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 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. 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 5 contracts
Sources: First Lien Term Loan Credit Agreement (PAE Inc), Second Lien Term Loan Credit Agreement (PAE Inc), Second Lien Term Loan Credit Agreement (PAE Inc)
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 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 Credit 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 5 contracts
Sources: Revolving Credit Agreement (ITC Holdings Corp.), Revolving Credit Agreement (ITC Holdings Corp.), Revolving 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. 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 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 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 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 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 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 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 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 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 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 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 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 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 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 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. 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 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 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 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 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 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 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. 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 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 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. (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. 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 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 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 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 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 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 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 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 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 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 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 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 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 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 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 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. (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 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 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 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 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 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 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 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 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 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. 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 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 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 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, Tranche A Loan or Tranche B Loan shall be selected which extends extend beyond the Revolving Commitment Termination Loan Maturity Date. , the Tranche A Loan Maturity Date or the Tranche B Loan Maturity Date, as applicable; and
(v) no Interest Period in respect of a Tranche A Loan or Tranche B Loan shall extend beyond any date upon which a repayment of such Loan is required to be made pursuant to Section 2.1 or Section 2.2, as the case may be, unless the aggregate principal amount of Tranche A Loans and Tranche B 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 repayment of such loans 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. 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 4.2.1 Each Interest Period relating to an Advance shall start on and include (in the case of the initial Interest Period applicable theretofirst such period) the Advance Date of such Advance 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 each such subsequent period referable to such Advance) the last day of the immediately preceding Interest Period referable thereto and end on but exclude the next succeeding Interest Payment Date.
4.2.2 The Borrower shall, in respect of the Loans relating to an Aircraft, have the option of shortening the length of the Interest Period for such Loans during which the Scheduled Delivery Date for such Aircraft is scheduled to occur by delivering a Delivery Month Notice to the Facility Agent not later than three (3) Business Days prior to the end of the immediately preceding Interest Period; provided, that if Borrower does not deliver a Delivery Month Notice to the Facility Agent, the “Delivery Notice Date” for such Aircraft shall be its Scheduled Delivery Date. If a Delivery Month Notice is delivered in respect of any Aircraft, the Interest Period for the related Tranche shall end on the Delivery Notice Date for such Aircraft specified in such Delivery Month Notice, and the Facility Agent shall notify the Borrower of the applicable LIBOR rate for such Interest Period. If, for any reason, the Delivery Date for any Aircraft does not take place on its Delivery Notice Date, subject in all cases to the indemnification obligations of the Borrower hereunder (including in respect of Break Amounts, if any), the Lenders shall rollover the Loans of the related Tranche to the new anticipated Delivery Date identified to the Facility Agent by the Borrower (the period from Delivery Notice Date to the Delivery Date being the “Stub Period”). In connection with any Interest Period ending on the Delivery Notice Date or any Stub Period that has a duration of less than one month, if the Facility Agent shall determine that the Lenders’ cost of funding for such Interest Period is higher than the prevailing one-month LIBOR, it shall notify the Borrower of the proposed rate based on the Lender’s cost of funding and 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 (i) accepting such proposed rate as the Borrower, be a one, two, three or six month period; provided, that, (in each case): (a) all applicable 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, or (ii) requiring the Facility Agent to use one-month LIBOR for such Interest Period shall end on and paying all Break Amounts, if any, incurred by the last Business Day of such calendar month; Lenders in connection therewith (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 provided that no “positive” Break Amount resulting from 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 utilization of the month after which no further Business Day occurs in such month, such Interest Period shall expire on the next preceding Business Day; option of this clause (eii) 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 payable 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 by the expiration date of such current Interest PeriodLenders).
