Common use of Interest Periods Clause in Contracts

Interest Periods. At the time it gives any Notice of Borrowing or a Notice of Conversion or Continuation with respect to any Borrowing bearing interest with reference to the Eurocurrency Rate, the Borrower shall elect, by giving the Administrative Agent written notice, the interest period (each an “Interest Period”) applicable thereto, which Interest Period shall, at the option of the Borrower, be one, two, three or six months or, if available or otherwise satisfactory to each of the applicable Lenders (as determined by each such applicable Lender in its sole discretion) a twelve month period, provided that: (i) all Eurocurrency Loans comprising a single Borrowing shall at all times have the same Interest Period; (ii) the initial Interest Period for any Eurocurrency Loan shall commence on the date of such Borrowing of such Eurocurrency Loan (including the date of any conversion thereto from a Loan of a different Type) and each Interest Period occurring thereafter in respect of such Eurocurrency Loan shall commence on the last day of the immediately preceding Interest Period; (iii) if any Interest Period relating to a Eurocurrency 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 which is not a Business Day, such Interest Period shall expire on the next succeeding Business Day; provided, however, that if any Interest Period for a Eurocurrency Loan would otherwise expire on a day which is not a Business Day but is a day of the month after which no further Business Day occurs in such month, such Interest Period shall expire on the next preceding Business Day; (v) at any time when an Event of Default is then in existence, no Interest Period (a) of more than one month may be selected with respect to any Loan denominated in an Alternative Currency and (b) may be selected with respect to any Loan denominated in Dollars; (vi) no Interest Period shall extend beyond the applicable Term Maturity Date for any Term Loan or the Revolver Termination Date for any Revolving Loan; and (vii) no Interest Period in respect of any Borrowing of Term Loans for any Term Facility shall be selected which extends beyond any date upon which a Scheduled Term Repayment will be required to be made under Section 4.4(b) for such Term Facility if the aggregate principal amount of all Term Loans which have Interest Periods which will expire after such date will be in excess of the aggregate principal amount of Term B Dollar Loans then outstanding less the aggregate amount of such required prepayment. Notwithstanding anything to the contrary herein (i) with respect to Term B Dollar Loans, the Borrower may only have Base Rate Loans and Eurocurrency Loans with a one month Interest Period for the first 30 days after the Third Amendment Effective Date or, if earlier, the date on which the Administrative Agent informs the Borrower of the completion of the syndication of the Existing Term B Dollar Loans and (ii) if requested by the Borrower, the Administrative Agent, in its discretion, may offer Interest Periods shorter than one month.

Appears in 6 contracts

Samples: Credit Agreement (Huntsman CORP), Credit Agreement (Huntsman International LLC), Credit Agreement (Huntsman International LLC)

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Interest Periods. At the time it the Borrower gives any Notice of Borrowing or a Notice of Conversion Conversion/Continuation in respect of the making of, or Continuation with respect conversion into, any Euro Rate Loan (in the case of the initial Interest Period applicable thereto) or prior to any Borrowing bearing interest with reference 11:00 A.M. (New York City time) on the third Business Day prior to the Eurocurrency Rateexpiration of an Interest Period applicable to such Euro Rate Loan (in the case of any subsequent Interest Period), the Borrower shall elect, by giving have the Administrative Agent written notice, right to elect the interest period (each each, an “Interest Period”) applicable theretoto such Euro Rate Loan, which Interest Period shall, at the option of the Borrower, Borrower be a one, two, three or three, six months or, if available or otherwise satisfactory to each of the applicable Lenders (as determined extent approved by each such applicable Lender in its sole discretion) a twelve month with Loans and/or Revolving Loan Commitments, any other period, provided that:that (in each case): (i) all Eurocurrency Euro Rate Loans comprising a single Borrowing shall at all times have the same Interest Period; (ii) the initial Interest Period for any Eurocurrency Euro Rate Loan shall commence on the date of such Borrowing of such Eurocurrency Euro Rate Loan (including the date of any conversion thereto from a Loan of a different TypeBase Rate Loan) and each Interest Period occurring thereafter in respect of such Eurocurrency Euro Rate Loan shall commence on the last day of on which the immediately next preceding Interest PeriodPeriod applicable thereto expires; (iii) if any Interest Period relating to for a Eurocurrency 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 for a Euro Rate Loan would otherwise expire on a day which is not a Business Day, such Interest Period shall expire on the next succeeding Business Day; provided, however, that if any Interest Period for a Eurocurrency Euro Rate Loan would otherwise expire on a day which is not a Business Day but is a day of the month after which no further Business Day occurs in such month, such Interest Period shall expire on the next preceding Business Day; (v) unless the Required Lenders otherwise agree, no Interest Period may be selected at any time when a Default or an Event of Default is then in existence, no Interest Period (a) of more than one month may be selected with respect to any Loan denominated in an Alternative Currency and (b) may be selected with respect to any Loan denominated in Dollars; (vi) no Interest Period shall extend beyond the applicable Term Maturity Date for any Term Loan or the Revolver Termination Date for any Revolving Loan; and (vii) no Interest Period in respect of any Borrowing of Term Loans for any Term Facility shall be selected which extends beyond the Revolving Loan Maturity Date; and With respect to any date upon Non-Dollar Denominated Loans, at the end of any Interest Period applicable to a Borrowing thereof, the Borrower, may elect to split the respective Borrowing into two or more Borrowings of the same Type or combine two or more Borrowings of the same Type into a single Borrowing, in each case, by having an Authorized Officer of the Borrower give notice thereof together with its election of one or more Interest Periods, in each case so long as each resulting Borrowing (x) has an Interest Period which complies with the foregoing requirements of this Section 2.09, (y) has a Scheduled Term Repayment will be required to be made under Section 4.4(b) for such Term Facility if the aggregate principal amount of all Term Loans which have Interest Periods which will expire after such date will be in excess is not less than the Minimum Borrowing Amount applicable to Borrowings of the aggregate principal amount respective Type and Tranche, and (z) does not cause a violation of Term B Dollar Loans then outstanding less the aggregate amount requirements of such required prepaymentSection 2.02. Notwithstanding anything If upon the expiration of any Interest Period applicable to the contrary herein (i) with respect to Term B Dollar a Borrowing of Euro Rate Loans, the Borrower may only has failed to elect, or are 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) if Eurodollar Loans, to convert such Eurodollar Loans into Base Rate Loans and Eurocurrency Loans with (y) if Non-Dollar Denominated Loans, to select a one one-month Interest Period for the first 30 days after the Third Amendment Effective Date orsuch Non-Dollar Denominated Loans, if earlier, the date on which the Administrative Agent informs the Borrower in any such case effective as of the completion expiration date of the syndication of the Existing Term B Dollar Loans and (ii) if requested by the Borrower, the Administrative Agent, in its discretion, may offer such current Interest Periods shorter than one monthPeriod.

Appears in 4 contracts

Samples: Credit Agreement (Dole Food Co Inc), Credit Agreement (Dole Food Co Inc), Credit Agreement (Dole Food Co Inc)

Interest Periods. At the time it gives any Notice of Borrowing or a Notice of Conversion or Notice of Continuation with respect to any Borrowing bearing interest with reference to the Eurocurrency RateLoans, the Borrower Borrowers shall elect, by giving the Administrative Agent written notice, the interest period (each an “Interest Period”) applicable thereto, which Interest Period shall, at the option of the BorrowerBorrowers, be one, two, three three, six or six months or, if available or otherwise satisfactory to each of the applicable Lenders (as determined by each such applicable Lender in its sole discretion) a twelve month period, any other period acceptable to the Administrative Agent; provided that: (ia) all Eurocurrency Loans comprising a single Borrowing shall at all times have the same Interest Period; (iib) the initial Interest Period for any Eurocurrency Loan shall commence on the date of such Borrowing of such Eurocurrency Loan (including the date of any conversion thereto from a Loan of a different Type) and each Interest Period occurring thereafter in respect of such Eurocurrency Loan shall commence on the last day of the immediately preceding Interest Period; (iiic) if any Interest Period relating to a Eurocurrency 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; (ivd) if any Interest Period would otherwise expire on a day which is not a Business Day, such Interest Period shall expire on the next succeeding Business Day; provided, however, that if any Interest Period for a Eurocurrency Loan would otherwise expire on a day which is not a Business Day but is a day of the month after which no further Business Day occurs in such month, such Interest Period shall expire on the next preceding Business Day; (ve) no Interest Period may be selected at any time when an Unmatured Event of Default or Event of Default is then in existence, no Interest Period (a) of more than one month may be selected with respect to any Loan denominated in an Alternative Currency and (b) may be selected with respect to any Loan denominated in Dollars;; and (vif) no Interest Period shall extend beyond the applicable Term Maturity Expiration Date for any Term Loan or the Revolver Termination Date for any Revolving Loan; and (vii) no Interest Period in respect of any Borrowing of Term Loans for any Term Facility shall be selected which extends beyond any date upon which a Scheduled Term Repayment will be required to be made under Section 4.4(b) for such Term Facility if the aggregate principal amount of all Term Loans which have Interest Periods which will expire after such date will be in excess of the aggregate principal amount of Term B Dollar Loans then outstanding less the aggregate amount of such required prepayment. Notwithstanding anything to the contrary herein (i) with respect to Term B Dollar Loans, the Borrower may only have Base Rate Loans and Eurocurrency Loans with a one month Interest Period for the first 30 days after the Third Amendment Effective Date or, if earlier, the date on which the Administrative Agent informs the Borrower of the completion of the syndication of the Existing Term B Dollar Loans and (ii) if requested by the Borrower, the Administrative Agent, in its discretion, may offer Interest Periods shorter than one month.

