Common use of Interest Periods; Renewals Clause in Contracts

Interest Periods; Renewals. In the case of the LIBOR Loans and Bid Rate Loans, Borrower shall select an Interest Period of any duration in accordance with the definition of Interest Period in Section 1.01, subject to the following limitations: (1) no Interest Period may extend beyond the Maturity Date; and (2) if an Interest Period would end on a day which is not a Banking Day, such Interest Period shall be extended to the next Banking Day, unless such Banking Day would fall in the next calendar month, in which event such Interest Period shall end on the immediately preceding Banking Day. Only twelve (12) discrete segments of a Bank's Ratable Loan bearing interest at a LIBOR Interest Rate, for a designated Interest Period, pursuant to a particular Election, Conversion or Continuation, may be outstanding at any one time (each such segment of each Bank's Ratable Loan corresponding to a proportionate segment of each of the other Banks' Ratable Loans). Upon notice to Administrative Agent as provided in Section 2.14, Borrower may Continue any LIBOR Loan on the last day of the Interest Period of the same or different duration in accordance with the limitations provided above. If Borrower shall fail to give notice to Administrative Agent of such a Continuation, such LIBOR Loan shall automatically become a LIBOR Loan with an Interest Period of one (1) month on the last day of the current Interest Period. Administrative Agent shall notify each of the Banks, either by telephone or by facsimile, at least two (2) Banking Days prior to the termination of the Interest Period in question in the event of such failure by Borrower to give such notice of Continuation.

Appears in 2 contracts

Samples: Revolving Loan Agreement (Avalonbay Communities Inc), Revolving Loan Agreement (Avalon Bay Communities Inc)

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Interest Periods; Renewals. In the case of the LIBOR Loans and Bid Rate Loans, Borrower shall select an Interest Period of any duration in accordance with the definition of Interest Period in Section 1.01, subject to the following limitations: (1) no Interest Period may extend beyond the Maturity Date; and , (2) if an Interest Period would end on a day which is not a Banking Day, such Interest Period shall be extended to the next Banking Day, unless such Banking Day would fall in the next calendar month, in which event such Interest Period shall end on the immediately preceding Banking Day. Only twelve Day and (123) only ten (10) discrete segments of a Bank's Ratable Loan bearing interest at a LIBOR Interest Rate, for a designated Interest Period, pursuant to a particular Election, Conversion or Continuation, may be outstanding at any one time (each such segment of each Bank's Ratable Loan corresponding to a proportionate segment of each of the other Banks' Ratable Loans); provided, however, that the number of such segments may be increased at the request of Borrower with the consent of Administrative Agent (such consent not to be unreasonably withheld). Upon notice to Administrative Agent as provided in Section 2.142.15, Borrower may Continue any LIBOR Loan on the last day of the Interest Period for an Interest Period of the same or different duration in accordance with the limitations provided above. If Borrower shall fail to give notice to Administrative Agent of such a Continuation, such LIBOR Loan shall automatically become a LIBOR Base Rate Loan with an Interest Period of one (1) month on the last day of the current Interest Period. Administrative Agent shall notify each of the Banks, either by telephone or by facsimile, at least two (2) Banking Days prior to the termination of the Interest Period in question in the event of such failure by Borrower to give such notice of Continuation.

Appears in 1 contract

Samples: Secured Revolving Credit Agreement (Westfield America Inc)

Interest Periods; Renewals. In the case of the LIBOR Term SOFR Loans and Bid Rate Loans, Borrower shall select an Interest Period of any duration in accordance with the definition of Interest Period in Section 1.01, subject to the following limitations: (1) no Interest Period may extend beyond the Maturity Date; and (2) if an Interest Period would end on a day which is not a Banking Day, such Interest Period shall be extended to the next Banking Day, unless such Banking Day would fall in the next calendar month, in which event such Interest Period shall end on the immediately preceding Banking Day. Only twelve twenty (1220) discrete segments of a Bank's ’s Ratable Loan bearing interest at a LIBOR Interest RateTerm SOFR, for a designated Interest Period, pursuant to a particular Election, Conversion or Continuation, may be outstanding at any one time (each such segment of each Bank's ’s Ratable Loan corresponding to a proportionate segment of each of the other Banks' Ratable Loans). Upon notice to Administrative Agent as provided in Section 2.14, Borrower may Continue any LIBOR Term SOFR Loan on the last day of the Interest Period of the same or different duration in accordance with the limitations provided above. If Borrower shall fail to give notice to Administrative Agent of such a Continuation, such LIBOR Term SOFR Loan shall automatically become a LIBOR Term SOFR Loan with an Interest Period of one (1) month on the last day of the current Interest Period. Administrative Agent shall notify each of the Banks, either by telephone or by facsimileelectronic mail, at least two (2) Banking Days prior to the termination of the Interest Period in question in the event of such failure by Borrower to give such notice of Continuation. Any Daily SOFR Loans shall automatically Continue as such on each successive day until the Borrower gives notice to Administrative Agent of the Conversion of such Loan to a Term SOFR Loan or to a Base Rate Loan. With respect to SOFR, Daily SOFR or Term SOFR, the Administrative Agent will have the right to make Conforming Changes from time to time and, notwithstanding anything to the contrary herein or in any other Loan Document, any amendments implementing such Conforming Changes will become effective without any further action or consent of any other party to this Agreement or any other Loan Document; provided that, with respect to any such amendment effected, the Administrative Agent shall post each such amendment implementing such Conforming Changes to the Borrower and the Banks reasonably promptly after such amendment becomes effective.

Appears in 1 contract

Samples: Revolving Loan Agreement (Avalonbay Communities Inc)

Interest Periods; Renewals. In the case of the LIBOR Loans and Bid Rate Loans, Borrower shall select an Interest Period of any duration in accordance with the definition of Interest Period in Section 1.01, subject to the following limitations: (1) no Interest Period may extend beyond the Maturity Date; and (2) if an Interest Period would end on a day which is not a Banking Day, such Interest Period shall be extended to the next Banking Day, unless such Banking Day would fall in the next calendar month, in which event such Interest Period shall end on the immediately preceding Banking Day. Only twelve (12) discrete segments of a Bank's ’s Ratable Loan bearing interest at a LIBOR Interest Rate, for a designated Interest Period, pursuant to a particular Election, Conversion or Continuation, may be outstanding at any one time (each such segment of each Bank's ’s Ratable Loan corresponding to a proportionate segment of each of the other Banks' Ratable Loans). Upon notice to Administrative Agent as provided in Section 2.14, Borrower may Continue any LIBOR Loan on the last day of the Interest Period of the same or different duration in accordance with the limitations provided above. If Borrower shall fail to give notice to Administrative Agent of such a Continuation, such LIBOR Loan shall automatically become a LIBOR Loan with an Interest Period of one (1) month on the last day of the current Interest Period. Administrative Agent shall notify each of the Banks, either by telephone or by facsimile, at least two (2) Banking Days prior to the termination of the Interest Period in question in the event of such failure by Borrower to give such notice of Continuation.

Appears in 1 contract

Samples: Revolving Loan Agreement (Avalonbay Communities Inc)

Interest Periods; Renewals. (a) In the case of each Fixed Rate Loan, the LIBOR Loans and Bid Rate Loans, Borrower Borrowers shall select an Interest Period of any duration in accordance with the definition of Interest Period in Section 1.011.1, subject to the following limitations: (1i) no Interest Period may extend beyond an Amortization Date unless, after giving effect thereto, the Maturity aggregate principal amount of the Fixed Rate Loans having Interest Periods which end after such Amortization Date shall be equal to or less than the principal amount to be outstanding hereunder after such Amortization Date; (ii) notwithstanding clause (i) above, no Interest Period shall have a duration less than one month (in the case of a LIBOR Loan) or one year (in the case of an Offered Loan), and if any such proposed Interest Period would otherwise be for a shorter period, such Interest Period shall not be available; (2iii) if an Interest Period would end on a day which is not a Banking Day, such Interest Period shall be extended to the next Banking Day, unless unless, in the case of a LIBOR Loan, such Banking Day would fall in the next calendar month, month in which event such Interest Period shall end on the immediately preceding Banking Day. Only twelve ; (12iv) discrete segments of a Bank's Ratable Loan bearing interest at a LIBOR no more than five Interest Rate, for a designated Interest Period, pursuant to a particular Election, Conversion or Continuation, Periods may be outstanding at any one time time. (each such segment of each Bank's Ratable Loan corresponding to a proportionate segment of each of the other Banks' Ratable Loans). b) Upon notice to Administrative Agent the Bank as provided in Section 2.142.8, Borrower the Borrowers may Continue renew any LIBOR Loan on the last day of the Interest Period therefor as the same type of Loan with an Interest Period of the same or different duration in accordance with the limitations provided above. If Borrower the Borrowers shall fail to give notice to Administrative Agent the Bank of such a Continuationrenewal, such LIBOR Loan shall automatically become a LIBOR Variable Rate Loan with an Interest Period of one (1) month on the last day of the current Interest Period. Administrative Agent ; provided that the foregoing shall notify each not prevent the conversion of the Banks, either by telephone or by facsimile, at least two (2) Banking Days prior to the termination any type of the Interest Period LIBOR Loan into another type of Loan in question in the event of such failure by Borrower to give such notice of Continuationaccordance with Section 2.5.

