have been satisfied, (iii) Loans extended as, or converted into, Eurodollar LIBOR Loans shall be subject to the terms of the definition of "Interest Period" set forth in Section 1.1 1.01 and shall be in such minimum amounts as provided in Section 2.l(b)(ii) 2.01(c)(ii), and (iv) any request for extension or conversion of a Eurodollar LIBOR Loan which that shall fail to specify an Interest Period shall be deemed to be a request for an Interest Period of one month. Each such extension or conversion shall be effected by the Borrower by giving a Notice of Extension/Conversion in the form of Exhibit 3.2 written notice (or telephone notice promptly confirmed in writing) (a “Notice of Extension/Conversion”) to the Administrative Agent prior to 10:30 A.M. (Milwaukee10:00 a.m., Wisconsin New York City time) , on the LIBOR Business Day of, in the case of the conversion of a Eurodollar LIBOR Loan into a Prime Base Rate Loan Loan, and on the third LIBOR Business Day prior to, in the case of the extension of a Eurodollar LIBOR Loan as, or conversion of a Prime Base Rate Loan into, a Eurodollar LIBOR Loan, the date of the proposed extension or conversion, substantially in the form of Exhibit C hereto, specifying (A) the date of the proposed extension or conversion, (B) the Loans to be so extended or converted, (C) the Types types of Revolving Loans into which such Loans are to be converted converted, and, if appropriate, (D) the applicable Interest Periods with respect thereto. Each request for extension or conversion Notice of Extension/Conversion shall be irrevocable and shall constitute a representation and warranty by the Borrower of the matters specified in paragraphs Sections 5.02(a) through (a) and (be). So long as there is no Default or Event of Default, and in (c) or (d), of Section 5.2. In the event the Borrower fails to does not request extension or conversion of any Eurodollar LIBOR Loan in accordance with this Section, or any such conversion or extension is not permitted or required by this Section, then such LIBOR Loan shall be continued as a Base Rate Loan at the end of each Interest Period applicable thereto, until the Borrower selects an alternate Interest Period or converts such Loans to LIBOR Loans. It is hereby understood and agreed that such failure by the Borrower to request such extension or conversion resulting in the automatic conversion of a LIBOR Loan into a Base Rate Loan shall also constitute a representation and warranty by the Borrower of the matters specified in Sections 5.02(a) through (e). In the event any LIBOR Loans are not permitted to be converted into another LIBOR Loan hereunder, such LIBOR Loans shall automatically be automatically converted into Prime to Base Rate Loans at the end of their the applicable Interest PeriodPeriod with respect thereto. The Administrative Agent shall give each Lender notice as promptly as practicable of any such proposed extension or conversion affecting any Loan.

Appears in 2 contracts

Samples: Credit Agreement (Cemex Sa De Cv), Credit Agreement (Cemex Sa De Cv)

Extension and Conversion. The Borrower Borrowers shall have the option, option on any Business Day, to extend existing Loans into a subsequent permissible Interest Period or to convert Loans into Loans of another Typetype; provided, however, that (i) except as provided in Section 3.73.8, Eurodollar Loans may be converted into Prime Base Rate Loans only on the last day of the Interest Period applicable thereto, (ii) Eurodollar Loans may be extended, and Prime Base Rate Loans may be converted into Eurodollar Loans, only if no Default or Event of Default is in existence on the date of extension or conversion, (iii) Loans extended as, or converted into, Eurodollar Loans shall be subject to the terms of the definition of "Interest Period" set forth in Section 1.1 and shall be in such minimum amounts as provided in Section 2.l(b)(ii2, (iv) no more than six separate Eurodollar Loans shall be outstanding hereunder at any time with respect to the Revolving Loans and no more than six separate Eurodollar Loans shall be outstanding hereunder at any time with respect to any Term Loan, if applicable, and (ivv) any request for extension or conversion of a Eurodollar Loan which shall fail to specify an Interest Period shall be deemed to be a request for an Interest Period of one month. Each such extension or conversion shall be effected by the Borrower Borrowers by giving a Notice of Extension/Conversion in the form of Exhibit 3.2 (or telephone notice promptly confirmed in writing) to the Administrative Agent prior to 10:30 A.M. (Milwaukee, Wisconsin time) 11:00 a.m. on the Business Day of, in the case of the conversion of a Eurodollar Loan into a Prime Base Rate Loan and on the third Business Day prior to, in the case of the extension of a Eurodollar Loan as, or conversion of a Prime Base Rate Loan into, a Eurodollar Loan, the date of the proposed extension or conversion, specifying the date of the proposed extension or conversion, the Loans to be so extended or converted, the Types types of Loans into which such Loans are to be converted and, if appropriate, the applicable Interest Periods with respect thereto. Each request for extension or conversion shall constitute a representation and warranty by the Borrower Borrowers of the matters specified in paragraphs subsections (aii), (iii), (iv), (v) and (b), and in (cvi) or (d), of Section 5.2. In the event the Borrower fails Borrowers fail to request extension or conversion of any Eurodollar Loan in accordance with this Section, or any such conversion or extension is not permitted or required by this Section, then such Loans Loan shall be automatically converted into Prime a Base Rate Loans Loan at the end of their the Interest PeriodPeriod applicable thereto. The Administrative Agent shall give each applicable Lender notice as promptly as practicable of any such proposed extension or conversion affecting any Loan.