Appears in 1 contract
Sources: Facility Agreement (Atlas Air Worldwide Holdings 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 Syndicate Revolving Loan comprised of LIBOR Advances, or each Multicurrency Loan (in the case of the initial or each Term Loan for each Interest Period applicable theretoduring which the LIBOR Option is selected, Borrower shall select an interest period (each an "Interest Period") 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 Advances, Multicurrency 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 or Term Loan, which Interest Period shallshall be either a 1, at 2, 3 or 6 month period with respect to LIBOR Advances and Term Loans for each Interest Period during which the option of the BorrowerLIBOR Option is selected and either a 1, be a one, two, three 2 or six 3 month periodperiod with respect to Multicurrency Loans; 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 Borrowing of LIBOR Advances or any Multicurrency Loan or any Term Loan for which the LIBOR Option has been selected 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 Advances of another Type) or Loan and each Interest Period occurring thereafter in respect of such LIBOR Borrowing or Loan 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 in respect of LIBOR Advances or any Term Loan for a which the LIBOR Loan Option has been selected 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 LIBOR Advances or any Borrowing shall be Multicurrency Loan or any Term Loan for which the LIBOR Option has been selected which extends 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 (d) below, expire on the last Business Day of such calendar month;
(d) No Interest Period shall extend beyond any date upon which any principal payment is due with respect to 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 or, 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 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: Revolving Credit and Term Loan Agreement (Planet Hollywood International 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 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 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 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 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 immediately 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 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 immediately preceding Business Day;
(v) no Interest Period may be selected with respect to the Loans that would end after a scheduled date for a 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;
(vi) the Borrower may not select any Interest Period that expires after the Commitment Termination Date, with respect to 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 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
Sources: Credit Agreement (Unum Group)
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 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 (in the case of any subsequent Interest Period), such Borrower the Borrowers 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 Loan, which Interest Period shall, at the option of the Borrower, shall be a one, two, three or six one month period, provided that; provided, that, (in each case): (av) all LIBOR Loans comprising a Borrowing shall at all times have the same Interest Period; (bw) the initial Interest Period for any LIBOR 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; (cx) 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; (dy) 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 (fz) 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 If, upon the expiration of any Interest Period applicable to a Borrowing of LIBOR 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 Loans as provided abovein this Section 1.09, 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. (a) 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 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. 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 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) the Interest Period”) Period applicable to such LIBOR Loaninitial or preceding Borrowing, which Interest Period shall, at shall be for the option time period set forth in the definition 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; " in subsection 1.1. Notwithstanding anything to the contrary contained above or elsewhere in this Agreement:
(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 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; ;
(cii) if any Interest Period for (other than any Interest Period of less than three months) relating to a Borrowing of LIBOR Loan Loans begins on a day for which there is no numerically corresponding day in the calendar month at the end of such Interest Period, such Interest Period shall end on the last Business Day of such calendar month; ;
(diii) if any Interest Period for relating to a Borrowing of LIBOR Loan Loans would otherwise expire on a day which is not a Business Day, such Interest Period of three months or six months shall expire on the next succeeding Business Day; provided, howeverprovided that, that if any Interest Period for a LIBOR Loan would otherwise expire on a day which 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; ;
(eiv) unless no LIBOR Loan may be continued as such (X) when any Event of Default has occurred and is continuing and the Required Lenders otherwise agreehave determined that such a continuation is not appropriate, no or (Y) after the date that is three months prior to the Term Loan Maturity Date (in the case of continuations of Term Loans) or the Revolving Credit Loan Maturity Date (in the case of continuations of Revolving Credit Loans);
(v) any Interest Period may be selected at any time when an Event relating to a Borrowing of Default is then in existence; and (f) no Interest Period in respect of any Borrowing shall be selected which extends LIBOR Loans that would otherwise extend beyond the Tender Offer Maturity Date (in the case of a Borrowing of Tender Offer Loans) or the Term Loan Maturity Date (in the case of a Borrowing of Term Loans) or the Revolving Commitment Termination Date. If by 1:00 P.M. Credit Loan Maturity Date (New York City timein the case of a Borrowing of Revolving Credit Loans) or beyond the date that final payment is due, thereon, shall end on the third Business Day prior such dates; and
(vi) with respect to the expiration of any Interest Period applicable to or a Borrowing expiring on or prior to the Tender Offer Maturity Date, the Borrower may elect the Interest Period to apply at the expiration of LIBOR Loansthe then current Interest Period for such Borrowing by giving the Administrative Agent written notice (or telephonic notice promptly confirmed in writing) not less than twenty-four (24) hours prior to the expiration of the then current Interest Period for such Borrowing.