Appears in 4 contracts

Samples: Revolving Credit Agreement (Texas Petrochemicals Inc.), Revolving Credit Agreement (Texas Petrochemicals Inc.), Revolving Credit Agreement (Texas Petrochemicals Inc.)

Interest Periods. At the time it the Applicable Borrower gives any a Notice of Borrowing or a Notice of Continuance/Conversion in respect of the making of, continuance of, or Continuation with respect conversion into, a Borrowing of Reserve Adjusted Eurodollar Loans, it shall have the right to any Borrowing bearing interest with reference to the Eurocurrency Rate, the Borrower shall elect, by giving the Administrative Agent written notice(and, in the case of U.K. Swingline Loans, the interest period U.K. Swingline Bank) written notice (each an “or telephonic notice promptly confirmed in writing), the Interest Period”) Period for Reserve Adjusted Eurodollar Loans applicable theretoto such Borrowing, which Interest Period shall, at the option of the Applicable Borrower, be a one, two, three or three, six months or, if available or otherwise satisfactory by all the Banks and only with respect to each of the applicable Lenders (as determined by each such applicable Lender in its sole discretion) a Dollar Loans, twelve month period, provided that. Notwithstanding anything to the contrary contained above: (i) all Eurocurrency Loans comprising a single Borrowing shall at all times have the same Interest Period; (iia) the initial Interest Period for any Eurocurrency Loan Borrowing of Reserve Adjusted Eurodollar Loans shall commence on the date of such Borrowing of such Eurocurrency Loan (including the date of any conversion thereto conver- sion from a Loan Borrowing of a different TypeBase Rate Loans or U.K. Base Rate Loans, as applicable) and each Interest Period occurring thereafter in respect of such Eurocurrency Loan Borrowing shall commence on the last day of date on which the immediately next preceding Interest PeriodPeriod expires; (iiib) if any Interest Period relating to a Eurocurrency Loan Borrowing of Reserve Adjusted Eurodollar Loans begins on a day date for which there is no numerically corresponding day date in the calendar month at the end of in which such Interest PeriodPeriod ends, such Interest Period shall end on the last Business Day of such calendar month; (ivc) if any Interest Period would otherwise expire on a day which is not a Business Day, such Interest Period shall expire on the next succeeding Business Day; provided, however, provided that if any Interest Period for in respect of a Eurocurrency Reserve Adjusted Eurodollar Loan would otherwise expire on a day which is not a Business Day but is a day of the month after which no further Business Day occurs in such month, such Interest Period shall expire on the next preceding Business Day; (v) at any time when an Event of Default is then in existence, no Interest Period (a) of more than one month may be selected with respect to any Loan denominated in an Alternative Currency and (b) may be selected with respect to any Loan denominated in Dollars; (vid) no Interest Period shall extend with respect to A Term Loans, beyond the applicable Final A Term Loan Maturity Date, with respect to B Term Loans, beyond the Final B Term Loan Maturity Date, with respect to Acquisition Term Loans, beyond the Final Acquisition Term Loan Maturity Date, with respect to Revolving Loans, beyond the Revolving Loan Maturity Date for any Term Loan or and with respect to U.K. Swingline Loans, beyond the Revolver Termination Date for any Revolving LoanSwingline Expiry Date; and (viie) no Interest Period in with respect of to any Borrowing of Term Dollar Reserve Adjusted Eurodollar Loans for any Term Facility shall be selected which extends extend beyond any date upon which a Scheduled Term Repayment will be U.S. Borrower is required to be made under Section 4.4(b) for such Term Facility if make a scheduled payment of principal with respect to the aggregate principal amount of all Term Loans which have or Acquisition Term Loans if, after giving effect to the selection of such Interest Periods which will expire after such date will be in excess of Period, the aggregate principal amount of Term B Dollar Loans then outstanding less or Acquisition Term Loans maintained as Reserve Adjusted Eurodollar Loans with Interest Periods ending after such date of scheduled payment of principal would exceed the aggregate amount of Term Loans or Acquisition Term Loans permitted to be outstanding after such required prepayment. Notwithstanding anything to the contrary herein (i) with respect to Term B Dollar Loans, the Borrower may only have Base Rate Loans and Eurocurrency Loans with a one month Interest Period for the first 30 days after the Third Amendment Effective Date or, if earlier, the date on which the Administrative Agent informs the Borrower scheduled payment of the completion of the syndication of the Existing Term B Dollar Loans and (ii) if requested by the Borrower, the Administrative Agent, in its discretion, may offer Interest Periods shorter than one monthprincipal.

Appears in 3 contracts

Samples: Credit Agreement (Morris Material Handling Inc), Credit Agreement (MMH Holdings Inc), Credit Agreement (MMH Holdings Inc)

Interest Periods. At the time it gives any Notice of Borrowing or a Notice of Conversion or Continuation with respect to any Borrowing bearing interest with reference to the Eurocurrency RateContinuation, the Borrower Company shall elect, by giving the Administrative Agent written notice, the interest period (each an “Interest Period”) applicable thereto, which Interest Period shall, at the option of the BorrowerCompany, be one, two, three or six months (or, (x) if available or otherwise satisfactory to each of the applicable Lenders (as determined by each such applicable Lender in its sole discretion) a twelve month periodperiod or (y) in the discretion of Administrative Agent, a period of less than one month); provided that: (ia) all Eurocurrency Loans comprising a single Borrowing shall at all times have the same Interest Period; (iib) the initial Interest Period for any Eurocurrency Loan shall commence on the date of such Borrowing of such Eurocurrency Loan (including the date of any conversion thereto from a Loan of a different Type) and each Interest Period occurring thereafter in respect of such Eurocurrency Loan shall commence on the last day of the immediately preceding Interest Period; (iiic) if any Interest Period relating to a Eurocurrency 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; (ivd) if any Interest Period would otherwise expire on a day which is not a Business Day, such Interest Period shall expire on the next succeeding Business Day; provided, however, that if any Interest Period for a Eurocurrency Loan would otherwise expire on a day which is not a Business Day but is a day of the month after which no further Business Day occurs in such month, such Interest Period shall expire on the next preceding Business Day; (v) at any time when an Event of Default is then in existence, no Interest Period (a) of more than one month may be selected with respect to any Loan denominated in an Alternative Currency and (b) may be selected with respect to any Loan denominated in Dollars; (vie) no Interest Period shall extend beyond the applicable Term Rollover Loan Maturity Date for any Term Loan or the Revolver Termination Date for any Revolving Loan; and (vii) no Interest Period in respect of any Borrowing of Term Loans for any Term Facility shall be selected which extends beyond any date upon which a Scheduled Term Repayment will be required to be made under Section 4.4(b) for such Term Facility if the aggregate principal amount of all Term Loans which have Interest Periods which will expire after such date will be in excess of the aggregate principal amount of Term B Dollar Loans then outstanding less the aggregate amount of such required prepayment. Notwithstanding anything to the contrary herein (i) with respect to Term B Dollar Loans, the Borrower may only have Base Rate Loans and Eurocurrency Loans with a one month Interest Period for the first 30 days after the Third Amendment Effective Date or, if earlier, the date on which the Administrative Agent informs the Borrower of the completion of the syndication of the Existing Term B Dollar Loans and (ii) if requested by the Borrower, the Administrative Agent, in its discretion, may offer Interest Periods shorter than one monthDate.