Appears in 2 contracts

Samples: Credit Agreement (Speedway Motorsports Inc), Credit Agreement (Speedway Motorsports Inc)

Extension and Conversion. The Borrower shall have the option, on any Business Day, to extend existing Loans into a subsequent permissible Interest Period or to convert Loans into Loans of another Typeinterest rate type; provided, however, that (i) except as -------- ------- provided in Section 3.73.8, Eurodollar Loans may be converted into Prime Base Rate Loans only on the last day of the Interest Period applicable thereto, (ii) Eurodollar Loans may be extended, and Prime Base Rate Loans may be converted into Eurodollar Loans, only if no Default or Event the conditions of Default is in existence on Section 5.2 shall have been satisfied as of the date of extension or conversion, (iii) Loans extended as, or converted into, Eurodollar Loans shall be subject to the terms of the definition of "Interest -------- Period" set forth in Section 1.1 and shall be in such minimum amounts as ------ provided in Section 2.l(b)(ii) 2.1(b)(ii), and (iv) any request for extension into, or conversion of of, a Eurodollar Loan which shall fail to specify an Interest Period shall be deemed to be a request for an Interest Period of one month. Each such extension or conversion shall be effected by the Borrower by giving a Notice of Extension/Conversion in the form of Exhibit 3.2 (or telephone notice promptly confirmed in writing) to the Administrative Agent prior to 10:30 11:00 A.M. (MilwaukeeCharlotte, Wisconsin North Carolina time) on the Business Day of, in the case of the conversion of a Eurodollar Loan into a Prime Base Rate Loan Loan, and on the third Business Day prior to, in the case of the extension of a Eurodollar Loan as, or conversion of a Prime Base Rate Loan into, a Eurodollar Loan, the date of the proposed extension or conversion, specifying the date of the proposed extension or conversion, the Loans to be so extended or converted, the Types types of Loans into which such Loans are to be converted and, if appropriate, the applicable Interest Periods with respect thereto. Each request for extension or conversion shall be irrevocable and shall constitute a representation and warranty by the Borrower of the matters specified in paragraphs (a) and (b), and in (c) or (d), of Section 5.2. In the event the Borrower fails to request extension or conversion of any Eurodollar Loan in accordance with this Section, or any such conversion or extension is not permitted or required by this Section, then such Loans Eurodollar Loan shall be automatically converted into Prime a Base Rate Loans Loan at the end of their the Interest PeriodPeriod applicable thereto. The Administrative Agent shall give each Lender notice as promptly as practicable of any such proposed extension or conversion affecting any Loan.

Appears in 1 contract

Samples: Credit Agreement (Navigant International Inc)

Extension and Conversion. The Borrower shall have the option, on any Business Day, to extend existing Loans the Term Loan into a subsequent permissible Interest Period or to convert Loans the Term Loan into Loans a Term Loan of another Type; provided, however, that (i) except as provided in Section 3.7, Eurodollar Loans may be converted into Prime Rate Loans only on the last day of the Interest Period applicable thereto, (ii) Eurodollar Loans may be extended, and Prime Rate Loans may be converted into Eurodollar Loans, only if no Default or Event of Default is in existence on the date of extension or conversion, (iii) Loans the portion of the Term Loan extended as, or converted into, Eurodollar Loans shall be subject to the terms of the definition of "Interest Period" set forth in Section 1.1 and shall be in such minimum amounts as provided in Section 2.l(b)(ii) and (iv) any request for extension or conversion of a Eurodollar Loan which shall fail to specify an Interest Period shall be deemed to be a request for an Interest Period of one month. Each such extension or conversion shall be effected by the Borrower by giving a Notice of Extension/Conversion in the form of Exhibit 3.2 (or telephone notice promptly confirmed in writing) to the Agent Lender prior to 10:30 A.M. 12:00 noon (Milwaukee, Wisconsin time) on the Business Day of, in the case of the conversion of a Eurodollar Loan into a Prime Rate Loan and on the third Business Day prior to, in the case of the extension of a Eurodollar Loan as, or conversion of a Prime Rate Loan into, a Eurodollar Loan, the date of the proposed extension or conversion, specifying the date of the proposed extension or conversion, the Loans portion of the Term Loan to be so extended or converted, the Types of Loans Term Loan into which such Loans portion of the Term Loan are to be converted and, if appropriate, the applicable Interest Periods with respect thereto. Each request for extension or conversion shall constitute a representation and warranty by the Borrower of the matters specified in paragraphs (a) and (b), and in (c) or (d), of Section 5.24.2. In the event the Borrower fails to request extension or conversion of any Eurodollar Loan in accordance with this Section, or any such conversion or extension is not permitted or required by this Section, then such Loans portion of the Term Loan shall be automatically converted into Prime Rate Loans at the end of their Interest Period. The Agent shall give each Lender notice as promptly as practicable of any such proposed extension or conversion affecting any Loan.

