Interest Periods for Eurodollar Loans. At the time the Borrower gives any Notice of Borrowing or Notice of Conversion/Continuation in respect of the making of, or conversion into, any Eurodollar Loan (in the case of the initial Interest Period applicable thereto) or prior to 11:00 A.M. (New York time) on the third Business Day prior to the expiration of an Interest Period applicable to such Eurodollar Loan (in the case of any subsequent Interest Period), the Borrower shall have the right to elect the Interest Period applicable to such Eurodollar Loan, which Interest Period shall, at the option of the Borrower, be a one, two, three or six month period (or if deposits of a corresponding maturity are available to all Lenders in the London interbank market, a one week or twelve month period), provided that (in each case): (i) all Eurodollar Loans comprising a Borrowing shall at all times have the same Interest Period; (ii) the initial Interest Period for any Eurodollar Loan shall commence on the date of Borrowing of such Eurodollar Loan (including the date of any conversion thereto from a Base Rate Loan) and each Interest Period occurring thereafter in respect of such Eurodollar Loan shall commence on the day on which the next preceding Interest Period applicable thereto expires; (iii) if any Interest Period for a Eurodollar Loan begins on a day for which there is no numerically corresponding day in the calendar month at the end of such Interest Period, such Interest Period shall end on the last Business Day of such calendar month; (iv) if any Interest Period for a Eurodollar Loan would otherwise expire on a day which is not a Business Day, such Interest Period shall expire on the next succeeding Business Day; provided, however, that if any Interest Period for a Eurodollar Loan would otherwise expire on a day which is not a Business Day but is a day of the month after which no further Business Day occurs in such month, such Interest Period shall expire on the next preceding Business Day; (v) no Interest Period may be selected at any time when (x) a Default or an Event of Default under Section 10.05 is then in existence or (y) any other Default or Event of Default is then in existence and the Administrative Agent has received instructions from the Required Lenders to that effect; and (vi) no Interest Period in respect of any Borrowing of any Eurodollar Loans shall be selected which extends beyond the Maturity Date. If by 11:00 A.M. (New York time) on the third Business Day prior to the expiration of any Interest Period applicable to a Borrowing of Eurodollar Loans, the Borrower has failed to elect, or is not permitted to elect, a new Interest Period to be applicable to such Eurodollar Loans as provided above, the Borrower shall be deemed to have elected to convert such Eurodollar Loans into Base Rate Loans effective as of the expiration date of such current Interest Period.
Appears in 2 contracts
Samples: Credit Agreement (Magellan Health Inc), Credit Agreement (Magellan Health Inc)
Interest Periods for Eurodollar Loans. At the time the Borrower gives any Notice of Borrowing or Notice of Conversion/Continuation in respect of the making of, or conversion into, any Eurodollar Loan (in the case of the initial Interest Period applicable thereto) or prior to 11:00 A.M. (New York time) on the third Business Day prior to the expiration of an Interest Period applicable to such Eurodollar Loan (in the case of any subsequent Interest Period), the Borrower shall have the right to elect the Interest Period applicable to such Eurodollar Loan, which Interest Period shall, at the option of the Borrower, be a one, two, three or six month period (or if deposits of a corresponding maturity are available to all Lenders in the London interbank market, a one week or twelve month period); provided, provided that (in each case):
(i) all Eurodollar Loans comprising a Borrowing shall at all times have the same Interest Period;
(ii) the initial Interest Period for any Eurodollar Loan shall commence on the date of Borrowing of such Eurodollar Loan (including the date of any conversion thereto from a Base Rate Loan) and each Interest Period occurring thereafter in respect of such Eurodollar Loan shall commence on the day on which the next preceding Interest Period applicable thereto expires;
(iii) if any Interest Period for a Eurodollar Loan begins on a day for which there is no numerically corresponding day in the calendar month at the end of such Interest Period, such Interest Period shall end on the last Business Day of such calendar month;
(iv) if any Interest Period for a Eurodollar Loan would otherwise expire on a day which is not a Business Day, such Interest Period shall expire on the next succeeding Business Day; provided, however, that if any Interest Period for a Eurodollar Loan would otherwise expire on a day which is not a Business Day but is a day of the month after which no further Business Day occurs in such month, such Interest Period shall expire on the next preceding Business Day;
(v) no Interest Period may be selected at any time when (x) a Specified Default or an Event of Default under Section 10.05 is then in existence or (y) any other Default or Event of Default is then in existence and the Administrative Agent has received instructions from the Required Lenders to that effect; and
(vi) no Interest Period in respect of any Borrowing of any Eurodollar Loans shall be selected which extends beyond the Maturity Date. If by 11:00 A.M. (New York time) on the third Business Day prior to the expiration of any Interest Period applicable to a Borrowing of Eurodollar Loans, the Borrower has failed to elect, or is not permitted to elect, a new Interest Period to be applicable to such Eurodollar Loans as provided above, the Borrower shall be deemed to have elected to convert such Eurodollar Loans into Base Rate Loans effective as of the expiration date of such current Interest Period.