Appears in 3 contracts

Samples: Bridge Loan Agreement (Ball Corp), Bridge Loan Agreement (Ball Corp), Bridge Loan Agreement (Ball Corp)

Interest Periods. At the time it gives any Notice of Borrowing in respect of the making of the New Loans on the Restatement Effective Date, or a any Notice of Conversion in respect of the conversion of any Loan (in the case of the initial Interest Period applicable thereto) or Continuation with respect to any Borrowing bearing interest with reference no later than 12:00 Noon (New York time) on the third Business Day prior to the Eurocurrency Rateexpiration of an Interest Period applicable to such Loan (in the case of any subsequent Interest Period), the Borrower Company shall have the right to elect, by giving the Administrative Agent written noticenotice thereof, the interest period (each each, an “Interest Period”) applicable theretoto such Loan, which Interest Period shall, at the option of the BorrowerCompany, be a one, two, three or six months orsix-month period, if available or otherwise satisfactory to each of such shorter period as the applicable Lenders (as determined by each such applicable Lender Administrative Agent may agree in its sole discretion) , or if agreed upon by each Lender making such Eurodollar Loan, a twelve nine or twelve-month period, ; provided that: (i) all Eurocurrency Eurodollar Loans comprising a single Borrowing shall at all times have the same Interest Period; (ii) the initial Interest Period for any Eurocurrency Loan Borrowing of Eurodollar Loans shall commence on the date of such Borrowing of such Eurocurrency Loan (including the date of any conversion thereto from a Loan Borrowing of a different TypeBase Rate Loans) and each Interest Period occurring thereafter in respect of such Eurocurrency Loan Loans shall commence on the last day of on which the immediately next preceding Interest PeriodPeriod applicable thereto expires; (iii) if any Interest Period relating to a Eurocurrency 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 which is not a Business Day, such Interest Period shall expire on the next succeeding Business Day; provided, however, that if any Interest Period for a Eurocurrency Loan would otherwise expire on a day which is not a Business Day but is a day of the month after which no further Business Day occurs in such month, such Interest Period shall expire on the next preceding Business Day; (v) no Interest Period may be selected at any time when a Default or an Event of Default is then in existence, no Interest Period existence (a) of more than one month may be selected with respect to any Loan denominated in an Alternative Currency unless the Administrative Agent and (b) may be selected with respect to any Loan denominated in Dollars;the Required Lenders otherwise agree); and (vi) no Interest Period shall extend beyond the applicable Term Maturity Date for any Term Loan or the Revolver Termination Date for any Revolving Loan; and (vii) no Interest Period in respect of any Borrowing of Term Loans for any Term Facility shall be selected which extends beyond any date upon which a Scheduled Term Repayment will be required to be made under Section 4.4(bthe Final Maturity Date. If by 12:00 Noon (New York time) for such Term Facility if on the aggregate principal amount of all Term Loans which have Interest Periods which will expire after such date will be in excess of the aggregate principal amount of Term B Dollar Loans then outstanding less the aggregate amount of such required prepayment. Notwithstanding anything third Business Day prior to the contrary herein (i) with respect expiration of any Interest Period applicable to Term B Dollar a Borrowing of Eurodollar Loans, the Borrower may only Company 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 Company shall be deemed to have elected to convert such Eurodollar Loans into Base Rate Loans and Eurocurrency Loans with a one month Interest Period for the first 30 days after the Third Amendment Effective Date or, if earlier, the date on which the Administrative Agent informs the Borrower effective as of the completion expiration date of the syndication of the Existing Term B Dollar Loans and (ii) if requested by the Borrower, the Administrative Agent, in its discretion, may offer such current Interest Periods shorter than one monthPeriod.

Appears in 3 contracts

Samples: Term Loan Credit Agreement (Omnova Solutions Inc), Term Loan Credit Agreement (Omnova Solutions Inc), Term Loan Credit Agreement (Omnova Solutions Inc)

Interest Periods. At the time it gives any Notice of Borrowing or a Notice of Conversion or Continuation with respect to any Borrowing bearing interest with reference to the Eurocurrency RateLoans, the applicable Borrower shall elect, by giving the Administrative Agent written notice, the interest period (each an “Interest Period”) applicable thereto, which Interest Period shall, at the option of the applicable Borrower, be one, two or three weeks or one, two, three or six months or, if available or otherwise satisfactory to each of the applicable Lenders (as determined by each such applicable Lender in its sole discretion) a nine or twelve month period, ; provided that: (ia) all Eurocurrency Loans comprising a single Borrowing shall at all times have the same Interest Period; (iib) the initial Interest Period for any Eurocurrency Loan shall commence on the date of such Borrowing of such Eurocurrency Loan (including the date of any conversion thereto from a Loan of a different Type) and each Interest Period occurring thereafter in respect of such Eurocurrency Loan shall commence on the last day of the immediately preceding Interest Period; (iiic) if any Interest Period relating to a Eurocurrency 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; (ivd) if any Interest Period would otherwise expire on a day which is not a Business Day, such Interest Period shall expire on the next succeeding Business Day; provided, however, that if any Interest Period for a Eurocurrency Loan would otherwise expire on a day which is not a Business Day but is a day of the month after which no further Business Day occurs in such month, such Interest Period shall expire on the next preceding Business Day; (ve) no Interest Period may be selected at any time when an Unmatured Event of Default or Event of Default is then in existence; provided, no that Alternative Currency Loans shall continue with Interest Period (a) Periods of more than one month may be selected with respect to if any Loan denominated Unmatured Event of Default or Event of Default is then in an Alternative Currency and (b) may be selected with respect to any Loan denominated in Dollarsexistence; (vif) no Interest Period shall extend beyond the applicable Term Maturity Date for any Term Loan or the applicable Revolver Termination Date for any Revolving Loan or the Canadian Revolver Termination Date for any Canadian Revolving Loan; and (viig) no Interest Period in respect of any Borrowing of Term Loans for of any Term Facility shall be selected which extends beyond any date upon which a Scheduled mandatory repayment of such Term Repayment Loan Facility will be required to be made under Section 4.4(b), (c) for such Term Facility or (d) as the case may be, if the aggregate principal amount of all Term Loans of such Facility, which have Interest Periods which will expire after such date will be in excess of the aggregate principal amount of Term B Dollar Loans of such Facility then outstanding less the aggregate amount of such required prepayment. Notwithstanding anything to the contrary herein (i) with respect to Term B Dollar Loans, the Borrower may only have Base Rate Loans and Eurocurrency Loans with a one month Interest Period for the first 30 days after the Third Amendment Effective Date or, if earlier, the date on which the Administrative Agent informs the Borrower of the completion of the syndication of the Existing Term B Dollar Loans and (ii) if requested by the Borrower, the Administrative Agent, in its discretion, may offer Interest Periods shorter than one month.

Appears in 3 contracts

Samples: Credit Agreement (Crown Holdings Inc), Credit Agreement (Crown Holdings Inc), Credit Agreement (Crown Holdings Inc)