Appears in 1 contract

Samples: Credit Agreement (Lacrosse Footwear Inc)

Extension and Conversion. The Subject to the terms of Section 5.2, the Borrower shall have the option, on any Business Day, to extend existing Revolving Credit Loans into a subsequent permissible Interest Period or to convert Revolving Credit Loans into Revolving Credit Loans of another Typetype; provided, however, that (i) except as provided in Section 3.72.14, Eurodollar Eurocurrency Loans may be converted into Prime Base Rate Loans only on the last day of the Interest Period applicable thereto, (ii) Eurodollar Eurocurrency Loans may be extended, and Prime Base Rate Loans may be converted into Eurodollar Eurocurrency Loans, only if no Incipient Default or Event of Default is in existence on the date of extension or conversion, (iii) Revolving Credit Loans extended as, or converted into, Eurodollar Eurocurrency Loans shall be subject to the terms of the definition of "Interest Period" set forth in Section 1.1 and shall be in such minimum amounts as provided in Section 2.l(b)(ii2.1(b), (iv) no more than 5 separate Eurocurrency Loans shall be outstanding hereunder at any time and (ivv) any request for extension or conversion of a Eurodollar Eurocurrency Loan which shall fail to specify an Interest Period shall be deemed to be a request for an Interest Period of one month. Each such extension or conversion shall be effected by the Borrower by giving a Notice of Extension/Conversion in the form of Exhibit 3.2 written notice (or telephone notice promptly confirmed in writing) in substantially the form of Exhibit 2.4 (each a "Notice of Extension/Conversion") to the Agent prior to 10:30 11:00 A.M. (MilwaukeeCharlotte, Wisconsin North Carolina time) on the Business Day of, in the case of the conversion of a Eurodollar Eurocurrency Loan into a Prime Base Rate Loan and Loan, on the third Business Day prior to, in the case of the extension of a Eurodollar Eurocurrency Loan (other than a Foreign Currency Loan) as, or conversion of a Base Rate Loan into, a Eurocurrency Loan (other than a Foreign Currency Loan), and on the fifth Business Day prior to, in the case of the extension of a Foreign Currency Loan as, or conversion of a Prime Base Rate Loan into, a Eurodollar Foreign Currency Loan, the date of the proposed extension or conversion, specifying the date of the proposed extension or conversion, the Revolving Credit Loans to be so extended or converted, the Types types of Revolving Credit Loans into which such Revolving Credit Loans are to be converted and, if appropriate, the applicable currency and the applicable Interest Periods with respect thereto. Each request for extension or conversion shall constitute a representation and warranty by the Borrower that of the matters specified in paragraphs (a) and (b), and in (c) or (d), of Section 5.2. In the event the Borrower fails to request extension or conversion of any Eurodollar Eurocurrency Loan in accordance with this Section, or any such conversion or extension is not permitted or required by this Section, then (i) if such Loans Loan is a Eurocurrency Loan denominated in US Dollars, such Loan shall be automatically converted into Prime a Base Rate Loans Loan at the end of their the Interest PeriodPeriod applicable thereto and (ii) if such Loan is a Foreign Currency Loan, such Loan shall be automatically extended as a Eurocurrency Loan in the same Available Foreign Currency for an Interest Period of one month. The Agent shall give each Lender Bank notice as promptly as practicable of any such proposed extension or conversion affecting any Loanits receipt of a Notice of Extension/Conversion and the contents thereof.

Appears in 1 contract

Samples: Credit Agreement (Watson Wyatt & Co Holdings)