Appears in 2 contracts
Samples: Credit Agreement (Magellan Health Inc), Credit Agreement (Magellan Health Inc)
Interest Periods for Eurodollar Loans. At the time the Borrower gives any Notice of Borrowing or Notice of Conversion/Continuation in respect of the making of, or conversion into, any Eurodollar Loan (in the case of the initial Interest Period applicable thereto) or prior to 11:00 A.M. (New York time) on the third Business Day prior to the expiration of an Interest Period applicable to such Eurodollar Loan (in the case of any subsequent Interest Period), the Borrower shall have the right to elect the Interest Period applicable to such Eurodollar Loan, which Interest Period shall, at the option of the Borrower, be a one, two, three or six month period (or if deposits of a corresponding maturity are available to all Lenders in the London interbank market, a one week nine or twelve month period), provided that (in each case):
(i) all Eurodollar Loans comprising a Borrowing shall at all times have the same Interest Period;
(ii) the initial Interest Period for any Eurodollar Loan shall commence on the date of Borrowing of such Eurodollar Loan (including the date of any conversion thereto from a Base Rate Loan) and each Interest Period occurring thereafter in respect of such Eurodollar Loan shall commence on the day on which the next preceding Interest Period applicable thereto expires;
(iii) if any Interest Period for a Eurodollar Loan begins on a day for which there is no numerically corresponding day in the calendar month at the end of such Interest Period, such Interest Period shall end on the last Business Day of such calendar month;
(iv) if any Interest Period for a Eurodollar Loan would otherwise expire on a day which is not a Business Day, such Interest Period shall expire on the next succeeding Business Day; provided, however, that if any Interest Period for a Eurodollar Loan would otherwise expire on a day which is not a Business Day but is a day of the month after which no further Business Day occurs in such month, such Interest Period shall expire on the next preceding Business Day;
(v) no Interest Period may be selected at any time when (x) a Default or an Event of Default under Section 10.05 is then in existence or (y) any other Default or Event of Default is then in existence and the Administrative Agent has received instructions from the Required Lenders to that effect; and
(vi) no Interest Period in respect of any Borrowing of any Eurodollar Loans shall be selected which extends beyond the Maturity Date. If by 11:00 A.M. (New York time) on the third Business Day prior to the expiration of any Interest Period applicable to a Borrowing of Eurodollar Loans, the Borrower has failed to elect, or is not permitted to elect, a new Interest Period to be applicable to such Eurodollar Loans as provided above, the Borrower shall be deemed to have elected to convert such Eurodollar Loans into Base Rate Loans effective as of the expiration date of such current Interest Period.
Appears in 1 contract
Samples: Senior Secured Revolving Credit Facility (Magellan Health Services Inc)
Interest Periods for Eurodollar Loans. At The initial and each subsequent Interest Period for the time Eurodollar Rate Loans, shall be a period of one, two, or three months, or such other period as requested by the Borrower gives any Notice and acceptable to the Banks. The determination of Borrowing or Notice of Conversion/Continuation in respect of Interest Periods shall be subject to the making of, or conversion into, any Eurodollar Loan following provisions:
(A) in the case of the initial immediately successive Interest Periods, each successive Interest Period applicable thereto) or prior to 11:00 A.M. (New York time) on the third Business Day prior to the expiration of an Interest Period applicable to such Eurodollar Loan (in the case of any subsequent Interest Period), the Borrower shall have the right to elect the Interest Period applicable to such Eurodollar Loan, which Interest Period shall, at the option of the Borrower, be a one, two, three or six month period (or if deposits of a corresponding maturity are available to all Lenders in the London interbank market, a one week or twelve month period), provided that (in each case):
(i) all Eurodollar Loans comprising a Borrowing shall at all times have the same Interest Period;
(ii) the initial Interest Period for any Eurodollar Loan shall commence on the date of Borrowing of such Eurodollar Loan (including the date of any conversion thereto from a Base Rate Loan) and each Interest Period occurring thereafter in respect of such Eurodollar Loan shall commence on the day on which the next preceding Interest Period applicable thereto expires;
(iiiB) if any Interest Period for pertaining to an Eurodollar Rate Loan would otherwise end on a day which is not a Business Day, that Interest Period shall be extended to the next succeeding Business Day unless the result of such extension would be to carry such Interest Period into another calendar month, in which event such Interest Period shall end on the immediately preceding Business Day;
(C) no Interest Period shall extend beyond the Revolving Expiry Date;
(D) any Interest Period pertaining to a Eurodollar Rate Loan that begins on the last Eurodollar Business Day of a calendar month (or on a day for which there is no numerically corresponding day in the ending calendar month at the end of such Interest Period, such Interest Period ) shall end on the last Eurodollar Business Day of the ending calendar month of such calendar monthInterest Period;
(ivE) if any there shall be no more than six Interest Period for a Eurodollar Loan would otherwise expire on a day which is not a Business Day, such Interest Period shall expire on the next succeeding Business Day; provided, however, that if any Interest Period for a Eurodollar Loan would otherwise expire on a day which is not a Business Day but is a day of the month after which no further Business Day occurs Periods in such month, such Interest Period shall expire on the next preceding Business Day;
(v) no Interest Period may be selected effect at any time when (x) a Default or an Event of Default under Section 10.05 is then in existence or (y) any other Default or Event of Default is then in existence and the Administrative Agent has received instructions from the Required Lenders to that effect; and
(vi) no Interest Period in respect of any Borrowing of any Eurodollar Loans shall be selected which extends beyond the Maturity Date. If by 11:00 A.M. (New York one time) on the third Business Day prior to the expiration of any Interest Period applicable to a Borrowing of Eurodollar Loans, the Borrower has failed to elect, or is not permitted to elect, a new Interest Period to be applicable to such Eurodollar Loans as provided above, the Borrower shall be deemed to have elected to convert such Eurodollar Loans into Base Rate Loans effective as of the expiration date of such current Interest Period.
