Interest Periods. At the time any Borrower gives any Notice of Borrowing or Notice of Conversion/Continuation in respect of the making of, or conversion into, any LIBOR Loan (in the case of the initial Interest Period applicable thereto) or prior to 1:00 P.M. (New York City time) on the third Business Day prior to the expiration of an Interest Period applicable to such LIBOR Loan (in the case of any subsequent Interest Period), such Borrower shall have the right to elect the interest period (each, an “Interest Period”) applicable to such LIBOR Loan, which Interest Period shall, at the option of the Borrower, be a one, two, three or six month period; provided, that, (in each case): (a) all LIBOR Loans comprising a Borrowing shall at all times have the same Interest Period; (b) the initial Interest Period for any LIBOR Loan shall commence on the date of Borrowing of such LIBOR Loan (including the date of any conversion thereto from a Base Rate Loan) and each Interest Period occurring thereafter in respect of such LIBOR Loan shall commence on the day on which the next preceding Interest Period applicable thereto expires; (c) if any Interest Period for a LIBOR 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; (d) if any Interest Period for a LIBOR 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 LIBOR 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; (e) unless the Required Lenders otherwise agree, no Interest Period may be selected at any time when an Event of Default is then in existence; and (f) no Interest Period in respect of any Borrowing shall be selected which extends beyond the Revolving Commitment Termination Date. If by 1:00 P.M. (New York City time) on the third Business Day prior to the expiration of any Interest Period applicable to a Borrowing of LIBOR Loans, any Borrower has failed to elect, or is not permitted to elect, a new Interest Period to be applicable to such LIBOR Loans as provided above, such Borrower shall be deemed to have elected to convert such LIBOR Loans into Base Rate Loans effective as of the expiration date of such current Interest Period.
Appears in 5 contracts
Sources: Abl Credit Agreement (CVR Partners, Lp), Abl Credit Agreement (CVR Refining, LP), Abl Credit Agreement (CVR Partners, Lp)
Interest Periods. At the time any the Borrower gives any a Notice of Borrowing or Notice of Conversion/Conversion or Continuation in respect of the making of, or conversion intointo or continuation as, any a Borrowing of LIBOR Loan Loans in accordance with Section 2.6(a), the Borrower shall give the Administrative Agent written notice (or telephonic notice promptly confirmed in the case writing) of the initial Interest Period applicable thereto) or prior to 1:00 P.M. (New York City time) on the third Business Day prior to the expiration of an Interest Period applicable to such LIBOR Loan (in the case of any subsequent Interest Period), such Borrower shall have the right to elect the interest period (each, an “Interest Period”) applicable to such LIBOR LoanBorrowing, which Interest Period shall, at the option of the Borrower, Borrower be a one, two, three or six or (if available to all relevant Lenders participating in the relevant Credit Facility) a nine or twelve month periodperiod or a period of less than one month; provided, provided that, (in each case): notwithstanding the foregoing, the initial Interest Period beginning on the Closing Date may be for a period of less than one month if agreed upon by the Borrower and the Administrative Agent. Notwithstanding anything to the contrary contained above:
(a) all LIBOR Loans comprising a Borrowing shall at all times have the same Interest Period; (b) the initial Interest Period for any Borrowing of LIBOR Loan Loans shall commence on the date of such Borrowing of such LIBOR Loan (including the date of any conversion thereto from a Base Rate LoanBorrowing of ABR Loans) and each Interest Period occurring thereafter in respect of such LIBOR Loan Borrowing shall commence on the day on which the next preceding Interest Period applicable thereto expires; ;
(cb) if any Interest Period for relating to a Borrowing of LIBOR Loan Loans begins on the last Business Day of a calendar month or 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 the calendar month at the end of such calendar month; Interest Period;
(dc) if any Interest Period for a LIBOR Loan would otherwise expire on a day which that is not a Business Day, such Interest Period shall expire on the next succeeding Business Day; provided, however, provided that if any Interest Period for in respect of a LIBOR Loan would otherwise expire on a day which that 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; ;
(ed) unless the Required Lenders otherwise agree, no Interest Period may Borrower shall not be selected at entitled to elect any time when an Event of Default is then in existence; and (f) no Interest Period in respect of any Borrowing LIBOR Loan if such Interest Period would extend beyond the applicable Maturity Date of such Loan; and
(e) Posting Interest Periods shall be selected which extends beyond the Revolving Commitment Termination Date. If governed by 1:00 P.M. (New York City time) on the third Business Day prior to the expiration of any Interest Period applicable to a Borrowing of LIBOR Loans, any Borrower has failed to elect, or is not permitted to elect, a new Interest Period to be applicable to such LIBOR Loans as provided above, such Borrower shall be deemed to have elected to convert such LIBOR Loans into Base Rate Loans effective as of the expiration date of such current Interest PeriodSection 14.
Appears in 4 contracts
Sources: Credit Agreement (Energy Future Competitive Holdings CO), Credit Agreement (Energy Future Intermediate Holding CO LLC), Credit Agreement (Energy Future Intermediate Holding CO LLC)
Interest Periods. At the time any the Borrower gives any Notice of Borrowing or Notice of Conversion/Continuation in respect of the making of, or conversion into, any LIBOR Loan (in the case of the initial Interest Period applicable thereto) or prior to 1:00 P.M. p.m. (New York City time) on the third Business Day prior to the expiration of an Interest Period applicable to such LIBOR Loan (in the case of any subsequent Interest Period), such the Borrower shall have the right to elect the interest period (each, an “Interest Period”) applicable to such LIBOR Loan, which Interest Period shall, at the option of the Borrower, be a one, two, three three, six or, if approved by each Lender of such LIBOR Loan, twelve month period or six month period; providedany period shorter than one month, that, provided that (in each case): ):
(a) all LIBOR Loans comprising a Borrowing shall at all times have the same Interest Period; ;
(b) the initial Interest Period for any LIBOR Loan shall commence on the date of Borrowing of such LIBOR Loan (including the date of any conversion thereto from a Base Rate Loan) and each Interest Period occurring thereafter in respect of such LIBOR Loan shall commence on the day on which the next preceding Interest Period applicable thereto expires; ;
(c) if any Interest Period for a LIBOR 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; ;
(d) if any Interest Period for a LIBOR 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 LIBOR 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; ;
(e) unless upon notice to the Borrower from the Administrative Agent given at the request of the Required Lenders otherwise agreeLenders, after the occurrence and during the continuance of a Significant Event of Default, no Interest Period may be selected at any time when an Event of Default is then in existenceselected; and and
(f) no Interest Period in respect of any Borrowing of any Tranche of Loans shall be selected which extends beyond the Revolving Commitment Termination DateMaturity Date for such Tranche of Loans. If by 1:00 P.M. p.m. (New York City time) on the third Business Day prior to the expiration of any Interest Period applicable to a Borrowing of LIBOR Loans, any the Borrower has failed to elect, or is not permitted to elect, a new Interest Period to be applicable to such LIBOR Loans as provided above, the Borrower shall be deemed to have elected to continue such LIBOR Loans as LIBOR Loans with an Interest Period of one month effective as of the expiration date of such current Interest Period; provided that, if the Borrower is not permitted to elect a new Interest Period to be applicable to such LIBOR Loans as provided above, the Borrower shall be deemed to have elected to convert such LIBOR Loans into Base Rate Loans effective as of the expiration date of such current Interest Period.
Appears in 4 contracts
Sources: Credit and Guarantee Agreement (Infrastructure & Energy Alternatives, Inc.), Credit and Guarantee Agreement (Infrastructure & Energy Alternatives, Inc.), Credit and Guarantee Agreement (Infrastructure & Energy Alternatives, Inc.)
Interest Periods. At the time any the Borrower gives any a Notice of Borrowing or Notice of Conversion/Conversion or Continuation in respect of the making of, or conversion intointo or continuation as, any a Borrowing of LIBOR Loan (Loans in the case of the initial Interest Period applicable thereto) or prior to 1:00 P.M. (New York City time) on the third Business Day prior to the expiration of an Interest Period applicable to such LIBOR Loan (in the case of any subsequent Interest Periodaccordance with Section 2.6(a), such the Borrower shall have the right to elect by giving the interest period Administrative Agent written notice (each, an “or telephonic notice promptly confirmed in writing) the Interest Period”) Period applicable to such LIBOR LoanBorrowing, which Interest Period shall, at the option of the Borrower, Borrower be a one, two, three three, six or six month period; provided, that, (in each case): the case of Revolving Credit Loans, if available to all the Lenders making such loans as determined by such Lenders in good faith based on prevailing market conditions) a twelve month period (or such other period of less than six months as to which the Administrative Agent may consent). Notwithstanding anything to the contrary contained above:
(a) all LIBOR Loans comprising a Borrowing shall at all times have the same Interest Period; (b) the initial Interest Period for any Borrowing of LIBOR Loan Loans shall commence on the date of such Borrowing of such LIBOR Loan (including the date of any conversion thereto from a Base Rate LoanBorrowing of ABR Loans) and each Interest Period occurring thereafter in respect of such LIBOR Loan Borrowing shall commence on the day on which the next preceding Interest Period applicable thereto expires; ;
(cb) if any Interest Period for relating to a Borrowing of LIBOR Loan Loans begins on the last Business Day of a calendar month or 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 the calendar month at the end of such calendar month; Interest Period;
(dc) if any Interest Period for a LIBOR Loan would otherwise expire on a day which that is not a Business Day, such Interest Period shall expire on the next succeeding Business Day; provided, however, provided that if any Interest Period for in respect of a LIBOR Loan would otherwise expire on a day which that 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; and
(ed) unless the Required Lenders otherwise agree, no Interest Period may Borrower shall not be selected at entitled to elect any time when an Event of Default is then in existence; and (f) no Interest Period in respect of any Borrowing shall be selected which extends LIBOR Loan if such Interest Period would extend beyond the Revolving Commitment Termination Date. If by 1:00 P.M. (New York City time) on the third Business Day prior to the expiration of any Interest Period applicable to a Borrowing of LIBOR Loans, any Borrower has failed to elect, or is not permitted to elect, a new Interest Period to be applicable to such LIBOR Loans as provided above, such Borrower shall be deemed to have elected to convert such LIBOR Loans into Base Rate Loans effective as of the expiration date Maturity Date of such current Interest PeriodLoan.
Appears in 4 contracts
Sources: Joinder Agreement (HCA Healthcare, Inc.), Joinder Agreement (HCA Healthcare, Inc.), Restatement Agreement (HCA Healthcare, Inc.)
Interest Periods. At the time any Lead Borrower gives any Notice of Borrowing or Notice of Conversion/Continuation in respect of the making of, or conversion into, any LIBOR LIBO Rate Term Loan (in the case of the initial Interest Period applicable thereto) or prior to 1:00 P.M. 12:00 Noon (New York City time) on the third Business Day prior to the expiration of an Interest Period applicable to such LIBOR LIBO Rate Term Loan (in the case of any subsequent Interest Period), such Lead Borrower shall have the right to elect the interest period (each, an “Interest Period”) applicable to such LIBOR LIBO Rate Term Loan, which Interest Period shall, at the option of the Borrower, Lead Borrower be a one, two, three or six month period, or, if agreed to by all Lenders, a twelve month period, or, if agreed to by the Administrative Agent a period less than one month; provided, that, provided that (in each case): ):
(ai) all LIBOR LIBO Rate Term Loans comprising a Borrowing shall at all times have the same Interest Period; ;
(bii) the initial Interest Period for any LIBOR LIBO Rate Term Loan shall commence on the date of Borrowing of such LIBOR LIBO Rate Term Loan (including including, in the case of LIBO Rate Term Loans, the date of any conversion thereto from a Borrowing of Base Rate LoanTerm Loans) and each Interest Period occurring thereafter in respect of such LIBOR LIBO Rate Term Loan shall commence on the day on which the next preceding Interest Period applicable thereto expires; ;
(ciii) if any Interest Period for a LIBOR LIBO Rate Term 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; ;
(div) if any Interest Period for a LIBOR LIBO Rate Term 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 LIBOR LIBO Rate Term 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; ;
(ev) unless the Required Lenders otherwise agree, no Interest Period for a LIBO Rate Term Loan may be selected at any time when an Event of Default is then in existence; and and
(fvi) no Interest Period in respect of any Borrowing of any Tranche of Term Loans shall be selected which extends beyond the Revolving Commitment Termination DateMaturity Date therefor. With respect to any LIBO Rate Term Loans, at the end of any Interest Period applicable to a Borrowing thereof, Lead Borrower may elect to split the respective Borrowing of a single Type under a single Tranche into two or more Borrowings of different Types under such Tranche or combine two or more Borrowings under a single Tranche into a single Borrowing of the same Type under such Tranche, in each case, by Lead Borrower giving notice thereof together with its election of one or more Interest Periods applicable thereto, in each case so long as each resulting Borrowing (x) has an Interest Period which complies with the foregoing requirements of this Section 2.09, (y) has a principal amount which is not less than the Minimum Borrowing Amount applicable to Borrowings of the respective Type and Tranche, and (z) does not cause a violation of the requirements of Section 2.02. If by 1:00 P.M. 12:00 Noon (New York City time) on the third Business Day prior to the expiration of any Interest Period applicable to a Borrowing of LIBOR LIBO Rate Term Loans, any Lead Borrower has failed to elect, or is not permitted to elect, a new Interest Period to be applicable to such LIBOR Loans as provided aboveLIBO Rate, such Lead Borrower shall be deemed to have elected in the case of LIBO Rate Term Loans, to convert such LIBOR LIBO Rate Term Loans into Base Rate Term Loans with such conversion to be effective as of the expiration date of such current Interest Period.
Appears in 4 contracts
Sources: Amendment and Restatement Agreement (VERRA MOBILITY Corp), Term Loan Credit Agreement (Interior Logic Group Holdings, LLC), First Lien Term Loan Credit Agreement (VERRA MOBILITY Corp)
Interest Periods. At the time any the Borrower gives any a Notice of Borrowing or Notice of Conversion/Conversion or Continuation in respect of the making of, or conversion intointo or continuation as, any a Borrowing of LIBOR Loan Loans (in the case of the initial Interest Period applicable thereto) or prior to 1:00 P.M. 11:00 a.m. (New York City Central time) on the third Business Day prior to the expiration of an Interest Period applicable to such a Borrowing of LIBOR Loan (in Loans, the case of any subsequent Interest Period), such Borrower shall have the right to elect by giving the interest period Administrative Agent written notice (each, an “or telephonic notice promptly confirmed in writing) the Interest Period”) Period applicable to such LIBOR LoanBorrowing, which Interest Period shall, at the option of the Borrower, Borrower be a one, two, three three, six or six if available to all the Lenders as determined by the Lenders in good faith based on prevailing market conditions, a nine or twelve month period; provided, that, (in each case): . Notwithstanding anything to the contrary contained above:
(a) all LIBOR Loans comprising a Borrowing shall at all times have the same Interest Period; (b) the initial Interest Period for any Borrowing of LIBOR Loan Loans shall commence on the date of such Borrowing of such LIBOR Loan (including the date of any conversion thereto from a Base Rate LoanBorrowing of ABR Loans) and each Interest Period occurring thereafter in respect of such LIBOR Loan Borrowing shall commence on the day on which the next preceding Interest Period applicable thereto expires; ;
(cb) if any Interest Period for relating to a Borrowing of LIBOR Loan Loans begins on the last Business Day of a calendar month or 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 the calendar month at the end of such calendar month; Interest Period;
(dc) if any Interest Period for a LIBOR Loan would otherwise expire on a day which that is not a Business Day, such Interest Period shall expire on the next succeeding Business Day; provided, howeverunless, that if any Interest Period for in the case of a LIBOR Loan would otherwise expire on a day which is not a Loan, such Business Day but is a day of the month after which no further Business Day occurs falls in such another calendar month, in which case such Interest Period shall expire on the next preceding Business Day; and
(ed) unless the Required Lenders otherwise agree, no Interest Period may Borrower shall not be selected at entitled to elect any time when an Event of Default is then in existence; and (f) no Interest Period in respect of any Borrowing shall be selected which extends LIBOR Loan if such Interest Period would extend beyond the Revolving Commitment Termination Date. If by 1:00 P.M. (New York City time) on the third Business Day prior to the expiration of any Interest Period applicable to a Borrowing of LIBOR Loans, any Borrower has failed to elect, or is not permitted to elect, a new Interest Period to be applicable to such LIBOR Loans as provided above, such Borrower shall be deemed to have elected to convert such LIBOR Loans into Base Rate Loans effective as of the expiration maturity date of such current Interest PeriodLoan.
Appears in 4 contracts
Sources: Refinancing Amendment (MRC Global Inc.), Refinancing Amendment and Successor Administrative Agent Agreement (MRC Global Inc.), Term Loan Credit Agreement (MRC Global Inc.)
Interest Periods. At the time any Borrower gives any Notice of Borrowing or Notice of Conversion/Continuation in respect of the making of, or conversion into, any LIBOR LIBO Rate Loan or Alternative Currency Term Rate Loan (in the case of the initial Interest Period applicable thereto) or prior to 1:00 P.M. 12:00 Noon (New York City time) on the third Business Day prior to the expiration of an Interest Period applicable to such LIBOR LIBO Rate Loan or Alternative Currency Term Rate Loan (in the case of any subsequent Interest Period), such Borrower shall have the right to elect the interest period (each, an “Interest Period”) applicable to such LIBOR LIBO Rate Loan or Alternative Currency Term Rate Loan, which Interest Period shall, at the option of the Borrower, Borrower be a one, two, three or six month period, or, if agreed to by all Lenders, a twelve month period or any other period, or, if agreed to by the Administrative Agent with respect to a LIBO Rate Loan, a period less than one month; provided, that, provided that (in each case): ):
(ai) all LIBOR LIBO Rate Loans and all Alternative Currency Term Rate Loans comprising a Borrowing shall at all times have the same Interest Period; ;
(bii) the initial Interest Period for any LIBOR LIBO Rate Loan or Alternative Currency Term Rate Loan shall commence on the date of Borrowing of such LIBOR LIBO Rate Loan or Alternative Currency Term Rate Loan (including including, in the case of LIBO Rate Loans, the date of any conversion thereto from a Borrowing of Base Rate LoanLoans) and each Interest Period occurring thereafter in respect of such LIBOR LIBO Rate Loan or Alternative Currency Term Rate Loan shall commence on the day on which the next preceding Interest Period applicable thereto expires; ;
(ciii) if any Interest Period for a LIBOR LIBO Rate Loan or Alternative Currency Term Rate 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; ;
(div) if any Interest Period for a LIBOR LIBO Rate Loan or Alternative Currency Term Rate 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 LIBOR LIBO Rate Loan or Alternative Currency Term Rate 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; ;
(ev) unless the Required Lenders otherwise agree, no Interest Period for a LIBO Rate Loan or Alternative Currency Term Rate Loan may be selected at any time when an Event of Default is then in existence;
(vi) with respect to Revolving Loans, unless the Required Revolving Lenders otherwise agree, no Interest Period for a Revolving Loan that is a LIBO Rate Loan or Alternative Currency Term Rate Loan may be selected at any time when an Event of Default is then in existence; and and
(fvii) no Interest Period in respect of any Borrowing of any Tranche of Loans shall be selected which extends beyond the Revolving Commitment Termination DateMaturity Date therefor. With respect to any LIBO Rate Loans or Alternative Currency Term Rate Loans, at the end of any Interest Period applicable to a Borrowing thereof, Borrower may elect to split the respective Borrowing of a single Type under a single Tranche into two or more Borrowings of different Types under such Tranche or combine two or more Borrowings under a single Tranche into a single Borrowing of the same Type under such Tranche, in each case, by Borrower giving notice thereof together with its election of one or more Interest Periods applicable thereto, in each case so long as each resulting Borrowing (x) has an Interest Period which complies with the foregoing requirements of this Section 2.09, (y) has a principal amount which is not less than the Minimum Borrowing Amount applicable to Borrowings of the respective Type and Tranche, and (z) does not cause a violation of the requirements of Section 2.02. If by 1:00 P.M. 12:00 Noon (New York City time) on the third Business Day prior to the expiration of any Interest Period applicable to a Borrowing of LIBOR LIBO Rate Loans, any Borrower has failed to elect, or is not permitted to elect, a new Interest Period to be applicable to such LIBOR Loans as provided aboveLIBO Rate, such Borrower shall be deemed to have elected to convert such LIBOR LIBO Rate Loans into Base Rate Loans with such conversion to be effective as of the expiration date of such current Interest Period.
Appears in 4 contracts
Sources: Credit Agreement (McGraw Hill, Inc.), Credit Agreement (McGraw Hill, Inc.), Credit Agreement (McGraw Hill, Inc.)
Interest Periods. At the time any the Borrower gives any the Notice of Borrowing or a Notice of Conversion/Continuation in respect of the making of, or conversion intointo or continuation as, any a Borrowing of LIBOR Loan (in the case of the initial Interest Period applicable thereto) or Loans prior to 1:00 P.M. 10:00 a.m. (New York City time) on the third Business Day prior to the expiration applicable date of an Interest Period applicable to making or conversion or continuation of such LIBOR Loan (in Loans, the case of any subsequent Interest Period), such Borrower shall have the right to elect by giving the interest period Administrative Agent written notice of (each, an “Interest Period”or telephonic notice promptly confirmed in writing) the LIBOR Period applicable to such LIBOR LoanBorrowing, which Interest LIBOR Period shall, at the option of the Borrower, be a one week or one, two, three or six month period; provided, that, (in each case): months. Notwithstanding anything to the contrary contained above:
(a) all LIBOR Loans comprising a Borrowing shall at all times have the same Interest Period; (b) the initial Interest LIBOR Period for any Borrowing of LIBOR Loan Loans shall commence on the date of such Borrowing of such LIBOR Loan (including the date of any conversion thereto from a Base Rate LoanBorrowing of ABR Loans) and each Interest LIBOR Period occurring thereafter in respect of such LIBOR Loan Borrowing shall commence on the day on which the next preceding Interest LIBOR Period applicable thereto expires; ;
(cb) if any Interest LIBOR Period for relating to a Borrowing of LIBOR Loan Loans begins on the last Business Day of a calendar month or begins on a day for which there is no numerically corresponding day in the calendar month at the end of such Interest LIBOR Period, such Interest LIBOR Period shall end on the last Business Day of the calendar month at the end of such calendar month; LIBOR Period;
(dc) if any Interest LIBOR Period for a LIBOR Loan would otherwise expire on a day which that is not a Business Day, such Interest LIBOR Period shall expire on the next succeeding Business Day; provided, however, provided that if any Interest LIBOR Period for in respect of a LIBOR Loan would otherwise expire on a day which that is not a Business Day but is a day of the month after which no further Business Day occurs in such month, such Interest LIBOR Period shall expire on the next preceding Business Day; and
(ed) unless the Required Lenders otherwise agree, no Interest Period may Borrower shall not be selected at entitled to elect any time when an Event of Default is then in existence; and (f) no Interest LIBOR Period in respect of any Borrowing shall be selected which extends LIBOR Loan if such LIBOR Period would extend beyond the Revolving Commitment Termination Maturity Date. If by 1:00 P.M. (New York City time) on the third Business Day prior to the expiration of any Interest Period applicable to a Borrowing of LIBOR Loans, any Borrower has failed to elect, or is not permitted to elect, a new Interest Period to be applicable to such LIBOR Loans as provided above, such Borrower shall be deemed to have elected to convert such LIBOR Loans into Base Rate Loans effective as of the expiration date of such current Interest Period.
Appears in 3 contracts
Sources: Term Loan Credit Agreement (ITC Holdings Corp.), Term Loan Credit Agreement (ITC Holdings Corp.), Term Loan Credit Agreement (ITC Holdings Corp.)
Interest Periods. At the time any Borrower gives any Notice of Borrowing or Notice of Conversion/Continuation in respect of the making of, or conversion into, any LIBOR Loan (in the case of the initial Interest Period applicable thereto) or prior to 1:00 2:00 P.M. (New York City time) on the third Business Day (or with respect to any Loan denominated in Euros or an Acceptable Foreign Currency, the fourth Business Day) prior to the expiration of an Interest Period applicable to such LIBOR Loan (in the case of any subsequent Interest Period), such Borrower shall have the right to elect the interest period (each, an “Interest Period”) applicable to such LIBOR Loan, which Interest Period shall, at the option of the such Borrower, be (x) a one, two, three or six month period, or (y) with the consent of the Administrative Agent in its sole discretion, a period of less than one month or (z) to the extent agreed to by all Lenders, such other period; provided, that, provided that (in each case): ):
(a) all LIBOR Loans comprising a Borrowing shall at all times have the same Interest Period; ;
(b) the initial Interest Period for any LIBOR Loan shall commence on the date of Borrowing of such LIBOR Loan (including the date of any conversion thereto from a Base Rate Loan) and each Interest Period occurring thereafter in respect of such LIBOR Loan shall commence on the day on which the next immediately preceding Interest Period applicable thereto expires; ;
(c) if any Interest Period for a LIBOR 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; ;
(d) if any Interest Period for a LIBOR 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 LIBOR 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 immediately preceding Business Day; ;
(e) unless the Required Lenders otherwise agree, no Interest Period may be selected at any time when an Event of Default is then in existenceexistence if either the Administrative Agent or the Required Lenders have elected, upon notice to the Borrowers, to not permit such selection in its or their sole discretion; and and
(f) no Interest Period in respect of any Borrowing shall be selected which extends beyond the Revolving Commitment Termination Final Maturity Date. If by 1:00 2:00 P.M. (New York City time) on the third Business Day (or with respect to any Loan denominated in Euros or an Acceptable Foreign Currency, the fourth Business Day) prior to the expiration of any Interest Period applicable to a Borrowing of LIBOR Loans, any Borrower has failed to elect, or is not permitted to elect, a new Interest Period to be applicable to such LIBOR Loans as provided above, such Borrower shall be deemed to have elected (i) in respect of U.S. Dollar Denominated Revolving Loans to convert such LIBOR Loans into Base Rate Loans effective as of the expiration date of such current Interest Period and (ii) in respect of Loans denominated in Euros or an Acceptable Foreign Currency, a one-month Interest Period (provided that with respect to this clause (ii), if the Administrative Agent or the Required Lenders have elected not to permit the selection of an Interest Period pursuant to clause (e) above, then on the expiration of the then-applicable Interest Period, such Loans shall be repaid).
Appears in 3 contracts
Sources: Abl Credit Agreement (Tesla, Inc.), Abl Credit Agreement (Tesla, Inc.), Abl Credit Agreement (Tesla Motors Inc)
Interest Periods. At the time any the Borrower gives any a Notice of Borrowing or Notice of Conversion/Conversion or Continuation in respect of the making of, or conversion intointo or continuation as, any a Borrowing of LIBOR Loan (Loans in accordance with Section 2.7(a), the case Borrower shall give the Administrative Agent written notice of the initial Interest Period applicable thereto) or prior to 1:00 P.M. (New York City time) on the third Business Day prior to the expiration of an Interest Period applicable to such LIBOR Loan (in the case of any subsequent Interest Period), such Borrower shall have the right to elect the interest period (each, an “Interest Period”) applicable to such LIBOR LoanBorrowing, which Interest Period shall, at the option of the Borrower, Borrower be a one, two, three or six or (if available to all the Lenders making such LIBOR Loans as determined by such Lenders in good faith based on prevailing market conditions) a 12-month periodperiod or any shorter period requested by the Borrower; provided, provided that, (in notwithstanding the foregoing, the initial Interest Period beginning on the Effective Date may be for a period less than one month if agreed upon by the Borrower and each case): of the Lenders. Notwithstanding anything to the contrary contained above:
(a) all LIBOR Loans comprising a Borrowing shall at all times have the same Interest Period; (b) the initial Interest Period for any Borrowing of LIBOR Loan Loans shall commence on the date of such Borrowing of such LIBOR Loan (including the date of any conversion thereto from a Base Rate LoanBorrowing of ABR Loans) and each Interest Period occurring thereafter in respect of such LIBOR Loan Borrowing shall commence on the day on which the next preceding Interest Period applicable thereto expires; ;
(cb) if any Interest Period for relating to a Borrowing of LIBOR Loan Loans begins on the last Business Day of a calendar month or 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 the calendar month at the end of such calendar month; Interest Period;
(dc) if any Interest Period for a LIBOR Loan would otherwise expire on a day which that is not a Business Day, such Interest Period shall expire on the next succeeding Business Day; providedprovided that, however, that if any Interest Period for in respect of a LIBOR Loan would otherwise expire on a day which that is not a Business Day 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; and
(ed) unless the Required Lenders otherwise agree, no Interest Period may Borrower shall not be selected at entitled to elect any time when an Event of Default is then in existence; and (f) no Interest Period in respect of any Borrowing shall be selected which extends LIBOR Loan if such Interest Period would extend beyond the Revolving Commitment Termination Maturity Date. If by 1:00 P.M. (New York City time) on the third Business Day prior to the expiration of any Interest Period applicable to a Borrowing of LIBOR Loans, any Borrower has failed to elect, or is not permitted to elect, a new Interest Period to be applicable to such LIBOR Loans as provided above, such Borrower shall be deemed to have elected to convert such LIBOR Loans into Base Rate Loans effective as of the expiration date of such current Interest Period.
Appears in 3 contracts
Sources: Credit Agreement (California Resources Corp), Credit Agreement (California Resources Corp), Credit Agreement (California Resources Corp)
Interest Periods. At Concurrently with the time any Borrower gives any giving of a Notice of Borrowing or Notice of Conversion/Continuation in respect of the making ofany Borrowing comprised of Base Rate Loans to be converted into, or conversion intoLIBOR Loans to be continued as, any LIBOR Loan (in Loans, the case of the initial Interest Period applicable thereto) or prior to 1:00 P.M. (New York City time) on the third Business Day prior to the expiration of an Interest Period applicable to such LIBOR Loan (in the case of any subsequent Interest Period), such Borrower shall have the right to elect elect, pursuant to such notice, the interest period (each, an “Interest Period”) to be applicable to such LIBOR LoanLoans, which Interest Period shall, at the option of the BorrowerBorrower be, be in the case of a LIBOR Loan, a one, two, two or three or six six-month period; provided, however, that, :
(in each case): (ai) all LIBOR Loans comprising a single Borrowing shall at all times have the same Interest Period; ;
(bii) the initial Interest Period for any LIBOR Loan shall commence on the date of the Borrowing of such LIBOR Loan (including the date of any continuation of, or conversion thereto from a Base Rate into, such LIBOR Loan) ), and each successive Interest Period occurring thereafter in respect of applicable to such LIBOR Loan shall commence on the day on which the next preceding Interest Period applicable thereto expires; ;
(ciii) LIBOR Loans may not be outstanding under more than six (6) separate Interest Periods at any one time (for which purpose Interest Periods shall be deemed to be separate even if they are coterminous);
(iv) if any Interest Period for otherwise would expire on a LIBOR Loan day that is not a Business Day, such Interest Period shall expire on the next succeeding Business Day unless such next succeeding Business Day falls in another calendar month, in which case such Interest Period shall expire on the next preceding Business Day;
(v) the Borrower may not select any Interest Period that begins prior to the Closing Date or that expires after the Maturity Date;
(vi) if any Interest Period begins on a day for which there is no numerically corresponding day in the calendar month at the end of during which such Interest PeriodPeriod would otherwise expire, such Interest Period shall end expire on the last Business Day of such calendar month; and
(dvii) if any Interest Period for a LIBOR Loan would otherwise expire on a day which is not a Business Dayif, such Interest Period shall expire on the next succeeding Business Day; provided, however, that if any Interest Period for a LIBOR 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; (e) unless the Required Lenders otherwise agree, no Interest Period may be selected at any time when an Event of Default is then in existence; and (f) no Interest Period in respect of any Borrowing shall be selected which extends beyond the Revolving Commitment Termination Date. If by 1:00 P.M. (New York City time) on the third Business Day prior to upon the expiration of any Interest Period applicable to a Borrowing of LIBOR Loans, any the Borrower has shall have failed to elect, or is not permitted to elect, elect a new Interest Period to be applicable to such LIBOR Loans as provided aboveLoans, such then the Borrower shall be deemed to have elected to convert such LIBOR Loans into Base Rate Loans effective as of the expiration date of such the then current Interest PeriodPeriod applicable thereto.
Appears in 3 contracts
Sources: Credit Agreement (Selective Insurance Group Inc), Credit Agreement (Selective Insurance Group Inc), Credit Agreement (Selective Insurance Group Inc)
Interest Periods. At the time any Borrower it gives any Notice of Borrowing or Notice of Conversion/Continuation Conversion in respect of the making of, or conversion into, any LIBOR Fixed Rate Loan (in the case of the initial Interest Period applicable thereto) or prior to 1:00 P.M. (New York City time) on the third Business Day prior to the expiration of an Interest Period applicable to any such LIBOR Loan or one Business Day prior to the expiration of an Interest Period applicable to any such IBOR Loan (in the case of any subsequent Interest Period), such the relevant Borrower shall have the right to elect elect, by giving the Administrative Agent notice thereof, the interest period (each, each an “"Interest Period”") applicable to such LIBOR Fixed Rate Loan, which Interest Period shallshall be (x) in the case of a LIBOR Loan, a one month period, and (y) in the case of an IBOR Loan, a period of up to thirty days, at the option of the such Borrower, be a one, two, three or six month period; provided, provided that, : (in each case): (ai) all LIBOR Fixed Rate Loans comprising a Borrowing shall at all times have the same Interest Period; (bii) the initial Interest Period for any LIBOR Fixed Rate Loan shall commence on the date of Borrowing of such LIBOR Revolving Loan (including the date of any conversion thereto from thereof into a Base Rate LoanRevolving Loan of a different Type) and each Interest Period occurring thereafter in respect of such LIBOR Revolving Loan shall commence on the day on which the next preceding Interest Period applicable thereto expires; (ciii) if any Interest Period for relating to a LIBOR 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; (div) if any Interest Period for a LIBOR 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, provided that if any Interest Period for a LIBOR 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; (ev) unless no Interest Period shall extend beyond the Required Lenders otherwise agree, Expiry Date; and (vi) no Interest Period may be selected at any time when an Event of Default is then in existence; and (f) no Interest Period in respect of any Borrowing shall be selected which extends extend beyond the Revolving Commitment Termination Datedate upon which the Loans to such Borrower are required to be repaid pursuant to Section 3.02(c). If by 1:00 P.M. (New York City time) on the third Business Day prior to If, upon the expiration of any Interest Period applicable to a Borrowing of LIBOR Fixed Rate Loans, any the respective Borrower has failed to elect, or is not permitted to elect, a new Interest Period to be applicable to such LIBOR Fixed Rate Loans as provided abovein this Section 1.09, such Borrower shall be deemed to have elected to convert such LIBOR Fixed Rate Loans into Base Rate Loans effective as of the expiration date of such current Interest Period.
Appears in 3 contracts
Sources: Credit Agreement (Galaxy Fund /De/), Credit Agreement (Galaxy Fund Ii), Credit Agreement (Galaxy Vip Fund)
Interest Periods. At Concurrently with the time any Borrower gives any giving of a Notice of Borrowing or Notice of Conversion/Continuation in respect of the making ofany Borrowing comprised of Base Rate Loans to be converted into, or conversion intoLIBOR Loans to be continued as, any LIBOR Loan (in Loans, the case of the initial Interest Period applicable thereto) or prior to 1:00 P.M. (New York City time) on the third Business Day prior to the expiration of an Interest Period applicable to such LIBOR Loan (in the case of any subsequent Interest Period), such Borrower shall have the right to elect elect, pursuant to such notice, the interest period (each, an “"Interest Period”") to be applicable to such LIBOR LoanLoans, which Interest Period shall, at the option of the Borrower, be a one, two, three or six six-month period; provided, however, that, :
(in each case): (ai) all LIBOR Loans comprising a single Borrowing shall at all times have the same Interest Period; ;
(bii) the initial Interest Period for any LIBOR Loan shall commence on the date of the Borrowing of such LIBOR Loan (including the date of any continuation of, or conversion thereto from a Base Rate into, such LIBOR Loan) ), and each successive Interest Period occurring thereafter in respect of applicable to such LIBOR Loan shall commence on the day on which the next preceding Interest Period applicable thereto expires; ;
(ciii) LIBOR Loans may not be outstanding under more than seven (7) separate Interest Periods at any one time (for which purpose Interest Periods shall be deemed to be separate even if they are coterminous);
(iv) if any Interest Period otherwise would expire on a day that is not a Business Day, such Interest Period shall expire on the next succeeding Business Day unless such next succeeding Business Day falls in another calendar month, in which case such Interest Period shall expire on the next preceding Business Day;
(v) the Borrower may not select any Interest Period that expires after the Maturity Date;
(vi) no Interest Period may be selected that would end after a scheduled date for a LIBOR Loan repayment of principal of the Loans occurring on or after the first day of such Interest Period unless, immediately after giving effect to such selection, the aggregate principal amount of Loans that are Base Rate Loans or that have Interest Periods expiring on or before such principal repayment date equals or exceeds the principal amount required to be paid on such principal repayment date; and
(vii) if any Interest Period begins on a day for which there is no numerically corresponding day in the calendar month at the end of during which such Interest PeriodPeriod would otherwise expire, such Interest Period shall end expire on the last Business Day of such calendar month; (d) if any Interest Period for a LIBOR 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 LIBOR 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; (e) unless the Required Lenders otherwise agree, no Interest Period may be selected at any time when an Event of Default is then in existence; and (f) no Interest Period in respect of any Borrowing shall be selected which extends beyond the Revolving Commitment Termination Date. If by 1:00 P.M. (New York City time) on the third Business Day prior to the expiration of any Interest Period applicable to a Borrowing of LIBOR Loans, any Borrower has failed to elect, or is not permitted to elect, a new Interest Period to be applicable to such LIBOR Loans as provided above, such Borrower shall be deemed to have elected to convert such LIBOR Loans into Base Rate Loans effective as of the expiration date of such current Interest Period.