(b) If upon the expiration of any Interest Period, 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 above, such Borrower Borrowing shall be deemed to have elected to convert such LIBOR Loans converted into Base Rate a Borrowing of ABR Loans effective as of the expiration date of such current Interest Period.
Appears in 1 contract
Sources: Credit Agreement (Tefron LTD)
Interest Periods. At Concurrently with the time any Borrower gives any giving of a Notice of Borrowing or Notice of Conversion/Conversion/ Continuation in respect of the making ofany Base Rate Loans to be converted into, or conversion intoLIBOR Loans to be continued as, any LIBOR Loan (in Loans within a single Tranche, 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 each such LIBOR Loan, which Interest Period shall, at the option of the Borrower, be a one, two, three or six month period; provided, however, that, :
(in each case): (ai) all LIBOR Loans comprising within a Borrowing single Tranche 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 the continuation of, or conversion into, such LIBOR Loan (including the date of any conversion thereto from a Base Rate 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 third (3rd) Business Day after 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; ;
(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 any Tranche 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 of the then current Interest Period applicable thereto; and
(ix) LIBOR Loans of six-month Interest Periods shall be available to the Borrower only if corresponding Dollar deposits in the London interbank Eurodollar market are available to each Lender as of the date of such current Interest Periodthe proposed conversion or continuation.
Appears in 1 contract
Sources: Credit Agreement (Front Royal Inc)
Interest Periods. At In connection with each LIBOR Rate Loan, the time any Borrower gives any Notice of Borrowing Borrower, by giving notice at the times described in SECTION 2.3 or Notice of Conversion/Continuation in respect of the making of5.2, or conversion intoas applicable, 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 shall elect 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”"INTEREST PERIOD") to be applicable to such LIBOR Loan, which Interest Period shall, at the option of the Borrower, shall be a oneperiod of one (1), twotwo (2), three (3), or six month period(6) months; 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 immediately 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 with respect to a LIBOR 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 immediately preceding Business Day; ;
(eiii) unless the Required Lenders otherwise agree, no any Interest Period may be selected with respect to a LIBOR Rate Loan 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 relevant calendar month at the end of such Interest Period;
(fiv) no Interest Period in respect of any Borrowing shall extend beyond the Revolving Credit Maturity Date or the Term Loan Maturity Date, as applicable, and Interest Periods shall be selected which extends beyond by the Revolving Commitment Termination Date. If by 1:00 P.M. (New York City time) on Borrower so as to permit the third Business Day prior Borrower to make the expiration quarterly principal installment payments pursuant to Section 4.3 without payment of any Interest Period applicable amounts 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 5.9; and
(v) there shall be deemed to have elected to convert such LIBOR Loans into Base Rate Loans effective as of the expiration date of such current no more than ten (10) Interest PeriodPeriods in effect at any time.
Appears in 1 contract
Sources: Credit Agreement (Restaurant Co)
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 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. 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
Sources: Term Loan Credit Agreement
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 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 a repayment of principal of such 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 (x) after the Tranche A Maturity Date, with respect to Tranche A Term Loans that are to be maintained as LIBOR Loan 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;
(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 1 contract
Interest Periods. At (i) In connection with each LIBOR Rate Loan, the time any Borrower gives any Notice of Borrowing or Notice of Conversion/Continuation Borrower, 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 3.1(a), such Borrower shall have the right to elect the an interest period (each, an a “LIBOR Interest Period”) to be applicable to such LIBOR Loan, which LIBOR Interest Period shallshall be a period of one (1), at the option two (2), three (3), six (6) or, subject to approval of all of the BorrowerLenders, be a one, two, three nine (9) or six month periodtwelve (12) months with respect to each LIBOR Rate Loan; provided, provided that, :
(in A) 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 LIBOR Interest Periods, each successive LIBOR Interest Period occurring thereafter in respect of such LIBOR Loan shall commence on the day date on which the next immediately preceding LIBOR Interest Period applicable thereto expires; ;
(cB) 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 that is not a Business Day, such LIBOR Interest Period shall expire on the next succeeding Business Day; provided, however, that if any LIBOR 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 LIBOR Interest Period shall expire on the next immediately preceding Business Day; ;
(eC) unless the Required Lenders otherwise agree, no any LIBOR 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 LIBOR Interest Period) shall end on the last Business Day of the relevant calendar month at the end of such LIBOR Interest Period; and
(D) no LIBOR Interest Period shall extend beyond the Maturity Date.