Appears in 1 contract
Interest Periods for Eurodollar Loans. At the time the Borrower gives any Notice of Borrowing or Notice of Conversion/Continuation in respect of the making of, or conversion into, any Eurodollar Loan (in the case of the initial Interest Period applicable thereto) or prior to 11:00 A.M. 12:00 Noon (New York time) on the third Business Day prior to the expiration of an Interest Period applicable to such Eurodollar Loan (in the case of any subsequent Interest Period), the Borrower shall have the right to elect the Interest Period applicable to such Eurodollar Loan, which Interest Period shall, at the option of the BorrowerBorrower (but otherwise subject to the provisions of clause (B) of the proviso in each of Sections 1.01(a)(iii) and 1.01(b)(ii)), be a one, two, three or six month period (or if deposits of a corresponding maturity are available to all Lenders in the London interbank market, a one week or twelve month period), provided that (in each case):
(i) all Eurodollar Loans comprising a Borrowing shall at all times have the same Interest Period;
(ii) the initial Interest Period for any Eurodollar Loan shall commence on the date of Borrowing of such Eurodollar Loan (including the date of any conversion thereto from a Base Rate Loan) and each Interest Period occurring thereafter in respect of such Eurodollar Loan shall commence on the day on which the next preceding Interest Period applicable thereto expires;
(iii) if any Interest Period for a Eurodollar Loan begins on a day for which there is no numerically corresponding day in the calendar month at the end of such Interest Period, such Interest Period shall end on the last Business Day of such calendar month;
(iv) if any Interest Period for a Eurodollar Loan would otherwise expire on a day which is not a Business Day, such Interest Period shall expire on the next succeeding Business Day; provided, however, that if any Interest Period for a Eurodollar Loan would otherwise expire on a day which is not a Business Day but is a day of the month after which no further Business Day occurs in such month, such Interest Period shall expire on the next preceding Business Day;
(v) unless the Required Lenders otherwise agree, no Interest Period for any Borrowing of any Tranche of Loans may be selected at any time when (x) a Default or an Event of Default under Section 10.05 is then in existence or (y) any other Default or Event of Default is then in existence and the Administrative Agent has received instructions from the Required Lenders to that effect; andexistence;
(vi) no Interest Period in respect of any Borrowing of any Eurodollar Tranche of Loans shall be selected which extends beyond the Maturity DateDate for such Tranche; and
(vii) no Interest Period in respect of any Borrowing of Term Loans of a given Tranche shall be selected which extends beyond any date upon which a mandatory repayment of such Term Loans will be required to be made under Section 4.02(c) or (d), as applicable, if the aggregate principal amount of such Term Loans which have Interest Periods which will expire after such date will be in excess of the aggregate principal amount of such Term Loans then outstanding less the aggregate amount of such required repayment. The Borrower may elect a new Interest Period to be applicable to a Borrowing of Eurodollar Loans by delivering a Notice of Conversion/Continuation prior to 12:00 Noon (New York time) on the third Business Day prior to the expiration of an Interest Period applicable to such Eurodollar Loans. If by 11:00 A.M. 12:00 Noon (New York time) on the third Business Day prior to the expiration of any Interest Period applicable to a Borrowing of Eurodollar Loans, the Borrower has failed to elect, or is not permitted to elect, a new Interest Period to be applicable to such Eurodollar Loans as provided above, the Borrower shall be deemed to have elected to convert such Eurodollar Loans into Base Rate Loans effective as of the expiration date of such current Interest Period.