Appears in 1 contract

Samples: Credit Agreement (Tridex Corp)

Interest Periods; Renewals. In the case of the LIBOR Loans and Bid Rate Loans, Borrower shall select an Interest Period of any duration in accordance with the definition of Interest Period in Section 1.01, subject to the following limitations: (1) no Interest Period may extend beyond the Maturity Date; and (2) if an Interest Period would end on a day which is not a Banking Day, such Interest Period shall be extended to the next Banking Day, unless such Banking Day would fall in the next calendar month, in which event such Interest Period shall end on the immediately preceding Banking Day. Only twelve ; and (123) only eight (8) discrete segments of a Bank's Ratable Loan bearing interest at a LIBOR Interest Rate, Rate for a designated Interest Period, Period pursuant to a particular Election, Conversion or Continuation, may be outstanding at any one time (each such segment of each Bank's Ratable Loan corresponding to a proportionate segment of each of the other Banks' Ratable Loans, barring a conversion or suspension of the LIBOR Interest Rate by one or more, but not all, Banks, or the failure of one or more, but not all, Banks to make an advance). Upon notice to Administrative Agent as provided in Section 2.142.13, Borrower may Continue any LIBOR Loan on the last day of the Interest Period of for such LIBOR Loan for the same or different duration in accordance with the limitations provided above. If Borrower shall fail to give notice to Administrative Agent of such a Continuation, such LIBOR Loan shall automatically become a LIBOR Loan with an Interest Period of one (1) month on the last day of the current Interest Period. Administrative Agent shall notify each of the Banks, either by telephone or by facsimile, at least two (2) Banking Days prior to the termination of the Interest Period in question in the event of such failure by Borrower to give such notice of Continuation.

Appears in 1 contract

Samples: Revolving Credit Agreement (Price Enterprises Inc)

Interest Periods; Renewals. (a) In the case of each Fixed Rate Loan, the LIBOR Loans and Bid Rate Loans, Borrower shall select an Interest Period of any duration in accordance with the definition of Interest Period in Section 1.01, subject to the following limitations: (1i) in the case of a Eurodollar Loan, no Interest Period may extend beyond the Maturity Dateshall have a duration less than one month, and if any such proposed Interest Period would otherwise be for a shorter period, such Interest Period shall not be available; and (2ii) if an Interest Period would end on a day which is not a Banking Day, such Interest Period shall be extended to the next Banking Day, unless unless, in the case of a Eurodollar Loan, such Banking Day would fall in the next calendar month, month in which event such Interest Period shall end on the immediately preceding Banking Day. Only twelve ; (12iii) discrete segments no Interest Period shall end after the Termination Date; (iv) no more than five Eurodollar Loans of a Bank's Ratable Loan bearing interest at a LIBOR Interest Rate, for a designated Interest Period, pursuant to a particular Election, Conversion or Continuation, each Bank may be outstanding at any one time time; and (each such segment of each Bank's Ratable Loan corresponding to a proportionate segment of each of the other Banks' Ratable Loans). v) no more than ten Quoted Rate Loans may be outstanding at any one time. (b) Upon notice to Administrative the Agent as provided in Section 2.142.08, the Borrower may Continue renew any LIBOR Eurodollar Loan on the last day of the Interest Period therefor as the same type of Loan with an Interest Period of the same or different duration in accordance with the limitations provided above. If the Borrower shall fail to give timely notice to Administrative the Agent of such a Continuationrenewal, such LIBOR Eurodollar Loan shall automatically become a LIBOR Variable Rate Loan with an Interest Period of one (1) month on the last day of the current Interest Period. Administrative Agent shall notify each of the Banks, either by telephone or by facsimile, at least two (2) Banking Days prior to the termination of the Interest Period in question in the event of such failure by Borrower to give such notice of Continuation.

Appears in 1 contract

Samples: Credit Agreement (Frontier Corp /Ny/)

Interest Periods; Renewals. In the case of the LIBOR Loans and Bid Rate LIBORTerm SOFR Loans, Borrower shall select an Interest Period of any duration in accordance with the definition of Interest Period in Section 1.01, subject to the following limitations: (1) no Interest Period may extend beyond the Tranche A Maturity Date or Tranche B Maturity Date, as applicable; and (2) if an Interest Period would end on a day which is not a Banking Day, such Interest Period shall be extended to the next Banking Day, unless such Banking Day would fall in the next calendar month, in which event such Interest Period shall end on the immediately preceding Banking Day. Only twelve an aggregate of six (126) discrete segments of a Bank's Ratable Loan ’s Loans bearing interest at a LIBOR Interest RateRate Term SOFR, for a designated Interest Period, pursuant to a particular Election, Conversion or Continuation, may be outstanding at any one time (each such segment of each Bank's Ratable Loan ’s Loans corresponding to a proportionate segment of each of the other Banks' Ratable Loans). Upon notice to Administrative Agent as provided in Section 2.142.13, Borrower may Continue any LIBOR LIBORTerm SOFR Loan on the last day of the Interest Period of the same or different duration in accordance with the limitations provided above. If Borrower shall fail to give notice to Administrative Agent of such a Continuation, such LIBOR LIBORTerm SOFR Loan shall automatically become a LIBOR LIBORTerm SOFR Loan with an Interest Period of one (1) month on the last day of the current Interest Period. Administrative Agent shall notify each of the Banks, either by telephone or by facsimileelectronic mail, at least two (2) Banking Days prior to the termination of the Interest Period in question in the event of such failure by Borrower to give such notice of Continuation. Any Daily SOFR Loans shall automatically Continue as such on each successive day until the Borrower gives notice to Administrative Agent of the Conversion of such Loan to a Term SOFR Loan or to a Base Rate Loan.

Appears in 1 contract

Samples: Term Loan Agreement (Avalonbay Communities Inc)

Interest Periods; Renewals. (a) In the case of each LIBOR Loan, the LIBOR Loans and Bid Rate Loans, Borrower Borrowers shall select an Interest Period of any duration in accordance with the definition of Interest Period in Section 1.011.1, subject to the following limitations: (1i) no Interest Period may extend beyond the Maturity Revolving Credit Termination Date, except with respect to the Term Loan for which no Interest Period may extend beyond an Amortization Date unless, after giving effect thereto, the aggregate principal amount of the LIBOR Loans having Interest Periods which end after such Amortization Date shall be equal to or less than the principal amount to be outstanding hereunder after such Amortization Date; (iii) notwithstanding clauses (i) and (2ii) above, no Interest Period shall have a duration less than one month, and if any such proposed Interest Period would otherwise be for a shorter period, such Interest Period shall not be available; (iv) if an Interest Period would end on a day which is not a Banking Day, such Interest Period shall be extended to the next Banking Day, unless such Banking Day would fall in the next calendar month, in which event such ; and (v) no more than five Interest Period shall end on the immediately preceding Banking Day. Only twelve (12) discrete segments of a Bank's Ratable Loan bearing interest at a LIBOR Interest Rate, for a designated Interest Period, pursuant to a particular Election, Conversion or Continuation, Periods may be outstanding at any one time time. (each such segment of each Bank's Ratable Loan corresponding to a proportionate segment of each of the other Banks' Ratable Loans). b) Upon notice to Administrative Agent the Bank as provided in Section 2.142.8, Borrower the Borrowers may Continue renew any LIBOR Loan on the last day of the Interest Period therefor as the same type of Loan with an Interest Period of the same or different duration in 16 accordance with the limitations provided above. If Borrower the Borrowers shall fail to give notice to Administrative Agent the Bank of such a Continuationrenewal, such LIBOR Loan shall automatically become a LIBOR Prime Rate Loan with an Interest Period of one (1) month on the last day of the current Interest Period. Administrative Agent shall notify each of the Banks, either by telephone or by facsimile, at least two (2) Banking Days prior to the termination of the Interest Period in question in the event of such failure by Borrower to give such notice of Continuation.

Appears in 1 contract

Samples: Credit Agreement (Transact Technologies Inc)

Interest Periods; Renewals. (a) In the case of each LIBOR Loan, the LIBOR Loans and Bid Rate Loans, Borrower Borrowers shall select an Interest Period of any duration in accordance with the definition of Interest Period in Section 1.011.1, subject to the following limitations: (1i) no Interest Period may extend beyond the Maturity Dateshall have a duration less than one month; and if any such proposed Interest Period would otherwise be for a shorter period, such Interest Period shall not be available; (2ii) if an Interest Period would end on a day which is not a Banking Day, such Interest Period shall be extended to the next Banking Day, unless unless, in the case of a LIBOR Loan, such Banking Day would fall in the next calendar month, month in which event such Interest Period shall end on the immediately preceding Banking Day. Only twelve ; (12iii) discrete segments of a Bank's Ratable Loan bearing interest at a LIBOR no more than five Interest Rate, for a designated Interest Period, pursuant to a particular Election, Conversion or Continuation, Periods may be outstanding at any one time time. (each such segment of each Bank's Ratable Loan corresponding to a proportionate segment of each of the other Banks' Ratable Loans). b) Upon notice to Administrative Agent the Bank as provided in Section 2.142.8, Borrower the Borrowers may Continue renew any LIBOR Loan on the last day of the Interest Period therefor as the same type of Revolving Loan with an Interest Period of the same or different duration in accordance with the limitations provided above. If Borrower the Borrowers shall fail to give notice to Administrative Agent the Bank of such a Continuationrenewal, such LIBOR Loan shall automatically become a LIBOR Prime Rate Loan with an Interest Period of one (1) month on the last day of the current Interest Period. Administrative Agent ; provided that the foregoing shall notify each not prevent the conversion of the Banks, either by telephone or by facsimile, at least two (2) Banking Days prior to the termination any type of the Interest Period LIBOR Loan into another type of Revolving Loan in question in the event of such failure by Borrower to give such notice of Continuationaccordance with Section 2.5.