Interest Periods. At the time it gives any (a) The Borrower shall, in each Notice of Borrowing or a Notice of Conversion or Notice of Continuation with in respect of the making of, or continuation of a Eurodollar Loan (each such notice to any Borrowing bearing interest with reference be delivered to the Eurocurrency Rate, the Borrower shall elect, by giving the Administrative Agent written noticeand the Collateral Agent by 11:00 A.M. (New York City time) at least three (3) Business Days prior to the requested Borrowing Date in the case of Eurodollar Loans or by 11:00 A.M. (New York City time) at least one (1) Business Day prior to the Borrowing Date in the case of Base Rate Loans), select the interest period (each each, an “Interest Period”) applicable theretoto such Eurodollar Loan, which Interest Period shallshall be (x) with respect to the making of, at or continuation of any Eurodollar Loan prior to the option Term Conversion Date, a one (1)-month period and (y) with respect to the making of, or continuation of any Eurodollar Loan after the BorrowerTerm Conversion Date, be one, twoone of a one (1)-month, three (3)-month or six months or, if available or otherwise satisfactory to each of the applicable Lenders (as determined by each such applicable Lender in its sole discretion) a twelve month 6)-month period, ; provided that: (i) all Eurocurrency Loans comprising a single Borrowing shall at all times have the same Interest Period; (ii) the initial Interest Period for any Eurocurrency Eurodollar Loan shall commence on the date of such Borrowing the making of such Eurocurrency Eurodollar Loan (including the date of any conversion thereto from a Loan of a different TypeBase Rate Loan) and each Interest Period occurring thereafter in respect of such Eurocurrency Eurodollar Loan shall commence on the last day of date on which the immediately preceding Interest Period, if any, expires; (ii) if any Interest Period would otherwise expire on a day which is not a Business Day, such Interest Period shall expire on the next succeeding Business Day; provided, however, that if any Interest Period applicable to a Borrowing of Eurodollar Loans would otherwise expire on a day which is not a Business Day but is a day of the month after which no further Business Day occurs in such month, such Interest Period shall expire on the Business Day preceding the day of scheduled expiration; (iii) if any Interest Period relating applicable to a Eurocurrency Loan Borrowing of Eurodollar Loans begins on a day for which there is no numerically corresponding day in the calendar month at the end of such Interest Period, such Interest Period shall end on the last Business Day of such calendar month; (iv) if any no Interest Period would otherwise expire on a day which is not a Business Day, such Interest Period in respect of any Loan shall expire on extend beyond the next succeeding Business Day; provided, however, that if any Interest Period for a Eurocurrency Loan would otherwise expire on a day which is not a Business Day but is a day of the month after which no further Business Day occurs in such month, such Interest Period shall expire on the next preceding Business DayFinal Maturity Date; (v) at any time when an Event of Default is then in existence, no Interest Period (a) of more than one month may be selected with respect to any Loan denominated in an Alternative Currency and (b) may be selected with respect to any Loan denominated in Dollars; (vi) no Interest Period shall extend beyond the applicable Term Maturity Date for any Term Loan or the Revolver Termination Date for any Revolving Loan; and (vii) no Interest Period in respect of any Borrowing of Term Loans for any Term Facility Loan shall be selected which extends extend beyond any date upon which a Scheduled Term Repayment will be repayment of such Loan is required to be made under Section 4.4(b) for such Term Facility if unless the aggregate principal amount of all Term such Loans which are Base Rate Loans or which have Interest Periods which will expire after on or before such date will be date, is equal to or in excess of the aggregate principal amount of Term B Dollar Loans then outstanding less the aggregate amount of repayment required to be made on such required prepayment. Notwithstanding anything to date; and (vi) the contrary herein Borrower may request irregular Interest Periods (iwithout premium or penalty) with respect a duration other than a one (1)-month, three (3)-month or six (6)-month Interest Period in order to Term B Dollar Loansconsolidate outstanding Interest Periods and Payment Dates, as well as to facilitate the repayment of Eurodollar Loans and LC Loans in accordance with the terms of this Agreement. Upon receipt of a Notice of Conversion or Notice of Continuation from the Borrower requesting such irregular Interest Period, the Administrative Agent and Lenders shall use best efforts to provide the Borrower with such Interest Period so long as such Interest Period is available in the London interbank market, in the reasonable judgment of Administrative Agent; provided, that where this Agreement requires the Borrower to have an irregular Interest Period for a Borrowing of a Eurodollar Loan, the Administrative Agent shall use best efforts to set the applicable Adjusted Eurodollar Rate through interpolating the available Eurodollar Rate for periods having terms ending immediately prior to and immediately following such Interest Period (e.g., for a seventy-five (75) day Interest Period, the Administrative Agent shall use the midpoint of a two (2)-month and three (3)-month Eurodollar Rate). (b) There shall be no more than three (3) Interest Periods in effect at any one time. (c) If, upon the expiration of any Interest Period, the Borrower may only have has failed to elect a new Interest Period to be applicable to a Eurodollar Loan as provided above, the Borrower’s Eurodollar Loans shall be converted into a Base Rate Loans and Eurocurrency Loans with a one month Interest Period for the first 30 days after the Third Amendment Effective Date or, if earlier, the date on which the Administrative Agent informs the Borrower Loan effective as of the completion expiration date of the syndication of the Existing Term B Dollar Loans and (ii) if requested by the Borrower, the Administrative Agent, in its discretion, may offer such current Interest Periods shorter than one monthPeriod.

Appears in 3 contracts

Samples: Credit Agreement (Bloom Energy Corp), Credit Agreement (Bloom Energy Corp), Credit Agreement (Bloom Energy Corp)

Interest Periods. At the time it gives any Notice of Borrowing or a Notice of Conversion or Continuation Continuation, with respect to any Borrowing bearing interest with reference to the Eurocurrency RateLoans, the Borrower Company shall elect, by giving the Administrative Agent written notice, the interest period (each an “Interest Period”) applicable thereto, which Interest Period shall, at the option of the BorrowerCompany, be one, two, three or six months (or, (x) if available or otherwise satisfactory to each of the applicable Lenders (as determined by each such applicable Lender in its sole discretion) a twelve month periodperiod or (y) in the discretion of Administrative Agent, a period of less than one month); provided that: (ia) all Eurocurrency Loans comprising a single Borrowing shall at all times have the same Interest Period; (iib) the initial Interest Period for any Eurocurrency Loan shall commence on the date of such Borrowing of such Eurocurrency Loan (including the date of any conversion thereto from a Loan of a different Type) and each Interest Period occurring thereafter in respect of such Eurocurrency Loan shall commence on the last day of the immediately preceding Interest Period; (iiic) if any Interest Period relating to a Eurocurrency 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; (ivd) if any Interest Period would otherwise expire on a day which is not a Business Day, such Interest Period shall expire on the next succeeding Business Day; provided, however, that if any Interest Period for a Eurocurrency Loan would otherwise expire on a day which is not a Business Day but is a day of the month after which no further Business Day occurs in such month, such Interest Period shall expire on the next preceding Business Day; (ve) at any time when an Unmatured Event of Default or Event of Default is then in existence, no Interest Period (a) of more than one month may be selected with respect to any Loan denominated in an Alternative Currency and (b) may be selected with respect to any Loan denominated in Dollars; (vif) no Interest Period shall extend beyond the applicable Term Maturity Date for any Term Loan or the Revolver Termination Date for any Revolving Loan; and (vii) no Interest Period in respect of any Borrowing of Term Loans for any Term Facility shall be selected which extends beyond any date upon which a Scheduled Term Repayment will be required to be made under Section 4.4(b) for such Term Facility if the aggregate principal amount of all Term Loans which have Interest Periods which will expire after such date will be in excess of the aggregate principal amount of Term B Dollar Loans then outstanding less the aggregate amount of such required prepayment. Notwithstanding anything to the contrary herein (i) with respect to Term B Dollar Loans, the Borrower may only have Base Rate Loans and Eurocurrency Loans with a one month Interest Period for the first 30 days after the Third Amendment Effective Date or, if earlier, the date on which the Administrative Agent informs the Borrower of the completion of the syndication of the Existing Term B Dollar Loans and (ii) if requested by the Borrower, the Administrative Agent, in its discretion, may offer Interest Periods shorter than one monthDate.

Appears in 3 contracts

Samples: Credit Agreement (Ball Corp), Credit Agreement (Ball Corp), Credit Agreement (Ball Corp)