Appears in 1 contract
Interest Periods for Eurodollar Loans. At the time the Borrower gives any Notice of Borrowing or Notice of Conversion/Continuation in respect of the making of, or conversion into, any Eurodollar Loan (in the case of the initial Interest Period applicable thereto) or prior to 11:00 A.M. (New York time) on the third Business Day prior to the expiration of an Interest Period applicable to such Eurodollar Loan (in the case of any subsequent Interest Period), the Borrower shall have the right to elect the Interest Period applicable to such Eurodollar Loan, which Interest Period shall, at the option of the BorrowerBorrower (but otherwise subject to the provisions of clause (B) of the proviso in each of Sections 1.01(a)(iii) and 1.01(b)(ii)), be a one, two, three or six month period (or if deposits of a corresponding maturity are available to all Lenders in the London interbank market, a one week or twelve month period), provided that (in each case):
(i) all Eurodollar Loans comprising a Borrowing shall at all times have the same Interest Period;
(ii) the initial Interest Period for any Eurodollar Loan shall commence on the date of Borrowing of such Eurodollar Loan (including the date of any conversion thereto from a Base Rate Loan) and each Interest Period occurring thereafter in respect of such Eurodollar Loan shall commence on the day on which the next preceding Interest Period applicable thereto expires;
(iii) if any Interest Period for a Eurodollar Loan begins on a day for which there is no numerically corresponding day in the calendar month at the end of such Interest Period, such Interest Period shall end on the last Business Day of such calendar month;
(iv) if any Interest Period for a Eurodollar Loan would otherwise expire on a day which is not a Business Day, such Interest Period shall expire on the next succeeding Business Day; provided, however, that if any Interest Period for a Eurodollar Loan would otherwise expire on a day which is not a Business Day but is a day of the month after which no further Business Day occurs in such month, such Interest Period shall expire on the next preceding Business Day;
(v) unless the Required Lenders otherwise agree, no Interest Period for any Borrowing of any Tranche of Loans may be selected at any time when (x) a Default or an Event of Default under Section 10.05 is then in existence or (y) any other Default or Event of Default is then in existence and the Administrative Agent has received instructions from the Required Lenders to that effectexistence; and
(vi) no Interest Period in respect of any Borrowing of any Eurodollar Tranche of Loans shall be selected which extends beyond the Final Maturity Date. If by 11:00 A.M. (New York time) on the third Business Day prior to the expiration of any Interest Period applicable to a Borrowing of Eurodollar Loans, the Borrower has failed to elect, or is not permitted to elect, a new Interest Period to be applicable to such Eurodollar Loans as provided above, the Borrower shall be deemed to have elected to convert such Eurodollar Loans into Base Rate Loans effective as of the expiration date of such current Interest Period.
Appears in 1 contract
Interest Periods for Eurodollar Loans. At the time the Borrower gives any Notice of Borrowing or Notice of Conversion/Continuation in respect of the making of, or conversion into, any Eurodollar Loan (in the case of the initial Interest Period applicable thereto) or prior to 11:00 A.M. 12:00 Noon (New York time) on the third Business Day prior to the expiration of an Interest Period applicable to such Eurodollar Loan (in the case of any subsequent Interest Period), the Borrower shall have the right to elect the interest period (each an “Interest Period Period”) applicable to such Eurodollar Loan, which Interest Period shall, at the option of the BorrowerBorrower (but otherwise subject to the provisions of clause (B) of the provisos in Sections 1.01(a)(iii) and 1.10(b)(ii), be a one, two, three or six month period (or if deposits of a corresponding maturity are available or, to all Lenders in the London interbank marketextent agreed by each Lender with Loans and/or Commitments under the relevant Tranche, a one week nine or twelve month period), provided that (in each case):
(i) all Eurodollar Loans comprising a Borrowing shall at all times have the same Interest Period;
(ii) the initial Interest Period for any Eurodollar Loan shall commence on the date of Borrowing of such Eurodollar Loan (including the date of any conversion thereto from a Base Rate Loan) and each Interest Period occurring thereafter in respect of such Eurodollar Loan shall commence on the day on which the next preceding Interest Period applicable thereto expires;
(iii) if any Interest Period for a Eurodollar Loan begins on a day for which there is no numerically corresponding day in the calendar month at the end of such Interest Period, such Interest Period shall end on the last Business Day of such calendar month;
(iv) if any Interest Period for a Eurodollar Loan would otherwise expire on a day which is not a Business Day, such Interest Period shall expire on the next succeeding Business Day; provided, however, that if any Interest Period for a Eurodollar Loan would otherwise expire on a day which is not a Business Day but is a day of the month after which no further Business Day occurs in such month, such Interest Period shall expire on the next preceding Business Day;
(v) unless the Required Lenders otherwise agree in writing, no Interest Period may be selected at any time when (x) a Default or an Event of Default under Section 10.05 is then in existence or (y) any other Default or Event of Default is then in existence and the Administrative Agent has received instructions from the Required Lenders to that effect; andexistence;
(vi) no Interest Period in respect of any Borrowing of any Eurodollar Tranche of Loans shall be selected which extends beyond the Maturity DateDate for such Tranche of Loans;
(vii) the Borrower’s right to select Interest Periods in respect of an Incremental Term Loan of a given Tranche may be subject to the limitations, if any, set forth in the applicable Incremental Term Loan Commitment Agreement; and
(viii) no Interest Period in respect of any Borrowing of Term Loans shall be selected which extends beyond any date upon which a mandatory repay-ment of such Term Loans will be required to be made under Section 4.02(b) if the aggregate principal amount of such Term Loans which have Interest Periods which will expire after such date will be in excess of the aggregate principal amount of such Term Loans then outstanding less the aggregate amount of such required repayment. If by 11:00 A.M. 12:00 Noon (New York time) on the third Business Day prior to the expiration of any Interest Period applicable to a Borrowing of Eurodollar Loans, the Borrower has failed to elect, or is not permitted to elect, a new Interest Period to be applicable to such Eurodollar Loans as provided above, the Borrower shall be deemed to have elected to convert such Eurodollar Loans into Base Rate Loans effective as of the expiration date of such current Interest Period.
