Failure to Convert or Renew. Absent due notice from the Borrowers’ Agent of conversion or renewal in the circumstances described in Section 2.05(a)(ii) hereof, any part of the LIBOR Portion for which such notice is not received shall be converted automatically to the Base Rate Option on the last day of the expiring LIBOR Funding Period.
Appears in 2 contracts
Samples: Credit Agreement (Norstan Inc), Credit Agreement (Black Box Corp)
Failure to Convert or Renew. Absent due notice from the Borrowers’ Agent Borrower of conversion or renewal in the circumstances described in Section 2.05(a)(ii) hereof, any part of the LIBOR Portion for which such notice is not received shall be converted automatically to the Base Rate Option on the last day of the expiring LIBOR Funding Period.
Appears in 2 contracts
Samples: Credit Agreement (Black Box Corp), Credit Agreement (Black Box Corp)
Failure to Convert or Renew. Absent due notice from the Borrowers’ Agent Borrowers of conversion or renewal in the circumstances described in Section 2.05(a)(ii3.2(a) hereofhereof (subject, however, to Section 3.1(d)(iii)), any part of the LIBOR Portion for which such notice is not received shall be converted automatically to the Base Variable Rate LIBOR Option on the last day of the expiring LIBOR Funding Period.
Appears in 1 contract
