Interest Periods. In connection with each Eurodollar Rate Loan, the Borrower, by giving notice at the times described in Section 3.1(a), shall elect an interest period (each, an "Interest Period") to be applicable to such Term Loan, which Interest Period shall be a period of one (1), two (2), three (3), or six (6) months with respect to each Eurodollar Rate Loan; provided that: (i) the Interest Period shall commence on the date of advance of or conversion to any Eurodollar Rate Loan and, in the case of immediately successive Interest Periods, each successive Interest Period shall commence on the date on which the next preceding Interest Period expires; (ii) if any Interest Period would otherwise expire on a day that is not a Business Day, such Interest Period shall expire on the next succeeding Business Day; provided, that if any Interest Period with respect to a Eurodollar Rate Loan would otherwise expire on a day 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; (iii) any Interest Period with respect to a Eurodollar 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) shall end on the last Business Day of the relevant calendar month at the end of such Interest Period; (iv) no Interest Period shall extend beyond the Maturity Date, and Interest Periods shall be selected by the Borrower so as to permit the Borrower to make the monthly principal installment payments pursuant to Section 2.3 without payment of any amounts pursuant to Section 3.9; and (v) there shall be no more than two (2) Interest Periods in effect at any time.
Appears in 3 contracts
Samples: Loan Agreement (Medcath Corp), Loan Agreement (Medcath Corp), Loan Agreement (Medcath Corp)
Interest Periods. In connection with each Eurodollar Rate Loan, Company may, pursuant to the Borrowerapplicable Notice of Borrowing or Notice of Conversion/Continuation, by giving notice at as the times described in Section 3.1(a)case may be, shall elect select an interest period (each, each an "“Interest Period"”) to be applicable to such Term Loan, which Interest Period shall be be, at Company’s option, either a period of one (1)one, two (2)two, three (3), or six (6) months with respect to each Eurodollar Rate Loanmonth period; provided that:
(i) the initial Interest Period for any Eurodollar Rate Loan shall commence on the date Funding Date in respect of advance such Loan, in the case of or conversion to any a Loan initially made as a Eurodollar Rate Loan, or on the date specified in the applicable Notice of Conversion/Continuation, in the case of a Loan and, converted to a Eurodollar Rate Loan;
(ii) in the case of immediately successive Interest PeriodsPeriods applicable to a Eurodollar Rate Loan continued as such pursuant to a Notice of Conversion/Continuation, each successive Interest Period shall commence on the date day on which the next preceding Interest Period expires;
(iiiii) if any an Interest Period would otherwise expire on a day that is not a Business Day, such Interest Period shall expire on the next succeeding Business Day; providedprovided that, that if any Interest Period with respect to a Eurodollar Rate Loan would otherwise expire on a day 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;
(iiiiv) any Interest Period with respect to a Eurodollar 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) shall shall, subject to clause (v) of this subsection 2.2B, end on the last Business Day of the relevant a calendar month at the end of such Interest Periodmonth;
(ivv) no Interest Period with respect to any portion of the Revolving Loans shall extend beyond the Maturity Revolving Loan Commitment Termination Date, and Interest Periods shall be selected by the Borrower so as to permit the Borrower to make the monthly principal installment payments pursuant to Section 2.3 without payment of any amounts pursuant to Section 3.9; and;
(vvi) there shall be no more than two (2) eight Interest Periods in effect outstanding at any time; and
(vii) in the event Company fails to specify an Interest Period for any Eurodollar Rate Loan in the applicable Notice of Borrowing or Notice of Conversion/Continuation, Company shall be deemed to have selected an Interest Period of one month.
Appears in 3 contracts
Samples: Credit Agreement (Ruths Hospitality Group, Inc.), Credit Agreement (Ruths Chris Steak House, Inc.), Credit Agreement (Ruths Chris Steak House, Inc.)
Interest Periods. In connection with each Eurodollar Rate LoanAt the time any Borrower gives any Notice of Borrowing or Notice of Conversion in respect of the making of, or conversion into, any Eurocurrency Loan (in the case of the initial Interest Period applicable thereto) or on the (i) fourth Business Day, in the case of Eurocurrency Loans denominated in a currency other than Dollars and (ii) third Business Day, in the case of Eurocurrency Loans denominated in Dollars, prior to the expiration of an Interest Period applicable to such Eurocurrency Loan (in the case of subsequent Interest Periods), the Borrowerrespective Borrower shall have the right to elect, by giving the Administrative Agent written notice at (or telephonic notice promptly confirmed in writing) thereof, the times described in Section 3.1(a), shall elect an interest period (each, each an "Interest Period") to be applicable to such Term LoanBorrowing, which Interest Period shall shall, at the option of such Borrower, be a period of one (1)one, two (2)two, three (3)or six-month period, or six (6) months with respect to each Eurodollar Rate Loan; provided that:
(i) all Eurocurrency Loans comprising a Borrowing shall at all times have the same Interest Period;
(ii) the initial Interest Period for any Borrowing of Eurocurrency Loans shall commence on the date of advance such Borrowing (including the date of or any conversion to any Eurodollar from a Borrowing of Base Rate Loan and, in the case of immediately successive Interest Periods, Loans) and each successive Interest Period occurring thereafter in respect of such Borrowing shall commence on the date day on which the next preceding Interest Period expires;
(iiiii) if any Interest Period begins on a day for which there is no numerically corresponding day in the calendar month at the end of such Interest Period, such Interest Period shall end on the last Business Day of such calendar month;
(iv) if any Interest Period would otherwise expire on a day that which is not a Business Day, such Interest Period shall expire on the next succeeding Business Day; provided, however, that if any Interest Period with respect to a Eurodollar Rate Loan would otherwise expire on a day that 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;
(iiiv) any no Interest Period with respect to a Eurodollar Rate Loan that begins on the last Business Day may be selected at any time when an Event of a calendar month (or on a day for which there Default is no numerically corresponding day then in the calendar month at the end of such Interest Period) shall end on the last Business Day of the relevant calendar month at the end of such Interest Period;existence; and
(ivvi) no Interest Period shall extend be selected which extends beyond the Final Maturity Date. If upon the expiration of any Interest Period for Loans denominated in Dollars, and the respective Borrower has failed to elect (or is not permitted to elect) a new Interest Periods Period to be applicable to such Borrowing as provided above, such Borrower shall be selected by deemed to have elected to convert such Borrowing into a Borrowing of Base Rate Loans effective as of the Borrower so as to permit the Borrower to make the monthly principal installment payments pursuant to Section 2.3 without payment expiration date of any amounts pursuant to Section 3.9; and
(v) there shall be no more than two (2) current Interest Periods in effect at any timePeriod.
Appears in 2 contracts
Samples: Global Revolving Credit Agreement (Sealed Air Corp/De), Global Revolving Credit Agreement (Sealed Air Corp/De)
Interest Periods. In connection with each Eurodollar Rate LIBOR Loan, Company may, pursuant to the Borrowerapplicable Notice of Borrowing or Notice of Conversion/Continuation, by giving notice at as the times described in Section 3.1(a)case may be, shall elect select an interest period (each, each an "Interest PeriodINTEREST PERIOD") to be applicable to such Term Loan, which Interest Period shall be be, at Company's option, either a period of one (1)one, two (2)two, three (3), or six (6) months month period or, with respect to each the Tranche A Term Loans and the Revolving Loans only, if deposits in the interbank Eurodollar Rate Loanmarket are generally available for such period to all Lenders making the applicable Loans (as determined by such Lenders in good faith based on prevailing market conditions), a nine or twelve month period; provided PROVIDED that:
(i) the initial Interest Period for any LIBOR Loan shall commence on the 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 advance Conversion/Continuation, in the case of or conversion a Loan converted to any Eurodollar Rate Loan and, a LIBOR Loan;
(ii) in the case of immediately successive Interest PeriodsPeriods applicable to a LIBOR Loan continued as such pursuant to a Notice of Conversion/Continuation, each successive Interest Period shall commence on the date day on which the next preceding Interest Period expires;
(iiiii) if any an Interest Period would otherwise expire on a day that is not a Business Day, such Interest Period shall expire on the next succeeding Business Day; providedPROVIDED that, that if any Interest Period with respect to a Eurodollar Rate Loan would otherwise expire on a day 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;
(iiiiv) any Interest Period with respect to a Eurodollar 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) shall shall, subject to clauses (v) and (vi) of this subsection 2.2B, end on the last Business Day of the relevant a calendar month at the end of such Interest Periodmonth;
(ivv) no Interest Period with respect to any portion of the Tranche A Term Loans shall extend beyond the Maturity seventh anniversary of the Closing Date, no Interest Period with respect to any portion of the Tranche B Term Loans shall extend beyond the eighth anniversary of the Closing Date, no Interest Period with respect to any portion of the Tranche C Term Loans shall extend beyond the ninth anniversary of the Closing Date, and no Interest Period with respect to any portion of the Revolving Loans shall extend beyond the Revolving Loan Commitment Termination Date;
(vi) no Interest Period with respect to any portion of the Tranche A Term Loans, Tranche B Term Loans or Tranche C Term Loans shall extend beyond a date on which Company is required to make a scheduled payment of principal of the Tranche A Term Loans, Tranche B Term Loans or Tranche C Term Loans, as the case may be, unless the sum of (a) the aggregate principal amount of Tranche A Term Loans, Tranche B Term Loans or Tranche C Term Loans, as the case may be, that are Base Rate Loans PLUS (b) the aggregate principal amount of Tranche A Term Loans, Tranche B Term Loans or Tranche C Term Loans, as the case may be, that are LIBOR Loans with Interest Periods shall expiring on or before such date equals or exceeds the principal amount required to be selected by paid on the Borrower so Tranche A Term Loans, Tranche B Term Loans or Tranche C Term Loans, as to permit the Borrower to make the monthly principal installment payments pursuant to Section 2.3 without payment of any amounts pursuant to Section 3.9; andcase may be, on such date;
(vvii) there shall be no more than two (2) 20 Interest Periods in effect outstanding at any time; and
(viii) in the event Company fails to specify an Interest Period for any LIBOR Loan in the applicable Notice of Borrowing or Notice of Conversion/Continuation, Company shall be deemed to have selected an Interest Period of one month.
Appears in 2 contracts
Samples: Credit Agreement (Alliance Imaging Inc /De/), Credit Agreement (Alliance Imaging Inc /De/)
Interest Periods. In connection with each Eurodollar Rate Loan, Company may, pursuant to the Borrowerapplicable Notice of Borrowing or Notice of Conversion/Continuation, by giving notice at as the times described in Section 3.1(a)case may be, shall elect select an interest period (each, each an "“Interest Period"”) to be applicable to such Term Loan, which Interest Period shall be be, at Company’s option, a one, two, three or six month period of one or, if deposits in the interbank Eurodollar market are available to all Lenders for such period (1as determined by each Lender), two (2), three (3), a twelve month period or six (6) months with respect to each Eurodollar Rate Loansuch shorter period as may be requested by Company; provided that:
(i) the initial Interest Period for any Eurodollar Rate Loan shall commence on the date Funding Date in respect of advance such Loan, in the case of or conversion to any a Loan initially made as a Eurodollar Rate Loan, or on the date specified in the applicable Notice of Conversion/Continuation, in the case of a Loan and, converted to a Eurodollar Rate Loan;
(ii) in the case of immediately successive Interest PeriodsPeriods applicable to a Eurodollar Rate Loan continued as such pursuant to a Notice of Conversion/Continuation, each successive Interest Period shall commence on the date day on which the next preceding Interest Period expires;
(iiiii) if any an Interest Period would otherwise expire on a day that is not a Business Day, such Interest Period shall expire on the next succeeding Business Day; providedprovided that, that if any Interest Period with respect to a Eurodollar Rate Loan would otherwise expire on a day 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;
(iiiiv) any Interest Period with respect to a Eurodollar 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) shall shall, subject to clause (v) of this subsection 2.2B, end on the last Business Day of the relevant a calendar month at the end of such Interest Periodmonth;
(ivv) no Interest Period with respect to any portion of the Term Loans shall extend beyond the applicable Term Loan Maturity Date, and no Interest Period with respect to any portion of the Revolving Loans shall extend beyond the Revolving Loan Commitment Termination Date;
(vi) no Interest Period with respect to any portion of the Term Loans shall extend beyond a date on which Company is required to make a scheduled payment of principal of such Term Loans unless the sum of (a) the aggregate principal amount of Term Loans of the Class to be repaid that are Alternate Base Rate Loans plus (b) the aggregate principal amount of Term Loans of the type to be repaid that are Eurodollar Rate Loans with Interest Periods shall expiring on or before such date equals or exceeds the principal amount required to be selected by paid on the Borrower so as to permit the Borrower to make the monthly principal installment payments pursuant to Section 2.3 without payment Term Loans of any amounts pursuant to Section 3.9; andsuch Class on such date;
(vvii) there shall be no more than two (2) ten Interest Periods in effect outstanding at any time; and
(viii) in the event Company fails to specify an Interest Period for any Eurodollar Rate Loan in the applicable Notice of Borrowing or Notice of Conversion/Continuation, Company shall be deemed to have selected an Interest Period of one month.
Appears in 2 contracts
Samples: Credit Agreement (Express Scripts Holding Co.), Credit Agreement (Express Scripts Holding Co.)
Interest Periods. In connection with each Eurodollar Rate SOFR Loan, Company may, pursuant to the Borrowerapplicable Notice of Borrowing or Notice of Conversion/Continuation, by giving notice at as the times described in Section 3.1(a)case may be, shall elect select an interest period (each, each an "“Interest Period"”) to be applicable to such Term Loan, which Interest Period shall be be, at Company’s option and subject to availability thereof, a period of one (1), two (2)one, three (3), or six (6) months with respect to each Eurodollar Rate Loanperiod; provided that:
(i) the initial Interest Period for any SOFR Loan shall commence on the Funding Date in respect of such Loan, in the case of a Loan initially made as a SOFR Loan, or on the date specified in the applicable Notice of advance Conversion/Continuation, in the case of or conversion a Loan converted to any Eurodollar Rate Loan and, a SOFR Loan;
(ii) in the case of immediately successive Interest PeriodsPeriods applicable to a SOFR Loan continued as such pursuant to a Notice of Conversion/Continuation, each successive Interest Period shall commence on the date day on which the next preceding Interest Period expires;
(iiiii) if any an Interest Period would otherwise expire on a day that is not a Business Day, such Interest Period shall expire on the next succeeding Business Day; providedprovided that, that if any Interest Period with respect to a Eurodollar Rate Loan would otherwise expire on a day 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;
(iiiiv) any Interest Period with respect to a Eurodollar 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) shall shall, subject to clause (v) of this Section 2.2(b), end on the last Business Day of the relevant a calendar month at the end of such Interest Periodmonth;
(ivv) no Interest Period 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 portion of the Revolving Loans shall extend beyond the Revolving Loan Commitment Termination Date;
(vi) 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 SOFR Loans with Interest Periods shall expiring on or before such date equals or exceeds the principal amount required to be selected by paid on the Borrower so as to permit the Borrower to make the monthly principal installment payments Term Loans on such date;
(vii) no tenor that has been removed from an Interest Period pursuant to Section 2.3 without payment 2.15(d) shall be available for specification in any Notice of any amounts pursuant to Section 3.9; andBorrowing or Notice of Conversion/Continuation;
(vviii) there shall be no more than two (2) ten Interest Periods in effect outstanding at any time;
(ix) in the event Company fails to specify an Interest Period for any SOFR Loan in the applicable Notice of Borrowing or Notice of Conversion/Continuation, Company shall be deemed to have selected an Interest Period of one month; and
(x) no new Interest Period in excess of one month may be selected whilst any Event of Default has occurred and is continuing.
Appears in 2 contracts
Samples: Credit Agreement (U.S. Silica Holdings, Inc.), Credit Agreement (U.S. Silica Holdings, Inc.)
Interest Periods. In connection with each Eurodollar Rate Loan, the BorrowerBorrowers may, by giving notice at pursuant to the times described in Section 3.1(a)applicable Borrowing Notice or Conversion/Continuation Notice, shall elect as the case may be, select an interest period (each, each an "“Interest Period"”) to be applicable to such Term Loan, which Interest Period shall be be, at Borrowers’ option, either a period of one (1)one, two (2)two, three (3), or six (6) months with respect to each Eurodollar Rate Loanmonth period; provided that:
(i) the initial Interest Period for any Eurodollar Rate Loan shall commence on the date Funding Date in respect of advance such Loan, in the case of or conversion to any a Loan initially made as a Eurodollar Rate Loan, or on the date specified in the applicable Conversion/Continuation Notice, in the case of a Loan and, converted to a Eurodollar Rate Loan;
(ii) in the case of immediately successive Interest PeriodsPeriods applicable to a Eurodollar Rate Loan continued as such pursuant to a Conversion/Continuation Notice, each successive Interest Period shall commence on the date day on which the next preceding Interest Period expires;
(iiiii) if any an Interest Period would otherwise expire on a day that is not a Business Day, such Interest Period shall expire on the next succeeding Business Day; providedprovided that, that if any Interest Period with respect to a Eurodollar Rate Loan would otherwise expire on a day 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;
(iiiiv) any Interest Period with respect to a Eurodollar 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) shall shall, subject to subsection 2.2B(v), end on the last Business Day of the relevant a calendar month at the end of such Interest Periodmonth;
(ivv) no Interest Period with respect to any portion of the Loans shall extend beyond the Maturity Date for such Loans;
(vi) no Interest Period shall extend beyond a date on which Borrowers are required to make a scheduled payment of principal of the Maturity Date, and Loans unless the sum of (a) the aggregate principal amount of Loans that are Base Rate Loans plus (b) the aggregate principal amount of Loans that are Eurodollar Rate Loans with Interest Periods shall expiring on or before such date plus (c) the excess of the Commitments then in effect over the aggregate principal amount of the Loans then outstanding equals or exceeds the principal amount required to be selected by paid on the Borrower so as Loans or the permanent reduction of the Commitments that is scheduled to permit the Borrower to make the monthly principal installment payments pursuant to Section 2.3 without payment of any amounts pursuant to Section 3.9; andoccur, on such date;
(vvii) there shall be no more than two (2) nine Interest Periods in effect outstanding at any time;
(viii) in the event the Borrowers fail to specify an Interest Period for any Eurodollar Rate Loan in the applicable Borrowing Notice or Conversion/Continuation Notice, the Borrowers shall be deemed to have selected an Interest Period of one month; and
(ix) the Borrowers may not select an Interest Period of greater than one month until sixty days after the Closing Date (unless prior thereto the Administrative Agent provides written notice that the syndication has been completed).
Appears in 2 contracts
Samples: Construction Loan Agreement (Las Vegas Sands Corp), Construction Loan Agreement (Las Vegas Sands Inc)
Interest Periods. In connection with each Eurodollar Rate Loan, Company may, pursuant to the Borrowerapplicable Notice of Borrowing or Notice of Conversion/Continuation, by giving notice at as the times described in Section 3.1(a)case may be, shall elect select an interest period (each, each an "Interest PeriodINTEREST PERIOD") to be applicable to such Term Loan, which Interest Period shall be be, at Company's option, either a period of one (1)one, two (2)two, three (3), or six (6) months with respect to each Eurodollar Rate Loanmonth period; provided that:
(i) the initial Interest Period for any Eurodollar Rate Loan shall commence on the date Funding Date in respect of advance such Loan, in the case of or conversion to any a Loan initially made as a Eurodollar Rate Loan, or on the date specified in the applicable Notice of Conversion/Continuation, in the case of a Loan and, converted to a Eurodollar Rate Loan;
(ii) in the case of immediately successive Interest PeriodsPeriods applicable to a Eurodollar Rate Loan continued as such pursuant to a Notice of Conversion/Continuation, each successive Interest Period shall commence on the date day on which the next preceding Interest Period expires;
(iiiii) if any an Interest Period would otherwise expire on a day that is not a Business Day, such Interest Period shall expire on the next succeeding Business Day; providedprovided that, that if any Interest Period with respect to a Eurodollar Rate Loan would otherwise expire on a day 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;
(iiiiv) any Interest Period with respect to a Eurodollar 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) shall shall, subject to clause (v) of this subsection 2.2B, end on the last Business Day of the relevant a calendar month at the end of such Interest Periodmonth;
(ivv) no Interest Period with respect to any portion of the Loans shall extend beyond the Final Scheduled Maturity Date, and .
(vi) no Interest Period with respect to any portion of the Loans shall extend beyond a date on which Company is required to make a scheduled payment of principal of the Loans unless the sum of (a) the aggregate principal amount of Loans that are Base Rate Loans plus (b) the aggregate principal amount of Loans that are Eurodollar Rate Loans with Interest Periods shall expiring on or before such date equals or exceeds the principal amount required to be selected by paid on the Borrower so as to permit the Borrower to make the monthly principal installment payments pursuant to Section 2.3 without payment of any amounts pursuant to Section 3.9; andLoans on such date;
(vvii) there shall be no more than two (2) twelve Interest Periods in effect outstanding at any time;
(viii) in the event Company fails to specify an Interest Period for any Eurodollar Rate Loan in the applicable Notice of Borrowing or Notice of Conversion/Continuation, Company shall be deemed to have selected an Interest Period of one month; and
(ix) prior to the date that is three months from the Fourth Restatement Date, no Interest Period with respect to any portion of the Loans shall exceed one month.
Appears in 2 contracts
Samples: Credit Agreement (Atlas Air Inc), Credit Agreement (Atlas Air Inc)
Interest Periods. In connection with each Eurodollar Rate Loan, Company may, pursuant to the Borrowerapplicable Notice of Borrowing or Notice of Conversion/Continuation, by giving notice at as the times described in Section 3.1(a)case may be, shall elect select an interest period (each, each an "Interest PeriodINTEREST PERIOD") to be applicable to such Term Loan, which Interest Period shall be be, at Company's option, either a period of one (1)one, two (2)two, three (3), or six (6) months with respect to each Eurodollar Rate Loanmonth period; provided -------- that:
(i) the initial Interest Period for any Eurodollar Rate Loan shall commence on the date Funding Date in respect of advance such Loan, in the case of or conversion to any a Loan initially made as a Eurodollar Rate Loan, or on the date specified in the applicable Notice of Conversion/Continuation, in the case of a Loan and, converted to a Eurodollar Rate Loan;
(ii) in the case of immediately successive Interest PeriodsPeriods applicable to a Eurodollar Rate Loan continued as such pursuant to a Notice of Conversion/Continuation, each successive Interest Period shall commence on the date day on which the next preceding Interest Period expires;
(iiiii) if any an Interest Period would otherwise expire on a day that is not a Business Day, such Interest Period shall expire on the next succeeding Business Day; providedprovided that, that if any Interest Period with respect to a Eurodollar Rate Loan would -------- otherwise expire on a day 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;
(iiiiv) any Interest Period with respect to a Eurodollar 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) shall shall, subject to clause (v) of this subsection 2.2B, end on the last Business Day of the relevant a calendar month at the end of such Interest Periodmonth;
(ivv) no Interest Period with respect to any portion of the Tranche A Term Loans shall extend beyond March 31, 2005, no Interest Period with respect to any portion of the Tranche B Term Loans shall extend beyond March 31, 2006 and no Interest Period with respect to any portion of the Revolving Loans shall extend beyond the Maturity Revolving Loan Commitment Termination Date, and Interest Periods shall be selected by the Borrower so as to permit the Borrower to make the monthly principal installment payments pursuant to Section 2.3 without payment of any amounts pursuant to Section 3.9; and
(v) there shall be no more than two (2) Interest Periods in effect at any time.;
Appears in 2 contracts
Samples: Credit Agreement (Diamond Brands Operating Corp), Credit Agreement (Diamond Brands Operating Corp)
Interest Periods. In connection with each Eurodollar Floating Rate Loan, Company may, pursuant to the BorrowerNotice of Borrowing or the applicable Notice of Continuation, by giving notice at as the times described in Section 3.1(a)case may be, shall elect select an interest period (each, each an "“Interest Period"”) to be applicable to such Term Loan, which Interest Period shall be be, at Company’s option, either a period of one (1)three, two (2)six, three (3)or, or six (6) months with respect if available to each Eurodollar Rate LoanLender, nine or twelve month period; provided that:
(i) the initial Interest Period for each Floating Rate Loan shall commence on the Closing Date and shall end on the date of advance of or conversion to which is 30 days after the Closing Date and each Interest Period shall, in any Eurodollar Rate Loan andevent, end on a Quarterly Date;
(ii) in the case of immediately successive Interest PeriodsPeriods applicable to a Floating Rate Loan, each successive Interest Period shall commence on the date day on which the next preceding Interest Period expires;
(iiiii) if any an Interest Period would otherwise expire on a day that is not a Business Day, such Interest Period shall expire on the next succeeding Business Day; providedprovided that, that if any Interest Period with respect to a Eurodollar Rate Loan would otherwise expire on a day 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;
(iiiiv) any Interest Period with respect to a Eurodollar 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) shall shall, subject to clause (v) of this subsection 2.2B, end on the last Business Day of the relevant a calendar month at the end of such Interest Periodmonth;
(ivv) no Interest Period with respect to any portion of the Floating Rate Loans shall extend beyond the Maturity DateJune 30, and 2008;
(vi) there shall be outstanding at any time no more than four Interest Periods shall be selected by with respect to the Borrower so as to permit the Borrower to make the monthly principal installment payments pursuant to Section 2.3 without payment of any amounts pursuant to Section 3.9Floating Rate Loans; and
(vvii) there in the event Company fails to specify an Interest Period for any Floating Rate Loan in the applicable Notice of Continuation, Company shall be no more than two (2) deemed to have selected an Interest Periods in effect at any timePeriod of three months.
Appears in 2 contracts
Samples: Credit Agreement (Decrane Aircraft Holdings Inc), Credit Agreement (Decrane Holdings Co)
Interest Periods. In connection with each Eurodollar Eurocurrency Rate Loan, a Borrower may, pursuant to the Borrowerapplicable Notice of Borrowing or Notice of Conversion/Continuation, by giving notice at as the times described in Section 3.1(a)case may be, shall elect select an interest period (each, each an "“Interest Period"”) to be applicable to such Term Loan, which Interest Period shall be be, at Company’s option, either a period of one (1)one, two (2)two, three (3), or six (6) months with respect to each Eurodollar Rate Loanmonth period; provided that:
(i) the initial Interest Period for any Eurocurrency Rate Loan shall commence on the Funding Date in respect of such Loan, in the case of a Loan initially made as a Eurocurrency Rate Loan, or on the date specified in the applicable Notice of advance Conversion/Continuation, in the case of or conversion to any Eurodollar a Base Rate Loan and, converted to a Eurocurrency Rate Loan;
(ii) in the case of immediately successive Interest PeriodsPeriods applicable to a Eurocurrency Rate Loan continued as such pursuant to a Notice of Conversion/Continuation, each successive Interest Period shall commence on the date day on which the next preceding Interest Period expires;
(iiiii) if any an Interest Period would otherwise expire on a day that is not a Business Day, such Interest Period shall expire on the next succeeding Business Day; providedprovided that, that if any Interest Period with respect to a Eurodollar Rate Loan would otherwise expire on a day 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;
(iiiiv) any Interest Period with respect to a Eurodollar 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) shall shall, subject to clause (v) of this subsection 2.2B , end on the last Business Day of the relevant calendar month at the end of such Interest Period;
(ivv) no Interest Period with respect to any portion of the Revolving Loans shall extend beyond the Maturity Revolving Loan Commitment Termination Date, and no Interest Periods shall be selected by the Borrower so as Period with respect to permit the Borrower to make the monthly principal installment payments pursuant to Section 2.3 without payment any portion of any amounts pursuant Incremental Term Loans shall extend beyond the applicable Incremental Term Loan Maturity Date and no Interest Period with respect to Section 3.9; andany portion of any Incremental Revolving Loan shall extend beyond the applicable Incremental Revolving Loan Commitment Termination Date;
(vvi) [Intentionally omitted];
(vii) there shall be no more than two ten (210) Interest Periods in effect outstanding at any time; and
(viii) in the event the applicable Borrower fails to specify an Interest Period for any Eurocurrency Rate Loan in the applicable Notice of Borrowing or Notice of Conversion/Continuation, such Borrower shall be deemed to have selected an Interest Period of one month.
Appears in 2 contracts
Samples: Credit Agreement (Ferroglobe PLC), Credit Agreement (Globe Specialty Metals Inc)
Interest Periods. In connection with each Eurodollar Rate Loan, Borrowers may, pursuant to the Borrowerapplicable Notice of Borrowing or Notice of Conversion/Continuation, by giving notice at as the times described in Section 3.1(a)case may be, shall elect select an interest period (each, each an "Interest PeriodINTEREST PERIOD") to be applicable to such Term Loan, which Interest Period shall be a period of one (1)one-, two (2)two-, three (3), three- or six (6) months with respect to each Eurodollar Rate Loansix-month period; provided that:
(i) the initial Interest Period for any Eurodollar Rate Loan shall commence on the date Funding Date in respect of advance such Loan, in the case of or conversion to any a Loan initially made as a Eurodollar Rate Loan, or on the date specified in the applicable Notice of Conversion/Continuation, in the case of a Loan and, converted to a Eurodollar Rate Loan;
(ii) in the case of immediately successive Interest PeriodsPeriods applicable to a Eurodollar Rate Loan continued as such pursuant to a Notice of Conversion/Continuation, each successive Interest Period shall commence on the date day on which the next preceding Interest Period expires;
(iiiii) if any an Interest Period would otherwise expire on a day that is not a Business Day, such Interest Period shall expire on the next succeeding Business Day; providedprovided that, that if any Interest Period with respect to a Eurodollar Rate Loan would otherwise expire on a day 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;
(iiiiv) any Interest Period with respect to a Eurodollar 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) shall shall, subject to clause (v) of this subsection 2.2B, end on the last Business Day of the relevant a calendar month at the end of such Interest Periodmonth;
(ivv) no Interest Period with respect to any portion of the Loans shall extend beyond the Maturity Date, and Date in effect at the commencement of such Interest Periods shall be selected by the Borrower so as to permit the Borrower to make the monthly principal installment payments pursuant to Section 2.3 without payment of any amounts pursuant to Section 3.9Period; and
(vvi) there shall be no more than two (2) four Interest Periods in effect outstanding at any time.