Extension and Conversion. The Borrower shall have the option, on any Business Day, to extend existing Loans into a subsequent permissible Interest Period or to convert Loans into Loans of another Type; provided, however, that (ia) except as expressly provided otherwise in Section 3.7this Agreement, Eurodollar SOFR Loans may be converted into Prime Alternate Base Rate Loans only on the last day of the Interest Period applicable thereto, (iib) Eurodollar SOFR Loans may be extended, and Prime Alternate Base Rate Loans may be converted into Eurodollar SOFR Loans, only if no Default or Event of Default is the conditions in existence on the date of extension or conversion, Section 4.2 have been satisfied and (iiic) Loans extended as, or converted into, Eurodollar SOFR Loans shall be subject to the terms of the definition of "Interest Period" set forth in Section 1.1 and shall be in such minimum amounts as provided in Section 2.l(b)(ii) and (iv) any 2.1(b)(ii). Any request for extension or conversion of a Eurodollar SOFR Loan which shall fail to specify an Interest Period shall be deemed to be a request for an Interest Period of one month. Each such extension or conversion shall be effected by the Borrower by giving a Notice of Extension/Conversion in the form of Exhibit 3.2 (or telephone notice promptly confirmed in writingwriting through delivery of a Notice of Extension/Conversion) to the Administrative Agent prior to 10:30 11:00 A.M. (Milwaukee, Wisconsin time) on the Business Day of, in the case of the conversion of a Eurodollar SOFR Loan into a Prime an Alternate Base Rate Loan Loan, and on the third RFR Business Day prior to, in the case of the extension of a Eurodollar SOFR Loan as, or conversion of a Prime an Alternate Base Rate Loan into, a Eurodollar SOFR Loan, the date of the proposed extension or conversion, specifying (i) the date of the proposed extension or conversion, (ii) the Loans to be so extended or converted, (iii) the Types of Loans into which such Loans are to be converted and, and (iv) if appropriateapplicable, the applicable Interest Periods with respect thereto. Each request for extension or conversion shall be irrevocable and shall constitute a representation and warranty by the Borrower of the matters specified in paragraphs (a) and (b), and in (c) or (d), of Section 5.24.2. In the event If the Borrower fails to request extension or conversion of any Eurodollar SOFR Loan in accordance with this Section, or any such conversion or extension is not permitted or required by this Section, then such Loans SOFR Loan shall be automatically converted into Prime to an Alternate Base Rate Loans Loan at the end of their the Interest PeriodPeriod applicable thereto. The Administrative Agent shall give each Lender notice as promptly as practicable of any such proposed extension or conversion affecting any Loan.. 2.8

Appears in 1 contract

Samples: Credit Agreement (Hni Corp)

Extension and Conversion. The Subject to the terms of Section 5.2, the Borrower shall have the option, on any Business Day, to extend existing Loans into a subsequent permissible Interest Period or to convert Loans into Loans of another Typeinterest rate type; provided, however, that (i) except as provided in Section 3.73.8, Eurodollar Loans may be converted into Prime Base Rate Loans only on the last day of the Interest Period applicable thereto, (ii) Eurodollar Loans may be extended, and Prime Base Rate Loans may be converted into Eurodollar Loans, only if no Default or Event of Default is in existence on the date of extension or conversion, (iii) Loans extended as, or converted into, Eurodollar Loans shall be subject to the terms of the definition of "Interest Period" set forth in Section 1.1 and shall be in such minimum amounts as provided in Section 2.l(b)(ii) and 2.1(b)(ii), (iv) no more than 7 Eurodollar Loans shall be outstanding hereunder at any time (it being understood that, for purposes hereof, Eurodollar Loans with different Interest Periods shall be considered as separate Eurodollar Loans, even if they begin on the same date, although borrowings, extensions and conversions may, in accordance with the provisions hereof, be combined at the end of existing Interest Periods to constitute a new Eurodollar Loan with a single Interest Period), (v) any request for extension or conversion of a Eurodollar Loan which shall fail to specify an Interest Period shall be deemed to be a request for an Interest Period of one month and (vi) during the Initial Interest Rate Period, all Eurodollar Loans shall have an Interest Period of one (1) month. Each such extension or conversion shall be effected by the Borrower by giving a Notice of Extension/Conversion in the form of Exhibit 3.2 (or telephone notice promptly confirmed in writing) to the Agent prior to 10:30 11:00 A.M. (MilwaukeeCharlotte, Wisconsin North Carolina time) on the Business Day of, in the case of the conversion of a Eurodollar Loan into a Prime Base Rate Loan Loan, and on the third Business Day prior to, in the case of the extension of a Eurodollar Loan as, or conversion of a Prime Base Rate Loan into, a Eurodollar Loan, the date of the proposed extension or conversion, specifying the date of the proposed extension or conversion, the Loans to be so extended or converted, the Types types of Loans into which such Loans are to be converted and, if appropriate, the applicable Interest Periods with respect thereto. Each request for extension or conversion shall be irrevocable and shall constitute a representation and warranty by the Borrower of the matters specified in paragraphs subsections (aii), (iii), (iv) and (b), and in (cv) or (d), of Section 5.2. In the event the Borrower fails to request extension or conversion of any Eurodollar Loan in accordance with this Section, or any such conversion or extension is not permitted or required by this Section, then such Loans Eurodollar Loan shall be automatically converted into Prime a Base Rate Loans Loan at the end of their the Interest PeriodPeriod applicable thereto. The Agent shall give each Lender notice as promptly as practicable of any such proposed extension or conversion affecting any Loan.