Appears in 1 contract

Samples: Credit Agreement (Tridex Corp)

Interest Periods; Renewals. (a) In the case of each Eurocurrency Loan, the LIBOR Loans and Bid Rate Loans, Borrower thereunder shall select an Interest Period of any duration in accordance with the definition of Interest Period in Section 1.011.1, subject to the following limitations: (1i) in the case of the Term Loans, no Interest Period may extend beyond a Term Loan Amortization Date unless, after giving effect thereto, the aggregate principal amount of the Term Loans outstanding as Eurocurrency Loans having Interest Periods which end after such Term Loan Amortization Date shall be equal to or less than the principal amount of the Term Loans to be outstanding after such Term Loan Amortization Date; (ii) in the case of the Revolving Loans, no Interest Period may extend beyond the Maturity Termination Date; (iii) notwithstanding clauses (i) and (2ii) above, no Interest Period shall have a duration less than 30 days, and if any such proposed Interest Period would otherwise be for a shorter period, such Interest Period shall not be available; (iv) if an Interest Period would end on a day which is not a Banking Day, such Interest Period shall be extended to the next Banking Day, unless such Banking Day would fall in the next calendar month, month in which event such Interest Period shall end on the immediately preceding Banking Day. Only twelve ; and (12v) discrete segments of a Bank's Ratable Loan bearing interest at a LIBOR no more than eight Interest Rate, for a designated Interest Period, pursuant to a particular Election, Conversion or Continuation, Periods may be outstanding at any one time (each such segment time. For purposes of each Bank's Ratable Loan corresponding to a proportionate segment this Section 2.9(a), borrowings having different Interest Periods or denominated in different currencies, regardless of each of the other Banks' Ratable Loans). Upon notice to Administrative Agent as provided in Section 2.14, Borrower may Continue any LIBOR Loan whether they commence on the last day of the Interest Period of the same or different duration in accordance with the limitations provided above. If Borrower date, shall fail to give notice to Administrative Agent of such a Continuation, such LIBOR Loan shall automatically become a LIBOR Loan with an Interest Period of one (1) month on the last day of the current Interest Period. Administrative Agent shall notify each of the Banks, either by telephone or by facsimile, at least two (2) Banking Days prior to the termination of the Interest Period in question in the event of such failure by Borrower to give such notice of Continuationbe considered separate borrowings.

Appears in 1 contract

Samples: Credit Agreement (Cannondale Corp /)

Interest Periods; Renewals. In the case of the LIBOR Loans and Bid Rate Loans, Borrower shall select an Interest Period of any duration in accordance with the definition of Interest Period in Section 1.01, subject to the following limitations: (1) no Interest Period may extend beyond the Maturity Date; and (2) if an Interest Period would end on a day which is not a Banking Day, such Interest Period shall be extended to the next Banking Day, unless such Banking Day would fall in the next calendar month, in which event such Interest Period shall end on the immediately preceding Banking Day. Only twelve ; and (123) only seven (7) discrete segments of a Bank's Ratable Loan bearing interest at a LIBOR Interest Rate, for a designated Interest Period, pursuant to a particular Election, Conversion or Continuation, may be outstanding at any one time (each such segment of each Bank's Ratable Loan corresponding to a proportionate segment of each of the other Banks' Ratable Loans). Upon notice to Administrative Agent as provided in Section 2.14, Borrower may Continue any LIBOR Loan on the last day of the Interest Period of the same or different duration in accordance with the limitations provided above. If Borrower shall fail to give notice to Administrative Agent of such a Continuation, such LIBOR Loan shall automatically become a LIBOR Loan with an Interest Period of one (1) month on the last day of the current Interest Period. Administrative Agent shall notify each of the Banks, either by telephone or by facsimile, at least two (2) Banking Days prior to the termination of the Interest Period in question in the event of such failure by Borrower to give such notice of Continuation.

Appears in 1 contract

Samples: Revolving Loan Agreement (Bay Apartment Communities Inc)

Interest Periods; Renewals. (a) In the case of each Eurodollar Loan and each Money Market Loan, the LIBOR Loans and Bid Rate Loans, Borrower shall select an Interest Period of any duration in accordance with the definition of Interest Period in Section 1.011.1, subject to the following limitations: (1i) no Interest Period may extend beyond the Maturity Termination Date; (ii) notwithstanding clause (i) above, no Interest Period shall have a duration less than one month (in the case of a LIBO Rate Loan) or seven (7) days (in the case of a Set Rate Loan), and if any such proposed Interest Period would otherwise be for a shorter period, such Interest Period shall not be available; (2iii) if an Interest Period would end on a day which is not a Banking Day, such Interest Period shall be extended to the next Banking Day, unless such Banking Day would fall in the next calendar month, month in which event such Interest Period shall end on the immediately preceding Banking Day. Only twelve ; (12iv) discrete segments of a Bank's Ratable Loan bearing interest at a LIBOR no more than eight (8) Interest Rate, Periods for a designated Interest Period, pursuant to a particular Election, Conversion or Continuation, both Revolving Loans and Money Market Loans may be outstanding at any one time; and (v) Eurodollar Loans and Money Market Loans will not be available for Interest Periods commencing at any time that a Payment Default or Event of Default is in existence. (each such segment of each Bank's Ratable Loan corresponding to a proportionate segment of each of the other Banks' Ratable Loans). b) Upon notice to the Administrative Agent as provided in Section 2.142.8, the Borrower may Continue renew any LIBOR Eurodollar Loan on the last day of the Interest Period therefor as the same type of Loans with an Interest Period of the same or different duration in accordance with the limitations provided above. If the Borrower shall fail to give notice to the Administrative Agent of such a Continuationrenewal, (i) in the case of a Eurodollar Loan denominated in Dollars, such LIBOR Eurodollar Loan shall automatically become a LIBOR Variable Rate Loan with an Interest Period of one (1) month on the last day of the current Interest Period. Administrative Agent , and (ii) in the case of a Eurodollar Loan denominated in an Alternative Currency, such Eurodollar Loan shall notify each of automatically become a Eurodollar Loan denominated in the Banks, either by telephone or by facsimile, at least two (2) Banking Days prior to the termination of the same Alternative Currency having an Interest Period of one month; provided that the foregoing shall not prevent the conversion of any type of Eurodollar Loan into another type of Loan in question in the event of such failure by Borrower to give such notice of Continuationaccordance with Section 2.5.

Appears in 1 contract

Samples: Credit Agreement (Nfo Worldwide Inc)

Interest Periods; Renewals. (a) In the case of each Fixed Rate Loan, the LIBOR Loans and Bid Rate Loans, Borrower shall select an Interest Period of any duration in accordance with the definition of Interest Period in Section 1.01, subject to the following limitations: (1i) no Interest Period may extend beyond the Maturity Daterespective Termination Dates for such class of Loans; (ii) notwithstanding clause (i) above, no Interest Period shall have a duration less than one month, and if any such proposed Interest Period would otherwise be for a shorter period, such Interest Period shall not be available; (2iii) if an Interest Period would end on a day which is not a Banking Day, such Interest Period shall be extended to the next Banking Day, unless such Banking Day would fall in the next calendar month, month in which event such Interest Period shall end on the immediately preceding Banking Day. Only twelve ; and (12iv) discrete segments of a Bank's Ratable Loan bearing interest at a LIBOR no more than fifteen Interest Rate, for a designated Interest Period, pursuant to a particular Election, Conversion or Continuation, Periods may be outstanding at any one time time. (each such segment of each Bank's Ratable Loan corresponding to a proportionate segment of each of the other Banks' Ratable Loans). b) Upon notice to the Administrative Agent as provided in Section 2.142.08, the Borrower may Continue renew any LIBOR Fixed Rate Loan on the last day of the Interest Period therefor as the same type of Loan with an Interest Period of the same or different duration in accordance with the limitations provided above. If the Borrower shall fail to give notice to the Administrative Agent of such a Continuationrenewal, such LIBOR Fixed Rate Loan shall automatically become a LIBOR Variable Rate Loan with an Interest Period of one (1) month on the last day of the current Interest Period. Administrative Agent shall notify each of the Banks, either by telephone or by facsimile, at least two (2) Banking Days prior to the termination of the Interest Period in question in the event of such failure by Borrower to give such notice of Continuation.