Appears in 3 contracts
Sources: Credit Agreement (Pxre Corp), Credit Agreement (Pxre Group LTD), Credit Agreement (Pxre Group LTD)
Interest Periods. At the time any a Borrower gives any Notice of Borrowing or Notice of Conversion/Continuation in respect of the making of, or conversion into, any LIBOR LIBO Rate Loan or B/A Discount Rate Loan (in the case of the initial Interest Period applicable thereto) or prior to 1:00 P.M. 12:00 Noon (New York City time) on the third Business Day prior to the expiration of an Interest Period applicable to such LIBOR LIBO Rate Loan or B/A Discount Rate Loan, as the case may be, (in the case of any subsequent Interest Period), such the respective Borrower shall have the right to elect the interest period (each, an “Interest Period”) applicable to such LIBOR LIBO Rate Loan or B/A Discount Rate Loan, as the case may be, which Interest Period shall, at the option of the U.S. Borrower or the Canadian Borrower, as the case may be (but otherwise subject to the provisions of clause (B) of the proviso in each of Sections 2.01(a)(iii), Sections 2.01(b)(iii), 2.01(d)(ii) and 2.01(e)(ii)), be a one, two, three or six month period or, to the extent agreed to by all Lenders with LIBO Rate Loans or B/A Discount Rate Loans under the relevant Tranche, a nine or twelve month period; provided, that, provided that (in each case): ):
(ai) all LIBOR LIBO Rate Loans and B/A Discount Rate Loans comprising a Borrowing shall at all times have the same Interest Period; ;
(bii) the initial Interest Period for any LIBOR LIBO Rate Loan or B/A Discount Rate Loan shall commence on the date of Borrowing of such LIBOR LIBO Rate Loan or B/A Discount Rate Loan (including including, (x) in the case of LIBO Rate Loans, the date of any conversion thereto from a Borrowing of Base Rate LoanLoans and (y) in the case of B/A Discount Rate Loans, the date of any conversion thereto from a Borrowing of Canadian Prime Rate Loans) and each Interest Period occurring thereafter in respect of such LIBOR LIBO Rate Loan or B/A Discount Rate Loan shall commence on the day on which the next preceding Interest Period applicable thereto expires; ;
(ciii) if any Interest Period for a LIBOR LIBO Rate Loan or B/A Discount Rate 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; ;
(div) if any Interest Period for a LIBOR LIBO Rate Loan or B/A Discount Rate 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 LIBOR LIBO Rate 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; ;
(ev) unless the Required Lenders otherwise agree, no Interest Period for a LIBO Rate Loan or a B/A Discount Rate Loan may be selected at any time when a Default or an Event of Default is then in existence; and and
(fvi) no Interest Period in respect of any Borrowing of any Tranche of Loans shall be selected which extends beyond the Revolving Commitment Termination Daterespective Maturity Date therefor. With respect to any LIBO Rate Loans, at the end of any Interest Period applicable to a Borrowing thereof, the U.S. Borrower or the Canadian Borrower, as applicable, may elect to split the respective Borrowing of a single Type under a single Tranche into two or more Borrowings of different Types under such Tranche or combine two or more Borrowings under a single Tranche into a single Borrowing of the same Type under such Tranche, in each case, by having the relevant Borrower give notice thereof together with its election of one or more Interest Periods, in each case so long as each resulting Borrowing (x) has an Interest Period which complies with the foregoing requirements of this Section 2.09, (y) has a principal amount which is not less than the Minimum Borrowing Amount applicable to Borrowings of the respective Type and Tranche, and (z) does not cause a violation of the requirements of Section 2.02. If by 1:00 P.M. 12:00 Noon (New York City time) on the third Business Day prior to the expiration of any Interest Period applicable to a Borrowing of LIBOR LIBO Rate Loans or B/A Discount Rate Loans, any the U.S. Borrower or the Canadian Borrower, as applicable, has failed to elect, or is not permitted to elect, a new Interest Period to be applicable to such LIBOR LIBO Rate Loans or B/A Discount Rate Loans as provided above, such Borrower shall be deemed to have elected (x) in the case of LIBO Rate Loans, to convert such LIBOR LIBO Rate Loans into Base Rate Loans and (y) in the case of B/A Discount Rate Loans, to convert such B/A Discount Rate Loans into Canadian Prime Rate Loans, with any such conversion to be effective as of the expiration date of such current Interest Period.
Appears in 3 contracts
Sources: Credit Agreement (Bway Parent Company, Inc.), Credit Agreement (Phoenix Container, Inc.), Credit Agreement (BWAY Holding CO)
Interest Periods. At the time any Borrower gives any Notice of Borrowing or Notice of Conversion/Continuation in respect of the making of, or conversion into, any LIBOR Loan (in the case of the initial Interest Period The applicable thereto) or prior to 1:00 P.M. (New York City time) on the third Business Day prior to the expiration of an Interest Period applicable to such LIBOR Loan (in the case of any subsequent Interest Period), such Borrower shall have the right to elect the interest period (each, each an “Interest Period”) applicable to such of each Borrowing of LIBOR Loan, which Interest Period shall, at the option of the Borrower, Rate Loans shall be a oneone (1), twotwo (2), three (3) or six (6) month period; provided, thatas selected by the applicable Credit Party in the applicable Notice of Borrowing or Conversion/Continuation Notice, (in each case): (a) all LIBOR Loans comprising a Borrowing shall at all times have the same Interest Period; (b) the initial Interest Period for any LIBOR Loan shall commence initially commencing on the date of Borrowing the Loan or any Conversion/Continuation Date, as the case may be; provided that
(i) in the case of such immediately successive Interest Periods applicable to LIBOR Loan (including the date of any conversion thereto from a Base Rate Loan) and Loans, each successive Interest Period occurring thereafter in respect of such LIBOR Loan shall commence on the day on which the next immediately preceding Interest Period applicable thereto expires; ;
(cii) if any an Interest Period for a LIBOR 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; (d) if any Interest Period for a LIBOR Loan would otherwise expire on a day which that is not a Business Day, such Interest Period shall expire on the next succeeding Business Day; providedprovided that, however, that if any Interest Period for a LIBOR Loan would otherwise expire on a day which that 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 immediately preceding Business Day; ;
(eiii) unless the Required Lenders otherwise agree, no any Interest Period may be selected that begins on the last Business Day of a calendar month (or on a day for which there is no numerically corresponding day in the calendar month at any time when an Event the end of Default is then in existence; and such Interest Period) shall, subject to clause (fiv) of this Section 2.5B, end on the last Business Day of a calendar month;
(iv) no Interest Period in respect of any Borrowing shall extend beyond the Maturity Date;
(v) no more than ten (10) Interest Periods shall be selected which extends beyond outstanding at any time; and
(vi) if the Revolving Commitment Termination Date. If by 1:00 P.M. (New York City time) on the third Business Day prior applicable Credit Party fails to the expiration of any specify an Interest Period applicable to a for any Borrowing of LIBOR Loans, any Borrower has failed to elect, Rate Loans in the applicable Notice of Borrowing or is not permitted to elect, a new Interest Period to be applicable to such LIBOR Loans as provided aboveConversion/Continuation Notice, such Borrower Credit Party shall be deemed to have elected to convert such LIBOR Loans into Base Rate Loans effective as selected an Interest Period of the expiration date of such current Interest Periodone (1) month.
Appears in 3 contracts
Sources: Credit Agreement (Hospira Inc), Credit Agreement (Hospira Inc), Credit Agreement (Hospira Inc)
Interest Periods. At the time any the Borrower gives any Notice of Borrowing or Notice of Conversion/Continuation in respect of the making of, or conversion into, any LIBOR Fixed Rate Loan (in the case of the initial Interest Period applicable thereto) or prior to 1:00 P.M. (New York City time) on the third Business Day prior to the expiration of an Interest Period applicable to such LIBOR Fixed Rate Loan (in the case of any subsequent Interest Period), such the Borrower shall have the right to elect the interest period (each, an “Interest Period”) applicable to such LIBOR Fixed Rate Loan, which Interest Period shall, at the option of the Borrower, be a oneone (1), twotwo (2), three (3), six (6) or, to the extent approved by each Lender with Loans and/or Commitments under the relevant Tranche, nine (9) or six twelve (12) month period or any shorter period; provided, that, provided that (in each case): ):
(aA) all LIBOR Fixed Rate Loans comprising a Borrowing shall at all times have the same Interest Period; ;
(bB) the initial Interest Period for any LIBOR Fixed Rate Loan shall commence on the date of Borrowing of such LIBOR Fixed Rate Loan (including including, in the case of a LIBOR Loan, the date of any conversion thereto from a Base Rate Loan) and each Interest Period occurring thereafter in respect of such LIBOR Fixed Rate Loan shall commence on the day on which the next preceding Interest Period applicable thereto expires; ;
(cC) if any Interest Period for a LIBOR Fixed Rate 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; ;
(dD) if any Interest Period for a LIBOR Fixed Rate 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, provided that if any Interest Period for a LIBOR Fixed Rate 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; ;
(e) unless the Required Lenders otherwise agree, no Interest Period may be selected at any time when an Event of Default is then in existence; and (fE) no Interest Period in respect of any Borrowing of any Tranche of Loans shall be selected which extends beyond the Revolving Commitment Termination Date. If by 1:00 P.M. Maturity Date for such Tranche of Loans; and
(New York City timeF) on the third Business Day prior to the expiration 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 2.4(a), if the aggregate principal amount of such Term Loans that have Interest Period applicable to a Borrowing that will expire after such date will be in excess of LIBOR the aggregate principal amount of such Term Loans, any Borrower has failed to electas the case may be, or is not permitted to elect, a new Interest Period to be applicable to such LIBOR Loans as provided above, such Borrower shall be deemed to have elected to convert such LIBOR Loans into Base Rate Loans effective as of then outstanding less the expiration date aggregate amount of such current Interest Periodrequired repayment.
Appears in 3 contracts
Sources: Credit and Guaranty Agreement (Ancestry.com LLC), Credit and Guaranty Agreement (Anvilire), Credit and Guaranty Agreement (Anvilire)
Interest Periods. At the time any Borrower gives any Notice of Borrowing or Notice of Conversion/Continuation in respect of the making of, or conversion into, any LIBOR Term Benchmark Term Loan (in the case of the initial Interest Period applicable thereto) or prior to 1:00 P.M. 12:00 Noon (New York City time) on the third Business Day prior to the expiration of an Interest Period applicable to such LIBOR Term Benchmark Term Loan (in the case of any subsequent Interest Period), such Borrower shall have the right to elect the interest period (each, an “Interest Period”) applicable to such LIBOR Term Benchmark Term Loan, which Interest Period shall, at the option of the Borrower, Borrower be a one, two, three or six month period; provided, that, period (in each case): , subject to the availability for the Benchmark applicable to the relevant Loan); provided that (ain each case):
(i) all LIBOR Term Benchmark Term Loans comprising a Borrowing shall at all times have the same Interest Period; ;
(bii) the initial Interest Period for any LIBOR Term Benchmark Term Loan shall commence on the date of Borrowing of such LIBOR Term Benchmark Term Loan (including including, in the case of Term Benchmark Term Loans, the date of any conversion thereto from a Borrowing of Base Rate LoanTerm Loans) and each Interest Period occurring thereafter in respect of such LIBOR Term Benchmark Term Loan shall commence on the day on which the next preceding Interest Period applicable thereto expires; ;
(ciii) if any Interest Period for a LIBOR Term Benchmark Term 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; ;
(div) if any Interest Period for a LIBOR Term Benchmark Term 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 LIBOR Term Benchmark Term 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; ;
(ev) unless the Required Lenders otherwise agree, no Interest Period for a Term Benchmark Term Loan may be selected at any time when an Event of Default is then in existence; and and
(fvi) no Interest Period in respect of any Borrowing of any Tranche of Term Loans shall be selected which extends beyond the Revolving Commitment Termination DateMaturity Date therefor. With respect to any Term Benchmark Term Loans, at the end of any Interest Period applicable to a Borrowing thereof, Borrower may elect to split the respective Borrowing of a single Type under a single Tranche into two or more Borrowings of different Types under such Tranche or combine two or more Borrowings under a single Tranche into a single Borrowing of the same Type under such Tranche, in each case, by Borrower giving notice thereof together with its election of one or more Interest Periods applicable thereto, in each case so long as each resulting Borrowing (x) has an Interest Period which complies with the foregoing requirements of this Section 2.09, (y) has a principal amount which is not less than the Minimum Borrowing Amount applicable to Borrowings of the respective Type and Tranche, and (z) does not cause a violation of the requirements of Section 2.02. If by 1:00 P.M. 12:00 Noon (New York City time) on the third Business Day prior to the expiration of any Interest Period applicable to a Borrowing of LIBOR Term Benchmark Term Loans, any Borrower has failed to elect, or is not permitted to elect, a new Interest Period to be applicable to such LIBOR Loans as provided aboveTerm SOFR Rate, such Borrower shall be deemed to have elected in the case of Term Benchmark Term Loans, to convert such LIBOR Term Benchmark Term Loans into Base Rate Term Loans with such conversion to be effective as of the expiration date of such current Interest Period.
Appears in 3 contracts
Sources: Term Loan Credit Agreement (Ingram Micro Holding Corp), Term Loan Credit Agreement (Ingram Micro Holding Corp), Term Loan Credit Agreement (Ingram Micro Holding Corp)
Interest Periods. At Concurrently with the time any Borrower gives any giving of a Notice of Borrowing or Notice of Conversion/Continuation in respect of the making ofany Borrowing comprised of Base Rate Loans to be converted into, or conversion intoLIBOR Loans to be continued as, any LIBOR Loan (in Loans, the case of the initial Interest Period applicable thereto) or prior to 1:00 P.M. (New York City time) on the third Business Day prior to the expiration of an Interest Period applicable to such LIBOR Loan (in the case of any subsequent Interest Period), such Borrower shall have the right to elect elect, pursuant to such notice, the interest period (each, an “Interest Period”) to be applicable to such LIBOR LoanLoans, which Interest Period shall, at the option of the Borrower, be a one, two, three or six six-month period; provided, however, that, :
(in each case): (ai) all LIBOR Loans comprising a single Borrowing shall at all times have the same Interest Period; ;
(bii) the initial Interest Period for any LIBOR Loan shall commence on the date of the Borrowing of such LIBOR Loan (including the date of any continuation of, or conversion thereto from a Base Rate into, such LIBOR Loan) ), and each successive Interest Period occurring thereafter in respect of applicable to such LIBOR Loan shall commence on the day on which the next preceding Interest Period applicable thereto expires; ;
(ciii) LIBOR Loans may not be outstanding under more than six separate Interest Periods at any one time (for which purpose Interest Periods shall be deemed to be separate even if they are coterminous);
(iv) if any Interest Period for otherwise would expire on a LIBOR Loan day that is not a Business Day, such Interest Period shall expire on the next succeeding Business Day unless such next succeeding Business Day falls in another calendar month, in which case such Interest Period shall expire on the immediately preceding Business Day;
(v) the Borrower may not select any Interest Period that expires after the Maturity Date;
(vi) if any Interest Period begins on a day for which there is no numerically corresponding day in the calendar month at the end of during which such Interest PeriodPeriod would otherwise expire, such Interest Period shall end expire on the last Business Day of such calendar month; and
(dvii) if the Borrower may not select any Interest Period for a LIBOR 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 LIBOR 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; (e) unless the Required Lenders otherwise agreeand consequently, no Interest Period may LIBOR Loans shall be selected at any time when an made) if a Default or Event of Default is then in existence; shall have occurred and (f) no Interest Period in respect of any Borrowing shall be selected which extends beyond continuing at the Revolving Commitment Termination Date. If by 1:00 P.M. (New York City time) on the third Business Day prior to the expiration of any Interest Period applicable to a Borrowing of LIBOR Loans, any Borrower has failed to elect, or is not permitted to elect, a new Interest Period to be applicable to such LIBOR Loans as provided above, such Borrower shall be deemed to have elected to convert such LIBOR Loans into Base Rate Loans effective as of the expiration date time of such current Interest PeriodNotice of Borrowing or Notice of Conversion/Continuation with respect to any Borrowing.
Appears in 3 contracts
Sources: Credit Agreement and Pledge and Security Agreement (Swisher Hygiene Inc.), Credit Agreement (Swisher Hygiene Inc.), Credit Agreement (Swisher Hygiene Inc.)
Interest Periods. At the time any the Borrower gives any a Notice of Borrowing or Notice of Conversion/Conversion or Continuation in respect of the making of, or conversion intointo or continuation as, any LIBOR Loan a Borrowing of Term SOFR Loans in accordance with Section 2.6(a), the Borrower shall give the Administrative Agent written notice (or telephonic notice promptly confirmed in the case writing) of the initial Interest Period applicable thereto) or prior to 1:00 P.M. (New York City time) on the third Business Day prior to the expiration of an Interest Period applicable to such LIBOR Loan (in the case of any subsequent Interest Period), such Borrower shall have the right to elect the interest period (each, an “Interest Period”) applicable to such LIBOR LoanBorrowing, which Interest Period shall, at the option of the Borrower, be be, in the case of Term SOFR Loans, a one, two, three or six month period; provided, that, (in each case): . Notwithstanding anything to the contrary contained above:
(a) all LIBOR Loans comprising a Borrowing shall at all times have the same Interest Period; (b) the initial Interest Period for any LIBOR Loan Borrowing of Term SOFR Loans shall commence on the date of such Borrowing of such LIBOR Loan (including the date of any conversion thereto from a Base Rate LoanBorrowing of ABR Loans) and each Interest Period occurring thereafter in respect of such LIBOR Loan Borrowing shall commence on the day on which the next preceding Interest Period applicable thereto expires; ;
(cb) if any Interest Period for relating to a LIBOR Loan Borrowing of Term SOFR Loans begins on the last Business Day of a calendar month or 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 the calendar month at the end of such calendar month; Interest Period;
(dc) if any Interest Period for a LIBOR Loan would otherwise expire on a day which that is not a Business Day, such Interest Period shall expire on the next succeeding Business Day; provided, however, provided that if any Interest Period for in respect of a LIBOR Term SOFR Loan would otherwise expire on a day which that 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; ;
(ed) unless the Required Lenders otherwise agree, no Interest Period may Borrower shall not be selected at entitled to elect any time when an Event of Default is then in existence; and (f) no Interest Period in respect of any Borrowing Term SOFR Loan if such Interest Period would extend beyond the applicable Maturity Date of such Loan; and
(e) no tenor that has been removed from this Section 2.9 pursuant to Section 2.10(f) shall be selected which extends beyond available for specification in the Revolving Commitment Termination Date. If by 1:00 P.M. (New York City time) on the third Business Day prior to the expiration applicable Notice of any Interest Period applicable to a Borrowing or Notice of LIBOR Loans, any Borrower has failed to elect, Conversion or is not permitted to elect, a new Interest Period to be applicable to such LIBOR Loans as provided above, such Borrower shall be deemed to have elected to convert such LIBOR Loans into Base Rate Loans effective as of the expiration date of such current Interest PeriodContinuation.
Appears in 3 contracts
Sources: Credit Agreement (Vistra Corp.), Credit Agreement (Vistra Corp.), Credit Agreement (Vistra Corp.)
Interest Periods. At Concurrently with the time any Borrower gives any giving of a Notice of Borrowing or Notice of Conversion/Continuation in respect of the making ofany Borrowing comprised of Base Rate Loans to be converted into, or conversion intoLIBOR Loans to be continued as, any LIBOR Loan (in Loans, the case of the initial Interest Period applicable thereto) or prior to 1:00 P.M. (New York City time) on the third Business Day prior to the expiration of an Interest Period applicable to such LIBOR Loan (in the case of any subsequent Interest Period), such Borrower shall have the right to elect elect, pursuant to such notice, the interest period (each, an “Interest Period”) to be applicable to such LIBOR LoanLoans, which Interest Period shall, at the option of the Borrower, be a one, two, three or six six-month period; provided, however, that, :
(in each case): (ai) all LIBOR Loans comprising a single Borrowing shall at all times have the same Interest Period; ;
(bii) the initial Interest Period for any LIBOR Loan shall commence on the date of the Borrowing of such LIBOR Loan (including the date of any continuation of, or conversion thereto from a Base Rate into, such LIBOR Loan) ), and each successive Interest Period occurring thereafter in respect of applicable to such LIBOR Loan shall commence on the day on which the next preceding Interest Period applicable thereto expires; ;
(ciii) LIBOR Loans may not be outstanding under more than ten (10) separate Interest Periods at any one time (for which purpose Interest Periods shall be deemed to be separate even if they are coterminous);
(iv) if any Interest Period for otherwise would expire on a day that is not a Business Day, such Interest Period shall expire on the next succeeding Business Day unless such next succeeding Business Day falls in another calendar month, in which case such Interest Period shall expire on the next preceding Business Day;
(v) the Borrower may not select any Interest Period that expires after the Maturity Date, with respect to Revolving Loans that are to be maintained as LIBOR Loan Loans;
(vi) if any Interest Period begins on a day for which there is no numerically corresponding day in the calendar month at the end of during which such Interest PeriodPeriod would otherwise expire, such Interest Period shall end expire on the last Business Day of such calendar month; and
(dvii) if the Borrower may not select any Interest Period for a LIBOR 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 LIBOR 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; (e) unless the Required Lenders otherwise agreeand consequently, no Interest Period may LIBOR Loans shall be selected at any time when an made) if a Default or Event of Default is then in existence; shall have occurred and (f) no Interest Period in respect of any Borrowing shall be selected which extends beyond continuing at the Revolving Commitment Termination Date. If by 1:00 P.M. (New York City time) on the third Business Day prior to the expiration of any Interest Period applicable to a Borrowing of LIBOR Loans, any Borrower has failed to elect, or is not permitted to elect, a new Interest Period to be applicable to such LIBOR Loans as provided above, such Borrower shall be deemed to have elected to convert such LIBOR Loans into Base Rate Loans effective as of the expiration date time of such current Interest PeriodNotice of Borrowing or Notice of Conversion/Continuation with respect to any Borrowing.
Appears in 3 contracts
Sources: Credit Agreement, Credit Agreement (Intercontinentalexchange Inc), Credit Agreement (Intercontinentalexchange Inc)
Interest Periods. At the time any the Borrower gives any the Notice of Borrowing or a Notice of Conversion/Continuation in respect of the making of, or conversion intointo or continuation as, any a Borrowing of LIBOR Loan (in the case of the initial Interest Period applicable thereto) or Loans prior to 1:00 P.M. 12:00 Noon (New York City time) on the third Business Day prior to the expiration applicable date of an Interest Period applicable to making or conversion or continuation of such LIBOR Loan (in Loans, the case of any subsequent Interest Period), such Borrower shall have the right to elect by giving the interest period Administrative Agent written notice of (each, an “Interest Period”or telephonic notice promptly confirmed in writing) the LIBOR Period applicable to such LIBOR LoanBorrowing, which Interest LIBOR Period shall, at the option of the Borrower, be a one week or one, two, three or six month period; provided, that, (in each case): months. Notwithstanding anything to the contrary contained above:
(a) all LIBOR Loans comprising a Borrowing shall at all times have the same Interest Period; (b) the initial Interest LIBOR Period for any Borrowing of LIBOR Loan Loans shall commence on the date of such Borrowing of such LIBOR Loan (including the date of any conversion thereto from a Base Rate LoanBorrowing of ABR Loans) and each Interest LIBOR Period occurring thereafter in respect of such LIBOR Loan Borrowing shall commence on the day on which the next preceding Interest LIBOR Period applicable thereto expires; ;
(cb) if any Interest LIBOR Period for relating to a Borrowing of LIBOR Loan Loans begins on the last Business Day of a calendar month or begins on a day for which there is no numerically corresponding day in the calendar month at the end of such Interest LIBOR Period, such Interest LIBOR Period shall end on the last Business Day of the calendar month at the end of such calendar month; LIBOR Period;
(dc) if any Interest LIBOR Period for a LIBOR Loan would otherwise expire on a day which that is not a Business Day, such Interest LIBOR Period shall expire on the next succeeding Business Day; provided, however, provided that if any Interest LIBOR Period for in respect of a LIBOR Loan would otherwise expire on a day which that is not a Business Day but is a day of the month after which no further Business Day occurs in such month, such Interest LIBOR Period shall expire on the next preceding Business Day; and
(ed) unless the Required Lenders otherwise agree, no Interest Period may Borrower shall not be selected at entitled to elect any time when an Event of Default is then in existence; and (f) no Interest LIBOR Period in respect of any Borrowing shall be selected which extends LIBOR Loan if such LIBOR Period would extend beyond the Revolving Commitment Termination Maturity Date. If by 1:00 P.M. (New York City time) on the third Business Day prior to the expiration of any Interest Period applicable to a Borrowing of LIBOR Loans, any Borrower has failed to elect, or is not permitted to elect, a new Interest Period to be applicable to such LIBOR Loans as provided above, such Borrower shall be deemed to have elected to convert such LIBOR Loans into Base Rate Loans effective as of the expiration date of such current Interest Period.
Appears in 3 contracts
Sources: Term Loan Credit Agreement (ITC Holdings Corp.), Term Loan Credit Agreement (ITC Holdings Corp.), Term Loan Credit Agreement (ITC Holdings Corp.)
Interest Periods. At the time any the Borrower gives any a Notice of Borrowing or Notice of Conversion/Conversion or Continuation in respect of the making of, or conversion intointo or continuation as, any a Borrowing of LIBOR Loan Loans (in the case of the initial Interest Period applicable thereto) or prior to 1:00 P.M. 10:00 a.m. (New York City time) on the third Business Day prior to the expiration of an Interest Period applicable to such a Borrowing of LIBOR Loan (in Loans, the case of any subsequent Interest Period), such Borrower shall have the right to elect by giving the interest period Administrative Agent written notice (each, an “or telephonic notice promptly confirmed in writing) the Interest Period”) Period applicable to such LIBOR LoanBorrowing, which Interest Period shall, at the option of the Borrower, Borrower be a one, two, three three, six or six (in the case of Revolving Credit Loans, if available to all the Lenders making such loans as determined by such Lenders in good faith based on prevailing market conditions) a nine or twelve month period; provided, that, (in each case): PROVIDED that the initial Interest Period may be for a period less than one month if agreed upon by the Borrower and the Agents. Notwithstanding anything to the contrary contained above:
(a) all LIBOR Loans comprising a Borrowing shall at all times have the same Interest Period; (b) the initial Interest Period for any Borrowing of LIBOR Loan Loans shall commence on the date of such Borrowing of such LIBOR Loan (including the date of any conversion thereto from a Base Rate LoanBorrowing of ABR Loans or) and each Interest Period occurring thereafter in respect of such LIBOR Loan Borrowing shall commence on the day on which the next preceding Interest Period applicable thereto expires; ;
(cb) if any Interest Period for relating to a Borrowing of LIBOR Loan Revolving Credit Loans begins on the last Business Day of a calendar month or 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 the calendar month at the end of such calendar month; Interest Period;
(dc) if any Interest Period for a LIBOR Loan would otherwise expire on a day which that is not a Business Day, such Interest Period shall expire on the next succeeding Business Day; provided, however, PROVIDED that if any Interest Period for in respect of a LIBOR Loan would otherwise expire on a day which that 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; and
(ed) unless the Required Lenders otherwise agree, no Interest Period may Borrower shall not be selected at entitled to elect any time when an Event of Default is then in existence; and (f) no Interest Period in respect of any Borrowing shall be selected which extends LIBOR Loan if such Interest Period would extend beyond the Revolving Commitment Termination Date. If by 1:00 P.M. (New York City time) on the third Business Day prior to the expiration of any Interest Period applicable to a Borrowing of LIBOR Loans, any Borrower has failed to elect, or is not permitted to elect, a new Interest Period to be applicable to such LIBOR Loans as provided above, such Borrower shall be deemed to have elected to convert such LIBOR Loans into Base Rate Loans effective as of the expiration date Maturity Date of such current Interest PeriodLoan.
Appears in 2 contracts
Sources: Credit Agreement (PanAmSat Holding CORP), Credit Agreement (Intelsat LTD)
Interest Periods. At Concurrently with the time any Borrower gives any giving of a Notice of Borrowing of LIBOR Loans or Notice of Conversion/Continuation in respect of the making ofany Borrowing comprised of Base Rate Loans to be converted into, or conversion intoLIBOR Loans to be continued as, any LIBOR Loan (in Loans, the case of the initial Interest Period applicable thereto) or prior to 1:00 P.M. (New York City time) on the third Business Day prior to the expiration of an Interest Period applicable to such LIBOR Loan (in the case of any subsequent Interest Period), such Borrower shall have the right to elect elect, pursuant to such notice, the interest period (each, an “Interest Period”) to be applicable to such LIBOR LoanLoans, which Interest Period shall, at the option of the Borrower, be a oneone-, twotwo-, three three- or six six-month period; provided, however, that, :
(in each case): (ai) all LIBOR Loans comprising a single Borrowing shall at all times have the same Interest Period; ;
(bii) the initial Interest Period for any LIBOR Loan shall commence on the date of the Borrowing of such LIBOR Loan (including the date of any continuation of, or conversion thereto from a Base Rate into, such LIBOR Loan) ), and each successive Interest Period occurring thereafter in respect of applicable to such LIBOR Loan shall commence on the day on which the next preceding Interest Period applicable thereto expires; ;
(ciii) LIBOR Loans may not be outstanding under more than 10 separate Interest Periods at any one time (for which purpose Interest Periods shall be deemed to be separate even if they are coterminous);
(iv) if any Interest Period for otherwise would expire on a LIBOR Loan day that is not a Business Day, such Interest Period shall expire on the next succeeding Business Day unless such next succeeding Business Day falls in another calendar month, in which case such Interest Period shall expire on the next preceding Business Day;
(v) the Borrower may not select any Interest Period that expires after the Maturity Date;
(vi) if any Interest Period begins on a day for which there is no numerically corresponding day in the calendar month at the end of during which such Interest PeriodPeriod would otherwise expire, such Interest Period shall end expire on the last Business Day of such calendar month; and
(dvii) if the Borrower may not select any Interest Period for a LIBOR 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 LIBOR 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; (e) unless the Required Lenders otherwise agreeand consequently, no Interest Period may LIBOR Loans shall be selected at any time when made) if an Event of Default is then in existence; shall have occurred and (f) no Interest Period in respect of any Borrowing shall be selected which extends beyond continuing at the Revolving Commitment Termination Date. If by 1:00 P.M. (New York City time) on the third Business Day prior to the expiration of any Interest Period applicable to a Borrowing of LIBOR Loans, any Borrower has failed to elect, or is not permitted to elect, a new Interest Period to be applicable to such LIBOR Loans as provided above, such Borrower shall be deemed to have elected to convert such LIBOR Loans into Base Rate Loans effective as of the expiration date time of such current Interest PeriodNotice of Borrowing or Notice of Conversion/Continuation with respect to any Borrowing.
Appears in 2 contracts
Sources: Term Loan Credit Agreement (Intercontinental Exchange, Inc.), 364 Day Credit Agreement (Intercontinental Exchange, Inc.)
Interest Periods. At the time any the applicable Administrative Borrower gives any a Notice of Borrowing or Notice of Conversion/Conversion or Continuation in respect of the making of, or conversion intointo or continuation as, any a Borrowing of LIBOR Loan Loans, CDOR Loans or EURIBOR Loans in accordance with Section 2.3(a), the applicable Administrative Borrower shall give the Administrative Agent written notice (or telephonic notice promptly confirmed in the case writing) of the initial Interest Period applicable thereto) or prior to 1:00 P.M. (New York City time) on the third Business Day prior to the expiration of an Interest Period applicable to such LIBOR Loan (in the case of any subsequent Interest Period), such Borrower shall have the right to elect the interest period (each, an “Interest Period”) applicable to such LIBOR LoanBorrowing, which Interest Period shall, at the option of the applicable Administrative Borrower, be a one, two, three or six or (if available to all Appropriate Lenders) a twelve month period; provided, that, (in each case): period or a period of less than one month. Notwithstanding anything to the contrary contained above:
(a) all LIBOR Loans comprising a Borrowing shall at all times have the same Interest Period; (b) the initial Interest Period for any Borrowing of LIBOR Loan Loans, CDOR Loans or EURIBOR Loans shall commence on the date of such Borrowing of such LIBOR Loan (including the date of any conversion thereto from a Base Rate LoanBorrowing of ABR Loans) and each Interest Period occurring thereafter in respect of such LIBOR Loan Borrowing shall commence on the day on which the next preceding Interest Period applicable thereto expires; ;
(cb) if any Interest Period for relating to a Borrowing of LIBOR Loan Loans, CDOR Loans or EURIBOR Loans begins on the last Business Day of a calendar month or 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 the calendar month at the end of such calendar month; Interest Period;
(dc) if any Interest Period for a LIBOR Loan would otherwise expire on a day which that is not a Business Day, such Interest Period shall expire on the next succeeding Business Day; provided, however, provided that if any Interest Period for in respect of a LIBOR Loan, CDOR Loan or EURIBOR Loan would otherwise expire on a day which that 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; and
(ed) unless the Required Lenders otherwise agree, no Interest Period may Borrowers shall not be selected at entitled to elect any time when an Event of Default is then in existence; and (f) no Interest Period in respect of any Borrowing shall be selected which extends LIBOR Loan, CDOR Loan or EURIBOR Loan if such Interest Period would extend beyond the Revolving Commitment Termination Maturity Date. If by 1:00 P.M. (New York City time) on the third Business Day prior to the expiration of any Interest Period applicable to a Borrowing of LIBOR Loans, any Borrower has failed to elect, or is not permitted to elect, a new Interest Period to be applicable to such LIBOR Loans as provided above, such Borrower shall be deemed to have elected to convert such LIBOR Loans into Base Rate Loans effective as of the expiration date of such current Interest Period.
Appears in 2 contracts
Sources: Abl Credit Agreement (Avaya Holdings Corp.), Abl Credit Agreement (Avaya Holdings Corp.)