Appears in 1 contract

Samples: Credit Agreement (Personnel Group of America Inc)

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Extension and Conversion. The Subject to the terms of Section 5.3, the Borrower shall have the option, on any Business Day, to extend existing Loans into a subsequent permissible Interest Period or to convert Loans into Loans of another Typeinterest rate type; provided, however, that (i) except as provided in Section 3.73.9, Eurodollar Loans may be converted into Prime Base Rate Loans only on the last day of the Interest Period applicable thereto, (ii) Eurodollar Loans may be extended, and Prime Base Rate Loans may be converted into Eurodollar Loans, only if no Default or Event of Default is in existence on the date of extension or conversion, (iii) Loans extended as, or converted into, Eurodollar Loans shall be subject to the terms of the definition of "Interest Period" set forth in Section 1.1 and shall be in such minimum amounts as provided in Section 2.l(b)(ii2.1(b)(ii), Section 2.4(b)(ii), 2.5(b)(ii) and or 2.6(c), as applicable, (iv) no more than 10 Eurodollar Loans shall be outstanding hereunder at any time (it being understood that, for purposes hereof, Eurodollar Loans with different Interest Periods and/or in different currencies shall be considered as separate Eurodollar Loans, even if they begin on the same date, although borrowings, extensions and conversions may, in accordance with the provisions hereof, be combined at the end of existing Interest Periods to constitute a new Eurodollar Loan with a single Interest Period and in the same currency), (v) any request for extension or conversion of a Eurodollar Loan which shall fail to specify an Interest Period shall be deemed to be a request for an Interest Period of one month, (vi) during the Initial Interest Rate Period, all Eurodollar Loans shall have an Interest Period of one (1) month and (vii) Swingline Loans may not be extended or converted pursuant to this Section 3.2. Each such extension or conversion shall be effected by the Borrower by giving a Notice of Extension/Conversion in the form of Exhibit 3.2 (or telephone notice promptly confirmed in writing) to the Agent prior to 10:30 11:00 A.M. (MilwaukeeDallas, Wisconsin Texas time) on the Business Day of, in the case of the conversion of a Eurodollar Loan into a Prime Base Rate Loan and on the third Business Day prior to, in the case of the extension of a Eurodollar Loan as, or conversion of a Prime Base Rate Loan into, a Eurodollar Loan, the date of the proposed extension or conversion, specifying the date of the proposed extension or conversion, the Loans to be so extended or converted, the Types types of Loans into which such Loans are to be converted and, if appropriate, the applicable Interest Periods with respect thereto. Each request for extension or conversion shall constitute a representation and warranty by the Borrower of the matters specified in paragraphs subsections (aii), (iii), (iv), (v) and (b), and in (cvi) or (d), of Section 5.25.3. In the event the Borrower fails to request extension or conversion of any Eurodollar Loan in accordance with this Section, or any such conversion or extension is not permitted or required by this Section, then (i) in the case of any Eurodollar Loan which is not a Foreign Currency Loan, such Loans Eurodollar Loan shall be automatically converted into Prime a Base Rate Loans Loan at the end of their the Interest PeriodPeriod applicable thereto, and (ii) in the case of any Foreign Currency Loan, such Eurodollar Loan shall be automatically continued as a Eurodollar Loan in the same Available Foreign Currency for an Interest Period of one month. The Agent shall give each Lender notice as promptly as practicable of any such proposed extension or conversion affecting any Loan.

Appears in 1 contract

Samples: Credit Agreement (Genicom Corp)