Appears in 2 contracts
Samples: Credit Agreement (Covanta Energy Corp), Credit Agreement (Danielson Holding Corp)
Interest Periods. In connection with each Eurodollar Rate LIBOR Loan, the Borrowerapplicable Borrower may, by giving notice at pursuant to the times described in Section 3.1(a)applicable Notice of Borrowing or Notice of Conversion/Continuation, shall elect as the case may be, select an interest period (each, each an "Interest Period") to be applicable to such Term Loan, which Interest Period shall be be, at such Borrower's option, either a one, two, three or six month period or, in the case of one Dollar Loans only, if deposits in the interbank Eurodollar market are generally available for such period to all Lenders making the applicable Loans (1as determined by such Lenders in good faith based on prevailing market conditions), two (2), three (3), a nine or six (6) months with respect to each Eurodollar Rate Loantwelve month period; provided that:
(i) the initial Interest Period for any LIBOR Loan shall commence on the 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 advance Conversion/Continuation, in the case of or conversion a Loan converted to any Eurodollar Rate Loan and, a LIBOR Loan;
(ii) in the case of immediately successive Interest PeriodsPeriods applicable to a LIBOR Loan continued as such pursuant to a Notice of Conversion/Continuation, each successive Interest Period shall commence on the date day on which the next preceding Interest Period expires;
(iiiii) if any an Interest Period would otherwise expire on a day that is not a Business Day, such Interest Period shall expire on the next succeeding Business Day; providedprovided that, that if any Interest Period with respect to a Eurodollar Rate Loan would otherwise expire on a day 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;
(iiiiv) any Interest Period with respect to a Eurodollar 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) shall shall, subject to clauses (v) and (vi) of this subsection 2.2B, end on the last Business Day of the relevant a calendar month at the end of such Interest Periodmonth;
(ivv) no Interest Period with respect to any portion of the Tranche A Term Loans shall extend beyond the Maturity seventh anniversary of the Closing Date, no Interest Period with respect to any portion of the Tranche B Term Loans shall extend beyond the eighth anniversary of the Closing Date, no Interest Period with respect to any portion of the Tranche C Term Loans shall extend beyond the ninth anniversary of the Closing Date, and no Interest Period with respect to any portion of the Revolving Loans shall extend beyond the Revolving Loan Commitment Termination Date;
(vi) no Interest Period with respect to any portion of the Tranche A Term Loans, Tranche B Term Loans or Tranche C Term Loans shall extend beyond a date on which the applicable Borrower is required to make a scheduled payment of principal of the Tranche A Term Loans, Tranche B Term Loans or Tranche C Term Loans, as the case may be, unless the sum of (a) the aggregate principal amount of Tranche A Term Loans, Tranche B Term Loans or Tranche C Term Loans, as the case may be, that are Base Rate Loans plus (b) the aggregate principal amount of Tranche A Term Loans, Tranche B Term Loans or Tranche C Term Loans, as the case may be, that are LIBOR Loans with Interest Periods shall expiring on or before such date equals or exceeds the principal amount required to be selected by paid on the Borrower so Tranche A Term Loans, Tranche B Term Loans or Tranche C Term Loans, as to permit the Borrower to make the monthly principal installment payments pursuant to Section 2.3 without payment of any amounts pursuant to Section 3.9; andcase may be, on such date;
(vvii) there shall be no more than two (2) 20 Interest Periods in effect outstanding at any time; and
(viii) in the event the applicable Borrower fails to specify an Interest Period for any LIBOR Loan in the applicable Notice of Borrowing or Notice of Conversion/Continuation, such Borrower shall be deemed to have selected an Interest Period of one month.
Appears in 2 contracts
Samples: Credit Agreement (Amphenol Corp /De/), Credit Agreement (NXS I LLC)
Interest Periods. In connection with each Eurodollar Rate LIBOR Loan, Borrower may, pursuant to the Borrowerapplicable Notice of Borrowing or Notice of Conversion/Continuation, by giving notice at as the times described in Section 3.1(a)case may be, shall elect select an interest period (each, each an "Interest PeriodINTEREST PERIOD") to be applicable to such Term Loan, which Interest Period shall be be, at Borrower's option, either a period of one (1)one, two (2)two, three (3), or six (6) months with respect to each Eurodollar Rate Loanmonth period; provided PROVIDED that:
(i) the initial Interest Period for any LIBOR Loan shall commence on the 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 advance Conversion/Continuation, in the case of or conversion a Loan converted to any Eurodollar Rate Loan and, a LIBOR Loan;
(ii) in the case of immediately successive Interest PeriodsPeriods applicable to a LIBOR Loan continued as such pursuant to a Notice of Conversion/Continuation, each successive Interest Period shall commence on the date day on which the next preceding Interest Period expires;
(iiiii) if any an Interest Period would otherwise expire on a day that is not a Business Day, such Interest Period shall expire on the next succeeding Business Day; providedPROVIDED that, that if any Interest Period with respect to a Eurodollar Rate Loan would otherwise expire on a day 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;
(iiiiv) any Interest Period with respect to a Eurodollar 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) shall shall, subject to clause (v) of this subsection 2.2B, end on the last Business Day of the relevant a calendar month at the end of such Interest Periodmonth;
(ivv) no Interest Period with respect to any portion of the Tranche A Term Loans shall extend beyond March 4, 2007, no Interest Period with respect to any portion of the Tranche B Term Loans shall extend beyond March 4, 2008, and no Interest Period with respect to any portion of the Revolving Loans shall extend beyond the Maturity Revolving Loan Commitment Termination Date;
(vi) no Interest Period with respect to any Type of Term Loans shall extend beyond a date on which Borrower is required to make a scheduled payment of principal of such Type of Term Loans, and 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 Loans with Interest Periods shall expiring on or before such date equals or exceeds the principal amount required to be selected by the Borrower so as to permit the Borrower to make the monthly principal installment payments pursuant to Section 2.3 without payment paid on such Type of any amounts pursuant to Section 3.9; andTerm Loans on such date;
(vvii) 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 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;
(viii) there shall be no more than two (2) eight Interest Periods in effect outstanding at any time; and
(ix) if Borrower fails to specify an Interest Period for any LIBOR Loan in the applicable Notice of Borrowing or Notice of Conversion/Continuation, Borrower shall be deemed to have selected an Interest Period of one month.
Appears in 2 contracts
Samples: Credit Agreement (Integrated Defense Technologies Inc), Credit Agreement (Integrated Defense Technologies Inc)
Interest Periods. In connection with each Eurodollar Rate Loan, Borrowers shall, pursuant to the Borrowerapplicable Notice of Borrowing or Notice of Conversion/Continuation, by giving notice at as the times described in Section 3.1(a)case may be, shall elect select an the interest period (each, an "Interest PeriodINTEREST PERIOD") to be applicable to such Term Revolving Loan, which Interest Period shall be a period of one (1)one-, two (2), three (3), two- or six (6) months with respect to each Eurodollar Rate Loanthree-month period; provided that:
(i) the initial Interest Period for any Eurodollar Rate Loan shall commence on the date Funding Date in respect of advance such Revolving Loan, in the case of or conversion to any a Revolving Loan initially made as a Eurodollar Rate Loan, or on the date specified in the applicable Notice of Conversion/Continuation, in the case of a Revolving Loan and, converted to a Eurodollar Rate Loan;
(ii) in the case of immediately successive Interest PeriodsPeriods applicable to a Eurodollar Rate Loan continued as such pursuant to a Notice of Conversion/Continuation, each successive Interest Period shall commence on the date day on which the next preceding Interest Period expires;
(iiiii) if any an Interest Period would otherwise expire on a day that is not a Business Day, such Interest Period shall expire on the next succeeding Business Day; providedprovided that, that if any Interest Period with respect to a Eurodollar Rate Loan would otherwise expire on a day 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;
(iiiiv) any Interest Period with respect to a Eurodollar 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) shall shall, subject to clause (v) of this subsection 2.2B, end on the last Business Day of the relevant a calendar month at the end of such Interest Periodmonth;
(ivv) no Interest Period with respect to any portion of the Revolving Loans shall extend beyond the Maturity Date, and Date in effect at the commencement of such Interest Periods shall be selected by the Borrower so as to permit the Borrower to make the monthly principal installment payments pursuant to Section 2.3 without payment of any amounts pursuant to Section 3.9Period; and
(vvi) there shall be no more than two (2) four Interest Periods in effect outstanding at any time.
Appears in 2 contracts
Samples: Credit Agreement (Danielson Holding Corp), Credit Agreement (Covanta Energy Corp)
Interest Periods. (i) In connection with each Eurodollar Rate Loan or Eurocurrency Loan, the Borrower, by giving notice at the times described in Section 3.1(a2.09(a), shall elect an interest period (each, an "Interest Period") Period to be applicable to such Term Loan, which Interest Period shall be a period of one (1), two (2), three (3), or six (6) months with respect to each Eurodollar Rate such Loan; provided that:
(iA) the Interest Period shall commence on the date of advance of or conversion to any Eurodollar Rate or Eurocurrency Loan and, in the case of immediately successive Interest Periods, each successive Interest Period shall commence on the date on which the next immediately preceding Interest Period expires;
(iiB) if any Interest Period would otherwise expire on a day that is not a Business Day, such Interest Period shall expire on the next succeeding Business Day; provided, that if any Interest Period with respect to a Eurodollar Rate or Eurocurrency Loan would otherwise expire on a day 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;
(iiiC) any Interest Period with respect to a Eurodollar Rate or Eurocurrency 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) shall end on the last Business Day of the relevant calendar month at the end of such Interest Period;; and
(ivD) no Interest Period shall extend beyond the Revolving Maturity Date.
(ii) In connection with each Competitive Bid Loan, and the Borrower, by giving notice at the times described in Section 2.04, shall elect an interest period (each, a “Competitive Bid Interest Periods Period”) applicable to such Loan, which Competitive Bid Interest Period shall be selected a period of such duration as accepted by the Borrower so as to permit the Borrower to make the monthly principal installment payments pursuant to Section 2.3 without payment 2.04(c); provided that:
(A) the Competitive Bid Interest Period for a Fixed Rate Loan shall not be less than seven (7) days nor more than ninety (90) days;
(B) the Competitive Bid Interest Period for any Eurodollar Competitive Bid Loan shall be a period of one (1), two (2), or three (3) months;
(C) the Competitive Bid Interest Period shall commence on the date of advance of any amounts pursuant to Section 3.9Competitive Bid Loan;
(D) if any Competitive Bid Interest Period would otherwise expire on a day that is not a Business Day, such Interest Period shall expire on the next Business Day; and
(vE) there no Competitive Bid Interest Period shall expire on a date later than the first Business Day prior to the Revolving Maturity Date.
(iii) There shall be no more than two eight (2) 8) Interest Periods and Competitive Bid Interest Periods (collectively) in effect at any time.
Appears in 2 contracts
Samples: Senior Unsecured Revolving Credit Agreement (Choice Hotels International Inc /De), Senior Unsecured Revolving Credit Agreement (Choice Hotels International Inc /De)
Interest Periods. In connection with each Eurodollar Eurocurrency Rate Loan, a Borrower may, pursuant to the Borrowerapplicable Notice of Borrowing or Notice of Conversion/Continuation, by giving notice at as the times described in Section 3.1(a)case may be, shall elect select an interest period (each, each an "“Interest Period"”) to be applicable to such Term Loan, which Interest Period shall be be, at Company’s option, either a period of one (1)one, two (2)two, three (3), or six month period (6) or twelve months with respect if agreed to each Eurodollar Rate Loanby all relevant Lenders); provided that:
(i) the initial Interest Period for any Eurocurrency Rate Loan shall commence on the Funding Date in respect of such Loan, in the case of a Loan initially made as a Eurocurrency Rate Loan, or on the date specified in the applicable Notice of advance Conversion/Continuation, in the case of or conversion to any Eurodollar a Base Rate Loan and, converted to a Eurocurrency Rate Loan;
(ii) in the case of immediately successive Interest PeriodsPeriods applicable to a Eurocurrency Rate Loan continued as such pursuant to a Notice of Conversion/Continuation, each successive Interest Period shall commence on the date day on which the next preceding Interest Period expires;
(iiiii) if any an Interest Period would otherwise expire on a day that is not a Business Day, such Interest Period shall expire on the next succeeding Business Day; providedprovided that, that if any Interest Period with respect to a Eurodollar Rate Loan would otherwise expire on a day 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;
(iiiiv) any Interest Period with respect to a Eurodollar 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) shall shall, subject to clause (v) of this subsection 2.2B, end on the last Business Day of the relevant calendar month at the end of such Interest Period;
(ivv) no Interest Period with respect to any portion of the Revolving Loans shall extend beyond the Maturity Revolving Loan Commitment Termination Date, and no Interest Periods shall be selected by the Borrower so as Period with respect to permit the Borrower to make the monthly principal installment payments pursuant to Section 2.3 without payment any portion of any amounts pursuant Incremental Term Loans shall extend beyond the applicable Incremental Term Loan Maturity Date and no Interest Period with respect to Section 3.9; andany portion of any Incremental Revolving Loan shall extend beyond the applicable Incremental Revolving Loan Commitment Termination Date;
(vvi) reserved;
(vii) there shall be no more than two ten (210) Interest Periods in effect outstanding at any time; and
(viii) in the event the applicable Borrower fails to specify an Interest Period for any Eurocurrency Rate Loan in the applicable Notice of Borrowing or Notice of Conversion/Continuation, such Borrower shall be deemed to have selected an Interest Period of one month.
Appears in 2 contracts
Samples: Credit Agreement (Hexcel Corp /De/), Credit Agreement (Hexcel Corp /De/)
Interest Periods. In connection At the time the Parent Borrower gives a Notice of Borrowing or Notice of Conversion or Continuation in respect of the making of, or conversion into or continuation as, a Borrowing of LIBOR Loans in accordance with each Eurodollar Rate LoanSection 2.6(a), the Borrower, by giving Parent Borrower shall give the Administrative Agent written notice at (or telephonic notice promptly confirmed in writing) of the times described in Section 3.1(a), shall elect an interest period (each, an "Interest Period") to be Period applicable to such Term LoanBorrowing, which Interest Period shall shall, at the option of the Parent Borrower be a period of one (1)one, two (2)two, three (3), or six or (6if available to all the Lenders making such LIBOR Loans as determined by such Lenders in good faith based on prevailing market conditions) months with respect a nine or twelve month period. Notwithstanding anything to each Eurodollar Rate Loan; provided thatthe contrary contained above:
(ia) the initial Interest Period for any Borrowing of LIBOR Loans shall commence on the date of advance such Borrowing (including the date of or any conversion to any Eurodollar Rate Loan and, in the case from a Borrowing of immediately successive Interest Periods, ABR Loans) and each successive Interest Period occurring thereafter in respect of such Borrowing shall commence on the date day on which the next preceding Interest Period expires;
(iib) if any Interest Period relating to a Borrowing of LIBOR 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 Interest Period;
(c) if any Interest Period would otherwise expire on a day that is not a Business Day, such Interest Period shall expire on the next succeeding Business Day; provided, provided that if any Interest Period with in respect to of a Eurodollar Rate LIBOR Loan would otherwise expire on a day 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
(iiid) no Borrower shall be entitled to elect any Interest Period with in respect to a Eurodollar Rate of any LIBOR 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 if such Interest Period) shall end on the last Business Day of the relevant calendar month at the end of such Interest Period;
(iv) no Interest Period shall would extend beyond the Maturity Date, and Interest Periods shall be selected by the Borrower so as to permit the Borrower to make the monthly principal installment payments pursuant to Section 2.3 without payment of any amounts pursuant to Section 3.9; and
(v) there shall be no more than two (2) Interest Periods in effect at any time.
Appears in 2 contracts
Samples: Abl Credit Agreement (Dollar General Corp), Abl Credit Agreement (Dollar General Corp)
Interest Periods. In connection with each Eurodollar Rate Loan, Company may, pursuant to the Borrowerapplicable Notice of Borrowing or Notice of Conversion/Continuation, by giving notice at as the times described in Section 3.1(a)case may be, shall elect select an interest period (each, each an "Interest Period") to be applicable to such Term Loan, which Interest Period shall be be, at Company's option, either a period of one (1)one, two (2)two, three (3), or six (6) months with respect to each Eurodollar Rate Loanmonth period; provided that:
(i) the initial Interest Period for any Eurodollar Rate Loan shall commence on the date Funding Date in respect of advance such Loan, in the case of or conversion to any a Loan initially made as a Eurodollar Rate Loan, or on the date specified in the applicable Notice of Conversion/Continuation, in the case of a Loan and, converted to a Eurodollar Rate Loan;
(ii) in the case of immediately successive Interest PeriodsPeriods applicable to a Eurodollar Rate Loan continued as such pursuant to a Notice of Conversion/Continuation, each successive Interest Period shall commence on the date day on which the next preceding Interest Period expires;
(iiiii) if any an Interest Period would otherwise expire on a day that is not a Business Day, such Interest Period shall expire on the next succeeding Business Day; providedprovided that, that if any Interest Period with respect to a Eurodollar Rate Loan would otherwise expire on a day 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;
(iiiiv) any Interest Period with respect to a Eurodollar 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) shall shall, subject to clause (v) of this subsection 2.2B, end on the last Business Day of the relevant a calendar month at the end of such Interest Periodmonth;
(ivv) no Interest Period with respect to any portion of the Revolving Loans shall extend beyond the Maturity Commitment Termination Date, and ;
(vi) no Interest Period with respect to any portion of the Revolving Loans shall extend beyond the date on which a permanent reduction of the 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 Eurodollar Rate Loans with Interest Periods shall be selected by expiring on or before such date plus (c) the Borrower so as excess of the Commitments then in effect over the aggregate principal amount of Revolving Loans then outstanding equals or exceeds the permanent reduction of the Commitments that is scheduled to permit the Borrower to make the monthly principal installment payments pursuant to Section 2.3 without payment of any amounts pursuant to Section 3.9; andoccur on such date;
(vvii) there shall be no more than two (2) five Interest Periods in effect outstanding at any time; and
(viii) in the event Company fails to specify an Interest Period for any Eurodollar Rate Loan in the applicable Notice of Borrowing or Notice of Conversion/Continuation, Company shall be deemed to have selected an Interest Period of one month.
Appears in 2 contracts
Samples: Credit Agreement (Players International Inc /Nv/), Credit Agreement (Players International Inc /Nv/)
Interest Periods. In connection with each Eurodollar Rate Loan, Company may, pursuant to the Borrowerapplicable Notice of Borrowing or Notice of Conversion/Continuation, by giving notice at as the times described in Section 3.1(a)case may be, shall elect select an interest period (each, each an "Interest Period") to be applicable to such Term Loan, which Interest Period shall be be, at Company's option, either a period of one (1)one-, two (2)two-, three (3), three- or six (6) months with respect to each Eurodollar Rate Loansix-month period; provided that:
(i) the initial Interest Period for any Eurodollar Rate Loan shall commence on the date Funding Date in respect of advance such Loan, in the case of or conversion to any a Loan initially made as a Eurodollar Rate Loan, or on the date specified in the applicable Notice of Conversion/Continuation, in the case of a Loan and, converted to a Eurodollar Rate Loan;
(ii) in the case of immediately successive Interest PeriodsPeriods applicable to a Eurodollar Rate Loan continued as such pursuant to a Notice of Conversion/ Continuation, each successive Interest Period shall commence on the date day on which the next preceding Interest Period expires;
(iiiii) if any an Interest Period would otherwise expire on a day that is not a Business Day, such Interest Period shall expire on the next succeeding Business Day; providedprovided that, that if any Interest Period with respect to a Eurodollar Rate Loan would otherwise expire on a day 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;
(iiiiv) any Interest Period with respect to a Eurodollar 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) shall shall, subject to clause (iii) of this subsection 2.2B, end on the last Business Day of the relevant a calendar month at the end of such Interest Periodmonth;
(ivv) no Interest Period with respect to any portion of the Tranche A Term Loans shall extend beyond June 30, 2005 and no Interest Period with respect to any portion of the Revolving Loans shall extend beyond the Maturity Revolving Loan Commitment Termination Date, and Interest Periods shall be selected by the Borrower so as to permit the Borrower to make the monthly principal installment payments pursuant to Section 2.3 without payment of any amounts pursuant to Section 3.9; and
(v) there shall be no more than two (2) Interest Periods in effect at any time.;
Appears in 2 contracts
Samples: Credit Agreement (Aurora Foods Inc /Md/), Credit Agreement (Aurora Foods Inc /De/)
Interest Periods. In connection with each Eurodollar LIBOR Rate Loan, Borrowers may, pursuant to the Borrowerapplicable Notice of Borrowing or Notice of Conversion/Continuation, by giving notice at as the times described in Section 3.1(a)case may be, shall elect select an interest period (each, each an "Interest PeriodINTEREST PERIOD") to be applicable to such Term Loan, which Interest Period shall be be, at Borrowers' option, either a period of one (1)one, two (2)two, three (3), or six (6) months with respect to each Eurodollar Rate Loanmonth period; provided that:
(i) the initial Interest Period for any LIBOR Rate Loan shall commence on the 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 advance Conversion/Continuation, in the case of or conversion a Loan converted to any Eurodollar a LIBOR Rate Loan and, Loan;
(ii) in the case of immediately successive Interest PeriodsPeriods applicable to a LIBOR Rate Loan continued as such pursuant to a Notice of Conversion/Continuation, each successive Interest Period shall commence on the date day on which the next preceding Interest Period expires;
(iiiii) if any an Interest Period would otherwise expire on a day that is not a Business Day, such Interest Period shall expire on the next succeeding Business Day; providedprovided that, that if any Interest Period with respect to a Eurodollar Rate Loan would otherwise expire on a day 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;
(iiiiv) any Interest Period with respect to a Eurodollar 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) shall shall, subject to clause (v) of this subsection 2.2B, end on the last Business Day of the relevant a calendar month at the end of such Interest Periodmonth;
(ivv) no Interest Period with respect to any portion of the Loans shall extend beyond the Stated Maturity Date, and Date applicable to such Loans;
(vi) no Interest Period with respect to any portion of the Loans shall extend beyond the date on which a permanent reduction of the Commitments is scheduled to occur unless the sum of (a) the aggregate principal amount of Loans that are Base Rate Loans plus (b) the aggregate principal amount of Loans that are LIBOR Rate Loans with Interest Periods shall be selected by expiring on or before such date plus (c) the Borrower so as excess of the Commitments then in effect over the aggregate principal amount 38 of Loans then outstanding equals or exceeds the permanent reduction of the Commitments that is scheduled to permit the Borrower to make the monthly principal installment payments pursuant to Section 2.3 without payment of any amounts pursuant to Section 3.9; andoccur on such date;
(vvii) there shall be no more than two (2) 5 Interest Periods in effect outstanding at any time; and
(viii) in the event Borrowers fail to specify an Interest Period for any LIBOR Rate Loan in the applicable Notice of Borrowing or Notice of Conversion/Continuation, Borrowers shall be deemed to have selected an Interest Period of one month.
Appears in 2 contracts
Samples: Credit Agreement (Northland Cable Properties Six LTD Partnership), Credit Agreement (Northland Cable Properties Six LTD Partnership)
Interest Periods. In connection with each Eurodollar Rate Loan, Company may, pursuant to the Borrowerapplicable Notice of Borrowing or Notice of Conversion/Continuation, by giving notice at as the times described in Section 3.1(a)case may be, shall elect select an interest period (each, each an "Interest PeriodINTEREST PERIOD") to be applicable to such Term Loan, which Interest Period shall be be, at Company's option, either a period of one (1)one, two (2)two, three (3), or six (6) months with respect to each Eurodollar Rate Loanmonth period; provided PROVIDED that:
(i) the initial Interest Period for any Eurodollar Rate Loan shall commence on the date Funding Date in respect of advance such Loan, in the case of or conversion to any a Loan initially made as a Eurodollar Rate Loan, or on the date specified in the applicable Notice of Conversion/Continuation, in the case of a Loan and, converted to a Eurodollar Rate Loan;
(ii) in the case of immediately successive Interest PeriodsPeriods applicable to a Eurodollar Rate Loan continued as such pursuant to a Notice of 40 Conversion/Continuation, each successive Interest Period shall commence on the date day on which the next preceding Interest Period expires;
(iiiii) if any an Interest Period would otherwise expire on a day that is not a Business Day, such Interest Period shall expire on the next succeeding Business Day; providedPROVIDED that, that if any Interest Period with respect to a Eurodollar Rate Loan would otherwise expire on a day 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;
(iiiiv) any Interest Period with respect to a Eurodollar 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) shall shall, subject to clause (v) of this subsection 2.2B, end on the last Business Day of the relevant a calendar month at the end of such Interest Periodmonth;
(ivv) no Interest Period with respect to any portion of the Tranche B Term Loans shall extend beyond the Maturity DateOctober 2, 2008, and no Interest Period with respect to any portion of the Revolving Loans shall extend beyond October 2, 2006;
(vi) no Interest Period with respect to any portion of the Tranche B Term Loans shall extend beyond a date on which Company is required to make a scheduled payment of principal of the Tranche B Term Loans unless the sum of (a) the aggregate principal amount of Tranche B Term Loans that are Base Rate Loans PLUS (b) the aggregate principal amount of Tranche B Term Loans that are Eurodollar Rate Loans with Interest Periods shall expiring on or before such date equals or exceeds the principal amount required to be selected by paid on the Borrower so as to permit the Borrower to make the monthly principal installment payments pursuant to Section 2.3 without payment of any amounts pursuant to Section 3.9; andTranche B Term Loans on such date;
(vvii) there shall be no more than two (2) twelve Interest Periods in effect outstanding at any time;
(viii) in the event Company fails to specify an Interest Period for any Eurodollar Rate Loan in the applicable Notice of Borrowing or Notice of Conversion/Continuation, Company shall be deemed to have selected an Interest Period of one month; and
(ix) until the earlier of (x) the completion to the satisfaction of Agents of the primary syndication of the Loans and Commitments or (y) the day that is 90 days after the Restatement Effective Date, no Interest Period for any Eurodollar Rate Loan may extend beyond one month.
Appears in 2 contracts
Samples: Credit Agreement (Petco Animal Supplies Inc), Credit Agreement (Petco Animal Supplies Inc)
Interest Periods. In connection with each Eurodollar Rate Loan, Company may, pursuant to the Borrowerapplicable Notice of Borrowing or Notice of Conversion/Continuation, by giving notice at as the times described in Section 3.1(a)case may be, shall elect select an interest period (each, each an "“Interest Period"”) to be applicable to such Term Loan, which Interest Period shall be be, at Company’s option, either a period of one (1or less than one month if permitted by Administrative Agent in its sole discretion), two (2)two, three (3), or six (6) months with respect month period or, to each Eurodollar Rate Loanthe extent available to all Lenders of the applicable Class, a nine or twelve month period; provided that:
(i) the initial Interest Period for any Eurodollar Rate Loan shall commence on the date Funding Date in respect of advance such Loan, in the case of or conversion to any a Loan initially made as a Eurodollar Rate Loan, or on the date specified in the applicable Notice of Conversion/Continuation, in the case of a Loan and, converted to a Eurodollar Rate Loan;
(ii) in the case of immediately successive Interest PeriodsPeriods applicable to a Eurodollar Rate Loan continued as such pursuant to a Notice of Conversion/Continuation, each successive Interest Period shall commence on the date day on which the next preceding Interest Period expires;
(iiiii) if any an Interest Period would otherwise expire on a day that is not a Business Day, such Interest Period shall expire on the next succeeding Business Day; providedprovided that, that if any Interest Period with respect to a Eurodollar Rate Loan would otherwise expire on a day 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;
(iiiiv) any Interest Period with respect to a Eurodollar 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) shall shall, subject to clause (v) of this subsection 2.2B, end on the last Business Day of the relevant a calendar month at the end of such Interest Periodmonth;
(ivv) no Interest Period with respect to any portion of the Term Loans shall extend beyond the Term Loan Maturity Date, and no Interest Periods Period with respect to any portion of the Revolving Loans shall be selected by extend beyond the Borrower so as to permit the Borrower to make the monthly principal installment payments pursuant to Section 2.3 without payment of any amounts pursuant to Section 3.9; andRevolving Loan Commitment Termination Date;
(vvi) there shall be no more than two (2) 12 Interest Periods in effect outstanding at any time; and
(vii) in the event Company fails to specify an Interest Period for any Eurodollar Rate Loan in the applicable Notice of Borrowing or Notice of Conversion/Continuation, Company shall be deemed to have selected an Interest Period of one month.
Appears in 2 contracts
Samples: Credit Agreement (IntraLinks Holdings, Inc.), Credit Agreement (IntraLinks Holdings, Inc.)
Interest Periods. In connection with each Eurodollar Rate Loan, Company may, pursuant to the Borrowerapplicable Notice of Borrowing or Notice of Conversion/Continuation, by giving notice at as the times described in Section 3.1(a)case may be, shall elect select an interest period (each, each an "“Interest Period"”) to be applicable to such Term Loan, which Interest Period shall be be, at Company’s option, either a period of one (1)one, two (2)two, three (3), or six (6) months with respect to each Eurodollar Rate Loanmonth period; provided that:
(i) the initial Interest Period for any Eurodollar Rate Loan shall commence on the date Funding Date in respect of advance such Loan, in the case of or conversion to any a Loan initially made as a Eurodollar Rate Loan, or on the date specified in the applicable Notice of Conversion/Continuation, in the case of a Loan and, converted to a Eurodollar Rate Loan;
(ii) in the case of immediately successive Interest PeriodsPeriods applicable to a Eurodollar Rate Loan continued as such pursuant to a Notice of Conversion/Continuation, each successive Interest Period shall commence on the date day on which the next preceding Interest Period expires;
(iiiii) if any an Interest Period would otherwise expire on a day that is not a Business Day, such Interest Period shall expire on the next succeeding Business Day; providedprovided that, that if any Interest Period with respect to a Eurodollar Rate Loan would otherwise expire on a day 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;
(iiiiv) any Interest Period with respect to a Eurodollar 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) shall shall, subject to clause (v) of this subsection 2.2B, end on the last Business Day of the relevant a calendar month at the end of such Interest Periodmonth;
(ivv) no Interest Period 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 portion of the Revolving Loans shall extend beyond the Revolving Loan Commitment Termination Date;
(vi) no Interest Period with respect to any type of Term Loans shall extend beyond a date on which Company is required to make a scheduled payment of 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 Eurodollar Rate Loans with Interest Periods shall expiring on or before such date equals or exceeds the principal amount required to be selected by the Borrower so as to permit the Borrower to make the monthly principal installment payments pursuant to Section 2.3 without payment paid on such type of any amounts pursuant to Section 3.9; andTerm Loans on such date;
(vvii) there shall be no more than two (2) ten Interest Periods in effect outstanding at any time;
(viii) in the event Company fails to specify an Interest Period for any Eurodollar Rate Loan in the applicable Notice of Borrowing or Notice of Conversion/Continuation, Company shall be deemed to have selected an Interest Period of one month;
(ix) prior to the Delayed Draw Commitment Termination Date (or earlier termination of all the Delayed Draw Term Loan Commitments), Company may not elect an Interest Period for any Term Loan longer than three months; and
(x) Delayed Draw Term Loans, if and when made, shall be allocated ratably to the then outstanding Interest Periods applicable to the outstanding Term Loans referenced in subsection 2.1A(i) (and, to the extent any of such Term Loans are Base Rate Loans, allocated ratably as Base Rate Loans), with the initial Interest Periods for such Delayed Draw Term Loans allocated as Eurodollar Rate Loans to be the periods commencing on (and including) the date of borrowing of such Delayed Draw Term Loans and ending on (and including) the last day of the Interest Periods applicable to such Term Loans outstanding immediately prior to the date of borrowing, notwithstanding anything to the contrary contained in the definition of the term “Interest Period”.