Appears in 1 contract

Samples: Credit Agreement (Multicare Companies Inc)

Interest Periods; Renewals. In the case of the LIBOR Loans and Bid Rate Loans, each Borrower shall select an Interest Period of any duration in accordance with the definition of Interest Period in Section 1.01, subject to the following limitations: (1) no Interest Period may extend beyond the Maturity Date; and , (2) if an Interest Period would end on a day which is not a Banking Day, such Interest Period shall be extended to the next Banking Day, unless such Banking Day would fall in the next calendar month, in which event such Interest Period shall end on the immediately preceding Banking Day. Only twelve Day and (123) only three (3) discrete segments for each Borrower of a Bank's Ratable ’s Loan bearing interest at a LIBOR Interest Rate, for a designated Interest Period, pursuant to a particular Election, Conversion or Continuation, may be outstanding at any one time (each such segment of each Bank's Ratable ’s Loan corresponding to a proportionate segment of each of the other Banks' Ratable Loans). Upon notice to Administrative Agent as provided in Section 2.142.15, the applicable Borrower may Continue any LIBOR Loan on the last day of the Interest Period of the same or different duration in accordance with the limitations provided above. If Notwithstanding the foregoing, so long as no Event of Default exists, unless a Borrower shall fail to give notice to otherwise notify Administrative Agent of such a Continuation, such LIBOR Loan shall automatically become a LIBOR Loan with an Interest Period of one not later than 12:00 noon (1New York time) month on three (3) Business Days prior to the last day of the current Interest Period. Administrative Agent , such Borrower shall notify each be deemed to have automatically elected to continue its LIBOR Loan as of the Banks, either by telephone or by facsimile, at least two (2) Banking Days prior to the termination end of the current Interest Period in question in the event of such failure by Borrower to give such notice of Continuationfor a new one (1) month Interest Period.

Appears in 1 contract

Samples: Secured Revolving Credit Agreement (Taubman Centers Inc)

Interest Periods; Renewals. (a) In the case of each Fixed Rate Loan, the LIBOR Loans and Bid Rate Loans, Borrower shall select an Interest Period of any duration in accordance with the definition of Interest Period in Section SECTION 1.01, subject to the following limitations: (1i) no Interest Period may extend beyond the Maturity DateTermination Date hereunder, (ii) no Interest Period shall have a duration less than one month in the case of a Eurodollar Loan or a Spread Loan whose Interest Rate Basis is the Eurodollar Rate, and if any such proposed Interest Period would otherwise be for a shorter period, such Interest Period shall not be available; and (2iii) if an Interest Period would end on a day which is not a Banking Day, such Interest Period shall be extended to the next Banking Day, unless unless, in the case of a Eurodollar Loan or a Spread Loan whose Interest Rate Basis is the Eurodollar Rate, such Banking Day would fall in the next calendar month, month in which event such Interest Period shall end on the immediately preceding Banking Day. Only twelve ; (12iv) discrete segments no more than eight Interest Periods of a Bank's Ratable Loan bearing interest at a LIBOR Interest Rate, for a designated Interest Period, pursuant to a particular Election, Conversion or Continuation, each Bank may be outstanding at any one time time. (each such segment of each Bank's Ratable Loan corresponding to a proportionate segment of each of the other Banks' Ratable Loans). b) Upon notice to Administrative the Agent as provided in Section 2.14SECTION 2.08, the Borrower may Continue renew any LIBOR Loan Eurodollar Loans on the last day of the Interest Period therefor as the same type of Loans with an Interest Period of the same or different duration in accordance with the limitations provided above. If the Borrower shall fail to give notice to Administrative the Agent of such a Continuationrenewal, such LIBOR Eurodollar Loan shall automatically become a LIBOR Variable Rate Loan with an Interest Period of one (1) month on the last day of the current Interest Period. Administrative Agent ; provided that the foregoing shall notify each not prevent the conversion of the Banks, either by telephone or by facsimile, at least two (2) Banking Days prior to the termination any type of the Interest Period Eurodollar Loan into another type of Loans in question in the event of such failure by Borrower to give such notice of Continuationaccordance with SECTION 2.05.

Appears in 1 contract

Samples: Credit Agreement (Seneca Foods Corp /Ny/)

Interest Periods; Renewals. In the case of each LIBOR Loan, the LIBOR Loans and Bid Rate Loans, Borrower shall select an Interest Period of any duration in accordance with the definition of Interest Period in Section 1.01, subject to the following limitations: (1) no Interest Period may extend beyond the Maturity Termination Date; and (2) no Interest Period shall have a duration less than one (1) month, and if any such proposed Interest Period would otherwise be for a shorter period, such Interest Period shall not be available; (3) if an Interest Period would end on a day which is not a Banking Day, such Interest Period shall be extended to the next Banking Day, unless unless, such Banking Day would fall in the next calendar month, in which event such Interest Period shall end on the immediately preceding Banking DayDay and (4) the Borrower shall select an Interest Period so as not to require a payment or prepayment of any LIBOR Loan during an Interest Period for such LIBOR Loan. Only twelve In addition, the Borrower agrees that no more than six (126) discrete segments of a Bank's Ratable Loan bearing interest Interest Periods can be in effect at a LIBOR Interest Rate, for a designated Interest Period, pursuant to a particular Election, Conversion or Continuation, may be outstanding at any one time (each such segment of each Bank's Ratable Loan corresponding to a proportionate segment of each of the other Banks' Ratable Loans)same time. Upon notice to the Administrative Agent as provided in Section 2.14, the Borrower may Continue any LIBOR Loan on the last day of the Interest Period of the same or different duration in accordance with the limitations provided above. If the Borrower shall fail to give notice to the Administrative Agent of such a Continuation, such LIBOR Loan shall automatically become a LIBOR Base Rate Loan with an Interest Period of one (1) month on the last day of the current Interest Period. Administrative Agent shall notify each of the Banks, either by telephone or by facsimile, at least two (2) Banking Days prior to the termination of the Interest Period in question in the event of such failure by Borrower to give such notice of Continuation.

Appears in 1 contract

Samples: Credit Agreement (Boundless Corp)

Interest Periods; Renewals. (a) In the case of each Fixed Rate Loan, the LIBOR Loans and Bid Rate Loans, Borrower shall select an Interest Period of any duration in accordance with the definition of Interest Period in Section 1.01, subject to the following limitations: (1i) no Interest Period may extend beyond the Maturity DateTermination Date hereunder, (ii) no Interest Period shall have a duration less than one month in the case of a Eurodollar Loan or a Spread Loan whose Interest Rate Basis is the Eurodollar Rate, and if any such proposed Interest Period would otherwise be for a shorter period, such Interest Period shall not be available; and (2iii) if an Interest Period would end on a day which is not a Banking Day, such Interest Period shall be extended to the next Banking Day, unless unless, in the case of a Eurodollar Loan or a Spread Loan whose Interest Rate Basis is the Eurodollar Rate, such Banking Day would fall in the next calendar month, month in which event such Interest Period shall end on the immediately preceding Banking Day. Only twelve ; (12iv) discrete segments no more than eight Interest Periods of a Bank's Ratable Loan bearing interest at a LIBOR Interest Rate, for a designated Interest Period, pursuant to a particular Election, Conversion or Continuation, each Bank may be outstanding at any one time time. (each such segment of each Bank's Ratable Loan corresponding to a proportionate segment of each of the other Banks' Ratable Loans). b) Upon notice to Administrative the Agent as provided in Section 2.142.08, the Borrower may Continue renew any LIBOR Loan Eurodollar Loans on the last day of the Interest Period therefor as the same type of Loans with an Interest Period of the same or different duration in accordance with the limitations provided above. If the Borrower shall fail to give notice to Administrative the Agent of such a Continuationrenewal, such LIBOR Eurodollar Loan shall automatically become a LIBOR Variable Rate Loan with an Interest Period of one (1) month on the last day of the current Interest Period. Administrative Agent ; provided that the foregoing shall notify each not prevent the conversion of the Banks, either by telephone or by facsimile, at least two (2) Banking Days prior to the termination any type of the Interest Period Eurodollar Loan into another type of Loans in question in the event of such failure by Borrower to give such notice of Continuationaccordance with Section 2.05.

Appears in 1 contract

Samples: Credit Agreement (Seneca Foods Corp /Ny/)

Interest Periods; Renewals. a. In the case of each Eurodollar Loan, the LIBOR Loans and Bid Rate Loans, Borrower Borrowers shall select an Interest Period (provided no Default of Event of Default is then continuing) of any duration in accordance with the definition of Interest Period in Section 1.01, subject to the following limitations: (1i) no Interest Period on the Term Loans may extend beyond an Amortization Date unless, after giving effect thereto, the Maturity aggregate principal amount of the Eurodollar Loans having Interest Periods which end after such Amortization Date shall be equal to or less than the principal amount to be outstanding hereunder after such Amortization Date; (ii) notwithstanding clause (i) above, no Interest Period shall have a duration less than one month, and if any such proposed Interest Period would otherwise be for a shorter period, such Interest Period shall not be available; (2iii) if an Interest Period would end on a day which is not a Banking Day, such Interest Period shall be extended to the next Banking Day, unless such Banking Day would fall in the next calendar month, month in which event such Interest Period shall end on the immediately preceding Banking Day. Only ; and (iv) no more than twelve (12) discrete segments Interest Periods of a Bank's Ratable Loan bearing interest at a LIBOR Interest Rate, for a designated Interest Period, pursuant to a particular Election, Conversion or Continuation, each Lender may be outstanding at any one time (each such segment of each Bank's Ratable Loan corresponding to a proportionate segment of each of the other Banks' Ratable Loans). time. b. Upon notice to Administrative the Agent as provided in Section 2.142.11, Borrower the Borrowers may Continue (provided no Default or Event of Default is then continuing) renew any LIBOR Eurodollar Loan on the last day of the Interest Period therefor as the same type of Loan with an Interest Period of the same or different duration in accordance with the limitations provided aboveabove and in Section 2.07. If Borrower the Borrowers shall fail to give notice to Administrative the Agent of such a Continuationrenewal, such LIBOR Eurodollar Loan shall automatically become a LIBOR Prime Rate Loan with an Interest Period of one (1) month on the last day of the current Interest Period. Administrative Agent ; provided that the foregoing shall notify each not prevent the conversion of the Banks, either by telephone or by facsimile, at least two (2) Banking Days prior to the termination any type of the Interest Period Eurodollar Loan into another type of Loan in question in the event of such failure by Borrower to give such notice of Continuationaccordance with Section 2.07.