Appears in 1 contract
Samples: Credit Agreement (RCN Corp /De/)
Interest Periods for Eurodollar Loans. At the time the Borrower gives any Notice of Borrowing or Notice of Conversion/Continuation in respect of the making of, or conversion into, any Eurodollar Loan (in the case of the initial Interest Period applicable thereto) or prior to 11:00 A.M. 12:00 Noon (New York time) on the third Business Day prior to the expiration of an Interest Period applicable to such Eurodollar Loan (in the case of any subsequent Interest Period), the Borrower shall have the right to elect the interest period (each an "Interest Period Period") applicable to such Eurodollar Loan, which Interest Period shall, at the option of the BorrowerBorrower (but otherwise subject to the provisions of clause (B) of the proviso in Section 1.01(iii), be a one, two, three or six month period (or if deposits of a corresponding maturity are available or, to the extent agreed by all Lenders in the London interbank marketwith Term Loans, a one week nine or twelve month period), provided that (in each case):
(i) all Eurodollar Loans comprising a Borrowing shall at all times have the same Interest Period;
(ii) the initial Interest Period for any Eurodollar Loan shall commence on the date of Borrowing of such Eurodollar Loan (including the date of any conversion thereto from a Base Rate Loan) and each Interest Period occurring thereafter in respect of such Eurodollar Loan shall commence on the day on which the next preceding Interest Period applicable thereto expires;
(iii) if any Interest Period for a Eurodollar Loan begins on a day for which there is no numerically corresponding day in the calendar month at the end of such Interest Period, such Interest Period shall end on the last Business Day of such calendar month;
(iv) if any Interest Period for a Eurodollar Loan would otherwise expire on a day which is not a Business Day, such Interest Period shall expire on the next succeeding Business Day; provided, however, that if any Interest Period for a Eurodollar Loan would otherwise expire on a day which is not a Business Day but is a day of the month after which no further Business Day occurs in such month, such Interest Period shall expire on the next preceding Business Day;
(v) unless the Required Lenders otherwise agree, no Interest Period may be selected at any time when (x) a Default or an Event of Default under Section 10.05 is then in existence or existence;
(yvi) any other Default or Event of Default is then in existence and no Interest Period shall be selected which extends beyond the Administrative Agent has received instructions from the Required Lenders to that effectFinal Maturity Date; and
(vivii) no Interest Period in respect of any Borrowing of any Eurodollar Term Loans shall be selected which extends beyond any date upon which a mandatory repayment of such Term Loans will be required to be made under Section 4.02(b) if the Maturity Dateaggregate principal amount of such Term Loans which have Interest Periods which will expire after such date will be in excess of the aggregate principal amount of such Term Loans then outstanding less the aggregate amount of such required repayment. If by 11:00 A.M. 12:00 Noon (New York time) on the third Business Day prior to the expiration of any Interest Period applicable to a Borrowing of Eurodollar Loans, the Borrower has failed to elect, or is not permitted to elect, a new Interest Period to be applicable to such Eurodollar Loans as provided above, the Borrower shall be deemed to have elected to convert such Eurodollar Loans into Base Rate Loans effective as of the expiration date of such current Interest Period.
Appears in 1 contract
Interest Periods for Eurodollar Loans. At the time the Borrower gives any a Notice of Borrowing or Notice of Conversion/Continuation in respect of the making of, or conversion into, any a Borrowing of Eurodollar Loan Loans (in the case of the initial Interest Period applicable thereto) or prior to 11:00 A.M. 12:00 Noon (New York time) on the third Business Day prior to the expiration of an Interest Period applicable to such a Borrowing of Eurodollar Loan Loans (in the case of any subsequent Interest Period), the Borrower shall have the right to elect by giving the Administrative Agent written notice (or telephonic notice promptly confirmed in writing) of the Interest Period applicable to such Eurodollar LoanBorrowing, which Interest Period shall, at the option of the BorrowerBorrower (but otherwise subject to clause (y) of the proviso to Sections 1.01(a)(iii) and 1.01(b)(ii) and to clause (iii) of the proviso to Section 1.06), be a one, two, three or three, six month period (or if deposits of a corresponding maturity are or, to the extent available to all Lenders in each Lender with outstanding Loans and/or Commitments under the London interbank marketrespective Tranche, a one week nine or twelve month period), provided that (in each case):. Notwithstanding anything to the contrary contained above:
(i) all Eurodollar Loans comprising a Borrowing shall at all times have the same Interest Period;
(ii) the initial Interest Period for any Borrowing of Eurodollar Loan Loans shall commence on the date of such Borrowing of such Eurodollar Loan (including the date of any conversion thereto from a Borrowing of Base Rate LoanLoans) and each Interest Period occurring thereafter in respect of such Eurodollar Loan Borrowing shall commence on the day on which the next preceding Interest Period applicable thereto expires;
(iii) if any Interest Period for a any Borrowing of Eurodollar Loan Loans begins on a day for which there is no numerically corresponding day in the calendar month at the end of such Interest Period, such Interest Period shall end on the last Business Day of such calendar month;