(ii) There shall be selected no more than six (6) LIBOR Interest Periods in effect 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
Sources: Credit Agreement (Grainger W W Inc)
Interest Periods. At In connection with each LIBOR Rate Loan and BA 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 Loan, which Interest Period shallshall be, at the option Borrower’s option, (a) in respect of the BorrowerLIBOR Rate Loans, be either a one, two, three or six month period; providedperiod (or a nine or twelve month period if, thatat the time of the relevant LIBOR Rate Loan, all Lenders participating therein agree to make an interest period of such duration available) and (b) in respect of BA Loans, either a one, two, three or six month period (in each case): case subject to availability); provided that:
(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 or BA 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 BA Loan, as applicable, or on the date specified in the applicable Notice of Conversion/Continuation, in the case of a Loan converted to a LIBOR Rate Loan or BA Loan, as applicable;
(ii) in the case of immediately successive Interest Periods applicable to a LIBOR Rate Loan or BA 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 Rate 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 BA Loan shall mature on a day which is not a Business Day and if any Interest Period may for a BA Loan would otherwise expire on a day that is not a Business Day, such Interest Period shall expire on the next succeeding Business Day;
(v) if Borrower fails to provide a Notice of Conversion/Continuation in respect of BA Loans within the time period required in subsection 2.2D, such BA Loans shall automatically be selected converted into Canadian Prime Rate Loans on the last day of the Interest Period applicable thereto;
(vi) any Interest Period for a LIBOR Rate Loan 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;
(vii) no Interest Period in with respect to any portion of the Term Loans shall extend beyond the Term Loan Maturity Date 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 timeviii) on the third Business Day prior to the expiration of any no Interest Period applicable with respect to any type of Term Loans shall extend beyond a Borrowing date on which Borrower is required to make a scheduled payment of LIBOR principal of such type of Term Loans, any Borrower has failed unless the sum of (a) the aggregate principal amount of such type of Term Loans that are Base Rate Loans plus (b) the aggregate principal amount of such type of Term Loans that are LIBOR Rate Loans with Interest Periods expiring on or before such date equals or exceeds the principal amount required to elect, or is not permitted to elect, a new be paid on such type of Term Loans on such date;
(ix) 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 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;
(x) there shall be no more than 12 Interest Periods outstanding at any time; and
(xi) in the event Borrower fails to specify an Interest Period for any LIBOR Rate Loan or BA 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 selected an Interest Period of one month or 30 days, as of the expiration date of such current Interest Periodapplicable.
Appears in 1 contract
Sources: Amendment Agreement (Brand Energy & Infrastructure Services, Inc)
Interest Periods. At the time any Borrower gives any Notice of Borrowing In connection with each LIBOR Loan, Company may, pursuant to its notice pursuant to SECTION 2.1B or pursuant to a Notice of Conversion/Continuation in respect of the making ofContinuation, 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 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”"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 onethirty, twoforty-five, three sixty or six month ninety day 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 specified in the applicable Notice of Borrowing Conversion/Continuation;
(ii) in the case of such immediately successive Interest Periods applicable to a LIBOR Loan (including the date continued as such pursuant to a Notice of any conversion thereto from a Base Rate Loan) and 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 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 subsection 2.2B, end on the last Business Day of a calendar month;
(v) no Interest Period in respect of any Borrowing shall be selected which extends extend beyond the Revolving LAI Maturity Date of the applicable Loan;
(vi) no Interest Period with respect to any portion of the Loans Against Imports shall extend beyond the Commitment Termination Date. If by 1:00 P.M. ; and
(New York City timevii) on in the third Business Day prior event Company fails to the expiration of any specify an Interest Period applicable to a Borrowing for any LIBOR Loan in the 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 convert such LIBOR Loans into Base Rate Loans effective as selected an Interest Period of the expiration date of such current Interest Periodthirty days.