Extension and Conversion. The Borrower shall have the option, on any Business Day, to extend existing Loans into a subsequent permissible Interest Period or to convert Loans into Loans of another Typeinterest rate type; provided, however, that (i) except as provided in Section 3.73.10, Eurodollar Eurocurrency Loans may be converted into Prime Base Rate Loans or extended as Eurocurrency Loans for new Interest Periods only on the last day of the Interest Period applicable thereto, (ii) Eurodollar Eurocurrency Loans may be extended, and Prime Base Rate Loans may be converted into Eurodollar Eurocurrency Loans, only if no Default or Event of Default is the conditions precedent set forth in existence Section 5.2 are satisfied on the date of extension Continuation or conversionConversion, (iii) Loans extended as, or converted into, Eurodollar Eurocurrency Loans shall be subject to the terms of the definition of "Interest Period" set forth in Section 1.1 and shall be in such minimum amounts as provided in Section 2.l(b)(ii) and 2.2(b), (iv) any request for extension Continuation or conversion Conversion of a Eurodollar Eurocurrency Loan which shall fail to specify an Interest Period shall be deemed to be a request for an Interest Period of one monthmonth and (v) except as provided in Section 3.10, Foreign Currency Loans may be extended only as Eurocurrency Loans and may not be converted into Base Rate Loans. Each such extension or conversion The Borrower shall be effected by the Borrower by giving deliver a Notice of Extension/Conversion in the form of Exhibit 3.2 (or telephone telephonic notice promptly confirmed in writing) to the Administrative Agent prior to 10:30 not later than 11:00 A.M. (Milwaukee, Wisconsin Charlotte time) (a) on the Business Day ofof the requested Continuation or Conversion in the case of the Conversion of a Eurocurrency Loan into a Base Rate Loan, (b) on the third Business Day prior to the date of the requested Continuation or Conversion in the case of the Continuation of a Eurocurrency Loan as, or Conversion of a Base Rate Loan into, a Eurocurrency Loan (that is not a Foreign Currency Loan), and (c) on the fourth Business Day prior to the date of the requested Contination or Conversion, in the case of the conversion Continuation of a Eurodollar Loan into a Prime Rate Loan and on the third Business Day prior to, in the case of the extension of a Eurodollar Eurocurrency Loan as, or conversion Conversion of a Prime Base Rate Loan into, a Eurodollar Eurocurrency Loan that is a Foreign Currency Loan, . The Notice of Extension/Conversion shall specify (a) the date of the proposed extension Continuation or conversionConversion, specifying the date of the proposed extension or conversion, (b) the Loans to be so extended Continued or convertedConverted, (c) in the case of a Conversion, the Types type(s) of Loans and the Applicable Currency into which such Loans are to be converted and, and (d) if appropriate, the applicable Interest Periods with respect thereto. Each request for extension Continuation or conversion Conversion shall be irrevocable and shall constitute a representation and warranty by the Borrower of the matters specified in paragraphs (a) and (b), and in (c) or (d), of Section 5.2. In the event the Borrower fails to request extension or conversion of any Eurodollar Loan in accordance with this Section, or any such conversion or extension is not permitted or required by this Section, then such Loans shall be automatically converted into Prime Rate Loans at the end of their Interest Period. The Agent shall give each Lender notice as promptly as practicable of any such proposed extension or conversion affecting any Loan.

Appears in 1 contract

Samples: Credit Agreement (Ict Group Inc)

Extension and Conversion. The Borrower shall have the option, on any Business Day, to extend existing Loans into a subsequent permissible Interest Period or to convert Loans into Loans of another Typeinterest rate type; provided, however, that (i) except as provided in Section 3.73.8, Eurodollar Loans may be converted into Prime Base Rate Loans or extended as Eurodollar Loans for new Interest Periods only on the last day of the Interest Period applicable thereto, (ii) Eurodollar Loans may be extended, and Prime Base Rate Loans may be converted into Eurodollar Loans, only if no Default or Event of Default is the conditions precedent set forth in existence Section 5.2 are satisfied on the date of extension continuation or conversion, (iii) Loans extended as, or converted into, Eurodollar Loans shall be subject to the terms of the definition of "Interest Period" set forth in Section 1.1 and shall be in such minimum amounts as provided in Section 2.l(b)(ii2.2(b) and (iv) any request for extension continuation or conversion of a Eurodollar Loan which shall fail to specify an Interest Period shall be deemed to be a request for an Interest Period of one month. Each such extension continuation or conversion shall be effected by the applicable Borrower by giving a Notice of Extension/Conversion in the form of Exhibit 3.2 (or telephone telephonic notice promptly confirmed in writing) to the office of the Administrative Agent specified in Section 11.1, or at such other office as the Administrative Agent may designate in writing, prior to 10:30 11:00 A.M. (MilwaukeeCharlotte, Wisconsin North Carolina time) ), on the Business Day of, in the case of the conversion of a Eurodollar Loan into a Prime Base Rate Loan Loan, and on the third Business Day prior to, in the case of the extension continuation of a Eurodollar Loan as, or conversion of a Prime Base Rate Loan into, a Eurodollar Loan, the date of the proposed extension or conversion, specifying the date of the proposed extension continuation or conversion, the Loans to be so extended or converted, the Types types of Loans into which such Loans are to be converted and, if appropriate, the applicable Interest Periods with respect thereto. Each request for extension continuation or conversion shall be irrevocable and shall constitute a representation and warranty by the applicable Borrower of the matters specified in paragraphs (a) and (b), and in (c) or (d), of Section 5.2. In the event the applicable Borrower fails to request extension continuation or conversion of any Eurodollar Loan in accordance with this Section, or any such conversion or extension continuation is not permitted or required by this Section, then such Loans Eurodollar Loan shall be automatically converted into Prime a Base Rate Loans Loan at the end of their the Interest PeriodPeriod applicable thereto. The Administrative Agent shall give each Lender notice as promptly as practicable of any such proposed extension continuation or conversion affecting any Revolving Loan.