Interest Periods. At the time it gives any Notice of Borrowing (i) In connection with each Eurodollar Loan or a Notice of Conversion or Continuation with respect to any Borrowing bearing interest with reference to the Eurocurrency RateLoan, the Borrower shall electBorrower, by giving notice at the Administrative Agent written noticetimes described in Section 2.09(a), the interest period (each shall elect an Interest Period”) Period to be applicable theretoto such Loan, which Interest Period shallshall be a period of one (1), at the option of the Borrower, be one, twotwo (2), three (3), or six (6) months or, if available or otherwise satisfactory with respect to each of the applicable Lenders (as determined by each such applicable Lender in its sole discretion) a twelve month period, Loan; provided that: (i) all Eurocurrency Loans comprising a single Borrowing shall at all times have : the same Interest Period; (ii) the initial Interest Period for any Eurocurrency Loan shall commence on the date of such Borrowing advance of such or conversion to any Eurodollar or Eurocurrency Loan (including and, in the date case of any conversion thereto from a Loan of a different Type) and immediately successive Interest Periods, each successive Interest Period occurring thereafter in respect of such Eurocurrency Loan shall commence on the last day of date on which the immediately preceding Interest Period; (iii) if any Interest Period relating to a Eurocurrency 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) expires; if any Interest Period would otherwise expire on a day which that is not a Business Day, such Interest Period shall expire on the next succeeding Business Day; provided, however, that if any Interest Period for with respect to a Eurodollar or Eurocurrency Loan would otherwise expire on a day which that is not a Business Day but is a day of the month after which no further Business Day occurs in such month, such Interest Period shall expire on the next immediately preceding Business Day; (v) at ; any time when an Event of Default is then in existence, no Interest Period (a) of more than one month may be selected with respect to any a Eurodollar or Eurocurrency Loan denominated that begins on the last Business Day of a calendar month (or on a day for which there is no numerically corresponding day in an Alternative Currency 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 (b) may be selected with respect to any Loan denominated in Dollars; (vi) no Interest Period shall extend beyond the applicable Term Revolving Maturity Date for any Term Loan or the Revolver Termination Date for any Revolving Loan; andDate. (viiii) no In connection with each Competitive Bid Loan, the Borrower, by giving notice at the times described in Section 2.04, shall elect an interest period (each, a “Competitive Bid Interest Period”) applicable to such Loan, which Competitive Bid Interest Period in respect of any Borrowing of Term Loans for any Term Facility shall be selected which extends beyond any date upon which a Scheduled Term Repayment will be required to be made under Section 4.4(b) for such Term Facility if the aggregate principal amount of all Term Loans which have Interest Periods which will expire after such date will be in excess of the aggregate principal amount of Term B Dollar Loans then outstanding less the aggregate amount period of such required prepayment. Notwithstanding anything to the contrary herein (i) with respect to Term B Dollar Loans, duration as accepted by the Borrower may only have Base Rate Loans and Eurocurrency Loans with a one month pursuant to Section 2.04(c); provided that: the Competitive Bid Interest Period for a Fixed Rate Loan shall not be less than seven (7) days nor more than ninety (90) days; the Competitive Bid Interest Period for any Eurodollar Competitive Bid Loan shall be a period of one (1), two (2), or three (3) months; the Competitive Bid Interest Period shall commence on the date of advance of any Competitive Bid Loan; 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 no Competitive Bid Interest Period shall expire on a date later than the first 30 days after Business Day prior to the Third Amendment Effective Date or, if earlier, the date on which the Administrative Agent informs the Borrower of the completion of the syndication of the Existing Term B Dollar Loans and Revolving Maturity Date. (iiiii) if requested by the Borrower, the Administrative Agent, in its discretion, may offer There shall be no more than eight (8) Interest Periods shorter than one monthand Competitive Bid Interest Periods (collectively) in effect at any time.

Appears in 2 contracts

Samples: Senior Unsecured Revolving Credit Agreement, Senior Unsecured Revolving Credit Agreement (Choice Hotels International Inc /De)

Interest Periods. At the time it gives any Notice of Borrowing or a Notice of Conversion or Continuation In connection with respect to any Borrowing bearing interest with reference to the Eurocurrency Rateeach LIBOR Rate Loan and Canadian CDOR Loan, the Borrower shall electParent Borrower, by giving notice at the Administrative Agent written noticetimes described in Section 4.1(a), the shall elect an interest period (each each, an “Interest Period”) to be applicable theretoto such Revolving Credit Loan, Term Loan or Canadian CDOR Loan, which Interest Period shallshall be a period of seven days, at the option of the Borrower, be one, two, three three, or six months (or in the case of a LIBOR Rate Loan denominated in Mexican Pesos, twenty-eight (28), ninety-one (91) or one hundred eighty-two (182) days), or, if available upon consent by all the Lenders under the applicable Credit Facility, such other period that is twelve months or otherwise satisfactory less (in each case, subject to availability), with respect to each of the applicable Lenders (as determined by each such applicable Lender in its sole discretion) a twelve month period, LIBOR Rate Loan or Canadian CDOR Loan; provided that: (i) all Eurocurrency Loans comprising a single Borrowing shall at all times have the same Interest Period; (ii) the initial Interest Period for any Eurocurrency Loan shall commence on the date of such Borrowing of such Eurocurrency Loan (including the date advance of any LIBOR Rate Loan or Canadian CDOR Loan or conversion thereto from a to any LIBOR Rate Loan or Canadian CDOR Loan and, in the case of a different Type) and immediately successive Interest Periods, each successive Interest Period occurring thereafter in respect of such Eurocurrency Loan shall commence on the last day of date on which the immediately next preceding Interest PeriodPeriod expires; (ii) subject to clause (d) below, 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, unless such Business Day falls in another calendar month, in which case such Interest Period shall expire on the next preceding Business Day; (iii) if subject to clause (d) below, any Interest Period relating with respect to a Eurocurrency LIBOR Rate Loan or Canadian CDOR Loan that begins on the last Business Day of a calendar month (or on a day for which there is no numerically corresponding day in the calendar month at the end of such Interest Period, such Interest Period ) shall end on the last Business Day of the relevant calendar month at the end of such calendar monthInterest Period; (iv) if any Interest Period would otherwise expire on a day which is not a Business Day, such Interest Period shall expire on the next succeeding Business Day; provided, however, that if any Interest Period for a Eurocurrency Loan would otherwise expire on a day which is not a Business Day but is a day of the month after which no further Business Day occurs in such month, such Interest Period shall expire on the next preceding Business Day; (v) at any time when an Event of Default is then in existence, no Interest Period (a) of more than one month may be selected with respect to any Loan denominated in an Alternative Currency and (b) may be selected with respect to any Loan denominated in Dollars; (vi) no Interest Period shall extend beyond the applicable Term Revolving Credit Maturity Date for any or the Term Loan or the Revolver Termination Date for any Revolving LoanMaturity Date, as applicable; and (viiv) no Interest Period in respect Borrowings of more than one Type and Class may be outstanding at the same time; provided that there shall not at any Borrowing time be more than a total of Term Loans for any Term Facility shall be selected which extends beyond any date upon which a Scheduled Term Repayment will be required to be made under Section 4.4(bfifteen (15) for such Term Facility if the aggregate principal amount borrowings of all Term Loans which have Interest Periods which will expire after such date will be in excess of the aggregate principal amount of Term B Dollar Loans then outstanding less the aggregate amount of such required prepayment. Notwithstanding anything to the contrary herein (i) with respect to Term B Dollar Loans, the Borrower may only have Base LIBOR Rate Loans and Eurocurrency Canadian CDOR Loans with a one month Interest Period for the first 30 days after the Third Amendment Effective Date or, if earlier, the date on which the Administrative Agent informs the Borrower of the completion of the syndication of the Existing Term B Dollar Loans and (ii) if requested by the Borrower, the Administrative Agent, in its discretion, may offer Interest Periods shorter than one monthoutstanding.

Appears in 2 contracts

Samples: Credit Agreement (Brinks Co), Loan Agreement (Brinks Co)

Interest Periods. At the time it gives any Notice of Borrowing or a Notice of Conversion or Continuation with respect to any Borrowing bearing interest with reference to the Eurocurrency RateLoans, the applicable Borrower shall elect, by giving the Administrative Agent written notice, the interest period (each an “Interest Period”) applicable thereto, which Interest Period shall, at the option of the applicable Borrower, be one, two or three weeks or one, two, three or six months or, if available or otherwise satisfactory to each of the applicable Lenders (as determined by each such applicable Lender in its sole discretion) a twelve twelve-month period, ; provided that: (ia) all Eurocurrency Loans comprising a single Borrowing shall at all times have the same Interest Period; (iib) the initial Interest Period for any Eurocurrency Loan shall commence on the date of such Borrowing of such Eurocurrency Loan (including the date of any conversion thereto from a Loan of a different Type) and each Interest Period occurring thereafter in respect of such Eurocurrency Loan shall commence on the last day of the immediately preceding Interest Period; (iiic) if any Interest Period relating to a Eurocurrency 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; (ivd) if any Interest Period would otherwise expire on a day which is not a Business Day, such Interest Period shall expire on the next succeeding Business Day; provided, however, that if any Interest Period for a Eurocurrency Loan would otherwise expire on a day which is not a Business Day but is a day of the month after which no further Business Day occurs in such month, such Interest Period shall expire on the next preceding Business Day; (ve) no Interest Period may be selected at any time when an Event of Default is then in existence; provided, no that Alternative Currency Loans shall continue with Interest Period (a) Periods of more than one month may be selected with respect to if any Loan denominated Event of Default is then in an Alternative Currency and (b) may be selected with respect to any Loan denominated in Dollarsexistence; (vif) no Interest Period shall extend beyond the applicable Term Maturity Date for any Term Loan or the applicable Revolver Termination Date for any Revolving Loan; and; (viig) no Interest Period in respect of any Borrowing of Term Loans for of any Term Facility shall be selected which extends beyond any date upon which a Scheduled mandatory repayment of such Term Repayment Loan Facility will be required to be made under Section 4.4(b) for such Term Facility or (c) as the case may be, if the aggregate principal amount of all Term Loans of such Facility, which have Interest Periods which will expire after such date will be in excess of the aggregate principal amount of Term B Dollar Loans of such Facility then outstanding less the aggregate amount of such required prepayment. Notwithstanding anything ; and (h) if any Borrower requests any Eurocurrency Loan having an Interest Period with a duration other than one week or one, two, three or six months (but not longer than twelve months), the applicable interest rate for such period shall be the rate determined by the Administrative Agent by means of straight-line interpolation (rounded upwards, if necessary to the contrary herein next 1/100th of 1%) of (i) with respect to Term B Dollar Loans, the Borrower may only have Base Rate Loans and Eurocurrency Loans rate that would be applicable for the next closest Interest Period otherwise available with a one month Interest Period for duration shorter than the first 30 days after the Third Amendment Effective Date or, if earlier, the date on which the Administrative Agent informs the Borrower of the completion of the syndication of the Existing Term B Dollar Loans requested period and (ii) the rate that would be applicable for the next closest Interest Period otherwise available with a duration longer than the requested period; provided that if the requested by the BorrowerInterest Period extends over any year-end, the Administrative Agent, in its discretion, may offer Interest Periods shorter than one monthhigher of the two rates will apply.