Appears in 1 contract
Sources: Credit Agreement (Cyrk 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 Eurodollar 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 Eurodollar 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 Eurodollar Loan, which Interest Period shall, at the option of the Borrower, be a oneone week, twotwo week, three one month or six two month (to the extent available) 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 the Loans shall commence on the date of Borrowing of such LIBOR Loan (including the date of any conversion thereto from a Base Rate Loan) Date and each Interest Period occurring thereafter in respect of such LIBOR Loan any Borrowing shall commence on the day on which the next preceding Interest Period applicable thereto expires; ;
(cb) if any Interest Period for of one month or two month duration begins on the last Business Day of a LIBOR Loan 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 a LIBOR Loan of one month or two month duration 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 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 last 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 the Loans as provided above, such Borrower shall be deemed to have elected to convert such LIBOR Loans into Base Rate Loans effective as of end on the expiration date of such current Interest PeriodMaturity Date.
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 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 (or such shorter period as the Administrative Agent shall agree in its sole and absolute discretion) 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 period, or, if agreed to by all applicable Lenders, a twelve month period, or, if agreed to by the applicable Lenders, any period less 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) with respect to Term Loans, unless the Required Term Lenders otherwise agree, no Interest Period for a Term Loan that is a LIBO Rate Loan may be selected at any time when an Event of Default pursuant to Section 11.01(a) or 11.01(e) 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 may be selected at any time when an Event of Default pursuant to Section 11.01(a) or 11.01(e) 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 Maturity Date therefor.; and
(viii) all Term B-1 Loans made pursuant to Section 2.01(a)(ii) and those converted from Converted Initial Term Loans shall have the same initial Interest Period as in effect for the Converted Initial Term Loans on the Amendment No. 2 Effective Date. 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 the 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 (or such shorter period as the Administrative Agent shall agree in its sole and absolute discretion) 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 to convert such LIBOR Loans into Base in the case of LIBO Rate Loans, LIBO Rate Loans with a one month Interest Period with such conversion or continuation to be effective as of the expiration date of such current Interest Period.
Appears in 1 contract
Interest Periods. At the time any that the Borrower gives any Notice of Borrowing or Notice of Conversion/Continuation in respect of the making of, or conversion into, initial incurrence of any LIBOR 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 (in the case use of any subsequent Interest Period), such the Borrower shall have the right to elect elect, by giving the Administrative Agent written notice thereof, 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 six-month period; , 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; and
(ev) unless the Required Lenders otherwise agree, no Interest Period other than a one month 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 shall be selected which extends beyond the Revolving Commitment Termination 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, 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 Borrower LIBOR Loans shall be deemed to have elected to convert such continued as LIBOR Loans into Base Rate Loans with an Interest Period of equal length as the then current Interest Period and effective as of the expiration date of such current Interest Period.
Appears in 1 contract
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 Advances, the respective Borrower shall select an interest period (each an "INTEREST PERIOD") to be applicable to such Advances, which Interest Period shall 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, Advances be either a one, two, three or six month period, except for UK Multicurrency Swing Line Advances, as to which the Interest Period shall be 1 day; provided, PROVIDED that, :
(in each case): (ai) 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; ;
(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 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; ;
(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 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;
(iv) No Interest Period shall extend beyond any date upon which any prepayment is required to be made in the expiration Domestic Revolving Loans or UK Multicurrency Syndicated Loans, unless the aggregate principal amount of UK Multicurrency Syndicated Loans or 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;
(v) 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; and
(vi) No Interest Period with respect to the Loans shall extend beyond the Maturity Date.