Appears in 1 contract

Samples: Credit Agreement (Take Two Interactive Software Inc)

Extension and Conversion. The Borrower shall have the option, on any Business Day, to extend existing Loans into a subsequent permissible Interest Period or to convert Loans into Loans of another Type; provided, however, that (i) except as provided in Section Sections 3.6 and 3.7, Eurodollar Loans may be converted into Prime Rate Loans only on the last day of the Interest Period applicable thereto, (ii) Eurodollar Loans may be extended, and Prime Rate Loans may be converted into Eurodollar Loans, only if no Default or Event of Default is in existence on the date of extension or conversion, (iii) Loans extended as, or converted into, Eurodollar Loans shall be subject to the terms of the definition of "Interest Period" set forth in Section 1.1 and shall be in such minimum amounts as provided in Section 2.l(b)(ii) and 2.1(b)(ii), (iv) any request for extension or conversion of a Eurodollar Loan which shall fail to specify an Interest Period shall be deemed to be a request for an Interest Period of one month, and (v) no Class B Revolving Loan may be converted into a Class A Revolving Loan, and no Class A Revolving Loan may be converted into a Class B Revolving Loan. Each such extension or conversion shall be effected by the Borrower by giving a Notice of Extension/Conversion in the form of Exhibit 3.2 (or telephone notice promptly confirmed in writing) to the Agent prior to 10:30 A.M. (Milwaukee, Wisconsin time) on the Business Day of, in the case of the conversion of a Eurodollar Loan into a Prime Rate Loan and on the third second Business Day prior to, in the case of the extension of a Eurodollar Loan as, or conversion of a Prime Rate Loan into, a Eurodollar Loan, the date of the proposed extension or conversion, specifying the date of the proposed extension or conversion, the Loans to be so extended or converted, the Types of Loans into which such Loans are to be converted and, if appropriate, the applicable Interest Periods with respect thereto. Each request for extension or conversion shall constitute a representation and warranty by the Borrower of the matters specified in paragraphs (a) and (b), and in (c) or (d), of Section 5.2. In the event the Borrower fails to request extension or conversion of any Eurodollar Loan in accordance with this Section, or any such conversion or extension is not permitted or required by this Section, then such Loans shall be automatically converted into Prime Rate Loans at the end of their Interest Period. The Agent shall give each Lender notice as promptly as practicable of any such proposed extension or conversion affecting any Loan.

Appears in 1 contract

Samples: Credit Agreement (Journal Communications Inc)

Extension and Conversion. The Borrower shall have the option, on any Business Day, to extend existing Loans into a subsequent permissible Interest Period or to convert Loans into Loans of another Type; provided, however, that (i) except as provided in Section Sections 3.6 and 3.7, Eurodollar Loans may be converted into Prime Rate Loans only on the last day of the Interest Period applicable thereto, (ii) Eurodollar Loans may be extended, and Prime Rate Loans may be converted into Eurodollar Loans, only if no Default or Event of Default is in existence on the date of extension or conversion, (iii) Loans extended as, or converted into, Eurodollar Loans shall be subject to the terms of the definition of "Interest Period" set forth in Section 1.1 and shall be in such minimum amounts as provided in Section 2.l(b)(ii) 2.1(b)(ii), and (iv) any request for extension or conversion of a Eurodollar Loan which shall fail to specify an Interest Period shall be deemed to be a request for an Interest Period of one month. Each such extension or conversion shall be effected by the Borrower by giving a Notice of Extension/Conversion in the form of Exhibit 3.2 (or telephone notice promptly confirmed in writing) to the Agent prior to 10:30 A.M. (Milwaukee, Wisconsin time) on the Business Day of, in the case of the conversion of a Eurodollar Loan into a Prime Rate Loan and on the third second Business Day prior to, in the case of the extension of a Eurodollar Loan as, or conversion of a Prime Rate Loan into, a Eurodollar Loan, the date of the proposed extension or conversion, specifying the date of the proposed extension or conversion, the Loans to be so extended or converted, the Types of Loans into which such Loans are to be converted and, if appropriate, the applicable Interest Periods with respect thereto. Each request for extension or conversion shall constitute a representation and warranty by the Borrower of the matters specified in paragraphs (a) and ), (b), and in (c) or (d), of Section 5.2. In the event the Borrower fails to request extension or conversion of any Eurodollar Loan in accordance with this Section, or any such conversion or extension is not permitted or required by this Section, then such Loans shall be automatically converted into Prime Rate Loans at the end of their Interest Period. The Agent shall give each Lender notice as promptly as practicable of any such proposed extension or conversion affecting any Loan.

Appears in 1 contract

Samples: Credit Agreement (Journal Communications Inc)