Appears in 2 contracts
Samples: Amendment and Restatement Agreement (Skilled Healthcare Group, Inc.), Amendment and Restatement Agreement (Skilled Healthcare Group, Inc.)
Interest Periods. In connection with each Eurodollar Rate Loan, Company may, pursuant to the Borrowerapplicable Notice of Borrowing or Notice of Conversion/ Continuation, by giving notice at as the times described in Section 3.1(a)case may be, shall elect select an interest period (each, each an "“Interest Period"”) to be applicable to such Term Loan, which Interest Period shall be be, at Company’s option, either a period of one (1)one, two (2)two, three (3)or six-month period or, to the extent available to all Lenders, a nine or six (6) months with respect to each Eurodollar Rate Loantwelve month period; provided that:
(i) the initial Interest Period for any Eurodollar Rate Loan shall commence on the date Closing Date, in the case of advance of or conversion to any a Loan initially made as a Eurodollar Rate Loan, or on the date specified in the applicable Notice of Conversion/Continuation, in the case of a Loan and, converted to a Eurodollar Rate Loan;
(ii) in the case of immediately successive Interest PeriodsPeriods applicable to a Eurodollar Rate Loan continued as such pursuant to a Notice of Conversion/Continuation, each successive Interest Period shall commence on the date day on which the next preceding Interest Period expires;
(iiiii) if any an Interest Period would otherwise expire on a day that is not a Business Day, such Interest Period shall expire on the next succeeding Business Day; providedprovided that, that if any Interest Period with respect to a Eurodollar Rate Loan would otherwise expire on a day 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;
(iiiiv) any Interest Period with respect to a Eurodollar 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) shall shall, subject to clause (v) of this subsection 2.2B, end on the last Business Day of the relevant a calendar month at the end of such Interest Periodmonth;
(ivv) no Interest Period with respect to any portion of the Loans shall extend beyond the Maturity Date, and Interest Periods shall be selected by the Borrower so as to permit the Borrower to make the monthly principal installment payments pursuant to Section 2.3 without payment of any amounts pursuant to Section 3.9; and;
(vvi) there shall be no more than two (2) five Interest Periods in effect outstanding at any time;
(vii) in the event Company fails to specify an Interest Period for any Eurodollar Rate Loan in the applicable Notice of Borrowing or Notice of Conversion/Continuation, Company shall be deemed to have selected an Interest Period of one month; and
(viii) notwithstanding the foregoing, until the earlier to occur of (x) the 30th day following the Closing Date or (y) completion of the “successful syndication” of the Loans (as described in the Fee Letter), except with respect to Eurodollar Rate Loans made on the Closing Date and unless otherwise agreed by the Administrative Agent, Eurodollar Rate Loans shall be restricted to a single one week Interest Period at all times, with the first such Interest Period to begin not sooner than three Business Days after the Closing Date and with any subsequent Interest Periods to begin on the last day of the prior one week Interest Period theretofore in effect.
Appears in 2 contracts
Samples: Second Lien Credit Agreement (SafeNet Holding Corp), Second Lien Credit Agreement (SafeNet Holding Corp)
Interest Periods. In connection with each Eurodollar Base Rate Loan, interest shall be payable quarterly on March 31, June 30, September 30 and December 31 of each year, and in connection with each LIBOR Loan, Company may, pursuant to the Borrowerapplicable Notice of Borrowing or Notice of Conversion/Continuation, by giving notice at as the times described in Section 3.1(a)case may be, shall elect select an interest period (each, each an "“Interest Period"”) to be applicable to such Term Loan, which Interest Period shall be be, at Company’s option, either a period of one (1)one, two (2)two, three (3), or six (6) months with respect to each Eurodollar Rate Loanmonth period; provided that:
(i) the initial Interest Period for any LIBOR Loan shall commence on the 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 advance Conversion/Continuation, in the case of or conversion a Loan converted to any Eurodollar Rate Loan and, a LIBOR Loan;
(ii) in the case of immediately successive Interest PeriodsPeriods applicable to a LIBOR Loan continued as such pursuant to a Notice of Conversion/Continuation, each successive Interest Period shall commence on the date day on which the next preceding Interest Period expires;
(iiiii) if any an Interest Period would otherwise expire on a day that is not a Business Day, such Interest Period shall expire on the next succeeding Business Day; providedprovided that, that if any Interest Period with respect to a Eurodollar Rate Loan would otherwise expire on a day 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;
(iiiiv) any Interest Period with respect to a Eurodollar 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) shall shall, subject to clause (v) of this subsection 2.2B, end on the last Business Day of the relevant a calendar month at the end of such Interest Periodmonth;
(ivv) no Interest Period with respect to any portion of the Term Loans shall extend beyond the Stated Maturity Date, and no Interest Periods Period with respect to any portion of the Revolving Loans or Swing Line Loans shall be selected by extend beyond the Borrower so as to permit the Borrower to make the monthly principal installment payments pursuant to Section 2.3 without payment of any amounts pursuant to Section 3.9; andRevolving Loan Commitment Termination Date;
(vvi) there shall be no more than two (2) five Interest Periods in effect outstanding at any time; and
(vii) in the event Company fails to specify an Interest Period for any LIBOR Loan in the applicable Notice of Borrowing or Notice of Conversion/Continuation, Company shall be deemed to have selected an Interest Period of one month.
Appears in 2 contracts
Samples: Credit Agreement (Bare Escentuals Inc), Credit Agreement (Bare Escentuals Inc)
Interest Periods. In connection with each Eurodollar Rate Loan, Company may, pursuant to the Borrowerapplicable Notice of Borrowing or Notice of Conversion/ Continuation, by giving notice at as the times described in Section 3.1(a)case may be, shall elect select an interest period (each, each an "“Interest Period"”) to be applicable to such Term Loan, which Interest Period shall be be, at Company’s option, either a period of one (1)one, two (2)two, three (3)or six-month period or, to the extent available to all Lenders of the applicable Class, a nine or six (6) months with respect to each Eurodollar Rate Loantwelve month period; provided that:
(i) the initial Interest Period for any Eurodollar Rate Loan shall commence on the date Funding Date in respect of advance such Loan, in the case of or conversion to any a Loan initially made as a Eurodollar Rate Loan, or on the date specified in the applicable Notice of Conversion/Continuation, in the case of a Loan and, converted to a Eurodollar Rate Loan;
(ii) in the case of immediately successive Interest PeriodsPeriods applicable to a Eurodollar Rate Loan continued as such pursuant to a Notice of Conversion/Continuation, each successive Interest Period shall commence on the date day on which the next preceding Interest Period expires;
(iiiii) if any an Interest Period would otherwise expire on a day that is not a Business Day, such Interest Period shall expire on the next succeeding Business Day; providedprovided that, that if any Interest Period with respect to a Eurodollar Rate Loan would otherwise expire on a day 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;
(iiiiv) any Interest Period with respect to a Eurodollar 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) shall shall, subject to clause (v) of this subsection 2.2B, end on the last Business Day of the relevant a calendar month at the end of such Interest Periodmonth;
(ivv) no Interest Period with respect to any portion of the Term Loans shall extend beyond the Term Loan Maturity Date, and no Interest Periods Period with respect to any portion of the Revolving Loans shall be selected by extend beyond the Borrower so as to permit the Borrower to make the monthly principal installment payments pursuant to Section 2.3 without payment of any amounts pursuant to Section 3.9; andRevolving Loan Commitment Termination Date;
(vvi) there shall be no more than two (2) 15 Interest Periods in effect outstanding at any time;
(vii) in the event Company fails to specify an Interest Period for any Eurodollar Rate Loan in the applicable Notice of Borrowing or Notice of Conversion/Continuation, Company shall be deemed to have selected an Interest Period of one month; and
(viii) notwithstanding the foregoing, until the earlier to occur of (x) the 30th day following the Closing Date or (y) completion of the “successful syndication” of the Loans (as described in the Fee Letter), except with respect to Eurodollar Rate Loans made on the Closing Date and unless otherwise agreed by the Administrative Agent, Eurodollar Rate Loans shall be restricted to a single one week Interest Period at all times, with the first such Interest Period to begin not sooner than three Business Days after the Closing Date and with any subsequent Interest Periods to begin on the last day of the prior one week Interest Period theretofore in effect.
Appears in 2 contracts
Samples: First Lien Credit Agreement (SafeNet Holding Corp), First Lien Credit Agreement (SafeNet Holding Corp)
Interest Periods. In connection with each Eurodollar Rate Loan, Company may, pursuant to the Borrowerapplicable Notice of Borrowing or Notice of Conversion/Continuation, by giving notice at as the times described in Section 3.1(a)case may be, shall elect select an interest period (each, each an "“Interest Period"”) to be applicable to such Term Loan, which Interest Period shall be be, at Company’s option, a period of one (1)one, two (2)two, three (3), or six (6) months with respect to each Eurodollar Rate Loanmonth period; provided that:
(i) the initial Interest Period for any Eurodollar Rate Loan shall commence on the date Funding Date in respect of advance such Loan, in the case of or conversion to any a Loan initially made as a Eurodollar Rate Loan, or on the date specified in the applicable Notice of Conversion/Continuation, in the case of a Loan and, converted to a Eurodollar Rate Loan;
(ii) in the case of immediately successive Interest PeriodsPeriods applicable to a Eurodollar Rate Loan continued as such pursuant to a Notice of Conversion/Continuation, each successive Interest Period shall commence on the date day on which the next preceding Interest Period expires;
(iiiii) if any an Interest Period would otherwise expire on a day that is not a Business Day, such Interest Period shall expire on the next succeeding Business Day; providedprovided that, that if any Interest Period with respect to a Eurodollar Rate Loan would otherwise expire on a day 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;
(iiiiv) any Interest Period with respect to a Eurodollar 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) shall shall, subject to clause (v) of this subsection 2.2B, end on the last Business Day of the relevant a calendar month at the end of such Interest Periodmonth;
(ivv) no Interest Period with respect to any portion of the Tranche A Term Loans shall extend beyond the Tranche A Term Loan Maturity Date, no Interest Period with respect to any portion of the Tranche B Term Loans shall extend beyond the Tranche B Term Loan Maturity Date, and no Interest Period with respect to any portion of the Revolving Loans shall extend beyond the Revolving Loan Commitment Termination Date;
(vi) no Interest Period with respect to any type of Term Loans shall extend beyond a date on which Company is required to make a scheduled payment of 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 Eurodollar Rate Loans with Interest Periods shall expiring on or before such date equals or exceeds the principal amount required to be selected by the Borrower so as to permit the Borrower to make the monthly principal installment payments pursuant to Section 2.3 without payment paid on such type of any amounts pursuant to Section 3.9; andTerm Loans on such date;
(vvii) there shall be no more than two (2) ten Interest Periods in effect outstanding at any time; and
(viii) in the event Company fails to specify an Interest Period for any Eurodollar Rate Loan in the applicable Notice of Borrowing or Notice of Conversion/Continuation, Company shall be deemed to have selected an Interest Period of one month.
Appears in 2 contracts
Samples: Credit Agreement (United Online Inc), Credit Agreement (United Online Inc)
Interest Periods. In connection with each Eurodollar LIBOR Rate Loan, Company may, pursuant to the Borrowerapplicable Notice of Borrowing or Notice of Conversion/Continuation, by giving notice at as the times described in Section 3.1(a)case may be, shall elect select an interest period (each, each an "Interest PeriodINTEREST PERIOD") to be applicable to such Term Loan, which Interest Period shall be be, at Company's option, either a period of one (1)two week or a one, two (2)two, three (3), or six (6) months with respect to each Eurodollar Rate Loanmonth period; provided that:: --------
(i) the initial Interest Period for any LIBOR Rate Loan shall commence on the 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 advance Conversion/Continuation, in the case of or conversion a Loan converted to any Eurodollar a LIBOR Rate Loan and, Loan;
(ii) in the case of immediately successive Interest PeriodsPeriods applicable to a LIBOR Rate Loan continued as such pursuant to a Notice of Conversion/Continuation, each successive Interest Period shall commence on the date day on which the next preceding Interest Period expires;
(iiiii) if any an Interest Period would otherwise expire on a day that is not a Business Day, such Interest Period shall expire on the next succeeding Business Day; providedprovided that, that if any Interest Period with respect to a Eurodollar Rate Loan would otherwise expire -------- on a day 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;
(iiiiv) any Interest Period with respect to a Eurodollar 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) shall shall, subject to clause (v) of this subsection 2.2B, end on the last Business Day of the relevant a calendar month at the end of such Interest Periodmonth;
(ivv) no Interest Period with respect to any portion of the Loans shall extend beyond the Maturity Commitment Termination Date, and Interest Periods shall be selected by the Borrower so as to permit the Borrower to make the monthly principal installment payments pursuant to Section 2.3 without payment of any amounts pursuant to Section 3.9; and
(v) there shall be no more than two (2) Interest Periods in effect at any time.;
Appears in 2 contracts
Samples: Credit Agreement (Varco International Inc), Credit Agreement (Varco International Inc)
Interest Periods. In connection with each Eurodollar Rate Loan, the BorrowerCompany may, by giving notice at pursuant to the times described in Section 3.1(a)applicable Notice of Borrowing or Notice of Conversion/Continuation, shall elect as the case may be, select an interest period (each, each an "Interest PeriodINTEREST PERIOD") to be applicable to such Term Loan, which Interest Period shall be be, at the Company's option, either a period of one (1)one- , two (2)two- , three (3), three- or six (6) months with respect to each Eurodollar Rate Loansix-month period; provided that:
(i) the initial Interest Period for any Eurodollar Rate Loan shall commence on the Funding Date in respect of such Loan, in the case of a Loan initially made as a Eurodollar Rate Loan, or on the date specified in the applicable Notice of Conversion/Continuation, in the case of a Loan converted to a Eurodollar Rate Loan;
(ii) each Interest Period shall commence on the date of advance of or conversion to any Eurodollar Rate Loan and, in the case of immediately successive Interest Periods, each successive Interest Period shall commence on the date day on which the next preceding Interest Period expires;
(iiiii) if any an Interest Period would otherwise expire on a day that is not a Business Day, such Interest Period shall expire on the next succeeding Business Day; providedprovided that, that if any Interest Period with respect to a Eurodollar Rate Loan would otherwise expire on a day 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;
(iiiiv) any Interest Period with respect to a Eurodollar 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) shall shall, subject to clause (v) of this subsection 2.2B, end on the last Business Day of the relevant a calendar month at the end of such Interest Periodmonth;
(ivv) no Interest Period with respect to any portion of the Term Loans shall extend beyond the Maturity Term Loan Termination Date, and ;
(vi) no Interest Period with respect to any portion of the Term Loans shall extend beyond a date on which the Company is required to make a scheduled payment of principal of the Term Loans unless the sum of (a) the aggregate principal amount of Term Loans that are Base Rate Loans plus (b) the aggregate principal amount of Term Loans that are Eurodollar Rate Loans with Interest Periods shall expiring on or before such date equals or exceeds the principal amount required to be selected by paid on the Borrower so as to permit the Borrower to make the monthly principal installment payments pursuant to Section 2.3 without payment of any amounts pursuant to Section 3.9; andTerm Loans on such date;
(vvii) there shall be no more than two ten (210) Interest Periods in effect outstanding at any time; and
(viii) in the event the Company fails to specify an Interest Period for any Eurodollar Rate Loan in the applicable Notice of Borrowing or Notice of Conversion/Continuation, the Company shall be deemed to have selected an Interest Period of one month.
Appears in 2 contracts
Samples: Revolving Credit Agreement (America West Airlines Inc), Revolving Credit Agreement (America West Airlines Inc)
Interest Periods. In connection with each Eurodollar Rate Loan, the BorrowerBorrower may, by giving notice at pursuant to the times described in Section 3.1(a)applicable Notice of Borrowing or Notice of Conversion/Continuation, shall elect as the case may be, select an interest period (each, each an "“Interest Period"”) to be applicable to such Term Loan, which Interest Period shall be be, at the Borrower’s option, the period commencing on the date such Eurodollar Rate Loan is disbursed or converted to or continued as a period of one (1), two (2)Eurodollar Rate Loan and ending on the date one, three (3), or six (6) months with respect to each Eurodollar Rate Loanthereafter, as selected by the Borrower in its Notice of Borrowing; provided that:
(i) the initial Interest Period for any Eurodollar Rate Loan shall commence on the date Funding Date in respect of advance such Loan, in the case of or conversion to any a Loan initially made as a Eurodollar Rate Loan, or on the date specified in the applicable Notice of Conversion/Continuation, in the case of a Loan and, converted to a Eurodollar Rate Loan;
(ii) in the case of immediately successive Interest PeriodsPeriods applicable to a Eurodollar Rate Loan continued as such pursuant to a Notice of Conversion/Continuation, each successive Interest Period shall commence on the date day on which the next preceding Interest Period expires;
(iiiii) if any an Interest Period would otherwise expire on a day that is not a Business Day, such Interest Period shall expire on the next succeeding Business Day; providedprovided that, that if any Interest Period with respect to a Eurodollar Rate Loan would otherwise expire on a day 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;
(iiiiv) any Interest Period with respect to a Eurodollar 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) shall shall, subject to clause (v) of this subsection 2.2B, end on the last Business Day of the relevant a calendar month at the end of such Interest Periodmonth;
(ivv) no Interest Period with respect to any portion of the Revolving Loans shall extend beyond the Maturity Revolving Loan Commitment Termination Date, and Interest Periods shall be selected by the Borrower so as to permit the Borrower to make the monthly principal installment payments pursuant to Section 2.3 without payment of any amounts pursuant to Section 3.9; and;
(vvi) there shall be no more than two seven (27) Interest Periods in effect outstanding at any time; and
(vii) in the event the Borrower fails to specify an Interest Period for any Eurodollar Rate Loan in the applicable Notice of Borrowing or Notice of Conversion/Continuation, the Borrower shall be deemed to have selected an Interest Period of one month.
Appears in 1 contract
Samples: Credit Agreement (Unitrin Inc)
Interest Periods. In connection with each Eurodollar Rate Loan, Borrower may, pursuant to the Borrowerapplicable Notice of Borrowing or Notice of Conversion/Continuation, by giving notice at as the times described in Section 3.1(a)case may be, shall elect select an interest period (each, each an "“Interest Period"”) to be applicable to such Term Loan, which Interest Period shall be be, at Borrower’s option, either a period of one (1)one, two (2)two, three (3), or six (6) months with respect to each Eurodollar Rate Loanmonth period; provided that:
(i) the initial Interest Period for any Eurodollar Rate Loan shall commence on the date Funding Date in respect of advance such Loan, in the case of or conversion to any a Loan initially made as a Eurodollar Rate Loan, or on the date specified in the applicable Notice of Conversion/Continuation, in the case of a Loan and, converted to a Eurodollar Rate Loan;
(ii) in the case of immediately successive Interest PeriodsPeriods applicable to a Eurodollar Rate Loan continued as such pursuant to a Notice of Conversion/Continuation, each successive Interest Period shall commence on the date day on which the next preceding Interest Period expires;
(iiiii) if any an Interest Period would otherwise expire on a day that is not a Business Day, such Interest Period shall expire on the next succeeding Business Day; providedprovided that, that if any Interest Period with respect to a Eurodollar Rate Loan would otherwise expire on a day 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;
(iiiiv) any Interest Period with respect to a Eurodollar 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) shall shall, subject to clause (v) of this subsection 2.2B, end on the last Business Day of the relevant a calendar month at the end of such Interest Periodmonth;
(ivv) no Interest Period with respect to any portion of the Revolving Loans shall extend beyond the Maturity Revolving Loan Commitment Termination Date, and Interest Periods shall be selected by the Borrower so as to permit the Borrower to make the monthly principal installment payments pursuant to Section 2.3 without payment of any amounts pursuant to Section 3.9; and;
(vvi) there shall be no more than two (2) ten Interest Periods in effect outstanding at any time; and
(vii) in the event Borrower fails to specify an Interest Period for any Eurodollar Rate Loan in the applicable Notice of Borrowing or Notice of Conversion/Continuation, Borrower shall be deemed to have selected an Interest Period of one month.
Appears in 1 contract
Interest Periods. In connection with each Eurodollar LIBOR Rate Loan, Borrower may, pursuant to the Borrowerapplicable Notice of Borrowing or Notice of Conversion/Continuation, by giving notice at as the times described in Section 3.1(a)case may be, shall elect select an interest period (each, each an "“Interest Period"”) to be applicable to such Term LoanLoan (on a pro rata basis among the Loans of each Lender funding a Loan of such Class), which Interest Period shall be be, at Borrower’s option, either a one-, two-, three- or six- month period of one (1)or, two (2)if available to all Lenders, three (3), a nine- or six (6) months with respect to each Eurodollar Rate Loantwelve- month period; provided that:
(i) the initial Interest Period for any LIBOR Rate Loan shall commence on the 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 advance Conversion/Continuation, in the case of or conversion a Loan converted to any Eurodollar a LIBOR Rate Loan and, Loan;
(ii) in the case of immediately successive Interest PeriodsPeriods applicable to a LIBOR Rate Loan continued as such pursuant to a Notice of Conversion/Continuation, each successive Interest Period shall commence on the date day on which the next preceding Interest Period expires;
(iiiii) if any an Interest Period would otherwise expire on a day that is not a Business Day, such Interest Period shall expire on the next succeeding Business Day; providedprovided that, that if any Interest Period with respect to a Eurodollar Rate Loan would otherwise expire on a day 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;
(iiiiv) any Interest Period with respect to a Eurodollar 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) shall shall, subject to clause (v) of this subsection 2.2B, end on the last Business Day of the relevant a calendar month at the end of such Interest Periodmonth;
(ivv) no Interest Period with respect to any portion of the Term Loans shall extend beyond the applicable Term Loan Maturity Date, and no Interest Period with respect to any portion of the Revolving Loans shall extend beyond the applicable Revolving Loan Commitment Termination Date;
(vi) no Interest Period with respect to any Term Loans shall extend beyond a date on which Borrower is required to make a scheduled payment of principal of such Term Loans, unless the sum of (a) the aggregate principal amount of such Term Loans that are Base Rate Loans plus (b) the aggregate principal amount of such Term Loans that are LIBOR Rate Loans with Interest Periods shall expiring on or before such date equals or exceeds the principal amount required to be selected by the Borrower so as to permit the Borrower to make the monthly principal installment payments pursuant to Section 2.3 without payment of any amounts pursuant to Section 3.9; andpaid on such Term Loans on such date;
(vvii) there shall be no more than two six (26) Interest Periods in effect outstanding at any time; and
(viii) in the event Borrower fails to specify an Interest Period for any LIBOR Rate Loan in the applicable Notice of Borrowing or Notice of Conversion/Continuation, Borrower shall be deemed to have selected an Interest Period of one month.
Appears in 1 contract
Interest Periods. In connection with each Eurodollar Rate Loan, Company may, pursuant to the Borrowerapplicable Notice of Borrowing or Notice of Conversion/Continuation, by giving notice at as the times described in Section 3.1(a)case may be, shall elect select an interest period (each, each an "Interest PeriodINTEREST PERIOD") to be applicable to such Term Loan, which Interest Period shall be be, at Company's option, either a period of one (1)one, two (2)two, three (3), or six (6) months with respect to each Eurodollar Rate Loanmonth period; provided that:
(i) the initial Interest Period for any Eurodollar Rate Loan shall commence on the date Funding Date in respect of advance such Loan, in the case of or conversion to any a Loan initially made as a Eurodollar Rate Loan, or on the date specified in the applicable Notice of Conversion/Continuation, in the case of a Loan and, converted to a Eurodollar Rate Loan; 42 50
(ii) in the case of immediately successive Interest PeriodsPeriods applicable to a Eurodollar Rate Loan continued as such pursuant to a Notice of Conversion/Continuation, each successive Interest Period shall commence on the date day on which the next preceding Interest Period expires;
(iiiii) if any an Interest Period would otherwise expire on a day that is not a Business Day, such Interest Period shall expire on the next succeeding Business Day; providedprovided that, that if any Interest Period with respect to a Eurodollar Rate Loan would otherwise expire on a day 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;
(iiiiv) any Interest Period with respect to a Eurodollar 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) shall shall, subject to clause (v) of this subsection 2.2B, end on the last Business Day of the relevant a calendar month at the end of such Interest Periodmonth;
(ivv) no Interest Period with respect to any portion of the Tranche A Term Loans shall extend beyond May 31, 2005, no Interest Period with respect to any portion of the Tranche B Term Loans shall extend beyond May 31, 2006 and no Interest Period with respect to any portion of the Revolving Loans shall extend beyond the Maturity Revolving Loan Commitment Termination Date;
(vi) no Interest Period with respect to any portion of the Tranche A Term Loans or Tranche B Term Loans shall extend beyond a date on which Company is required to make a scheduled payment of principal of the Tranche A Term Loans or Tranche B Term Loans, and as the case may be, unless the sum of (a) the aggregate principal amount of Tranche A Term Loans or Tranche B Term Loans, as the case may be, that are Base Rate Loans plus (b) the aggregate principal amount of Tranche A Term Loans or Tranche B Term Loans, as the case may be, that are Eurodollar Rate Loans with Interest Periods shall expiring on or before such date equals or exceeds the principal amount required to be selected by paid on the Borrower so Tranche A Term Loans or Tranche B Term Loans, as to permit the Borrower to make the monthly principal installment payments pursuant to Section 2.3 without payment of any amounts pursuant to Section 3.9; andcase may be, on such date;
(vvii) [INTENTIONALLY OMITTED];
(viii) there shall be no more than two (2) 10 Interest Periods in effect outstanding at any time; and
(ix) in the event Company fails to specify an Interest Period for any Eurodollar Rate Loan in the applicable Notice of Borrowing or Notice of Conversion/Continuation, Company shall be deemed to have selected an Interest Period of one month.
Appears in 1 contract
Samples: Credit Agreement (Penton Media Inc)
Interest Periods. In connection with each At the time the Borrower gives any Notice of Borrowing or Notice of Conversion/Continuation in respect of the making of, or conversion into, any Eurodollar Rate LoanLoan (in the case of the initial Interest Period applicable thereto) or on the third Business Day prior to the expiration of an Interest Period applicable to such Eurodollar Loan (in the case of any subsequent Interest Period), the BorrowerBorrower shall have the right to elect, by giving having an Authorized Representative of the Borrower give the Administrative Agent notice at thereof, the times described in Section 3.1(a), shall elect an interest period (each, each an "“Interest Period"”) to be applicable to such Term Eurodollar Loan, which Interest Period shall shall, at the option of the Borrower, be a period of one (1), two (2)one, three (3)or six-month period, or six (6) months with respect to each Eurodollar Rate Loan; provided that, in each case:
(i) all Eurodollar Loans comprising a Borrowing shall at all times have the same Interest Period;
(ii) the initial Interest Period for any Eurodollar Loan shall commence on the date of advance Borrowing of or such Eurodollar Loan (including the date of any conversion to any Eurodollar thereto from a Base Rate Loan and, in the case of immediately successive Interest Periods, Loan) and each successive Interest Period occurring thereafter in respect of such Eurodollar Loan shall commence on the date day on which the next preceding Interest Period applicable thereto expires;
(iiiii) if any Interest Period begins on a day for which there is no numerically corresponding day in the calendar month at the end of such Interest Period, such Interest Period shall end on the last Business Day of such calendar month;
(iv) if any Interest Period would otherwise expire on a day that 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 with respect to for a Eurodollar Rate Loan would otherwise expire on a day that 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;
(iiiv) any unless otherwise agreed in writing by the Required Lenders, no Interest Period with respect to a Eurodollar Rate Loan that begins on the last Business Day may be selected at any time when any Specified Default or any Event of a calendar month (or on a day for which there Default is no numerically corresponding day then in the calendar month at the end of such Interest Period) shall end on the last Business Day of the relevant calendar month at the end of such Interest Periodexistence;
(ivvi) no Interest Period in respect of any Borrowing of Eurodollar Loans shall extend be selected which extends beyond the Maturity Date, and ; and
(vii) the selection of Interest Periods shall be selected by subject to the provisions of Section 1.022.02. If upon the expiration of any Interest Period applicable to a Borrowing of Eurodollar Loans, the Borrower so has failed to elect, or is not permitted to elect, a new Interest Period to be applicable to such Eurodollar Loans as to permit provided above, the Borrower to make the monthly principal installment payments pursuant to Section 2.3 without payment of any amounts pursuant to Section 3.9; and
(v) there shall be no more than two (2) deemed to have elected to convert such Eurodollar Loans into Base Rate Loans effective as of the expiration date of such current Interest Periods in effect at any timePeriod.
Appears in 1 contract
Samples: Credit Agreement (Flowers Foods Inc)
Interest Periods. In connection with each At the time it gives any Notice of Borrowing or Notice of Conversion in respect of the making of, or conversion into, a Eurodollar Rate LoanLoan (in the case of the initial Interest Period applicable thereto), or prior to 12:30 p.m. (New York time) on the third Business Day prior to the expiration of an Interest Period applicable to a Eurodollar Loan (in the case of any subsequent Interest Period), the BorrowerBorrower shall have the right to elect, by giving the Agent notice at thereof, the times described in Section 3.1(a), shall elect an interest period (each, each an "Interest PeriodINTEREST PERIOD") to be applicable to such Term Eurodollar Loan, which Interest Period shall shall, at the option of the Borrower, be a period of one (1), two (2)one, three (3), or six (6) months with respect to each Eurodollar Rate Loanmonth period; provided provided, however, that:
(i) all Eurodollar Loans comprising a single Borrowing shall at all times have the same Interest Period;
(ii) the initial Interest Period for any Eurodollar Loan shall commence on the date of advance Borrowing of or such Loan (including the date of any conversion to any Eurodollar thereto from a Borrowing of Base Rate Loan and, in the case of immediately successive Interest Periods, Loans) and each successive Interest Period occurring thereafter in respect of such Loan shall commence on the date day on which the next preceding Interest Period applicable thereto expires;
(iiiii) if any Interest Period relating to a Eurodollar Loan begins on a day for which there is no numerically corresponding day in the calendar month at the end of such Interest Period, such Interest Period shall end on the last Business Day of such calendar month;
(iv) if any Interest Period would otherwise expire on a day that which is not a Business Day, such Interest Period shall expire on the next succeeding Business Day; provided, however, that if any Interest Period with respect to for a Eurodollar Rate Loan would otherwise expire on a day that which is not a Business Day but is a day 9 CREDIT AGREEMENT of the month after which no further Business Day occurs in such month, such Interest Period shall expire on the next preceding Business Day;
(iiiv) any no Interest Period with for a Borrowing under a Tranche shall be selected which extends beyond the respective Maturity Date of such Tranche;
(vi) no Interest Period may be selected at any time when any Default or Event of Default is then in existence;
(vii) no Interest Period in respect of any Borrowing of Term Loans shall be selected which extends beyond any date upon which a Scheduled Term Loan Repayment will be required to a Eurodollar Rate Loan that begins on be made under Section 4.02(A)(c) if, after giving effect to 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 selection of such Interest Period) shall end on , the last Business Day aggregate principal amount of Term Loans maintained as Eurodollar Loans which have Interest Periods expiring after such date will be in excess of the relevant calendar month at aggregate principal amount of Term Loans then outstanding less the end aggregate amount of such Interest PeriodScheduled Term Loan Repayment;
(ivviii) no Interest Period shall extend beyond the Maturity Date, and Interest Periods shall may be selected by at any time prior to the Borrower so as to permit the Borrower to make the monthly principal installment payments pursuant to Section 2.3 without payment of any amounts pursuant to Section 3.9Syndication Termination Date; and
(vix) there no Interest Period in respect of any Borrowing of Revolving Loans shall be no more than two (2) selected which extends beyond the Revolving Loan Maturity Date. If, upon the expiration of any Interest Periods in effect at any timePeriod applicable to a Borrowing of Eurodollar Loans, the Borrower has failed to elect a new Interest Period to be applicable to such Eurodollar Loans as provided above or a Default or Event of Default then exists, the Borrower shall be deemed to have elected to convert such Eurodollar Loans into Base Rate Loans effective as of the expiration date of such current Interest Period.