Appears in 2 contracts

Samples: Credit Agreement (Owens-Illinois Group Inc), Credit Agreement (Owens-Illinois Group Inc)

Interest Periods. At the time it the Borrower gives any a Notice of Borrowing or a Notice of Conversion or Continuation with in respect of the making of, or conversion into or continuation as, a Borrowing of Eurodollar Term Loans or Eurodollar Revolving Credit Loans (in the case of the initial Interest Period applicable thereto) or prior to any Borrowing bearing interest with reference 10:00 A.M. (New York time) on the third Business Day prior to the Eurocurrency Rateexpiration of an Interest Period applicable to a Borrowing of Eurodollar Term Loans or Eurodollar Revolving Credit Loans, the Borrower shall elect, have the right to elect by giving the Administrative Agent written notice, notice (or telephonic notice promptly confirmed in writing) the interest period (each an “Interest Period”) Period applicable theretoto such Borrowing, which Interest Period shall, at the option of the Borrower, be a one, two, three three, six or six months or(in the case of Revolving Credit Loans, if available or otherwise satisfactory to each of all the applicable Lenders (making such loans as determined by each such applicable Lender Lenders in its sole discretiongood faith based on prevailing market conditions) a nine or twelve month period, provided that. Notwithstanding anything to the contrary contained above: (i) all Eurocurrency Loans comprising a single Borrowing shall at all times have the same Interest Period; (iia) the initial Interest Period for any Eurocurrency Loan Borrowing of Eurodollar Term Loans or Eurodollar Revolving Credit Loans shall commence on the date of such Borrowing of such Eurocurrency Loan (including the date of any conversion thereto from a Loan Borrowing of a different TypeABR Loans) and each Interest Period occurring thereafter in respect of such Eurocurrency Loan Borrowing shall commence on the last day of on which the immediately next preceding Interest PeriodPeriod expires; (iiib) if any Interest Period relating to a Eurocurrency Loan Borrowing of Eurodollar Term Loans or Eurodollar Revolving Credit Loans begins on the last Business Day of a calendar month or begins on a day for which there is no numerically corresponding day in the calendar month at the end of such Interest Period, such Interest Period shall end on the last Business Day of the calendar month at the end of such calendar monthInterest Period; (ivc) if any Interest Period would otherwise expire on a day which that is not a Business Day, such Interest Period shall expire on the next succeeding Business Day; provided, however, provided that if any Interest Period for in respect of a Eurocurrency Eurodollar Term Loan or Eurodollar Revolving Credit Loan would otherwise expire on a day which that is not a Business Day but is a day of the month after which no further Business Day occurs in such month, such Interest Period shall expire on the next preceding Business Day; (v) at any time when an Event of Default is then in existence, no Interest Period (a) of more than one month may be selected with respect to any Loan denominated in an Alternative Currency and (b) may be selected with respect to any Loan denominated in Dollars; (vi) no Interest Period shall extend beyond the applicable Term Maturity Date for any Term Loan or the Revolver Termination Date for any Revolving Loan; and (viid) no the Borrower shall not be entitled to elect any Interest Period in respect of any Borrowing of Eurodollar Term Loans for any Term Facility shall be selected which extends Loan or Eurodollar Revolving Credit Loan if such Interest Period would extend beyond any date upon which a Scheduled Term Repayment will be required to be made under Section 4.4(b) for such Term Facility if the aggregate principal amount of all Term Loans which have Interest Periods which will expire after such date will be in excess of the aggregate principal amount of Term B Dollar Loans then outstanding less the aggregate amount applicable Maturity Date of such required prepayment. Notwithstanding anything to the contrary herein (i) with respect to Term B Dollar Loans, the Borrower may only have Base Rate Loans and Eurocurrency Loans with a one month Interest Period for the first 30 days after the Third Amendment Effective Date or, if earlier, the date on which the Administrative Agent informs the Borrower of the completion of the syndication of the Existing Term B Dollar Loans and (ii) if requested by the Borrower, the Administrative Agent, in its discretion, may offer Interest Periods shorter than one monthLoan.

Appears in 2 contracts

Samples: Credit Agreement (KCLC Acquisition Corp), Credit Agreement (Kindercare Learning Centers Inc /De)

Interest Periods. At the time it gives When Borrower requests any Notice of Eurodollar Rate Borrowing or a Notice of Conversion or Continuation with respect to any Borrowing bearing interest with reference to the Eurocurrency RateFixed Rate Borrowing, the Borrower shall elect, by giving the Administrative Agent written notice, may elect the interest period (each an “Interest Period”"INTEREST PERIOD") applicable thereto, which Interest Period shallshall be, at the option of the Borrower's option, be one, two, three three, or six months or, if available to all Lenders, nine or otherwise satisfactory twelve months (in respect of any Eurodollar Rate Borrowing) and any period of up to each of the applicable Lenders six (as determined by each such applicable Lender in its sole discretion6) a twelve month periodmonths (with respect to any Fixed Rate Borrowing); provided, provided however, that: : (i) all Eurocurrency Loans comprising a single Borrowing shall at all times have the same Interest Period; (iia) the initial Interest Period for any Eurocurrency Loan a Eurodollar Rate Borrowing shall commence on the date of such Borrowing of such Eurocurrency Loan (including the date of any conversion thereto from a Loan of a different Type) thereto), and each Interest Period occurring thereafter in respect of such Eurocurrency Loan Borrowing shall commence on the last day of on which the immediately next preceding Interest Period; Period applicable thereto expires; (iiib) if any Interest Period relating to for a Eurocurrency Loan Eurodollar Rate Borrowing begins on a day for which there is no numerically corresponding day Business Day in the calendar month at the end of such Interest Period, such Interest Period shall end on the last next Business Day immediately following what otherwise would have been such numerically corresponding day in the calendar month at the end of such calendar month; (iv) if any Interest Period (unless such date would otherwise expire on be in a different calendar month from what would have been the month at the end of such Interest Period, or unless there is no numerically corresponding day which is not a Business Dayin the calendar month at the end of the Interest Period; whereupon, such Interest Period shall expire end on the next succeeding Business Day; provided, however, that if any Interest Period for a Eurocurrency Loan would otherwise expire on a day which is not a last Business Day but is a day in the calendar month at the end of the month after which no further Business Day occurs in such month, such Interest Period shall expire on the next preceding Business Day; Period); (vc) at any time when an Event of Default is then in existence, no Interest Period (a) of more than one month may be selected chosen with respect to any Loan denominated in an Alternative Currency and (b) may be selected with respect to any Loan denominated in Dollars; (vi) no Interest Period shall portion of the Principal Debt which would extend beyond the applicable Term Maturity Date for scheduled repayment date (including any Term Loan or the Revolver Termination Date for any Revolving Loan; and (vii) no Interest Period in respect of any Borrowing of Term Loans for any Term Facility shall be selected dates on which extends beyond any date upon which a Scheduled Term Repayment will be mandatory prepayments are required to be made under Section 4.4(bmade) for such Term Facility if portion of the Principal Debt; and (d) no more than an aggregate principal amount of all Term Loans which have ten (10) Interest Periods which will expire after such date will shall be in excess of the aggregate principal amount of Term B Dollar Loans then outstanding less the aggregate amount of such required prepayment. Notwithstanding anything to the contrary herein (i) with respect to Term B Dollar Loans, the Borrower may only have Base Rate Loans and Eurocurrency Loans with a effect at one month Interest Period for the first 30 days after the Third Amendment Effective Date or, if earlier, the date on which the Administrative Agent informs the Borrower of the completion of the syndication of the Existing Term B Dollar Loans and (ii) if requested by the Borrower, the Administrative Agent, in its discretion, may offer Interest Periods shorter than one monthtime.