(iv) if any Interest Period for a Eurodollar Loan would otherwise expire on a day which is not a Business Day, such Interest Period shall expire on the next succeeding Business Day; , provided, however, that if any Interest Period for a any Borrowing of Eurodollar Loan Loans would otherwise expire on a day which is not a Business Day but is a day of the month after which no further Business Day occurs in such month, such Interest Period shall expire on the next preceding Business Day;
(v) no Interest Period for a Borrowing under a Tranche shall be selected which would extend beyond the respective Maturity Date for such Tranche;
(vi) no Interest Period may be selected elected at any time when (x) a Default or an Event of Default under Section 10.05 is then in existence or (y) any other Default or Event of Default is then in existence and the Administrative Agent has received instructions from the Required Lenders to that effectexistence; and
(vivii) no Interest Period in respect of any Borrowing of any Eurodollar Term Loans shall be selected elected which extends beyond any date upon which a Scheduled Repayment will be required to be made under Section 4.02(b) if, after giving effect to the Maturity Dateelection of such Interest Period, the aggregate principal amount of such Term Loans which have Interest Periods which will expire after such date will be in excess of the aggregate principal amount of such Term Loans then outstanding less the aggregate amount of such required Scheduled Repayment. If by 11:00 A.M. (New York time) on the third Business Day prior to upon the expiration of any Interest Period applicable to a Borrowing of Eurodollar Loans, the Borrower has failed to elect, or is not permitted to elect, a new Interest Period to be applicable to such the respective Borrowing of Eurodollar Loans as provided above, the Borrower shall be deemed to have elected to convert such Eurodollar Loans Borrowing into a Borrowing of Base Rate Loans effective as of the expiration date of such current Interest Period.
Appears in 1 contract
Interest Periods for Eurodollar Loans. At the time the Borrower gives any Notice of Borrowing or Notice of Conversion/Continuation in respect of the making of, or conversion into, any For each Eurodollar Loan (in the case of the initial Interest Period applicable thereto) or prior to 11:00 A.M. (New York time) on the third Business Day prior to the expiration of Borrower shall select an Interest Period applicable to such Eurodollar Loan that is either one (in the case of any subsequent Interest Period)1) month, the Borrower shall have the right to elect the Interest Period applicable to such Eurodollar Loan, which Interest Period shall, at the option of the Borrower, be a one, twotwo (2) months, three (3) months or six month period (or if deposits of a corresponding maturity are available to all Lenders in the London interbank market, a one week or twelve month period), 6) months; provided that (in each case):that:
(i) all Eurodollar Loans comprising a Borrowing shall at all times have the same Interest Period;
(ii) the initial every such Interest Period for any a Eurodollar Loan Advance shall commence on the date of Borrowing of such Eurodollar Loan (including the Advance or on the date of the conversion or continuation of any conversion thereto from Loan as a Base Rate Eurodollar Loan;
(ii) and each if any Interest Period occurring thereafter in respect would otherwise expire on a day of a calendar month which is not a Business Day, then such Eurodollar Loan Interest Period shall commence expire on the day on which next succeeding Business Day in that calendar month; provided, however, that if the next succeeding Business Day would be in the following calendar month, it shall expire on the first preceding Interest Period applicable thereto expiresBusiness Day;
(iii) if any Interest Period for that begins on the last Business Day of a Eurodollar Loan begins calendar month (or on a day for which there is no numerically corresponding day in the calendar month at the end of such Interest Period, such Interest Period ) shall end on the last Business Day of the calendar month at the end of such calendar monthInterest Period;
(iv) if any no Interest Period for a Eurodollar Loan would otherwise expire on a day which that is not a Business Daypart of the Aggregate Revolving Loan shall extend beyond the Revolving Loan Maturity Date, such Interest Period shall expire on the next succeeding Business Day; provided, however, that if any and no Interest Period for a Eurodollar Loan would otherwise expire on a day which that is not a Business Day but is a day part of the month after which no further Business Day occurs in such month, such Interest Period Aggregate Term Loan shall expire on extend beyond the next preceding Business Day;Term Loan Maturity Date; and
(v) no Interest Period for a Eurodollar Loan that is part of the Aggregate Term Loan may be selected at any time when (x) extend beyond a Default or an Event of Default under Section 10.05 date on which Borrower is then in existence or (y) any other Default or Event of Default is then in existence and required to make a scheduled principal payment on the Administrative Agent has received instructions from Aggregate Term Loan unless the Required Lenders to that effect; and
(vi) no Interest Period in respect of any Borrowing of any Aggregate Term Loan includes Eurodollar Loans shall be selected which extends beyond the Maturity Date. If by 11:00 A.M. (New York time) that have Interest Periods expiring on the third Business Day prior to the expiration of any Interest Period applicable to a Borrowing of Eurodollar Loans, the Borrower has failed to elect, or is not permitted to elect, a new Interest Period to be applicable to before such Eurodollar Loans as provided above, the Borrower shall be deemed to have elected to convert such Eurodollar Loans into date and Base Rate Loans effective as that together equal or exceed the amount of the expiration date of such current Interest Periodscheduled principal payment.