Appears in 1 contract
Interest Periods. In connection with each Eurodollar Rate Loan, Company may, pursuant to the Borrowerapplicable Notice of Borrowing or Notice of Conversion/Continuation, by giving notice at as the times described in Section 3.1(a)case may be, shall elect select an interest period (each, each an "Interest Period") to be applicable to such Term Loan, which Interest Period shall be be, at Company's option, either a period of one (1)one-, two (2)two-, three (3), or six (6) months with respect to each Eurodollar Rate Loanthreeor six-month period; provided that:
(i) the initial Interest Period for any Eurodollar Rate Loan shall commence on the date Funding Date in respect of advance such Loan, in the case of or conversion to any a Loan initially made as a Eurodollar Rate Loan, or on the date specified in the applicable Notice of Conversion/Continuation, in the case of a Loan and, converted to a Eurodollar Rate Loan;
(ii) in the case of immediately successive Interest PeriodsPeriods applicable to a Eurodollar Rate Loan continued as such pursuant to a Notice of Conversion/Continuation, each successive Interest Period shall commence on the date day on which the next preceding Interest Period expires;
(iiiii) if any an Interest Period would otherwise expire on a day that is not a Business Day, such Interest Period shall expire on the next succeeding Business Day; providedprovided that, that if any Interest Period with respect to a Eurodollar Rate Loan would otherwise expire on a day 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;
(iiiiv) any Interest Period with respect to a Eurodollar 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) shall shall, subject to clause (iii) of this subsection 2.2B, end on the last Business Day of the relevant a calendar month at the end of such Interest Periodmonth;
(ivv) no Interest Period with respect to any portion of the Term Loans shall extend beyond December 15, 2002 and no Interest Period with respect to any portion of the Revolving Loans shall extend beyond the Maturity Revolving Loan Commitment Termination Date, and Interest Periods shall be selected by the Borrower so as to permit the Borrower to make the monthly principal installment payments pursuant to Section 2.3 without payment of any amounts pursuant to Section 3.9; and
(v) there shall be no more than two (2) Interest Periods in effect at any time.;
Appears in 1 contract
Samples: Credit Agreement (MBW Foods Inc)
Interest Periods. In connection with each Eurodollar Rate Loan, Company may, pursuant to the Borrowerapplicable Notice of Borrowing or Notice of Conversion/Continuation, by giving notice at as the times described in Section 3.1(a)case may be, shall elect select an interest period (each, each an "“Interest Period"”) to be applicable to such Term Loan, which Interest Period shall be be, at Company’s option, either a period of one (1)one, two (2)two, three (3), or six (6) months with respect to each Eurodollar Rate Loanmonth period; provided that:
(i) the initial Interest Period for any Eurodollar Rate Loan shall commence on the date Funding Date in respect of advance such Loan, in the case of or conversion to any a Loan initially made as a Eurodollar Rate Loan, or on the date specified in the applicable Notice of Conversion/Continuation, in the case of a Loan and, converted to a Eurodollar Rate Loan;
(ii) in the case of immediately successive Interest PeriodsPeriods applicable to a Eurodollar Rate Loan continued as such pursuant to a Notice of Conversion/Continuation, each successive Interest Period shall commence on the date day on which the next preceding Interest Period expires;
(iiiii) if any an Interest Period would otherwise expire on a day that is not a Business Day, such Interest Period shall expire on the next succeeding Business Day; providedprovided that, that if any Interest Period with respect to a Eurodollar Rate Loan would otherwise expire on a day 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;
(iiiiv) any Interest Period with respect to a Eurodollar 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) shall shall, subject to clause (v) of this subsection 2.2B, end on the last Business Day of the relevant a calendar month at the end of such Interest Periodmonth;
(ivv) no Interest Period 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 portion of the Revolving Loans shall extend beyond the Revolving Loan Commitment Termination Date;
(vi) no Interest Period with respect to any type of Term Loans shall extend beyond a date on which Company is required to make a scheduled payment of 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 Eurodollar Rate Loans with Interest Periods shall expiring on or before such date equals or exceeds the principal amount required to be selected by the Borrower so as to permit the Borrower to make the monthly principal installment payments pursuant to Section 2.3 without payment paid on such type of any amounts pursuant to Section 3.9; andTerm Loans on such date;
(vvii) there shall be no more than two (2) ten Interest Periods in effect outstanding at any time; and
(viii) in the event Company fails to specify an Interest Period for any Eurodollar Rate Loan in the applicable Notice of Borrowing or Notice of Conversion/Continuation, Company shall be deemed to have selected an Interest Period of one month.
Appears in 1 contract
Interest Periods. In connection with each Eurodollar Rate Loan, Company may, pursuant to the Borrowerapplicable Notice of Borrowing or Notice of Conversion/Continuation, by giving notice at as the times described in Section 3.1(a)case may be, shall elect select an interest period (each, each an "Interest Period") to be applicable to such Term Loan, which Interest Period shall be be, at Company's sole option, either a period of one (1)one, two (2)two, three (3)three, or six (6) months with respect or, if available to each Eurodollar Rate Loanall Lenders, twelve month period; provided that:
(i) the initial Interest Period for any Eurodollar Rate Loan shall commence on the date Funding Date in respect of advance such Loan, in the case of or conversion to any a Loan initially made as a Eurodollar Rate Loan, or on the date specified in the applicable Notice of Conversion/Continuation, in the case of a Loan and, converted to a Eurodollar Rate Loan;
(ii) in the case of immediately successive Interest PeriodsPeriods applicable to a Eurodollar Rate Loan continued as such pursuant to a Notice of Conversion/Continuation, each successive Interest Period shall commence on the date day on which the next preceding Interest Period expires;
(iiiii) if any an Interest Period would otherwise expire on a day that is not a Business Day, such Interest Period shall expire on the next succeeding Business Day; providedprovided that, that if any Interest Period with respect to a Eurodollar Rate Loan would otherwise expire on a day 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;
(iiiiv) any Interest Period with respect to a Eurodollar 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) shall shall, subject to clause (v) of this subsection 2.2B, end on the last Business Day of the relevant a calendar month at the end of such Interest Periodmonth;
(ivv) no Interest Period 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 portion of the Revolving Loans shall extend beyond the Revolving Loan Commitment Termination Date, and Interest Periods shall be selected by the Borrower so as to permit the Borrower to make the monthly principal installment payments pursuant to Section 2.3 without payment of any amounts pursuant to Section 3.9; and
(v) there shall be no more than two (2) Interest Periods in effect at any time.;
Appears in 1 contract
Samples: Credit Agreement (Urs Corp /New/)
Interest Periods. In connection with each Eurodollar LIBOR Rate Loan or CDOR Rate Loan, as applicable, the US Borrower, on behalf of itself and the Subsidiary Borrowers, by giving notice at the times described in Section 3.1(a)2.4 or 5.2, as applicable, shall elect an interest period (each, an "“Interest Period"”) to be applicable to such Term LIBOR Rate Loan or CDOR Rate Loan, as applicable, which Interest Period shall be (x) in the case of a LIBOR Rate Loan, a period of one (1), two (2), three (3), or six (6) months with respect or, if available and agreed to each Eurodollar by all the Lenders, twelve (12) months and (y) in the case of a CDOR Rate Loan, a period of one (1), two (2), three (3) or six (6) months; provided that:
(i) the Interest Period shall commence on the date of advance of or conversion to any Eurodollar LIBOR Rate Loan or CDOR Rate Loan, as applicable, and, in the case of immediately successive Interest Periods, each successive Interest Period shall commence on the date on which the next immediately preceding Interest Period expires;
(ii) if any Interest Period would otherwise expire on a day that is not a Business Day, such Interest Period shall expire on the next succeeding Business Day; provided, that if any Interest Period with respect to a Eurodollar LIBOR Rate Loan or CDOR Rate Loan, as applicable, would otherwise expire on a day 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;
(iii) any Interest Period with respect to a Eurodollar LIBOR Rate Loan or CDOR Rate Loan, as applicable, that begins on the last Business Day of a calendar month (or on a day for which there is no numerically corresponding day in the calendar month at the end of such Interest Period) shall end on the last Business Day of the relevant calendar month at the end of such Interest Period;
(iv) no Interest Period shall extend beyond the Maturity Date, and Interest Periods shall be selected by the Borrower so as to permit the Borrower to make the monthly principal installment payments pursuant to Section 2.3 Date without payment of any amounts pursuant to Section 3.95.9; and
(v) there shall be no more than two fifteen (215) Interest Periods in effect at any time.
Appears in 1 contract
Samples: Credit Agreement (Pool Corp)
Interest Periods. In connection with each Eurodollar Rate LIBOR Loan, Borrowers may, pursuant to the Borrowerapplicable Notice of Borrowing or Notice of Conversion/Continuation, by giving notice at as the times described in Section 3.1(a)case may be, shall elect select an interest period (each, each an "Interest PeriodINTEREST PERIOD") to be applicable to such Term Loan, which Interest Period shall be be, at Borrower's option, either a period of one (1)one, two (2)two, three (3), or six (6) months with respect to each Eurodollar Rate Loanmonth period; provided PROVIDED that:
(i) the initial Interest Period for any LIBOR Loan shall commence on the 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 advance Conversion/Continuation, in the case of or conversion a Loan converted to any Eurodollar Rate Loan and, a LIBOR Loan;
(ii) in the case of immediately successive Interest PeriodsPeriods applicable to a LIBOR Loan continued as such pursuant to a Notice of Conversion/Continuation, each successive Interest Period shall commence on the date day on which the next preceding Interest Period expires;
(iiiii) if any an Interest Period would otherwise expire on a day that is not a Business Day, such Interest Period shall expire on the next succeeding Business Day; providedPROVIDED that, that if any Interest Period with respect to a Eurodollar Rate Loan would otherwise expire on a day 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;
(iiiiv) any Interest Period with respect to a Eurodollar 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) shall shall, subject to clause (v) of this subsection 2.2B, end on the last Business Day of the relevant a calendar month at the end of such Interest Periodmonth;
(ivv) no Interest Period with respect to any portion of the Term Loan shall extend beyond the then effective Term Loan Maturity Date and no Interest Period with respect to any portion of the Revolving Loans shall extend beyond the then effective Revolving Loan Commitment Termination Date, and Interest Periods shall be selected by the Borrower so as to permit the Borrower to make the monthly principal installment payments pursuant to Section 2.3 without payment of any amounts pursuant to Section 3.9; and;
(vvi) there shall be no more than two (2) fifteen Interest Periods in effect outstanding at any time; and
(vii) in the event Borrowers fails to specify an Interest Period for any LIBOR Loan in the applicable Notice of Borrowing or Notice of Conversion/Continuation, Borrowers shall be deemed to have selected an Interest Period of one month.
Appears in 1 contract
Samples: Credit Agreement (La Quinta Corp)
Interest Periods. In connection with each Eurodollar Offshore Rate Loan and each Competitive Bid Loan, the Company, on behalf of a Borrower, by giving notice at the times described in Section 3.1(a4.1(a), shall elect an interest period (each, an "“Interest Period"”) to be applicable to such Term Revolving Credit Loan or such Competitive Bid Loan, which Interest Period shall shall, unless otherwise agreed by the Administrative Agent and the Lenders, be a period of one (1), two (2), three (3), or or, if available to all Lenders for the requested Available Currency, six (6) months with respect to each Eurodollar Offshore Rate Loan, a period of seven (7) days to 180 days with respect to each Dollar Competitive Bid Loan and a period of seven (7) to sixty (60) days with respect to Offshore Currency Competitive Bid Loans; provided that:
(i) the Interest Period shall commence on the date of advance of or conversion to any Eurodollar Offshore Rate Loan and, in the case of immediately successive Interest Periods, each successive Interest Period shall commence on the date on which the next preceding Interest Period expires;
(ii) if any Interest Period would otherwise expire on a day that is not a Business Day, such Interest Period shall expire on the next succeeding Business Day; provided, provided that if any Interest Period with respect to a Eurodollar an Offshore Rate Loan would otherwise expire on a day 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;
(iii) any Interest Period with respect to a Eurodollar an Offshore 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) shall end on the last Business Day of the relevant calendar month at the end of such Interest Period;
(iv) no Interest Period shall extend beyond the Maturity Date, and Termination Date of the facility under which the Loan with respect to which such Interest Periods shall be selected by the Borrower so as to permit the Borrower to make the monthly principal installment payments pursuant to Section 2.3 without payment of any amounts pursuant to Section 3.9Period relates was made; and
(v) there shall be no more than two twelve (212) Offshore Rate Loans (exclusive of Competitive Bid Loans) outstanding hereunder at any time (it being understood that, for purposes hereof, Offshore Rate Loans with different Interest Periods shall be considered as separate Offshore Rate Loans, even if they begin on the same date, although borrowings, extensions and conversions may, in effect accordance with the provisions hereof, be combined by a Borrower at any timethe end of existing Interest Periods to constitute a new Offshore Rate Loan with a single Interest Period).
Appears in 1 contract
Samples: Credit Agreement (Equifax Inc)
Interest Periods. In connection with each Eurodollar Rate Loan, Company may, pursuant to the Borrowerapplicable Notice of Borrowing or Notice of Conversion/Continuation, by giving notice at as the times described in Section 3.1(a)case may be, shall elect select an interest period (each, each an "Interest Period") to be applicable to such Term Loan, which Interest Period shall be be, at Company's option, either a one, two, three or six month period of one or, if deposits in the interbank Eurodollar market are available to all Lenders for such period (1as determined by each Lender), two (2), three (3), a nine or six (6) months with respect to each Eurodollar Rate Loantwelve month period; provided that:
(i) the initial Interest Period for any Eurodollar Rate Loan shall commence on the date Funding Date in respect of advance such Loan, in the case of or conversion to any a Loan initially made as a Eurodollar Rate Loan, or on the date specified in the applicable Notice of Conversion/Continuation, in the case of a Loan and, converted to a Eurodollar Rate Loan;
(ii) in the case of immediately successive Interest PeriodsPeriods applicable to a Eurodollar Rate Loan continued as such pursuant to a Notice of Conversion/Continuation, each successive Interest Period shall commence on the date day on which the next preceding Interest Period expires;
(iiiii) if any an Interest Period would otherwise expire on a day that is not a Business Day, such Interest Period shall expire on the next succeeding Business Day; providedprovided that, that if any Interest Period with respect to a Eurodollar Rate Loan would otherwise expire on a day 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;
(iiiiv) any Interest Period with respect to a Eurodollar 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) shall shall, subject to clause (v) of this subsection 2.2B, end on the last Business Day of the relevant a calendar month at the end of such Interest Periodmonth;
(ivv) no Interest Period with respect to any portion of the Tranche A Term Loans shall extend beyond the Tranche A Maturity Date, no Interest Period with respect to any portion of the Tranche B Term Loans shall extend beyond the Tranche B Maturity Date and no Interest Periods Period with respect to any portion of the Revolving Loans shall be selected by extend beyond the Borrower so as to permit the Borrower to make the monthly principal installment payments pursuant to Section 2.3 without payment of any amounts pursuant to Section 3.9; and
(v) there shall be no more than two (2) Interest Periods in effect at any time.Revolving Loan Commitment Termination Date;
Appears in 1 contract
Interest Periods. In connection with each Eurodollar Rate Loan, Company and the Borrowerapplicable Borrower may, by giving notice at pursuant to the times described in Section 3.1(a)applicable Notice of Borrowing or Notice of Conversion/Continuation, shall elect as the case may be, select an interest period (each, each an "Interest PeriodINTEREST PERIOD") to be applicable to such Term Loan, which Interest Period shall be be, at the option of Company and such Borrower either a period of one (1)one, two (2)two, three (3), or six month period or, if deposits in the London interbank market are generally available for such period (6as determined by each Lender) months with respect to each Eurodollar Rate Loana nine or twelve month period; provided that:
(i) the initial Interest Period for any Eurodollar Rate Loan shall commence on the date Funding Date in respect of advance such Loan, in the case of or conversion to any a Loan initially made as a Eurodollar Rate Loan, or on the date specified in the applicable Notice of Conversion/Continuation, in the case of a Loan and, converted to a Eurodollar Rate Loan;
(ii) in the case of immediately successive Interest PeriodsPeriods applicable to a Eurodollar Rate Loan continued as such pursuant to a Notice of Conversion/Continuation, each successive Interest Period shall commence on the date day on which the next preceding Interest Period expires;
(iiiii) if any an Interest Period would otherwise expire on a day that is not a Business Day, such Interest Period shall expire on the next succeeding Business Day; providedprovided that, that if any Interest Period with respect to a Eurodollar Rate Loan would otherwise expire on a day 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;
(iiiiv) any Interest Period with respect to a Eurodollar 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) shall shall, subject to clause (v) of this subsection 2.2B, end on the last Business Day of the relevant a calendar month at the end of such Interest Periodmonth;
(ivv) no Interest Period with respect to any portion of the Revolving Loans shall extend beyond the Maturity Revolving Loan Commitment Termination Date, and Interest Periods shall be selected by the Borrower so as to permit the Borrower to make the monthly principal installment payments pursuant to Section 2.3 without payment of any amounts pursuant to Section 3.9; and;
(vvi) there shall be no more than two six (26) Interest Periods in effect outstanding at any time; and
(vii) in the event Company and the applicable Borrower fails to specify an Interest Period for any Eurodollar Rate Loan in the applicable Notice of Borrowing or Notice of Conversion/Continuation, Company and such Borrower shall be deemed to have selected an Interest Period of one month.
Appears in 1 contract
Samples: Credit Agreement (Arris Group Inc)
Interest Periods. In connection with each Eurodollar At any time when the Borrower shall select, convert to or renew the CD Rate LoanOption, Revolving Credit Euro-Rate Option or Facility A Term Loan Option, the BorrowerBorrower shall notify the Agent thereof by delivering a Facility A Loan Request at least one (1) Business Day prior to the effective date of a CD Rate Option, by giving three (3) Business Days prior to the effective date of a Revolving Credit Euro-Rate Option or the Facility A Term Loan Option, and one (1) Business Day prior to the effective date of the Federal Funds/Euro-Rate Option. The notice at the times described in Section 3.1(a), shall elect specify an interest period during which such Option shall apply, such periods may be (eachi) 30, an 60, 90, 180, 270 or 360 days in the event of a CD Rate Option (the "CD Rate Interest Period") ), provided that the Facility A Banks shall not be required to be applicable accept a request by Borrower for a CD Interest Period of 270 or 360 days unless all of the Facility A Banks in their discretion agree to such a period, (ii) one, two, three or six, nine or twelve months in the event of a Revolving Credit Euro-Rate Option provided that the Facility A Banks shall not be required to accept a request by Borrower for an interest period of nine or twelve months unless all of the Facility A Banks in their discretion agree to such a period (the "Revolving Credit Euro-Rate Interest Period"), (iii) for a period beginning on the date of the election and ending on the Mandatory Reduction Date in the case of a Mandatory Reduction Date Facility A Term LoanLoan Option, which and (iv) for a period beginning on the date of the election and ending on the Expiration Date in the case of an Expiration Date Facility A Term Loan Option. The CD Rate Interest Period and any Euro-Rate Interest Period shall be a period of one subject to the following additional requirements: (1), two (2), three (3), or six (6a) months with respect to each Eurodollar any CD Rate Loan; provided that:
(i) the Interest Period shall commence on the date of advance of or conversion to any Eurodollar Euro-Rate Loan and, in the case of immediately successive Interest Periods, each successive Interest Period shall commence on the date on which the next preceding Interest Period expires;
(ii) if any Interest Period would otherwise expire end on a day that is not a Business Day, such Interest Period shall expire on the next succeeding Business Day; provided, that if any Interest Period with respect to a Eurodollar Rate Loan would otherwise expire on a day that date which is not a Business Day but is a day of shall be extended to the month after which no further next succeeding Business Day occurs unless such Business Day falls in such the next calendar month, in which case such CD Rate Interest Period or Euro-Rate Interest Period shall expire end on the next preceding Business Day;
; (iiib) any Euro-Rate Interest Period with respect to a Eurodollar Rate Loan that which begins on the last Business Day day of a calendar month (or on a day for which there is no numerically corresponding day in the subsequent calendar month at the end of during which such Interest Period) Period is to end shall end on the last Business Day of such subsequent month; (c) the relevant calendar month CD Rate Portion and the Euro-Rate Portion for each CD Rate Interest Period and Euro-Rate Interest Period shall be in integral multiples of $100,000 and each such Portion shall not be less than $2,000,000; (d) the Borrower shall not select, convert to or renew a CD Rate Interest Period or a Euro-Rate Interest Period for any portion of the Facility A Loans that would end after the Expiration Date; and (e) in the case of the renewal of a CD Rate Option at the end of such a CD Rate Interest Period or the renewal of a Euro-Rate Option at the end of a Euro-Rate Interest Period;
(iv) no , the first day of the new Interest Period shall extend beyond be the Maturity Datelast day of the preceding Interest Period, and Interest Periods shall be selected by the Borrower so as to permit the Borrower to make the monthly principal installment payments pursuant to Section 2.3 without duplication in payment of any amounts pursuant to Section 3.9; and
(v) there shall be no more than two (2) Interest Periods in effect at any timeinterest for such day.
Appears in 1 contract
Interest Periods. In connection with each At the time it gives any Notice of Borrowing or Notice of Conversion in respect of the making of, or conversion into, a Eurodollar Rate LoanLoan (in the case of the initial Interest Period applicable thereto) or prior to 10:00 A.M. (New York time) on the third Business Day prior to the expiration of an Interest Period applicable to such Eurodollar Loan (in the case of any subsequent Interest Period), the BorrowerBorrower shall have the right to elect, by giving the Agent notice at thereof, the times described in Section 3.1(a), shall elect an interest period (each, an "Interest Period") to be applicable to such Term Eurodollar Loan, which Interest Period shall shall, at the option of the Borrower, be a period of one (1), two (2)one, three (3), or six (6) months with respect to each Eurodollar Rate Loansix-month period; provided that:
(i) all Eurodollar Loans comprising a single Borrowing shall at all times have the same Interest Period;
(ii) the initial Interest Period for any Eurodollar Loan shall commence on the date of advance Borrowing of or such Eurodollar Loan (including the date of any conversion to any Eurodollar thereto from a Borrowing of Base Rate Loan and, in the case of immediately successive Interest Periods, Loans) and each successive Interest Period occurring thereafter in respect of such Eurodollar Loan shall commence on the date day on which the next preceding Interest Period applicable thereto expires;
(iiiii) if any Interest Period relating to a Euro- dollar Loan begins on a day for which there is no numerically corresponding day in the calendar month at the end of such Interest Period, such Interest Period shall end on the last Business Day of such calendar month;
(iv) if any Interest Period would otherwise expire on a day that which is not a Business Day, such Interest Period shall expire on the next succeeding Business Day; provided, however, that if any Interest Period with respect to for a Eurodollar Rate Loan would otherwise expire on a day that 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;
(iiiv) any no Interest Period with for a Borrowing under any Tranche shall be selected which extends beyond the Final Maturity Date;
(vi) no Interest Period may be selected at any time when any Default or Event of Default is then in existence;
(vii) no Interest Period in respect of any Borrowing of Term Loans or Capital Expenditure Loans, as the case may be, shall be selected which extends beyond any date upon which a mandatory repayment of such Term Loans or Capital Expenditure Loans will be required to a Eurodollar Rate Loan that begins on be made under Section 4.02(A)(b) or (c), as the last Business Day of a calendar month (or on a day for which there is no numerically corresponding day in case may be, if, after giving effect to the calendar month at the end selection of such Interest Period) shall end on , the last Business Day aggregate principal amount of such Term Loans or Capital Expenditure Loans, as the case may be, maintained as Eurodollar Loans which have Interest Periods expiring after such date will be in excess of the relevant calendar month at the end aggregate principal amount of such Interest Period;Term Loans or Capital Expenditure Loans, as the case may be, then outstanding less the aggregate amount of such required prepayment; and
(ivviii) no Interest Period shall extend beyond may be selected prior to the Maturity Syndication Termination Date. If upon the expiration of any Interest Period applicable to a Borrowing of Eurodollar Loans the Borrower has failed to elect a new Interest Period to be applicable to such Eurodollar Loans as provided above or a Default or Event of Default then exists, and Interest Periods the Borrower shall be selected by deemed to have elected to convert such Eurodollar Loans into Base Rate Loans effective as of the Borrower so as to permit the Borrower to make the monthly principal installment payments pursuant to Section 2.3 without payment expiration date of any amounts pursuant to Section 3.9; and
(v) there shall be no more than two (2) such current Interest Periods in effect at any timePeriod.
Appears in 1 contract
Samples: Credit Agreement (Moovies Inc)
Interest Periods. In connection with each Eurodollar Rate Loan, Company may, pursuant to the Borrowerapplicable Notice of Borrowing or Notice of Conversion/Continuation, by giving notice at as the times described in Section 3.1(a)case may be, shall elect select an interest period (each, each an "Interest Period") to be applicable to such Term Loan, which Interest Period shall be be, at Company's option, either a period of one (1)one, two (2)two, three (3), or six (6) months with respect to each Eurodollar Rate Loanmonth period; provided -------- that:
(i) the initial Interest Period for any Eurodollar Rate Loan shall commence on the date Funding Date in respect of advance such Loan, in the case of or conversion to any a Loan initially made as a Eurodollar Rate Loan, or on the date specified in the applicable Notice of Conversion/Continuation, in the case of a Loan and, converted to a Eurodollar Rate Loan;
(ii) in the case of immediately successive Interest PeriodsPeriods applicable to a Eurodollar Rate Loan continued as such pursuant to a Notice of Conversion/Continuation, each successive Interest Period shall commence on the date day on which the next preceding Interest Period expires;
(iiiii) if any an Interest Period would otherwise expire on a day that is not a Business Day, such Interest Period shall expire on the next succeeding Business Day; providedprovided that, that if any Interest Period with respect to a Eurodollar Rate Loan would -------- otherwise expire on a day 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;
(iiiiv) any no Interest Period with respect to a Eurodollar Rate any portion of the Revolving Loans shall extend beyond the Revolving Loan Commitment Termination Date;
(v) any Interest Period that begins on the last Business Day of a calendar month (or on a day for which there is no numerically corresponding day in the calendar month at the end of such Interest Period) shall shall, subject to clause (v) of this subsection 2.2B, end on the last Business Day of the relevant a calendar month;
(vi) Company may not select an Interest Period of longer than one month at prior to the end of such Interest the Initial Syndication Period;
(ivvii) no Interest Period shall extend beyond during the Maturity DateInitial Syndication Period, and Interest Periods shall be selected by the Borrower so as to permit the Borrower to make the monthly principal installment payments pursuant to Section 2.3 without payment of any amounts pursuant to Section 3.9; and
(v) there shall be no more than two (2) one Interest Period outstanding at any time with respect to the Revolving Loans, individually, and thereafter there shall be no more than a total of ten Interest Periods in effect outstanding at any timetime with respect to the Revolving Loans, collectively; and
(viii) in the event Company fails to specify an Interest Period for any Eurodollar Rate Loan in the applicable Notice of Borrowing or Notice of Conversion/Continuation, Company shall be deemed to have selected an Interest Period of one month.
Appears in 1 contract
Samples: Credit Agreement (Wec Co)
Interest Periods. In connection with each Eurodollar LIBOR Rate Loan or CDOR Rate Loan, as applicable, the US Borrower, on behalf of itself and the Subsidiary Borrowers, by giving notice at the times described in Section 3.1(a)2.4 or 5.2, as applicable, shall elect an interest period (each, an "“Interest Period"”) to be applicable to such Term LIBOR Rate Loan or CDOR Rate Loan, as applicable, which Interest Period shall be (x) in the case of a LIBOR Rate Loan, a period of one (1), two (2), three (3), or six (6) months with respect or, if available and agreed to each Eurodollar by all the Lenders, twelve (12) months and (y) in the case of a CDOR Rate Loan, a period of one (1), two (2), three (3) or six (6) months; provided that:
(i) the Interest Period shall commence on the date of advance of or conversion to any Eurodollar LIBOR Rate Loan or CDOR Rate Loan, as applicable, and, in the case of immediately successive Interest Periods, each successive Interest Period shall commence on the date on which the next immediately preceding Interest Period expires;
(ii) if any Interest Period would otherwise expire on a day that is not a Business Day, such Interest Period shall expire on the next succeeding Business Day; provided, that if any Interest Period with respect to a Eurodollar LIBOR Rate Loan or CDOR Rate Loan, as applicable, would otherwise expire on a day 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;
(iii) any Interest Period with respect to a Eurodollar LIBOR Rate Loan or CDOR Rate Loan, as applicable, that begins on the last Business Day of a calendar month (or on a day for which there is no numerically corresponding day in the calendar month at the end of such Interest Period) shall end on the last Business Day of the relevant calendar month at the end of such Interest Period;
(iv) no Interest Period shall extend beyond the Maturity Date, and Interest Periods shall be selected by the Borrower so as to permit the Borrower to make the monthly principal installment payments pursuant to Section 2.3 Date without payment of any amounts pursuant to Section 3.95.9; and
(v) there shall be no more than two fifteen (215) Interest Periods in effect at any time.”