Appears in 1 contract

Samples: Credit Agreement (Biscayne Apparel Inc /Fl/)

Interest Periods; Renewals. (a) In the case of each Eurocurrency Loan, the LIBOR Loans and Bid Rate Loans, applicable Borrower shall select an Interest Period of any a duration specified in accordance with the definition of Interest Period in Section 1.011.1, subject to the following limitations: (1i) no Interest Period may extend beyond the Termination Date in the case of Revolving Loans and Swingline Loans, the Maturity DateDate in the case of Term Loans or the Acquisition Loans Maturity Date in the case of Acquisition Loans; (ii) notwithstanding Section 2.10(a)(i), no Interest Period shall have a duration less than one month, and if any such proposed Interest Period would otherwise be for a shorter period, such Interest Period shall not be available; (2iii) if an Interest Period would end on a day which is not a Banking Day, such Interest Period shall be extended to the next Banking Day, unless such Banking Day would fall in the next calendar month, month in which event such Interest Period shall end on the immediately preceding Banking Day. Only twelve ; and (12iv) discrete segments only seven Interest Periods of a Bank's Ratable Loan bearing interest at a LIBOR Interest Rate, for a designated Interest Period, pursuant to a particular Election, Conversion or Continuation, each Bank may be outstanding at any one time time. (each such segment of each Bank's Ratable Loan corresponding to a proportionate segment of each of the other Banks' Ratable Loans). b) Upon notice to Administrative the Agent as provided in Section 2.142.12 and provided no Default or Event of Default has occurred and is continuing, Borrower may Continue any LIBOR Loan on the last day of the Interest Period therefor a Borrower may (i) renew any Eurocurrency Loan as the same type of Loan with an Interest Period of the same or different duration in accordance with the limitations provided above. If Borrower shall fail set forth in Section 2.10(a) or (ii) convert such Loan to give notice to Administrative Agent of such a Continuation, such LIBOR Loan shall automatically become a LIBOR Loan with an Interest Period of one (1) month on the last day of the current Interest Period. Administrative Agent shall notify each of the Banks, either by telephone or by facsimile, at least two (2) Banking Days prior to the termination of the Interest Period in question in the event of such failure by Borrower to give such notice of Continuation.Variable

Appears in 1 contract

Samples: Credit Agreement (Macdermid Inc)

Interest Periods; Renewals. (a) In the case of each LIBOR Loan, the LIBOR Loans and Bid Rate Loans, Borrower Borrowers shall select an Interest Period of any duration in accordance with the definition of Interest Period in Section 1.011.1, subject to the following limitations: (1i) no Interest Period may extend beyond the Maturity Revolving Credit Termination Date, except with respect to the Term Loan for which no Interest Period may extend beyond an Amortization Date unless, after giving effect thereto, the aggregate principal amount of the LIBOR Loans having Interest Periods which end after such Amortization Date shall be equal to or less than the principal amount to be outstanding hereunder after such Amortization Date; (iii) notwithstanding clauses (i) and (2ii) above, no Interest Period shall have a duration less than one month, and if any such proposed Interest Period would otherwise be for a shorter period, such Interest Period shall not be available; (iv) if an Interest Period would end on a day which is not a Banking Day, such Interest Period shall be extended to the next Banking Day, unless such Banking Day would fall in the next calendar month, in which event such ; and (v) no more than five Interest Period shall end on the immediately preceding Banking Day. Only twelve (12) discrete segments of a Bank's Ratable Loan bearing interest at a LIBOR Interest Rate, for a designated Interest Period, pursuant to a particular Election, Conversion or Continuation, Periods may be outstanding at any one time in respect of either the Term Loan or the Working Capital Loans. (each such segment of each Bank's Ratable Loan corresponding to a proportionate segment of each of the other Banks' Ratable Loans). b) Upon notice to Administrative Agent the Bank as provided in Section 2.142.8, Borrower the Borrowers may Continue renew any LIBOR Loan on the last day of the Interest Period therefor as the same type of Loan with an Interest Period of the same or different duration in accordance with the limitations provided above. If Borrower the Borrowers shall fail to give notice to Administrative Agent the Bank of such a Continuationrenewal, such LIBOR Loan shall automatically become a LIBOR Prime Rate Loan with an Interest Period of one (1) month on the last day of the current Interest Period. Administrative Agent shall notify each of the Banks, either by telephone or by facsimile, at least two (2) Banking Days prior to the termination of the Interest Period in question in the event of such failure by Borrower to give such notice of Continuation.

Appears in 1 contract

Samples: Credit Agreement (Tridex Corp)

Interest Periods; Renewals. (a) In the case of each Eurocurrency Loan, the LIBOR Loans and Bid Rate Loans, Borrower thereunder shall select an Interest Period of any duration in accordance with the definition of Interest Period in Section 1.01, subject to the following limitations: (1i) no Interest Period may extend beyond the Maturity Revolving Credit Termination Date; (ii) notwithstanding clause (i) above, no Interest Period shall have a duration less than 30 days, and if any such proposed Interest Period would otherwise be for a shorter period, such Interest Period shall not be available; (2iii) if an Interest Period would end on a day which is not a Banking Day, such Interest Period shall be extended to the next Banking Day, unless such Banking Day would fall in the next calendar month, month in which event such Interest Period shall end on the immediately preceding Banking Day. Only twelve ; (12iv) discrete segments of a Bank's Ratable Loan bearing interest at a LIBOR no more than ten Interest Rate, for a designated Interest Period, pursuant to a particular Election, Conversion or Continuation, Periods may be outstanding at any one time time; (v) no more than two Eurocurrency Loan borrowings in each such segment Alternative Currency may be outstanding at any one time; and (vi) no more than twenty Eurocurrency Loan borrowings may be outstanding at any one time. For purposes of each Bank's Ratable Loan corresponding to a proportionate segment this Section 2.06(a), borrowings having different Interest Periods or denominated in different currencies, regardless of each of whether they commence on the other Banks' Ratable Loans). same date, shall be considered separate borrowings. (b) Upon notice to the Administrative Agent as provided in Section 2.142.08, each Borrower may Continue renew any LIBOR Eurocurrency Loan on the last day of the Interest Period therefor as the same type of Revolving Credit Loans with an Interest Period of the same or different duration in accordance with the limitations provided above. If such Borrower shall fail to give notice to the Administrative Agent of such a Continuationrenewal, (i) in the case of a Eurocurrency Loan denominated in Dollars, such LIBOR Eurocurrency Loan shall automatically become a LIBOR Variable Rate Loan with an Interest Period of one (1) month on the last day of the current Interest Period. Administrative Agent Period and (ii) in the case of a Eurocurrency Loan denominated in an Alternative Currency, such Eurocurrency Loan shall notify each of automatically become a Eurocurrency Loan denominated in the Banks, either by telephone or by facsimile, at least two (2) Banking Days prior to the termination of the same Alternative Currency having an Interest Period in question in the event of such failure by Borrower to give such notice of Continuationone month.

Appears in 1 contract

Samples: Credit Agreement (Micro Warehouse Inc)

Interest Periods; Renewals. In the case of each LIBOR Loan, the LIBOR Loans Revolving Credit Borrowers and Bid Rate Loansthe Term Loan Borrower, Borrower as applicable, shall select an Interest Period of any duration in accordance with the definition of Interest Period in Section 1.01, subject to the following limitations: (1) no Interest Period may extend beyond the Termination Date, with respect to Revolving Credit Loans, or the Maturity Date, with respect to the Term Loan; and (2) no Interest Period shall have a duration less than one (1) month, and if any such proposed Interest Period would otherwise be for a shorter period, such Interest Period shall not be available; (3) if an Interest Period would end on a day which is not a Banking Day, such Interest Period shall be extended to the next Banking Day, unless unless, such Banking Day would fall in the next calendar month, in which event such Interest Period shall end on the immediately preceding Banking DayDay and (4) the applicable Revolving Credit Borrower or Term Loan Borrower shall select an Interest Period so as not to require a payment or prepayment of any LIBOR Loan during an Interest Period for such LIBOR Loan. Only twelve In addition, the Revolving Credit Borrowers and the Term Loan Borrower agree that no more than six (126) discrete segments of a Bank's Ratable Loan bearing interest Interest Periods can be in effect at a LIBOR Interest Rate, for a designated Interest Period, pursuant to a particular Election, Conversion or Continuation, may be outstanding at any one time (each such segment of each Bank's Ratable Loan corresponding to a proportionate segment of each of the other Banks' Ratable Loans)same time. Upon notice to the Administrative Agent as provided in Section 2.14, the Revolving Credit Borrowers and the Term Loan Borrower may Continue any LIBOR Loan on the last day of the Interest Period of the same or different duration in accordance with the limitations provided above. If the Revolving Credit Borrowers and the Term Loan Borrower shall fail to give notice to the Administrative Agent of such a Continuation, such LIBOR Loan shall automatically become a LIBOR Base Rate Loan with an Interest Period of one (1) month on the last day of the current Interest Period. Administrative Agent shall notify each of the Banks, either by telephone or by facsimile, at least two (2) Banking Days prior to the termination of the Interest Period in question in the event of such failure by Borrower to give such notice of Continuation.