Appears in 1 contract
Samples: Loan Agreement (Angelica Corp /New/)
Interest Periods for Eurodollar Loans. At the time the Borrower gives any Notice of Borrowing or Notice of Conversion/Continuation in respect of the making of, or conversion into, any Eurodollar Loan (in the case of the initial Interest Period applicable thereto) or prior to 11:00 A.M. 12:00 Noon (New York time) on the third Business Day prior to the expiration of an Interest Period applicable to such Eurodollar Loan (in the case of any subsequent Interest Period), the Borrower shall have the right to elect the interest period (each an “Interest Period Period”) applicable to such Eurodollar Loan, which Interest Period shall, at the option of the BorrowerBorrower (but otherwise subject to the provisions of clause (B) of the provisos in Sections 1.01(a)(iii) and 1.10(b)(ii), be a one, two, three or six month period (or if deposits of a corresponding maturity are available or, to all Lenders in the London interbank marketextent agreed by each Lender with Loans and/or Commitments under the relevant Tranche, a one week nine or twelve month period), provided that (in each case):
(i) all Eurodollar Loans comprising a Borrowing shall at all times have the same Interest Period;
(ii) the initial Interest Period for any Eurodollar Loan shall commence on the date of Borrowing of such Eurodollar Loan (including the date of any conversion thereto from a Base Rate Loan) and each Interest Period occurring thereafter in respect of such Eurodollar Loan shall commence on the day on which the next preceding Interest Period applicable thereto expires;
(iii) if any Interest Period for a Eurodollar Loan begins on a day for which there is no numerically corresponding day in the calendar month at the end of such Interest Period, such Interest Period shall end on the last Business Day of such calendar month;
(iv) if any Interest Period for a Eurodollar Loan would otherwise expire on a day which is not a Business Day, such Interest Period shall expire on the next succeeding Business Day; provided, however, that if any Interest Period for a Eurodollar Loan would otherwise expire on a day which is not a Business Day but is a day of the month after which no further Business Day occurs in such month, such Interest Period shall expire on the next preceding Business Day;
(v) unless the Required Lenders otherwise agree in writing, no Interest Period may be selected at any time when (x) a Default or an Event of Default under Section 10.05 is then in existence or (y) any other Default or Event of Default is then in existence and the Administrative Agent has received instructions from the Required Lenders to that effect; andexistence;
(vi) no Interest Period in respect of any Borrowing of any Eurodollar Tranche of Loans shall be selected which extends beyond the Maturity DateDate for such Tranche of Loans;
(vii) the Borrower’s right to select Interest Periods in respect of an Incremental Term Loan of a given Tranche may be subject to the limitations, if any, set forth in the applicable Incremental Commitment Agreement; and
(viii) no Interest Period in respect of any Borrowing of Term Loans shall be selected which extends beyond any date upon which a mandatory repayment of such Term Loans will be required to be made under Section 4.02(b) if the aggregate principal amount of such Term Loans which have Interest Periods which will expire after such date will be in excess of the aggregate principal amount of such Term Loans then outstanding less the aggregate amount of such required repayment. If by 11:00 A.M. 12:00 Noon (New York time) on the third Business Day prior to the expiration of any Interest Period applicable to a Borrowing of Eurodollar Loans, the Borrower has failed to elect, or is not permitted to elect, a new Interest Period to be applicable to such Eurodollar Loans as provided above, the Borrower shall be deemed to have elected to convert such Eurodollar Loans into Base Rate Loans effective as of the expiration date of such current Interest Period.
Appears in 1 contract
Samples: Credit Agreement (RCN Corp /De/)
Interest Periods for Eurodollar Loans. At the time the Borrower gives any a Notice of Borrowing or Notice of Conversion/Continuation in respect of the making of, or conversion into, any a Borrowing of Eurodollar Loan Loans (in the case of the initial Interest Period applicable thereto) or prior to 11:00 A.M. 12:00 Noon (New York time) on the third Business Day prior to the expiration of an Interest Period applicable to such a Borrowing of Eurodollar Loan Loans (in the case of any subsequent Interest Period), the Borrower shall have the right to elect by giving the Administrative Agent written notice (or telephonic notice promptly confirmed in writing) of the Interest Period applicable to such Eurodollar LoanBorrowing, which Interest Period shall, at the option of the BorrowerBorrower (but otherwise subject to clause (y) of the proviso to Sections 1.01(a)(iii) and 1.01(b)(ii) and to clause (iii) of the proviso to Section 1.06), be a one, two, three or three, six month period (or if deposits or, with the consent of a corresponding maturity are available to all Lenders in each Lender with outstanding Loans and/or Commitments under the London interbank marketrespective Tranche, a one week nine or twelve month period), provided that (in each case):. Notwithstanding anything to the contrary contained above:
(i) all Eurodollar Loans comprising a Borrowing shall at all times have the same Interest Period;
(ii) the initial Interest Period for any Borrowing of Eurodollar Loan Loans shall commence on the date of such Borrowing of such Eurodollar Loan (including the date of any conversion thereto from a Borrowing of Base Rate LoanLoans) and each Interest Period occurring thereafter in respect of such Eurodollar Loan Borrowing shall commence on the day on which the next preceding Interest Period applicable thereto expires;
(iii) if any Interest Period for a any Borrowing of Eurodollar Loan Loans begins on a day for which there is no numerically corresponding day in the calendar month at the end of such Interest Period, such Interest Period shall end on the last Business Day of such calendar month;