(i) Section 5.1(c) of the Credit Agreement is hereby amended by amending and restating clause (iii) thereof in its entirety as follows:
Appears in 1 contract
Samples: Credit Agreement (Pool Corp)
Interest Periods. In connection with each Eurodollar Rate Loan, the BorrowerBorrowers may, by giving notice at pursuant to the times described in Section 3.1(a)applicable Borrowing Notice or Conversion/Continuation Notice, shall elect as the case may be, select an interest period (each, each an "Interest Period") to be applicable to such Term Loan, which Interest Period shall be be, at Borrowers' option, either a period of one (1)one, two (2)two, three (3), or six (6) months with respect to each Eurodollar Rate Loanmonth period; provided that:
(i) the initial Interest Period for any Eurodollar Rate Loan shall commence on the date Funding Date in respect of advance such Loan, in the case of or conversion to any a Loan initially made as a Eurodollar Rate Loan, or on the date specified in the applicable Conversion/Continuation Notice, in the case of a Loan and, converted to a Eurodollar Rate Loan;
(ii) in the case of immediately successive Interest PeriodsPeriods applicable to a Eurodollar Rate Loan continued as such pursuant to a Conversion/Continuation Notice, each successive Interest Period shall commence on the date day on which the next preceding Interest Period expires;
(iiiii) if any an Interest Period would otherwise expire on a day that is not a Business Day, such Interest Period shall expire on the next succeeding Business Day; providedprovided that, that if any Interest Period with respect to a Eurodollar Rate Loan would otherwise expire on a day 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;
(iiiiv) any Interest Period with respect to a Eurodollar 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) shall shall, subject to subsection 2.2B(v), end on the last Business Day of the relevant a calendar month at the end of such Interest Periodmonth;
(ivv) no Interest Period with respect to any portion of the Loans shall extend beyond the Maturity Date for such Loans;
(vi) no Interest Period shall extend beyond a date on which Borrowers are required to make a scheduled payment of principal of the Maturity Date, and Loans or a permanent reduction of the Revolving Loan Commitments is scheduled to occur unless the sum of (a) the aggregate principal amount of Loans that are Base Rate Loans plus (b) the aggregate principal amount of Loans that are Eurodollar Rate Loans with Interest Periods shall expiring on or before such date plus (c) the excess of the Commitments then in effect over the aggregate principal amount of the Loans then outstanding equals or exceeds the principal amount required to be selected by paid on the Borrower so as Loans or the permanent reduction of the Commitments that is scheduled to permit the Borrower to make the monthly principal installment payments pursuant to Section 2.3 without payment of any amounts pursuant to Section 3.9; andoccur, on such date;
(vvii) there shall be no more than two (2) 9 Interest Periods in effect outstanding at any time;
(viii) in the event Borrowers fail to specify an Interest Period for any Eurodollar Rate Loan in the applicable Borrowing Notice or Conversion/Continuation Notice, the Borrowers shall be deemed to have selected an Interest Period of one month; and
(ix) the Borrowers may not select an Interest Period of greater than one month until sixty days after the Closing Date (unless prior thereto the Syndication Agent provides written notice that the syndication has been completed).
Appears in 1 contract
Interest Periods. In connection with each Eurodollar LIBOR Rate Loan, the Borrower, by giving notice at the times described in Section 3.1(a5.1(a), shall elect an interest period (each, an "Interest PeriodINTEREST PERIOD") to be applicable to such Term Loan, which Interest Period shall be a period of one (1), two (2), three (3), or six (6) months with respect to each Eurodollar LIBOR Rate Loan; provided PROVIDED that:
(i) the Interest Period shall commence on the date of advance of or conversion to any Eurodollar LIBOR Rate Loan and, in the case of immediately successive Interest Periods, each successive Interest Period shall commence on the date on which the next immediately preceding Interest Period expires;
(ii) if any Interest Period would otherwise expire on a day that is not a Business Day, such Interest Period shall expire on the next succeeding Business Day; providedPROVIDED, that if any Interest Period with respect to a Eurodollar LIBOR Rate Loan would otherwise expire on a day 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;
(iii) any Interest Period with respect to a Eurodollar 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) shall end on the last Business Day of the relevant calendar month at the end of such Interest Period;
(iv) no Interest Period shall extend beyond the Revolving Credit Maturity Date or the Term Loan Maturity Date, as applicable, and Interest Periods shall be selected by the Borrower so as to permit the Borrower to make mandatory reductions of the monthly Revolving Credit Commitment pursuant to Section 2.6(b) and the quarterly principal installment payments pursuant to Section 2.3 4.3 without payment of any amounts pursuant to Section 3.95.9; and
(v) there shall be no more than two six (26) Interest Periods in effect at any time.
Appears in 1 contract
Interest Periods. In connection with each Eurodollar Offshore Rate Loan and each Competitive Bid Loan, the Company, on behalf of a Borrower, by giving notice at the times described in Section 3.1(a4.1(a), shall elect an interest period (each, an "Interest PeriodINTEREST PERIOD") to be applicable to such Term Revolving Credit Loan or such Competitive Bid Loan, which Interest Period shall shall, unless otherwise agreed by the Administrative Agent and the Lenders, be a period of one (1), two (2), three (3), or or, if available to all Lenders for the requested Available Currency, six (6) months with respect to each Eurodollar Offshore Rate Loan, a period of seven (7) days to 180 days with respect to each Dollar Competitive Bid Loan and a period of seven (7) to sixty (60) days with respect to Offshore Currency Competitive Bid Loans; provided PROVIDED that:
(i) the Interest Period shall commence on the date of advance of or conversion to any Eurodollar Offshore Rate Loan and, in the case of immediately successive Interest Periods, each successive Interest Period shall commence on the date on which the next preceding Interest Period expires;
(ii) if any Interest Period would otherwise expire on a day that is not a Business Day, such Interest Period shall expire on the next succeeding Business Day; providedPROVIDED, that if any Interest Period with respect to a Eurodollar an Offshore Rate Loan would otherwise expire on a day 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;
(iii) any Interest Period with respect to a Eurodollar an Offshore 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) shall end on the last Business Day of the relevant calendar month at the end of such Interest Period;
(iv) no Interest Period shall extend beyond the Maturity Date, and Termination Date of the facility under which the Loan with respect to which such Interest Periods shall be selected by the Borrower so as to permit the Borrower to make the monthly principal installment payments pursuant to Section 2.3 without payment of any amounts pursuant to Section 3.9Period relates was made; and
(v) there shall be no more than two (2) Interest Periods in effect at any time.twelve
Appears in 1 contract
Samples: Credit Agreement (Equifax Inc)
Interest Periods. In connection with each Eurodollar LIBOR Rate Loan, the Borrower, by giving notice at the times described in Section 3.1(aSECTION 4.7(A), shall elect an interest period (each, an "Interest PeriodINTEREST PERIOD") to be applicable to such Term Loan, which Interest Period shall be a period of one (1), two (2), three (3), or six (6) months with respect to each Eurodollar Rate Loanmonths; provided PROVIDED that:
(i) the Interest Period shall commence on the date of advance of or conversion to any Eurodollar LIBOR Rate Loan and, in the case of immediately successive Interest Periods, each successive Interest Period shall commence on the date on which the next preceding Interest Period expires;
(ii) if any Interest Period would otherwise expire on a day that is not a Business Day, such Interest Period shall expire on the next succeeding Business Day; providedPROVIDED, that if any Interest Period with respect to a Eurodollar LIBOR Rate Loan would otherwise expire on a day 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;
(iii) any Interest Period with respect to a Eurodollar 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) shall end on the last Business Day of the relevant calendar month at the end of such Interest Period;
(iv) no Interest Period shall extend beyond the Maturity Date, Termination Date and Interest Periods shall be selected by the Borrower so as to permit the Borrower to make mandatory reductions of the monthly principal installment payments Acquisition Commitment pursuant to Section 2.3 SECTION 4.4(C), without payment of any amounts pursuant to Section 3.9SECTION 4.15; and
(v) there shall be no more than two ten (210) Interest Periods in effect outstanding at any time.
Appears in 1 contract
Interest Periods. In connection with each Eurodollar Rate Loan, Company may, pursuant to the Borrowerapplicable Notice of Borrowing or Notice of Conversion/Continuation, by giving notice at as the times described in Section 3.1(a)case may be, shall elect select an interest period (each, each an "Interest PeriodINTEREST PERIOD") to be applicable to such Term Loan, which Interest Period shall be be, at Company's option, either a period of one (1)one, two (2)two, three (3)three, six, or, if available, nine or six (6) months with respect to each Eurodollar Rate Loantwelve month period; provided PROVIDED that:
(i) the initial Interest Period for any Eurodollar Rate Loan shall commence on the date Funding Date in respect of advance such Loan, in the case of or conversion to any a Loan initially made as a Eurodollar Rate Loan, or on the date specified in the applicable Notice of Conversion/Continuation, in the case of a Loan and, converted to a Eurodollar Rate Loan;
(ii) in the case of immediately successive Interest PeriodsPeriods applicable to a Eurodollar Rate Loan continued as such pursuant to a Notice of Conversion/Continuation, each successive Interest Period shall commence on the date day on which the next preceding Interest Period expires;
(iiiii) if any an Interest Period would otherwise expire on a day that is not a Business Day, such Interest Period shall expire on the next succeeding Business Day; providedPROVIDED that, that if any Interest Period with respect to a Eurodollar Rate Loan would otherwise expire on a day 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;
(iiiiv) any Interest Period with respect to a Eurodollar 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) shall, subject to clause (v) of this subsection 2.2B, end on the last Business Day of a calendar month;
(v) no Interest Period with respect to any portion of the Tranche A Term Loans shall extend beyond September 30, 2004, no Interest Period with respect to any portion of the Tranche B Term Loans shall extend beyond September 30, 2005, no Interest Period with respect to any portion of the Working Capital Loans shall extend beyond the Working Capital Loan Commitment Termination Date and no Interest Period with respect to any portion of the Acquisition Loans shall extend the Acquisition Loan Commitment Termination Date;
(vi) no Interest Period with respect to any portion of the Tranche A Term Loans or the Tranche B Term Loans shall extend beyond a date on which Company is required to make a scheduled payment of principal of the Tranche A Term Loans or the Tranche B Term Loans, as the case may be, unless the sum of (a) the aggregate principal amount of Tranche A Term Loans or Tranche B Term Loans, as the case may be, that are Base Rate Loans PLUS (b) the aggregate principal amount of Tranche A Term Loans or Tranche B Term Loans, as the case may be, that are Eurodollar Rate Loans with Interest Periods expiring on or before such date equals or exceeds the principal amount required to be paid on the Tranche A Term Loans or Tranche B Term Loans, as the case may be, on such date;
(vii) there shall be outstanding at any time no more than four Interest Periods with respect to the Tranche A Term Loans, four Interest Periods with respect to the Tranche B Term Loans, six Interest Periods with respect to the Working Capital Loans and four Interest Periods with respect to the Acquisition Loans; and
(viii) in the event Company fails to specify an Interest Period for any Eurodollar Rate Loan in the applicable Notice of Borrowing or Notice of Conversion/Continuation, Company shall be deemed to have selected an Interest Period of one month ; PROVIDED that with respect to each Term Loan made on the Closing Date or the Merger Date, the initial Interest Period will commence on the Business Day on which such Term Loan is made (or, if such Term Loan is made as a Base Rate Loan, the initial Interest Period will commence on the date specified in the Notice of Conversion delivered with respect thereto) and shall end on the last Business Day of the relevant calendar month at following the end of month in which such Interest Period;
(iv) no Interest Period shall extend beyond the Maturity Date, and Interest Periods shall be selected by the Borrower so as to permit the Borrower to make the monthly principal installment payments pursuant to Section 2.3 without payment of any amounts pursuant to Section 3.9; and
(v) there shall be no more than two (2) Interest Periods in effect at any timeTerm Loan is made.
Appears in 1 contract
Interest Periods. In connection with each Eurodollar Rate LIBOR Loan, Company may, pursuant to the Borrowerapplicable Notice of Borrowing or Notice of Conversion/Continuation, by giving notice at as the times described in Section 3.1(a)case may be, shall elect select an interest period (each, each an "“Interest Period"”) to be applicable to such Term Loan, which Interest Period shall be be, at Company’s option, either a one, two, three or six month period of one or, if deposits in the London interbank market are generally available for such period (1as determined by Administrative Agent), two (2), three (3), or six (6) months with respect to each Eurodollar Rate Loana nine month period; provided that:
(i) the initial Interest Period for any LIBOR Loan shall commence on the 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 advance Conversion/Continuation, in the case of or conversion a Loan converted to any Eurodollar Rate Loan and, a LIBOR Loan;
(ii) in the case of immediately successive Interest PeriodsPeriods applicable to a LIBOR Loan continued as such pursuant to a Notice of Conversion/Continuation, each successive Interest Period shall commence on the date day on which the next preceding Interest Period expires;
(iiiii) if any an Interest Period would otherwise expire on a day that is not a Business Day, such Interest Period shall expire on the next succeeding Business Day; providedprovided that, that if any Interest Period with respect to a Eurodollar Rate Loan would otherwise expire on a day 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;
(iiiiv) any Interest Period with respect to a Eurodollar 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) shall shall, subject to clause (v) of this subsection 2.2B, end on the last Business Day of the relevant a calendar month at the end of such Interest Periodmonth;
(ivv) no Interest Period 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 portion of the Revolving Loans shall extend beyond the Revolving Loan Commitment Termination Date;
(vi) no Interest Period with respect to any type of Term Loans shall extend beyond a date on which Company is required to make a scheduled payment of principal of such type of Term Loans, and 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 Loans with Interest Periods shall expiring on or before such date equals or exceeds the principal amount required to be selected by the Borrower so as to permit the Borrower to make the monthly principal installment payments pursuant to Section 2.3 without payment paid on such type of any amounts pursuant to Section 3.9; andTerm Loans on such date;
(vvii) there shall be no more than two (2) ten Interest Periods in effect outstanding at any time; and
(viii) in the event Company fails to specify an Interest Period for any LIBOR Loan in the applicable Notice of Borrowing or Notice of Conversion/Continuation, Company shall be deemed to have selected an Interest Period of one month.
Appears in 1 contract
Interest Periods. In connection with each Eurodollar Rate Loan, Borrower may, pursuant to the Borrowerapplicable Notice of Borrowing or Notice of Conversion/Continuation, by giving notice at as the times described in Section 3.1(a)case may be, shall elect select an interest period (each, each an "Interest Period") to be applicable to such Term Loan, which Interest Period shall be be, at Borrower's option, either a period of one (1)one, two (2)two, three (3), or six (6) months with respect to each Eurodollar Rate Loanmonth period; provided that:
(i) the initial Interest Period for any Eurodollar Rate Loan shall commence on the date Funding Date in respect of advance such Loan, in the case of or conversion to any a Loan initially made as a Eurodollar Rate Loan, or on the date specified in the applicable Notice of Conversion/Continuation, in the case of a Loan and, converted to a Eurodollar Rate Loan;
(ii) in the case of immediately successive Interest PeriodsPeriods applicable to a Eurodollar Rate Loan continued as such pursuant to a Notice of Conversion/Continuation, each successive Interest Period shall commence on the date day on which the next preceding Interest Period expires;
(iiiii) if any an Interest Period would otherwise expire on a day that is not a Business Day, such Interest Period shall expire on the next succeeding Business Day; providedprovided that, that if any Interest Period with respect to a Eurodollar Rate Loan would otherwise expire on a day 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;
(iiiiv) any Interest Period with respect to a Eurodollar 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) shall shall, subject to clause (v) of this subsection 2.2B, end on the last Business Day of the relevant a calendar month at the end of such Interest Periodmonth;
(ivv) no Interest Period with respect to any portion of the Term Loans shall extend beyond April 30, 2009 and no Interest Period with respect to any portion of the Revolving Loans shall extend beyond the Maturity Revolving Loan Commitment Termination Date, and Interest Periods shall be selected by the Borrower so as to permit the Borrower to make the monthly principal installment payments pursuant to Section 2.3 without payment of any amounts pursuant to Section 3.9; and
(v) there shall be no more than two (2) Interest Periods in effect at any time.;
Appears in 1 contract
Samples: Credit Agreement (Ethyl Corp)
Interest Periods. In connection with each Eurodollar Rate LIBOR Loan, Company may, pursuant to the Borrowerapplicable Notice of Borrowing or Notice of Conversion/Continuation, by giving notice at as the times described in Section 3.1(a)case may be, shall elect select an interest period (each, each an "“Interest Period"”) to be applicable to such Term Loan, which Interest Period shall be be, at Company’s option, either a one, two, three or six month period of one or, if deposits in the London interbank market are generally available for such period (1as determined by Administrative Agent), two (2), three (3), or six (6) months with respect to each Eurodollar Rate Loana nine month period; provided that:
(i) the initial Interest Period for any LIBOR Loan shall commence on the 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 advance Conversion/Continuation, in the case of or conversion a Loan converted to any Eurodollar Rate Loan and, a LIBOR Loan;
(ii) in the case of immediately successive Interest PeriodsPeriods applicable to a LIBOR Loan continued as such pursuant to a Notice of Conversion/Continuation, each successive Interest Period shall commence on the date day on which the next preceding Interest Period expires;
(iiiii) if any an Interest Period would otherwise expire on a day that is not a Business Day, such Interest Period shall expire on the next succeeding Business Day; providedprovided that, that if any Interest Period with respect to a Eurodollar Rate Loan would otherwise expire on a day 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;
(iiiiv) any Interest Period with respect to a Eurodollar 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) shall shall, subject to clause (v) of this subsection 2.2B, end on the last Business Day of the relevant a calendar month at the end of such Interest Periodmonth;
(ivv) no Interest Period with respect to any portion of the Term Loans shall extend beyond the Term Loan Maturity Date, and no Interest Periods Period with respect to any portion of the Revolving Loans shall be selected by extend beyond the Borrower so as to permit the Borrower to make the monthly principal installment payments pursuant to Section 2.3 without payment of any amounts pursuant to Section 3.9; andRevolving Loan Commitment Termination Date;
(vvi) there shall be no more than two ten (210) Interest Periods in effect outstanding at any time; and
(vii) in the event Company fails to specify an Interest Period for any LIBOR Loan in the applicable Notice of Borrowing or Notice of Conversion/Continuation, Company shall be deemed to have selected an Interest Period of one month.
Appears in 1 contract
Interest Periods. In connection with each Eurodollar Rate Loan, Company may, pursuant to the Borrowerapplicable Notice of Borrowing or Notice of Conversion/Continuation, by giving notice at as the times described in Section 3.1(a)case may be, shall elect select an interest period (each, each an "Interest PeriodINTEREST PERIOD") to be applicable to such Term Loan, which Interest Period shall be be, at Company's option, either a period of one (1)one, two (2)two, three (3), or six (6) months with respect to each Eurodollar Rate Loanmonth period; provided that:
(i) the initial Interest Period for any Eurodollar Rate Loan shall commence on the date Funding Date in respect of advance such Loan, in the case of or conversion to any a Loan initially made as a Eurodollar Rate Loan, or on the date specified in the applicable Notice of Conversion/Continuation, in the case of a Loan and, converted to a Eurodollar Rate Loan;
(ii) in the case of immediately successive Interest PeriodsPeriods applicable to a Eurodollar Rate Loan continued as such pursuant to a Notice of Conversion/Continuation, each successive Interest Period shall commence on the date day on which the next preceding Interest Period expires;
(iiiii) if any an Interest Period would otherwise expire on a day that is not a Business Day, such Interest Period shall expire on the next succeeding Business Day; providedprovided that, that if any Interest Period with respect to a Eurodollar Rate Loan would otherwise expire on a day 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;
(iiiiv) any Interest Period with respect to a Eurodollar 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) shall shall, subject to clause (v) of this subsection 2.2B, end on the last Business Day of the relevant a calendar month at the end of such Interest Periodmonth;
(ivv) no Interest Period with respect to any portion of the Term Loans shall extend beyond September 30, 2005 and no Interest Period with respect to any portion of the Revolving Loans shall extend beyond the Maturity Revolving Loan Commitment Termination Date, and Interest Periods shall be selected by the Borrower so as to permit the Borrower to make the monthly principal installment payments pursuant to Section 2.3 without payment of any amounts pursuant to Section 3.9; and
(v) there shall be no more than two (2) Interest Periods in effect at any time.;
Appears in 1 contract
Samples: Credit Agreement (Blackbaud Inc)
Interest Periods. In connection with each Eurodollar At the time it gives any Notice of Borrowing in respect of the making of any Euro Rate Loan, or any Notice of Conversion in respect of the Borrowerconversion of any Eurodollar Loan (in the case of the initial Interest Period applicable thereto), or on the third Business Day prior to the expiration of an Interest Period applicable to any Euro Rate Loan (in the case of any subsequent Interest Period), the Borrower shall have the right to elect, by giving the Administrative Agent notice at thereof, the times described in Section 3.1(a), shall elect an interest period (each, each an "Interest Period") to be applicable to such Term Euro Rate Loan, which Interest Period shall shall, subject to clauses (viii) and (ix) of the proviso below, at the option of the Borrower, be a period of one (1)one, two (2)two, three (3)or six-month period, or six (6) months with respect to the consent of each Eurodollar Lender making such Euro Rate Loan, a nine or twelve-month period; provided that:
(i) all Euro Rate Loans comprising a Borrowing shall at all times have the same Interest Period;
(ii) the initial Interest Period for any Borrowing of Euro Rate Loans shall commence on the date of advance of or conversion to any Eurodollar Rate Loan and, such Borrowing (including in the case of immediately successive Interest PeriodsDollar Loans, the date of any conversion thereto from a Borrowing of Base Rate Loans) and each successive Interest Period occurring thereafter in respect of such Euro Rate Loans shall commence on the date day on which the next preceding Interest Period applicable thereto expires;
(iiiii) if any Interest Period relating to a Euro 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;
(iv) if any Interest Period would otherwise expire on a day that which is not a Business Day, such Interest Period shall expire on the next succeeding Business Day; provided, however, that if any Interest Period with respect to a Eurodollar Rate Loan would otherwise expire on a day that 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;
(iiiv) no Interest Period in respect of Dollar Loans may be selected at any time when an Event of Default is then in existence if the Administrative Agent or the Majority Lenders in respect of the applicable Tranche have previously advised the Borrower that conversions will not be permitted while such Event of Default remains in existence;
(vi) no Interest Period for a Borrowing under a Tranche shall be selected which extends beyond the respective Maturity Date of such Tranche;
(vii) no Interest Period in respect of any Borrowing of Term Loans under a Tranche shall be selected which extends beyond any date upon which a Scheduled Repayment of Term Loans of such Tranche will be required to be made under Section 4.02(b), (c) or (d) if the aggregate principal amount of Term Loans under such Tranche which have Interest Periods which will expire after such date will be in excess of the aggregate principal amount of such Tranche of Term Loans then outstanding less the aggregate amount of such Scheduled Repayment;
(viii) prior to the Syndication Date, only Pre-Syndication Interest Periods may be selected;
(ix) the Borrower's right to select Interest Periods in respect of an Incremental Term Loan of a given Tranche may be subject to the limitations, if any, set forth in the applicable Incremental Commitment Agreement; and
(x) no Interest Period in respect of Euro Term Loans other than a one month Interest Period may be selected at any time when an Event of Default is then in existence if the Administrative Agent or the Majority Lenders in respect of the applicable Tranche have previously advised the Borrower that such longer Interest Periods will not be available while such Event of Default remains in existence. Prior to the termination of any Interest Period with respect applicable to a Eurodollar Rate Loan any Loans, the Borrower may, at its option, designate that begins on the last Business Day respective Borrowing subject thereto be split into more than one Borrowing (for purposes of a calendar month (or on a day for which there is no numerically corresponding day in electing multiple Interest Periods to be applicable thereto upon the calendar month at the end expiration of such Interest Period), so long as each such Borrowing resulting from the action taken pursuant to this sentence meets the Minimum Borrowing Amount for such Loans and the aggregate number of Borrowings does not exceed the limitations set forth in Section 1.02. If upon the expiration of any Interest Period applicable to a Borrowing of Euro Rate Loans, the Borrower has failed to elect, or is not permitted to elect, a new Interest Period to be applicable to such Euro Rate Loans as provided above, the Borrower shall be deemed to have elected (x) shall end on in the last Business Day case of Eurodollar Loans, to convert such Eurodollar Loans into Base Rate Loans effective as of the relevant calendar month at the end expiration date of such current Interest Period and (y) in the case of Euro Term Loans, to select a one-month Interest Period for such Euro Term Loans effective as of the expiration date of such current Interest Period;
(iv) no Interest Period shall extend beyond the Maturity Date, and Interest Periods shall be selected by the Borrower so as to permit the Borrower to make the monthly principal installment payments pursuant to Section 2.3 without payment of any amounts pursuant to Section 3.9; and
(v) there shall be no more than two (2) Interest Periods in effect at any time.
Appears in 1 contract
Samples: Credit Agreement (Aearo CO I)
Interest Periods. In connection with each At the time it gives any Notice of Borrowing or Notice of Conversion in respect of the making of, or conversion into, any Eurodollar Rate LoanLoan (in the case of the initial Interest Period applicable thereto) or on the third Business Day prior to the expiration of an Interest Period applicable to such Eurodollar Loan (in the case of any subsequent Interest Period), the BorrowerBorrower shall have the right to elect, by giving the Agent notice at thereof, the times described in Section 3.1(a), shall elect an interest period (each, each an "Interest Period") to be applicable to such Term Eurodollar Loan, which Interest Period shall shall, at the option of the Borrower, be a period of one (1)one, two (2)two, three (3)or six-month period, or six (6) months with respect or, if available to each Eurodollar Rate Loan; Bank, a nine or twelve-month period, provided that:
(i) all Eurodollar Loans comprising a Borrowing shall at all times have the same Interest Period;
(ii) the initial Interest Period for any Eurodollar Loan shall commence on the date of advance Borrowing of or such Eurodollar Loan (including the date of any conversion to any Eurodollar Rate thereto from a Loan and, in the case of immediately successive Interest Periods, a different Type) and each successive Interest Period occurring thereafter in respect of such Eurodollar Loan shall commence on the date day on which the next preceding Interest Period applicable thereto expires;
(iiiii) if any Interest Period relating to a Eurodollar Loan begins on a day for which there is no numerically corresponding day in the calendar month at the end of such Interest Period, such Interest Period shall end on the last Business Day of such calendar month;
(iv) if any Interest Period would otherwise expire on a day that which is not a Business Day, such Interest Period shall expire on the next succeeding Business Day; provided, however, that if any Interest Period with respect to for a Eurodollar Rate Loan would otherwise expire on a day that 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;
(iii) any Interest Period with respect to a Eurodollar 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) shall end on the last Business Day of the relevant calendar month at the end of such Interest Period;
(ivv) no Interest Period shall extend beyond the Maturity Date, and may be selected at any time when an Event of Default is then in existence;
(vi) no Interest Periods Period in respect of any Borrowing of any Tranche of Loans shall be selected by which extends beyond the Borrower so as to permit the Borrower to make the monthly principal installment payments pursuant to Section 2.3 without payment respective Maturity Date for such Tranche of any amounts pursuant to Section 3.9Loans; and
(vvii) there no Interest Period in respect of any Borrowing of Term Loans shall be no more than two (2selected which extends beyond any date upon which a mandatory repayment of Term Loans will be required to be made under Section 4.02(b) if the aggregate principal amount of such Term Loans which have Interest Periods which will expire after such date will be in effect at excess of the aggregate principal amount of Term Loans then outstanding less the aggregate amount of such required prepayment. If upon the expiration of any timeInterest Period applicable to a Borrowing of Eurodollar Loans, the Borrower has failed to elect, or is not permitted to elect, a new Interest Period to be applicable to such Eurodollar Loans as provided above, the Borrower shall be deemed to have elected to convert such Eurodollar Loans into Base Rate Loans effective as of the expiration date of such current Interest Period.
Appears in 1 contract
Interest Periods. In connection with each Eurodollar Rate Loan or Canadian Eurodollar Rate Loan, the Borrowerapplicable Borrower may, by giving notice at pursuant to the times described in Section 3.1(a)applicable Notice of Borrowing or Notice of Conversion/Continuation, shall elect as the case may be, select an interest period (each, each an "Interest PeriodINTEREST PERIOD") to be applicable to such Term Loan, which Interest Period shall be be, at such Borrower's option, either a period of one (1)one, two (2)two, three (3), or six (6) months with respect to each Eurodollar Rate Loan; month period provided that:: --------
(i) the initial Interest Period for any such Loan shall commence on the date Funding Date in respect of advance such Loan, in the case of or conversion to any a Loan initially made as a Eurodollar Rate Loan andor a Canadian Eurodollar Rate Loan, as applicable, or on the date specified in the applicable Notice of Conversion/Continuation, in the case of a Loan converted to a Eurodollar Rate Loan or a Canadian Eurodollar Rate Loan, as applicable;
(ii) in the case of immediately successive Interest PeriodsPeriods applicable to a Eurodollar Rate Loan or a Canadian Eurodollar Rate Loan, as applicable, continued as such pursuant to a Notice of Conversion/Continuation, each successive Interest Period shall commence on the date day on which the next preceding Interest Period expires;
(iiiii) if any an Interest Period would otherwise expire on a day that is not a Business Day, such Interest Period shall expire on the next succeeding Business Day; providedprovided that, that if any Interest Period with respect to a Eurodollar Rate Loan would -------- otherwise expire on a day 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;
(iiiiv) any Interest Period with respect to a Eurodollar 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) shall shall, subject to clause (v) of this subsection 2.2B, end on the last Business Day of the relevant a calendar month at the end of such Interest Periodmonth;
(ivv) no Interest Period with respect to any portion of the Loans shall extend beyond the Maturity Revolving Loan Commitment Termination Date, and Interest Periods shall be selected by the Borrower so as to permit the Borrower to make the monthly principal installment payments pursuant to Section 2.3 without payment of any amounts pursuant to Section 3.9; and
(v) there shall be no more than two (2) Interest Periods in effect at any time.;
Appears in 1 contract
Interest Periods. In connection with each Eurodollar Rate Loan, Company may, pursuant to the Borrowerapplicable Notice of Borrowing or Notice of Conversion/Continuation, by giving notice at as the times described in Section 3.1(a)case may be, shall elect select an interest period (each, each an "Interest PeriodINTEREST PERIOD") to be applicable to such Term Loan, which Interest Period shall be be, at Company's option, either a period of one (1)one, two (2)two, three (3), or six (6) months with respect to each Eurodollar Rate Loanmonth period or, if available, a nine month period; provided that:
(i) the initial Interest Period for any Eurodollar Rate Loan shall commence on the date Funding Date in respect of advance such Loan, in the case of or conversion to any a Loan initially made as a Eurodollar Rate Loan, or on the date specified in the applicable Notice of Conversion/Continuation, in the case of a Loan and, converted to a Eurodollar Rate Loan;
(ii) in the case of immediately successive Interest PeriodsPeriods applicable to a Eurodollar Rate Loan continued as such pursuant to a Notice of Conversion/Continuation, each successive Interest Period shall commence on the date day on which the next preceding Interest Period expires;
(iiiii) if any an Interest Period would otherwise expire on a day that is not a Business Day, such Interest Period shall expire on the next succeeding Business Day; providedprovided that, that if any Interest Period with respect to a Eurodollar Rate Loan would otherwise expire on a day 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;
(iiiiv) any Interest Period with respect to a Eurodollar 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) shall shall, subject to clause (v) of this subsection 2.2B, end on the last Business Day of the relevant a calendar month at the end of such Interest Periodmonth;
(ivv) no Interest Period with respect to any portion of the Loans shall extend beyond December 31, 1998;
(vi) no Interest Period with respect to any portion of the Maturity Date, and Loans shall extend beyond a date on which Company is required to make a scheduled payment of principal of the Loans unless the sum of (a) the aggregate principal amount of Loans that are Base Rate Loans plus (b) the aggregate principal amount of Loans that are Eurodollar Rate Loans with Interest Periods shall expiring on or before such date equals or exceeds the principal amount required to be selected by paid on the Borrower so as to permit the Borrower to make the monthly principal installment payments pursuant to Section 2.3 without payment of any amounts pursuant to Section 3.9; andLoans on such date;
(vvii) there shall be no more than two (2) four Interest Periods in effect outstanding at any time; and
(viii) in the event Company fails to specify an Interest Period for any Eurodollar Rate Loan in the applicable Notice of Borrowing or Notice of Conversion/Continuation, Company shall be deemed to have selected an Interest Period of one month.