Appears in 2 contracts

Samples: 364 Day Revolving Credit and Term Loan Agreement (Worldcom Inc /Ga/), 364 Day Revolving Credit and Term Loan Agreement (Mci Worldcom Inc)

Interest Periods. At the time it gives any Notice of Borrowing or a Notice of Conversion in respect of the making of, or Continuation with respect conversion into, a Eurodollar Loan (in the case of the initial Interest Period applicable thereto) or prior to any Borrowing bearing interest with reference 10:00 a.m. (New York time) on the third Business Day prior to the Eurocurrency Rateexpiration of an Interest Period applicable to such Eurodollar Loan (in the case of any subsequent Interest Period), the Borrower shall have the right to elect, by giving the Administrative Agent written noticenotice thereof, the interest period (each an "Interest Period") applicable theretoto such Eurodollar Loan, which Interest Period shall, at the option of the Borrower, be a one, two, three or six months or, if available or otherwise satisfactory to each of the applicable Lenders (as determined by each such applicable Lender in its sole discretion) a twelve six-month period, ; provided that: (i) all Eurocurrency Eurodollar Loans comprising a single Borrowing shall at all times have the same Interest Period; (ii) the initial Interest Period for any Eurocurrency Eurodollar Loan shall commence on the date of such Borrowing of such Eurocurrency Loan (including the date of any conversion thereto from a Loan Borrowing of a different TypeBase Rate Loans) and each Interest Period occurring thereafter in respect of such Eurocurrency Loan shall commence on the last day of on which the immediately next preceding Interest PeriodPeriod applicable thereto expires; (iii) if any Interest Period relating to a Eurocurrency 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 which is not a Business Day, such Interest Period shall expire on the next succeeding Business Day; provided, however, that if any Interest Period for a Eurocurrency Eurodollar Loan would otherwise expire on a day which is not a Business Day but is a day of the month after which no further Business Day occurs in such month, such Interest Period shall expire on the next preceding Business Day; (v) at any time when an Event of Default is then in existence, no Interest Period (a) of more than one month may for a Borrowing under a Tranche shall be selected with respect to any Loan denominated in an Alternative Currency and (b) may be selected with respect to any Loan denominated in Dollarswhich extends beyond the respective Maturity Date of such Tranche; (vi) no Interest Period shall extend beyond the applicable Term Maturity Date for may be selected at any Term Loan time when any Default or the Revolver Termination Date for any Revolving Loan; andEvent of Default is then in existence; (vii) no Interest Period in respect of any Borrowing of A Term Loans, B Term Loans for any Term Facility or Acquisition Loans, as the case may be, shall be selected which extends beyond any date upon which a Scheduled mandatory repayment of such A Term Repayment Loans, B Term Loans or Acquisition Loans will be required to be made under Section 4.4(b3.02(A)(b), (c) for or (d), as the case may be, if, after giving effect to the selection of such Term Facility if Interest Period, the aggregate principal amount of all such A Term Loans, B Term Loans or Acquisition Loans, as the case may be, maintained as Eurodollar Loans which have Interest Periods which will expire expiring after such date will be in excess of the aggregate principal amount of such A Term Loans, B Dollar Term Loans or Acquisition Loans, as the case may be, then outstanding less the aggregate amount of such required prepayment. Notwithstanding anything ; and (viii) no Interest Period may be selected prior to the contrary herein (i) Syndication Termination Date, except that with respect to Term B Dollar Revolving Loans, on the Initial Eurodollar Loan Borrowing Date, Interest Periods of one month may be selected. 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, the Borrower may only shall be deemed to have elected to convert such Eurodollar Loans into Base Rate Loans and Eurocurrency Loans with a one month Interest Period for the first 30 days after the Third Amendment Effective Date or, if earlier, the date on which the Administrative Agent informs the Borrower effective as of the completion expiration date of the syndication of the Existing Term B Dollar Loans and (ii) if requested by the Borrower, the Administrative Agent, in its discretion, may offer such current Interest Periods shorter than one monthPeriod.

Appears in 2 contracts

Samples: Credit Agreement (Vantas Inc), Credit Agreement (Reckson Services Industries Inc)

Interest Periods. At the time it gives any Notice of Borrowing or a Notice of Conversion or Continuation In connection with respect to any Borrowing bearing interest with reference to the each Eurocurrency RateRate Loan and Competitive Bid Loan, the applicable Borrower shall elect, by giving the Administrative Agent written notice, the elect an interest period (each an "Interest Period") to be applicable theretoto such Eurocurrency Rate Loan or Competitive Bid Loan, which as the case may be. The Interest Period shall, at the option of the Borrower, (i) with respect to each Eurocurrency Rate Loan shall be either a one, two, three or six months month period or, if available permitted under clause (E) of this Section 2.08(b), a nine or otherwise satisfactory to each of the applicable Lenders (as determined by each such applicable Lender in its sole discretion) a twelve month period, (ii)with respect to each Competitive Bid LIBOR Loan shall be a whole number of months as specified by the Borrower in the Notice of Competitive Bid Borrowing and (iii) with respect to each Competitive Bid Absolute Rate Loan shall be such number of days (but not less than seven days) as specified by the Borrower in the Notice of Competitive Bid Borrowing; provided that: (i) all Eurocurrency Loans comprising a single Borrowing shall at all times have the same Interest Period; (iiA) the initial Interest Period for any each Eurocurrency Rate Loan and Competitive Bid Loan shall commence on the date of such Borrowing of such Eurocurrency Loan (including the date of any conversion thereto from a Loan of a different Type) and each Interest Period occurring thereafter in respect of such Eurocurrency Loan shall commence on the last day of the immediately preceding Interest PeriodLoan; (iiiB) if any Interest Period relating to a Eurocurrency 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 an Interest Period would otherwise expire on a day which is not a Business Day, such Interest Period shall expire on the next succeeding Business Day; provided, however, provided that if any Interest Period for a Eurocurrency Loan would otherwise expire on a day which is not a Business Day but is a day of the month after which no further Business Day occurs in such month, such Interest Period shall expire on the next preceding Business Day; (vC) at any time when an Event of Default is then in existence, no Interest Period which begins on the last Business Day of a calendar month (aor 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 more than one month may be selected with respect to any Loan denominated in an Alternative Currency and (b) may be selected with respect to any Loan denominated in Dollarssuch ending calendar month; (viD) no Interest Period shall extend beyond the applicable Term Maturity Date Termination Date; (E) no Eurocurrency Rate Loan shall have an Interest Period of nine or twelve months unless the Banks have determined in good faith based on prevailing conditions in the Eurocurrency market on any date of determination that U.S. Dollar deposits are generally offered by the Banks to first class banks in the Eurocurrency market for any Term Loan or the Revolver Termination Date for any Revolving Loana comparable maturity; and (viiF) no Interest Period in respect of any Borrowing of Term Loans for any Term Facility there shall be selected which extends beyond any date upon which a Scheduled Term Repayment will be required to be made under Section 4.4(b) for such Term Facility if the aggregate principal amount of all Term Loans which have no more than 30 Interest Periods which will expire after such date will be in excess of the aggregate principal amount of Term B Dollar Loans then outstanding less the aggregate amount of such required prepayment. Notwithstanding anything to the contrary herein (i) with respect to Term B Dollar Loans, the Borrower may only have Base Rate Loans and Eurocurrency Loans with a one month Interest Period for the first 30 days after the Third Amendment Effective Date or, if earlier, the date on which the Administrative Agent informs the Borrower of the completion of the syndication of the Existing Term B Dollar Loans and (ii) if requested by the Borrower, the Administrative Agent, in its discretion, may offer Interest Periods shorter than one monthat any time.