(iv) if any Interest Period for a Borrowing of Eurodollar Loan Loans would otherwise expire on a day which is not a Business Day, such Interest Period shall expire on the next succeeding Business Day; , provided, however, that if any Interest Period for a any Borrowing of Eurodollar Loan Loans would otherwise expire on a day which is not a Business Day but is a day of the month after which no further Business Day occurs in such month, such Interest Period shall expire on the next preceding Business Day;
(v) no Interest Period for a Borrowing under a Tranche shall be selected which would extend beyond the respective Maturity Date for such Tranche;
(vi) no Interest Period may be selected elected at any time when (x) a Default or an Event of Default under Section 10.05 is then in existence or (y) any other Default or Event of Default is then in existence and the Administrative Agent has received instructions from the Required Lenders to that effectexistence; and
(vivii) no Interest Period in respect of any Borrowing of any Eurodollar Term Loans shall be selected elected which extends beyond any date upon which a Scheduled Repayment will be required to be made under Section 4.02(b) if, after giving effect to the Maturity Dateelection of such Interest Period, the aggregate principal amount of such Term Loans which have Interest Periods which will expire after such date will be in excess of the aggregate principal amount of such Term Loans then outstanding less the aggregate amount of such required Scheduled Repayment. If by 11:00 A.M. (New York time) on the third Business Day prior to upon the expiration of any Interest Period applicable to a Borrowing of Eurodollar Loans, the Borrower has failed to elect, or is not permitted to elect, a new Interest Period to be applicable to such the respective Borrowing of Eurodollar Loans as provided above, the Borrower shall be deemed to have elected to convert such Eurodollar Loans Borrowing into a Borrowing of Base Rate Loans effective as of the expiration date of such current Interest Period.
Appears in 1 contract
Interest Periods for Eurodollar Loans. At the time the Borrower gives any Notice of Borrowing or Notice of Conversion/Continuation in respect of the making of, or conversion into, any For each Eurodollar Loan (in the case of the initial Interest Period applicable thereto) or prior to 11:00 A.M. (New York time) on the third Business Day prior to the expiration of Borrower shall select an Interest Period applicable to such Eurodollar Loan (in the case of any subsequent Interest Period), the Borrower shall have the right to elect the Interest Period applicable to such Eurodollar Loan, which Interest Period shall, at the option of the Borrower, be a that is either one, two, three three, or six month period (or if deposits of a corresponding maturity are available to all Lenders in the London interbank market, a one week or twelve month period), months; provided that (in each case):that:
(i) all Eurodollar Loans comprising a Borrowing shall at all times have the same Interest Period;
(ii) the initial every such Interest Period for any a Eurodollar Loan Advance shall commence on the date of Borrowing of such Eurodollar Loan the Advance;
(including the date of ii) if any conversion thereto from a Base Rate Loan) and each Interest Period occurring thereafter in respect would otherwise expire on a day of a calendar month which is not a Business Day, then such Eurodollar Loan Interest Period shall commence expire on the day on which next succeeding Business Day in that calendar month; provided, however, that if the next succeeding Business Day would be in the following calendar month, it shall expire on the first preceding Interest Period applicable thereto expiresBusiness Day;
(iii) if any Interest Period for that begins on the last Business Day of a Eurodollar Loan begins calendar month (or on a day for which there is no numerically corresponding day in the calendar month at the end of such Interest Period, such Interest Period ) shall end on the last Business Day of such a calendar month;
(iv) if any no Interest Period for a Eurodollar Loan would otherwise expire on a day which that is not a Business Daypart of the Aggregate Revolving Loan shall extend beyond the Maturity Date, such Interest Period shall expire on the next succeeding Business Day; provided, however, that if any and no Interest Period for a Eurodollar Loan would otherwise expire on a day which that is not a Business Day but is a day part of the month after which no further Business Day occurs in such month, such Interest Period Aggregate Term Loan shall expire on extend beyond the next preceding Business Day;Maturity Date; and
(v) no Interest Period for a Eurodollar Loan that is part of the Aggregate Term Loan may be selected at any time when (x) extend beyond a Default or an Event of Default under Section 10.05 date on which Borrower is then in existence or (y) any other Default or Event of Default is then in existence and required to make a scheduled principal payment on the Administrative Agent has received instructions from Aggregate Term Loan unless the Required Lenders to that effect; and
(vi) no Interest Period in respect of any Borrowing of any Aggregate Term Loan includes Eurodollar Loans shall be selected which extends beyond the Maturity Date. If by 11:00 A.M. (New York time) that have Interest Periods expiring on the third Business Day prior to the expiration of any Interest Period applicable to a Borrowing of Eurodollar Loans, the Borrower has failed to elect, or is not permitted to elect, a new Interest Period to be applicable to before such Eurodollar Loans as provided above, the Borrower shall be deemed to have elected to convert such Eurodollar Loans into date and Alternate Base Rate Loans effective as that together equal or exceed the amount of the expiration date of such current Interest Periodscheduled principal payment.
Appears in 1 contract