Interest Periods. At Concurrently with the time any Borrower gives any giving of a Notice of Revolving Borrowing or Notice of Conversion/Continuation in respect of any Borrowing comprised of LIBOR Loans, the making of, or conversion into, any LIBOR Loan (in the case of the initial Interest Period applicable thereto) or prior to 1:00 P.M. (New York City time) on the third Business Day prior to the expiration of an Interest Period applicable to such LIBOR Loan (in the case of any subsequent Interest Period), such Borrower shall have the right to elect elect, pursuant to such notice, the interest period (each, an “"Interest Period”") to be applicable to such LIBOR LoanLoans, which Interest Period shall, at the option of the Borrower, be a one, two, three or six six-month period; provided, however, that, :
(in each case): (ai) all LIBOR Loans comprising a single Borrowing shall at all times have the same Interest Period; ;
(bii) the initial Interest Period for any LIBOR Loan shall commence on the date of the Borrowing of such LIBOR Loan (including the date of any continuation of, or conversion thereto from a Base Rate into, such LIBOR Loan) ), and each successive Interest Period occurring thereafter in respect of applicable to such LIBOR Loan shall commence on the day on which the next preceding Interest Period applicable thereto expires; ;
(ciii) LIBOR Loans may not be outstanding under more than seven (7) separate Interest Periods at any one time (for which purpose Interest Periods shall be deemed to be separate even if they are coterminous);
(iv) if any Interest Period otherwise would expire on a day that is not a Business Day, such Interest Period shall expire on the next succeeding Business Day unless such next succeeding Business Day falls in another calendar month, in which case such Interest Period shall expire on the next preceding Business Day;
(v) the Borrower may not select any Interest Period that begins prior to the day which is the Applicable Number of Business Days after the Closing Date or, in the case of the Tranche A-2 Term Loans or the Tranche B Term Loans, the day which is the Applicable Number of Business Days after the Acquisition Closing Date, or that expires (x) after the Tranche A Maturity Date, with respect to Tranche A Term Loans that are to be maintained as LIBOR Loans, (y) after the Tranche B Maturity Date, with respect to Tranche B Term Loans that are to be maintained as LIBOR Loans, or (z) after the Revolving Credit Maturity Date, with respect to Revolving Loans that are to be maintained as LIBOR Loans;
(vi) the Borrower may not select any Interest Period having a duration longer than one month at any time prior to the Syndication Completion Date;
(vii) no Interest Period may be selected for any Borrowing of Tranche A Term Loans that would end after a LIBOR Loan scheduled date for repayment of principal of the Tranche A Term Loans occurring on or after the first day of such Interest Period unless, immediately after giving effect to such selection, the aggregate principal amount of Tranche A Term Loans that are Base Rate Loans or that have Interest Periods expiring on or before such principal repayment date equals or exceeds the principal amount required to be paid on such principal repayment date;
(viii) no Interest Period may be selected for any Borrowing of Tranche B Term Loans that would end after a scheduled date for repayment of principal of the Tranche B Term Loans occurring on or after the first day of such Interest Period unless, immediately after giving effect to such selection, the aggregate principal amount of Tranche B Term Loans that are Base Rate Loans or that have Interest Periods expiring on or before such principal repayment date equals or exceeds the principal amount required to be paid on such principal repayment date;
(ix) if any Interest Period begins on a day for which there is no numerically corresponding day in the calendar month at the end of during which such Interest PeriodPeriod would otherwise expire, such Interest Period shall end expire on the last Business Day of such calendar month; and
(dx) if any Interest Period for a LIBOR Loan would otherwise expire on a day which is not a Business Dayif, such Interest Period shall expire on the next succeeding Business Day; provided, however, that if any Interest Period for a LIBOR 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; (e) unless the Required Lenders otherwise agree, no Interest Period may be selected at any time when an Event of Default is then in existence; and (f) no Interest Period in respect of any Borrowing shall be selected which extends beyond the Revolving Commitment Termination Date. If by 1:00 P.M. (New York City time) on the third Business Day prior to upon the expiration of any Interest Period applicable to a Borrowing of LIBOR Loans, any the Borrower has shall have failed to elect, or is not permitted to elect, elect a new Interest Period to be applicable to such LIBOR Loans as provided aboveLoans, such then the Borrower shall be deemed to have elected to convert such LIBOR Loans into Base Rate Loans effective as of the expiration date of such the then current Interest PeriodPeriod applicable thereto.
Appears in 2 contracts
Sources: Credit Agreement (Chartwell Re Corp), Credit Agreement (Chartwell Re Holdings Corp)
Interest Periods. At the time any the Borrower gives any a Notice of Borrowing or Notice of Conversion/Continuation Conversion in respect of the making of, or conversion into, any LIBOR Loan a Borrowing of Eurodollar Loans (in the case of the initial Interest Period applicable thereto) or prior to 1:00 P.M. 12:00 Noon (New York City time) on the third Business Day prior to the expiration of an Interest Period applicable to such LIBOR Loan (in the case a Borrowing of any subsequent Interest Period)Eurodollar Loans, such Borrower it shall have the right to elect by giving the interest period Administrative Agent written notice (each, an “or telephonic notice promptly confirmed in writing) of the Interest Period”) Period to be applicable to such LIBOR LoanBorrowing, which Interest Period shall, at the option of the Borrower, be a one, two, three or six month period; provided, that, . Notwithstanding anything to the contrary contained above:
(in each case): (a) all LIBOR Loans comprising a Borrowing shall at all times have the same Interest Period; (bi) the initial Interest Period for any LIBOR Loan Borrowing of Eurodollar Loans shall commence on the date of such Borrowing of such LIBOR 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 LIBOR Loan Borrowing shall commence on the day on which the next preceding Interest Period applicable thereto expires; ;
(cii) if any Interest Period for a LIBOR 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; ;
(diii) if any Interest Period for a LIBOR 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, PROVIDED that if any Interest Period for a LIBOR 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; ;
(eiv) unless no Interest Period for a Borrowing under a Facility may be elected if it would extend beyond the Required Lenders otherwise agree, Maturity Date for such Facility;
(v) no Interest Period may be selected elected at any time when an a Default or Event of Default is then in existence; and and
(fvi) no Interest Period in with respect of to any Borrowing shall of Term Loans may be selected elected that would extend beyond any date upon which extends beyond a mandatory repayment of Term Loans is required to be made under Section 3.02(i)(a) if, after giving effect to the Revolving Commitment Termination Dateselection of such Interest Period, the aggregate principal amount of Term Loans maintained as Eurodollar Loans with Interest Periods ending after such date would exceed the aggregate principal amount of Term Loans permitted to be outstanding after such mandatory repayment. If by 1:00 P.M. (New York City time) on the third Business Day prior to upon the expiration of any Interest Period applicable to a Borrowing of LIBOR LoansPeriod, any the Borrower has failed to electfailed, or is not permitted permitted, to elect, elect a new Interest Period to be applicable to such LIBOR the respective Borrowing of Eurodollar Loans as provided above, such the Borrower shall be deemed to have elected to convert such LIBOR Loans Borrowing into a Borrowing of Base Rate Loans effective as of the expiration date of such current Interest Period.
Appears in 2 contracts
Sources: Credit Agreement (Superior National Insurance Group Inc), Credit Agreement (Ceres Group Inc)
Interest Periods. At the time any the Borrower gives any Notice of Borrowing or Notice of Conversion/Continuation in respect of the making of, or conversion into, any LIBOR Loan (in the case of the initial Interest Period applicable thereto) or prior to 1:00 P.M. (New York City time) 12:00 noon on the third Business Day prior to the expiration of an Interest Period applicable to such LIBOR Loan (in the case of any subsequent Interest Period), such the Borrower shall have the right to elect the interest period (each, an “Interest Period”) applicable to such LIBOR Loan, which Interest Period shall, at the option of the Borrower, be (x) a one, two, three three, six or, if agreed to by each Lender with Loans and/or Commitments under the relevant Class, twelve month period or six month period(y) if elected by the Borrower, such other period not to exceed one-month; provided, that, provided that (in each case): ):
(ai) all LIBOR Loans comprising a Borrowing shall at all times have the same Interest Period; ;
(bii) the initial Interest Period for any LIBOR Loan shall commence on the date of Borrowing of such LIBOR Loan (including the date of any conversion thereto from a Base Rate Loan) and each Interest Period occurring thereafter in respect of such LIBOR Loan shall commence on the day on which the next preceding Interest Period applicable thereto expires; ;
(ciii) if any Interest Period for a LIBOR 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; ;
(div) if any Interest Period for a LIBOR 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 LIBOR 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; and
(e) unless the Required Lenders otherwise agree, no Interest Period may be selected at any time when an Event of Default is then in existence; and (fv) no Interest Period in respect of any Borrowing of any Class of Loans shall be selected which extends beyond the Revolving Commitment Termination DateMaturity Date for such Class of Loans. If by 1:00 P.M. (New York City time) 12:00 noon on the third Business Day prior to the expiration of any Interest Period applicable to a Borrowing of LIBOR Loans, any the Borrower has failed to elect, or is not permitted to elect, a new Interest Period to be applicable to such LIBOR Loans as provided above, the Borrower shall be deemed to have elected to continue such LIBOR Loans as LIBOR Loans with an Interest Period of one (1) month effective as of the expiration date of such current Interest Period; provided that if the Borrower is not permitted to elect a new Interest Period to be applicable to such LIBOR Loans as provided above, the Borrower shall be deemed to have elected to convert such LIBOR Loans into Base Rate Loans effective as of the expiration date of such current Interest Period. If any partial prepayment of LIBOR Loans made pursuant to any Borrowing shall reduce the outstanding principal amount of LIBOR Loans made pursuant to such Borrowing to an amount less than the Minimum Borrowing Amount applicable thereto, then such Borrowing may not be continued as a Borrowing of LIBOR Loans after the end of the Interest Period then applicable thereto (and the same shall automatically be converted into a Borrowing of Base Rate Loans at the end of such Interest Period) and any election of an Interest Period with respect thereto given by the Borrower shall have no force or effect.
Appears in 2 contracts
Sources: Credit Agreement (PPL Energy Supply LLC), Credit Agreement (Talen Energy Holdings, Inc.)
Interest Periods. At Concurrently with the time any Borrower gives any giving of a Notice of Borrowing or Notice of Conversion/Continuation in respect of the making ofany Borrowing comprised of Base Rate Loans or LIBOR Market Index Loans to be converted into, or conversion intoLIBOR Loans to be continued as, any LIBOR Loan (in Loans, the case of the initial Interest Period applicable thereto) or prior to 1:00 P.M. (New York City time) on the third Business Day prior to the expiration of an Interest Period applicable to such LIBOR Loan (in the case of any subsequent Interest Period), such Borrower shall have the right to elect elect, pursuant to such notice, the interest period (each, an “Interest Period”) to be applicable to such LIBOR LoanLoans, which Interest Period shall, at the option of the Borrower, be a one, two, three or six six-month period; provided, however, that, :
(in each case): (ai) all LIBOR Loans comprising a single Borrowing shall at all times have the same Interest Period; ;
(bii) the initial Interest Period for any LIBOR Loan shall commence on the date of the Borrowing of such LIBOR Loan (including the date of any continuation of, or conversion thereto from a Base Rate into, such LIBOR Loan) ), and each successive Interest Period occurring thereafter in respect of applicable to such LIBOR Loan shall commence on the day on which the next preceding Interest Period applicable thereto expires; ;
(ciii) LIBOR Loans may not be outstanding under more than six (6) separate Interest Periods at any one time (for which purpose Interest Periods shall be deemed to be separate even if they are coterminous);
(iv) if any Interest Period for otherwise would expire on a LIBOR Loan day that is not a Business Day, such Interest Period shall expire on the next succeeding Business Day unless such next succeeding Business Day falls in another calendar month, in which case such Interest Period shall expire on the immediately preceding Business Day;
(v) the Borrower may not select any Interest Period that begins prior to the third (3rd) Business Day after the Restatement Effective Date or that expires after the Maturity Date;
(vi) if any Interest Period begins on a day for which there is no numerically corresponding day in the calendar month at the end of during which such Interest PeriodPeriod would otherwise expire, such Interest Period shall end expire on the last Business Day of such calendar month; and
(dvii) if the Borrower may not select any Interest Period for a LIBOR 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 LIBOR 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; (e) unless the Required Lenders otherwise agreeand consequently, no Interest Period may LIBOR Loans shall be selected at any time when an made) if a Default or Event of Default is then in existence; shall have occurred and (f) no Interest Period in respect of any Borrowing shall be selected which extends beyond continuing at the Revolving Commitment Termination Date. If by 1:00 P.M. (New York City time) on the third Business Day prior to the expiration of any Interest Period applicable to a Borrowing of LIBOR Loans, any Borrower has failed to elect, or is not permitted to elect, a new Interest Period to be applicable to such LIBOR Loans as provided above, such Borrower shall be deemed to have elected to convert such LIBOR Loans into Base Rate Loans effective as of the expiration date time of such current Interest PeriodNotice of Borrowing or Notice of Conversion/Continuation with respect to any Borrowing.
Appears in 2 contracts
Sources: Credit Agreement (Old Dominion Freight Line Inc/Va), Credit Agreement (Old Dominion Freight Line Inc/Va)
Interest Periods. At the time any a Borrower gives any a Notice of Borrowing or Notice of Conversion/Conversion or Continuation in respect of the making of, or conversion intointo or continuation as, any a Borrowing of LIBOR Loan (Loans in the case of the initial Interest Period applicable thereto) or prior to 1:00 P.M. (New York City time) on the third Business Day prior to the expiration of an Interest Period applicable to such LIBOR Loan (in the case of any subsequent Interest Periodaccordance with Section 2.6(a), such Borrower shall have the right to elect by giving the interest period Administrative Agent written notice (each, an “or telephonic notice promptly confirmed in writing) the Interest Period”) Period applicable to such LIBOR LoanBorrowing, which Interest Period shall, at the option of the Borrower, such Borrower be a one, two, three three, six or six month period; provided, that, (in each case): the case of Revolving Credit Loans, if available to all the Lenders making such loans as determined by such Lenders in good faith based on prevailing market conditions) a nine or twelve month period (or such other period of less than six months as to which the Administrative Agent may consent). Notwithstanding anything to the contrary contained above:
(a) all LIBOR Loans comprising a Borrowing shall at all times have the same Interest Period; (b) the initial Interest Period for any Borrowing of LIBOR Loan Loans shall commence on the date of such Borrowing of such LIBOR Loan (including the date of any conversion thereto from a Base Rate LoanBorrowing of ABR Loans) and each Interest Period occurring thereafter in respect of such LIBOR Loan Borrowing shall commence on the day on which the next preceding Interest Period applicable thereto expires; ;
(cb) if any Interest Period for relating to a Borrowing of LIBOR Loan Loans begins on the last Business Day of a calendar month or 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 the calendar month at the end of such calendar month; Interest Period;
(dc) if any Interest Period for a LIBOR Loan would otherwise expire on a day which that is not a Business Day, such Interest Period shall expire on the next succeeding Business Day; provided, however, provided that if any Interest Period for in respect of a LIBOR Loan would otherwise expire on a day which that 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; and
(ed) unless the Required Lenders otherwise agree, no Interest Period may applicable Borrower shall not be selected at entitled to elect any time when an Event of Default is then in existence; and (f) no Interest Period in respect of any Borrowing shall be selected which extends LIBOR Loan if such Interest Period would extend beyond the Revolving Commitment Termination Date. If by 1:00 P.M. (New York City time) on the third Business Day prior to the expiration of any Interest Period applicable to a Borrowing of LIBOR Loans, any Borrower has failed to elect, or is not permitted to elect, a new Interest Period to be applicable to such LIBOR Loans as provided above, such Borrower shall be deemed to have elected to convert such LIBOR Loans into Base Rate Loans effective as of the expiration date Maturity Date of such current Interest PeriodLoan.
Appears in 2 contracts
Sources: Credit Agreement (HCA Holdings, Inc.), Credit Agreement (Hca Inc/Tn)
Interest Periods. At In the time any case of each LIBOR Loan, upon written or telephonic notice (confirmed in writing) to the Bank three (3) Business Days prior to the commencement date of each LIBOR Interest Period therefor, the Borrower gives any Notice shall have the option to specify whether such LIBOR Interest Period shall be a period of Borrowing 1, 2 or Notice of Conversion/Continuation 3 months; provided that, in no event shall a LIBOR Interest Period in respect of the making of, or conversion into, any LIBOR Loan (in extend beyond the case Maturity Date. If the Bank shall not have received timely notice of a designation of a LIBOR Interest Period, the Borrower shall be deemed to have elected to convert such LIBOR Loan to which such LIBOR Interest Period would have been applicable into a Base Rate Loan effective on the last day of the initial preceding LIBOR Interest Period applicable thereto) or prior to 1:00 P.M. (New York City time) on the third Business Day prior to the expiration of an . The Interest Period applicable to such LIBOR each Base Rate Loan shall commence on the date it is made and terminate on the earliest of: (in the case of any subsequent Interest Period), such Borrower shall have the right to elect the interest period (each, an “Interest Period”) applicable to such LIBOR Loan, which Interest Period shall, at the option of the Borrower, be a one, two, three or six month period; provided, that, (in each case): (a) all LIBOR Loans comprising a Borrowing shall at all times have the same Interest Period; (bA) the maturity date for such loan (whether by acceleration or otherwise); or (B) the date it is paid in full. The determination of Interest Periods shall be subject to the following provisions:
A. the initial LIBOR Interest Period for any each LIBOR Loan shall commence on the date of Borrowing of such LIBOR Loan (including the date of any conversion thereto from a Base Rate Loan) is made and each LIBOR Interest Period occurring thereafter in respect of such LIBOR Loan shall commence on the day on which the next immediately preceding Interest Period applicable thereto therefor expires; (c) ;
B. if any LIBOR Interest Period for a LIBOR 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; (d) if any Interest Period for a LIBOR Loan would otherwise expire on a day which is not a Business Day, such LIBOR Interest Period shall expire on the next succeeding Business Day; provided, however, that if any Interest Period for a LIBOR Loan would otherwise expire on a day which is not a such next succeeding Business Day but is a day of the month after which no further Business Day occurs in such next calendar month, such LIBOR Interest Period shall expire on the next preceding Business Day; (e) unless the Required Lenders otherwise agree, and
C. no Interest Period may be selected at any time when an Event of Default is then in existence; and (f) no LIBOR Interest Period in respect of any Borrowing Loan shall be selected which extends extend beyond the Revolving Commitment Termination Maturity Date. If by 1:00 P.M. (New York City time) on the third Business Day prior to the expiration of any Interest Period applicable to a Borrowing of LIBOR Loans, any Borrower has failed to elect, or is not permitted to elect, a new Interest Period to be applicable to such LIBOR Loans as provided above, such Borrower shall be deemed to have elected to convert such LIBOR Loans into Base Rate Loans effective as of the expiration date of such current Interest Period.
Appears in 2 contracts
Sources: Credit Agreement (Hoku Scientific Inc), Credit Agreement (Hoku Scientific Inc)
Interest Periods. (a) At the time any a Borrower gives any Notice of Borrowing or Notice of Conversion/Continuation in respect of the making of, or conversion into, any LIBOR Loan or Canadian CDOR Rate Loan (in the case of the initial Interest Period applicable thereto) or prior to 1:00 P.M. 12:00 Noon (New York City time) on the third Business Day prior to the expiration of an Interest Period applicable to such LIBOR Loan or Canadian CDOR Rate Loan (in the case of any subsequent Interest Period), such Borrower shall have the right to elect the interest period (each, an “Interest Period”) applicable to such LIBOR Loan or Canadian CDOR Rate Loan, which Interest Period shall, at the option of the such Borrower, be (x) a one, two, three or six month period; providedperiod or (y) a seven, thatfourteen or twenty-one day period if agreed by the Administrative Agent in its sole discretion, provided that (in each case): ):
(ai) all LIBOR Loans or Canadian CDOR Rate Loans comprising a Borrowing shall at all times have the same Interest Period; ;
(bii) the initial Interest Period for any LIBOR Loan or Canadian CDOR Rate Loan shall commence on the date of Borrowing of such LIBOR Loan or Canadian CDOR Rate Loan (including the date of any conversion thereto from a Base Rate Loan or Canadian Prime Rate Loan, as applicable) and each Interest Period occurring thereafter in respect of such LIBOR Loan or Canadian CDOR Rate Loan shall commence on the day on which the next preceding Interest Period applicable thereto expires; ;
(ciii) if any Interest Period for a LIBOR Loan or Canadian CDOR Rate 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; ;
(div) if any Interest Period for a LIBOR Loan or Canadian CDOR Rate 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 LIBOR Loan or Canadian CDOR Rate 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; ;
(ev) unless the Required Lenders otherwise agree, no Interest Period may be selected at any time when a Default or an Event of Default is then in existence; and and
(fvi) no Interest Period in respect of any Borrowing of any Tranche of Loans shall be selected which extends beyond the Revolving Commitment Termination DateMaturity Date for such Tranche of Loans. If by 1:00 P.M. 12:00 Noon (New York City time) on the third Business Day prior to the expiration of any Interest Period applicable to a Borrowing of LIBOR LoansLoans or Canadian CDOR Rate Loan, any the relevant Borrower has failed to elect, or is not permitted to elect, a new Interest Period to be applicable to such LIBOR Loans or Canadian CDOR Rate Loan as provided above, such Borrower shall be deemed to have elected to convert continue such LIBOR Loans or Canadian CDOR Rate Loan into Base Rate LIBOR Loans or Canadian CDOR Loans, as applicable, with a same Interest Period, effective as of the expiration date of such current Interest Period.
Appears in 2 contracts
Sources: Credit Agreement (Walter Energy, Inc.), Credit Agreement (Walter Energy, Inc.)
Interest Periods. (a) At the time any a Borrower gives any a Notice of Borrowing or a Notice of Conversion/Continuation Conversion in respect of the making of, or conversion into, any LIBOR Loan a Borrowing of Eurodollar Loans (in the case of the initial Interest Period applicable thereto) or prior to 1:00 P.M. 12:00 Noon (New York City timeTime) on the third Business Day prior to the expiration of an Interest Period applicable to such LIBOR Loan (in the case a Borrowing of any subsequent Interest Period)Eurodollar Loans, such Borrower it shall have the right to elect by giving the interest period Administrative Agent written notice (each, an “or telephonic notice promptly confirmed in writing) of the Interest Period”) Period applicable to such LIBOR LoanBorrowing, which Interest Period shall, at the option of the such Borrower, be a one, two, three or six month period; provided, that, period or such other period available to all Lenders. Notwithstanding anything to the contrary contained above:
(in each case): (a) all LIBOR Loans comprising a Borrowing shall at all times have the same Interest Period; (bi) the initial Interest Period for any LIBOR Loan Borrowing shall commence on the date of such Borrowing of such LIBOR Loan (including including, where relevant, the date of any conversion thereto from a Borrowing of Base Rate LoanLoans) and each Interest Period occurring thereafter in respect of such LIBOR Loan Borrowing shall commence on the day on which the next preceding Interest Period applicable thereto expires; ;
(cii) if any Interest Period for a LIBOR Loan begins on (x) the last Business Day of a month, it shall end on the last Business Day of the month in which it is to end and (y) 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; ;
(diii) if any Interest Period for a LIBOR 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, provided that if any Interest Period for a LIBOR 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; ;
(eiv) unless the Required Lenders otherwise agree, no Interest Period may be selected elected that would extend beyond the Final Maturity Date;
(v) at any time when a Default or an Event of Default is then in existence; and (f) existence no Interest Period may be elected if the Administrative Agent or the Required Lenders shall have determined in respect of any its or their sole discretion not to permit such election; and
(vi) all Eurodollar Loans comprising a Borrowing shall be selected which extends beyond at all times have the Revolving Commitment Termination Date. same Interest Period.
(b) If by 1:00 P.M. (New York City time) on the third Business Day prior to upon the expiration of any Interest Period Period, the applicable to a Borrowing of LIBOR Loans, any Borrower has failed to elect, (or is not permitted to elect, may not) elect a new Interest Period to be applicable to such LIBOR the Loans subject to the expiring Interest Period as provided above, such Borrower shall be deemed to have elected elected, in the case of Eurodollar Loans, to convert such LIBOR Loans Borrowing into a Borrowing of Base Rate Loans effective as of the expiration date of such current Interest Period.
Appears in 2 contracts
Sources: Credit Agreement (Partnerre LTD), Credit Agreement (Partnerre LTD)
Interest Periods. At the time any Borrower it gives any Notice of Borrowing or Notice of Conversion/Continuation in respect of the making of, or conversion into, any LIBOR Loan (in the case of the initial Interest Period applicable thereto) or prior to 1:00 P.M. (New York City time) on the third Business Day prior to the expiration of an Interest Period applicable to such LIBOR Loan (in the case of any subsequent Interest Period)Fixed Rate Loan, such each Borrower shall have the right to elect elect, by giving the Bank notice thereof, the interest period (each, each an “"Interest Period”") applicable to such LIBOR Fixed Rate Loan, which Interest Period shall, at the option of such Borrower, in the Borrowercase of a LIBOR Loan, be a one, two, three or six month period; provided, and in the case of a NIBOR Loan be a period of up to thirty days, provided that, : (in each case): (ai) all LIBOR Fixed Rate Loans comprising a Borrowing shall at all times have the same Interest Period; (bii) the initial Interest Period for any LIBOR Fixed Rate Loan shall commence on the date of Borrowing of such LIBOR Loan (including the date of any conversion thereto from thereof into a Base Rate LoanLoan of different Type) and each Interest Period occurring thereafter in respect of such LIBOR Loan 7 shall commence on the day on which the next preceding Interest Period applicable thereto expires; (ciii) if any Interest Period for relating to a LIBOR Fixed Rate 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; (div) if any Interest Period for a LIBOR 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, provided that if any Interest Period for a LIBOR 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; (e) unless the Required Lenders otherwise agree, no Interest Period may be selected at any time when an Event of Default is then in existence; and (fv) no Interest Period in respect of any Borrowing shall be selected which extends extend beyond the Revolving Commitment Termination Expiry Date. If by 1:00 P.M. (New York City time) on the third Business Day prior to upon the expiration of any Interest Period applicable to a Borrowing of LIBOR LoansFixed Rate Loan, any the Borrower has failed to elect, or is not permitted to elect, elect a new Interest Period to be applicable to such LIBOR Loans Fixed Rate Loan as provided above, such the Borrower shall be deemed to have elected to convert such LIBOR Loans Loan into a Base Rate Loans Loan effective as of the expiration date of such current Interest Period.
Appears in 2 contracts
Sources: Credit Agreement (Sierra Prime Income Fund), Credit Agreement (Sierra Prime Income Fund)
Interest Periods. At the time any Borrower gives any Notice of Borrowing or Notice of Conversion/Continuation in respect of the making of, or conversion into, any LIBOR Loan (in the case of the initial Interest Period The applicable thereto) or prior to 1:00 P.M. (New York City time) on the third Business Day prior to the expiration of an Interest Period applicable to such LIBOR Loan (in the case of any subsequent Interest Period), such Borrower shall have the right to elect the interest period (each, each an “Interest Period”) applicable to such of each Borrowing of LIBOR Loan, which Interest Period shall, at the option of the Borrower, Rate Loans shall be a oneone (1), twotwo (2), three (3) or six (6) month period; provided, thatas selected by the applicable Credit Party in the applicable Notice of Borrowing or Conversion/Continuation Notice, (in each case): (a) all LIBOR Loans comprising a Borrowing shall at all times have the same Interest Period; (b) the initial Interest Period for any LIBOR Loan shall commence initially commencing on the date of Borrowing the Loan or any Conversion/Continuation Date, as the case may be; provided that
(i) in the case of such immediately successive Interest Periods applicable to LIBOR Loan (including the date of any conversion thereto from a Base Rate Loan) and Loans, each successive Interest Period occurring thereafter in respect of such LIBOR Loan shall commence on the day on which the next immediately preceding Interest Period applicable thereto expires; ;
(cii) if any an Interest Period for a LIBOR 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; (d) if any Interest Period for a LIBOR Loan would otherwise expire on a day which that is not a Business Day, such Interest Period shall expire on the next succeeding Business Day; providedprovided that, however, that if any Interest Period for a LIBOR Loan would otherwise expire on a day which that 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 immediately preceding Business Day; ;
(eiii) unless the Required Lenders otherwise agree, no any Interest Period may be selected that begins on the last Business Day of a calendar month (or on a day for which there is no numerically corresponding day in the calendar month at any time when an Event the end of Default is then in existence; and such Interest Period) shall, subject to clause (fiv) of this Section 2.5B, end on the last Business Day of a calendar month;
(iv) no Interest Period in respect of any Borrowing shall extend beyond the latest Maturity Date;
(v) no more than ten (10) Interest Periods shall be selected which extends beyond outstanding at any time; and
(vi) if the Revolving Commitment Termination Date. If by 1:00 P.M. (New York City time) on the third Business Day prior applicable Credit Party fails to the expiration of any specify an Interest Period applicable to a for any Borrowing of LIBOR Loans, any Borrower has failed to elect, Rate Loans in the applicable Notice of Borrowing or is not permitted to elect, a new Interest Period to be applicable to such LIBOR Loans as provided aboveConversion/Continuation Notice, such Borrower Credit Party shall be deemed to have elected to convert such LIBOR Loans into Base Rate Loans effective as selected an Interest Period of the expiration date of such current Interest Periodone (1) month.
Appears in 2 contracts
Sources: Credit Agreement (Hospira Inc), Credit Agreement (Hospira Inc)
Interest Periods. At the time any the Borrower gives any a Notice of Borrowing or Notice of Conversion/Conversion or Continuation in respect of the making of, or conversion intointo or continuation as, any an Advance of LIBOR Loan Loans in accordance with Section 2.1(b) or 2.5(a), the Borrower shall give the Administrative Agent written notice (or telephonic notice promptly confirmed in the case writing) of the initial Interest Period applicable thereto) or prior to 1:00 P.M. (New York City time) on the third Business Day prior to the expiration of an Interest Period applicable to such LIBOR Loan (in the case of any subsequent Interest Period), such Borrower shall have the right to elect the interest period (each, an “Interest Period”) applicable to such LIBOR LoanBorrowing, which Interest Period shall, at the option of the Borrower, Borrower be (i) a one, two, three or six six-month period; provided, that, (in each case): as requested by the Borrower. Notwithstanding anything to the contrary contained above:
(a) all LIBOR Loans comprising a Borrowing shall at all times have the same Interest Period; (b) the initial Interest Period for any Borrowing of LIBOR Loan Loans shall commence on the date of such Borrowing of such LIBOR Loan (including the date of any conversion thereto from a Base Rate LoanBorrowing of ABR Loans) and each Interest Period occurring thereafter in respect of such LIBOR Loan Borrowing shall commence on the day on which the next preceding Interest Period applicable thereto expires; ;
(cb) if any Interest Period for relating to a Borrowing of LIBOR Loan Loans begins on the last Business Day of a calendar month or 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 the calendar month at the end of such calendar month; Interest Period;
(dc) if any Interest Period for a LIBOR Loan would otherwise expire on a day which that is not a Business Day, such Interest Period shall expire on the next succeeding Business Day; providedprovided that, however, that if any Interest Period for in respect of a LIBOR Loan would otherwise expire on a day which that is not a Business Day 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; and
(ed) unless the Required Lenders otherwise agree, no Interest Period may Borrower shall not be selected at entitled to elect any time when an Event of Default is then in existence; and (f) no Interest Period in respect of any Borrowing shall be selected which extends LIBOR Loan if such Interest Period would extend beyond the Revolving Commitment Termination Maturity Date. If by 1:00 P.M. (New York City time) on the third Business Day prior to the expiration of any Interest Period applicable to a Borrowing of LIBOR Loans, any Borrower has failed to elect, or is not permitted to elect, a new Interest Period to be applicable to such LIBOR Loans as provided above, such Borrower shall be deemed to have elected to convert such LIBOR Loans into Base Rate Loans effective as of the expiration date of such current Interest Period.
Appears in 2 contracts
Sources: Credit Agreement (Kimbell Royalty Partners, LP), Credit Agreement (Kimbell Royalty Partners, LP)
Interest Periods. At the time any Borrower gives any Notice of Borrowing or Notice of Conversion/Continuation in respect of the making of, or conversion into, any LIBOR Interest Period Loan (in the case of the initial Interest Period applicable thereto) or prior to 1:00 P.M. 11:00 A.M. (New York City time) on the third Business Day prior to the expiration of an Interest Period applicable to such LIBOR Interest Period Loan (in the case of any subsequent Interest Period), such Borrower shall have the right to elect the interest period (each, an “Interest Period”) applicable to such LIBOR Interest Period Loan, which Interest Period shall, at the option of the Borrower, be a one, two, three or six month period; provided, that, provided that (in each case): ):
(a) all LIBOR Interest Period Loans comprising a Borrowing shall at all times have the same Interest Period; ;
(b) the initial Interest Period for any LIBOR Interest Period Loan shall commence on the date of Borrowing of such LIBOR Interest Period Loan (including including, in the case of U.S. Borrower Revolving Loans, the date of any conversion thereto from a Base Rate Loan) and each Interest Period occurring thereafter in respect of such LIBOR Interest Period Loan shall commence on the day on which the next preceding Interest Period applicable thereto expires; ;
(c) if any Interest Period for a LIBOR Interest Period 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; ;
(d) if any Interest Period for a LIBOR Interest Period 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 LIBOR Interest Period 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; ;
(e) unless if the Administrative Agent so determines or if the Required Lenders otherwise agreeso notify the Administrative Agent, no Interest Period may be selected at any time when a Default or an Event of Default is then in existence; and and
(f) no Interest Period in respect of any Borrowing shall be selected which extends beyond the Revolving Commitment Termination Final Maturity Date. If by 1:00 P.M. 11:00 A.M. (New York City time) on the third Business Day prior to the expiration of any Interest Period applicable to a Borrowing of LIBOR Interest Period Loans, any the applicable Borrower has or Borrowers have failed to elect, or is not permitted to elect, a new Interest Period to be applicable to such LIBOR Interest Period Loans as provided above, such Borrower shall be deemed to have elected to convert such LIBOR Loans into Base Rate Loans or such Canadian BA Rate Loans into Canadian Prime Rate Loans, in each case, effective as of the expiration date of such current Interest Period.
Appears in 2 contracts
Sources: Abl Credit Agreement (Affinia Group Holdings Inc.), Abl Credit Agreement (Affinia Group Intermediate Holdings Inc.)
Interest Periods. At the time any Borrower gives any Notice of By delivering a Borrowing or Notice of Conversion/Continuation Request in respect of the making ofof a Borrowing of LIBOR Loans or Cost of Funds Rate Loans, or conversion into, any LIBOR Loan (in the case of the initial Borrower shall be deemed to have elected an Interest Period applicable thereto) of one month. If the Borrower does not prepay or prior to 1:00 P.M. (New York City time) on repay a Revolving Loan by the third Business Day prior to the expiration end of an Interest Period applicable to such LIBOR Loan (in Period, the case of any subsequent Interest Period), such Borrower shall be deemed to have the right elected to elect the interest period (each, continue such Revolving Loan for an “Interest Period”) applicable to such LIBOR Loan, which additional Interest Period shall, at of one month. Notwithstanding anything to the option of the Borrower, be a one, two, three or six month period; provided, that, contrary contained above:
(in each case): (a) all LIBOR Loans comprising a Borrowing shall at all times have the same Interest Period; (bi) the initial Interest Period for any Borrowing of LIBOR Loan Loans or Cost of Funds Rate Loans shall commence on the date of such Borrowing of such LIBOR Loan (including the date of and any conversion thereto from a Base Rate Loan) and each Interest Period occurring thereafter in respect of such LIBOR Loan Borrowing shall commence on the day on which the next preceding Interest Period applicable thereto expires; ;
(cii) there shall be no more than ten (10) separate Interest Periods permitted with respect to all Revolving Loans;
(iii) if any Interest Period for a LIBOR 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; ;
(div) if any Interest Period for a LIBOR 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 LIBOR 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; and
(ev) unless no Interest Period shall extend beyond the Required Lenders otherwise agreeCommitment Termination Date (and, if the Commitment Termination Date shall be the Extension Date, no Interest Period may be selected at any time when an Event of Default is then in existence; and (f) no Interest Period in with respect of any Borrowing to a Loan made by a Withdrawing Lender that has not assigned such Loan pursuant to Section 2.3.4 shall be selected which extends extend beyond the Revolving Scheduled Commitment Termination Date. If by 1:00 P.M. (New York City time) on the third Business Day prior to the expiration of any Interest Period applicable to a Borrowing of LIBOR Loans, any Borrower has failed to elect, or is not permitted to elect, a new Interest Period to be applicable to such LIBOR Loans as provided above, such Borrower shall be deemed to have elected to convert such LIBOR Loans into Base Rate Loans effective as of the expiration date of such current Interest Period).
Appears in 2 contracts
Sources: Credit Agreement (Special Value Continuation Partners, LP), Credit Agreement (Special Value Continuation Partners, LP)
Interest Periods. At the time any Borrower gives any Notice of Borrowing or Notice of Conversion/Continuation in respect of the making of, or or, in the case of any US Revolving Loan, conversion into, any LIBOR Loan or EURIBOR Loan (in the case of the initial Interest Period applicable thereto) or prior to 1:00 P.M. 11:00 A.M. (New York City time) on the third Business Day prior to the expiration of an Interest Period applicable to such LIBOR Loan or EURIBOR Loan (in the case of any subsequent Interest Period), such Borrower shall have the right to elect the interest period (each, an “Interest Period”) applicable to such LIBOR Loan or EURIBOR 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 2.01(a)(ii)), be a oneone (or less than one month if permitted by the Administrative Agent), two, three or six or, to the extent approved by each Lender, nine or twelve month period; provided, that, provided that (in each case): ):
(a) all LIBOR Loans or EURIBOR Loans comprising a Borrowing shall at all times have the same Interest Period; ;
(b) the initial Interest Period for any LIBOR Loan or EURIBOR Loan shall commence on the date of Borrowing of such LIBOR Loan or EURIBOR Loan (including including, in the case of any LIBOR Loan, the date of any conversion thereto from a Base Rate Loan) and each Interest Period occurring thereafter in respect of such LIBOR Loan or EURIBOR shall commence on the day on which the next preceding Interest Period applicable thereto expires; ;
(c) if any Interest Period for a LIBOR 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; ;
(d) if any Interest Period for a LIBOR Loan or EURIBOR 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 LIBOR Loan or EURIBOR 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; ;
(e) unless the Required Lenders otherwise agree, no Interest Period may be selected at any time when a Default or an Event of Default is then in existence; and and
(f) no Interest Period in respect of any Borrowing shall be selected which extends beyond the Revolving Commitment Termination Final Maturity Date. If by 1:00 P.M. 11:00 A.M. (New York City time) on the third Business Day prior to the expiration of any Interest Period applicable to a Borrowing of LIBOR Loans or EURIBOR Loans, any Borrower has failed to elect, or is not permitted to elect, a new Interest Period to be applicable to such LIBOR Loans or EURIBOR Loans as provided above, such Borrower Borrower, (i) in the case of any US Revolving Loan, shall be deemed to have elected to convert such LIBOR Loans into Base Rate Loans effective as of the expiration date of such current Interest Period and (ii) in the case of any UK Revolving Loan, shall be deemed to have elected to continue such LIBOR Loans or EURIBOR Loans as LIBOR Loans or EURIBOR Loans with an Interest Period of one-month, effective as of the expiration date of such current Interest Period.