Appears in 1 contract
Interest Periods. In connection with each Eurodollar Rate Loan, Company may, pursuant to the Borrowerapplicable Notice of Borrowing or Notice of Conversion/Continuation, by giving notice at as the times described in Section 3.1(a)case may be, shall elect select an interest period (each, each an "Interest Period") to be applicable to such Term Loan, which Interest Period shall be be, at Company's option, either a period of one (1)one, two (2)two, three (3), or six (6) months with respect to each Eurodollar Rate Loanmonth period; provided that:
(i) the initial Interest Period for any Eurodollar Rate Loan shall commence on the date Funding Date in respect of advance such Loan, in the case of or conversion to any a Loan initially made as a Eurodollar Rate Loan, or on the date specified in the applicable Notice of Conversion/Continuation, in the case of a Loan and, converted to a Eurodollar Rate Loan;
(ii) in the case of immediately successive Interest PeriodsPeriods applicable to a Eurodollar Rate Loan continued as such pursuant to a Notice of Conversion/Continuation, each successive Interest Period shall commence on the date day on which the next preceding Interest Period expires;
(iiiii) if any an Interest Period would otherwise expire on a day that is not a Business Day, such Interest Period shall expire on the next succeeding Business Day; providedprovided that, that if any Interest Period with respect to a Eurodollar Rate Loan would otherwise expire on a day 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;
(iiiiv) any Interest Period with respect to a Eurodollar 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) shall shall, subject to clause (v) of this subsection 2.2B, end on the last Business Day of the relevant a calendar month at the end of such Interest Periodmonth;
(ivv) no Interest Period with respect to any portion of the Loans shall extend beyond the Maturity Commitment Termination Date, and Interest Periods shall be selected by the Borrower so as to permit the Borrower to make the monthly principal installment payments pursuant to Section 2.3 without payment of any amounts pursuant to Section 3.9; and
(v) there shall be no more than two (2) Interest Periods in effect at any time.;
Appears in 1 contract
Interest Periods. In connection with each Eurodollar Rate Loan, Borrower may, pursuant to the applicable Notice of Borrowing or Notice of Conversion/Continuation delivered by Borrower, by giving notice at as the times described in Section 3.1(a)case may be, shall elect select an interest period (each, each an "Interest Period") to be applicable to such Term Loan, which Interest Period shall be be, at Borrower's option, either a period of one (1)one, two (2)two, three (3)three, or or, subject to Lenders' approval, six (6) months with respect to each Eurodollar Rate Loanmonth period; provided that:
(i) the initial Interest Period for any Eurodollar Rate Loan shall commence on the date Funding Date in respect of advance such Loan, in the case of or conversion to any a Loan initially made as a Eurodollar Rate Loan, or on the date specified in the applicable Notice of Conversion/Continuation, in the case of a Loan and, converted to a Eurodollar Rate Loan;
(ii) in the case of immediately successive Interest PeriodsPeriods applicable to a Eurodollar Rate Loan continued as such pursuant to a Notice of Conversion/Continuation, each successive Interest Period shall commence on the date day on which the next preceding Interest Period expires;
(iiiii) if any an Interest Period would otherwise expire on a day that is not a Business Day, such Interest Period shall expire on the next succeeding Business Day; providedprovided that, that if any Interest Period with respect to a Eurodollar Rate Loan would otherwise expire on a day 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;
(iiiiv) any Interest Period with respect to a Eurodollar 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) shall shall, subject to clause (v) of this subsection 2.2B, end on the last Business Day of the relevant a calendar month at the end of such Interest Periodmonth;
(ivv) no Interest Period with respect to any portion of the Tranche B Term Loans shall extend beyond April 30, 2005; and no Interest Period with respect to any portion of the Revolving Loans shall extend beyond the Maturity Revolving Loan Commitment Termination Date;
(vi) no Interest Period with respect to any type of Term Loans shall extend beyond a date on which Borrower is required to make a scheduled payment of principal of such type of Term Loans, and unless the sum of (a) the aggregate principal amount of such type of Term Loans that are Base Rate Loans plus the aggregate principal amount of such type of Term Loans that are Eurodollar Rate Loans with Interest Periods shall expiring on or before such date equals or exceeds the principal amount required to be selected by the Borrower so as to permit the Borrower to make the monthly principal installment payments pursuant to Section 2.3 without payment paid on such type of any amounts pursuant to Section 3.9; andTerm Loans on such date;
(vvii) there shall be no more than two ten (210) Interest Periods in effect outstanding at any time; and
(viii) in the event Borrower fails to specify an Interest Period for any Eurodollar Rate Loan in the applicable Notice of Borrowing or Notice of Conversion/Continuation delivered by Borrower, Borrower shall be deemed to have selected an Interest Period of one month.
Appears in 1 contract
Samples: Credit Agreement (Joy Global Inc)
Interest Periods. In connection with each Eurodollar Rate Loan, Company may, pursuant to the Borrowerapplicable Notice of Borrowing or Notice of Conversion/Continuation, by giving notice at as the times described in Section 3.1(a)case may be, shall elect select an interest period (each, each an "Interest PeriodINTEREST PERIOD") to be applicable to such Term Revolving Loan, which Interest Period shall be be, at Company's option, either a period of one (1)one-, two (2)two-, three (3), three- or six (6) months with respect to each Eurodollar Rate Loansix-month period; provided that:
(i) the initial Interest Period for any Eurodollar Rate Loan shall commence on the date Funding Date in respect of advance such Revolving Loan, in the case of or conversion to any a Revolving Loan initially made as a Eurodollar Rate Loan, or on the date specified in the applicable Notice of Conversion/Continuation, in the case of a Revolving Loan and, converted to a Eurodollar Rate Loan;
(ii) in the case of immediately successive Interest PeriodsPeriods applicable to a Eurodollar Rate Loan continued as such pursuant to a Notice of Conversion/Continuation, each successive Interest Period shall commence on the date day on which the next preceding Interest Period expires;
(iiiii) if any an Interest Period would otherwise expire on a day that is not a Business Day, such Interest Period shall expire on the next succeeding Business Day; providedprovided that, that if any Interest Period with respect to a Eurodollar Rate Loan would otherwise expire on a day 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;
(iiiiv) any Interest Period with respect to a Eurodollar 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) shall shall, subject to clause (v) of this subsection 2.2B, end on the last Business Day of the relevant a calendar month at the end of such Interest Periodmonth;
(ivv) no Interest Period with respect to any portion of the Revolving Loans shall extend beyond the Maturity Revolving Loan Commitment Termination Date, and Interest Periods shall be selected by the Borrower so as to permit the Borrower to make the monthly principal installment payments pursuant to Section 2.3 without payment of any amounts pursuant to Section 3.9; and;
(vvi) there shall be no more than two (2) 5 Interest Periods in effect outstanding at any time; and
(vii) in the event Company fails to specify an Interest Period for any Eurodollar Rate Loan in the applicable Notice of Borrowing or Notice of Conversion/Continuation, Company shall be deemed to have selected an Interest Period of one month.
Appears in 1 contract
Samples: Credit Agreement (Zilog Inc)
Interest Periods. In connection with each Eurodollar Rate Loan, Company may, pursuant to the Borrowerapplicable Notice of Borrowing or Notice of Conversion/Continuation, by giving notice at as the times described in Section 3.1(a)case may be, shall elect select an interest period (each, each an "Interest PeriodINTEREST PERIOD") to be applicable to such Term Loan, which Interest Period shall be be, at Company's option, either a period of one (1)one, two (2)two, three (3), or six (6) months with respect to each Eurodollar Rate Loanmonth period; provided -------- that:
(i) the initial Interest Period for any Eurodollar Rate Loan shall commence on the date Funding Date in respect of advance such Loan, in the case of or conversion to any a Loan initially made as a Eurodollar Rate Loan, or on the date specified in the applicable Notice of Conversion/Continuation, in the case of a Loan and, converted to a Eurodollar Rate Loan;
(ii) in the case of immediately successive Interest PeriodsPeriods applicable to a Eurodollar Rate Loan continued as such pursuant to a Notice of Conversion/Continuation, each successive Interest Period shall commence on the date day on which the next preceding Interest Period expires;
(iiiii) if any an Interest Period would otherwise expire on a day that is not a Business Day, such Interest Period shall expire on the next succeeding Business Day; providedprovided that, that if any Interest Period with respect to a Eurodollar Rate Loan would -------- otherwise expire on a day 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;
(iiiiv) any Interest Period with respect to a Eurodollar 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) shall shall, subject to clause (v) of this subsection 2.2B, end on the last Business Day of the relevant a calendar month at the end of such Interest Periodmonth;
(ivv) no Interest Period with respect to any portion of the Tranche A Term Loans shall extend beyond September 30, 2005, no Interest Period with respect to any portion of the Tranche B Term Loans shall extend beyond September 30, 2006, and no Interest Period with respect to any portion of the Revolving Loans shall extend beyond the Maturity Revolving Loan Commitment Termination Date;
(vi) no Interest Period with respect to any portion of the Tranche A Term Loans or Tranche B Term Loans shall extend beyond a date on which Company is required to make a scheduled payment of principal of the Tranche A Term Loans or Tranche B Term Loans, and as the case may be, unless the sum of (a) the aggregate principal amount of Tranche A Term Loans or Tranche B Term Loans, as the case may be, that are Base Rate Loans plus (b) the ---- aggregate principal amount of Tranche A Term Loans or Tranche B Term Loans, as the case may be, that are Eurodollar Rate Loans with Interest Periods shall expiring on or before such date equals or exceeds the principal amount required to be selected by paid on the Borrower so Tranche A Term Loans or Tranche B Term Loans, as to permit the Borrower to make the monthly principal installment payments pursuant to Section 2.3 without payment of any amounts pursuant to Section 3.9; andcase may be, on such date;
(vvii) there shall be no more than two twelve (212) Interest Periods in effect outstanding at any timetime for all of the Loans; and
(viii) in the event Company fails to specify an Interest Period for any Eurodollar Rate Loan in the applicable Notice of Borrowing or Notice of Conversion/Continuation, Company shall be deemed to have selected an Interest Period of one month.
Appears in 1 contract
Samples: Credit Agreement (Price Communications Wireless Inc)
Interest Periods. In connection with each Eurodollar LIBOR Rate Loan, the Borrower, by giving notice at the times described in Section 3.1(aSECTION 4.7(A), shall elect an interest period (each, an "Interest PeriodINTEREST PERIOD") to be applicable to such Term Loan, which Interest Period shall be a period of one (1), two (2), three (3), or six (6) months with respect to each Eurodollar Rate Loanmonths; provided PROVIDED that:
(i) the Interest Period shall commence on the date of advance of or conversion to any Eurodollar LIBOR Rate Loan and, in the case of immediately successive Interest Periods, each successive Interest Period shall commence on the date on which the next preceding Interest Period expires;
(ii) if any Interest Period would otherwise expire on a day that is not a Business Day, such Interest Period shall expire on the next succeeding Business Day; providedPROVIDED, that if any Interest Period with respect to a Eurodollar LIBOR Rate Loan would otherwise expire on a day 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;
(iii) any Interest Period with respect to a Eurodollar 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) shall end on the last Business Day of the relevant calendar month at the end of such Interest Period;
(iv) no Interest Period shall extend beyond the Maturity Date, Termination Date and Interest Periods shall be selected by the Borrower so as to permit the Borrower to make mandatory reductions of the monthly principal installment payments Acquisition Commitment pursuant to Section 2.3 SECTION 4.4, without payment of any amounts pursuant to Section 3.9SECTION 4.15; and
(v) there shall be no more than two ten (210) Interest Periods in effect outstanding at any time.
Appears in 1 contract
Interest Periods. In connection with each Eurodollar Rate Loan, Company may, pursuant to the Borrowerapplicable Notice of Borrowing or Notice of Conversion/Continuation, by giving notice at as the times described in Section 3.1(a)case may be, shall elect select an interest period (each, each an "Interest Period") to be applicable to such Term Loan, which Interest Period shall be be, at Company's option, either a one-, two-, three- or six-month period of one or, if deposits in the interbank Eurodollar market are generally available for such period (1)as determined by each Lender making, two (2), three (3), converting to or six (6) months with respect to each continuing such Eurodollar Rate Loan), a two-week or twelve-month period; provided that:: --------
(i) the initial Interest Period for any Eurodollar Rate Loan shall commence on the date Funding Date in respect of advance such Loan, in the case of or conversion to any a Loan initially made as a Eurodollar Rate Loan, or on the date specified in the applicable Notice of Conversion/Continuation, in the case of a Loan and, converted to a Eurodollar Rate Loan;
(ii) in the case of immediately successive Interest PeriodsPeriods applicable to a Eurodollar Rate Loan continued as such pursuant to a Notice of Conversion/Continuation, each successive Interest Period shall commence on the date day on which the next preceding Interest Period expires;
(iiiii) if any an Interest Period would otherwise expire on a day that is not a Business Day, such Interest Period shall expire on the next succeeding Business Day; providedprovided that, that if any Interest Period with respect to a Eurodollar Rate Loan would -------- otherwise expire on a day 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;
(iiiiv) any Interest Period with respect to a Eurodollar 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) shall shall, subject to clause (v) of this subsection 2.2B, end on the last Business Day of the relevant a calendar month at the end of such Interest Periodmonth;
(ivv) no Interest Period with respect to any portion of the Tranche A Term Loans shall extend beyond December 15, 2002, and no Interest Period with respect to any portion of the Revolving Loans shall extend beyond the Maturity Revolving Loan Commitment Termination Date, and Interest Periods shall be selected by the Borrower so as to permit the Borrower to make the monthly principal installment payments pursuant to Section 2.3 without payment of any amounts pursuant to Section 3.9; and
(v) there shall be no more than two (2) Interest Periods in effect at any time.;
Appears in 1 contract
Samples: Credit Agreement (Sealy Corp)
Interest Periods. In connection with each Eurodollar Rate Loan, the Borrowerapplicable Borrower may, by giving notice at pursuant to the times described in Section 3.1(a)applicable Notice of Borrowing or Notice of Conversion/Continuation, shall elect as the case may be, select an interest period (each, each an "Interest PeriodINTEREST 78 PERIOD") to be applicable to such Term Loan, which Interest Period shall be be, at the applicable Borrower's option, either a period of one (1)one, two (2)two, three (3), or six (6) months with respect to each Eurodollar Rate Loanmonth period; provided that:
(i) the initial Interest Period for any Eurodollar Rate Loan shall commence on the date Funding Date in respect of advance such Loan, in the case of or conversion to any a Loan initially made as a Eurodollar Rate Loan, or on the date specified in the applicable Notice of Conversion/ Continuation, in the case of a Loan and, converted to a Eurodollar Rate Loan;
(ii) in the case of immediately successive Interest PeriodsPeriods applicable to a Eurodollar Rate Loan continued as such pursuant to a Notice of Conversion/Continuation, each successive Interest Period shall commence on the date day on which the next preceding Interest Period expires;
(iiiii) if any an Interest Period would otherwise expire on a day that is not a Business Day, such Interest Period shall expire on the next succeeding Business Day; providedprovided that, that if any Interest Period with respect to a Eurodollar Rate Loan would otherwise expire on a day 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;
(iiiiv) any Interest Period with respect to a Eurodollar 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) shall shall, subject to clause (vi of this subsection 2.2B, end on the last Business Day of the relevant a calendar month at the end of such Interest Periodmonth;
(ivv) no Interest Period with respect to any portion of the Tranche A Term Loans shall extend beyond the Maturity Datescheduled maturity date of the Tranche A Term Loans, no Interest Period with respect to any portion of the Tranche B Term Loans shall extend beyond the scheduled maturity date of the Tranche B Term Loans, no Interest Period with respect to any portion of the Canadian Term Loans shall extend beyond the scheduled maturity date of the Canadian Term Loans, no Interest Period with respect to any portion of the US Acquisition Loans shall extend beyond the scheduled maturity date of the US Acquisition Loans, no Interest Period with respect to any portion of the Canadian Acquisition Loans shall extend beyond the scheduled maturity date of the Canadian Acquisition Loans, and no Interest Period with respect to any portion of the Revolving Loans shall extend beyond the Revolving Loan Commitment Termination Date; 79
(vi) no Interest Period with respect to any portion of the Tranche A Term Loans, Tranche B Term Loans, Canadian Term Loans, US Acquisition Loans or Canadian Acquisition Loans shall extend beyond a date on which the applicable Borrower is required to make a scheduled payment of principal of such Type of Loans, unless the sum of (a) the aggregate principal amount of such Type of Loans that are Base Rate Loans plus (b) the aggregate principal amount of such Type of Loans that are Eurodollar Rate Loans with Interest Periods shall expiring on or before such date equals or exceeds the principal amount required to be selected by the Borrower so as to permit the Borrower to make the monthly principal installment payments pursuant to Section 2.3 without payment paid on such Type of any amounts pursuant to Section 3.9; andLoans on such date;
(vvii) 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 Eurodollar 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;
(viii) there shall be no more than two (2) nine Interest Periods in effect outstanding at any time; and
(ix) in the event the applicable Borrower fails to specify an Interest Period for any Eurodollar Rate Loan in the applicable Notice of Borrowing or Notice of Conversion/Continuation, such Borrower shall be deemed to have selected an Interest Period of one month.
Appears in 1 contract
Interest Periods. In connection with each Eurodollar Rate Loan, a Borrower may, pursuant to the Borrowerapplicable Notice of Borrowing or Notice of Conversion/Continuation, by giving notice at as the times described in Section 3.1(a)case may be, shall elect select an interest period (each, each an "Interest Period") to be applicable to such Term Loan, which Interest Period shall be be, at Borrower's option, either a period of one (1)one, two (2)two, three (3), or six (6) months with respect to each Eurodollar Rate Loanmonth period; provided -------- that:
(i) the initial Interest Period for any such Loan shall commence on the date Funding Date in respect of advance such Loan, in the case of or conversion to any a Loan initially made as a Eurodollar Rate Loan andor on the date specified in the applicable Notice of Conversion/Continuation, in the case of a Loan converted to a Eurodollar Rate Loan;
(ii) in the case of immediately successive Interest PeriodsPeriods applicable to a Eurodollar Rate Loan continued as such pursuant to a Notice of Conversion/Continuation, each successive Interest Period shall commence on the date day on which the next preceding Interest Period expires;
(iiiii) if any an Interest Period would otherwise expire on a day that is not a Business Day, such Interest Period shall expire on the next succeeding Business Day; providedprovided that, that if any Interest Period with respect to a Eurodollar Rate Loan would -------- otherwise expire on a day 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;
(iiiiv) any Interest Period with respect to a Eurodollar 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) shall shall, subject to clause (v) of this subsection 2.2B, end on the last Business Day of the relevant a calendar month at the end of such Interest Periodmonth;
(ivv) no Interest Period with respect to any portion of the Term Loans shall extend beyond September 30, 2001 and no Interest Period with respect to any portion of the Revolving Loans shall extend beyond the Maturity Revolving Loan Commitment Termination Date, and Interest Periods shall be selected by the Borrower so as to permit the Borrower to make the monthly principal installment payments pursuant to Section 2.3 without payment of any amounts pursuant to Section 3.9; and
(v) there shall be no more than two (2) Interest Periods in effect at any time.;
Appears in 1 contract
Interest Periods. In connection with each (a) At the time the Borrower gives a Notice ---------------- of Borrowing or Notice of Conversion in respect of the making of, or conversion into, a Borrowing of Eurodollar Rate LoanLoans (in the case of the initial Interest Period applicable thereto) or prior to 10:00 A.M. (New York time) on the third Business Day prior to the expiration of an Interest Period applicable to a Borrowing of Eurodollar Loans, it shall have the Borrower, right to elect by giving the Administrative Agent written notice at (or telephonic notice promptly confirmed in writing) of the times described in Section 3.1(a), shall elect an interest period (each, an "Interest Period") to be Period applicable to such Term LoanBorrowing, which Interest Period shall shall, at the option of the Borrower, be a period of one (1)one, two (2)two, three (3)or six month, or six (6) months with respect if available to each Eurodollar Rate Loan; provided thatall RC Lenders or TF Lenders, as the case may be, twelve month period. Notwithstanding anything to the contrary contained above:
(i) the initial Interest Period for any Borrowing of Eurodollar Loans shall commence on the date of advance such Borrowing (including the date of or any conversion to any Eurodollar from a Borrowing of Base Rate Loan and, in the case of immediately successive Interest Periods, Loans) and each successive Interest Period occurring thereafter in respect of such Borrowing shall commence on the date day on which the next preceding Interest Period expires;
(ii) if any Interest Period 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;
(iii) if any Interest Period would otherwise expire on a day that which is not a Business Day, such Interest Period shall expire on the next succeeding Business Day; provided, provided that if any Interest Period with respect to a Eurodollar Rate Loan would otherwise expire on a day that 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) subject to the foregoing clauses (i) through (iii), inclusive, only a one month Interest Period shall be available to be selected prior to the Syndication Date, with all Term Loans constituting Eurodollar Loans during such period to be outstanding pursuant to a single Borrowing and all Revolving Loans constituting Eurodollar Loans during such period to be outstanding pursuant to a single Borrowing, with all such Borrowings to commence and end on the same day;
(v) any no Interest Period with respect to a Eurodollar Rate Borrowing of Revolving Loan shall extend beyond the Revolving Maturity Date;
(vi) no Interest Period with respect to any Borrowing of Term Loans may be elected that begins on would extend beyond any date upon which a Scheduled Repayment is required to be made if, after giving effect to 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 selection of such Interest Period) shall end on , the last Business Day aggregate principal amount of Term Loans maintained as Eurodollar Loans with Interest Periods ending after such date would exceed the relevant calendar month at the end aggregate principal amount of Term Loans permitted to be outstanding after such Interest Period;Scheduled Repayment; and
(ivvii) no Interest Period shall extend beyond may be elected at any time when a violation of Section 9.01 or an Event of Default is then in existence if the Maturity DateAdministrative Agent or the Required Lenders have determined that such an election at such time would be disadvantageous to the Lenders.
(b) If upon the expiration of any Interest Period, and the Borrower has failed to (or may not) elect a new Interest Periods Period to be applicable to the respective Borrowing of Eurodollar Loans as provided above, the Borrower shall be selected by deemed to have elected to convert such Borrowing into a Borrowing of Base Rate Loans effective as of the Borrower so as to permit the Borrower to make the monthly principal installment payments pursuant to Section 2.3 without payment expiration date of any amounts pursuant to Section 3.9; and
(v) there shall be no more than two (2) such current Interest Periods in effect at any timePeriod.
Appears in 1 contract
Samples: Credit Agreement (Hci Direct Inc)
Interest Periods. In connection with each Eurodollar LIBOR Rate Loan, the BorrowerBorrower may, by giving notice at pursuant to the times described in Section 3.1(a)applicable Notice of Borrowing or Notice of Conversion/Continuation, shall elect as the case may be, select an interest period (each, each an "Interest Period") to be applicable to such Term Loan, which Interest Period shall be be, at the Borrower's option, either a period of one (1)one, two (2)two, three (3), or six (6) months with respect to each Eurodollar Rate Loanmonth period; provided that:
(i) the initial Interest Period for any LIBOR Rate Loan shall commence on the 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 advance Conversion/Continuation, in the case of or conversion a Loan converted to any Eurodollar a LIBOR Rate Loan and, Loan;
(ii) in the case of immediately successive Interest PeriodsPeriods applicable to a LIBOR Rate Loan continued as such pursuant to a Notice of Conversion/Continuation, each successive Interest Period shall commence on the date day on which the next preceding Interest Period expires;
(iiiii) if any an Interest Period would otherwise expire on a day that is not a Business Day, such Interest Period shall expire on the next succeeding Business Day; providedprovided that, that if any Interest Period with respect to a Eurodollar Rate Loan would otherwise expire on a day 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;
(iiiiv) any Interest Period with respect to a Eurodollar 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) shall shall, subject to clause (v) of this subsection 2.3(b), end on the last Business Day of the relevant a calendar month at the end of such Interest Periodmonth;
(ivv) no Interest Period with respect to any portion of the Loans shall extend beyond the Maturity Termination Date, and Interest Periods shall be selected by the Borrower so as to permit the Borrower to make the monthly principal installment payments pursuant to Section 2.3 without payment of any amounts pursuant to Section 3.9; and;
(vvi) there shall be no more than two (2) four Interest Periods in effect outstanding at any time; and
(vii) in the event the Borrower fails to specify an Interest Period for any LIBOR Rate Loan in the applicable Notice of Borrowing or Notice of Conversion/Continuation, the Borrower shall be deemed to have selected an Interest Period of one month.
Appears in 1 contract
Samples: Credit Agreement (St Joe Co)
Interest Periods. In connection At the time the Borrower gives a Notice of Borrowing or Notice of Conversion or Continuation in respect of the making of, or conversion into or continuation as, a Borrowing of SOFR Loans in accordance with each Eurodollar Rate LoanSection 2.6(a), the Borrower, by giving Borrower shall give the Administrative Agent written notice at (or telephonic notice promptly confirmed in writing) of the times described in Section 3.1(a), shall elect an interest period (each, an "Interest Period") to be Period applicable to such Term LoanBorrowing, which Interest Period shall shall, at the option of the Borrower, be (i) in the case of a period of one (1)Term SOFR Loan, two (2)a one, three (3), or six month period and (6ii) months with respect in the case of a Daily Simple SOFR Loan, a one week period. Notwithstanding anything to each Eurodollar Rate Loan; provided thatthe contrary contained above:
(ia) the initial Interest Period for any Borrowing of SOFR Loans shall commence on the date of advance such Borrowing (including the date of or any conversion to any Eurodollar Rate Loan and, in the case from a Borrowing of immediately successive Interest Periods, ABR Loans) AMERICAS 111453311 and each successive Interest Period occurring thereafter in respect of such Borrowing shall commence on the date day on which the next preceding Interest Period expires;
(iib) if any Interest Period relating to a 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 Interest Period;
(c) if any Interest Period would otherwise expire on a day that is not a Business Day, such Interest Period shall expire on the next succeeding Business Day; provided, provided that if any Interest Period with in respect to of a Eurodollar Rate Term SOFR Loan would otherwise expire on a day 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;
(iiid) the Borrower shall not be entitled to elect any Interest Period with in respect to a Eurodollar Rate of any SOFR 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 if such Interest Period) shall end on the last Business Day of the relevant calendar month at the end of such Interest Period;
(iv) no Interest Period shall would extend beyond the Revolving Credit Maturity Date, and Interest Periods shall be selected by the Borrower so as to permit the Borrower to make the monthly principal installment payments pursuant to Section 2.3 without payment of any amounts pursuant to Section 3.9; and
(ve) there no tenor that has been removed from this Section 2.9 shall be no more than two (2) Interest Periods available for specification in effect at any timesuch Notice of Borrowing or Notice of Conversion or Continuation.
Appears in 1 contract
Samples: Credit Agreement (Vistra Corp.)
Interest Periods. In connection with the making or continuation of, or conversion into, each Eurodollar Borrowing of Fixed Rate LoanAdvances and Transaction Rate Advances, the Borrower, by giving notice at the times described in Section 3.1(a), Borrower shall elect select an interest period (each, each an "Interest Period") to be applicable to such Term LoanAdvances, which Interest Period shall (x) in the case of Euro Advances, if quoted on the basis of such periods, be either a 1, 2, 3 or 6 month period, and (y) in the case of Transaction Rate Advances be a period up to seven days as requested by or on behalf of one (1), two (2), three (3), or six (6) months with respect to each Eurodollar Rate LoanXxxxxxxx and accepted by the Swing Line Lender; provided thatPROVIDED THAT:
(i) the The initial Interest Period for any Borrowing consisting of any such Advance shall commence on the date of advance such Borrowing (including the date of or any conversion to any Eurodollar Rate Loan and, in the case from a Borrowing consisting of immediately successive Interest Periods, an Advance of another Type) and each successive Interest Period occurring thereafter in respect of such Borrowing shall commence on the date day on which the next preceding Interest Period expires;
(ii) if If any Interest Period would otherwise expire on a day that which is not a Business Day, such Interest Period shall expire on the next succeeding Business Day; provided, PROVIDED that if any Interest Period with in respect to of a Eurodollar Rate Loan Euro Advance would otherwise expire on a day 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;
(iii) any Any Interest Period with in respect to a Eurodollar Rate Loan that begins on the last Business Day of a calendar month (or Euro Advance which begins on a day for which there is no numerically corresponding day in the calendar month at the end of such Interest PeriodPeriod shall, subject to part (iv) shall end below, expire on the last Business Day of the relevant such calendar month at the end of such Interest Periodmonth;
(iv) no The Interest Period shall extend beyond the Maturity Date, and Interest Periods shall be selected by the Borrower so as to permit the Borrower to make the monthly principal installment payments for a Fixed Rate Advance which is converted pursuant to Section 2.3 without payment 3.09(b) shall commence on the date of any amounts pursuant to Section 3.9such conversion and shall expire on the date on which the Interest Periods for the Fixed Rate Advances of the other Lenders which were not converted expires; and
(v) there No Interest Period with respect to the Loans shall be no more than two (2) Interest Periods in effect at any timeextend beyond the Revolver/Multicurrency Maturity Date.