Appears in 1 contract
Sources: Credit Agreement (Interface Inc)
Interest Periods. At In connection with each LIBOR Rate Loan, Company 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 Loan, which Interest Period shallshall be, at the option of the BorrowerCompany’s option, be a one, two, three or six month period (or nine or twelve month period, so long as such period is available to all applicable Lenders); 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 with respect to any portion of the Initial Term Loans shall extend beyond the Term Loan Maturity Date and no Interest Period with respect to any portion of the Revolving Loans subject to Revolving Loan Commitments in respect of any Borrowing existence on the Closing Date shall be selected which extends extend beyond the 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 type of Term Loans shall extend beyond a Borrowing date on which Company is required to make a scheduled payment of LIBOR principal of such type of Term Loans, unless the sum of (a) the aggregate principal amount of such type of Term Loans that are Base Rate Loans plus (b) the aggregate principal amount of such type of 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 type of Term Loans on such date;
(vii) there shall be no more than twelve Interest Periods outstanding at any Borrower has failed time; and
(viii) in the event Company 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 Company 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
Sources: Credit Agreement (United Online 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 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 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 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 (or such shorter period as the Administrative Agent shall agree in its sole and absolute discretion) 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 period, or, if agreed to by all applicable Lenders, a twelve month period, or, if agreed to by the applicable Lenders, any period less 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) with respect to Term Loans, unless the Required Term Lenders otherwise agree, no Interest Period for a Term Loan that is a LIBO Rate Loan may be selected at any time when an Event of Default pursuant to Section 11.01(a) or 11.01(e) is then in existence; and ;
(fvi) 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 may be selected at any time when an Event of Default pursuant to Section 11.01(a) or 11.01(e) is then in existence;
(vii) 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 therefor; and
(New York City timeviii) all Term B-1 Loans made pursuant to Section 2.01(a)(ii) and those converted from Converted Initial Term Loans shall have the same initial Interest Period as in effect for the Converted Initial Term B-1 Loans on the third Business Day prior Amendment No. 2 Effective Date.; and
(ix) all Term B-2 Loans made pursuant to Section 2.01(a)(iii) and those converted from Term B-1 Loans shall have the expiration of any same initial 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 as in effect for the Converted Term B-2 Loans as provided above, such Borrower shall be deemed to have elected to convert such LIBOR Loans into Base Rate Loans effective as of on the expiration date of such current Interest Period.Amendment No. 3
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 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, Borrower be a oneone-, two, three three- or six 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 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 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; providedprovided that, however, that if any Interest Period for in respect of a LIBOR SOFR 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; ;
(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 SOFR Loan if such Interest Period would extend beyond the Revolving Commitment Termination Maturity Date. If by 1:00 P.M. ; and
(New York City timee) if any Available Tenor has been made unavailable pursuant to Section 2.18(d), then such tenor may not be elected on the third Business Day prior to the expiration such 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 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 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 eight 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 Borrowers 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 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 Concurrently with the time any Borrower gives any giving of a Notice of Borrowing of a Money Market Loan or a LIBOR Loan or of a Notice of Conversion/Continuation in respect of the making of, or conversion 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 elect, pursuant to such notice, the interest period (each, an “"Interest Period”") to be applicable to such Money Market Loan or LIBOR Loan, which Interest Period shall, at the option of the Borrower, be be, in the case of a Money Market Loan overnight to a ninety (90) day period and in the case of a LIBOR Loan, a one, two, three or six six-month period; provided, however, 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 Money Market Loan or LIBOR Loan shall commence on the date of Borrowing the borrowing of such Money Market Loan or 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; ;
(cii) LIBOR Loans and Money Market 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);
(iii) 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;
(iv) the Borrower may not select any Interest Period that begins prior to the Closing Date or that expires after the Maturity Date;
(v) 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 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 (fvi) 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 if, upon the expiration of any Interest Period applicable to a Borrowing of LIBOR LoansLoan, 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 aboveLoan, such then the Borrower shall be deemed to have elected to convert such LIBOR Loans Loan into a Base Rate Loans effective Loan as of the expiration date of such the then current Interest PeriodPeriod applicable thereto.