Appears in 2 contracts
Sources: Abl Credit Agreement (Mobile Mini Inc), Abl Credit Agreement (Mobile Mini Inc)
Interest Periods. At the time any the Borrower gives any a Notice of Borrowing or Notice of Conversion/Conversion or Continuation in respect of the making of, or conversion intointo or continuation as, any a Borrowing of LIBOR Loan Loans (in the case of the initial Interest Period applicable thereto) or prior to 1:00 P.M. 10:00 a.m. (New York City time) on the third Business Day prior to the expiration of an Interest Period applicable to such a Borrowing of LIBOR Loan (in Loans, the case of any subsequent Interest Period), such Borrower shall have the right to elect by giving the interest period Administrative Agent written notice (each, an “or telephonic notice promptly confirmed in writing) the Interest Period”) Period applicable to such LIBOR LoanBorrowing, which Interest Period shall, at the option of the Borrower, Borrower be a one, two, three three, six or six (in the case of Revolving Credit Loans, if available to all the Lenders making such loans as determined by such Lenders in good faith based on prevailing market conditions) a nine or twelve month period; provided, that, (in each case): provided that the initial Interest Period may be for a period less than one month if agreed upon by the Borrower and the Agents. Notwithstanding anything to the contrary contained above:
(a) all LIBOR Loans comprising a Borrowing shall at all times have the same Interest Period; (b) the initial Interest Period for any Borrowing of LIBOR Loan Loans shall commence on the date of such Borrowing of such LIBOR Loan (including the date of any conversion thereto from a Base Rate LoanBorrowing of ABR Loans or) and each Interest Period occurring thereafter in respect of such LIBOR Loan Borrowing shall commence on the day on which the next preceding Interest Period applicable thereto expires; ;
(cb) if any Interest Period for relating to a Borrowing of LIBOR Loan Revolving Credit Loans begins on the last Business Day of a calendar month or 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 the calendar month at the end of such calendar month; Interest Period;
(dc) if any Interest Period for a LIBOR Loan would otherwise expire on a day which that is not a Business Day, such Interest Period shall expire on the next succeeding Business Day; provided, however, provided that if any Interest Period for in respect of a LIBOR Loan would otherwise expire on a day which that 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; and
(ed) unless the Required Lenders otherwise agree, no Interest Period may Borrower shall not be selected at entitled to elect any time when an Event of Default is then in existence; and (f) no Interest Period in respect of any Borrowing shall be selected which extends LIBOR Loan if such Interest Period would extend beyond the Revolving Commitment Termination Date. If by 1:00 P.M. (New York City time) on the third Business Day prior to the expiration of any Interest Period applicable to a Borrowing of LIBOR Loans, any Borrower has failed to elect, or is not permitted to elect, a new Interest Period to be applicable to such LIBOR Loans as provided above, such Borrower shall be deemed to have elected to convert such LIBOR Loans into Base Rate Loans effective as of the expiration date Maturity Date of such current Interest PeriodLoan.
Appears in 2 contracts
Sources: Credit Agreement (PanAmSat Holding CORP), Credit Agreement (Panamsat Corp /New/)
Interest Periods. At the time any the Parent Borrower gives any a Notice of Borrowing or Notice of Conversion/Conversion or Continuation in respect of the making of, or conversion intointo or continuation as, any a Borrowing of LIBOR Loan (Loans in the case of the initial Interest Period applicable thereto) or prior to 1:00 P.M. (New York City time) on the third Business Day prior to the expiration of an Interest Period applicable to such LIBOR Loan (in the case of any subsequent Interest Periodaccordance with Section 2.6(a), such the Parent Borrower shall have the right to elect by giving the interest period Administrative Agent written notice (each, an “or telephonic notice promptly confirmed in writing) the Interest Period”) Period applicable to such LIBOR LoanBorrowing, which Interest Period shall, at the option of the Borrower, Parent Borrower be a one, two, three three, six or six month period; provided, that, (in each case): the case of Revolving Credit Loans, if available to all the Lenders making such loans as determined by such Lenders in good faith based on prevailing market conditions) a twelve month period (or such other period of less than six months as to which the Administrative Agent may consent). Notwithstanding anything to the contrary contained above:
(a) all LIBOR Loans comprising a Borrowing shall at all times have the same Interest Period; (b) the initial Interest Period for any Borrowing of LIBOR Loan Loans shall commence on the date of such Borrowing of such LIBOR Loan (including the date of any conversion thereto from a Base Rate LoanBorrowing of ABR Loans) and each Interest Period occurring thereafter in respect of such LIBOR Loan Borrowing shall commence on the day on which the next preceding Interest Period applicable thereto expires; ;
(cb) if any Interest Period for relating to a Borrowing of LIBOR Loan Loans begins on the last Business Day of a calendar month or 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 the calendar month at the end of such calendar month; Interest Period;
(dc) if any Interest Period for a LIBOR Loan would otherwise expire on a day which that is not a Business Day, such Interest Period shall expire on the next succeeding Business Day; provided, however, provided that if any Interest Period for in respect of a LIBOR Loan would otherwise expire on a day which that 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; and
(e) unless the Required Lenders otherwise agree, no Interest Period may be selected at any time when an Event of Default is then in existence; and (fd) no Borrower shall be entitled to elect any Interest Period in respect of any Borrowing shall be selected which extends LIBOR Loan if such Interest Period would extend beyond the Revolving Commitment Termination Final Maturity Date. If by 1:00 P.M. (New York City time) on the third Business Day prior to the expiration of any Interest Period applicable to a Borrowing of LIBOR Loans, any Borrower has failed to elect, or is not permitted to elect, a new Interest Period to be applicable to such LIBOR Loans as provided above, such Borrower shall be deemed to have elected to convert such LIBOR Loans into Base Rate Loans effective as of the expiration date of such current Interest Period.
Appears in 2 contracts
Sources: Restatement Agreement (HCA Healthcare, Inc.), Credit Agreement (HCA Holdings, Inc.)
Interest Periods. (a) At the time any the Borrower gives any a Notice of Borrowing or Notice of Conversion/Continuation Conversion in respect of the making of, or conversion into, any a Borrowing of LIBOR Loan Loans (in the case of the initial Interest Period applicable thereto) or prior to 1:00 P.M. 11:00 A.M. (New York City time) on the third Business Day prior to the expiration of an Interest Period applicable to such a Borrowing of LIBOR Loan (in the case of any subsequent Interest Period)Loans, such Borrower it shall have the right to elect by giving the interest period Administrative Agent written notice (each, an “or telephonic notice promptly confirmed in writing) of the Interest Period”) Period applicable to such LIBOR LoanBorrowing, which Interest Period shall, at the option of the Borrower, be a one, twothree, three six or, to the extent available to all Lenders under the respective Facility (as determined by the Administrative Agent), nine or six twelve month period; provided, that, . Notwithstanding anything to the contrary contained above:
(in each case): (a) all LIBOR Loans comprising a Borrowing shall at all times have the same Interest Period; (bi) the initial Interest Period for any Borrowing of LIBOR Loan Loans shall commence on the date of such Borrowing of such LIBOR 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 LIBOR Loan Borrowing shall commence on the day on which the next preceding Interest Period applicable thereto expires; ;
(cii) if any Interest Period for a LIBOR 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; ;
(diii) if any Interest Period for a LIBOR 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, provided that if any Interest Period for a LIBOR 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;
(iv) no Interest Period with respect to a Borrowing of Revolving Loans may be elected that would extend beyond the Final Maturity Date;
(v) no Interest Period with respect to any Borrowing of Term Loans may be elected that would extend beyond any date upon which a Scheduled Repayment is required to be made if, after giving effect to the selection of such Interest Period, the aggregate principal amount of Term Loans maintained as LIBOR Loans with Interest Periods ending after such date would exceed the aggregate principal amount of Term Loans permitted to be outstanding after such Scheduled Repayment; and
(evi) unless the Required Lenders otherwise agree, no Interest Period may be selected at any time when elected if a Default under Section 9.01 or an Event of Default is then in existence; existence and the Administrative Agent or the Required Lenders shall have determined in its or their sole discretion not to permit such election.
(fb) no Interest Period in respect of any Borrowing shall be selected which extends beyond the Revolving Commitment Termination Date. If by 1:00 P.M. (New York City time) on the third Business Day prior to upon the expiration of any Interest Period applicable to a Borrowing of LIBOR LoansPeriod, any the Borrower has failed to elect, or is not permitted to elect, elect a new Interest Period to be applicable to such the respective Borrowing of LIBOR Loans as provided aboveLoans, such or in the case of Revolving Loans, has failed to elect a new Interest Period to be applicable to the respective Borrowing of LIBOR Loans, the Borrower shall be deemed to have elected to convert such LIBOR Loans Borrowing into a Borrowing of Base Rate Loans effective as of the expiration date of such current Interest Period. If upon the expiration of any Interest Period in respect of Term Loans, the Borrower has failed to elect a new Interest Period to be applicable to the respective Borrowing of LIBOR Loans as provided above, the Borrower shall be deemed to have elected a new Interest Period of (x) three months for such Borrowing (to the extent the expiring Interest Period was three months or longer) or (y) one month (to the extent the expiring Interest Period was one month), in each case effective as of the expiration date of such expiring Interest Period.
Appears in 2 contracts
Sources: Credit Agreement (National Tobacco Co Lp), Credit Agreement (National Tobacco Co Lp)
Interest Periods. At the time any Borrower gives any Notice of Borrowing or Notice of Conversion/Continuation in respect of In connection with the making or continuation of, or conversion into, any each Borrowing of LIBOR Loan Loans, the Borrower Representative shall select an interest period (in the case of the initial each an "Interest Period applicable theretoPeriod") or prior to 1:00 P.M. (New York City time) on the third Business Day prior to the expiration of an Interest Period be applicable to such LIBOR Loan (in the case of any subsequent Interest Period), such Borrower shall have the right to elect the interest period (each, an “Interest Period”) applicable to such LIBOR LoanLoans, which Interest Period shall, at the option of the Borrower, be shall be
(a) either a one, two, three or six month period; provided, that, (in each case): (a) all LIBOR Loans comprising a Borrowing shall at all times have the same Interest Period; period for Domestic Revolving Loans;
(b) either one or three months for the Sterling Revolving Loans;
(c) Fourteen Days for Sterling Swingline Loans; and
(d) three months for the Term A Loan and the Term B Loan; provided that:
(i) The initial Interest Period for any Borrowing consisting of LIBOR Loan Loans shall commence on the date of such Borrowing of such LIBOR Loan (including the date of any conversion thereto from a Base Rate LoanBorrowing consisting of Loans of another Type) and each Interest Period occurring thereafter in respect of such LIBOR Loan Borrowing shall commence on the day on which the next preceding Interest Period applicable thereto expires; ;
(cii) if If any Interest Period for a LIBOR 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; (d) if any Interest Period for a LIBOR 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, provided that if any Interest Period for in respect of a LIBOR Loan would otherwise expire on a day which that 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; ;
(eiii) unless the Required Lenders otherwise agree, no Interest Period may be selected at any time when an Event of Default is then in existence; and (f) no Any Interest Period in respect of a LIBOR Loan which begins on a day for which there is no numerically corresponding day in the calendar month at the end of such Interest Period shall, subject to part (iv) below, expire on the last Business Day of such calendar month;
(iv) No Interest Period shall extend beyond any Borrowing date upon which any prepayment is required to be made on the Loans, unless the aggregate principal amount of Loans that are not LIBOR Loans, or that have Interest Periods which will expire on or before the date of the respective payment or prepayment, is equal to or in excess of the amount of any such principal payments or prepayments to be made;
(v) The Interest Period for a LIBOR Loan which is converted pursuant to Section 5.13(b) or Section 5.14 shall be selected commence on the date of such conversion and shall expire on the date on which extends the Interest Periods for the LIBOR Loans of the other Lenders which were not converted expires; and
(vi) No Interest Period with respect to any Revolving Loan shall extend beyond the Revolving Commitment Credit Termination Date. If by 1:00 P.M. (New York City time) on the third Business Day prior to the expiration of any , no Interest Period applicable with respect to a Borrowing of LIBOR Loans, any Borrower has failed to elect, or is not permitted to elect, a new Term A Loan shall extend beyond the Term A Loan Maturity Date and no Interest Period with respect to be applicable to such LIBOR Loans as provided above, such Borrower any Term B Loan shall be deemed to have elected to convert such LIBOR Loans into Base Rate Loans effective as of extend beyond the expiration date of such current Interest PeriodTerm B Loan Maturity Date.
Appears in 2 contracts
Sources: Revolving Credit and Term Loan Agreement (Catalina Lighting Inc), Revolving Credit and Term Loan Agreement (Catalina Lighting Inc)
Interest Periods. At Concurrently with the time any Borrower gives any giving of a Notice of Borrowing or Notice of Conversion/Continuation in respect of the making ofany Borrowing (whether in respect of Term Loans or Revolving Loans) comprised of Base Rate Loans to be converted into, or conversion intoLIBOR Loans to be continued as, any LIBOR Loan (in Loans, the case of the initial Interest Period applicable thereto) or prior to 1:00 P.M. (New York City time) on the third Business Day prior to the expiration of an Interest Period applicable to such LIBOR Loan (in the case of any subsequent Interest Period), such Borrower shall have the right to elect elect, pursuant to such notice, the interest period (each, an “"Interest Period”") to be applicable to such LIBOR LoanLoans, which Interest Period shall, at the option of the Borrower, be a one, two, three or six six-month period; provided, however, that, :
(in each case): (ai) all LIBOR Loans comprising a single Borrowing shall at all times have the same Interest Period; ;
(bii) the initial Interest Period for any LIBOR Loan shall commence on the date of the Borrowing of such LIBOR Loan (including the date of any continuation of, or conversion thereto from a Base Rate into, such LIBOR Loan) ), and each successive Interest Period occurring thereafter in respect of applicable to such LIBOR Loan shall commence on the day on which the next preceding Interest Period applicable thereto expires; ;
(ciii) LIBOR Loans may not be outstanding under more than six (6) separate Interest Periods at any one time (for which purpose Interest Periods shall be deemed to be separate even if they are coterminous);
(iv) if any Interest Period otherwise would expire on a day that is not a Business Day, such Interest Period shall expire on the next succeeding Business Day unless such next succeeding Business Day falls in another calendar month, in which case such Interest Period shall expire on the next preceding Business Day;
(v) no Interest Period may be selected with respect to the Term Loans that would end after a scheduled date for a repayment of principal of the Term Loans occurring on or after the first day of such Interest Period unless, immediately after giving effect to such selection, the aggregate principal amount of Term Loans that are Base Rate Loans or that have Interest Periods expiring on or before such principal repayment date equals or exceeds the principal amount required to be paid on such principal repayment date;
(vi) the Borrower may not select any Interest Period that begins prior to the third (3rd) Business Day after the Closing Date or that expires (y) after the Term Loan Maturity Date, with respect to Term Loans that are to be maintained as LIBOR Loan Loans, or (z) after the Revolving Credit Maturity Date, with respect to Revolving Loans that are to be maintained as LIBOR Loans;
(vii) if any Interest Period begins on a day for which there is no numerically corresponding day in the calendar month at the end of during which such Interest PeriodPeriod would otherwise expire, such Interest Period shall end expire on the last Business Day of such calendar month; and
(d) if any Interest Period for a LIBOR 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 LIBOR 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; (e) unless the Required Lenders otherwise agree, no Interest Period may be selected at any time when an Event of Default is then in existence; and (fviii) no Interest Period in respect of shall commence for any Borrowing shall be selected which extends beyond the Revolving Commitment Termination Date. If by 1:00 P.M. LIBOR Loan (New York City timeincluding a conversion of, or continuation into, a LIBOR Loan) on the third Business Day prior to the expiration of any Interest Period applicable to a Borrowing of LIBOR Loans, any Borrower has failed to elect, or is not permitted to elect, a new Interest Period to be applicable to such LIBOR day on which there are Swingline Loans as provided above, such Borrower shall be deemed to have elected to convert such LIBOR Loans into Base Rate Loans effective as of the expiration date of such current Interest Periodoutstanding.
Appears in 2 contracts
Sources: Credit Agreement (Hilb Rogal & Hamilton Co /Va/), Credit Agreement (Hilb Rogal & Hamilton Co /Va/)
Interest Periods. At the time any the Borrower gives any a Notice of Borrowing or Notice of Conversion/Conversion or Continuation in respect of the making of, or conversion intointo or continuation as, any LIBOR Loan (a Borrowing of Term SOFR Loans or Alternative Currency Term Rate Loans in the case of the initial Interest Period applicable thereto) or prior to 1:00 P.M. (New York City time) on the third Business Day prior to the expiration of an Interest Period applicable to such LIBOR Loan (in the case of any subsequent Interest Periodaccordance with Section 2.6(a), such the Borrower shall have the right to elect by giving the interest period Administrative Agent written notice (each, an “or telephonic notice promptly confirmed in writing) the Interest Period”) Period applicable to such LIBOR LoanBorrowing, which Interest Period shall, at the option of the Borrower, Borrower be a one, two, three or six month period; provided, that, period (in each case): , subject to availability for the interest rate applicable to the relevant currency pursuant to Section 2.10). Notwithstanding anything to the contrary contained above:
(a) all LIBOR Loans comprising a Borrowing shall at all times have the same Interest Period; (b) the initial Interest Period for any LIBOR Loan Borrowing of Term SOFR Loans or Alternative Currency Term Rate Loans shall commence on the date of such Borrowing of such LIBOR Loan (including the date of any conversion thereto from a Base Rate LoanBorrowing of ABR Loans) and each Interest Period occurring thereafter in respect of such LIBOR Loan Borrowing shall commence on the day on which the next preceding Interest Period applicable thereto expires; ;
(cb) if any Interest Period for relating to a LIBOR Loan Borrowing of Term SOFR Loans or Alternative Currency Term Rate Loans begins on the last Business Day of a calendar month or 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 the calendar month at the end of such calendar month; Interest Period;
(dc) if any Interest Period for a LIBOR Loan would otherwise expire on a day which that is not a Business Day, such Interest Period shall expire on the next succeeding Business Day; provided, however, provided that if any Interest Period for in respect of a LIBOR Term SOFR Loan or Alternative Currency Term Rate Loan would otherwise expire on a day which that 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; and
(ed) unless the Required Lenders otherwise agree, no Interest Period may Borrower shall not be selected at entitled to elect any time when an Event of Default is then in existence; and (f) no Interest Period in respect of any Borrowing shall be selected which extends Term SOFR Loan or Alternative Currency Term Rate Loan if such Interest Period would extend beyond the Revolving Commitment Termination Date. If by 1:00 P.M. (New York City time) on the third Business Day prior to the expiration of any Interest Period applicable to a Borrowing of LIBOR Loans, any Borrower has failed to elect, or is not permitted to elect, a new Interest Period to be applicable to such LIBOR Loans as provided above, such Borrower shall be deemed to have elected to convert such LIBOR Loans into Base Rate Loans effective as of the expiration date Credit Maturity Date of such current Interest PeriodLoan.
Appears in 2 contracts
Sources: Credit Agreement (HCA Healthcare, Inc.), Credit Agreement (HCA Healthcare, Inc.)
Interest Periods. At the time any Borrower gives any Notice of Borrowing or Notice of Conversion/Continuation in respect of the making of, or conversion into, any LIBOR LIBO RateTerm Benchmark Term Loan (in the case of the initial Interest Period applicable thereto) or prior to 1:00 P.M. 12:00 Noon (New York City time) on the third Business Day prior to the expiration of an Interest Period applicable to such LIBOR LIBO RateTerm Benchmark Term Loan (in the case of any subsequent Interest Period), such Borrower shall have the right to elect the interest period (each, an “Interest Period”) applicable to such LIBOR LIBO RateTerm Benchmark Term Loan, which Interest Period shall, at the option of the Borrower, Borrower be a one, twotwo (only for so long as the two month LIBO Rate continues to be published by the ICE Benchmark Administration), three or six month period; provided, thator, if agreed to by all Lenders, a twelve month period or any other period, or, if agreed to by the Administrative Agent a period less than one month (in each case): , subject to the availability for the Benchmark applicable to the relevant Loan); provided that (ain each case):
(i) all LIBOR LIBO RateTerm Benchmark Term Loans comprising a Borrowing shall at all times have the same Interest Period; ;
(bii) the initial Interest Period for any LIBOR LIBO RateTerm Benchmark Term Loan shall commence on the date of Borrowing of such LIBOR LIBO RateTerm Benchmark Term Loan (including including, in the case of LIBO RateTerm Benchmark Term Loans, the date of any conversion thereto from a Borrowing of Base Rate LoanTerm Loans) and each Interest Period occurring thereafter in respect of such LIBOR LIBO RateTerm Benchmark Term Loan shall commence on the day on which the next preceding Interest Period applicable thereto expires; ;
(ciii) if any Interest Period for a LIBOR LIBO RateTerm Benchmark Term 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; ;
(div) if any Interest Period for a LIBOR LIBO RateTerm Benchmark Term 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 LIBOR LIBO RateTerm Benchmark Term 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; ;
(ev) unless the Required Lenders otherwise agree, no Interest Period for a LIBO RateTerm Benchmark Term Loan may be selected at any time when an Event of Default is then in existence; and and
(fvi) no Interest Period in respect of any Borrowing of any Tranche of Term Loans shall be selected which extends beyond the Revolving Commitment Termination DateMaturity Date therefor. With respect to any LIBO RateTerm Benchmark Term Loans, at the end of any Interest Period applicable to a Borrowing thereof, Borrower may elect to split the respective Borrowing of a single Type under a single Tranche into two or more Borrowings of different Types under such Tranche or combine two or more Borrowings under a single Tranche into a single Borrowing of the same Type under such Tranche, in each case, by Borrower giving notice thereof together with its election of one or more Interest Periods applicable thereto, in each case so long as each resulting Borrowing (x) has an Interest Period which complies with the foregoing requirements of this Section 2.09, (y) has a principal amount which is not less than the Minimum Borrowing Amount applicable to Borrowings of the respective Type and Tranche, and (z) does not cause a violation of the requirements of Section 2.02. If by 1:00 P.M. 12:00 Noon (New York City time) on the third Business Day prior to the expiration of any Interest Period applicable to a Borrowing of LIBOR LIBO RateTerm Benchmark Term Loans, any Borrower has failed to elect, or is not permitted to elect, a new Interest Period to be applicable to such LIBOR Loans as provided aboveLIBOTerm SOFR Rate, such Borrower shall be deemed to have elected in the case of LIBO RateTerm Benchmark Term Loans, to convert such LIBOR LIBO Rate Term Benchmark Term Loans into Base Rate Term Loans with such conversion to be effective as of the expiration date of such current Interest Period.
Appears in 2 contracts
Sources: Term Loan Credit Agreement (Ingram Micro Holding Corp), Term Loan Credit Agreement (Ingram Micro Holding Corp)
Interest Periods. At the time any the Borrower gives any Notice of Borrowing under a given Tranche or Notice of Conversion/Continuation in respect of the making of, or conversion into, any LIBOR LIBO Rate Term Loan (in the case of the initial Interest Period applicable thereto) or prior to 1:00 P.M. 12:00 Noon (New York City time) on the third Business Day prior to the expiration of an Interest Period applicable to such LIBOR LIBO Rate Term Loan (in the case of any subsequent Interest Period), such the Borrower shall have the right to elect the interest period (each, an “Interest Period”) applicable to such LIBOR LIBO Rate Term Loan, which Interest Period shall, at the option of the Borrower, Borrower be a one, two, two or three or six month period; provided, that, provided that (in each case): ):
(ai) all LIBOR LIBO Rate Term Loans comprising a Borrowing shall at all times have the same Interest Period; ;
(bii) the initial Interest Period for any LIBOR LIBO Rate Term Loan shall commence on the date of Borrowing of such LIBOR LIBO Rate Term Loan (including including, in the case of LIBO Rate Term Loans, the date of any conversion thereto from a Borrowing of Base Rate LoanTerm Loans) and each Interest Period occurring thereafter in respect of such LIBOR LIBO Rate Term Loan shall commence on the day on which the next preceding Interest Period applicable thereto expires; ;
(ciii) if any Interest Period for a LIBOR LIBO Rate Term 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; ;
(div) if any Interest Period for a LIBOR LIBO Rate Term 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 LIBOR LIBO Rate Term 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; ;
(ev) unless the Required Lenders otherwise agree, no Interest Period for a LIBO Rate Term Loan may be selected at any time when a Default or an Event of Default is then in existence; and and
(fvi) no Interest Period in respect of any Borrowing of any Tranche of Term Loans shall be selected which extends beyond the Revolving Commitment Termination DateMaturity Date therefor. With respect to any LIBO Rate Term Loans, at the end of any Interest Period applicable to a Borrowing thereof, the Borrower may elect to split the respective Borrowing of a single Type under a single Tranche into two or more Borrowings of different Types under such Tranche or combine two or more Borrowings under a single Tranche into a single Borrowing of the same Type under such Tranche, in each case, by having the Borrower give notice thereof together with its election of one or more Interest Periods, in each case so long as each resulting Borrowing (x) has an Interest Period which complies with the foregoing requirements of this Section 2.09, (y) has a principal amount which is not less than the Minimum Borrowing Amount applicable to Borrowings of the respective Type and Tranche, and (z) does not cause a violation of the requirements of Section 2.02. If by 1:00 P.M. 12:00 Noon (New York City time) on the third Business Day prior to the expiration of any Interest Period applicable to a Borrowing of LIBOR LIBO Rate Term Loans, any the Borrower has failed to elect, or is not permitted to elect, a new Interest Period to be applicable to such LIBOR Loans as provided aboveLIBO Rate, such the Borrower shall be deemed to have elected in the case of LIBO Rate Term Loans, to convert such LIBOR LIBO Rate Term Loans into Base Rate Term Loans with such conversion to be effective as of the expiration date of such current Interest Period.
Appears in 2 contracts
Sources: Term Loan Credit Agreement (OCI Partners LP), Term Loan Credit Agreement (OCI Partners LP)
Interest Periods. At Concurrently with the time any Borrower gives any giving of a Notice of Borrowing or Notice of Conversion/Continuation in respect of the making ofany Borrowing comprised of Base Rate Loans to be converted into, or conversion intoLIBOR Loans to be continued as, any LIBOR Loan (in Loans, the case of the initial Interest Period applicable thereto) or prior to 1:00 P.M. (New York City time) on the third Business Day prior to the expiration of an Interest Period applicable to such LIBOR Loan (in the case of any subsequent Interest Period), such Borrower shall have the right to elect elect, pursuant to such notice, the interest period (each, an “"Interest Period”") to be applicable to such LIBOR LoanLoans, which Interest Period shall, at the option of the Borrower, be a one, two, three or six six-month period; provided, however, that, :
(in each case): (ai) all LIBOR Loans comprising a single Borrowing shall at all times have the same Interest Period; ;
(bii) the initial Interest Period for any LIBOR Loan shall commence on the date of the Borrowing of such LIBOR Loan (including the date of any continuation of, or conversion thereto from a Base Rate into, such LIBOR Loan) ), and each successive Interest Period occurring thereafter in respect of applicable to such LIBOR Loan shall commence on the day on which the next preceding Interest Period applicable thereto expires; ;
(ciii) LIBOR Loans may not be outstanding under more than five (5) separate Interest Periods at any one time (for which purpose Interest Periods shall be deemed to be separate even if they are coterminous);
(iv) if any Interest Period for otherwise would expire on a LIBOR Loan day that is not a Business Day, such Interest Period shall expire on the next succeeding Business Day unless such next succeeding Business Day falls in another calendar month, in which case such Interest Period shall expire on the next preceding Business Day;
(v) the Borrower may not select any Interest Period that begins prior to the Closing Date or that expires after the Maturity Date;
(vi) if any Interest Period begins on a day for which there is no numerically corresponding day in the calendar month at the end of during which such Interest PeriodPeriod would otherwise expire, such Interest Period shall end expire on the last Business Day of such calendar month; and
(dvii) if any Interest Period for a LIBOR Loan would otherwise expire on a day which is not a Business Dayif, such Interest Period shall expire on the next succeeding Business Day; provided, however, that if any Interest Period for a LIBOR 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; (e) unless the Required Lenders otherwise agree, no Interest Period may be selected at any time when an Event of Default is then in existence; and (f) no Interest Period in respect of any Borrowing shall be selected which extends beyond the Revolving Commitment Termination Date. If by 1:00 P.M. (New York City time) on the third Business Day prior to upon the expiration of any Interest Period applicable to a Borrowing of LIBOR Loans, any the Borrower has shall have failed to elect, or is not permitted to elect, elect a new Interest Period to be applicable to such LIBOR Loans as provided aboveLoans, such then the Borrower shall be deemed to have elected to convert such LIBOR Loans into Base Rate Loans effective as of the expiration date of such the then current Interest PeriodPeriod applicable thereto.
Appears in 2 contracts
Sources: Credit Agreement (Orion Capital Corp), Credit Agreement (Lason Inc)
Interest Periods. At In connection with each LIBOR Loan, Borrower may, pursuant to the time any Borrower gives any applicable Notice of Borrowing or Notice of Conversion/Continuation in respect of the making ofContinuation, or conversion into, any LIBOR Loan (in as the case of the initial may be, select an interest period (each an "Interest Period applicable theretoPeriod") or prior to 1:00 P.M. (New York City time) on the third Business Day prior to the expiration of an Interest Period be applicable to such LIBOR Loan (in the case of any subsequent Interest Period), such Borrower shall have the right to elect the interest period (each, an “Interest Period”) applicable to such LIBOR Loan, which Interest Period shallshall be, at the option of the Borrower's option, be either a one, two, three or six month period; provided, provided that, :
(in each case): (a) all LIBOR Loans comprising a Borrowing shall at all times have the same Interest Period; (bi) the initial Interest Period for any LIBOR Loan shall commence on the date of Borrowing of such LIBOR Loan (including the date of any conversion thereto from a Base Rate Loan) and each Interest Period occurring thereafter Funding Date in respect of such Loan, in the case of a Loan initially made as a LIBOR Loan, or on the date specified in the applicable Notice of Conversion/Continuation, in the case of a Loan converted to a LIBOR Loan;
(ii) in the case of immediately successive Interest Periods applicable to a LIBOR Loan continued as such pursuant to a Notice of Conversion/Continuation, each successive Interest Period shall commence on the day on which the next preceding Interest Period applicable thereto expires; ;
(ciii) if any an Interest Period for a LIBOR 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; (d) if any Interest Period for a LIBOR Loan would otherwise expire on a day which that is not a Business Day, such Interest Period shall expire on the next succeeding Business Day; providedprovided that, however, that if any Interest Period for a LIBOR Loan would otherwise expire on a day which that 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; ;
(eiv) unless the Required Lenders otherwise agree, no any Interest Period may be selected that begins on the last Business Day of a calendar month (or on a day for which there is no numerically corresponding day in the calendar month at any time when an Event the end of Default is then in existence; and such Interest Period) shall, subject to clause (fv) of this subsection 2.2B, end on the last Business Day of a calendar month;
(v) no Interest Period in with respect to any portion of the Term Loans shall extend beyond March 31, 2006 and no Interest Period with respect to any Borrowing portion of the Revolving Loans shall be selected which extends extend beyond the Revolving Loan Commitment Termination Date. If by 1:00 P.M. (New York City time) on the third Business Day prior to the expiration of any Interest Period applicable to a Borrowing of LIBOR Loans, any Borrower has failed to elect, or is not permitted to elect, a new Interest Period to be applicable to such LIBOR Loans as provided above, such Borrower shall be deemed to have elected to convert such LIBOR Loans into Base Rate Loans effective as of the expiration date of such current Interest Period.;
Appears in 2 contracts
Sources: Credit Agreement (Winsloew Furniture Inc), Credit Agreement (Winsloew Furniture Inc)
Interest Periods. At the time any the Parent Borrower gives any a Notice of Borrowing or Notice of Conversion/Conversion or Continuation in respect of the making of, or conversion intointo or continuation as, any a Borrowing of LIBOR Loan (Loans in the case of the initial Interest Period applicable thereto) or prior to 1:00 P.M. (New York City time) on the third Business Day prior to the expiration of an Interest Period applicable to such LIBOR Loan (in the case of any subsequent Interest Periodaccordance with Section 2.6(a), such the Parent Borrower shall have the right to elect by giving the interest period Administrative Agent written notice (each, an “or telephonic notice promptly confirmed in writing) the Interest Period”) Period applicable to such LIBOR LoanBorrowing, which Interest Period shall, at the option of the Borrower, Parent Borrower be a one, two, three three, six or six month period; provided, that, (in each case): the case of New Revolving Credit Loans, if available to all the Lenders making such loans as determined by such Lenders in good faith based on prevailing market conditions) a nine or twelve month period (or such other period of less than six months as to which the Administrative Agent may consent). Notwithstanding anything to the contrary contained above:
(a) all LIBOR Loans comprising a Borrowing shall at all times have the same Interest Period; (b) the initial Interest Period for any Borrowing of LIBOR Loan Loans shall commence on the date of such Borrowing of such LIBOR Loan (including the date of any conversion thereto from a Base Rate LoanBorrowing of ABR Loans) and each Interest Period occurring thereafter in respect of such LIBOR Loan Borrowing shall commence on the day on which the next preceding Interest Period applicable thereto expires; ;
(cb) if any Interest Period for relating to a Borrowing of LIBOR Loan Loans begins on the last Business Day of a calendar month or 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 the calendar month at the end of such calendar month; Interest Period;
(dc) if any Interest Period for a LIBOR Loan would otherwise expire on a day which that is not a Business Day, such Interest Period shall expire on the next succeeding Business Day; provided, however, provided that if any Interest Period for in respect of a LIBOR Loan would otherwise expire on a day which that 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; and
(e) unless the Required Lenders otherwise agree, no Interest Period may be selected at any time when an Event of Default is then in existence; and (fd) no Borrower shall be entitled to elect any Interest Period in respect of any Borrowing shall be selected which extends LIBOR Loan if such Interest Period would extend beyond the Revolving Commitment Termination Final Maturity Date. If by 1:00 P.M. (New York City time) on the third Business Day prior to the expiration of any Interest Period applicable to a Borrowing of LIBOR Loans, any Borrower has failed to elect, or is not permitted to elect, a new Interest Period to be applicable to such LIBOR Loans as provided above, such Borrower shall be deemed to have elected to convert such LIBOR Loans into Base Rate Loans effective as of the expiration date of such current Interest Period.