Appears in 1 contract

Samples: Credit Agreement (Boundless Corp)

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Interest Periods; Renewals. In the case of the LIBOR Loans and Bid Rate Loans, Borrower shall select an Interest Period of any duration in accordance with the definition of Interest Period in Section 1.01, subject to the following limitations: (1) no Interest Period may extend beyond the Maturity Date; and (2) if an Interest Period would end on a day which is not a Banking Day, such Interest Period shall be extended to the next Banking Day, unless such Banking Day would fall in the next calendar month, in which event such Interest Period shall end on the immediately preceding Banking Day. Only twelve fifteen (1215) discrete segments of a Bank's ’s Ratable Loan bearing interest at a LIBOR Interest Rate, for a designated Interest Period, pursuant to a particular Election, Conversion or Continuation, may be outstanding at any one time (each such segment of each Bank's ’s Ratable Loan corresponding to a proportionate segment of each of the other Banks' Ratable Loans). Upon notice to Administrative Agent as provided in Section 2.14, Borrower may Continue any LIBOR Loan on the last day of the Interest Period of the same or different duration in accordance with the limitations provided above. If Borrower shall fail to give notice to Administrative Agent of such a Continuation, such LIBOR Loan shall automatically become a LIBOR Loan with an Interest Period of one (1) month on the last day of the current Interest Period. Administrative Agent shall notify each of the Banks, either by telephone or by facsimile, at least two (2) Banking Days prior to the termination of the Interest Period in question in the event of such failure by Borrower to give such notice of Continuation.

Appears in 1 contract

Samples: Revolving Loan Agreement (Avalonbay Communities Inc)

Interest Periods; Renewals. In the case of the LIBOR Loans and Bid Rate Loans, Borrower shall select an Interest Period of any duration in accordance with the definition of Interest Period in Section 1.01, subject to the following limitations: (1) no Interest Period may extend beyond the Tranche A Maturity Date or Tranche B Maturity Date, as applicable; and (2) if an Interest Period would end on a day which is not a Banking Day, such Interest Period shall be extended to the next Banking Day, unless such Banking Day would fall in the next calendar month, in which event such Interest Period shall end on the immediately preceding Banking Day. Only twelve an aggregate of six (126) discrete segments of a Bank's Ratable Loan ’s Loans bearing interest at a LIBOR Interest Rate, for a designated Interest Period, pursuant to a particular Election, Conversion or Continuation, may be outstanding at any one time (each such segment of each Bank's Ratable Loan ’s Loans corresponding to a proportionate segment of each of the other Banks' Ratable Loans). Upon notice to Administrative Agent as provided in Section 2.142.13, Borrower may Continue any LIBOR Loan on the last day of the Interest Period of the same or different duration in accordance with the limitations provided above. If Borrower shall fail to give notice to Administrative Agent of such a Continuation, such LIBOR Loan shall automatically become a LIBOR Loan with an Interest Period of one (1) month on the last day of the current Interest Period. Administrative Agent shall notify each of the Banks, either by telephone or by facsimile, at least two (2) Banking Days prior to the termination of the Interest Period in question in the event of such failure by Borrower to give such notice of Continuation.

Appears in 1 contract

Samples: Term Loan Agreement (Avalonbay Communities Inc)

Interest Periods; Renewals. (a) In the case of each Fixed Rate Loan, the LIBOR Loans and Bid Rate Loans, respective Borrower shall select an Interest Period of any duration in accordance with the definition of Interest Period in Section 1.01, subject to the following limitationslimitation: (1i) no Interest Period may extend beyond the Maturity DateRevolving Credit Termination Date (in the case of a Revolving Credit Loan) or the Term Loan Termination Date (in the case of the Term Loan); (ii) notwithstanding clause (i) above, no Interest Period shall have a duration less than one month, and if any such proposed Interest Period would otherwise be for a shorter period, such Interest Period shall not be available; (2iii) if an Interest Period would end on a day which is not a Banking Day, such Interest Period shall be extended to the next Banking Day, unless such Banking Day would fall in the next calendar month, month in which event such Interest Period shall end on the immediately preceding Banking Day. Only twelve ; and (12iv) discrete segments of a Bank's Ratable Loan bearing interest at a LIBOR no more than five Interest Rate, for a designated Interest Period, pursuant to a particular Election, Conversion or Continuation, Periods may be outstanding at any one time time. (each such segment of each Bank's Ratable Loan corresponding to a proportionate segment of each of the other Banks' Ratable Loans). b) Upon notice to Administrative Agent the Banks as provided in Section 2.142.08, the respective Borrower may Continue renew any LIBOR Fixed Rate Loan on the last day of the Interest Period therefor as the same type of Loan with an Interest Period of the same or different duration in accordance with the limitations provided above. If such Borrower shall fail to give notice to Administrative Agent the Bank of such a Continuationrenewal, such LIBOR Fixed Rate Loan shall automatically become a LIBOR Variable Rate Loan with an Interest Period of one (1) month at the then applicable Dollar equivalent on the last day of the current Interest Period. Administrative Agent ; provided that the foregoing shall notify each not prevent the conversion of the Banks, either by telephone or by facsimile, at least two (2) Banking Days prior to the termination any type of the Interest Period Loan into another type of Loan in question in the event of such failure by Borrower to give such notice of Continuationaccordance with Section 2.05.

Appears in 1 contract

Samples: Credit Agreement (Farrel Corp)

Interest Periods; Renewals. In the case of the LIBOR Loans and Bid Rate Loans, -------------------------- Borrower shall select an Interest Period of any duration in accordance with the definition of Interest Period in Section 1.01, subject to the following limitations: (1i) no Interest Period may extend beyond the Maturity Date; and , (2ii) if an Interest Period would end on a day which is not a Banking Day, such Interest Period shall be extended to the next Banking Day, unless such Banking Day would fall in the next calendar month, in which event such Interest Period shall end on the immediately preceding Banking Day. Only twelve Day and (12iii) only five (5) (or four (4) if any portion of the Principal Amount is bearing interest at the Base Rate) discrete segments of a Bank's Ratable Loan bearing interest at a LIBOR Interest Rate, for a designated Interest Period, pursuant to a particular Election, Conversion or Continuation, may be outstanding at any one time (each such segment of each Bank's Ratable Loan corresponding to a proportionate segment of each of the other Banks' Ratable Loans). Upon notice to Administrative Agent as provided in Section 2.14, Borrower may Continue any LIBOR Loan on the last day of the Interest Period of the same or different duration in accordance with the limitations provided above. If Borrower shall fail to give notice to Administrative Agent of such a Continuation, such LIBOR Loan shall automatically become a LIBOR Base Rate Loan with an Interest Period of one (1) month on the last day of the current Interest Period. Administrative Agent shall notify each of the Banks, either by telephone or by facsimile, at least two (2) Banking Days prior to the termination of the Interest Period in question in the event of such failure by Borrower to give such notice of Continuation.

Appears in 1 contract

Samples: Loan Agreement (Taubman Centers Inc)

Interest Periods; Renewals. (a) In the case of each Fixed Rate Loan, the LIBOR Loans and Bid Rate LoansBorrower or the Subsidiary Borrower, Borrower as applicable, shall select an Interest Period of any duration in accordance with the definition of Interest Period in Section 1.01, subject to the following limitations: (1i) no Interest Period may extend beyond the Maturity Termination Date; (ii) notwithstanding clause (i) above, no Interest Period shall have a duration less than one month (or, in the case of NIBO Rate Loans, two weeks), and if any such proposed Interest Period would otherwise be for a shorter period, such Interest Period shall not be available; (2iii) if an Interest Period would end on a day which is not a Banking Day, such Interest Period shall be extended to the next Banking Day, unless such Banking Day would fall in the next calendar month, month in which event such Interest Period shall end on the immediately preceding Banking Day. Only twelve ; and (12iv) discrete segments no more than ten Interest Periods of a Bank's Ratable Loan bearing interest at a LIBOR Interest Rate, for a designated Interest Period, pursuant to a particular Election, Conversion or Continuation, each Lender may be outstanding at any one time time. (each such segment of each Bank's Ratable Loan corresponding to a proportionate segment of each of the other Banks' Ratable Loans). b) Upon notice to the Administrative Agent as provided in Section 2.142.08, the Borrower or the Subsidiary Borrower, as applicable, may Continue renew any LIBOR Fixed Rate Loan on the last day of the Interest Period therefor as the same type of Loan with an Interest Period of the same or different duration in accordance with the limitations provided above. If the Borrower or the Subsidiary Borrower, as applicable, shall fail to give notice to the Administrative Agent of such a Continuationrenewal, (i) in the case of a Fixed Rate Loan denominated in Dollars, such LIBOR Fixed Rate Loan shall automatically become a LIBOR Variable Rate Loan with an Interest Period of one (1) month on the last day of the current Interest Period. Administrative Agent Period and (ii) in the case of a Fixed Rate Loan denominated in Norwegian Krone, such Fixed Rate Loan shall notify each of the Banks, either by telephone or by facsimile, at least two (2) Banking Days prior to the termination of the automatically be a NIBO Loan denominated in Norwegian Krone having an Interest Period in question in the event of such failure by Borrower to give such notice of Continuationone month.