Appears in 1 contract
Sources: Credit Agreement (Everest Reinsurance Holdings Inc)
Interest Periods. At (i) In connection with each LIBOR Rate Loan, the time any Borrower gives any Notice of Borrowing or Notice of Conversion/Continuation Borrower, 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 3.1(a), such Borrower shall have the right to elect the an interest period (each, an a “LIBOR Interest Period”) to be applicable to such LIBOR Loan, which LIBOR Interest Period shallshall be a period of one (1), at the option two (2), three (3), six (6) or, subject to approval of all of the BorrowerLenders, be nine (9) or twelve (12) months with respect to each LIBOR Rate Loan; provided that the Borrower may choose a one, two, three or six month period; provided, that, (in each case): (a) all non-standard LIBOR Loans comprising a Borrowing shall at all times have the same Interest Period; (b) the initial Interest Period reasonably acceptable to Administrative Agent (x) prior to the first amortization date for purposes of aligning LIBOR contract maturity dates with scheduled amortization dates, or (y) for purposes of aligning LIBOR contract maturity dates with the Maturity Date; and provided further that:
(A) each LIBOR Interest Period shall commence on the Closing Date or date of conversion to any LIBOR Rate Loan and, in the case of immediately successive LIBOR Interest Periods, each successive LIBOR Interest Period 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 LIBOR Interest Period applicable thereto expires; ;
(cB) 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 that is not a Business Day, such LIBOR Interest Period shall expire on the next succeeding Business Day; provided, however, that if any LIBOR 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 LIBOR Interest Period shall expire on the next immediately preceding Business Day; ;
(eC) unless the Required Lenders otherwise agree, no any LIBOR 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 LIBOR Interest Period) shall end on the last Business Day of the relevant calendar month at the end of such LIBOR Interest Period; and
(D) no LIBOR Interest Period shall extend beyond the Maturity Date.
(ii) There shall be selected no more than six (6) LIBOR Interest Periods in effect 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
Sources: Credit Agreement (Grainger W W Inc)
Interest Periods. At In connection with each LIBOR Loan, Company 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 Loan, which Interest Period shallshall be, at the option of the BorrowerCompany’s option, be either a one, two, two or 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 Section 2.2(b), 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 the Term Loan Maturity Date, 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 timevi) no Interest Period with respect to any Term Loans shall extend beyond a date on which Company is required to make a scheduled payment of principal of the Term Loans, unless the sum of (a) the aggregate principal amount of the Term Loans that are Base Rate Loans plus (b) the aggregate principal amount of the Term Loans that are LIBOR Loans with Interest Periods expiring on or before such date equals or exceeds the principal amount required to be paid on the third Business Day prior Term Loans on such date;
(vii) there shall be no more than four Interest Periods outstanding at any time; and
(viii) in the event Company fails to the expiration of any specify an Interest Period for any LIBOR 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 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
Sources: Credit Agreement (Grande Communications Holdings, Inc.)
Interest Periods. At the time any Borrower Parent 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 Parent 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, Parent 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, Parent 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 Parent 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 Borrower Parent 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 Parent 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 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 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 Borrower shall have the right to elect the select an interest period (each, each an “"Interest Period”") to be applicable to such LIBOR Loan, which Interest Period shallinterest period shall commence on the date such LIBOR Loan is made and shall end on a numerically corresponding day in the first, at the option of the Borrower, be a one, two, three second or six third month periodthereafter; provided, however, 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 a LIBOR Loan shall commence on the date of such Borrowing of such LIBOR Loan (including the date of any conversion thereto from a Base Rate LoanRevolver Loan of another Type) and each Interest Period occurring thereafter in respect of such LIBOR Revolver 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, provided that if any Interest Period for a in respect of LIBOR Loan Loans would otherwise expire on a day which is not a Business Day but is a day of the month after which no further Business Day occurs in such month, such Interest Period shall expire on the next preceding Business Day; ;
(eiii) unless the Required Lenders otherwise agree, no any Interest Period may be selected that 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 shall expire on the last Business Day of such calendar month;
(fiv) no Interest Period in with respect to any portion of any Borrowing principal of a Revolver Loan shall extend beyond a date on which Borrower is required to make a scheduled payment of such portion of principal;
(v) no Interest Period shall extend beyond the last day of the DIP Term ; and
(vi) there shall be selected which extends beyond the Revolving Commitment Termination Date. If by 1:00 P.M. (New York City no more than 5 Interest Periods in effect at any one 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: Loan and Security Agreement (Gulf States Steel Inc /Al/)