Appears in 2 contracts
Sources: Credit Agreement (Hca Inc/Tn), Credit Agreement (Hca Inc/Tn)
Interest Periods. At the time any Borrower gives any Notice of Borrowing or Notice of Conversion/Continuation in respect of the making of, or conversion into, any LIBOR LIBO Rate Loan, Term SOFR Loan or Alternative Currency Term Rate Loan (in the case of the initial Interest Period applicable thereto) or (x) with respect to LIBO Rate Loans and Alternative Currency Term Rate Loans, prior to 1:00 P.M. 12:00 Noon (New York City time) on the third Business Day Day, and (y) with respect to Term SOFR Loans, prior to 11:00 a.m. (New York City time) on the second Business Day, prior to the expiration of an Interest Period applicable to such LIBOR LIBO Rate Loan, Term SOFR Loan or Alternative Currency Term Rate Loan (in the case of any subsequent Interest Period), such Borrower shall have the right to elect the interest period (each, an “Interest Period”) applicable to such LIBOR LIBO Rate Loan, Term SOFR Loan or Alternative Currency Term Rate Loan, which Interest Period shall, at the option of the Borrower, Borrower be a one, two, three or six month period, or, if agreed to by all Lenders and, in the case of Term SOFR Loans, the Administrative Agent, a twelve month period or any other period, or, if agreed to by the Administrative Agent with respect to a LIBO Rate Loan, a period less than one month (in the case of each requested Interest Period with respect to Term SOFR Loans, subject to availability); provided, that, provided that (in each case): ):
(ai) all LIBOR LIBO Rate Loans, Term SOFR Loans and all Alternative Currency Term Rate Loans comprising a Borrowing shall at all times have the same Interest Period; ;
(bii) the initial Interest Period for any LIBOR LIBO Rate Loan, Term SOFR Loan or Alternative Currency Term Rate Loan shall commence on the date of Borrowing of such LIBOR LIBO Rate Loan, Term SOFR Loan or Alternative Currency Term Rate Loan (including including, in the case of LIBO Rate Loans or Term SOFR Loans, the date of any conversion thereto from a Borrowing of Base Rate LoanLoans) and each Interest Period occurring thereafter in respect of such LIBOR LIBO Rate Loan, Term SOFR Loan or Alternative Currency Term Rate Loan shall commence on the day on which the next preceding Interest Period applicable thereto expires; ;
(ciii) if any Interest Period for a LIBOR LIBO Rate Loan, Term SOFR Loan or Alternative Currency Term Rate 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; ;
(div) if any Interest Period for a LIBOR LIBO Rate Loan, Term SOFR Loan or Alternative Currency Term Rate 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 LIBOR LIBO Rate Loan, Term SOFR Loan or Alternative Currency Term Rate 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; ;
(ev) unless the Required Lenders otherwise agree, no Interest Period for a LIBO Rate Loan, Term SOFR Loan or Alternative Currency Term Rate Loan may be selected at any time when an Event of Default is then in existence;
(vi) with respect to Revolving Loans, unless the Required Revolving Lenders otherwise agree, no Interest Period for a Revolving Loan that is a Term SOFR Loan or Alternative Currency Term Rate Loan may be selected at any time when an Event of Default is then in existence; and and
(fvii) no Interest Period in respect of any Borrowing of any Tranche of Loans shall be selected which extends beyond the Revolving Commitment Termination DateMaturity Date therefor. With respect to any LIBO Rate Loans, Term SOFR Loans or Alternative Currency Term Rate Loans, at the end of any Interest Period applicable to a Borrowing thereof, Borrower may elect to split the respective Borrowing of a single Type under a single Tranche into two or more Borrowings of different Types under such Tranche or combine two or more Borrowings under a single Tranche into a single Borrowing of the same Type under such Tranche, in each case, by Borrower giving notice thereof together with its election of one or more Interest Periods applicable thereto, in each case so long as each resulting Borrowing (x) has an Interest Period which complies with the foregoing requirements of this Section 2.09, (y) has a principal amount which is not less than the Minimum Borrowing Amount applicable to Borrowings of the respective Type and Tranche, and (z) does not cause a violation of the requirements of Section 2.02. If (x) with respect to LIBO Rate Loans and Alternative Currency Term Rate Loans, by 1:00 P.M. 12:00 Noon (New York City time) on the third Business Day Day, and (y) with respect to Term SOFR Loans, by 11:00 a.m. (New York City time) on the second Business Day, prior to the expiration of any Interest Period applicable to a Borrowing of LIBOR LIBO Rate Loans or Term SOFR Loans, any Borrower has failed to elect, or is not permitted to elect, a new Interest Period to be applicable to such LIBOR Loans as provided aboveLIBO Rate or Term SOFR, such respectively, Borrower shall be deemed to have elected to convert such LIBOR LIBO Rate Loans and Term SOFR Loans into Base Rate Loans with such conversion to be effective as of the expiration date of such current Interest Period.
Appears in 2 contracts
Sources: Credit Agreement (McGraw Hill, Inc.), Credit Agreement (McGraw Hill, Inc.)
Interest Periods. At the time any the Borrower gives any the Notice of Borrowing or any Notice of Conversion/Continuation in respect of the making of, or conversion into, any LIBOR Loan (in the case of the initial Interest Period applicable thereto) or prior to 1:00 P.M. (New York City time) on the third Business Day prior to the expiration of an Interest Period applicable to such LIBOR Loan (in the case of any subsequent Interest Period), such the Borrower shall have the right to elect the interest period (each, an “Interest Period”) applicable to such LIBOR Loan, which Interest Period shall, at the option of the Borrower, be (x) a one, two, three or six month period, or to the extent agreed to by all Lenders with Loans under the relevant Class, a twelve month period or (y) if agreed by each Lender with Loans under the relevant Class, such other period not to exceed one-month; provided, that, provided that (in each case): ):
(a) all LIBOR Loans comprising a Borrowing shall at all times have the same Interest Period; [Reserved];
(b) the initial Interest Period for any LIBOR Loan shall commence on the date of Borrowing of such LIBOR Loan (including the date of any conversion thereto from a Base Rate Loan) and each Interest Period occurring thereafter in respect of such LIBOR Loan shall commence on the day on which the next preceding Interest Period applicable thereto expires; ;
(c) if any Interest Period for a LIBOR 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; ;
(d) if any Interest Period for a LIBOR 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 LIBOR 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; ;
(e) unless the Required Lenders otherwise agree, no Interest Period may be selected at any time when an Event of Default has occurred and is then continuing and the Administrative Agent has or the Required Lenders have determined in existenceits or their sole discretion not to permit conversion to a LIBOR Loan or a continuation as a LIBOR Loan; and and
(f) no Interest Period in respect of any Borrowing of any Class of Loans shall be selected which extends beyond the Revolving Commitment Termination DateMaturity Date for such Class of Loans. If by 1:00 P.M. 11:00 A.M. (New York City time) on the third Business Day prior to the expiration of any Interest Period applicable to a Borrowing of LIBOR Loans, any the Borrower has failed to elect, or is not permitted to elect, elect a new Interest Period to be applicable to such LIBOR Loans as provided above, such the Borrower shall be deemed to have elected to convert or continue, as applicable, such LIBOR Loans as LIBOR Loans with an Interest Period of one month. If any Event of Default is in existence at the time of any proposed continuation of any LIBOR Loans and the Administrative Agent has or the Required Lenders have determined in its or their sole discretion not to permit such continuation, such LIBOR Loans shall be automatically converted on the last day of the current Interest Period into Base Rate Loans effective as of the expiration date of such current Interest PeriodLoans.
Appears in 2 contracts
Sources: Term Loan Credit Agreement (AdvancePierre Foods Holdings, Inc.), Term Loan Credit Agreement (AdvancePierre Foods Holdings, Inc.)
Interest Periods. At Concurrently with the time any Borrower gives any giving of a Notice of Borrowing or Notice of Conversion/Continuation in respect of the making ofany Borrowing comprised of Base Rate Loans to be converted into, or conversion intoLIBOR Loans to be continued as, any LIBOR Loan (in Loans, the case of the initial Interest Period applicable thereto) or prior to 1:00 P.M. (New York City time) on the third Business Day prior to the expiration of an Interest Period applicable to such LIBOR Loan (in the case of any subsequent Interest Period), such Borrower shall have the right to elect elect, pursuant to such notice, the interest period (each, an “"Interest Period”") to be applicable to such LIBOR LoanLoans, which Interest Period shall, at the option of the Borrower, be a one, two, three or six six-month period; provided, however, that, :
(in each case): (ai) all LIBOR Loans comprising a single Borrowing shall at all times have the same Interest Period; ;
(bii) the initial Interest Period for any LIBOR Loan shall commence on the date of the Borrowing of such LIBOR Loan (including the date of any continuation of, or conversion thereto from a Base Rate into, such LIBOR Loan) ), and each successive Interest Period occurring thereafter in respect of applicable to such LIBOR Loan shall commence on the day on which the next preceding Interest Period applicable thereto expires; ;
(ciii) LIBOR Loans may not be outstanding under more than eight (8) separate Interest Periods at any one time (for which purpose Interest Periods shall be deemed to be separate even if they are coterminous);
(iv) if any Interest Period for otherwise would expire on a LIBOR Loan day that is not a Business Day, such Interest Period shall expire on the next succeeding Business Day unless such next succeeding Business Day falls in another calendar month, in which case such Interest Period shall expire on the next preceding Business Day;
(v) the Borrower may not select any Interest Period that expires after the Maturity Date; and
(vi) if any Interest Period begins on a day for which there is no numerically corresponding day in the calendar month at the end of during which such Interest PeriodPeriod would otherwise expire, such Interest Period shall end expire on the last Business Day of such calendar month; (d) if any Interest Period for a LIBOR 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 LIBOR 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; (e) unless the Required Lenders otherwise agree, no Interest Period may be selected at any time when an Event of Default is then in existence; and (f) no Interest Period in respect of any Borrowing shall be selected which extends beyond the Revolving Commitment Termination Date. If by 1:00 P.M. (New York City time) on the third Business Day prior to the expiration of any Interest Period applicable to a Borrowing of LIBOR Loans, any Borrower has failed to elect, or is not permitted to elect, a new Interest Period to be applicable to such LIBOR Loans as provided above, such Borrower shall be deemed to have elected to convert such LIBOR Loans into Base Rate Loans effective as of the expiration date of such current Interest Period.
Appears in 2 contracts
Sources: Credit Agreement (Markel Corp), Credit Agreement (Markel Corp)
Interest Periods. At the time any the Borrower gives any a Notice of Borrowing or Notice of Conversion/Conversion or Continuation in respect of the making of, or conversion intointo or continuation as, any a Borrowing of LIBOR Loan Loans in accordance with Section 2.6(a), the Borrower shall give the Administrative Agent written notice (or telephonic notice promptly confirmed in the case writing) of the initial Interest Period applicable thereto) or prior to 1:00 P.M. (New York City time) on the third Business Day prior to the expiration of an Interest Period applicable to such LIBOR Loan (in the case of any subsequent Interest Period), such Borrower shall have the right to elect the interest period (each, an “Interest Period”) applicable to such LIBOR LoanBorrowing, which Interest Period shall, at the option of the Borrower, Borrower be a oneperiod of (i) one week or any other period between one week and one month if an Interpolated Rate may be determined with respect to such other period, (ii) one month or two, three or six months or (iii) if available to all the Lenders making such LIBOR Loans, a 12-month period; provided, that, (in each case): or any other period requested by the Borrower. Notwithstanding anything to the contrary contained above:
(a) all LIBOR Loans comprising a Borrowing shall at all times have the same Interest Period; (b) the initial Interest Period for any Borrowing of LIBOR Loan Loans shall commence on the date of such Borrowing of such LIBOR Loan (including the date of any conversion thereto from a Base Rate LoanBorrowing of ABR Loans) and each Interest Period occurring thereafter in respect of such LIBOR Loan Borrowing shall commence on the day on which the next preceding Interest Period applicable thereto expires; ;
(cb) if any Interest Period for relating to a Borrowing of LIBOR Loan Loans begins on the last Business Day of a calendar month or 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 the calendar month at the end of such calendar month; Interest Period;
(dc) if any Interest Period for a LIBOR Loan would otherwise expire on a day which that is not a Business Day, such Interest Period shall expire on the next succeeding Business Day; providedprovided that, however, that if any Interest Period for in respect of a LIBOR Loan would otherwise expire on a day which that is not a Business Day 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; and
(ed) unless the Required Lenders otherwise agree, no Interest Period may Borrower shall not be selected at entitled to elect any time when an Event of Default is then in existence; and (f) no Interest Period in respect of any Borrowing shall be selected which extends LIBOR Loan if such Interest Period would extend beyond the Revolving Commitment Termination Maturity Date. If by 1:00 P.M. (New York City time) on the third Business Day prior to the expiration of any Interest Period applicable to a Borrowing of LIBOR Loans, any Borrower has failed to elect, or is not permitted to elect, a new Interest Period to be applicable to such LIBOR Loans as provided above, such Borrower shall be deemed to have elected to convert such LIBOR Loans into Base Rate Loans effective as of the expiration date of such current Interest Period.
Appears in 2 contracts
Sources: Credit Agreement (Chesapeake Energy Corp), Credit Agreement (Chesapeake Energy Corp)
Interest Periods. At the time any the Lead Borrower gives any Notice of Borrowing or Notice of Conversion/Continuation in respect of the making of, or conversion into, any LIBOR LIBO Rate Term Loan (in the case of the initial Interest Period applicable thereto) or prior to 1:00 P.M. 12:00 Noon (New York City time) on the third Business Day prior to the expiration of an Interest Period applicable to such LIBOR LIBO Rate Term Loan (in the case of any subsequent Interest Period), such the Lead Borrower shall have the right to elect the interest period (each, an “Interest Period”) applicable to such LIBOR LIBO Rate Term Loan, which Interest Period shall, at the option of the Borrower, Lead Borrower be a one, two, three or six month period, or, if agreed to by all Lenders, a twelve month period, or, if agreed to by the Administrative Agent a period less than one month; provided, that, provided that (in each case): ):
(ai) all LIBOR LIBO Rate Term Loans comprising a Borrowing shall at all times have the same Interest Period; ;
(bii) the initial Interest Period for any LIBOR LIBO Rate Term Loan shall commence on the date of Borrowing of such LIBOR LIBO Rate Term Loan (including including, in the case of LIBO Rate Term Loans, the date of any conversion thereto from a Borrowing of Base Rate Loan) Term Loans and each Interest Period occurring thereafter in respect of such LIBOR LIBO Rate Term Loan shall commence on the day on which the next preceding Interest Period applicable thereto expires; ;
(ciii) if any Interest Period for a LIBOR LIBO Rate Term 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; ;
(div) if any Interest Period for a LIBOR LIBO Rate Term 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 LIBOR LIBO Rate Term 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; ;
(ev) unless the Required Lenders otherwise agree, no Interest Period for a LIBO Rate Term Loan may be selected at any time when a Default or an Event of Default is then in existence; and and
(fvi) no Interest Period in respect of any Borrowing of any Tranche of Term Loans shall be selected which extends beyond the Revolving Commitment Termination DateMaturity Date therefor. Notwithstanding the foregoing or anything to the contrary contained in this Agreement, (a) the initial Borrowing of the 2017 Additional Term Loans on the Amendment No. 1 Effective Date shall be a LIBO Rate Term Loan and (b) the Interest Period with respect to such 2017 Additional Term Loans shall commence on the Amendment No. 1 Effective Date and shall end on June 30, 2017 with the “LIBO Rate” equal to 1.044670% for such Interest Period. With respect to any LIBO Rate Term Loans, at the end of any Interest Period applicable to a Borrowing thereof, the Lead Borrower may elect to split the respective Borrowing of a single Type under a single Tranche into two or more Borrowings of different Types under such Tranche or combine two or more Borrowings under a single Tranche into a single Borrowing of the same Type under such Tranche, in each case, by having the Lead Borrower give notice thereof together with its election of one or more Interest Periods, in each case so long as each resulting Borrowing (x) has an Interest Period which complies with the foregoing requirements of this Section 2.09, (y) has a principal amount which is not less than the Minimum Borrowing Amount applicable to Borrowings of the respective Type and Tranche, and (z) does not cause a violation of the requirements of Section 2.02. If by 1:00 P.M. 12:00 Noon (New York City time) on the third Business Day prior to the expiration of any Interest Period applicable to a Borrowing of LIBOR LIBO Rate Term Loans, any the Lead Borrower has failed to elect, or is not permitted to elect, a new Interest Period to be applicable to such LIBOR Loans as provided aboveLIBO Rate, such the Lead Borrower shall be deemed to have elected in the case of LIBO Rate Term Loans, to convert such LIBOR LIBO Rate Term Loans into Base Rate Term Loans with such conversion to be effective as of the expiration date of such current Interest Period.
Appears in 2 contracts
Sources: Second Lien Term Loan Credit Agreement (PAE Inc), First Lien Term Loan Credit Agreement (PAE Inc)
Interest Periods. At the time any Borrower gives any Notice of Borrowing or Notice of Conversion/Continuation in respect of the making of, or conversion into, any LIBOR LIBO Rate Loan, Term SOFR Loan or Alternative Currency Term Rate Loan (in the case of the initial Interest Period applicable thereto) or (x) with respect to LIBO Rate Loans and Alternative Currency Term Rate Loans, prior to 1:00 P.M. 12:00 Noon (New York City time) on the third Business Day Day, and (y) with respect to Term SOFR Loans, prior to 11:00 a.m. (New York City time) on the second Business Day, prior to the expiration of an Interest Period applicable to such LIBOR LIBO Rate Loan, Term SOFR Loan or Alternative Currency Term Rate Loan (in the case of any subsequent Interest Period), such Borrower shall have the right to elect the interest period (each, an “Interest Period”) applicable to such LIBOR LIBO Rate Loan, Term SOFR Loan or Alternative Currency Term Rate Loan, which Interest Period shall, at the option of the Borrower, Borrower be a one, two, three or six month period, or, if agreed to by all Lenders and, in the case of Term SOFR Loans, the Administrative Agent, a twelve month period or any other period, or, if agreed to by the Administrative Agent with respect to a LIBO Rate Loan, a period less than one month (in the case of each requested Interest Period with respect to Term SOFR Loans, subject to availability); provided, that, provided that (in each case): ):
(ai) all LIBOR LIBO Rate Loans, Term SOFR Loans and all Alternative Currency Term Rate Loans comprising a Borrowing shall at all times have the same Interest Period; ;
(bii) the initial Interest Period for any LIBOR LIBO Rate Loan, Term SOFR Loan or Alternative Currency Term Rate Loan shall commence on the date of Borrowing of such LIBOR LIBO Rate Loan, Term SOFR Loan or Alternative Currency Term Rate Loan (including including, in the case of LIBO Rate Loans or Term SOFR Loans, the date of any conversion thereto from a Borrowing of Base Rate LoanLoans) and each Interest Period occurring thereafter in respect of such LIBOR LIBO Rate Loan, Term SOFR Loan or Alternative Currency Term Rate Loan shall commence on the day on which the next preceding Interest Period applicable thereto expires; ;
(ciii) if any Interest Period for a LIBOR LIBO Rate Loan, Term SOFR Loan or Alternative Currency Term Rate 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; ;
(div) if any Interest Period for a LIBOR LIBO Rate Loan, Term SOFR Loan or Alternative Currency Term Rate 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 LIBOR LIBO Rate Loan, Term SOFR Loan or Alternative Currency Term Rate 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; ;
(ev) unless the Required Lenders otherwise agree, no Interest Period for a LIBO Rate Loan, Term SOFR Loan or Alternative Currency Term Rate Loan may be selected at any time when an Event of Default is then in existence;
(vi) with respect to Revolving Loans, unless the Required Revolving Lenders otherwise agree, no Interest Period for a Revolving Loan that is a LIBO RateTerm SOFR Loan or Alternative Currency Term Rate Loan may be selected at any time when an Event of Default is then in existence; and and
(fvii) no Interest Period in respect of any Borrowing of any Tranche of Loans shall be selected which extends beyond the Revolving Commitment Termination DateMaturity Date therefor. With respect to any LIBO Rate Loans, Term SOFR Loans or Alternative Currency Term Rate Loans, at the end of any Interest Period applicable to a Borrowing thereof, Borrower may elect to split the respective Borrowing of a single Type under a single Tranche into two or more Borrowings of different Types under such Tranche or combine two or more Borrowings under a single Tranche into a single Borrowing of the same Type under such Tranche, in each case, by Borrower giving notice thereof together with its election of one or more Interest Periods applicable thereto, in each case so long as each resulting Borrowing (x) has an Interest Period which complies with the foregoing requirements of this Section 2.09, (y) has a principal amount which is not less than the Minimum Borrowing Amount applicable to Borrowings of the respective Type and Tranche, and (z) does not cause a violation of the requirements of Section 2.02. If (x) with respect to LIBO Rate Loans and Alternative Currency Term Rate Loans, by 1:00 P.M. 12:00 Noon (New York City time) on the third Business Day Day, and (y) with respect to Term SOFR Loans, by 11:00 a.m. (New York City time) on the second Business Day, prior to the expiration of any Interest Period applicable to a Borrowing of LIBOR LIBO Rate Loans or Term SOFR Loans, any Borrower has failed to elect, or is not permitted to elect, a new Interest Period to be applicable to such LIBOR Loans as provided aboveLIBO Rate or Term SOFR, such respectively, Borrower shall be deemed to have elected to convert such LIBOR LIBO Rate Loans and Term SOFR Loans into Base Rate Loans with such conversion to be effective as of the expiration date of such current Interest Period.
Appears in 2 contracts
Sources: Credit Agreement (McGraw Hill, Inc.), Credit Agreement (McGraw Hill, Inc.)
Interest Periods. At the time any the Borrower gives any Notice of Borrowing or Notice of Conversion/Continuation in respect of the making of, or conversion into, any LIBOR Loan (in the case of the initial Interest Period applicable thereto) or prior to 1:00 P.M. (New York City time) 11:00 a.m. on the third Business Day prior to the expiration of an Interest Period applicable to such LIBOR Loan (in the case of any subsequent Interest Period), such the Borrower shall have the right to elect the interest period (each, an “Interest Period”) applicable to such LIBOR Loan, which Interest Period shall, at the option of the Borrower, be (x) a one, two, three three, six or, if approved by each Lender with Loans and/or Commitments under the relevant Class, nine or six twelve month periodperiod or (y) if agreed by the Administrative Agent in its sole discretion, such other period not to exceed one-month; provided, that, provided that (in each case): ):
(ai) all LIBOR Loans comprising a Borrowing shall at all times have the same Interest Period; ;
(bii) the initial Interest Period for any LIBOR Loan shall commence on the date of Borrowing of such LIBOR Loan (including the date of any conversion thereto from a Base Rate Loan) and each Interest Period occurring thereafter in respect of such LIBOR Loan shall commence on the day on which the next preceding Interest Period applicable thereto expires; ;
(ciii) if any Interest Period for a LIBOR 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; ;
(div) if any Interest Period for a LIBOR 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 LIBOR 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; and
(e) unless the Required Lenders otherwise agree, no Interest Period may be selected at any time when an Event of Default is then in existence; and (fv) no Interest Period in respect of any Borrowing of any Class of Loans shall be selected which extends beyond the Revolving Commitment Termination DateMaturity Date for such Class of Loans. If by 1:00 P.M. (New York City time) 11:00 a.m. on the third Business Day prior to the expiration of any Interest Period applicable to a Borrowing of LIBOR Loans, any the Borrower has failed to elect, or is not permitted to elect, a new Interest Period to be applicable to such LIBOR Loans as provided above, the Borrower shall be deemed to have elected to continue such LIBOR Loans as LIBOR Loans with an Interest Period of one (1) month effective as of the expiration date of such current Interest Period; provided that if the Borrower is not permitted to elect a new Interest Period to be applicable to such LIBOR Loans as provided above, the Borrower shall be deemed to have elected to convert such LIBOR Loans into Base Rate Loans effective as of the expiration date of such current Interest Period.
Appears in 2 contracts
Sources: Credit Agreement (Dynegy Inc.), Credit Agreement (Dynegy Inc.)
Interest Periods. At Concurrently with the time any Borrower gives any giving of a Notice of Borrowing or Notice of Conversion/Continuation in respect of the making ofany Borrowing comprised of Base Rate Loans to be converted into, or conversion intoLIBOR Loans to be continued as, any LIBOR Loan (in Loans, the case of the initial Interest Period applicable thereto) or prior to 1:00 P.M. (New York City time) on the third Business Day prior to the expiration of an Interest Period applicable to such LIBOR Loan (in the case of any subsequent Interest Period), such Borrower shall have the right to elect elect, pursuant to such notice, the interest period (each, an “"Interest Period”") to be applicable to such LIBOR LoanLoans, which Interest Period shall, at the option of the Borrower, be a one, two, three two or six three-month period; provided, however, that, :
(in each case): (ai) all LIBOR Loans comprising a single Borrowing shall at all times have the same Interest Period; ;
(bii) the initial Interest Period for any LIBOR Loan shall commence on the date of the Borrowing of such LIBOR Loan (including the date of any continuation of, or conversion thereto from a Base Rate into, such LIBOR Loan) ), and each successive Interest Period occurring thereafter in respect of applicable to such LIBOR Loan shall commence on the day on which the next preceding Interest Period applicable thereto expires; ;
(ciii) LIBOR Loans may not be outstanding under more than five (5) separate Interest Periods at any one time (for which purpose Interest Periods shall be deemed to be separate even if they are coterminous);
(iv) if any Interest Period for otherwise would expire on a day that is not a Business Day, such Interest Period shall expire on the next succeeding Business Day unless such next succeeding Business Day falls in another calendar month, in which case such Interest Period shall expire on the next preceding Business Day;
(v) the Borrower may not select any Interest Period that begins prior to the Closing Date or that expires after the Maturity Date, with respect to Loans that are to be maintained as LIBOR Loan Loans;
(vi) if any Interest Period begins on a day for which there is no numerically corresponding day in the calendar month at the end of during which such Interest PeriodPeriod would otherwise expire, such Interest Period shall end expire on the last Business Day of such calendar month; and
(dvii) if any Interest Period for a LIBOR Loan would otherwise expire on a day which is not a Business Dayif, such Interest Period shall expire on the next succeeding Business Day; provided, however, that if any Interest Period for a LIBOR 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; (e) unless the Required Lenders otherwise agree, no Interest Period may be selected at any time when an Event of Default is then in existence; and (f) no Interest Period in respect of any Borrowing shall be selected which extends beyond the Revolving Commitment Termination Date. If by 1:00 P.M. (New York City time) on the third Business Day prior to upon the expiration of any Interest Period applicable to a Borrowing of LIBOR Loans, any the Borrower has shall have failed to elect, or is not permitted to elect, elect a new Interest Period to be applicable to such LIBOR Loans as provided aboveLoans, such then the Borrower shall be deemed to have elected to convert such LIBOR Loans into Base Rate Loans effective as of the expiration date of such the then current Interest PeriodPeriod applicable thereto.
Appears in 2 contracts
Sources: Credit Agreement (Orthalliance Inc), Credit Agreement (Orthalliance Inc)
Interest Periods. At Concurrently with the time any Borrower gives any giving of a Notice of Borrowing in the case of a Borrowing of LIBOR Loans or a Notice of Conversion/Continuation in respect of the making ofany Borrowing comprised of Base Rate Loans to be converted into, or conversion intoLIBOR Loans to be continued as, any LIBOR Loan (in Loans, the case of the initial Interest Period applicable thereto) or prior to 1:00 P.M. (New York City time) on the third Business Day prior to the expiration of an Interest Period applicable to such LIBOR Loan (in the case of any subsequent Interest Period), such Borrower shall have the right to elect elect, pursuant to such notice, the interest period (each, an “"Interest Period”") to be applicable to such LIBOR LoanLoans, which Interest Period shall, at the option of the Borrower, be a one, two, three or six six-month period; provided, however, that, :
(in each case): (ai) all LIBOR Loans comprising a single Borrowing shall at all times have the same Interest Period; ;
(bii) the initial Interest Period for any LIBOR Loan shall commence on the date of the Borrowing of such LIBOR Loan (including the date of any continuation of, or conversion thereto from a Base Rate into, such LIBOR Loan) ), and each successive Interest Period occurring thereafter in respect of applicable to such LIBOR Loan shall commence on the day on which the next preceding Interest Period applicable thereto expires; ;
(ciii) LIBOR Loans may not be outstanding under more than seven (7) separate Interest Periods at any one time (for which purpose Interest Periods shall be deemed to be separate even if they are coterminous);
(iv) if any Interest Period for otherwise would expire on a day that is not a Business Day, such Interest Period shall expire on the next succeeding Business Day unless such next succeeding Business Day falls in another calendar month, in which case such Interest Period shall expire on the next preceding Business Day;
(v) the Borrower may not select any Interest Period that expires after the Maturity Date;
(vi) the Borrower may not select any Interest Period (and consequently, no LIBOR Loan Loans shall be made) if a Default or Event of Default shall have occurred and be continuing at the time of such Notice of Borrowing or Notice of Conversion/Continuation with respect to any Borrowing; and
(vii) if any Interest Period begins on a day for which there is no numerically corresponding day in the calendar month at the end of during which such Interest PeriodPeriod would otherwise expire, such Interest Period shall end expire on the last Business Day of such calendar month; (d) if any Interest Period for a LIBOR 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 LIBOR 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; (e) unless the Required Lenders otherwise agree, no Interest Period may be selected at any time when an Event of Default is then in existence; and (f) no Interest Period in respect of any Borrowing shall be selected which extends beyond the Revolving Commitment Termination Date. If by 1:00 P.M. (New York City time) on the third Business Day prior to the expiration of any Interest Period applicable to a Borrowing of LIBOR Loans, any Borrower has failed to elect, or is not permitted to elect, a new Interest Period to be applicable to such LIBOR Loans as provided above, such Borrower shall be deemed to have elected to convert such LIBOR Loans into Base Rate Loans effective as of the expiration date of such current Interest Period.
Appears in 2 contracts
Sources: Credit Agreement (Alleghany Corp /De), Credit Agreement (Alleghany Corp /De)
Interest Periods. At the time any Borrower the Company gives any Notice of Borrowing or Notice of Conversion/Continuation in respect of the making of, continuation as or conversion into, into any LIBOR Loan (in Loan, the case of the initial Interest Period applicable thereto) or prior to 1:00 P.M. (New York City time) on the third Business Day prior to the expiration of an Interest Period applicable to such LIBOR Loan (in the case of any subsequent Interest Period), such Borrower Borrowers shall have the right to elect the interest period (each, an “Interest Period”) applicable to such LIBOR Loan, which Interest Period shall, at the option of the BorrowerBorrowers, be (x) a one, two, three or six month period, (y) to the extent agreed to by all Lenders, a twelve month period or (z) if agreed by the Administrative Agent in its discretion and each Lender, such other period not to exceed one-month; provided, that, that (in each case): ):
(a) all LIBOR Loans comprising a Borrowing shall at all times have the same Interest Period; ;
(b) the initial Interest Period for any LIBOR Loan shall commence on the date of Borrowing of such LIBOR Loan (including the date of any conversion thereto from a Base Rate Loan) and each Interest Period occurring thereafter in respect of such LIBOR Loan shall commence on the day on which the next preceding Interest Period applicable thereto expires; ;
(c) if any Interest Period for a LIBOR 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; ;
(d) if any Interest Period for a LIBOR 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 LIBOR 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; ;
(e) unless the Required Lenders otherwise agree, no Interest Period may be selected at any time when a Default or an Event of Default has occurred and is then in existencecontinuing; and and
(f) no Interest Period in respect of any Borrowing shall be selected which extends beyond the Revolving Commitment Termination Final Maturity Date. If by 1:00 P.M. (New York City time) on the third Business Day prior to the expiration of any Interest Period applicable to a Borrowing of LIBOR Loans, any Borrower has the Borrowers have failed to elect, or is not permitted to elect, a new Interest Period to be applicable to such LIBOR Loans as provided above, such Borrower the Borrowers shall be deemed to have elected to convert such LIBOR Loans into Base Rate Loans effective as of the expiration date of such current Interest Period.
Appears in 2 contracts
Sources: Abl Credit Agreement (J.Jill, Inc.), Abl Credit Agreement (Jill Intermediate LLC)
Interest Periods. At the time any the Borrower gives any Notice of Borrowing or Notice of Conversion/Continuation in respect of the making of, or conversion into, any LIBOR SOFR Loan (in the case of the initial Interest Period applicable thereto) or prior to 1:00 P.M. (New York City time) on the third Business Day prior to the expiration of an Interest Period applicable to such LIBOR SOFR Loan (in the case of any subsequent Interest Period), such the Borrower shall have the right to elect elect, by having an Authorized Representative of the Borrower give the Administrative Agent notice thereof, the interest period (each, each an “Interest Period”) applicable to such LIBOR SOFR Loan, which Interest Period shall, at the option of the Borrower, be a one, two, three or six six-month period; provided, provided that, (in each case): :
(ai) all LIBOR SOFR Loans comprising a Borrowing shall at all times have the same Interest Period; ;
(bii) the initial Interest Period for any LIBOR SOFR Loan shall commence on the date of Borrowing of such LIBOR SOFR Loan (including the date of any conversion thereto from a Base Rate Loan) and each Interest Period occurring thereafter in respect of such LIBOR SOFR Loan shall commence on the day on which the next preceding Interest Period applicable thereto expires; ;
(ciii) if any Interest Period for a LIBOR 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; ;
(div) if any Interest Period for a LIBOR Loan would otherwise expire on a day which is not a Business Day, such Interest Period shall expire on the next first succeeding Business Day; provided, however, that if any Interest Period for a LIBOR SOFR 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; ;
(ev) unless otherwise agreed in writing by the Required Lenders otherwise agreeLenders, no Interest Period may be selected at any time when an any any Event of Default is then in existence; and ;
(fvi) no Interest Period in respect of any Borrowing of SOFR Loans shall be selected which extends beyond the Revolving Commitment Termination Maturity Date; and
(vii) the selection of Interest Periods shall be subject to the provisions of Section 2.02. If by 1:00 P.M. (New York City time) on the third Business Day prior to upon the expiration of any Interest Period applicable to a Borrowing of LIBOR SOFR Loans, any the Borrower has failed to elect, or is not permitted to elect, a new Interest Period to be applicable to such LIBOR SOFR Loans as provided above, such the Borrower shall be deemed to have elected to convert such LIBOR SOFR Loans into Base Rate Loans effective as of the expiration date of such current Interest Period.
Appears in 2 contracts
Sources: Credit Agreement (Flowers Foods Inc), Credit Agreement (Flowers Foods Inc)
Interest Periods. At the time any Borrower gives any Notice of Borrowing or Notice of Conversion/Continuation in respect of the making of, or conversion into, any LIBOR LIBO Rate Term Loan (in the case of the initial Interest Period applicable thereto) or prior to 1:00 P.M. 12:00 Noon (New York City time) on the third Business Day prior to the expiration of an Interest Period applicable to such LIBOR LIBO Rate Term Loan (in the case of any subsequent Interest Period), such Borrower shall have the right to elect the interest period (each, an “Interest Period”) applicable to such LIBOR LIBO Rate Term Loan, which Interest Period shall, at the option of the Borrower, Borrower be a one, twotwo (only for so long as the two month LIBO Rate continues to be published by the ICE Benchmark Administration), three or six month period, or, if agreed to by all Lenders, a twelve month period or any other period, or, if agreed to by the Administrative Agent a period less than one month; provided, that, provided that (in each case): ):
(ai) all LIBOR LIBO Rate Term Loans comprising a Borrowing shall at all times have the same Interest Period; ;
(bii) the initial Interest Period for any LIBOR LIBO Rate Term Loan shall commence on the date of Borrowing of such LIBOR LIBO Rate Term Loan (including including, in the case of LIBO Rate Term Loans, the date of any conversion thereto from a Borrowing of Base Rate LoanTerm Loans) and each Interest Period occurring thereafter in respect of such LIBOR LIBO Rate Term Loan shall commence on the day on which the next preceding Interest Period applicable thereto expires; ;
(ciii) if any Interest Period for a LIBOR LIBO Rate Term 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; ;
(div) if any Interest Period for a LIBOR LIBO Rate Term 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 LIBOR LIBO Rate Term 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; ;
(ev) unless the Required Lenders otherwise agree, no Interest Period for a LIBO Rate Term Loan may be selected at any time when an Event of Default is then in existence; and and
(fvi) no Interest Period in respect of any Borrowing of any Tranche of Term Loans shall be selected which extends beyond the Revolving Commitment Termination DateMaturity Date therefor. With respect to any LIBO Rate Term Loans, at the end of any Interest Period applicable to a Borrowing thereof, Borrower may elect to split the respective Borrowing of a single Type under a single Tranche into two or more Borrowings of different Types under such Tranche or combine two or more Borrowings under a single Tranche into a single Borrowing of the same Type under such Tranche, in each case, by Borrower giving notice thereof together with its election of one or more Interest Periods applicable thereto, in each case so long as each resulting Borrowing (x) has an Interest Period which complies with the foregoing requirements of this Section 2.09, (y) has a principal amount which is not less than the Minimum Borrowing Amount applicable to Borrowings of the respective Type and Tranche, and (z) does not cause a violation of the requirements of Section 2.02. If by 1:00 P.M. 12:00 Noon (New York City time) on the third Business Day prior to the expiration of any Interest Period applicable to a Borrowing of LIBOR LIBO Rate Term Loans, any Borrower has failed to elect, or is not permitted to elect, a new Interest Period to be applicable to such LIBOR Loans as provided aboveLIBO Rate, such Borrower shall be deemed to have elected in the case of LIBO Rate Term Loans, to convert such LIBOR LIBO Rate Term Loans into Base Rate Term Loans with such conversion to be effective as of the expiration date of such current Interest Period.