Extension and Conversion. The Borrower shall have the option, on any Business Day, to extend existing Loans into a subsequent permissible Interest Period or to convert Loans into Loans of another Typeinterest rate type; provided, however, that (i) except as -------- ------- provided in Section 3.73.8, Eurodollar Loans may be converted into Prime Base Rate Loans or extended as Eurodollar Loans for new Interest Periods only on the last day of the Interest Period applicable thereto, (ii) without the consent of the Required Lenders, Eurodollar Loans may be extended, and Prime Base Rate Loans may be converted into Eurodollar Loans, only if no Default or Event of Default is the conditions precedent set forth in existence Section 5.2 are satisfied on the date of extension Continuation or conversionConversion, (iii) Loans extended as, or converted into, Eurodollar Loans shall be subject to the terms of the definition of "Interest Period" set forth in Section 1.1 and shall be in such minimum amounts as provided --------------- in Section 2.l(b)(ii2.2(b), (iv) no more than twelve (12) borrowings of Eurodollar Loans shall be outstanding hereunder at any time (it being understood that, for purposes hereof, Eurodollar Loans with different Interest Periods shall be considered as separate Eurodollar Loans, even if they begin on the same date, although borrowings, Continuations and Conversions may, in accordance with the provisions hereof, be combined at the end of existing Interest Periods to constitute a new Eurodollar Loan with a single Interest Period) and (ivv) any request for extension Continuation or conversion Conversion of a Eurodollar Loan which shall fail to specify an Interest Period shall be deemed to be a request for an Interest Period of one month. Each such extension Continuation or conversion Conversion shall be effected by the Borrower by giving a Notice of Extension/Conversion in the form of Exhibit 3.2 (or telephone telephonic notice promptly confirmed in writing) to the office of the Administrative Agent specified in Section 11.1, or at such other office as the Administrative Agent may designate in writing, prior to 10:30 10:00 A.M. (MilwaukeeDallas, Wisconsin Texas time) on the Business Day of, in the case of the conversion Conversion of a Eurodollar Loan into a Prime Base Rate Loan Loan, and on the third Business Day prior to, in the case of the extension Continuation of a Eurodollar Loan as, 41 or conversion Conversion of a Prime Base Rate Loan into, a Eurodollar Loan, the date of the proposed extension Continuation or conversionConversion, specifying the date of the proposed extension Continuation or conversionConversion, the Loans to be so extended or converted, the Types types of Loans into which such Loans are to be converted and, if appropriate, the applicable Interest Periods with respect thereto. Each request for extension Continuation or conversion Conversion shall be irrevocable and shall constitute a representation and warranty by the Borrower of the matters specified in paragraphs subsections (a) and (b), and in (c) or (d), of Section 5.2. In the event the Borrower fails to request extension Continuation or conversion Conversion of any Eurodollar Loan in accordance with this Section, or any such conversion Conversion or extension Continuation is not permitted or required by this Section, then such Loans Eurodollar Loan shall be automatically converted into Prime Rate Loans continued as a Eurodollar Loan with an Interest Period of one month at the end of their the Interest PeriodPeriod applicable thereto. The Administrative Agent shall give each Lender notice as promptly as practicable of any such proposed extension Continuation or conversion Conversion affecting any Loan.

Appears in 1 contract

Samples: Credit Agreement (Friedmans Inc)

Extension and Conversion. The Borrower shall have the option, on any Business Day, to extend existing Loans into a subsequent permissible Interest Period or to convert Loans into Loans of another Type; provided, however, that (i) except as provided in Section 3.7, Eurodollar Loans may be converted into Prime Base Rate Loans only on the last day of the Interest Period applicable thereto, (ii) Eurodollar Loans may be extended, and Prime Base Rate Loans may be converted into Eurodollar Loans, only if no Default or Event of Default is in existence on the date of extension or conversion, (iii) Loans extended as, or converted into, Eurodollar Loans shall be subject to the terms of the definition of "Interest Period" set forth in Section 1.1 and shall be in such minimum amounts as provided in Section 2.l(b)(ii) and (iv) any request for extension or conversion of a Eurodollar Loan which shall fail to specify an Interest Period shall be deemed to be a request for an Interest Period of one montha Base Rate Loan. Each such extension or conversion shall be effected by the Borrower by giving a Notice of Extension/Conversion in the form of Exhibit 3.2 (or telephone notice promptly confirmed in writing) to the Agent prior to 10:30 A.M. 11:00 a.m. (Milwaukee, Wisconsin time) on the Business Day of, in the case of the conversion of a Eurodollar Loan into a Prime Base Rate Loan and on the third Business Day prior to, in the case of the extension of a Eurodollar Loan as, or conversion of a Prime Base Rate Loan into, a Eurodollar Loan, the date of the proposed extension or conversion, specifying the date of the proposed extension or conversion, the Loans to be so extended or converted, the Types of Loans into which such Loans are to be converted and, if appropriate, the applicable Interest Periods with respect thereto. Each request for extension or conversion shall constitute a representation and warranty by the Borrower of the matters specified in paragraphs (a) and (b), and in (c) or (d), of Section 5.24.2. In the event the Borrower fails to request extension or conversion of any Eurodollar Loan in accordance with this Section, or any such conversion or extension is not permitted or required by this Section, then such Loans shall be automatically converted into Prime Base Rate Loans at the end of their Interest Period. The Agent shall give each Lender notice as promptly as practicable of any such proposed extension or conversion affecting any Loan.

Appears in 1 contract

Samples: Senior Secured Revolving Credit Agreement (Midwest Express Holdings Inc)

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