Appears in 1 contract
Interest Periods. In connection with each Eurodollar Rate Loan, Borrowers may, pursuant to the Borrowerapplicable Notice of Funding Request, by giving notice at Notice of Borrowing or Notice of Conversion/Continuation, as the times described in Section 3.1(a)case may be, shall elect select an interest period (each, each an "Interest Period") to be applicable to such Term Loan, which Interest Period shall be be, at Borrowers' option, either a period of one (1)one, two (2)two, three (3), or six (6) months with respect to each Eurodollar Rate Loanmonth period; provided that:
(i) the initial Interest Period for any Eurodollar Rate Loan shall commence on the date Funding Date in respect of advance such Loan, in the case of or conversion to any a Loan initially made as a Eurodollar Rate Loan, or on the date specified in the applicable Notice of Conversion/Continuation, in the case of a Loan and, converted to a Eurodollar Rate Loan;
(ii) in the case of immediately successive Interest PeriodsPeriods applicable to a Eurodollar Rate Loan continued as such pursuant to a Notice of Conversion/Continuation, each successive Interest Period shall commence on the date day on which the next preceding Interest Period expires;
(iiiii) if any an Interest Period would otherwise expire on a day that is not a Business Day, such Interest Period shall expire on the next succeeding Business Day; providedprovided that, that if any Interest Period with respect to a Eurodollar Rate Loan would otherwise expire on a day 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;
(iiiiv) any Interest Period with respect to a Eurodollar 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) shall shall, subject to clause (v) of this subsection 2.2B, end on the last Business Day of the relevant a calendar month at the end of such Interest Periodmonth;
(ivv) no Interest Period with respect to any portion of the Loans shall extend beyond June 30, 2003;
(vi) no Interest Period shall extend beyond a date on which Borrowers are required to make a scheduled payment of principal of the Maturity Date, and Loans or a permanent reduction of the Revolving Loan Commitments is scheduled to occur unless the sum of (a) the aggregate principal amount of Loans that are Base Rate Loans plus (b) the aggregate principal amount of Loans that are Eurodollar Rate Loans with Interest Periods shall expiring on or before such date plus (c) the excess of the Commitments then in effect over the aggregate principal amount of the Loans then outstanding equals or exceeds the principal amount required to be selected by paid on the Borrower so as Loans or the permanent reduction of the Commitments that is scheduled to permit the Borrower to make the monthly principal installment payments pursuant to Section 2.3 without payment of any amounts pursuant to Section 3.9; andoccur, on such date;
(vvii) there shall be no more than two (2) 8 Interest Periods in effect outstanding at any time; and
(viii) in the event Borrowers fail to specify an Interest Period for any Eurodollar Rate Loan in the applicable Notice of Funding Request, Notice of Borrowing or Notice of Conversion/Continuation, Borrowers shall be deemed to have selected an Interest Period of one month. For the avoidance of doubt, any Loan made prior to the Closing Date shall continue with the Interest Period it had under the Existing Credit Agreement subject to the provisions of subsection 2.2D below.
Appears in 1 contract
Interest Periods. In connection with each Eurodollar LIBOR Rate Loan, the Borrower, by giving notice at the times described in Section 3.1(a)6.2, shall elect an interest period (each, an "“Interest Period"”) to be applicable to such Term Loan, which Interest Period shall be a period of one (1), two (2), three (3), or six (6) months with respect (or such other period as is acceptable to each Eurodollar Rate Loanall Lenders); provided that:
(i) the Interest Period shall commence on the date of advance of or conversion to any Eurodollar LIBOR Rate Loan and, in the case of immediately successive Interest Periods, each successive Interest Period shall commence on the date on which the next immediately preceding Interest Period expires;
(ii) if any Interest Period would otherwise expire on a day that is not a Business Day, such Interest Period shall expire on the next succeeding Business Day; provided, provided that if any Interest Period with respect to a Eurodollar LIBOR Rate Loan would otherwise expire on a day 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;
(iii) any Interest Period with respect to a Eurodollar 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) shall end on the last Business Day of the relevant calendar month at the end of such Interest Period;
(iv) no Interest Period shall extend beyond the Term Loan Maturity Date, and Interest Periods shall be selected by the Borrower so as to permit the Borrower to make the monthly quarterly principal installment payments pursuant to Section 2.3 5.3 without payment of any amounts pursuant to Section 3.96.9; and
(v) there shall be no more than two ten (210) Interest Periods in effect at any time.
Appears in 1 contract
Samples: Term Loan Credit Agreement (Beacon Roofing Supply Inc)
Interest Periods. In connection with each Eurodollar Rate Loan, Borrower may, pursuant to the Borrowerapplicable Notice of Borrowing or Notice of Conversion/Continuation, by giving notice at as the times described in Section 3.1(a)case may be, shall elect select an interest period (each, each an "“Interest Period"”) to be applicable to such Term Loan, which Interest Period shall be be, at Borrower’s option, either a period of one (1)one, two (2)two, three (3), or six (6) months with respect to each Eurodollar Rate Loanmonth period; provided that:
(i) the initial Interest Period for any Eurodollar Rate Loan shall commence on the date Funding Date in respect of advance such Loan, in the case of or conversion to any a Loan initially made as a Eurodollar Rate Loan, or on the date specified in the applicable Notice of Conversion/Continuation, in the case of a Loan and, converted to a Eurodollar Rate Loan;
(ii) in the case of immediately successive Interest PeriodsPeriods applicable to a Eurodollar Rate Loan continued as such pursuant to a Notice of Conversion/Continuation, each successive Interest Period shall commence on the date day on which the next preceding Interest Period expires;
(iiiii) if any an Interest Period would otherwise expire on a day that is not a Business Day, such Interest Period shall expire on the next succeeding Business Day; providedprovided that, that if any Interest Period with respect to a Eurodollar Rate Loan would otherwise expire on a day 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;
(iiiiv) any Interest Period with respect to a Eurodollar 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) shall shall, subject to clause (v) of this subsection 2.2B, end on the last Business Day of the relevant a calendar month at the end of such Interest Periodmonth;
(ivv) no Interest Period with respect to any portion of the Revolving Loans shall extend beyond the Maturity Revolving Loan Commitment Termination Date, and Interest Periods shall be selected by the Borrower so as to permit the Borrower to make the monthly principal installment payments pursuant to Section 2.3 without payment of any amounts pursuant to Section 3.9; and
(v) there shall be no more than two (2) Interest Periods in effect at any time.;
Appears in 1 contract
Samples: Credit Agreement (Newmarket Corp)
Interest Periods. In connection At the time the Borrower gives a Notice of Borrowing or Notice of Conversion or Continuation in respect of the making of, or conversion into or continuation as, a Borrowing of LIBOR Loans in accordance with each Eurodollar Rate LoanSection 2.6(a), the Borrower, by giving Borrower shall give the Administrative Agent written notice at (or telephonic notice promptly confirmed in writing) of the times described in Section 3.1(a), shall elect an interest period (each, an "Interest Period") to be Period applicable to such Term LoanBorrowing, which Interest Period shall shall, at the option of the 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 period or a period of less than one (1), two (2), three (3), or six (6) months with respect to each Eurodollar Rate Loanmonth; provided that, 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:
(ia) the initial Interest Period for any Borrowing of LIBOR Loans shall commence on the date of advance such Borrowing (including the date of or any conversion to any Eurodollar Rate Loan and, in the case from a Borrowing of immediately successive Interest Periods, ABR Loans) and each successive Interest Period occurring thereafter in respect of such Borrowing shall commence on the date day on which the next preceding Interest Period expires; #4812-2844-92899582-0297
(b) if any Interest Period relating to a Borrowing of LIBOR 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 Interest Period;
(iic) if any Interest Period would otherwise expire on a day that is not a Business Day, such Interest Period shall expire on the next succeeding Business Day; provided, provided that if any Interest Period with in respect to of a Eurodollar Rate LIBOR Loan would otherwise expire on a day 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;
(iiid) the Borrower shall not be entitled to elect any Interest Period with in respect to a Eurodollar Rate of any LIBOR 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 if such Interest Period) shall end on the last Business Day of the relevant calendar month at the end of such Interest Period;
(iv) no Interest Period shall would extend beyond the applicable Maturity Date, and Date of such Loan; and
(e) Posting Interest Periods shall be selected governed by the Borrower so as to permit the Borrower to make the monthly principal installment payments pursuant to Section 2.3 without payment of any amounts pursuant to Section 3.9; and
(v) there shall be no more than two (2) Interest Periods in effect at any time14.
Appears in 1 contract
Samples: Amendment No. 2 (Energy Future Intermediate Holding CO LLC)
Interest Periods. In connection with each (i) the initial Interest Period for any Eurodollar Rate Loan shall commence on the Funding Date in respect of such Loan, in the case of a Loan initially made as a Eurodollar Rate Loan, or on the Borrowerdate specified in the applicable Notice of Conversion/ Continuation, by giving notice at in the times described in Section 3.1(a), shall elect an interest period (each, an "Interest Period") case of a Loan converted to be applicable to such Term Loan, which Interest Period shall be a period of one (1), two (2), three (3), or six (6) months with respect to each Eurodollar Rate Loan; provided that:;
(iii) the Interest Period shall commence on the date of advance of or conversion to any Eurodollar Rate Loan and, in the case of immediately successive Interest PeriodsPeriods applicable to a Eurodollar Rate Loan continued as such pursuant to a Notice of Conversion/Continuation, each successive Interest Period shall commence on the date day on which the next preceding Interest Period expires;
(iiiii) if any an Interest Period would otherwise expire on a day that is not a Business Day, such Interest Period shall expire on the next succeeding Business Day; providedprovided that, that in the case of a Eurodollar Rate -------- Loan, if any Interest Period with respect to a Eurodollar Rate Loan would otherwise expire on a day 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;
(iiiiv) any Interest Period with respect to for a Eurodollar 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) shall shall, subject to clause (v) of this subsection 2.2B, end on the last Business Day of the relevant a calendar month at the end of such Interest Periodmonth;
(ivv) no Interest Period with respect to any portion of the Loans shall extend beyond December 31, 2003;
(vi) no Interest Period with respect to any portion of the Revolving Loans shall extend beyond the Maturity Date, and 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 Eurodollar Rate Loans with Interest Periods shall be selected by expiring on or before such date plus (c) ---- the Borrower so as 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 permit the Borrower occur on such date;
(vii) no Interest Period with respect to make the monthly principal installment payments pursuant to Section 2.3 without payment any portion of any amounts pursuant Additional Credit Loans shall extend beyond the date on which a permanent reduction of the corresponding Additional Credit Commitments is scheduled to Section 3.9; andoccur unless the sum of (a) the aggregate principal amount of all Additional Credit Loans corresponding to such Additional Credit Commitments that are Base Rate Loans plus (b) the aggregate principal amount of all ---- Additional Credit Loans corresponding to such Additional Credit Commitments that are Eurodollar Rate Loans with Interest Periods expiring on or before such date plus (c) the excess of such Additional Credit ---- Commitments then in effect over the aggregate principal amount of Additional Credit Loans corresponding thereto then outstanding equals or exceeds the permanent reduction of such Additional Credit Commitments that is scheduled to occur on such date;
(vviii) there shall be no more than two (2) 10 Interest Periods in effect relating to Eurodollar Rate Loans or any combination thereof outstanding at any time; and
(ix) in the event Company fails to specify an Interest Period for any Eurodollar Rate Loan in the applicable Notice of Borrowing or Notice of Conversion/Continuation, Company shall be deemed to have selected an Interest Period of one month.
Appears in 1 contract
Interest Periods. In connection with each Eurodollar Rate Loan, Company may, pursuant to the Borrowerapplicable Notice of Borrowing or Notice of Conversion/Continuation, by giving notice at as the times described in Section 3.1(a)case may be, shall elect select an interest period (each, each an "“Interest Period"”) to be applicable to such Term Loan, which Interest Period shall be be, at Company’s option, a period of one (1)one, two (2), or three (3), or six (6) months with respect to each Eurodollar Rate Loanmonth period; provided that:
(i) the initial Interest Period for any Eurodollar Rate Loan shall commence on the date Funding Date in respect of advance such Loan, in the case of or conversion to any Loans being initially made as Eurodollar Rate Loan andLoans, or on the date specified in the applicable Notice of Conversion/Continuation, in the case of Loans being converted to Eurodollar Rate Loans;
(ii) in the case of immediately successive Interest PeriodsPeriods applicable to a Eurodollar Rate Loan continued as such pursuant to a Notice of Conversion/Continuation, each successive Interest Period shall commence on the date day on which the next preceding Interest Period expires;
(iiiii) if any an Interest Period would otherwise expire on a day that is not a Business Day, such Interest Period shall expire on the next succeeding Business Day; providedprovided that, that if any Interest Period with respect to a Eurodollar Rate Loan would otherwise expire on a day 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;
(iiiiv) any Interest Period with respect to a Eurodollar 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) shall shall, subject to clause (v) of this subsection 2.2B, end on the last Business Day of the relevant a calendar month at the end of such Interest Periodmonth;
(ivv) no Interest Period with respect to any portion of the Loans shall extend beyond the Original Maturity Date; provided that to the extent that the maturity of any portion of the Loans is extended to the Extended Maturity Date in accordance with subsection 2.4A(ii), and then Interest Periods shall be selected by with respect to the Borrower portion of the Loans so as to permit extended may extend beyond the Borrower to make Original Maturity Date (but not beyond the monthly principal installment payments pursuant to Section 2.3 without payment of any amounts pursuant to Section 3.9; andExtended Maturity Date);
(vvi) there shall be no more than two (2) four Interest Periods in effect outstanding at any time; and
(vii) in the event Company fails to specify an Interest Period for any Eurodollar Rate Loan in the applicable Notice of Borrowing or Notice of Conversion/Continuation, Company shall be deemed to have selected an Interest Period of one month.
Appears in 1 contract
Interest Periods. In connection with each Eurodollar Rate Loan, Borrower may, pursuant to the Borrowerapplicable Notice of Borrowing or Notice of Conversion/Continuation, by giving notice at as the times described in Section 3.1(a)case may be, shall elect select an interest period (each, each an "Interest Period") to be applicable to such Term Loan, which Interest Period shall be be, at Borrower's option, either a one-, two-, three- or six-month period of one or, if deposits in the interbank Eurodollar market are generally available for such period (1)as determined by each Lender making, two (2), three (3), converting to or six (6) months with respect to each continuing such Eurodollar Rate Loan), a nine- or twelve-month period; provided that:
(i) the initial Interest Period for any Eurodollar Rate Loan shall commence on the date Funding Date in respect of advance such Loan, in the case of or conversion to any a Loan initially made as a Eurodollar Rate Loan, or on the date specified in the applicable Notice of Conversion/Continuation, in the case of a Loan and, converted to a Eurodollar Rate Loan;
(ii) in the case of immediately successive Interest PeriodsPeriods applicable to a Eurodollar Rate Loan continued as such pursuant to a Notice of Conversion/Continuation, each successive Interest Period shall commence on the date day on which the next preceding Interest Period expires;
(iiiii) if any an Interest Period would otherwise expire on a day that is not a Business Day, such Interest Period shall expire on the next succeeding Business Day; providedprovided that, that if any Interest Period with respect to a Eurodollar Rate Loan would otherwise expire on a day 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;; EXECUTION
(iiiiv) any Interest Period with respect to a Eurodollar 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) shall shall, subject to clause (v) of this subsection 2.2B, end on the last Business Day of the relevant a calendar month at the end of such Interest Periodmonth;
(iv) no Interest Period shall extend beyond the Maturity Date, and Interest Periods shall be selected by the Borrower so as to permit the Borrower to make the monthly principal installment payments pursuant to Section 2.3 without payment of any amounts pursuant to Section 3.9; and
(v) there shall be no more than two (2) six Interest Periods in effect outstanding at any time;
(vi) in the event Borrower fails to specify an Interest Period for any Eurodollar Rate Loan in the applicable Notice of Borrowing or Notice of Conversion/Continuation, Borrower shall be deemed to have selected an Interest Period of one month; and
(vii) Borrower may not select an Interest Period in excess of one month with respect to any Eurodollar Rate Loan until the earlier of (a) the date the Arranging Agent advises Borrower that the AXELs have been fully syndicated or any earlier date agreed to by Arranging Agent and (b) the date which is 60 days after the Closing Date.
Appears in 1 contract
Interest Periods. In connection with each Eurodollar LIBO Rate Loan, Company may, pursuant to the Borrowerapplicable Notice of Borrowing or Notice of Conversion/Continuation, by giving notice at as the times described in Section 3.1(a)case may be, shall elect select an interest period (each, each an "Interest Period") to be applicable to such Term Loan, which Interest Period shall be be, at Company's option, either a period of one (1)one, two (2)two, three (3), or six (6) months with respect to each Eurodollar Rate Loanmonth period; provided that:
(i) the initial Interest Period for any LIBO Rate Loan shall commence on the Funding Date in respect of such Loan, in the case of a Loan initially made as a LIBO Rate Loan, or on the date specified in the applicable Notice of advance Conversion/Continuation, in the case of or conversion a Loan converted to any Eurodollar a LIBO Rate Loan and, Loan;
(ii) in the case of immediately successive Interest PeriodsPeriods applicable to a LIBO Rate Loan continued as such pursuant to a Notice of Conversion/ Continuation, each successive Interest Period shall commence on the date day on which the next preceding Interest Period expires;
(iiiii) if any an Interest Period would otherwise expire on a day that is not a Business Day, such Interest Period shall expire on the next succeeding Business Day; providedprovided that, that if any Interest Period with respect to a Eurodollar Rate Loan would otherwise expire on a day 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;
(iiiiv) any Interest Period with respect to a Eurodollar 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) shall shall, subject to clause (v) of this subsection 2.2B, end on the last Business Day of the relevant a calendar month at the end of such Interest Periodmonth;
(ivv) no Interest Period with respect to any portion of the Tranche A Term Loans shall extend beyond the Maturity last day of the Fiscal Quarter ending on or about April 30, 2005 and no Interest Period with respect to any portion of the Revolving Loans shall extend beyond the Revolving Loan Commitment Termination Date, and Interest Periods shall be selected by the Borrower so as to permit the Borrower to make the monthly principal installment payments pursuant to Section 2.3 without payment of any amounts pursuant to Section 3.9; and
(v) there shall be no more than two (2) Interest Periods in effect at any time.;
Appears in 1 contract
Interest Periods. In connection with each Eurodollar Rate Loan, Company may, pursuant to the Borrowerapplicable Notice of Borrowing or Notice of Conversion/Continuation, by giving notice at as the times described in Section 3.1(a)case may be, shall elect select an interest period (each, each an "Interest PeriodINTEREST PERIOD") to be applicable to such Term Loan, which Interest Period shall be be, at Company's option, either a period of one (1)one, two (2)two, three (3)three, or six (6) months with respect or, if available to each Eurodollar Rate Loanall Lenders, twelve month period; provided that:
(i) the initial Interest Period for any such Loan shall commence on the date Funding Date of advance such Loan, in the case of or conversion to any a Loan initially made as a Eurodollar Rate Loan, or on the date specified in the applicable Notice of Conversion/Continuation, in the case of a Loan and, converted to a Eurodollar Rate Loan;
(ii) in the case of immediately successive Interest PeriodsPeriods applicable to a Eurodollar Rate Loan continued as such pursuant to a Notice of Conversion/Continuation, each successive Interest Period shall commence on the date day on which the next preceding Interest Period expires;
(iiiii) if any an Interest Period would otherwise expire on a day that is not a Business Day, such Interest Period shall expire on the next succeeding Business Day; providedprovided that, that if any Interest Period with respect to a Eurodollar Rate Loan would otherwise expire on a day 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;
(iiiiv) any Interest Period with respect to a Eurodollar 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) shall shall, subject to clause (v) of this subsection 2.2B, end on the last Business Day of the relevant a calendar month at the end of such Interest Periodmonth;
(ivv) no Interest Period shall extend beyond the Maturity Date, and Interest Periods shall be selected by scheduled maturity date of the Borrower so as to permit the Borrower to make the monthly principal installment payments pursuant to Section 2.3 without payment of any amounts pursuant to Section 3.9; andapplicable Loans;
(vvi) there shall be no more than two (2) 10 Interest Periods in effect outstanding at any time; and
(vii) in the event Company fails to specify an Interest Period for any Eurodollar Rate Loan, in the applicable Notice of Borrowing or Notice of Conversion/Continuation, Company shall be deemed to have selected an Interest Period of one month.
Appears in 1 contract
Samples: Term Loan Agreement (Loews Cineplex Entertainment Corp)
Interest Periods. In connection with each Eurodollar Rate Loan, the BorrowerBorrower shall, by giving notice at pursuant to the times described in Section 3.1(a)Notice of Borrowing or the applicable Notice of Continuation, shall elect as the case may be, select an interest period (each, each an "Interest PeriodINTEREST PERIOD") to be applicable to such Term Loan, which Interest Period shall be at the Borrower's option either a period of one (1)one, two (2)two, three (3)or, or if available, six (6) months with respect to each Eurodollar Rate Loanmonth period; provided PROVIDED, HOWEVER, that:
(i) the initial Interest Period for any Eurodollar Rate Loan shall commence on the date of advance of or conversion to any Eurodollar Rate Loan and, in the case of immediately successive Interest Periods, Funding Date;
(ii) each successive Interest Period shall commence on the date day on which the next preceding Interest Period expires;
(iiiii) if any an Interest Period would otherwise expire on a day 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 with respect to a Eurodollar Rate Loan would otherwise expire on a day 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;
(iiiiv) any Interest Period with respect to a Eurodollar 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) shall shall, subject to clause (v) of this subsection 2.2B, end on the last Business Day of the relevant a calendar month at the end of such Interest Periodmonth;
(ivv) no Interest Period with respect to any Eurodollar Rate Loan shall extend beyond the Maturity Date, and Interest Periods shall be selected by the Borrower so as to permit the Borrower to make the monthly principal installment payments pursuant to Section 2.3 without payment of any amounts pursuant to Section 3.9; and;
(vvi) there shall be no more than two (2) one Interest Periods in effect Period outstanding at any time; and
(vii) in the event the Borrower either shall fail to specify an Interest Period for a Eurodollar Rate Loan in the Notice of Borrowing or in the applicable Notice of Continuation or shall fail to timely deliver a Notice of Continuation, the Borrower shall be deemed to have selected an Interest Period of one month.
Appears in 1 contract
Samples: Senior Subordinated Credit Agreement (Capstar Hotel Co)
Interest Periods. In connection with each Eurodollar Rate Loan, Borrower may, pursuant to the Borrowerapplicable Notice of Borrowing or Notice of Conversion/Continuation, by giving notice at as the times described in Section 3.1(a)case may be, shall elect select an interest period (each, each an "“Interest Period"”) to be applicable to such Term Loan, which Interest Period shall be be, at Borrower’s option, either a period of one (1)one, two (2)two, three (3), or six (6) months with respect to each Eurodollar Rate Loanmonth period; provided that:
(i) the initial Interest Period for any Eurodollar Rate Loan shall commence on the date Funding Date in respect of advance such Loan, in the case of or conversion to any a Loan initially made as a Eurodollar Rate Loan, or on the date specified in the applicable Notice of Conversion/Continuation, in the case of a Loan and, converted to a Eurodollar Rate Loan;
(ii) in the case of immediately successive Interest PeriodsPeriods applicable to a Eurodollar Rate Loan continued as such pursuant to a Notice of Conversion/Continuation, each successive Interest Period shall commence on the date day on which the next preceding Interest Period expires;
(iiiii) if any an Interest Period would otherwise expire on a day that is not a Business Day, such Interest Period shall expire on the next succeeding Business Day; providedprovided that, that if any Interest Period with respect to a Eurodollar Rate Loan would otherwise expire on a day 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;
(iiiiv) any Interest Period with respect to a Eurodollar 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) shall shall, subject to clause (v) of this subsection 2.2B, end on the last Business Day of the relevant a calendar month at the end of such Interest Periodmonth;
(ivv) no Interest Period with respect to any portion of the Revolving Loans shall extend beyond the Maturity Date, and Interest Periods shall be selected by the Borrower so as to permit the Borrower to make the monthly principal installment payments pursuant to Section 2.3 without payment of any amounts pursuant to Section 3.9; and;
(vvi) there shall be no more than two (2) ten Interest Periods in effect outstanding at any time; and
(vii) in the event Borrower fails to specify an Interest Period for any Eurodollar Rate Loan in the applicable Notice of Borrowing or Notice of Conversion/Continuation, Borrower shall be deemed to have selected an Interest Period of one month.
Appears in 1 contract
Interest Periods. In connection with each Eurodollar Rate LoanAt the time the Borrower gives a Notice of Borrowing or Notice of Conversion or Continuation in respect of the making of, or conversion into or continuation as, a Borrowing of LIBORTerm Benchmark Loans, the Borrower, by giving Borrower shall give the Administrative Agent written notice at of the times described in Section 3.1(a), shall elect an interest period (each, an "Interest Period") to be Period applicable to such Term LoanBorrowing, which Interest Period shall shall, at the option of the Borrower be a period of one (1)one, two (2)two, three (3), or six month period (6) months with respect or, if available to each Eurodollar Rate Loan; provided thatall the Lenders making such LIBORTerm Benchmark Loans, a twelve month period or a period shorter than one month). LEGAL_US_E # 167910103.1167910103.8 Notwithstanding anything to the contrary contained above:
(ia) the initial Interest Period for any Borrowing of LIBORTerm Benchmark Loans shall commence on the date of advance such Borrowing (including the date of or any conversion to any Eurodollar Rate Loan and, in the case from a Borrowing of immediately successive Interest Periods, ABR Loans) and each successive Interest Period occurring thereafter in respect of such Borrowing shall commence on the date day on which the next preceding Interest Period expires;
(iib) if any Interest Period relating to a Borrowing of LIBORTerm Benchmark 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 Interest Period;
(c) if any Interest Period would otherwise expire on a day that is not a Business Day, such Interest Period shall expire on the next succeeding Business Day; provided, that if any Interest Period with in respect to of a Eurodollar Rate LIBORTerm Benchmark Loan would otherwise expire on a day 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;; and
(iiid) the Borrower shall not be entitled to elect any Interest Period with in respect to a Eurodollar Rate of any LIBORTerm Benchmark 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 if such Interest Period) shall end on the last Business Day of the relevant calendar month at the end of such Interest Period;
(iv) no Interest Period shall would extend beyond the Maturity Date, and Interest Periods shall be selected by the Borrower so as to permit the Borrower to make the monthly principal installment payments pursuant to Section 2.3 without payment Date of any amounts pursuant to Section 3.9; and
(v) there shall be no more than two (2) Interest Periods in effect at any timesuch Loan.
Appears in 1 contract
Samples: First Lien Credit Agreement (Aveanna Healthcare Holdings, Inc.)
Interest Periods. In connection with each Eurodollar Rate Loan, the BorrowerCompany shall, by giving notice at pursuant to the times described in Section 3.1(a)applicable Notice of Borrowing or Notice of Continuation, shall elect as the case may be, select an interest period (each, each an "Interest PeriodINTEREST PERIOD") to be applicable to such Term Loan, which Interest Period shall be a period of one (1)one, two (2)or three month period, three (3)at the Company's option, in the case 199 of Revolving Loans and a two-week or six (6) months with respect to each Eurodollar Rate Loanone month period in the case of Swing Line Loans; provided provided, however, that:
(i) the initial Interest Period for any Eurodollar Rate Loan shall commence on the date Funding Date in respect of advance of or conversion to any Eurodollar Rate Loan and, in the case of immediately successive Interest Periods, such Loan;
(ii) each successive Interest Period shall commence on the date day on which the next preceding Interest Period expires;
(iiiii) if any an Interest Period would otherwise expire on a day that is not a Business Day, such Interest Period shall expire on the next succeeding Business Day; provided, that however, that, if any Interest Period with respect to a Eurodollar Rate Loan would otherwise expire on a day 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;
(iiiiv) any Interest Period with respect to a Eurodollar 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) shall shall, subject to clause (v) of this subsection 2.3B, end on the last Business Day of the relevant a calendar month at the end of such Interest Periodmonth;
(ivv) no Interest Period with respect to any portion of the Loans shall extend beyond the Maturity Date, and Interest Periods shall be selected by the Borrower so as to permit the Borrower to make the monthly principal installment payments pursuant to Section 2.3 without payment of any amounts pursuant to Section 3.9; and;
(vvi) there shall be no more than two five (25) Interest Periods in effect outstanding at any timetime with respect to the Revolving Loans and no more than three (3) Interest Periods outstanding at any time with respect to the Swing Line Loans;
(vii) if five (5) Interest Periods are outstanding with respect to the Revolving Loans or if three (3) Interest Periods are outstanding with respect to the Swing Line Loans, then with respect to the Revolving Loans or the Swing Line Loans, as the case may be, at least one Interest Period shall be either (a) a one month Interest Period or (b) an Interest Period with less than 30 days remaining; and
(viii) in the event the Company shall fail to specify an Interest Period for a Eurodollar Rate Loan in the applicable Notice of Borrowing or Notice of Continuation, the Company shall be deemed to have selected an Interest Period of one month."
Appears in 1 contract
Samples: Senior Secured Revolving Credit Agreement (Prime Hospitality Corp)
Interest Periods. In connection with each Eurodollar LIBOR Rate Loan, the Borrower, by giving notice at the times described in Section 3.1(a5.1(a), shall elect an interest period (each, an "Interest Period") to be applicable to such Term Loan, which Interest Period shall be a period of one (1), two (2), three (3), or six (6) months with respect to each Eurodollar LIBOR Rate Loan; provided that:
(i) the Interest Period shall commence on the date of advance of or conversion to any Eurodollar LIBOR Rate Loan and, in the case of immediately successive Interest Periods, each successive Interest Period shall commence on the date on which the next preceding Interest Period expires;
(ii) if any Interest Period would otherwise expire on a day that is not a Business Day, such Interest Period shall expire on the next succeeding Business Day; provided, that if any Interest Period with respect to a Eurodollar LIBOR Rate Loan would otherwise expire on a day 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;
(iii) any Interest Period with respect to a Eurodollar 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) shall end on the last Business Day of the relevant calendar month at the end of such Interest Period;
(iv) no Interest Period shall extend beyond the Revolving Credit Maturity Date or the Term Loan Maturity Date, as applicable, and Interest Periods shall be selected by the Borrower so as to permit the Borrower to make mandatory reductions of the monthly Revolving Credit Commitment pursuant to Section 2.6(b) and the quarterly principal installment payments pursuant to Section 2.3 4.3 without payment of any amounts pursuant to Section 3.95.9; and
(v) there shall be no more than two ten (210) Interest Periods in effect at any time.