Appears in 2 contracts
Sources: Term Loan Credit Agreement (Ingram Micro Holding Corp), Term Loan Credit Agreement (Ingram Micro Holding Corp)
Interest Periods. At Concurrently with the time any Borrower gives any giving of (y) a Notice of Revolving Borrowing or (z) a Notice of Conversion/Continuation in respect of the making ofany Borrowing comprised of ABR Loans to be converted into, or conversion intoLIBOR Loans to be continued as, any LIBOR Loan (in Loans, the case of the initial Interest Period applicable thereto) or prior to 1:00 P.M. (New York City time) on the third Business Day prior to the expiration of an Interest Period applicable to such LIBOR Loan (in the case of any subsequent Interest Period), such Borrower shall have the right to elect elect, pursuant to such notice, the interest period (each, an “"Interest Period”") to be applicable to such LIBOR LoanLoans, which Interest Period shall, at the option of the Borrower, be a one, two, three two or six three-month period; provided, however, that, :
(in each case): (ai) all LIBOR Loans comprising a single Borrowing shall at all times have the same Interest Period; ;
(bii) the initial Interest Period for any LIBOR Loan shall commence on the date of the Borrowing of such LIBOR Loan (including the date of any continuation of, or conversion thereto from a Base Rate into, such LIBOR Loan) ), and each successive Interest Period occurring thereafter in respect of applicable to such LIBOR Loan shall commence on the day on which the next preceding Interest Period applicable thereto expires; ;
(ciii) LIBOR Loans may not be outstanding under more than six (6) separate Interest Periods at any one time (for which purpose Interest Periods shall be deemed to be separate even if they are coterminous);
(iv) if any Interest Period for otherwise would expire on a day that is not a Business Day, such Interest Period shall expire on the next succeeding Business Day unless such next succeeding Business Day falls in another calendar month, in which case such Interest Period shall expire on the next preceding Business Day;
(v) the Borrower may not select any Interest Period that begins prior to the third (3rd) Business Day after the Amendment Effective Date or that expires after the Revolving Credit Maturity Date, with respect to Revolving Loans that are to be maintained as LIBOR Loan Loans;
(vi) if any Interest Period begins on a day for which there is no numerically corresponding day in the calendar month at the end of during which such Interest PeriodPeriod would otherwise expire, such Interest Period shall end expire on the last Business Day of such calendar month; and
(dvii) if any Interest Period for a LIBOR Loan would otherwise expire on a day which is not a Business Dayif, such Interest Period shall expire on the next succeeding Business Day; provided, however, that if any Interest Period for a LIBOR 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; (e) unless the Required Lenders otherwise agree, no Interest Period may be selected at any time when an Event of Default is then in existence; and (f) no Interest Period in respect of any Borrowing shall be selected which extends beyond the Revolving Commitment Termination Date. If by 1:00 P.M. (New York City time) on the third Business Day prior to upon the expiration of any Interest Period applicable to a Borrowing of LIBOR Loans, any the Borrower has shall have failed to elect, or is not permitted to elect, elect a new Interest Period to be applicable to such LIBOR Loans as provided aboveLoans, such then the Borrower shall be deemed to have elected to convert such LIBOR Loans into Base Rate Loans effective as of the expiration date of such current Interest Period.to
Appears in 2 contracts
Sources: Credit Agreement (Eclipsys Corp), Credit Agreement (Eclipsys Corp)
Interest Periods. At the time any Borrower gives any Notice of Borrowing or Notice of Conversion/Continuation in respect of the making of, or conversion into, any LIBOR Loan (in the case of the initial Each Interest Period applicable thereto) of a LIBO Rate Loan or prior to 1:00 P.M. (New York City time) on the third Business Day prior to the expiration of an Interest Period applicable to such LIBOR Loan (in the case of any subsequent Interest Period), such Borrower shall have the right to elect the interest period (each, an “Interest Period”) applicable to such LIBOR Loan, which Interest Period shall, at the option of the Borrower, be a one, two, three or six month period; provided, that, (in each case): (a) all LIBOR Loans comprising a Borrowing shall at all times have the same Interest Period; (b) the initial Interest Period for any LIBOR Alternate Currency LIBO Rate Loan shall commence on the date of Borrowing of such LIBOR LIBO Rate Loan or Alternate Currency LIBO Rate Loan is made and shall end on such date as Borrower may elect as set forth in (including the date of c)(iii) above provided that:
(i) any conversion thereto from a Base Rate Loan) and each Interest Period occurring thereafter in respect of such LIBOR Loan which would otherwise end on a day which is not a Business Day shall commence on the day on which be the next preceding or succeeding Business Day as is the Bank's or the Alternate Currency Bank's custom in the market to which such LIBO Rate Loan or Alternate Currency LIBO Rate Loan relates;
(ii) no Interest Period applicable thereto expiresshall end after the last day of the Term; and
(ciii) if any Interest Period for a LIBOR Loan which begins on a day for which there is no numerically corresponding day in the calendar month at the end of such Interest Period, during which such Interest Period is to end, shall (subject to clause (i) above) end on the last Business Day day of such calendar month; (d) if any Interest Period for a LIBOR Loan would otherwise expire on a day which is not a Business Day, such Interest Period . Borrower shall expire on elect the next succeeding Business Day; provided, however, that if any Interest Period for a LIBOR 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; (e) unless the Required Lenders otherwise agree, no Interest Period may be selected at any time when an Event of Default is then in existence; and (f) no Interest Period in respect of any Borrowing shall be selected which extends beyond the Revolving Commitment Termination Date. If by 1:00 P.M. (New York City time) on the third Business Day prior to the expiration of any initial Interest Period applicable to a Borrowing LIBO Rate Loan or an Alternate Currency LIBO Rate Loan by its notice of LIBOR Loansborrowing given to Agent pursuant to Section 2.12(a) or by its notice of conversion given to Agent pursuant to Section 2.12(e), any as the case may be. Borrower has failed to elect, or is not permitted to elect, a new shall elect the duration of each succeeding Interest Period by giving irrevocable written notice to be Agent of such duration not less than three (3) Business Days prior to the last day of the then current Interest Period applicable to such LIBOR Loans as provided aboveLIBO Rate Loan or Alternate Currency LIBO Rate Loan. If Agent does not receive timely notice of the Interest Period elected by Borrower, such Borrower shall be deemed to have elected to convert such LIBOR Loans into LIBO Rate Loan to an Alternate Base Rate Loans effective as of the expiration date of Loan and such current Interest PeriodAlternate Currency Loan to an Alternate Currency Base Rate Loan, in each case subject to Section 2.12(e) hereof.
Appears in 2 contracts
Sources: Accounts Receivable Management and Security Agreement (TMP Worldwide Inc), Accounts Receivable Management and Security Agreement (TMP Worldwide Inc)
Interest Periods. At the time any Borrower gives any Notice of Borrowing or Notice of Conversion/Continuation in respect of In connection with the making or continuation of, or conversion into, any each Borrowing of LIBOR Loan (in Advances, the case of the initial Interest Period applicable thereto) or prior to 1:00 P.M. (New York City time) on the third Business Day prior to the expiration of an Interest Period applicable to such LIBOR Loan (in the case of any subsequent Interest Period), such Borrower shall have the right to elect the select an interest period (each, each an “Interest Period”) to be applicable to such LIBOR LoanAdvances, which Interest Period shall, at shall in the option case of the Borrower, LIBOR Advances be either a one, two, three or or, if agreed to by all Lenders at such time, six month period; provided, provided that, (in each case): :
(a) all LIBOR Loans comprising a Borrowing shall at all times have the same Interest Period; (b) the The initial Interest Period for any LIBOR Loan Borrowing consisting of any such Advance shall commence on the date of such Borrowing of such LIBOR Loan (including the date of any conversion thereto from a Base Rate LoanBorrowing consisting of an Advance of another Type) and each Interest Period occurring thereafter in respect of such LIBOR Loan Borrowing shall commence on the day on which the next preceding Interest Period applicable thereto expires; ;
(cb) if If any Interest Period for a LIBOR 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; (d) if any Interest Period for a LIBOR 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, provided that if any Interest Period for in respect of a LIBOR Loan Advance would otherwise expire on a day which that 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; ;
(ec) unless the Required Lenders otherwise agree, no Interest Period may be selected at any time when an Event of Default is then in existence; and (f) no Any Interest Period in respect of any Borrowing shall be selected a LIBOR Advance which extends beyond begins on a day for which there is no numerically corresponding day in the Revolving Commitment Termination Date. If by 1:00 P.M. calendar month at the end of such Interest Period shall, subject to part (New York City timeiv) below, expire on the third last Business Day prior of such calendar month;
(d) No Interest Period shall extend beyond any date upon which any prepayment is required to be made in the expiration Domestic Revolving Loans, unless the aggregate principal amount of Domestic Revolving Loans, as the case may be, that are not LIBOR Advances, or that have Interest Periods which will expire on or before the date of the respective payment or prepayment, is equal to or in excess of the amount of any such principal payments or prepayments to be made;
(e) The Interest Period applicable for a LIBOR Advance which is converted pursuant to a Borrowing of LIBOR Loans, any Borrower has failed to elect, or is not permitted to elect, a new Interest Period to be applicable to such LIBOR Loans as provided above, such Borrower Section 4.09(b) shall be deemed to have elected to convert such LIBOR Loans into Base Rate Loans effective as of commence on the expiration date of such current conversion and shall expire on the date on which the Interest PeriodPeriods for the LIBOR Advances of the other Lenders which were not converted expires;
(f) No Interest Period with respect to the Loans shall extend beyond the Maturity Date; and
(g) No more than eight LIBOR Advances with different Interest Periods may exist at any one time.
Appears in 1 contract
Sources: Credit Agreement (Interface Inc)
Interest Periods. At Concurrently with the time any Borrower gives any giving of a Notice of Borrowing or Notice of Conversion/Continuation in respect of the making ofany Borrowing comprised of Base Rate Loans to be converted into, or conversion intoLIBOR Loans to be continued as, any LIBOR Loan (in Loans, the case of the initial Interest Period applicable thereto) or prior to 1:00 P.M. (New York City time) on the third Business Day prior to the expiration of an Interest Period applicable to such LIBOR Loan (in the case of any subsequent Interest Period), such Borrower Borrowers shall have the right to elect elect, pursuant to such notice, the interest period (each, an “Interest Period”) to be applicable to such LIBOR LoanLoans, which Interest Period shall, at the option of the BorrowerBorrowers, be a one, two, three or six six-month period; provided, however, that, :
(in each case): (ai) all LIBOR Loans comprising a single Borrowing shall at all times have the same Interest Period; ;
(bii) the initial Interest Period for any LIBOR Loan shall commence on the date of the Borrowing of such LIBOR Loan (including the date of any continuation of, or conversion thereto from a Base Rate into, such LIBOR Loan) ), and each successive Interest Period occurring thereafter in respect of applicable to such LIBOR Loan shall commence on the day on which the next preceding Interest Period applicable thereto expires; ;
(ciii) LIBOR Loans may not be outstanding under more than ten (10) separate Interest Periods at any one time (for which purpose Interest Periods shall be deemed to be separate even if they are coterminous);
(iv) if any Interest Period for otherwise would expire on a LIBOR Loan day that is not a Business Day, such Interest Period shall expire on the next succeeding Business Day unless such next succeeding Business Day falls in another calendar month, in which case such Interest Period shall expire on the next preceding Business Day;
(v) the Borrowers may not select any Interest Period that expires after the Revolving Credit Maturity Date;
(vi) if any Interest Period begins on a day for which there is no numerically corresponding day in the calendar month at the end of during which such Interest PeriodPeriod would otherwise expire, such Interest Period shall end expire on the last Business Day of such calendar month; and
(dvii) if the Borrowers may not select any Interest Period for a LIBOR 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 LIBOR 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; (e) unless the Required Lenders otherwise agreeand consequently, no Interest Period may LIBOR Loans shall be selected at any time when an made) if a Default or Event of Default is then in existence; shall have occurred and (f) no Interest Period in respect of any Borrowing shall be selected which extends beyond continuing at the Revolving Commitment Termination Date. If by 1:00 P.M. (New York City time) on the third Business Day prior to the expiration of any Interest Period applicable to a Borrowing of LIBOR Loans, any Borrower has failed to elect, or is not permitted to elect, a new Interest Period to be applicable to such LIBOR Loans as provided above, such Borrower shall be deemed to have elected to convert such LIBOR Loans into Base Rate Loans effective as of the expiration date time of such current Interest PeriodNotice of Borrowing or Notice of Conversion/Continuation with respect to any Borrowing.
Appears in 1 contract
Interest Periods. At The Interest Period for any Prime Rate Loan shall be one calendar month. If any Interest Period with respect to a Prime Rate Loan would end on a day that is not a Business Day, that Interest Period shall end on the time any Borrower gives any next succeeding Business Day. In connection with each LIBOR Rate Loan, provided no Event of Default has occurred and is continuing, Company may, pursuant to the applicable Notice of LIBOR Rate Borrowing or Notice of Conversion/Continuation in respect of the making ofContinuation, or conversion into, any LIBOR Loan (in as the case of the initial Interest Period applicable thereto) or prior to 1:00 P.M. (New York City time) on the third Business Day prior to the expiration of may be, select an Interest Period applicable to such LIBOR Loan (in the case of any subsequent Interest Period), such Borrower shall have the right to elect the interest period (each, each an “Interest Period”) to be applicable to such LIBOR Loan, which Interest Period shallshall be, at the option of the BorrowerCompany’s option, be either a one, two, three three, or six month period; provided, that, (in each case): (a) all LIBOR Loans comprising a Borrowing shall at all times have the same . With respect to any Interest Period; , as applicable:
(bi) the initial Interest Period for any LIBOR Loan shall commence on the date of Borrowing Funding Date of such Loan, in the case of a Loan initially made as a LIBOR Loan (including Rate Loan, or on the date specified in the applicable Notice of any conversion thereto from Conversion/Continuation, in the case of a Base Loan converted to a LIBOR Rate Loan;
(ii) and in the case of immediately successive Interest Periods continued as such pursuant to a Notice of Conversion/Continuation, each successive Interest Period occurring thereafter in respect of such LIBOR Loan shall commence on the day on which the next preceding Interest Period applicable thereto expires; ;
(ciii) if any an Interest Period for a LIBOR 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; (d) if any Interest Period for a LIBOR Loan would otherwise expire on a day which that is not a Business Day, such Interest Period shall expire on the next succeeding Business Day; provided, however, provided that if any Interest Period for a LIBOR Loan would otherwise expire on a day which that 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; ;
(eiv) unless the Required Lenders otherwise agree, no any Interest Period may be selected that begins on the last Business Day of a calendar month (or on a day for which there is no numerically corresponding day in the calendar month at any time when an Event the end of Default is then in existence; and such Interest Period) shall, subject to clause (fv) of this subsection 2.3B, end on the last Business Day of such calendar month;
(v) no Interest Period in with respect of to any Borrowing Loan shall be selected which extends extend beyond the Revolving Commitment Termination Maturity Date. If by 1:00 P.M. ;
(New York City timevi) on in the third Business Day prior event Company fails to the expiration of any specify an Interest Period for any LIBOR Rate Loan in the applicable to a Notice of Borrowing or Notice of LIBOR LoansConversion/Continuation, any Borrower has failed to elect, or is not permitted to elect, a new Interest Period to be applicable to such LIBOR Loans as provided above, such Borrower Company shall be deemed to have elected to selected an Interest Period of one month.
(vii) If an Event of Default has occurred and is continuing, Agent, at Requisite Lenders option, may automatically convert such all outstanding LIBOR Loans into Base Rate Loans effective as to Prime Rate Loans at the end of the expiration date of such current Interest Periodapplicable interest period.
Appears in 1 contract
Interest Periods. At the time any the Borrower gives any the Notice of Borrowing or any Notice of Conversion/Continuation in respect of the making of, continuation as or conversion into, into any LIBOR Loan (in Loan, the case of the initial Interest Period applicable thereto) or prior to 1:00 P.M. (New York City time) on the third Business Day prior to the expiration of an Interest Period applicable to such LIBOR Loan (in the case of any subsequent Interest Period), such Borrower shall have the right to elect the interest period (each, an “Interest Period”) applicable to such LIBOR Loan, which Interest Period shall, at the option of the Borrower, be (x) a one, two, three or six month period, (y) to the extent agreed to by all Lenders with Term Loans under the relevant Class, a twelve month period or (z) if agreed by the Administrative Agent in its discretion and each Lender with Term Loans under the relevant Class, such other period not to exceed one-month; provided, that, that (in each case): ):
(a) all LIBOR Loans comprising a Borrowing shall at all times have the same Interest Period; ;
(b) the initial Interest Period for any LIBOR Loan shall commence on the date of Borrowing of such LIBOR Loan (including the date of any conversion thereto from a Base Rate Loan) and each Interest Period occurring thereafter in respect of such LIBOR Loan shall commence on the day on which the next preceding Interest Period applicable thereto expires; ;
(c) if any Interest Period for a LIBOR 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; ;
(d) if any Interest Period for a LIBOR 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 LIBOR 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; ;
(e) unless the Required Lenders otherwise agree, no Interest Period may be selected at any time when a Default or an Event of Default has occurred and is then in existencecontinuing; and and
(f) no Interest Period in respect of any Borrowing of any Class of Term Loans shall be selected which extends beyond the Revolving Commitment Termination DateMaturity Date for such Class of Term Loans. If by 1:00 2:30 P.M. (New York City time) on the third Business Day prior to the expiration of any Interest Period applicable to a Borrowing of LIBOR Loans, any the Borrower has failed to elect, or is not permitted to elect, a new Interest Period to be applicable to such LIBOR Loans as provided above, such the Borrower shall be deemed to have elected to convert such LIBOR Loans into Base Rate Loans effective as of the expiration date of such current Interest Period.
Appears in 1 contract
Interest Periods. At In connection with each LIBOR Rate Loan, Borrower may, pursuant to the time any Borrower gives any applicable Notice of Borrowing or Notice of Conversion/Continuation in respect of the making ofContinuation, or conversion into, any LIBOR Loan (in as the case of the initial Interest Period applicable thereto) or prior to 1:00 P.M. (New York City time) on the third Business Day prior to the expiration of may be, select an Interest Period applicable to such LIBOR Loan (in the case of any subsequent Interest Period), such Borrower shall have the right to elect the interest period (each, each an “Interest Period”) to be applicable to such LIBOR LoanLoan (on a pro rata basis among the Loans of each Lender funding a Loan of such Class), which Interest Period shallshall be, at the option of the Borrower’s option, be either a oneone-, twotwo-, three three- or six six- month period or, if available to all Lenders, a twelve- month period; provided, provided that, :
(in each case): (a) all LIBOR Loans comprising a Borrowing shall at all times have the same Interest Period; (bi) the initial Interest Period for any LIBOR Rate Loan shall commence on the date of Borrowing of such LIBOR Loan (including the date of any conversion thereto from a Base Rate Loan) and each Interest Period occurring thereafter Funding Date in respect of such Loan, in the case of a Loan initially made as a LIBOR Rate Loan, or on the date specified in the applicable Notice of Conversion/Continuation, in the case of a Loan converted to a LIBOR Rate Loan;
(ii) in the case of immediately successive Interest Periods applicable to a LIBOR Rate Loan continued as such pursuant to a Notice of Conversion/Continuation, each successive Interest Period shall commence on the day on which the next preceding Interest Period applicable thereto expires; ;
(ciii) if any an Interest Period for a LIBOR 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; (d) if any Interest Period for a LIBOR Loan would otherwise expire on a day which that is not a Business Day, such Interest Period shall expire on the next succeeding Business Day; providedprovided that, however, that if any Interest Period for a LIBOR Loan would otherwise expire on a day which that 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; ;
(eiv) unless the Required Lenders otherwise agree, no any Interest Period may be selected that begins on the last Business Day of a calendar month (or on a day for which there is no numerically corresponding day in the calendar month at any time when an Event the end of Default is then in existence; and such Interest Period) shall, subject to clause (fv) of this subsection 2.2B, end on the last Business Day of a calendar month;
(v) no Interest Period in with respect to any portion of any Borrowing the Term Loans shall be selected which extends extend beyond the applicable Term Loan Maturity Date, and no Interest Period with respect to any portion of the Revolving Loans shall extend beyond the applicable Revolving Loan Commitment Termination Date. If by 1:00 P.M. ;
(New York City timevi) on the third Business Day prior to the expiration of any no Interest Period applicable with respect to any Term Loans shall extend beyond a Borrowing date on which Borrower is required to make a scheduled payment of LIBOR principal of such Term Loans, unless the sum of (a) the aggregate principal amount of such Term Loans that are Base Rate Loans plus (b) the aggregate principal amount of such Term Loans that are LIBOR Rate Loans with Interest Periods expiring on or before such date equals or exceeds the principal amount required to be paid on such Term Loans on such date;
(vii) there shall be no more than six (6) Interest Periods outstanding at any time; and
(viii) in the event Borrower has failed fails to elect, or is not permitted to elect, a new specify an Interest Period to be for any LIBOR Rate Loan in the applicable to such LIBOR Loans as provided aboveNotice of Borrowing or Notice of Conversion/Continuation, such Borrower shall be deemed to have elected to convert such LIBOR Loans into Base Rate Loans effective as selected an Interest Period of the expiration date of such current Interest Periodone month.
Appears in 1 contract
Interest Periods. At the time any the Borrower gives any a Notice of Borrowing or Notice of Conversion/Conversion or Continuation in respect of the making of, or conversion intointo or continuation as, any LIBOR Loan a Borrowing of Term SOFR Loans in accordance with Section 2.3(a), the Borrower shall give the Administrative Agent written notice (or telephonic notice promptly confirmed in the case writing) of the initial Interest Period applicable thereto) or prior to 1:00 P.M. (New York City time) on the third Business Day prior to the expiration of an Interest Period applicable to such LIBOR Loan (in the case of any subsequent Interest Period), such Borrower shall have the right to elect the interest period (each, an “Interest Period”) applicable to such LIBOR LoanBorrowing, which Interest Period shall, at the option of the Borrower, be a one, two, one or three or six month period; provided, that, (in each case): . Notwithstanding anything to the contrary contained above: (a) all LIBOR Loans comprising a Borrowing shall at all times have the same Interest Period; (b) the initial Interest Period for any LIBOR Loan Borrowing of Term SOFR Loans shall commence on the date of such Borrowing of such LIBOR Loan (including the date of any conversion thereto from a Base Rate LoanBorrowing of ABR Loans) and each Interest Period occurring thereafter in respect of such LIBOR Loan Borrowing shall commence on the day on which the next preceding Interest Period applicable thereto expires; (cb) if any Interest Period for relating to a LIBOR Loan Borrowing of Term SOFR Loans begins on the last Business Day of a calendar month or 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 the calendar month at the end of such calendar monthInterest Period; (dc) if any Interest Period for a LIBOR Loan would otherwise expire on a day which that is not a Business Day, such Interest Period shall expire on the next succeeding Business Day; provided, however, provided that if any Interest Period for in respect of a LIBOR Term SOFR Loan would otherwise expire on a day which that 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; (e) unless the Required Lenders otherwise agree, no Interest Period may be selected at any time when an Event of Default is then in existence; and (fd) no the Borrower shall not be entitled to elect any Interest Period in respect of any Borrowing shall be selected which extends Term SOFR Loan if such Interest Period would extend beyond the Revolving Commitment Termination Maturity Date. If by 1:00 P.M. (New York City time) on the third Business Day prior to the expiration of any Interest Period applicable to a Borrowing of LIBOR Loans, any Borrower has failed to elect, or is not permitted to elect, a new Interest Period to be applicable to such LIBOR Loans as provided above, such Borrower shall be deemed to have elected to convert such LIBOR Loans into Base Rate Loans effective as of the expiration date of such current Interest Period.
Appears in 1 contract
Interest Periods. At the time any the Borrower gives any Notice of Borrowing or Notice of Conversion/Continuation in respect of the making of, or conversion into, any LIBOR Loan (in the case of the initial Interest Period applicable thereto) or prior to 1:00 P.M. (New York City time) on the third Business Day prior to the expiration of an Interest Period applicable to such LIBOR Loan (in the case of any subsequent Interest Period), such the Borrower shall have the right to elect the interest period (each, an “Interest Period”) applicable to such LIBOR Loan, which Interest Period shall, at the option of the Borrower, be (x) a oneone (1), twotwo (2), three (3) or six (6) month periodperiod or (y) if agreed by the Administrative Agent in its sole discretion, such other periods not to exceed one month; provided, that, that (in each case): ):
(ai) all LIBOR Loans comprising a Borrowing shall at all times have the same Interest Period; ;
(bii) the initial Interest Period for any LIBOR Loan shall commence on the date of Borrowing of such LIBOR Loan (including the date of any conversion thereto from a Base Rate Loan) and each Interest Period occurring thereafter in respect of such LIBOR Loan shall commence on the day on which the next preceding Interest Period applicable thereto expires; ;
(ciii) if any Interest Period for a LIBOR 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; ;
(div) if any Interest Period for a LIBOR 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 LIBOR 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; ;
(ev) unless the Required Lenders otherwise agree, no Interest Period may be selected at any time when an Event of Default under Section 10 is then in existence; ;
(vi) if any Event of Default (other than as referred to in preceding clause (v)) is in existence, (x) no Interest Period may be selected if the Administrative Agent or the Required Lenders have notified the Borrower that the selection of new Interest Periods will not be permitted during the existence of such Event of Default and (fy) in the absence of the notification referred to in preceding clause (x), no Interest Period with a duration in excess of one (1) month may be selected;
(vii) no Interest Period in respect of any Borrowing of Loans shall be selected which extends beyond the Revolving Commitment Termination Maturity Date. ; and If by 1:00 P.M. (New York City time) on the third Business Day prior to the expiration of any Interest Period applicable to a Borrowing of LIBOR Loans, any the Borrower has failed to elect, or is not permitted to elect, elect a new Interest Period to be applicable to such LIBOR Loans as provided above, the Borrower shall be deemed to have elected to continue such LIBOR Loans as LIBOR Loans with an Interest Period of one (1) month effective as of the expiration date of such current Interest Period; provided, that if the Borrower is not permitted to elect a new Interest Period to be applicable to such LIBOR Loans as provided above, the Borrower shall be deemed to have elected to convert such LIBOR Loans into Base Rate Loans effective as of the expiration date of such current Interest Period.
Appears in 1 contract
Sources: Credit Agreement (Radio One, Inc.)
Interest Periods. At the time the Borrowers give any Borrower gives any Notice of Borrowing or Notice of Conversion/Continuation in respect of the making of, or conversion into, any LIBOR Loan (in the case of the initial Interest Period applicable thereto) or prior to 1:00 P.M. (New York City time) on the third Business Day prior to the expiration of an Interest Period applicable to such LIBOR Loan (in the case of any subsequent Interest Period), such Borrower the Borrowers shall have the right to elect the interest period (each, an “Interest Period”) applicable to such LIBOR Loan, which Interest Period shall, at the option of the Administrative Borrower, be (x) a one, twoone (1), three (3) or six (6) month periodperiod or (y) if agreed by the Administrative Agent in its sole discretion, two (2) months or such other periods not to exceed one month; provided, that, that (in each case): ):
(ai) all LIBOR Loans comprising a Borrowing shall at all times have the same Interest Period; ;
(bii) the initial Interest Period for any LIBOR Loan shall commence on the date of Borrowing of such LIBOR Loan (including the date of any conversion thereto from a Base Rate Loan) and each Interest Period occurring thereafter in respect of such LIBOR Loan shall commence on the day on which the next preceding Interest Period applicable thereto expires; ;
(ciii) if any Interest Period for a LIBOR 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; ;
(div) if any Interest Period for a LIBOR 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 LIBOR 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; ;
(ev) unless the Required Lenders otherwise agreeif any Event of Default is in existence, (x) no Interest Period may be selected at any time when an if the Administrative Agent or the Required Lenders have notified the Administrative Borrower that the selection of new Interest Periods will not be permitted during the existence of such Event of Default is then in existence; and (fy) in the absence of the notification referred to in preceding clause (x), no Interest Period with a duration in excess of one (1) month may be selected;
(vi) no Interest Period in respect of any Borrowing of Loans shall be selected which extends beyond the Revolving Commitment Termination Maturity Date. ; and If by 1:00 P.M. (New York City time) on the third Business Day prior to the expiration of any Interest Period applicable to a Borrowing of LIBOR Loans, any Borrower has the Borrowers have failed to elect, or is not permitted to elect, elect a new Interest Period to be applicable to such LIBOR Loans as provided above, the Borrowers shall be deemed to have elected to continue such Borrower LIBOR Loans as LIBOR Loans with an Interest Period of one (1) month effective as of the expiration date of such current Interest Period; provided, that if the Borrowers are not permitted to elect a new Interest Period to be applicable to such LIBOR Loans as provided above, the Borrowers shall be deemed to have elected to convert such LIBOR Loans into Base Rate Loans effective as of the expiration date of such current Interest Period.
Appears in 1 contract
Sources: Credit Agreement (Urban One, Inc.)
Interest Periods. At the time any the Borrower gives any a Notice of Borrowing or Notice of Conversion/Continuation Conversion in respect of the making of, or conversion into, any LIBOR Loan a Borrowing of Eurodollar Loans (in the case of the initial Interest Period applicable thereto) or prior to 1:00 P.M. 11:00 A.M. (New York City time) on the third Business Day prior to the expiration of an Interest Period applicable to such LIBOR Loan (in the case a Borrowing of any subsequent Interest Period)Eurodollar Loans, such Borrower it shall have the right to elect by giving the interest period Administrative Agent written notice (each, an “or telephonic notice promptly confirmed in writing) of the Interest Period”) Period to be applicable to such LIBOR LoanBorrowing, which Interest Period shall, at the option of the Borrower, be a one week period or a one, two, three or six month period; provided, that, . Notwithstanding anything to the contrary contained above:
(in each case): (a) all LIBOR Loans comprising a Borrowing shall at all times have the same Interest Period; (bi) the initial Interest Period for any LIBOR Loan Borrowing of Eurodollar Loans shall commence on the date of such Borrowing of such LIBOR 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 LIBOR Loan Borrowing shall commence on the day on which the next preceding Interest Period applicable thereto expires; ;
(cii) if any Interest Period for a LIBOR 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; ;
(diii) if any Interest Period for a LIBOR 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, PROVIDED that if any Interest Period for a LIBOR 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; ;
(eiv) unless the Required Lenders otherwise agree, no Interest Period may be selected elected if it would extend beyond the Maturity Date; and
(v) no Interest Period may be elected at any time when an a Default or Event of Default is then in existence; and (f) no Interest Period in respect of any Borrowing shall be selected which extends beyond the Revolving Commitment Termination Date. If by 1:00 P.M. (New York City time) on the third Business Day prior to upon the expiration of any Interest Period applicable to a Borrowing of LIBOR LoansPeriod, any the Borrower has failed to electfailed, or is not permitted permitted, to elect, elect a new Interest Period to be applicable to such LIBOR the respective Borrowing of Eurodollar Loans as provided above, such the Borrower shall be deemed to have elected to convert such LIBOR 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. At (A) during the time any Borrower gives any Notice of Borrowing or Notice of Conversion/Continuation in respect of the making ofInitial Interest Rate Period, or conversion into, any all LIBOR Loan (in the case of the initial Interest Period applicable thereto) or prior to 1:00 P.M. (New York City time) on the third Business Day prior to the expiration of Rate Loans shall have an Interest Period applicable to such LIBOR Loan of one month;
(in B) the case of any subsequent Interest Period), such Borrower shall have the right to elect the interest period (each, an “Interest Period”) applicable to such LIBOR Loan, which Interest Period shall, at the option of the Borrower, be a one, two, three or six month period; provided, that, (in each case): (a) all LIBOR Loans comprising a Borrowing shall at all times have the same Interest Period; (b) the initial Interest Period for any LIBOR Loan shall commence on the date of Borrowing advance of such or conversion to any LIBOR Rate Loan (including and, in the date case of any conversion thereto from a Base Rate Loan) and immediately successive Interest Periods, each successive Interest Period occurring thereafter in respect of such LIBOR Loan shall commence on the day date on which the next immediately preceding Interest Period applicable thereto expires; ;
(cC) if any Interest Period for a LIBOR 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; (d) if any Interest Period for a LIBOR Loan would otherwise expire on a day which that is not a Business Day, such Interest Period shall expire on the next succeeding Business Day; provided, howeverthat, that with respect to any LIBOR Rate Loan, if any -------- Interest Period for a LIBOR Loan would otherwise expire on a day which that 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 immediately preceding Business Day; ;
(eD) unless the Required Lenders otherwise agreewith respect to any LIBOR Rate Loan, no any Interest Period may be selected that begins on the last Business Day of a calendar month (or on a day for which there is no numerically corresponding day in the calendar month at any time when an Event the end of Default is then in existence; and such Interest Period) shall end on the last Business Day of the calendar month at the end of such Interest Period;
(fE) no Interest Period in respect of any Borrowing for Revolver Loans shall extend beyond the Revolver Facility Termination Date and no Interest Period for the Term Loan shall be selected which extends beyond which, in connection with mandatory principal repayments pursuant to Section 2.4, would cause the Revolving Commitment Termination Date. If by 1:00 P.M. early termination of such Interest Period; and
(New York City F) there shall be no more than seven (7) Types of LIBOR Rate Loans outstanding at any time) ; a "Type" of Loan shall refer to LIBOR Rate Loans with Interest Periods beginning and ending on the third Business Day prior to the expiration of any Interest Period applicable to a Borrowing of LIBOR Loans, any Borrower has failed to elect, or is not permitted to elect, a new Interest Period to be applicable to such LIBOR Loans as provided above, such Borrower shall be deemed to have elected to convert such LIBOR Loans into Base Rate Loans effective as of the expiration date of such current Interest Periodsame date.
Appears in 1 contract
Sources: Credit Agreement (Maxim Group Inc /)
Interest Periods. At In connection with each LIBOR Rate Loan, the time any Borrower gives any Notice of may, pursuant to the applicable Borrowing Certificate or Notice of Conversion/Continuation in respect of the making ofContinuation, or conversion into, any LIBOR Loan (in as the case of the initial may be, select an interest period (each an "Interest Period applicable theretoPeriod") or prior to 1:00 P.M. (New York City time) on the third Business Day prior to the expiration of an Interest Period be applicable to such LIBOR Loan (in the case of any subsequent Interest Period), such Borrower shall have the right to elect the interest period (each, an “Interest Period”) applicable to such LIBOR Rate Loan, which Interest Period shall, shall be at the Borrower's option of the Borrower, be either a one, two, three or six month period; provided, provided that, :
(in each case): (a) all LIBOR Loans comprising a Borrowing shall at all times have the same Interest Period; (bi) the initial Interest Period for any LIBOR Rate Loan shall commence on the date of Borrowing Funding Date of such LIBOR Rate Loan, in the case of a Revolving Loan (including initially made as a LIBOR Rate Loan, or on the date specified in the applicable Notice of any conversion thereto from Conversion/Continuation, in the case of a Base Revolving Loan converted to a LIBOR Rate Loan;
(ii) and in the case of immediately successive Interest Periods applicable to a LIBOR Rate Loan continued as such pursuant to a Notice of Conversion/Continuation, each successive Interest Period occurring thereafter in respect of such LIBOR Loan shall commence on the day on which the next preceding Interest Period applicable thereto expires; ;
(ciii) if any an Interest Period for a LIBOR 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; (d) if any Interest Period for a LIBOR Loan would otherwise expire on a day which that is not a Business Day, such Interest Period shall expire on the next succeeding Business Day; providedprovided that, however, that if any Interest Period for a LIBOR Loan would otherwise expire on a day which that 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; ;
(eiv) unless the Required Lenders otherwise agree, no any Interest Period may that begins on the last Business Day of a 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) shall end on the last Business Day of a calendar month;
(v) there shall be selected no more than ten (10) Interest Periods relating to LIBOR Rate Loans outstanding at any time when an Event of Default is then time, unless there are Base Rate Loans outstanding, in existence; and (f) no Interest Period in respect of any Borrowing which event there shall be selected which extends beyond no more than nine (9) Interest Periods relating to LIBOR Rate Loans outstanding at such time;
(vi) in the Revolving Commitment Termination Date. If by 1:00 P.M. (New York City time) on event the third Business Day prior Borrower fails to the expiration of any specify an Interest Period applicable to a LIBOR Rate Loan in the applicable Borrowing Certificate or Notice of LIBOR LoansConversion/Continuation, any Borrower has failed to elect, or is not permitted to elect, a new Interest Period to be applicable to such LIBOR Loans as provided above, such the Borrower shall be deemed to have elected to convert such LIBOR Loans into Base Rate Loans effective as selected an Interest Period of one month; and
(vii) no Interest Period shall extend beyond the expiration date of such current Interest PeriodRevolving Loan Commitment Termination Date.