Appears in 1 contract

Samples: Credit Agreement (LCC International Inc)

Interest Periods; Renewals. In the case of the LIBOR Loans and Bid Rate Loans, Borrower shall select an Interest Period of any duration in accordance with the definition of Interest Period in Section 1.01, subject to the following limitations: (1) no Interest Period may extend beyond the Maturity Date; and (2) if an Interest Period would end on a day which is not a Banking Day, such Interest Period shall be extended to the next Banking Day, unless such Banking Day would fall in the next calendar month, in which event such Interest Period shall end on the immediately preceding Banking Day. Only twelve twenty (1220) discrete segments of a Bank's ’s Ratable Loan bearing interest at a LIBOR Interest Rate, for a designated Interest Period, pursuant to a particular Election, Conversion or Continuation, may be outstanding at any one time (each such segment of each Bank's ’s Ratable Loan corresponding to a proportionate segment of each of the other Banks' Ratable Loans). Upon notice to Administrative Agent as provided in Section 2.14, Borrower may Continue any LIBOR Loan on the last day of the Interest Period of the same or different duration in accordance with the limitations provided above. If Borrower shall fail to give notice to Administrative Agent of such a Continuation, such LIBOR Loan shall automatically become a LIBOR Loan with an Interest Period of one (1) month on the last day of the current Interest Period. Administrative Agent shall notify each of the Banks, either by telephone or by facsimile, at least two (2) Banking Days prior to the termination of the Interest Period in question in the event of such failure by Borrower to give such notice of Continuation.

Appears in 1 contract

Samples: Revolving Loan Agreement (Avalonbay Communities Inc)

Interest Periods; Renewals. (a) In the case of each LIBOR Loan or Cost of Funds Loan, the LIBOR Loans and Bid Rate Loans, Borrower shall select an Interest Period of any duration in accordance with the definition of Interest Period in Section 1.011.1, subject to the following limitations: (1i) no Interest Period may extend beyond the Maturity Termination Date; (ii) notwithstanding clauses (i) above, no Interest Period for a LIBOR Loan shall have a duration less than one month, and if any such proposed Interest Period would otherwise be for a shorter period, such Interest Period shall not be available; (2iv) if an Interest Period would end on a day which is not a Banking Day, such Interest Period shall be extended to the next Banking Day, unless such Banking Day would fall in the next calendar month, in which event such ; and (v) no more than five Interest Period shall end on the immediately preceding Banking Day. Only twelve (12) discrete segments of a Bank's Ratable Loan bearing interest at a LIBOR Interest Rate, for a designated Interest Period, pursuant to a particular Election, Conversion or Continuation, Periods may be outstanding at any one time time. (each such segment of each Bank's Ratable Loan corresponding to a proportionate segment of each of the other Banks' Ratable Loans). b) Upon notice to Administrative Agent the Bank as provided in Section 2.142.8, the Borrower may Continue renew any LIBOR Loan or Cost of Funds Loan on the last day of the Interest Period therefor as a LIBOR Loan or Cost of Funds Loan with an Interest Period of the same or different duration in accordance with the limitations provided above. If the Borrower shall fail to give notice to Administrative Agent the Bank of such a Continuationrenewal, such LIBOR Loan or Cost of Funds Loan shall automatically become a LIBOR Prime Rate Loan with an Interest Period of one (1) month on the last day of the current Interest Period. Administrative Agent shall notify each of the Banks, either by telephone or by facsimile, at least two (2) Banking Days prior to the termination of the Interest Period in question in the event of such failure by Borrower to give such notice of Continuation.

Appears in 1 contract

Samples: Credit Agreement (First Aviation Services Inc)

Interest Periods; Renewals. In the case of the LIBOR Loans and Bid Rate Loans, Borrower shall select an Interest Period of any duration in accordance with the definition of Interest Period in Section 1.01, subject to the following limitations: (1) no Interest Period may extend beyond the Maturity Date; and (2) if an Interest Period would end on a day which is not a Banking Day, such Interest Period shall be extended to the next Banking Day, unless such Banking Day would fall in the next calendar month, in which event such Interest Period shall end on the immediately preceding Banking Day. Only twelve twenty (1220) discrete segments of a Bank's ’s Ratable Loan bearing interest at a LIBOR Interest Rate, for a designated Interest Period, pursuant to a particular Election, Conversion or Continuation, may be outstanding at any one time (each such segment of each Bank's ’s Ratable Loan corresponding to a proportionate segment of each of the other Banks' Ratable Loans). Upon notice to Administrative Agent as provided in Section 2.14, Borrower may Continue any LIBOR Loan on the last day of the Interest Period of the same or different duration in accordance with the limitations provided above. If Borrower shall fail to give notice to Administrative Agent of such a Continuation, such LIBOR Loan (other than a LIBOR Daily Floating Rate Loan) shall automatically become a LIBOR Loan with an Interest Period of one (1) month on the last day of the current Interest Period. Administrative Agent shall notify each of the Banks, either by telephone or by facsimileelectronic mail, at least two (2) Banking Days prior to the termination of the Interest Period in question in the event of such failure by Borrower to give such notice of Continuation. Any LIBOR Daily Floating Rate Loans shall automatically Continue as such on each successive day until the Borrower gives notice to Administrative Agent of the Conversion of such Loan to a LIBOR Loan with a different Interest Period or to a Base Rate Loan.

Appears in 1 contract

Samples: Revolving Loan Agreement (Avalonbay Communities Inc)

Interest Periods; Renewals. (a) In the case of each LIBOR Loan, the LIBOR Loans and Bid Rate Loans, Borrower Borrowers shall select an Interest Period of any duration in accordance with the definition of Interest Period in Section 1.011.1, subject to the following limitations: (1i) no Interest Period may extend beyond the Maturity Dateshall have a duration less than one month; and if any such proposed Interest Period would otherwise be for a shorter period, such Interest Period shall not be available; (2ii) if an Interest Period would end on a day which is not a Banking Day, such Interest Period shall be extended to the next Banking Day, unless unless, in the case of a LIBOR Loan, such Banking Day would fall in the next calendar month, month in which event such Interest Period shall end on the immediately preceding Banking Day. Only twelve ; (12iii) discrete segments of a Bank's Ratable Loan bearing interest at a LIBOR no more than five Interest Rate, for a designated Interest Period, pursuant to a particular Election, Conversion or Continuation, Periods may be outstanding at any one time time. (each such segment of each Bank's Ratable Loan corresponding to a proportionate segment of each of the other Banks' Ratable Loans). b) Upon notice to Administrative Agent the Bank as provided in Section 2.142.8, Borrower the Borrowers may Continue renew any LIBOR Loan on the last day of the Interest Period therefor as the same type of Revolving Loan with an Interest Period of the same or different duration in accordance with the limitations provided above. If Borrower the Borrowers shall fail to give notice to Administrative Agent the Bank of such a Continuationrenewal, such LIBOR Loan shall automatically become a LIBOR Prime Rate Loan with an Interest Period of one (1) month on the last day of the current Interest Period; provided that the foregoing shall not prevent the conversion of any type of LIBOR Loan into another type of Revolving Loan in accordance with Section 2.5. Administrative Agent shall notify each of the Banks, either by telephone or by facsimile, at least two (2) Banking Days prior to the termination of the Interest Period in question in the event of such failure by Borrower to give such notice of Continuation.15 14

Appears in 1 contract

Samples: Credit Agreement (Transact Technologies Inc)

Interest Periods; Renewals. (a) In the case of each Fixed Rate Loan, the LIBOR Loans and Bid Rate Loans, Borrower shall select an Interest Period of any duration in accordance with the definition of Interest Period in Section 1.011.1, subject to the following limitationslimitation: (1i) no Interest Period may extend beyond the applicable Maturity Date; (ii) notwithstanding clause (i) above, no Interest Period shall have a duration less than 30 days, and if any such proposed Interest Period would otherwise be for a shorter period, such Interest Period shall not be available; (2iii) if an Interest Period would end on a day which is not a Banking Day, such Interest Period shall be extended to the next Banking Day, unless unless, in the case of a LIBOR Loan, such Banking Day would fall in the next calendar month, month in which event such Interest Period shall end on the immediately preceding Banking Day. Only twelve ; and (12iv) discrete segments of a Bank's Ratable Loan bearing interest at a LIBOR only one Interest Rate, for a designated Interest Period, pursuant to a particular Election, Conversion or Continuation, Period may be outstanding at any one time with respect to the Loan. (each such segment of each Bank's Ratable Loan corresponding to a proportionate segment of each of the other Banks' Ratable Loans). b) Upon notice to Administrative Agent the Lender as provided in Section 2.142.7, the Borrower may Continue renew any LIBOR Fixed Rate Loan on the last day of the Interest Period therefor as the same type of Loan with an Interest Period of the same or different duration in accordance with the limitations provided above. If the Borrower shall fail to give notice to Administrative Agent the Lender of such a Continuationrenewal, any such LIBOR Loan shall automatically become renew as a LIBOR Loan with an Interest Period of one (1) month on the last day same duration, unless such Interest Period would end after the Maturity Date of the current Interest Period. Administrative Agent Note evidencing such Loan, in which case such LIBOR Loan shall notify each automatically convert to a Variable Rate Loan; provided that the foregoing shall not prevent the conversion of the Banks, either by telephone or by facsimile, at least two (2) Banking Days prior to the termination any type of the Interest Period Fixed Rate Loan into another type of Loan in question in the event of such failure by Borrower to give such notice of Continuationaccordance with Section 2.4.