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 Borrower the Borrowers shall have the right to elect elect, by giving the Operations Agent notice thereof, the interest period (each, each an “"Interest Period”") applicable to such LIBOR Fixed Rate Loan, which Interest Period shallshall be (i) in the case of a LIBOR Loan, a one month period, and (ii) 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): (av) all LIBOR Fixed Rate Loans comprising a Borrowing shall at all times have the same Interest Period; (bw) 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; (cx) 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; (dy) 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 (fz) 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 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 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 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 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 Borrowers 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;
(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 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 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)
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. (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 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): (ai) all LIBOR Eurodollar Loans comprising a Borrowing shall at all times have the same Interest Period; ;
(bii) 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; ;
(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 no Interest Period for a Borrowing under a Facility may be elected if it would extend beyond the Required Lenders otherwise agree, respective Maturity Date for such Facility;
(vi) no Interest Period may be selected elected at any time when a Default or an Event of Default is then in existenceexistence unless the Required Banks otherwise agree; and and
(fvii) no Interest Period in with respect of to any Borrowing of Term Loans shall extend beyond any date upon which a mandatory prepayment of such Term Loans is required to be selected which extends beyond made under Section 4.02(A)(b) if, after giving effect to the Revolving Commitment Termination Dateselection of such Interest Period, the aggregate principal amount of such Term Loans maintained as Eurodollar Loans with Interest Periods ending after such date of mandatory repayment would exceed the aggregate principal amount of such Term Loans permitted to be outstanding after such mandatory prepayment. 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 electelect by virtue of the application of clause (vi) above, 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 (Labtec Inc /Ma)
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, three or six (or if agreed by all Lenders, twelve) 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 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 In connection with each LIBOR Rate Loan, the time any Borrower gives any Notice of Borrowing Borrower, by giving notice at the times described in Section 2.3 or Notice of Conversion/Continuation in respect of the making of4.2, or conversion intoas applicable, 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 shall elect 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”) to be applicable to such LIBOR Loan, which Interest Period shall, at the option of the Borrower, shall be a oneperiod of one (1), twotwo (2), three (3), six (6) or six month periodtwelve (12) months commencing on a New York Business Day; 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 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; ;
(cii) if any Interest Period for would otherwise expire so that the day after the end of such Interest Period is not a New York Business Day (so that a new Interest Period could not be selected by Borrower to start on such day), such Interest Period shall continue up to, but shall not include, the next New York Business Day after the end of such Interest Period, unless the result of such extension would be to cause any immediately following Interest Period to begin in the next calendar month in which event the Interest Period shall continue up to, but shall not include, the New York Business Day immediately preceding the last day of such Interest Period;
(iii) any Interest Period with respect to a LIBOR Rate Loan 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, such Interest Period ) shall end on the second to last Business Day of such the relevant calendar month; (d) if any Interest Period for a LIBOR Loan would otherwise expire on a day which is not a Business Day, month at the end of 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; Period;
(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 (fiv) no Interest Period in respect of any Borrowing shall extend beyond the Revolving Credit Maturity Date and Interest Periods shall be selected which extends beyond by the Revolving Commitment Termination Date. If by 1:00 P.M. (New York City time) on Borrower so as to permit the third Business Day prior Borrower to make the expiration quarterly principal installment payments pursuant to Section 3.3 without payment of any Interest Period applicable amounts 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 4.9; and
(v) there shall be deemed to have elected to convert such LIBOR Loans into Base Rate Loans effective as of the expiration date of such current no more than six (6) Interest PeriodPeriods in effect at any time.
Appears in 1 contract
Sources: Credit Agreement (Fastenal Co)
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.
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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.
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Sources: Credit Agreement (Maxim Group Inc /)