Appears in 1 contract
Sources: Loan Agreement (Regal Cinemas Inc)
Interest Periods. At Concurrently with the time any Borrower gives any giving of a Notice of Borrowing or Notice of Conversion/Continuation in respect of the making ofany Borrowing comprised of Base Rate Loans to be converted into, or conversion intoLIBOR Loans to be continued as, any LIBOR Loan (in Loans, the case of the initial Interest Period applicable thereto) or prior to 1:00 P.M. (New York City time) on the third Business Day prior to the expiration of an Interest Period applicable to such LIBOR Loan (in the case of any subsequent Interest Period), such Borrower shall have the right to elect elect, pursuant to such notice, the interest period (each, an “Interest Period”) to be applicable to such LIBOR LoanLoans, which Interest Period shall, at the option of the Borrower, be a one, two, three or six six-month period; provided, however, that, :
(in each case): (ai) all LIBOR Loans comprising a single Borrowing shall at all times have the same Interest Period; ;
(bii) the initial Interest Period for any LIBOR Loan shall commence on the date of the Borrowing of such LIBOR Loan (including the date of any continuation of, or conversion thereto from a Base Rate into, such LIBOR Loan) ), and each successive Interest Period occurring thereafter in respect of applicable to such LIBOR Loan shall commence on the day on which the next preceding Interest Period applicable thereto expires; ;
(ciii) LIBOR Loans may not be outstanding under more than four separate Interest Periods at any one time (for which purpose Interest Periods shall be deemed to be separate even if they are coterminous);
(iv) if any Interest Period for otherwise would expire on a day that is not a Business Day, such Interest Period shall expire on the next succeeding Business Day unless such next succeeding Business Day falls in another calendar month, in which case such Interest Period shall expire on the next preceding Business Day;
(v) the Borrower may not select any Interest Period that expires after the Maturity Date, with respect to Loans that are to be maintained as LIBOR Loan Loans;
(vi) if any Interest Period begins on a day for which there is no numerically corresponding day in the calendar month at the end of during which such Interest PeriodPeriod would otherwise expire, such Interest Period shall end expire on the last Business Day of such calendar month; and
(dvii) if the Borrower may not select any Interest Period for a LIBOR 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 LIBOR 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; (e) unless the Required Lenders otherwise agreeand consequently, no Interest Period may LIBOR Loans shall be selected at any time when an made) if a Default or Event of Default is then in existence; shall have occurred and (f) no Interest Period in respect of any Borrowing shall be selected which extends beyond continuing at the Revolving Commitment Termination Date. If by 1:00 P.M. (New York City time) on the third Business Day prior to the expiration of any Interest Period applicable to a Borrowing of LIBOR Loans, any Borrower has failed to elect, or is not permitted to elect, a new Interest Period to be applicable to such LIBOR Loans as provided above, such Borrower shall be deemed to have elected to convert such LIBOR Loans into Base Rate Loans effective as of the expiration date time of such current Interest PeriodNotice of Borrowing or Notice of Conversion/Continuation with respect to any Borrowing.
Appears in 1 contract
Interest Periods. At Concurrently with the time any Borrower gives any giving of a Notice of Borrowing or Notice of Conversion/Continuation in respect of the making ofany Borrowing comprised of Base Rate Loans to be converted into, or conversion intoLIBOR Loans to be continued as, any LIBOR Loan (in Loans, the case of the initial Interest Period applicable thereto) or prior to 1:00 P.M. (New York City time) on the third Business Day prior to the expiration of an Interest Period applicable to such LIBOR Loan (in the case of any subsequent Interest Period), such Borrower shall have the right to elect elect, pursuant to such notice, the interest period (each, an “Interest Period”) to be applicable to such LIBOR LoanLoans, which Interest Period shall, at the option of the Borrower, be a one, two, three or six six-month period; provided, however, that, :
(in each case): (ai) all LIBOR Loans comprising a single Borrowing shall at all times have the same Interest Period; ;
(bii) the initial Interest Period for any LIBOR Loan shall commence on the date of the Borrowing of such LIBOR Loan (including the date of any continuation of, or conversion thereto from a Base Rate into, such LIBOR Loan) ), and each successive Interest Period occurring thereafter in respect of applicable to such LIBOR Loan shall commence on the day on which the next preceding Interest Period applicable thereto expires; ;
(ciii) LIBOR Loans may not be outstanding under more than six (6) separate Interest Periods at any one time (for which purpose Interest Periods shall be deemed to be separate even if they are coterminous);
(iv) if any Interest Period for otherwise would expire on a LIBOR Loan day that is not a Business Day, such Interest Period shall expire on the next succeeding Business Day unless such next succeeding Business Day falls in another calendar month, in which case such Interest Period shall expire on the immediately preceding Business Day;
(v) the Borrower may not select any Interest Period that begins prior to the third (3rd) Business Day after the Restatement Effective Date or that expires after the Maturity Date;
(vi) if any Interest Period begins on a day for which there is no numerically corresponding day in the calendar month at the end of during which such Interest PeriodPeriod would otherwise expire, such Interest Period shall end expire on the last Business Day of such calendar month; and
(dvii) if the Borrower may not select any Interest Period for a LIBOR 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 LIBOR 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; (e) unless the Required Lenders otherwise agreeand consequently, no Interest Period may LIBOR Loans shall be selected at any time when an made) if a Default or Event of Default is then in existence; shall have occurred and (f) no Interest Period in respect of any Borrowing shall be selected which extends beyond continuing at the Revolving Commitment Termination Date. If by 1:00 P.M. (New York City time) on the third Business Day prior to the expiration of any Interest Period applicable to a Borrowing of LIBOR Loans, any Borrower has failed to elect, or is not permitted to elect, a new Interest Period to be applicable to such LIBOR Loans as provided above, such Borrower shall be deemed to have elected to convert such LIBOR Loans into Base Rate Loans effective as of the expiration date time of such current Interest Period.Notice of Borrowing or Notice of Conversion/Continuation with respect to any Borrowing. 12581222v10 24740.00017
Appears in 1 contract
Interest Periods. At In connection with each LIBOR Rate Loan, Borrower may, pursuant to the time any Borrower gives any applicable Notice of Borrowing or Notice of Conversion/Continuation in respect of the making ofContinuation, or conversion into, any LIBOR Loan (in as the case of the initial Interest Period applicable thereto) or prior to 1:00 P.M. (New York City time) on the third Business Day prior to the expiration of may be, select an Interest Period applicable to such LIBOR Loan (in the case of any subsequent Interest Period), such Borrower shall have the right to elect the interest period (each, each an “Interest Period”) to be applicable to such LIBOR LoanLoan (on a pro rata basis among the Loans of each Lender funding a Loan of such Class), which Interest Period shallshall be, at the option of the Borrower’s option, be either a one, two, three or six month period or, if available to all Lenders, a nine or twelve month period; provided, provided that, :
(in each case): (a) all LIBOR Loans comprising a Borrowing shall at all times have the same Interest Period; (bi) the initial Interest Period for any LIBOR Rate Loan shall commence on the date of Borrowing of such LIBOR Loan (including the date of any conversion thereto from a Base Rate Loan) and each Interest Period occurring thereafter Funding Date in respect of such Loan, in the case of a Loan initially made as a LIBOR Rate Loan, or on the date specified in the applicable Notice of Conversion/Continuation, in the case of a Loan converted to a LIBOR Rate Loan;
(ii) in the case of immediately successive Interest Periods applicable to a LIBOR Rate Loan continued as such pursuant to a Notice of Conversion/Continuation, each successive Interest Period shall commence on the day on which the next preceding Interest Period applicable thereto expires; ;
(ciii) if any an Interest Period for a LIBOR 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; (d) if any Interest Period for a LIBOR Loan would otherwise expire on a day which that is not a Business Day, such Interest Period shall expire on the next succeeding Business Day; providedprovided that, however, that if any Interest Period for a LIBOR Loan would otherwise expire on a day which that 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; ;
(eiv) unless any Interest Period that begins on the Required Lenders otherwise agreelast Business Day of a 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) shall, subject to clause (v) of this subsection 2.2B, end on the last Business Day of a calendar month;
(v) no Interest Period with respect to any portion of the Term A Loans shall extend beyondJune 30, 2008, no Interest Period may be selected at with respect to any time when an Event portion of Default is then in existence; the Term B Loans shall extend beyondDecember 31, 2009, and no Interest Period with respect to any portion of the Revolving Loans shall extend beyond the Revolving Loan Commitment Termination Date;
(fvi) no Interest Period with respect to any portion of the Revolving Loans shall extend beyond the date on which a permanent reduction of the Revolving Loan 32 Commitments is scheduled to occur unless the sum of (a) the aggregate principal amount of Revolving Loans that are Base Rate Loans plus (b) the aggregate principal amount of Revolving Loans that are LIBOR Rate Loans with Interest Periods expiring on or before such date plus (c) the excess of the Revolving Loan Commitments then in effect over the aggregate principal amount of Revolving Loans then outstanding equals or exceeds the permanent reduction of the Revolving Loan Commitments that is scheduled to occur on such date;
(vii) no Interest Period with respect to any portion of the Term A Loans shall extend beyond the date on which a scheduled payment of the Term A Loans is scheduled to occur unless the sum of (a) the aggregate principal amount of Term A Loans that are Base Rate Loans plus (b) the aggregate principal amount of Term A Loans that are LIBOR Rate Loans with Interest Periods expiring on or before such date equals or exceeds the scheduled payment of the Term A Loans that is scheduled to occur on such date;
(viii) no Interest Period with respect to any Borrowing portion of the Term B Loans shall extend beyond the date on which a scheduled payment of the Term B Loans is scheduled to occur unless the sum of (a) the aggregate principal amount of Term B Loans that are Base Rate Loans plus (b) the aggregate principal amount of Term B Loans that are LIBOR Rate Loans with Interest Periods expiring on or before such date equals or exceeds the scheduled payment of the Term B Loans that is scheduled to occur on such date;
(ix) there shall be selected which extends beyond no more than ten (10) Interest Periods outstanding at any time; and
(x) in the Revolving Commitment Termination Date. If by 1:00 P.M. (New York City time) on the third Business Day prior event Borrower fails to the expiration of any specify an Interest Period for any LIBOR Rate Loan in the applicable to a Notice of Borrowing or Notice of LIBOR LoansConversion/Continuation, any Borrower has failed to elect, or is not permitted to elect, a new Interest Period to be applicable to such LIBOR Loans as provided above, such Borrower shall be deemed to have elected to convert such LIBOR Loans into Base Rate Loans effective as selected an Interest Period of the expiration date of such current Interest Periodone month.
Appears in 1 contract
Interest Periods. At the time any Borrower gives any Notice of Borrowing or Notice of Conversion/Continuation in respect of the making of, or conversion into, any LIBOR Loan (in the case of the initial Interest Period applicable thereto) or prior to 1:00 12:00 P.M. (New York City time) on the third Business Day prior to the expiration of an Interest Period applicable to such LIBOR Loan (in the case of any subsequent Interest Period), such Borrower shall have the right to elect the interest period (each, an “Interest Period”) applicable to such LIBOR Loan, which Interest Period shall, at the option of the such Borrower, be (x) a one, two, three or six month period, or (y) to the extent agreed to by all Lenders, such other period; provided, that, provided that (in each case): ):
(a) all LIBOR Loans comprising a Borrowing shall at all times have the same Interest Period; ;
(b) the initial Interest Period for any LIBOR Loan shall commence on the date of Borrowing of such LIBOR Loan (including the date of any conversion thereto from a Base Rate Loan) and each Interest Period occurring thereafter in respect of such LIBOR Loan shall commence on the day on which the next immediately preceding Interest Period applicable thereto expires; ;
(c) if any Interest Period for a LIBOR 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; ;
(d) if any Interest Period for a LIBOR 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 LIBOR 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 immediately preceding Business Day; ;
(e) unless the Required Lenders otherwise agree, no Interest Period may be selected at any time when an Event of Default is then in existenceexistence if either the Administrative Agent or the Required Lenders have elected, upon notice to the Borrowers, to not permit such selection in its or their sole discretion; and and
(f) no Interest Period in respect of any Borrowing shall be selected which extends beyond the Revolving Commitment Termination Final Maturity Date. If by 1:00 12:00 P.M. (New York City time) on the third Business Day prior to the expiration of any Interest Period applicable to a Borrowing of LIBOR Loans, any Borrower has failed to elect, or is not permitted to elect, a new Interest Period to be applicable to such LIBOR Loans as provided above, such Borrower shall be deemed to have elected to convert such LIBOR Loans into Base Rate Loans effective as of the expiration date of such current Interest Period.
Appears in 1 contract
Sources: Abl Credit Agreement (Ciena Corp)
Interest Periods. At the time any the Borrower gives any a Notice of Borrowing or Notice of Conversion/Continuation in respect of the making of, or conversion intointo or continuation of, any a Borrowing of LIBOR Loan Loans, it shall have the right to elect, by giving the Agent written notice (or telephonic notice promptly confirmed in writing), the case of the initial Interest Period applicable thereto) or prior to 1:00 P.M. (New York City time) on the third Business Day prior to the expiration of an Interest Period applicable to such LIBOR Loan (in the case of any subsequent Interest Period), such Borrower shall have the right to elect the interest period (each, an “Interest Period”) applicable to such LIBOR LoanBorrowing, which Interest Period shall, at the option of the such Borrower, be a one, two, three or six month period; provided, that, (in each case): . Notwithstanding anything to the contrary contained above:
(a) all LIBOR Loans comprising a Borrowing shall at all times have the same Interest Period; (b) the initial Interest Period for any Borrowing of LIBOR Loan Loans shall commence on the date of such Borrowing of such LIBOR 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 LIBOR Loan Borrowing shall commence on the day date on which the next preceding Interest Period applicable thereto expires; ;
(cb) if any Interest Period for relating to a Borrowing of LIBOR Loan Loans begins on a day date for which there is no numerically corresponding day date in the calendar month at the end of in which such Interest PeriodPeriod ends, such Interest Period shall end on the last Business Day of such calendar month; ;
(dc) if any Interest Period for a LIBOR 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, PROVIDED that if any Interest Period for in respect of a LIBOR 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; ;
(e) unless the Required Lenders otherwise agree, no Interest Period may be selected at any time when an Event of Default is then in existence; and (fd) no Interest Period shall extend beyond, as applicable, the Final A Term Loan Maturity Date (in respect the case of any Borrowing shall be selected which extends beyond A Term Loans), the Final B Term Loan Maturity Date (in the case of B Term Loans) or the Final Revolving Commitment Termination Date. If by 1:00 P.M. Loan Maturity Date (New York City timein the case of Revolving Loans); and
(e) on the third Business Day prior to the expiration of any no Interest Period applicable with respect to a any Borrowing of LIBOR Loans shall extend beyond any date upon which the Borrower thereof is required to make a scheduled payment of principal with respect to the Term Loans or the Acquisition Term Loans if, after giving effect to the selection of such Interest Period, the aggregate principal amount of A Term Loans, any Borrower has failed to electB Term Loans and Acquisition Term Loans maintained as LIBOR Loans with Interest Periods ending after such date of scheduled payment of principal would exceed the amount of A Term Loans, or is not B Term Loans and Acquisition Term Loans respectively, permitted to elect, a new Interest Period to be applicable to outstanding after such LIBOR Loans as provided above, such Borrower shall be deemed to have elected to convert such LIBOR Loans into Base Rate Loans effective as scheduled payment of the expiration date of such current Interest Periodprincipal.
Appears in 1 contract
Interest Periods. At the time any the Borrower gives any a Notice of Borrowing or Notice of Conversion/Continuation Conversion in respect of the making of, or conversion into, any LIBOR Loan a Borrowing of Eurodollar Loans (in the case of the initial Interest Period applicable thereto) or prior to 1:00 P.M. 12:00 Noon (New York City time) on the third Business Day prior to the expiration of an Interest Period applicable to such LIBOR Loan (in the case a Borrowing of any subsequent Interest Period)Eurodollar Loans, such Borrower it shall have the right to elect by giving the interest period Administrative Agent written notice (each, an “or telephonic notice promptly confirmed in writing) of the Interest Period”) Period to be applicable to such LIBOR LoanBorrowing, which Interest Period shall, at the option of the Borrower, be a one, two, three or six month period; provided, that, . Notwithstanding anything to the contrary contained above:
(in each case): (a) all LIBOR Loans comprising a Borrowing shall at all times have the same Interest Period; (bi) the initial Interest Period for any LIBOR Loan Borrowing of Eurodollar Loans shall commence on the date of such Borrowing of such LIBOR 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 LIBOR Loan Borrowing shall commence on the day on which the next preceding Interest Period applicable thereto expires; ;
(cii) if any Interest Period for a LIBOR 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; ;
(diii) if any Interest Period for a LIBOR 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, provided that if any Interest Period for a LIBOR 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; ;
(eiv) unless no Interest Period for a Borrowing under a Facility may be elected if it would extend beyond the Required Lenders otherwise agree, Maturity Date for such Facility;
(v) no Interest Period may be selected elected at any time when an a Default or Event of Default is then in existence; and and
(fvi) no Interest Period in with respect of to any Borrowing shall of Term Loans may be selected elected that would extend beyond any date upon which extends beyond a mandatory repayment of Term Loans is required to be made under Section 3.02(i)(a) if, after giving effect to the Revolving Commitment Termination Dateselection of such Interest Period, the aggregate principal amount of Term Loans maintained as Eurodollar Loans with Interest Periods ending after such date would exceed the aggregate principal amount of Term Loans permitted to be outstanding after such mandatory repayment. If by 1:00 P.M. (New York City time) on the third Business Day prior to upon the expiration of any Interest Period applicable to a Borrowing of LIBOR LoansPeriod, any the Borrower has failed to electfailed, or is not permitted permitted, to elect, elect a new Interest Period to be applicable to such LIBOR the respective Borrowing of Eurodollar Loans as provided above, such the Borrower shall be deemed to have elected to convert such LIBOR Loans Borrowing into a Borrowing of Base Rate Loans effective as of the expiration date of such current Interest Period.
Appears in 1 contract
Sources: Credit Agreement (Universal American Financial Corp)
Interest Periods. At Concurrently with the time any Borrower gives any giving of a Notice of Borrowing or Notice of Conversion/Continuation in respect of the making ofany Borrowing comprised of Base Rate Loans to be converted into, or conversion intoLIBOR Loans to be continued as, any LIBOR Loan (in Loans, the case of the initial Interest Period applicable thereto) or prior to 1:00 P.M. (New York City time) on the third Business Day prior to the expiration of an Interest Period applicable to such LIBOR Loan (in the case of any subsequent Interest Period), such Borrower shall have the right to elect elect, pursuant to such notice, the interest period (each, an “"Interest Period”") to be applicable to such LIBOR LoanLoans, which Interest Period shall, at the option of the Borrower, be a one, two, three two or six three-month period; provided, however, that, :
(in each case): (ai) all LIBOR Loans comprising a single Borrowing shall at all times have the same Interest Period; ;
(bii) the initial Interest Period for any LIBOR Loan shall commence on the date of the Borrowing of such LIBOR Loan (including the date of any continuation of, or conversion thereto from a Base Rate into, such LIBOR Loan) ), and each successive Interest Period occurring thereafter in respect of applicable to such LIBOR Loan shall commence on the day on which the next preceding Interest Period applicable thereto expires; ;
(ciii) LIBOR Loans may not be outstanding under more than five (5) separate Interest Periods at any one time (for which purpose Interest Periods shall be deemed to be separate even if they are coterminous);
(iv) if any Interest Period for otherwise would expire on a day that is not a Business Day, such Interest Period shall expire on the next succeeding Business Day unless such next succeeding Business Day falls in another calendar month, in which case such Interest Period shall expire on the next preceding Business Day;
(v) the Borrower may not select any Interest Period that begins prior to the Closing Date or that expires after the Maturity Date, with respect to Loans that are to be maintained as LIBOR Loan Loans;
(vi) if any Interest Period begins on a day for which there is no numerically corresponding day in the calendar month at the end of during which such Interest PeriodPeriod would otherwise expire, such Interest Period shall end expire on the last Business Day of such calendar month; (d) if any Interest Period for a LIBOR 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 LIBOR 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; (e) unless the Required Lenders otherwise agree, no Interest Period may be selected at any time when an Event of Default is then in existence; and (f) no Interest Period in respect of any Borrowing shall be selected which extends beyond the Revolving Commitment Termination Date. If by 1:00 P.M. (New York City time) on the third Business Day prior to the expiration of any Interest Period applicable to a Borrowing of LIBOR Loans, any Borrower has failed to elect, or is not permitted to elect, a new Interest Period to be applicable to such LIBOR Loans as provided above, such Borrower shall be deemed to have elected to convert such LIBOR Loans into Base Rate Loans effective as of the expiration date of such current Interest Period.and
Appears in 1 contract
Sources: Credit Agreement (Orthalliance Inc)
Interest Periods. At the time any the Borrower gives any the Notice of Borrowing or a Notice of Conversion/Continuation in respect of the making of, or conversion intointo or continuation as, any a Borrowing of LIBOR Loan (in the case of the initial Interest Period applicable thereto) or Loans prior to 1:00 P.M. 10:00 a.m. (New York City time) on the third Business Day prior to the expiration applicable date of an Interest Period applicable to making or conversion or continuation of such LIBOR Loan (in Loans, the case of any subsequent Interest Period), such Borrower shall have the right to elect by giving the interest period Administrative Agent written notice of (each, an “Interest Period”or telephonic notice promptly confirmed in writing) the LIBOR Period applicable to such LIBOR LoanBorrowing, which Interest LIBOR Period shall, at the option of the Borrower, be a two weeks or one, two, three or six month period; provided, that, (in each case): months. Notwithstanding anything to the contrary contained above:
(a) all LIBOR Loans comprising a Borrowing shall at all times have the same Interest Period; (b) the initial Interest LIBOR Period for any Borrowing of LIBOR Loan Loans shall commence on the date of such Borrowing of such LIBOR Loan (including the date of any conversion thereto from a Base Rate LoanBorrowing of ABR Loans) and each Interest LIBOR Period occurring thereafter in respect of such LIBOR Loan Borrowing shall commence on the day on which the next preceding Interest LIBOR Period applicable thereto expires; ;
(cb) if any Interest LIBOR Period for relating to a Borrowing of LIBOR Loan Loans begins on the last Business Day of a calendar month or begins on a day for which there is no numerically corresponding day in the calendar month at the end of such Interest LIBOR Period, such Interest LIBOR Period shall end on the last Business Day of the calendar month at the end of such calendar month; LIBOR Period;
(dc) if any Interest LIBOR Period for a LIBOR Loan would otherwise expire on a day which that is not a Business Day, such Interest LIBOR Period shall expire on the next succeeding Business Day; provided, however, provided that if any Interest LIBOR Period for in respect of a LIBOR Loan would otherwise expire on a day which that is not a Business Day but is a day of the month after which no further Business Day occurs in such month, such Interest LIBOR Period shall expire on the next preceding Business Day; and
(ed) unless the Required Lenders otherwise agree, no Interest Period may Borrower shall not be selected at entitled to elect any time when an Event of Default is then in existence; and (f) no Interest LIBOR Period in respect of any Borrowing shall be selected which extends LIBOR Loan if such LIBOR Period would extend beyond the Revolving Commitment Termination Maturity Date. If by 1:00 P.M. (New York City time) on the third Business Day prior to the expiration of any Interest Period applicable to a Borrowing of LIBOR Loans, any Borrower has failed to elect, or is not permitted to elect, a new Interest Period to be applicable to such LIBOR Loans as provided above, such Borrower shall be deemed to have elected to convert such LIBOR Loans into Base Rate Loans effective as of the expiration date of such current Interest Period.
Appears in 1 contract
Interest Periods. At Concurrently with the time any Borrower gives any giving of a Notice of Borrowing of LIBOR Loans or Notice of Conversion/Continuation in respect of the making ofany Borrowing comprised of Base Rate Loans to be converted into, or conversion intoLIBOR Loans to be continued as, any LIBOR Loan (in Loans, the case of the initial Interest Period applicable thereto) or prior to 1:00 P.M. (New York City time) on the third Business Day prior to the expiration of an Interest Period applicable to such LIBOR Loan (in the case of any subsequent Interest Period), such Borrower shall have the right to elect elect, pursuant to such notice, the interest period (each, an “Interest Period”) to be applicable to such LIBOR LoanLoans, which Interest Period shall, at the option of the applicable Borrower, be a one, two, three or six six-month period; provided, however, that, :
(in each case): (ai) all LIBOR Loans comprising a single Borrowing shall at all times have the same Interest Period; ;
(bii) the initial Interest Period for any LIBOR Loan shall commence on the date of the Borrowing of such LIBOR Loan (including the date of any continuation of, or conversion thereto from a Base Rate into, such LIBOR Loan) ), and each successive Interest Period occurring thereafter in respect of applicable to such LIBOR Loan shall commence on the day on which the next preceding Interest Period applicable thereto expires; ;
(ciii) LIBOR Loans may not be outstanding under more than ten (10) separate Interest Periods at any one time (for which purpose Interest Periods shall be deemed to be separate even if they are coterminous);
(iv) if any Interest Period otherwise would expire on a day that is not a Business Day, such Interest Period shall expire on the next succeeding Business Day unless such next succeeding Business Day falls in another calendar month, in which case such Interest Period shall expire on the next preceding Business Day;
(v) no Interest Period may be selected with respect to the Term Loans that would end after a scheduled date for repayment of principal of the Term Loans occurring on or after the first day of such Interest Period unless, immediately after giving effect to such selection, the aggregate principal amount of Term Loans that are Base Rate Loans or that have Interest Periods expiring on or before such principal repayment date equals or exceeds the principal amount required to be paid on such principal repayment date;
(vi) a Borrower may not select any Interest Period that expires after the Maturity Date, with respect to Term Loans or Revolving Loans that are to be maintained as LIBOR Loan Loans;
(vii) if any Interest Period begins on a day for which there is no numerically corresponding day in the calendar month at the end of during which such Interest PeriodPeriod would otherwise expire, such Interest Period shall end expire on the last Business Day of such calendar month; and
(dviii) if a Borrower may not select any Interest Period for a LIBOR 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 LIBOR 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; (e) unless the Required Lenders otherwise agreeand consequently, no Interest Period may LIBOR Loans shall be selected at any time when made) if an Event of Default is then in existence; shall have occurred and (f) no Interest Period in respect of any Borrowing shall be selected which extends beyond continuing at the Revolving Commitment Termination Date. If by 1:00 P.M. (New York City time) on the third Business Day prior to the expiration of any Interest Period applicable to a Borrowing of LIBOR Loans, any Borrower has failed to elect, or is not permitted to elect, a new Interest Period to be applicable to such LIBOR Loans as provided above, such Borrower shall be deemed to have elected to convert such LIBOR Loans into Base Rate Loans effective as of the expiration date time of such current Interest PeriodNotice of Borrowing or Notice of Conversion/Continuation with respect to any Borrowing.
Appears in 1 contract
Sources: Credit Agreement (IntercontinentalExchange Group, Inc.)
Interest Periods. At Concurrently with the time any Borrower gives any giving of a Notice of Borrowing or Notice of Conversion/Continuation in respect of the making ofany Borrowing comprised of Base Rate Loans to be converted into, or conversion intoLIBOR Loans to be continued as, any LIBOR Loan (in Loans, the case of the initial Interest Period applicable thereto) or prior to 1:00 P.M. (New York City time) on the third Business Day prior to the expiration of an Interest Period applicable to such LIBOR Loan (in the case of any subsequent Interest Period), such Borrower shall have the right to elect elect, pursuant to such notice, the interest period (each, an “"Interest Period”") to be applicable to such LIBOR LoanLoans, which Interest Period shall, at the option of the Borrower, be a one, two, three two or six three-month period; provided, however, that, :
(in each case): (ai) all LIBOR Loans comprising a single Borrowing shall at all times have the same Interest Period; ;
(bii) the initial Interest Period for any LIBOR Loan shall commence on the date of the Borrowing of such LIBOR Loan (including the date of any continuation of, or conversion thereto from a Base Rate into, such LIBOR Loan) ), and each successive Interest Period occurring thereafter in respect of applicable to such LIBOR Loan shall commence on the day on which the next preceding Interest Period applicable thereto expires; ;
(ciii) LIBOR Loans may not be outstanding under more than five (5) separate Interest Periods at any one time (for which purpose Interest Periods shall be deemed to be separate even if they are coterminous);
(iv) if any Interest Period for otherwise would expire on a LIBOR Loan day that is not a Business Day, such Interest Period shall expire on the next succeeding Business Day unless such next succeeding Business Day falls in another calendar month, in which case such Interest Period shall expire on the next preceding Business Day;
(v) the Borrower may not select any Interest Period that begins prior to the third (3rd) Business Day after the Closing Date (unless otherwise agreed by the Lenders) or that expires after the Revolving Credit Maturity Date; and
(vi) if any Interest Period begins on a day for which there is no numerically corresponding day in the calendar month at the end of during which such Interest PeriodPeriod would otherwise expire, such Interest Period shall end expire on the last Business Day of such calendar month; (d) if any Interest Period for a LIBOR 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 LIBOR 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; (e) unless the Required Lenders otherwise agree, no Interest Period may be selected at any time when an Event of Default is then in existence; and (f) no Interest Period in respect of any Borrowing shall be selected which extends beyond the Revolving Commitment Termination Date. If by 1:00 P.M. (New York City time) on the third Business Day prior to the expiration of any Interest Period applicable to a Borrowing of LIBOR Loans, any Borrower has failed to elect, or is not permitted to elect, a new Interest Period to be applicable to such LIBOR Loans as provided above, such Borrower shall be deemed to have elected to convert such LIBOR Loans into Base Rate Loans effective as of the expiration date of such current Interest Period.
Appears in 1 contract
Interest Periods. At the time any the Borrower gives any Notice of Borrowing or Notice of Conversion/Continuation in respect of the making of, or conversion into, any LIBOR Loan (in the case of the initial Interest Period applicable thereto) or prior to 1:00 P.M. (New York City time) on the third Business Day prior to the expiration of an Interest Period applicable to such LIBOR Loan (in the case of any subsequent Interest Period), such the Borrower shall have the right to elect the interest period (each, an “Interest Period”) applicable to such LIBOR Loan, which Interest Period shall, at the option of the Borrower, be (x) a one, two, three three, six or, if approved by each Lender with Loans and/or Commitments under the relevant Tranche, nine or six twelve month period; providedperiod or (y) if agreed by the Administrative Agent in its sole discretion, thatsuch other period not to exceed one-month, provided that (in each case): ):
(a) all LIBOR Loans comprising a Borrowing shall at all times have the same Interest Period; ;
(b) the initial Interest Period for any LIBOR Loan shall commence on the date of Borrowing of such LIBOR Loan (including the date of any conversion thereto from a Base Rate Loan) and each Interest Period occurring thereafter in respect of such LIBOR Loan shall commence on the day on which the next preceding Interest Period applicable thereto expires; ;
(c) if any Interest Period for a LIBOR 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; ;
(d) if any Interest Period for a LIBOR 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 LIBOR 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; ;
(e) except for an Interest Period of one month, but only during the continuance of a Default (but not an Event of Default), unless the Required Lenders otherwise agree, no Interest Period may be selected at any time when a Default or an Event of Default is then in existence; and ;
(f) no Interest Period in respect of any Borrowing of any Tranche of Loans shall be selected which extends beyond the Revolving Commitment Termination Date. If by 1:00 P.M. Term Loan Maturity Date for such Tranche of Loans; and
(New York City timeg) on the third Business Day prior to the expiration no Interest Period in respect of any Interest Period applicable to a Borrowing of LIBOR B Term Loans or C Term Loans shall be selected which extends beyond any date upon which a mandatory repayment of such B Term Loans or C Term Loans, any Borrower has failed to electas the case may be, or is not permitted to elect, a new Interest Period will be required to be applicable to such LIBOR Loans as provided above, such Borrower shall be deemed to have elected to convert such LIBOR Loans into Base Rate Loans effective as of the expiration date of such current Interest Period.made under
Appears in 1 contract
Sources: Credit Agreement and Subsidiaries Guaranty (Leap Wireless International Inc)
Interest Periods. At the time any the Borrower gives any Notice of Borrowing or Notice of Conversion/Continuation in respect of the making of, or conversion into, any LIBOR LIBO Rate Loan (in the case of the initial Interest Period applicable thereto) or prior to 1:00 P.M. 12:00 Noon (New York City time) on the third Business Day prior to the expiration of an Interest Period applicable to such LIBOR LIBO Rate Loan (in the case of any subsequent Interest Period), such the Borrower shall have the right to elect the interest period (each, an “Interest Period”) applicable to such LIBOR LIBO Rate Loan, which Interest Period shall, at the option of the Borrower, Borrower be a one, two, two or three or six month period; provided, that, provided that (in each case): ):
(ai) all LIBOR LIBO Rate Loans comprising a Borrowing shall at all times have the same Interest Period; ;
(bii) the initial Interest Period for any LIBOR LIBO Rate Loan shall commence on the date of Borrowing of such LIBOR LIBO Rate Loan (including including, in the case of LIBO Rate Loans, the date of any conversion thereto from a Borrowing of Base Rate LoanLoans) and each Interest Period occurring thereafter in respect of such LIBOR LIBO Rate Loan shall commence on the day on which the next preceding Interest Period applicable thereto expires; ;
(ciii) if any Interest Period for a LIBOR LIBO Rate 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; ;
(div) if any Interest Period for a LIBOR LIBO Rate 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 LIBOR LIBO Rate 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; ;
(ev) unless the Required Lenders otherwise agree, no Interest Period for a LIBO Rate Loan may be selected at any time when an Event of Default is then in existence; and and
(fvi) no Interest Period in respect of any Borrowing of Loans shall be selected which extends beyond the Revolving Commitment Termination DateMaturity Date therefor. With respect to any LIBO Rate Loans, at the end of any Interest Period applicable to a Borrowing thereof, the Borrower may elect to split the respective Borrowing of a single Type into two or more Borrowings of different Types or combine two or more Borrowings into a single Borrowing of the same Type, in each case, by having the Borrower give notice thereof together with its election of one or more Interest Periods, in each case so long as each resulting Borrowing (x) has an Interest Period which complies with the foregoing requirements of this Section 2.09, (y) has a principal amount which is not less than the Minimum Borrowing Amount applicable to Borrowings of the respective Type and (z) does not cause a violation of the requirements of Section 2.02. If by 1:00 P.M. 12:00 Noon (New York City time) on the third Business Day prior to the expiration of any Interest Period applicable to a Borrowing of LIBOR LIBO Rate Loans, any the Borrower has failed to elect, or is not permitted to elect, a new Interest Period to be applicable to such LIBOR Loans as provided aboveLIBO Rate, such the Borrower shall be deemed to have elected in the case of LIBO Rate Loans, to convert such LIBOR LIBO Rate Loans into Base Rate Loans with such conversion to be effective as of the expiration date of such current Interest Period.
Appears in 1 contract
Interest Periods. At Concurrently with the time any Borrower gives any giving of a Notice of Borrowing or Notice of Conversion/Continuation in respect of the making ofany Borrowing comprised of Base Rate Loans to be converted into, or conversion intoLIBOR Loans to be continued as, any LIBOR Loan (in Loans, the case of the initial Interest Period applicable thereto) or prior to 1:00 P.M. (New York City time) on the third Business Day prior to the expiration of an Interest Period applicable to such LIBOR Loan (in the case of any subsequent Interest Period), such Borrower shall have the right to elect elect, pursuant to such notice, the interest period (each, an “Interest Period”) to be applicable to such LIBOR LoanLoans, which Interest Period shall, at the option of the such Borrower, be a one, two, three or six six-month period; provided, however, that, :
(in each case): (ai) all LIBOR Loans comprising a single Borrowing shall at all times have the same Interest Period; ;
(bii) the initial Interest Period for any LIBOR Loan shall commence on the date of the Borrowing of such LIBOR Loan (including the date of any continuation of, or conversion thereto from a Base Rate into, such LIBOR Loan) ), and each successive Interest Period occurring thereafter in respect of applicable to such LIBOR Loan shall commence on the day on which the next preceding Interest Period applicable thereto expires; ;
(ciii) LIBOR Loans may not be outstanding under more than five (5) separate Interest Periods at any one time (for which purpose Interest Periods shall be deemed to be separate even if they are coterminous);
(iv) if any Interest Period for otherwise would expire on a day that is not a Business Day, such Interest Period shall expire on the next succeeding Business Day unless such next succeeding Business Day falls in another calendar month, in which case such Interest Period shall expire on the next preceding Business Day;
(v) a Borrower may not select any Interest Period that expires after the Maturity Date, with respect to Loans that are to be maintained as LIBOR Loan Loans;
(vi) if any Interest Period begins on a day for which there is no numerically corresponding day in the calendar month at the end of during which such Interest PeriodPeriod would otherwise expire, such Interest Period shall end expire on the last Business Day of such calendar month; and
(dvii) if a Borrower may not select any Interest Period for a LIBOR 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 LIBOR 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; (e) unless the Required Lenders otherwise agreeand consequently, no Interest Period may LIBOR Loans shall be selected at any time when an made) if a Default or Event of Default is then in existence; shall have occurred and (f) no Interest Period in respect of any Borrowing shall be selected which extends beyond continuing at the Revolving Commitment Termination Date. If by 1:00 P.M. (New York City time) on the third Business Day prior to the expiration of any Interest Period applicable to a Borrowing of LIBOR Loans, any Borrower has failed to elect, or is not permitted to elect, a new Interest Period to be applicable to such LIBOR Loans as provided above, such Borrower shall be deemed to have elected to convert such LIBOR Loans into Base Rate Loans effective as of the expiration date time of such current Interest PeriodNotice of Borrowing or Notice of Conversion/Continuation with respect to any Borrowing.