Appears in 1 contract

Samples: Credit Agreement (Universal American Financial Corp)

Interest Periods; Renewals. (a) In the case of each Fixed Rate Loan, the LIBOR Loans and Bid Rate LoansBorrower or the Subsidiary Borrower, Borrower as applicable, shall select an Interest Period of any duration in accordance with the definition of Interest Period in Section 1.01, subject to the following limitations: (1i) no Interest Period may extend beyond the Maturity Termination Date; (ii) notwithstanding clause (i) above, no Interest Period shall have a duration less than one month (or, in the case of NIBO Rate Loans, two weeks), and if any such proposed Interest Period would otherwise be for a shorter period, such Interest Period shall not be available; (2iii) if an Interest Period would end on a day which is not a Banking Day, such Interest Period shall be extended to the next Banking Day, unless such Banking Day would fall in the next calendar month, month in which event such Interest Period shall end on the immediately preceding Banking Day. Only twelve ; and (12iv) discrete segments no more than ten Interest Periods of a Bank's Ratable Loan bearing interest at a LIBOR Interest Rate, for a designated Interest Period, pursuant to a particular Election, Conversion or Continuation, each Lender may be outstanding at any one time time. (each such segment of each Bank's Ratable Loan corresponding to a proportionate segment of each of the other Banks' Ratable Loans). b) Upon notice to the Administrative Agent as provided in Section 2.142.09, the Borrower or the Subsidiary Borrower, as applicable, may Continue renew any LIBOR Fixed Rate Loan on the last day of the Interest Period therefor as the same type of Loan with an Interest Period of the same or different duration in accordance with the limitations provided above. If the Borrower or the Subsidiary Borrower, as applicable, shall fail to give notice to the Administrative Agent of such a Continuationrenewal, (i) in the case of a Fixed Rate Loan denominated in Dollars, such LIBOR Fixed Rate Loan shall automatically become a LIBOR Variable Rate Loan with an Interest Period of one (1) month on the last day of the current Interest Period. Administrative Agent Period and (ii) in the case of a Fixed Rate Loan denominated in Norwegian Krone, such Fixed Rate Loan shall notify each of the Banks, either by telephone or by facsimile, at least two (2) Banking Days prior to the termination of the automatically be a NIBO Loan denominated in Norwegian Krone having an Interest Period in question in the event of such failure by Borrower to give such notice of Continuationone month.

Appears in 1 contract

Samples: Credit Agreement (LCC International Inc)

Interest Periods; Renewals. In the case of the LIBOR Loans and Bid Rate Loans, Borrower shall select an Interest Period of any duration in accordance with the definition of Interest Period in Section 1.01, subject to the following limitations: (1) no Interest Period may extend beyond the Maturity Date; and (2) if an Interest Period would end on a day which is not a Banking Day, such Interest Period shall be extended to the next Banking Day, unless such Banking Day would fall in the next calendar month, in which event such Interest Period shall end on the immediately preceding Banking Day. Only twelve twenty (1220) discrete segments of a Bank's ’s Ratable Loan bearing interest at a LIBOR Interest Rate, for a designated Interest Period, pursuant to a particular Election, Conversion or Continuation, may be outstanding at any one time (each such segment of each Bank's ’s Ratable Loan corresponding to a proportionate segment of each of the other Banks' Ratable Loans). Upon notice to Administrative Agent as provided in Section 2.14, Borrower may Continue any LIBOR Loan on the last day of the Interest Period of the same or different duration in accordance with the limitations provided above. If Borrower shall fail to give notice to Administrative Agent of such a Continuation, such LIBOR Loan (other than a LIBOR Daily Floating Rate Loan) shall automatically become a LIBOR Loan with an Interest Period of one (1) month on the last day of the current Interest Period. Administrative Agent shall notify each of the Banks, either by telephone or by facsimile, at least two (2) Banking Days prior to the termination of the Interest Period in question in the event of such failure by Borrower to give such notice of Continuation. Any LIBOR Daily Floating Rate Loans shall automatically Continue as such on each successive day until the Borrower gives notice to Administrative Agent of the Conversion of such Loan to a LIBOR Loan with a different Interest Period or to a Base Rate Loan.

Appears in 1 contract

Samples: Revolving Loan Agreement (Avalonbay Communities Inc)

Interest Periods; Renewals. In the case of the LIBOR Loans and Bid Rate Loans, Borrower shall select an Interest Period of any duration in accordance with the definition of Interest Period in Section 1.01, subject to the following limitations: (1) no Interest Period may extend beyond the Tranche A Maturity Date or Tranche B Maturity Date, as applicable; and (2) if an Interest Period would end on a day which is not a Banking Day, such Interest Period shall be extended to the next Banking Day, unless such Banking Day would fall in the next calendar month, in which event such Interest Period shall end on the immediately preceding Banking Day. Only twelve an aggregate of six (126) discrete segments of a Bank's Ratable Loan ’s Loans bearing interest at a LIBOR Interest Rate, for a designated Interest Period, pursuant to a particular Election, Conversion or Continuation, may be outstanding at any one time (each such segment of each Bank's Ratable Loan ’s Loans corresponding to a proportionate segment of each of the other Banks' Ratable Loans). Upon notice to Administrative Agent as provided in Section 2.142.13, Borrower may Continue any LIBOR Loan on the last day of the Interest Period of the same or different duration in accordance with the limitations provided above. If Borrower shall fail to give notice to Administrative Agent of such a Continuation, such LIBOR Loan shall automatically become a LIBOR Loan with an Interest Period of one (1) month on the last day of the current Interest Period. Administrative Agent shall notify each of the Banks, either by telephone or by facsimileelectronic mail, at least two (2) Banking Days prior to the termination of the Interest Period in question in the event of such failure by Borrower to give such notice of Continuation.

Appears in 1 contract

Samples: Term Loan Agreement (Avalonbay Communities Inc)

Interest Periods; Renewals. In the case of the LIBOR Loans and Bid Rate Loans, Borrower shall select an Interest Period of any duration in accordance with the definition of Interest Period in Section 1.01, subject to the following limitations: (1) no Interest Period may extend beyond the Maturity Date; and (2) if an Interest Period would end on a day which is not a Banking Day, such Interest Period shall be extended to the next Banking Day, unless such Banking Day would fall in the next calendar month, in which event such Interest Period shall end on the immediately preceding Banking Day. Only twelve ; and (123) only five (5) discrete segments of a Bank's Ratable Loan bearing interest at a LIBOR Interest Rate, Rate for a designated Interest Period, Period pursuant to a particular Election, Conversion or Continuation, may be outstanding at any one time (each such segment of each Bank's Ratable Loan corresponding to a proportionate segment of each of the other Banks' Ratable Loans, barring a conversion or suspension of the LIBOR Interest Rate by one (1)or more, but not all, Banks, or the failure of one (1) or more, but not all, Banks to make an advance). Upon notice to Administrative Agent as provided in Section 2.142.13, Borrower may Continue any LIBOR Loan on the last day of the Interest Period of for such LIBOR Loan for the same or different duration in accordance with the limitations provided above. If Borrower shall fail to give notice to Administrative Agent of such a Continuation, such LIBOR Loan shall automatically become a LIBOR Loan with an Interest Period of one (1) month on the last day of the current Interest Period. Administrative Agent shall notify each of the Banks, either by telephone or by facsimile, at least two (2) Banking Days prior to the termination of the Interest Period in question in the event of such failure by Borrower to give such notice of Continuation.

Appears in 1 contract

Samples: Revolving Credit Agreement (First Washington Realty Trust Inc)

Interest Periods; Renewals. In the case of the LIBOR Loans and Bid Rate Loans, Borrower shall select an Interest Period of any duration in accordance with the definition of Interest Period in Section 1.01, subject to the following limitations: (1) no Interest Period may extend beyond the Tranche A Maturity Date, Tranche B Maturity Date or Tranche C Maturity Date, as the case may be; and (2) if an Interest Period would end on a day which is not a Banking Day, such Interest Period shall be extended to the next Banking Day, unless such Banking Day would fall in the next calendar month, in which event such Interest Period shall end on the immediately preceding Banking Day. Only twelve an aggregate of six (126) discrete segments of a Bank's Ratable Loan ’s Loans bearing interest at a LIBOR Interest Rate, for a designated Interest Period, pursuant to a particular Election, Conversion or Continuation, may be outstanding at any one time (each such segment of each Bank's Ratable Loan ’s Loans corresponding to a proportionate segment of each of the other Banks' Ratable Loans). Upon notice to Administrative Agent as provided in Section 2.142.13, Borrower may Continue any LIBOR Loan on the last day of the Interest Period of the same or different duration in accordance with the limitations provided above. If Borrower shall fail to give notice to Administrative Agent of such a Continuation, such LIBOR Loan shall automatically become a LIBOR Loan with an Interest Period of one (1) month on the last day of the current Interest Period. Administrative Agent shall notify each of the Banks, either by telephone or by facsimile, at least two (2) Banking Days prior to the termination of the Interest Period in question in the event of such failure by Borrower to give such notice of Continuation.

Appears in 1 contract

Samples: Term Loan Agreement (Avalonbay Communities Inc)

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