Appears in 1 contract
Samples: Credit Agreement (Veridian Corp)
Interest Periods. In connection with each Eurodollar Rate Loan, Company may, pursuant to the Borrowerapplicable Notice of Borrowing or Notice of Conversion/Continuation, by giving notice at as the times described in Section 3.1(a)case may be, shall elect select an interest period (each, each an "Interest Period") to be applicable to such Term Loan, which Interest Period shall be be, at Company's option, either a period of one (1)one, two (2)two, three (3), or six (6) months with respect to each Eurodollar Rate Loanmonth period; provided that:
(i) the initial Interest Period for any Eurodollar Rate Loan shall commence on the date Funding Date in respect of advance such Loan, in the case of or conversion to any a Loan initially made as a Eurodollar Rate Loan, or on the date specified in the applicable Notice of Conversion/Continuation, in the case of a Loan and, converted to a Eurodollar Rate Loan;
(ii) in the case of immediately successive Interest PeriodsPeriods applicable to a Eurodollar Rate Loan continued as such pursuant to a Notice of Conversion/Continuation, each successive Interest Period shall commence on the date day on which the next preceding Interest Period expires;
(iiiii) if any an Interest Period would otherwise expire on a day that is not a Business Day, such Interest Period shall expire on the next succeeding Business Day; providedprovided that, that if any Interest Period with respect to a Eurodollar Rate Loan would otherwise expire on a day 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;
(iiiiv) any Interest Period with respect to a Eurodollar 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) shall shall, subject to clause (v) of this subsection 2.2B, end on the last Business Day of the relevant a calendar month at the end of such Interest Periodmonth;
(ivv) no Interest Period 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 portion of the Revolving Loans shall extend beyond the Revolving Loan Commitment Termination Date;
(vi) no Interest Period with respect to any type of Term Loans shall extend beyond a date on which Company is required to make a scheduled payment of 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 Eurodollar Rate Loans with Interest Periods shall expiring on or before such date equals or exceeds the principal amount required to be selected by the Borrower so as to permit the Borrower to make the monthly principal installment payments pursuant to Section 2.3 without payment paid on such type of any amounts pursuant to Section 3.9; andTerm Loans on such date;
(vvii) there shall be no more than two (2) five Interest Periods in effect outstanding at any time; and
(viii) in the event Company fails to specify an Interest Period for any Eurodollar Rate Loan in the applicable Notice of Borrowing or Notice of Conversion/Continuation, Company shall be deemed to have selected an Interest Period of one month.
Appears in 1 contract
Samples: Credit Agreement (Itron Inc /Wa/)
Interest Periods. In connection with each Eurodollar Rate Loan, Company may, pursuant to the Borrowerapplicable Notice of Borrowing or Notice of Conversion/Continuation, by giving notice at as the times described in Section 3.1(a)case may be, shall elect select an interest period (each, each an "“Interest Period"”) to be applicable to such Term Loan, which Interest Period shall be be, at Company’s option, either a period of one (1)one, two (2)two, three (3), or six (6) months with respect to each Eurodollar Rate Loanmonth period; provided that:
(i) the initial Interest Period for any Eurodollar Rate Loan shall commence on the date Funding Date in respect of advance such Loan, in the case of or conversion to any a Loan initially made as a Eurodollar Rate Loan, or on the date specified in the applicable Notice of Conversion/Continuation, in the case of a Loan and, converted to a Eurodollar Rate Loan;
(ii) in the case of immediately successive Interest PeriodsPeriods applicable to a Eurodollar Rate Loan continued as such pursuant to a Notice of Conversion/Continuation, each successive Interest Period shall commence on the date day on which the next preceding Interest Period expires;
(iiiii) if any an Interest Period would otherwise expire on a day that is not a Business Day, such Interest Period shall expire on the next succeeding Business Day; providedprovided that, that if any Interest Period with respect to a Eurodollar Rate Loan would otherwise expire on a day 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;
(iiiiv) any Interest Period with respect to a Eurodollar 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) shall end on the last Business Day of the relevant a calendar month at the end of such Interest Periodmonth;
(iv) no Interest Period shall extend beyond the Maturity Date, and Interest Periods shall be selected by the Borrower so as to permit the Borrower to make the monthly principal installment payments pursuant to Section 2.3 without payment of any amounts pursuant to Section 3.9; and
(v) there shall be no more than two (2) twelve Interest Periods in effect outstanding at any time; and
(vi) in the event Company fails to specify an Interest Period for any Eurodollar Rate Loan in the applicable Notice of Borrowing or Notice of Conversion/Continuation, Company shall be deemed to have selected an Interest Period of one month.
Appears in 1 contract
Interest Periods. In connection with each Eurodollar Rate Loan, Company may, pursuant to the Borrowerapplicable Notice of Borrowing or Notice of Conversion/Continuation, by giving notice at as the times described in Section 3.1(a)case may be, shall elect select an interest period (each, each an "Interest Period") to be applicable to such Term Loan, which Interest Period shall be be, at Company's option, either a seven day, 14 day, or one, two, three or six month period of one or, if deposits in the interbank Eurodollar market are available to all Lenders for such period (1as determined by each Lender), two (2), three (3), a nine or six (6) months with respect to each Eurodollar Rate Loantwelve month period; provided that:
(i) the initial Interest Period for any Eurodollar Rate Loan shall commence on the date Funding Date in respect of advance such Loan, in the case of or conversion to any a Loan initially made as a Eurodollar Rate Loan, or on the date specified in the applicable Notice of Conversion/Continuation, in the case of a Loan and, converted to a Eurodollar Rate Loan;
(ii) in the case of immediately successive Interest PeriodsPeriods applicable to a Eurodollar Rate Loan continued as such pursuant to a Notice of Conversion/Continuation, each successive Interest Period shall commence on the date day on which the next preceding Interest Period expires;
(iiiii) if any an Interest Period would otherwise expire on a day that is not a Business Day, such Interest Period shall expire on the next succeeding Business Day; providedprovided that, that if any Interest Period with respect to a Eurodollar Rate Loan would otherwise expire on a day 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;
(iiiiv) any Interest Period with respect to a Eurodollar 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) shall shall, subject to clause (v) of this subsection 2.2B, end on the last Business Day of the relevant a calendar month at the end of such Interest Periodmonth;
(ivv) no Interest Period with respect to any portion of the Tranche A Term Loans shall extend beyond the Tranche A Maturity Date, no Interest Period with respect to any portion of the Tranche B Term Loans shall extend beyond the Tranche B Maturity Date, and no Interest Periods Period with respect to any portion of the Revolving Loans shall be selected by extend beyond the Borrower so as to permit the Borrower to make the monthly principal installment payments pursuant to Section 2.3 without payment of any amounts pursuant to Section 3.9; and
(v) there shall be no more than two (2) Interest Periods in effect at any time.Revolving Loan Commitment Termination Date;
Appears in 1 contract
Interest Periods. In connection with each Eurodollar Rate Loan, the Borrowerapplicable Borrower may, by giving notice at pursuant to the times described in Section 3.1(a)applicable Loan/Letter of Credit Request or Notice of Conversion/Continuation, shall elect as the case may be, select an interest period (each, each an "Interest Period") to be applicable to such Term Loan, which Interest Period shall be be, at such Borrower's option, either a period of one (1)one, two (2)two, three (3), or six (6) months with respect to each Eurodollar Rate Loanmonth period; provided that:
(i) the initial Interest Period for any Eurodollar Rate Loan shall commence on the date Loan Date in respect of advance such Loan, in the case of or conversion to any a Loan initially made as a Eurodollar Rate Loan, or on the date specified in the applicable Notice of Conversion/Continuation, in the case of a Loan and, converted to a Eurodollar Rate Loan;
(ii) in the case of immediately successive Interest PeriodsPeriods applicable to a Eurodollar Rate Loan continued as such pursuant to a Notice of Conversion/Continuation, each successive Interest Period shall commence on the date day on which the next preceding Interest Period expires;
(iiiii) if any an Interest Period would otherwise expire on a day that is not a Business Day, such Interest Period shall expire on the next succeeding Business Day; providedprovided that, that if any Interest Period with respect to a Eurodollar Rate Loan would otherwise expire on a day 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;
(iiiiv) any Interest Period with respect to a Eurodollar 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) shall shall, subject to clause (iii) of this Section 2.3.B., end on the last -------------- Business Day of the relevant a calendar month at the end of such Interest Periodmonth;
(ivv) no Interest Period with respect to any portion of the Loans shall extend beyond the Maturity Date;
(vi) no Interest Period shall extend beyond a date on which the Maturity Date, and applicable Borrower is required to make a scheduled payment of principal of the Loans or a permanent reduction of the Commitments is scheduled to occur unless the sum of (a) the aggregate principal amount of Loans that are Base Rate Loans plus (b) the aggregate principal amount of Loans that are Eurodollar Rate Loans with Interest Periods shall expiring on or before such date plus (c) the excess of the Commitments then in effect over the aggregate principal amount of the Loans then outstanding equals or exceeds the principal amount required to be selected by paid on the Borrower so as Loans, or the permanent reduction of the Commitments that is scheduled to permit the Borrower to make the monthly principal installment payments pursuant to Section 2.3 without payment of any amounts pursuant to Section 3.9; andoccur, on such date;
(vvii) there shall be no more than two (2) eight Interest Periods in effect outstanding at any time; and
(viii) in the event the applicable Borrower fails to specify an Interest Period for any Eurodollar Rate Loan in the applicable Loan/Letter of Credit Request or Notice of Conversion/Continuation, the applicable Borrower shall be deemed to have selected an Interest Period of one month.
Appears in 1 contract
Interest Periods. In connection with each Eurodollar Rate Loan, Company may, pursuant to the Borrowerapplicable Notice of Borrowing or Notice of Conversion/Continuation, by giving notice at as the times described in Section 3.1(a)case may be, shall elect select an interest period (each, each an "“Interest Period"”) to be applicable to such Term Loan, which Interest Period shall be be, at Company’s option, either a one, two, three, six or, if deposits in the interbank Eurodollar market are generally available for such period of one (1)as determined by each Lender making, two (2), three (3), converting to or six (6) months with respect to each continuing such Eurodollar Rate Loan), nine or twelve-month period; provided that:
(i) the initial Interest Period for any Eurodollar Rate Loan shall commence on the date Funding Date in respect of advance such Loan, in the case of or conversion to any a Loan initially made as a Eurodollar Rate Loan andor on the date specified in the applicable Notice of Conversion/Continuation, in the case of a Loan converted to a Eurodollar Rate Loan;
(ii) in the case of immediately successive Interest PeriodsPeriods applicable to a Eurodollar Rate Loan continued as such pursuant to a Notice of Conversion/Continuation, each successive Interest Period shall commence on the date day on which the next preceding Interest Period expires;
(iiiii) if any an Interest Period would otherwise expire on a day that is not a Business Day, such Interest Period shall expire on the next succeeding Business Day; providedprovided that, that if any Interest Period with respect to a Eurodollar Rate Loan would otherwise expire on a day 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;
(iiiiv) any Interest Period with respect to a Eurodollar 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) shall shall, subject to clause (v) of this subsection 2.2B, end on the last Business Day of the relevant a calendar month at the end of such Interest Periodmonth;
(ivv) no Interest Period 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 portion of the Revolving Loans shall extend beyond the Revolving Loan Commitment Termination Date;
(vi) no Interest Period with respect to any type of Term Loans shall extend beyond a date on which Company is required to make a scheduled payment of 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 Eurodollar Rate Loans with Interest Periods shall expiring on or before such date equals or exceeds the principal amount required to be selected by the Borrower so as to permit the Borrower to make the monthly principal installment payments pursuant to Section 2.3 without payment paid on such type of any amounts pursuant to Section 3.9; andTerm Loans on such date;
(vvii) there shall be no more than two (2) ten Interest Periods in effect outstanding at any time; and
(viii) in the event Company fails to specify an Interest Period for any Eurodollar Rate Loan in the applicable Notice of Borrowing or Notice of Conversion/Continuation, Company shall be deemed to have selected an Interest Period of one month.
Appears in 1 contract
Samples: Credit Agreement (Urs Corp /New/)
Interest Periods. In connection with each At the time Borrower gives any Notice of Conversion/ Continuation in respect of the conversion into any Eurodollar Rate LoanLoans (in the case of the initial Interest Period applicable thereto) or prior to 12:00 Noon (New York time) on the third Business Day prior to the expiration of an Interest Period applicable to such Eurodollar Rate Loans (in the case of any subsequent Interest Period), Borrower shall, have the Borrowerright to elect (subject to the provisions of Section 2.3), by giving the Administrative Agent notice at the times described in Section 3.1(a)thereof, shall elect an interest period (each, an "Interest Period") to be applicable to such Term Loan, which Interest Period shall be a period of one (1), two (2), three (3), ) or six (6) months with respect month interest period (each an “Interest Period”) applicable to each such Eurodollar Rate Loan; Loans, provided that:
(i) all Eurodollar Rate Loans comprising a single Borrowing shall at all times have the same Interest Period;
(ii) the initial Interest Period for any Borrowing of Eurodollar Rate Loans shall commence on the date of advance such Borrowing (including the date of or any conversion to any thereto from a Base Rate Loans) and each Interest Period occurring thereafter in respect of such Eurodollar Rate Loan and, in the case of immediately successive Interest Periods, each successive Interest Period Loans shall commence on the date day on which the next preceding Interest Period applicable thereto expires;
(iiiii) if any Interest Period for a Eurodollar 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;
(iv) if any Interest Period for a Eurodollar Rate Loan would otherwise expire on a day that which is not a Business Day, such Interest Period shall expire on the next succeeding Business Day; provided, however, that if any Interest Period with respect to for a Eurodollar Rate Loan would otherwise expire on a day that 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;
(iiiv) any Interest Period with respect to a Eurodollar Rate Loan that begins on unless the last Business Day of a calendar month Required Lenders otherwise specifically agree, (or on a day for which there is no numerically corresponding day in the calendar month at the end of such Interest Period) shall end on the last Business Day of the relevant calendar month at the end of such Interest Period;
(ivx) no Interest Period may be selected at any time when an Event of Default is then in existence and (y) no Interest Period longer than one (1) month may be selected at any time when a Specified Default is then in existence; and
(vi) no Interest Period in respect of any Borrowing of Eurodollar Rate Loans shall extend be selected which extends beyond the Maturity Date. If by 12:00 Noon (New York time) on the third Business Day preceding the expiration of any Interest Period applicable to a Borrowing of Eurodollar Rate Loans, and (x) Borrower has failed to elect a new Interest Periods Period to be applicable to such Eurodollar Rate Loans as provided above, Borrower shall be selected by the deemed to have elected to continue such Eurodollar Rate Loans as a new Borrowing of Eurodollar Rate Loans having an Interest Period of one (1) month, or (y) Borrower so is not permitted to elect a new Interest Period to be applicable to such Eurodollar Rate Loans as to permit the provided above, Borrower to make the monthly principal installment payments pursuant to Section 2.3 without payment of any amounts pursuant to Section 3.9; and
(v) there shall be no more than two (2) deemed to have elected to convert such Eurodollar Rate Loans into Base Rate Loans. Each deemed election under this paragraph shall be effective as of the expiration date of such current Interest Periods in effect at any timePeriod.
Appears in 1 contract
Samples: Credit Agreement (Toys R Us Inc)
Interest Periods. In connection with each Eurodollar Eurocurrency Rate Loan, a Borrower may, pursuant to the Borrowerapplicable Notice of Borrowing or Notice of Conversion/Continuation, by giving notice at as the times described in Section 3.1(a)case may be, shall elect select an interest period (each, each an "“Interest Period"”) to be applicable to such Term Loan, which Interest Period shall be be, at Company’s option, either a period of one (1)one, two (2)two, three (3), or six month period (6) or twelve months with respect if agreed to each Eurodollar Rate Loanby all relevant Lenders); provided that:
(i) the initial Interest Period for any Eurocurrency Rate Loan shall commence on the Funding Date in respect of such Loan, in the case of a Loan initially made as a Eurocurrency Rate Loan, or on the date specified in the applicable Notice of advance Conversion/Continuation, in the case of or conversion to any Eurodollar a Base Rate Loan and, converted to a Eurocurrency Rate Loan;
(ii) in the case of immediately successive Interest PeriodsPeriods applicable to a Eurocurrency Rate Loan continued as such pursuant to a Notice of Conversion/Continuation, each successive Interest Period shall commence on the date day on which the next preceding Interest Period expires;
(iiiii) if any an Interest Period would otherwise expire on a day that is not a Business Day, such Interest Period shall expire on the next succeeding Business Day; providedprovided that, that if any Interest Period with respect to a Eurodollar Rate Loan would otherwise expire on a day 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;
(iiiiv) any Interest Period with respect to a Eurodollar 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) shall shall, subject to clause (v) of this subsection 2.2B , end on the last Business Day of the relevant calendar month at the end of such Interest Period;
(ivv) no Interest Period with respect to any portion of the Revolving Loans shall extend beyond the Maturity Revolving Loan Commitment Termination Date, and no Interest Periods shall be selected by the Borrower so as Period with respect to permit the Borrower to make the monthly principal installment payments pursuant to Section 2.3 without payment any portion of any amounts pursuant Incremental Term Loans shall extend beyond the applicable Incremental Term Loan Maturity Date and no Interest Period with respect to Section 3.9; andany portion of any Incremental Revolving Loan shall extend beyond the applicable Incremental Revolving Loan Commitment Termination Date;
(vvi) reserved;
(vii) there shall be no more than two ten (210) Interest Periods in effect outstanding at any time; and
(viii) in the event the applicable Borrower fails to specify an Interest Period for any Eurocurrency Rate Loan in the applicable Notice of Borrowing or Notice of Conversion/Continuation, such Borrower shall be deemed to have selected an Interest Period of one month.
Appears in 1 contract
Samples: Loan Agreement (Hexcel Corp /De/)
Interest Periods. In connection with each Eurodollar LIBOR Rate Loan, the Borrower, by giving notice at the times described in Section 3.1(a)2.3 or 5.2, as applicable, shall elect an interest period (each, an "“Interest Period"”) to be applicable to such Term Loan, which Interest Period shall be a period of one (1), two (2), three (3), or six (6) months with respect (or nine or twelve months if agreed to each Eurodollar Rate Loanby all relevant Lenders); provided that:
(i) the Interest Period shall commence on the date of advance of or conversion to any Eurodollar LIBOR Rate Loan and, in the case of immediately successive Interest Periods, each successive Interest Period shall commence on the date on which the next immediately preceding Interest Period expires;
(ii) if any Interest Period would otherwise expire on a day that is not a Business Day, such Interest Period shall expire on the next succeeding Business Day; providedprovided that, that if any Interest Period with respect to a Eurodollar LIBOR Rate Loan would otherwise expire on a day 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;
(iii) any Interest Period with respect to a Eurodollar 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) shall end on the last Business Day of the relevant calendar month at the end of such Interest Period;
(iv) no Interest Period shall extend beyond the Revolving Credit Maturity Date or the Term Loan Maturity Date, as applicable, and Interest Periods shall be selected by the Borrower so as to permit the Borrower to make the monthly quarterly principal installment payments pursuant to Section 2.3 4.3 without payment of any amounts pursuant to Section 3.95.9; and
(v) there shall be no more than two ten (210) Interest Periods in effect at any time.
Appears in 1 contract
Samples: Credit Agreement (PAS, Inc.)
Interest Periods. In connection with each At the time the Borrower gives any Notice of Borrowing or Notice of Conversion/Continuation in respect of the making of, or conversion into, any Eurodollar Rate LoanLoan (in the case of the initial Interest Period applicable thereto) or on the third Business Day prior to the expiration of an Interest Period applicable to such Eurodollar Loan (in the case of any subsequent Interest Period), the BorrowerBorrower shall have the right to elect, by giving having an Authorized Representative of the Borrower give the Administrative Agent notice at thereof, the times described in Section 3.1(a), shall elect an interest period (each, each an "“Interest Period"”) to be applicable to such Term Eurodollar Loan, which Interest Period shall shall, at the option of the Borrower, be a period of one (1), two (2)one, three (3)or six-month period, or six (6) months with respect to each Eurodollar Rate Loan; provided that, in each case:
(i) all Eurodollar Loans comprising a Borrowing shall at all times have the same Interest Period;
(ii) the initial Interest Period for any Eurodollar Loan shall commence on the date of advance Borrowing of or such Eurodollar Loan (including the date of any conversion to any Eurodollar thereto from a Base Rate Loan and, in the case of immediately successive Interest Periods, Loan) and each successive Interest Period occurring thereafter in respect of such Eurodollar Loan shall commence on the date day on which the next preceding Interest Period applicable thereto expires;
(iiiii) if any Interest Period begins on a day for which there is no numerically corresponding day in the calendar month at the end of such Interest Period, such Interest Period shall end on the last Business Day of such calendar month;
(iv) if any Interest Period would otherwise expire on a day that 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 with respect to for a Eurodollar Rate Loan would otherwise expire on a day that 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;
(iiiv) any unless otherwise agreed in writing by the Required Lenders, no Interest Period with respect to a Eurodollar Rate Loan that begins on the last Business Day may be selected at any time when any Specified Default or any Event of a calendar month (or on a day for which there Default is no numerically corresponding day then in the calendar month at the end of such Interest Period) shall end on the last Business Day of the relevant calendar month at the end of such Interest Periodexistence;
(ivvi) no Interest Period in respect of any Borrowing of Eurodollar Loans shall extend be selected which extends beyond the Maturity Date, and ; and
(vii) the selection of Interest Periods shall be selected by subject to the provisions of Section 1.02. If upon the expiration of any Interest Period applicable to a Borrowing of Eurodollar Loans, the Borrower so has failed to elect, or is not permitted to elect, a new Interest Period to be applicable to such Eurodollar Loans as to permit provided above, the Borrower to make the monthly principal installment payments pursuant to Section 2.3 without payment of any amounts pursuant to Section 3.9; and
(v) there shall be no more than two (2) deemed to have elected to convert such Eurodollar Loans into Base Rate Loans effective as of the expiration date of such current Interest Periods in effect at any timePeriod.
Appears in 1 contract
Samples: Credit Agreement (Flowers Foods Inc)
Interest Periods. In connection with the making or continuation of, or conversion into, each Eurodollar Borrowing of LIBOR Rate LoanLoans, the Borrower, by giving notice at the times described in Section 3.1(a), Borrower shall elect select an interest period (each, each an "Interest Period") to be applicable to such Term LIBOR Rate Loan, which Interest Period interest period shall be commence on the date such LIBOR Rate Loan is made and shall end on a period of one (1)numerically corresponding day in the 1st, two (2)2nd, three (3)3rd, or six (6) months with respect to each Eurodollar Rate Loan6th month thereafter; provided provided, however, that:
(i) the The initial Interest Period for a LIBOR Rate Loan shall commence on the date of advance such Borrowing (including the date of or any conversion to any Eurodollar Rate Loan and, in the case of immediately successive Interest Periods, each successive from an Interest Period occurring thereafter in respect of a Loan of another Type) and each such Loan shall commence on the date on which the next preceding Interest Period expires;; 72
(ii) if If any Interest Period would otherwise expire on a day that which is not a Business Day, such Interest Period shall expire on the next succeeding Business Day; provided, provided that if any Interest Period with in respect to a Eurodollar of LIBOR Rate Loan Loans would otherwise expire on a day that 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;
(iii) any Any Interest Period with respect to a Eurodollar Rate Loan that which 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) Period shall end expire on the last Business Day of the relevant such calendar month at the end of such Interest Periodmonth;
(iv) no No Interest Period shall extend beyond the Maturity Date, and Interest Periods shall be selected by last day of the Borrower so as to permit Original Term or the Borrower to make the monthly principal installment payments pursuant to Section 2.3 without payment last day of any amounts pursuant to Section 3.9Renewal Term; and
(v) there No Interest Period with respect to any portion of principal of a Loan shall be no more than two (2) Interest Periods in effect at any timeextend beyond a date on which Borrower is required to make a scheduled payment of such portion of principal.
Appears in 1 contract
Interest Periods. In connection with each At the time it gives any Notice of Borrowing or Notice of Conversion in respect of the making of, or conversion into, a Eurodollar Rate LoanLoan (in the case of the initial Interest Period applicable thereto) or prior to 10:00 A.M. (New York time) on the third Business Day prior to the expiration of an Interest Period applicable to such Eurodollar Loan (in the case of any subsequent Interest Period), the BorrowerBorrower shall have the right to elect, by giving the Administrative Agent notice at thereof, the times described in Section 3.1(a), shall elect an interest period (each, each an "Interest Period") to be applicable to such Term Eurodollar Loan, which Interest Period shall shall, at the option of the Borrower, be a period of one (1)one-, two (2), three (3), three- or six (6) months with respect to each Eurodollar Rate Loansix-month period; provided that:
(i) all Eurodollar Loans comprising a single Borrowing shall at all times have the same Interest Period;
(ii) the initial Interest Period for any Eurodollar Loan shall commence on the date of advance Borrowing of or such Loan (including the date of any conversion to any Eurodollar thereto from a Borrowing of Base Rate Loan and, in the case of immediately successive Interest Periods, Loans) and each successive Interest Period occurring thereafter in respect of such Loan shall commence on the date day on which the next preceding Interest Period applicable thereto expires;
(iiiii) if any Interest Period relating to a Eurodollar Loan begins on a day for which there is no numerically corresponding day in the calendar month at the end of such Interest Period, such Interest Period shall end on the last Business Day of such calendar month;
(iv) if any Interest Period would otherwise expire on a day that which is not a Business Day, such Interest Period shall expire on the next succeeding Business Day; provided, however, that if any Interest Period with respect to for a Eurodollar Rate Loan would otherwise expire on a day that 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;
(iiiv) any no Interest Period with for a Borrowing under a Tranche shall be selected which extends beyond the respective Maturity Date of such Tranche;
(vi) no Interest Period may be selected at any time when any Default or Event of Default is then in existence; and
(vii) 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 a Eurodollar Rate Loan that begins on be made under Section 5.02(A)(c) if, after giving effect to 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 selection of such Interest Period) shall end on , the last Business Day aggregate principal amount of such Term Loans maintained as Eurodollar Loans which have Interest Periods expiring after such date will be in excess of the relevant calendar month at the end aggregate principal amount of such Term Loans then outstanding less the aggregate amount of such required prepayment. If, upon the expiration of any Interest Period applicable to a Borrowing of Eurodollar Loans, the Borrower has failed to elect, or is not permitted to elect, a new Interest Period to be applicable to such Eurodollar Loans as provided above in this Section 2.09 or a Default or Event of Default then exists, the Borrower shall be deemed to have elected to convert such Eurodollar Loans into Base Rate Loans effective as of the expiration date of such current Interest Period;
(iv) no Interest Period shall extend beyond the Maturity Date, and Interest Periods shall be selected by the Borrower so as to permit the Borrower to make the monthly principal installment payments pursuant to Section 2.3 without payment of any amounts pursuant to Section 3.9; and
(v) there shall be no more than two (2) Interest Periods in effect at any time.
Appears in 1 contract
Interest Periods. In connection with each Eurodollar Rate SOFR Loan, the BorrowerBorrower may, by giving notice at pursuant to the times described in Section 3.1(a)applicable Notice of Borrowing or Notice of Conversion/Continuation, shall elect as the case may be, select an interest period (each, each an "“Interest Period"”) to be applicable to such Term Loan, which Interest Period shall be a period of one (1)except as provided in Section 2.1B) be, two (2)at the Borrower’s option, one, three (3), or six (6) months with respect to each Eurodollar Rate Loanmonths; provided that:
(i) the initial Interest Period for any SOFR Loan shall commence on the Funding Date in respect of such Loan, in the case of a Loan initially made as a SOFR Loan, or on the date specified in the applicable Notice of advance Conversion/Continuation, in the case of or conversion a Loan converted to any Eurodollar Rate Loan and, a SOFR Loan;
(ii) in the case of immediately successive Interest PeriodsPeriods applicable to a SOFR Loan continued as such pursuant to a Notice of Conversion/Continuation, each successive Interest Period shall commence on the date day on which the next preceding Interest Period expires;
(iiiii) if any an Interest Period would otherwise expire on a day that is not a Business Day, such Interest Period shall expire on the next succeeding Business Day; providedprovided that, that if any Interest Period with respect to a Eurodollar Rate Loan would otherwise expire on a day 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;
(iiiiv) any Interest Period with respect to a Eurodollar 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) shall shall, subject to clause (i)(E) of this Section 2.2B, end on the last Business Day of the relevant a calendar month at the end of such Interest Periodmonth;
(ivv) no Interest Period with respect to any portion of the Loans of any Class shall extend beyond the Maturity DateCommitment Termination Date or other final maturity date (in the case of Other Credit Extensions), and Interest Periods shall be selected by the Borrower so as to permit the Borrower to make the monthly principal installment payments pursuant to Section 2.3 without payment applicable, of any amounts pursuant to Section 3.9; andsuch Class;
(vvi) there shall be no more than two (2) twelve Interest Periods in effect respect of SOFR Loans outstanding at any time;
(vii) no tenor that has been removed pursuant to Section 2.6D(iv) shall be available for specification in a Notice of Borrowing or Notice of Conversion/Continuation; and
(viii) in the event the Borrower fails to specify an Interest Period for any SOFR Loan in the applicable Notice of Borrowing or Notice of Conversion/Continuation, the Borrower shall be deemed to have selected an Interest Period of one month.
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Interest Periods. In connection with each Eurodollar Rate Loan, Company may, pursuant to the Borrowerapplicable Notice of Borrowing or Notice of Conversion/Continuation, by giving notice at as the times described in Section 3.1(a)case may be, shall elect select an interest period (each, each an "Interest PeriodINTEREST PERIOD") to be applicable to such Term Loan, which Interest Period shall be be, at Company's option, either a period of one (1)one, two (2)two, three (3), or six (6) months with respect to each Eurodollar Rate Loanmonth period; provided that:
(i) the initial Interest Period for any such Loan shall commence on the date Funding Date in respect of advance such Loan, in the case of or conversion to any a Loan initially made as a Eurodollar Rate Loan, or on the date specified in the applicable Notice of Conversion/Continuation, in the case of a Loan and, converted to a Eurodollar Rate Loan;
(ii) in the case of immediately successive Interest PeriodsPeriods applicable to a Eurodollar Rate Loan continued as such pursuant to a Notice of Conversion/Continuation, each successive Interest Period shall commence on the date day on which the next preceding Interest Period expires;
(iiiii) if any an Interest Period would otherwise expire on a day that is not a Business Day, such Interest Period shall expire on the next succeeding Business Day; providedprovided that, that if any Interest Period with respect to a Eurodollar Rate Loan would otherwise expire on a day 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;
(iiiiv) any Interest Period with respect to a Eurodollar 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) shall shall, subject to clause (v) of this subsection 2.2B, end on the last Business Day of the relevant a calendar month at the end of such Interest Periodmonth;
(ivv) no Interest Period shall extend beyond the Maturity Revolving Loan Commitment Termination Date, and Interest Periods shall be selected by the Borrower so as to permit the Borrower to make the monthly principal installment payments pursuant to Section 2.3 without payment of any amounts pursuant to Section 3.9; and;
(vvi) there shall be no more than two (2) three Interest Periods in effect outstanding at any time; and
(vii) in the event Company fails to specify an Interest Period for any Eurodollar Rate Loan, in the applicable Notice of Borrowing or Notice of Conversion/Continuation, Company shall be deemed to have selected an Interest Period of one month.
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Samples: Credit Agreement (FWT Inc)