Appears in 1 contract
Interest Periods. At Concurrently with the time any Borrower gives any giving of a Notice of Borrowing or Notice of Conversion/Continuation in respect of the making ofany Borrowing comprised of Base Rate Loans to be converted into, or conversion intoLIBOR Loans to be continued as, any LIBOR Loan (in Loans, the case of the initial Interest Period applicable thereto) or prior to 1:00 P.M. (New York City time) on the third Business Day prior to the expiration of an Interest Period applicable to such LIBOR Loan (in the case of any subsequent Interest Period), such Borrower shall have the right to elect elect, pursuant to such notice, the interest period (each, an “"Interest Period”") to be applicable to such LIBOR LoanLoans, which Interest Period shall, at the option of the Borrower, be a one, two, three or six six-month period; provided, however, that, :
(in each case): (ai) all LIBOR Loans comprising a single Borrowing shall at all times have the same Interest Period; ;
(bii) the initial Interest Period for any LIBOR Loan shall commence on the date of the Borrowing of such LIBOR Loan (including the date of any continuation of, or conversion thereto from a Base Rate into, such LIBOR Loan) ), and each successive Interest Period occurring thereafter in respect of applicable to such LIBOR Loan shall commence on the day on which the next preceding Interest Period applicable thereto expires; ;
(ciii) LIBOR Loans may not be outstanding under more than five (5) separate Interest Periods at any one time (for which purpose Interest Periods shall be deemed to be separate even if they are coterminous);
(iv) if any Interest Period otherwise would expire on a day that is not a Business Day, such Interest Period shall expire on the next succeeding Business Day unless such next succeeding Business Day falls in another calendar month, in which case such Interest Period shall expire on the next preceding Business Day;
(v) the Borrower may not select any Interest Period that begins prior to the Closing Date or that expires after the Maturity Date;
(vi) no Interest Period may be selected that would end after a scheduled date for a LIBOR Loan repayment of principal of the Loans occurring on or after the first day of such Interest Period unless, immediately after giving effect to such selection, the aggregate principal amount of Loans that are Base Rate Loans or that have Interest Periods expiring on or before such principal repayment date equals or exceeds the principal amount required to be paid on such principal repayment date;
(vii) if any Interest Period begins on a day for which there is no numerically corresponding day in the calendar month at the end of during which such Interest PeriodPeriod would otherwise expire, such Interest Period shall end expire on the last Business Day of such calendar month; and
(dviii) if any Interest Period for a LIBOR Loan would otherwise expire on a day which is not a Business Dayif, such Interest Period shall expire on the next succeeding Business Day; provided, however, that if any Interest Period for a LIBOR 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; (e) unless the Required Lenders otherwise agree, no Interest Period may be selected at any time when an Event of Default is then in existence; and (f) no Interest Period in respect of any Borrowing shall be selected which extends beyond the Revolving Commitment Termination Date. If by 1:00 P.M. (New York City time) on the third Business Day prior to upon the expiration of any Interest Period applicable to a Borrowing of LIBOR Loans, any the Borrower has shall have failed to elect, or is not permitted to elect, elect a new Interest Period to be applicable to such LIBOR Loans as provided aboveLoans, such then the Borrower shall be deemed to have elected to convert such LIBOR Loans into Base Rate Loans effective as of the expiration date of such the then current Interest PeriodPeriod applicable thereto.
Appears in 1 contract
Interest Periods. At Concurrently with the time any Borrower gives any giving of a Notice of Borrowing in the case of a Borrowing of LIBOR Loans or a Notice of Conversion/Continuation in respect of the making ofany Borrowing comprised of Base Rate Loans to be converted into, or conversion intoLIBOR Loans to be continued as, any LIBOR Loan (in the case of the initial Interest Period applicable thereto) or prior to 1:00 P.M. (New York City time) on the third Business Day prior to the expiration of an Interest Period applicable to such LIBOR Loan (in the case of any subsequent Interest Period)Loans, such each Borrower shall have the right to elect elect, pursuant to such notice, the interest period (each, an “"Interest Period”") to be applicable to such LIBOR LoanLoans, which Interest Period shall, at the option of the such Borrower, be a one, two, three or six month period; provided, however, that, :
(in each case): (ai) all LIBOR Loans comprising a single Borrowing shall at all times have the same Interest Period; ;
(bii) the initial Interest Period for any LIBOR Loan shall commence on the date of the Borrowing of such LIBOR Loan (including the date of any continuation of, or conversion thereto from a Base Rate into, such LIBOR Loan) ), and each successive Interest Period occurring thereafter in respect of applicable to such LIBOR Loan shall commence on the day on which the next preceding Interest Period applicable thereto expires;
(iii) LIBOR Loans may not be outstanding under more than 10 separate Interest Periods at any one time (for which purpose Interest Periods shall be deemed to be separate even if they are coterminous); 8470562v6 24740.00061
(civ) if any Interest Period for otherwise would expire on a LIBOR Loan day that is not a Business Day, such Interest Period shall expire on the next succeeding Business Day unless such next succeeding Business Day falls in another calendar month, in which case such Interest Period shall expire on the next preceding Business Day;
(v) no Borrower may select any Interest Period that expires after the Tranche 1 Maturity Date;
(vi) if any Interest Period begins on a day for which there is no numerically corresponding day in the calendar month at the end of during which such Interest PeriodPeriod would otherwise expire, such Interest Period shall end expire on the last Business Day of such calendar month; and
(dvii) if no Borrower may select any Interest Period for a LIBOR 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 LIBOR 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; (e) unless the Required Lenders otherwise agreeand consequently, no Interest Period may LIBOR Loans shall be selected at any time when an made) if a Default or Event of Default is then in existence; shall have occurred and (f) no Interest Period in respect of any Borrowing shall be selected which extends beyond continuing at the Revolving Commitment Termination Date. If by 1:00 P.M. (New York City time) on the third Business Day prior to the expiration of any Interest Period applicable to a Borrowing of LIBOR Loans, any Borrower has failed to elect, or is not permitted to elect, a new Interest Period to be applicable to such LIBOR Loans as provided above, such Borrower shall be deemed to have elected to convert such LIBOR Loans into Base Rate Loans effective as of the expiration date time of such current Interest PeriodNotice of Borrowing or Notice of Conversion/Continuation with respect to any Borrowing.
Appears in 1 contract
Interest Periods. At the time any Borrower gives any Notice of Borrowing or Notice of Conversion/Continuation in respect of the making of, or conversion into, any LIBOR Loan (in the case of the initial Interest Period applicable thereto) or prior to 1:00 P.M. 3:00 p.m. (New York City time) on the third Business Day prior to the expiration of an Interest Period applicable to such LIBOR Loan (in the case of any subsequent Interest Period), such Borrower shall have the right to elect the interest period (each, an “Interest Period”) applicable to such LIBOR Loan, which Interest Period shall, at the option of the Borrower, be a oneone-, twotwo-, three three- or six six-month periodperiod or, with the reasonable consent of the Administrative Agent, any period shorter than one month; provided, that, provided that (in each case): ):
(a) all LIBOR Loans comprising a Borrowing shall at all times have the same Interest Period; ;
(b) the initial Interest Period for any LIBOR Loan shall commence on the date of Borrowing of such LIBOR Loan (including the date of any conversion thereto from a Base Rate Loan) and each Interest Period occurring thereafter in respect of such LIBOR Loan shall commence on the day on which the next preceding Interest Period applicable thereto expires; ;
(c) if any Interest Period for a LIBOR 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; ;
(d) if any Interest Period for a LIBOR 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 LIBOR 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; ;
(e) unless upon notice to Borrower from the Administrative Agent given at the request of the Required Lenders otherwise agreeLenders, after the occurrence and during the continuance of an Event of Default, no Interest Period may be selected at any time when an Event of Default is then in existenceselected; and and
(f) no Interest Period in respect of any Borrowing of any Loans shall be selected which extends beyond the Revolving Commitment Termination DateMaturity Date for such Loans. If by 1:00 P.M. 3:00 p.m. (New York City time) on the third Business Day prior to the expiration of any Interest Period applicable to a Borrowing of LIBOR Loans, any Borrower has failed to elect, or is not permitted to elect, a new Interest Period to be applicable to such LIBOR Loans as provided above, Borrower shall be deemed to have elected to continue such LIBOR Loans as LIBOR Loans with an Interest Period of one month effective as of the expiration date of such current Interest Period; provided, that, if Borrower is not permitted to elect a new Interest Period to be applicable to such LIBOR Loans as provided above, Borrower shall be deemed to have elected to convert such LIBOR Loans into Base Rate Loans effective as of the expiration date of such current Interest Period.
Appears in 1 contract
Sources: First Lien Term Loan Credit and Guarantee Agreement (Alden Global Capital LLC)
Interest Periods. At the time any the Borrower gives any a Notice of Borrowing or a Notice of Conversion/Continuation in respect of the making of, or conversion intointo or continuation as, any a Borrowing of LIBOR Loan (in the case of the initial Interest Period applicable thereto) or Loans prior to 1:00 P.M. 10:00 a.m. (New York City time) on the third Business Day prior to the expiration applicable date of an Interest Period applicable to making or conversion or continuation of such LIBOR Loan (in Loans, the case of any subsequent Interest Period), such Borrower shall have the right to elect by giving the interest period Administrative Agent written notice of (each, an “Interest Period”or telephonic notice promptly confirmed in writing) the LIBOR Period applicable to such LIBOR LoanBorrowing, which Interest LIBOR Period shall, at the option of the Borrower, be a one week or one, two, three or six month period; provided, that, (in each case): months. Notwithstanding anything to the contrary contained above:
(a) all LIBOR Loans comprising a Borrowing shall at all times have the same Interest Period; (b) the initial Interest LIBOR Period for any Borrowing of LIBOR Loan Loans shall commence on the date of such Borrowing of such LIBOR Loan (including the date of any conversion thereto from a Base Rate LoanBorrowing of ABR Loans) and each Interest LIBOR Period occurring thereafter in respect of such LIBOR Loan Borrowing shall commence on the day on which the next preceding Interest LIBOR Period applicable thereto expires; ;
(cb) if any Interest LIBOR Period for relating to a Borrowing of LIBOR Loan Loans begins on the last Business Day of a calendar month or begins on a day for which there is no numerically corresponding day in the calendar month at the end of such Interest LIBOR Period, such Interest LIBOR Period shall end on the last Business Day of the calendar month at the end of such calendar month; LIBOR Period;
(dc) if any Interest LIBOR Period for a LIBOR Loan would otherwise expire on a day which that is not a Business Day, such Interest LIBOR Period shall expire on the next succeeding Business Day; provided, however, provided that if any Interest LIBOR Period for in respect of a LIBOR Loan would otherwise expire on a day which that is not a Business Day but is a day of the month after which no further Business Day occurs in such month, such Interest LIBOR Period shall expire on the next preceding Business Day; and
(ed) unless the Required Lenders otherwise agree, no Interest Period may Borrower shall not be selected at entitled to elect any time when an Event of Default is then in existence; and (f) no Interest LIBOR Period in respect of any Borrowing shall be selected which extends LIBOR Loan if such LIBOR Period would extend beyond the Revolving Commitment Termination Maturity Date. If by 1:00 P.M. (New York City time) on the third Business Day prior to the expiration of any Interest Period applicable to a Borrowing of LIBOR Loans, any Borrower has failed to elect, or is not permitted to elect, a new Interest Period to be applicable to such LIBOR Loans as provided above, such Borrower shall be deemed to have elected to convert such LIBOR Loans into Base Rate Loans effective as of the expiration date of such current Interest Period.
Appears in 1 contract
Interest Periods. At the time any the Borrower gives any Notice of Borrowing or Notice of Conversion/Continuation in respect of the making of, or conversion into, any LIBOR LIBO Rate Term Loan (in the case of the initial Interest Period applicable thereto) or prior to 1:00 P.M. 12:00 Noon (New York City time) on the third Business Day prior to the expiration of an Interest Period applicable to such LIBOR LIBO Rate Term Loan (in the case of any subsequent Interest Period), such the Borrower shall have the right to elect the interest period (each, an “Interest Period”) applicable to such LIBOR LIBO Rate Term Loan, which Interest Period shall, at the option of the Borrower, Borrower be a one, two, three or six month period, or, if agreed to by all Lenders, a twelve month period, or, if agreed to by the Administrative Agent a period less than one month; provided, that, provided that (in each case): ):
(ai) all LIBOR LIBO Rate Term Loans comprising a Borrowing shall at all times have the same Interest Period; ;
(bii) the initial Interest Period for any LIBOR LIBO Rate Term Loan shall commence on the date of Borrowing of such LIBOR LIBO Rate Term Loan (including including, in the case of LIBO Rate Term Loans, the date of any conversion thereto from a Borrowing of Base Rate LoanTerm Loans) and each Interest Period occurring thereafter in respect of such LIBOR LIBO Rate Term Loan shall commence on the day on which the next preceding Interest Period applicable thereto expires; ;
(ciii) if any Interest Period for a LIBOR LIBO Rate Term 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; ;
(div) if any Interest Period for a LIBOR LIBO Rate Term 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 LIBOR LIBO Rate Term 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; ;
(ev) unless the Required Lenders otherwise agree, no Interest Period for a LIBO Rate Term Loan may be selected at any time when an Event of Default is then in existence; and and
(fvi) no Interest Period in respect of any Borrowing of any Tranche of Term Loans shall be selected which extends beyond the Revolving Commitment Termination DateMaturity Date therefor. With respect to any LIBO Rate Term Loans, at the end of any Interest Period applicable to a Borrowing thereof, the Borrower may elect to split the respective Borrowing of a single Type under a single Tranche into two or more Borrowings of different Types under such Tranche or combine two or more Borrowings under a single Tranche into a single Borrowing of the same Type under such Tranche, in each case, by having the Borrower give notice thereof together with its election of one or more Interest Periods, in each case so long as each resulting Borrowing (x) has an Interest Period which complies with the foregoing requirements of this Section 2.09, (y) has a principal amount which is not less than the Minimum Borrowing Amount applicable to Borrowings of the respective Type and Tranche, and (z) does not cause a violation of the requirements of Section 2.02. If by 1:00 P.M. 12:00 Noon (New York City time) on the third Business Day prior to the expiration of any Interest Period applicable to a Borrowing of LIBOR LIBO Rate Term Loans, any the Borrower has failed to elect, or is not permitted to elect, a new Interest Period to be applicable to such LIBOR Loans as provided aboveLIBO Rate, such the Borrower shall be deemed to have elected in the case of LIBO Rate Term Loans, to convert such LIBOR LIBO Rate Term Loans into Base Rate Term Loans with such conversion to be effective as of the expiration date of such current Interest Period.
Appears in 1 contract
Interest Periods. At the time any (a) The Borrower gives any shall, in each Notice of Borrowing or Notice of Conversion/Conversion or Continuation in respect of the making of, conversion into or conversion intocontinuation of a Eurodollar Loan, any LIBOR Loan (in the case of the initial Interest Period applicable thereto) or prior to 1:00 P.M. (New York City time) on the third Business Day prior to the expiration of an Interest Period applicable to such LIBOR Loan (in the case of any subsequent Interest Period), such Borrower shall have the right to elect select the interest period (each, each an “"Interest Period”") applicable to such LIBOR Eurodollar Loan, which Interest Period shall, at the option of the Borrower, be either a one-month, two-month, three three-month or six six-month period; provided, provided that, :
(in each case): (a) all LIBOR Loans comprising a Borrowing shall at all times have the same Interest Period; (bi) the initial Interest Period for any LIBOR Eurodollar Loan shall commence on the date of Borrowing the making of such LIBOR Loan (including the date of any conversion thereto from a Base Rate Loan) and each Interest Period occurring thereafter in respect of such LIBOR Loan shall commence on the day date on which the next preceding Interest Period applicable thereto expires; ;
(cii) if any Interest Period for a LIBOR 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; (d) if any Interest Period for a LIBOR 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 LIBOR Loan would 28 35 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; ;
(eiii) unless the Required Lenders otherwise agree, no if any Interest Period may be selected begins on a day for which there is no numerically corresponding day in the calendar month at any time when an Event the end of Default is then in existence; and such Interest Period, such Interest Period shall end on the last Business Day of such calendar month;
(fiv) no Interest Period in respect of any Borrowing Revolving Loan or Term Loan shall be selected which extends extend beyond the Revolving Commitment Termination Maturity Date or the Term Loan Maturity Date. , as the case may be; and
(v) no Interest Period in respect of a Term Loan shall extend beyond any date upon which a repayment of the Term Loans is required to be made pursuant to Section 2.1 unless the aggregate principal amount of Term Loans which are Base Rate Loans or which have Interest Periods which will expire on or before such date is equal to or in excess of the amount of the Term Loan repayment required to be made on such date.
(b) If by 1:00 P.M. (New York City time) on the third Business Day prior to upon the expiration of any Interest Period applicable to a Borrowing of LIBOR LoansPeriod, any the Borrower has failed to elect, or is not permitted to elect, elect a new Interest Period to be applicable to such LIBOR Loans the respective Eurodollar Loan as provided above, such the Borrower shall be deemed to have elected to convert such LIBOR Eurodollar Loans into Base Rate Loans effective as of the expiration date of such current Interest Period.
Appears in 1 contract
Interest Periods. (a) At the time any Borrower gives any a Notice of Borrowing or Notice of Conversion/Continuation Conversion in respect of the making of, or conversion into, any LIBOR Loan (a Borrowing of Eurodollar Loans, in the case of the initial Interest Period applicable thereto) , or prior to 1:00 P.M. 12:00 Noon (New York City time) on the third Business Day prior to the expiration of an Interest Period applicable to such LIBOR Loan (in the case a Borrowing of any subsequent Interest Period)Eurodollar Loans, such Borrower shall have the right to elect by giving the interest period Administrative Agent written notice (each, an “or telephonic notice promptly confirmed in writing) of the Interest Period”) Period applicable to such LIBOR LoanBorrowing, which Interest Period shall, at the option of the Borrower, be a one, two, three or six month period; provided, that, . Notwithstanding anything to the contrary contained above: (in each case): (a) all LIBOR Loans comprising a Borrowing shall at all times have the same Interest Period; (bi) the initial Interest Period for any LIBOR Loan Borrowing of Eurodollar Loans shall commence on the date of such Borrowing of such LIBOR 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 LIBOR Loan Borrowing shall commence on the day on which the next preceding Interest Period applicable thereto expires; (c) if ii)if any Interest Period for a LIBOR Loan begins on a day for which there is no numerically corresponding day in the calendar month at the end of in which such Interest PeriodPeriod ends, such Interest Period shall end on the last Business Day of such calendar month; (diii) if any Interest Period for a LIBOR Loan would otherwise expire on a day which is not a Business Day, such Interest Period shall expire on the next succeeding Business Day; providedPROVIDED, howeverHOWEVER, that if any Interest Period for a LIBOR 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; (eiv) unless no Interest Period shall extend beyond the Required Lenders otherwise agree, Maturity Date; and (v) no Interest Period may be selected elected at any time when an a Default or Event of Default is then in existence; and existence if the Administrative Agent or the Required Banks have reasonably determined that such an election at such time would be disadvantageous to the Banks.
(fb) no Interest Period in respect of any Borrowing shall be selected which extends beyond the Revolving Commitment Termination Date. If by 1:00 P.M. (New York City time) on upon the third Business Day prior to the expiration of any Interest Period applicable to a Borrowing of LIBOR LoansPeriod, any Borrower has failed to elect, (or is not permitted to elect, may not) elect a new Interest Period to be applicable to such LIBOR the respective Borrowing of Eurodollar Loans as provided above, such Borrower shall be deemed to have elected to convert such LIBOR Loans Borrowing into a Borrowing of Base Rate Loans effective as of the expiration date of such current Interest Period.
Appears in 1 contract
Sources: Credit Agreement (Global Marine Inc)
Interest Periods. At the time any the Borrower gives any a Notice of Borrowing or Notice of Conversion/Conversion or Continuation in respect of the making of, or conversion intointo or continuation as, any a Borrowing of LIBOR Loan Loans in accordance with Section 2.6(a), the Borrower shall give the Administrative Agent written notice (or telephonic notice promptly confirmed in the case writing) of the initial Interest Period applicable thereto) or prior to 1:00 P.M. (New York City time) on the third Business Day prior to the expiration of an Interest Period applicable to such LIBOR Loan (in the case of any subsequent Interest Period), such Borrower shall have the right to elect the interest period (each, an “Interest Period”) applicable to such LIBOR LoanBorrowing, which Interest Period shall, at the option of the Borrower, Borrower be a one week or a one, two, three or six or (if available to all relevant Lenders participating in the relevant Term Loan Facility) a twelve month periodperiod or a period of less than one month; provided, provided that, (in each case): notwithstanding the foregoing, the initial Interest Period beginning on the Closing Date may be for a period of less than one month or such other period agreed by the Borrower and the Administrative Agent. Notwithstanding anything to the contrary contained above:
(a) all LIBOR Loans comprising a Borrowing shall at all times have the same Interest Period; (b) the initial Interest Period for any Borrowing of LIBOR Loan Loans shall commence on the date of such Borrowing of such LIBOR Loan (including the date of any conversion thereto from a Base Rate LoanBorrowing of ABR Loans) and each Interest Period occurring thereafter in respect of such LIBOR Loan Borrowing shall commence on the day on which the next preceding Interest Period applicable thereto expires; ;
(cb) if any Interest Period for relating to a Borrowing of LIBOR Loan Loans begins on the last Business Day of a calendar month or 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 the calendar month at the end of such calendar month; Interest Period;
(dc) if any Interest Period for a LIBOR Loan would otherwise expire on a day which that is not a Business Day, such Interest Period shall expire on the next succeeding Business Day; provided, however, provided that if any Interest Period for in respect of a LIBOR Loan would otherwise expire on a day which that 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; and
(ed) unless the Required Lenders otherwise agree, no Interest Period may Borrower shall not be selected at entitled to elect any time when an Event of Default is then in existence; and (f) no Interest Period in respect of any Borrowing shall be selected which extends LIBOR Loan if such Interest Period would extend beyond the Revolving Commitment Termination Date. If by 1:00 P.M. (New York City time) on the third Business Day prior to the expiration of any Interest Period applicable to a Borrowing of LIBOR Loans, any Borrower has failed to elect, or is not permitted to elect, a new Interest Period to be applicable to such LIBOR Loans as provided above, such Borrower shall be deemed to have elected to convert such LIBOR Loans into Base Rate Loans effective as of the expiration date Maturity Date of such current Interest PeriodLoan.
Appears in 1 contract
Interest Periods. At Concurrently with the time any Borrower gives any giving of a Notice of Borrowing of LIBOR Loans or Notice of Conversion/Continuation in respect of the making ofany Borrowing comprised of Base Rate Loans to be converted into, or conversion intoLIBOR Loans to be continued as, any LIBOR Loan (in Loans, the case of the initial Interest Period applicable thereto) or prior to 1:00 P.M. (New York City time) on the third Business Day prior to the expiration of an Interest Period applicable to such LIBOR Loan (in the case of any subsequent Interest Period), such Borrower shall have the right to elect elect, pursuant to such notice, the interest period (each, an “Interest Period”) to be applicable to such LIBOR LoanLoans, which Interest Period shall, at the option of the applicable Borrower, be a oneone-, twotwo-, three three- or six six-month period; provided, however, that, :
(in each case): (ai) all LIBOR Loans comprising a single Borrowing shall at all times have the same Interest Period; ;
(bii) the initial Interest Period for any LIBOR Loan shall commence on the date of the Borrowing of such LIBOR Loan (including the date of any continuation of, or conversion thereto from a Base Rate into, such LIBOR Loan) ), and each successive Interest Period occurring thereafter in respect of applicable to such LIBOR Loan shall commence on the day on which the next preceding Interest Period applicable thereto expires; ;
(ciii) LIBOR Loans may not be outstanding under more than 10 separate Interest Periods at any one time (for which purpose Interest Periods shall be deemed to be separate even if they are coterminous);
(iv) if any Interest Period for otherwise would expire on a LIBOR Loan day that is not a Business Day, such Interest Period shall expire on the next succeeding Business Day unless such next succeeding Business Day falls in another calendar month, in which case such Interest Period shall expire on the next preceding Business Day;
(v) athe Borrower may not select any Interest Period that expires after the Final Maturity Date;
(vi) if any Interest Period begins on a day for which there is no numerically corresponding day in the calendar month at the end of during which such Interest PeriodPeriod would otherwise expire, such Interest Period shall end expire on the last Business Day of such calendar month; and
(dvii) if athe Borrower may not select any Interest Period for a LIBOR 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 LIBOR 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; (e) unless the Required Lenders otherwise agreeand consequently, no Interest Period may LIBOR Loans shall be selected at any time when made) if an Event of Default is then in existence; shall have occurred and (f) no Interest Period in respect of any Borrowing shall be selected which extends beyond continuing at the Revolving Commitment Termination Date. If by 1:00 P.M. (New York City time) on the third Business Day prior to the expiration of any Interest Period applicable to a Borrowing of LIBOR Loans, any Borrower has failed to elect, or is not permitted to elect, a new Interest Period to be applicable to such LIBOR Loans as provided above, such Borrower shall be deemed to have elected to convert such LIBOR Loans into Base Rate Loans effective as of the expiration date time of such current Interest PeriodNotice of Borrowing or Notice of Conversion/Continuation with respect to any Borrowing.
Appears in 1 contract
Interest Periods. At the time any the Borrower gives any a Notice of Borrowing or Notice of Conversion/Conversion or Continuation in respect of the making of, or conversion intointo or continuation as, any a Borrowing of LIBOR Loan Loans (in the case of the initial Interest Period applicable thereto) or prior to 1:00 P.M. 10:00 a.m. (New York City time) on the third Business Day prior to the expiration of an Interest Period applicable to such a Borrowing of LIBOR Loan (in Loans, the case of any subsequent Interest Period), such Borrower shall have the right to elect by giving the interest period (each, an “Administrative Agent written notice the Interest Period”) Period applicable to such LIBOR LoanBorrowing, which Interest Period shall, at the option of the Borrower, Borrower be a one, two, three three, six or six month period; provided, that, (in each case): the case of Revolving Credit Loans, if available to all the Lenders making such loans as determined by such Lenders in good faith based on prevailing market conditions) nine or twelve month period or a shorter period, provided that the initial Interest Period may be for a period less than one month if agreed upon by the Borrower and the Administrative Agent. Notwithstanding anything to the contrary contained above:
(a) all LIBOR Loans comprising a Borrowing shall at all times have the same Interest Period; (b) the initial Interest Period for any Borrowing of LIBOR Loan Loans shall commence on the date of such Borrowing (including, in the case of such LIBOR Loan (including Loans, the date of any conversion thereto from a Base Rate LoanBorrowing of ABR Loans) and each Interest Period occurring thereafter in respect of such LIBOR Loan Borrowing shall commence on the day on which the next preceding Interest Period applicable thereto expires; ;
(cb) if any Interest Period for relating to a Borrowing of LIBOR Loan Revolving Credit Loans begins on the last Business Day of a calendar month or 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 the calendar month at the end of such calendar month; Interest Period;
(dc) if any Interest Period for a LIBOR Loan would otherwise expire on a day which that is not a Business Day, such Interest Period shall expire on the next succeeding Business Day; provided, however, provided that if any Interest Period for in respect of a LIBOR Loan would otherwise expire on a day which that 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 first Business DayDay thereafter; and
(ed) unless the Required Lenders otherwise agree, no Interest Period may Borrower shall not be selected at entitled to elect any time when an Event of Default is then in existence; and (f) no Interest Period in respect of any Borrowing shall be selected which extends LIBOR Loan if such Interest Period would extend beyond the Revolving Commitment Termination Date. If by 1:00 P.M. (New York City time) on the third Business Day prior to the expiration of any Interest Period applicable to a Borrowing of LIBOR Loans, any Borrower has failed to elect, or is not permitted to elect, a new Interest Period to be applicable to such LIBOR Loans as provided above, such Borrower shall be deemed to have elected to convert such LIBOR Loans into Base Rate Loans effective as of the expiration date Maturity Date of such current Interest PeriodLoan.
Appears in 1 contract
Interest Periods. At In connection with each LIBOR Rate Loan, the time any applicable Borrower gives any Notice of Borrowing or Notice of Conversion/Continuation Borrowers, by giving notice at the times described in respect of the making of, or conversion into, any LIBOR Loan (in the case of the initial Interest Period applicable thereto) or prior to 1:00 P.M. (New York City time) on the third Business Day prior to the expiration of an Interest Period applicable to such LIBOR Loan (in the case of any subsequent Interest PeriodSection 4.1(a), such Borrower shall have the right to elect the an interest period (each, an “"Interest Period”") to be applicable to such LIBOR Loan, which Interest Period shall, at the option of the Borrower, shall be a period of one, two, three three, or six month periodmonths; provided, provided that, :
(in each case): (a) all LIBOR Loans comprising a Borrowing shall at all times have the same Interest Period; (bi) the initial Interest Period for any LIBOR Loan shall commence on the date of Borrowing advance of such or conversion to any LIBOR Rate Loan (including and, in the date case of any conversion thereto from a Base Rate Loan) and immediately successive Interest Periods, each successive Interest Period occurring thereafter in respect of such LIBOR Loan shall commence on the day date on which the next preceding Interest Period applicable thereto expires; ;
(cii) if any Interest Period for a LIBOR 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; (d) if any Interest Period for a LIBOR Loan would otherwise expire on a day which that 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 LIBOR Loan would otherwise expire on a day which that 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; ;
(eiii) unless the Required Lenders otherwise agree, no any Interest Period may be selected that begins on the last Business Day of a calendar month (or on a day for which there is no numerically corresponding day in the calendar month at any time when an Event the end of Default is then in existence; and such Interest Period) shall end on the last Business Day of the calendar month at the end of such Interest Period;
(fiv) no Interest Period in respect of any Borrowing shall extend beyond the Revolving Credit Termination Date and no Interest Period shall be selected which extends beyond the Revolving Commitment Termination Date. If by 1:00 P.M. (New York City time) on the third Business Day prior to the expiration of any Interest Period applicable to a Borrowing of LIBOR Loans, any Borrower has failed which, in connection with mandatory reductions of the Aggregate Commitment pursuant to electSection 2.6, or is not permitted would cause the early termination of such Interest Period; and
(v) with respect to electRevolving Credit Loans denominated in Dollars, a new Interest Period to be applicable to such LIBOR Loans as provided above, such Borrower there shall be deemed no more than five (5) Interest Periods outstanding at any time and with respect to have elected to convert Revolving Credit Loans denominated in an Alternative Currency, there shall be no more than two (2) Interest Periods for each such LIBOR Loans into Base Rate Loans effective as of the expiration date of such current Interest PeriodAlternative Currency.
Appears in 1 contract
Sources: Credit Agreement (Acc Corp)
Interest Periods. At the time any the Borrower gives any Notice of Borrowing under a given Tranche or Notice of Conversion/Continuation in respect of the making of, or conversion into, any LIBOR LIBO Rate Loan (in the case of the initial Interest Period applicable thereto) or prior to 1:00 P.M. 12:00 Noon (New York City time) on the third Business Day prior to the expiration of an Interest Period applicable to such LIBOR LIBO Rate Loan (in the case of any subsequent Interest Period), such the Borrower shall have the right to elect the interest period (each, an “Interest Period”) applicable to such LIBOR LIBO Rate Loan, which Interest Period shall, at the option of the Borrower, Borrower be a one, two, three or six month periodperiod (or if agreed by all Lenders, twelve months or any period of time shorter than one month); provided, that, provided that (in each case): ):
(ai) all LIBOR LIBO Rate Loans comprising a Borrowing shall at all times have the same Interest Period; ;
(bii) the initial Interest Period for any LIBOR LIBO Rate Loan shall commence on the date of Borrowing of such LIBOR LIBO Rate Loan (including including, in the case of LIBO Rate Loans, the date of any conversion thereto from a Borrowing of Base Rate LoanLoans) and each Interest Period occurring thereafter in respect of such LIBOR LIBO Rate Loan shall commence on the day on which the next preceding Interest Period applicable thereto expires; ;
(ciii) if any Interest Period for a LIBOR LIBO Rate 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; ;
(div) if any Interest Period for a LIBOR LIBO Rate 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 LIBOR LIBO Rate 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; ;
(ev) unless the Required Lenders otherwise agree, no Interest Period for a LIBO Rate Loan may be selected at any time when an Event of Default is then in existence; and ;
(fvi) no Interest Period in respect of any Borrowing of Loans shall be selected which extends beyond the Revolving Commitment Termination DateMaturity Date therefor; and
(vii) if the Borrower wishes to request a LIBO Rate Loan having an Interest Period of twelve months in duration as provided in the definition of “Interest Period,” the applicable notice must be received by the Administrative Agent not later than four Business Days prior to the requested date of such Borrowing, conversion or continuation, whereupon the Administrative Agent shall give prompt notice to the Lenders of such request and determine whether the requested Interest Period is acceptable to all of them. Not later than three Business Days before the requested date of such Borrowing, conversion or continuation, the Administrative Agent shall notify the Borrower (which notice may be by telephone) whether or not the requested Interest Period has been consented to by all the Lenders. With respect to any LIBO Rate Loans, at the end of any Interest Period applicable to a Borrowing thereof, the Borrower may elect to split the respective Borrowing of a single Type under a single Tranche into two or more Borrowings of different Types under such Tranche or combine two or more Borrowings under a single Tranche into a single Borrowing of the same Type under such Tranche, in each case, by having the Borrower give notice thereof together with its election of one or more Interest Periods, in each case so long as each resulting Borrowing (x) has an Interest Period which complies with the foregoing requirements of this Section 2.09, (y) has a principal amount which is not less than the Minimum Borrowing Amount applicable to Borrowings of the respective Type and Tranche, and (z) does not cause a violation of the requirements of Section 2.02. If by 1:00 P.M. 12:00 Noon (New York City time) on the third Business Day prior to the expiration of any Interest Period applicable to a Borrowing of LIBOR LIBO Rate Loans, any the Borrower has failed to elect, or is not permitted to elect, a new Interest Period to be applicable to such LIBOR Loans as provided aboveLIBO Rate, such the Borrower shall be deemed to have elected in the case of LIBO Rate Loans, to convert such LIBOR LIBO Rate Loans into Base Rate Loans with such conversion to be effective as of the expiration date of such current Interest Period.
Appears in 1 contract
Sources: Credit Agreement (OCI Partners LP)
Interest Periods. At Concurrently with the time any Borrower gives any giving of a Notice of Borrowing or Notice of Conversion/Continuation in respect of the making ofany Borrowing comprised of Base Rate Loans to be converted into, or conversion intoLIBOR Loans to be continued as, any LIBOR Loan (in Loans, the case of the initial Interest Period applicable thereto) or prior to 1:00 P.M. (New York City time) on the third Business Day prior to the expiration of an Interest Period applicable to such LIBOR Loan (in the case of any subsequent Interest Period), such Borrower shall have the right to elect elect, pursuant to such notice, the interest period (each, an “"Interest Period”") to be applicable to such LIBOR LoanLoans, which Interest Period shall, at the option of the Borrower, applicable Borrower be a one, two, three or six six-month period; provided, however, that, :
(in each case): (ai) all LIBOR Loans comprising a single Borrowing shall at all times have the same Interest Period; ;
(bii) the initial Interest Period for any LIBOR Loan shall commence on the date of the Borrowing of such LIBOR Loan (including the date of any continuation of, or conversion thereto from a Base Rate into, such LIBOR Loan) ), and each successive Interest Period occurring thereafter in respect of applicable to such LIBOR Loan shall commence on the day on which the next preceding Interest Period applicable thereto expires; ;
(ciii) LIBOR Loans may not be outstanding under more than four (4) separate Interest Periods at any one time (for which purpose Interest Periods shall be deemed to be separate even if they are coterminous);
(iv) if any Interest Period for otherwise would expire on a LIBOR Loan day that is not a Business Day, such Interest Period shall expire on the next succeeding Business Day unless such next succeeding Business Day falls in another calendar month, in which case such Interest Period shall expire on the next preceding Business Day;
(v) the Borrower may not select any Interest Period that begins prior to the Closing Date or that expires after the Maturity Date;
(vi) if any Interest Period begins on a day for which there is no numerically corresponding day in the calendar month at the end of during which such Interest PeriodPeriod would otherwise expire, such Interest Period shall end expire on the last Business Day of such calendar month; and
(dvii) if any Interest Period for a LIBOR Loan would otherwise expire on a day which is not a Business Dayif, such Interest Period shall expire on the next succeeding Business Day; provided, however, that if any Interest Period for a LIBOR 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; (e) unless the Required Lenders otherwise agree, no Interest Period may be selected at any time when an Event of Default is then in existence; and (f) no Interest Period in respect of any Borrowing shall be selected which extends beyond the Revolving Commitment Termination Date. If by 1:00 P.M. (New York City time) on the third Business Day prior to upon the expiration of any Interest Period applicable to a Borrowing of LIBOR Loans, any the applicable Borrower has shall have failed to elect, or is not permitted to elect, elect a new Interest Period to be applicable to such LIBOR Loans as provided aboveLoans, such then the Borrower shall be deemed to have elected to convert such LIBOR Loans into Base Rate Loans effective as of the expiration date of such the then current Interest PeriodPeriod applicable thereto.
Appears in 1 contract
Sources: Credit Agreement (Radian Group Inc)