Appears in 2 contracts

Samples: Credit Agreement (Textron Inc), Credit Agreement (Textron Inc)

Interest Periods. At the time it gives any Notice of Borrowing or a Notice of Conversion or Continuation with respect to any Borrowing bearing interest with reference to the Eurocurrency RateLoans, the applicable Borrower shall elect, by giving the Administrative Agent written notice, the interest period (each an “Interest Period”) applicable thereto, which Interest Period shall, at the option of the applicable Borrower, be one, two or three weeks or one, two, three or six months or, if available or otherwise satisfactory to each of the applicable Lenders (as determined by each such applicable Lender in its sole discretion) a nine or twelve month period, provided that prior to the Syndication Date, Interest Periods for Term B Dollar Loans that are Eurocurrency Loans shall be seven (7) days, except as permitted by Administrative Agent in its sole discretion (with all such Interest Periods ending on the same day during such period); provided, further, that: (ia) all Eurocurrency Loans comprising a single Borrowing shall at all times have the same Interest Period; (iib) the initial Interest Period for any Eurocurrency Loan shall commence on the date of such Borrowing of such Eurocurrency Loan (including the date of any conversion thereto from a Loan of a different Type) and each Interest Period occurring thereafter in respect of such Eurocurrency Loan shall commence on the last day of the immediately preceding Interest Period; (iiic) if any Interest Period relating to a Eurocurrency 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; (ivd) if any Interest Period would otherwise expire on a day which is not a Business Day, such Interest Period shall expire on the next succeeding Business Day; provided, however, that if any Interest Period for a Eurocurrency Loan would otherwise expire on a day which is not a Business Day but is a day of the month after which no further Business Day occurs in such month, such Interest Period shall expire on the next preceding Business Day; (ve) no Interest Period may be selected at any time when an Unmatured Event of Default or Event of Default is then in existence; provided, no that Alternative Currency Loans shall continue with Interest Period (a) Periods of more than one month may be selected with respect to if any Loan denominated Unmatured Event of Default or Event of Default is then in an Alternative Currency and (b) may be selected with respect to any Loan denominated in Dollarsexistence; (vif) no Interest Period shall extend beyond the applicable Term Maturity Date for any Term Loan or the Revolver Termination Date for any Revolving Loan or the Canadian Revolver Termination Date for any Canadian Revolving Loan; and (viig) no Interest Period in respect of any Borrowing of Term Loans for of any Term Facility shall be selected which extends beyond any date upon which a Scheduled mandatory repayment of such Term Repayment Loan Facility will be required to be made under Section 4.4(b), (c) for such Term Facility or (d) as the case may be, if the aggregate principal amount of all Term Loans of such Facility, which have Interest Periods which will expire after such date will be in excess of the aggregate principal amount of Term B Dollar Loans of such Facility then outstanding less the aggregate amount of such required prepayment. Notwithstanding anything to the contrary herein (i) with respect to Term B Dollar Loans, the Borrower may only have Base Rate Loans and Eurocurrency Loans with a one month Interest Period for the first 30 days after the Third Amendment Effective Date or, if earlier, the date on which the Administrative Agent informs the Borrower of the completion of the syndication of the Existing Term B Dollar Loans and (ii) if requested by the Borrower, the Administrative Agent, in its discretion, may offer Interest Periods shorter than one month.

Appears in 2 contracts

Samples: Credit Agreement (Crown Holdings Inc), Credit Agreement (Crown Holdings Inc)

Interest Periods. At the time it gives any Notice of Borrowing or a Notice of Conversion in respect of the making of, or Continuation with respect to conversion into, any Borrowing bearing interest with reference Eurodollar Loan (in the case of the initial Interest Period applicable thereto) or on the second Business Day prior to the Eurocurrency Rateexpiration of an Interest Period applicable to such Eurodollar Loan (in the case of any subsequent Interest Period), the Borrower shall have the right to elect, by giving the Administrative Agent written noticenotice thereof, the interest period (each an “Interest Period”) applicable thereto, which Interest Period shall, at the option of the Borrower, be a one, two, three or six months orsix-month interest period (each an "Interest Period") applicable to such Eurodollar Loan, if available or otherwise satisfactory to each of the applicable Lenders (as determined by each such applicable Lender in its sole discretion) a twelve month period, provided PROVIDED that: (i) all Eurocurrency Eurodollar Loans comprising a single Borrowing shall at all times have the same Interest Period; (ii) the initial Interest Period for any Eurocurrency Loan Borrowing of Eurodollar Loans shall commence on the date of such Borrowing of such Eurocurrency Loan (including the date of any conversion thereto from a Loan of a different TypeBase Rate Loan) and each Interest Period occurring thereafter in respect of such Eurocurrency Loan Eurodollar Loans shall commence on the last day of on which the immediately next preceding Interest PeriodPeriod applicable thereto expires; (iii) if any Interest Period relating to for a Eurocurrency Eurodollar Loan begins on a day for which there is no numerically corresponding day in the calendar month at the end of such Interest Period, such Interest Period shall end on the last Business Day of such calendar month; (iv) if any Interest Period for a Eurodollar Loan would otherwise expire on a day which is not a Business Day, such Interest Period shall expire on the next succeeding Business Day; providedPROVIDED, howeverHOWEVER, that if any Interest Period for a Eurocurrency Eurodollar Loan would otherwise expire on a day which is not a Business Day but is a day of the month after which no further Business Day occurs in such month, such Interest Period shall expire on the next preceding Business Day; (v) unless the Required Lenders otherwise specifically agree, no Interest Period may be selected at any time when a Default under Section 10.01 or 10.05 or an Event of Default is then in existence, no Interest Period (a) of more than one month may be selected with respect to any Loan denominated in an Alternative Currency and (b) may be selected with respect to any Loan denominated in Dollars; (vi) no Interest Period shall extend beyond the applicable Term Maturity Date for any Term Loan or the Revolver Termination Date for any Revolving Loan; and (viivi) no Interest Period in respect of any Borrowing of Term Revolving Loans for any Term Facility shall be selected which extends beyond the Maturity Date. If upon the expiration of any date upon which Interest Period applicable to a Scheduled Term Repayment will be required to be made under Section 4.4(b) for such Term Facility if the aggregate principal amount Borrowing of all Term Loans which have Interest Periods which will expire after such date will be in excess of the aggregate principal amount of Term B Dollar Loans then outstanding less the aggregate amount of such required prepayment. Notwithstanding anything to the contrary herein (i) with respect to Term B Dollar Eurodollar Loans, the Borrower may only 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 and Eurocurrency Loans with a one month Interest Period for the first 30 days after the Third Amendment Effective Date orLoans, if earlier, the date on which the Administrative Agent informs the Borrower effective as of the completion expiration date of the syndication of the Existing Term B Dollar Loans and (ii) if requested by the Borrower, the Administrative Agent, in its discretion, may offer such current Interest Periods shorter than one monthPeriod.

Appears in 2 contracts

Samples: Credit Agreement (Alpine Group Inc /De/), Credit Agreement (Alpine Group Inc /De/)

Interest Periods. At the time it gives any Notice of Borrowing or a Notice of Conversion or Continuation In connection with respect to any Borrowing bearing interest with reference to the Eurocurrency Rateeach Offshore Rate Loan and each Competitive Bid Loan, the Borrower shall electBorrower, by giving notice at the Administrative Agent written noticetimes described in Section 4.1(a), the shall elect an interest period (each each, an “Interest Period”"INTEREST PERIOD") to be applicable theretoto such Revolving Credit Loan or such Competitive Bid Loan, which Interest Period shall, at unless otherwise agreed by the option of Administrative Agent and the BorrowerLenders, be onea period of one (1), twotwo (2), three (3) or six (6) months or, if available or otherwise satisfactory with respect to each Offshore Rate Loan and a period of the applicable Lenders seven (as determined by 7) days to 183 days with respect to each such applicable Lender in its sole discretion) a twelve month period, provided Competitive Bid Loan; PROVIDED that: (i) all Eurocurrency Loans comprising a single Borrowing shall at all times have the same Interest Period; (ii) the initial Interest Period for any Eurocurrency Loan shall commence on the date of such Borrowing advance of such Eurocurrency or conversion to any Offshore Rate Loan (including and, in the date case of any conversion thereto from a Loan of a different Type) and immediately successive Interest Periods, each successive Interest Period occurring thereafter in respect of such Eurocurrency Loan shall commence on the last day of date on which the immediately next preceding Interest PeriodPeriod expires; (iii) if any Interest Period relating to a Eurocurrency 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; (ivii) if any Interest Period would otherwise expire on a day which that is not a Business Day, such Interest Period shall expire on the next succeeding Business Day; provided, howeverPROVIDED, that if any Interest Period for a Eurocurrency with respect to an Offshore Rate Loan would otherwise expire on a day which that is not a Business Day but is a day of the month after which no further Business Day occurs in such month, such Interest Period shall expire on the next preceding Business Day; 34 (iii) any Interest Period with respect to 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; (v) at any time when an Event of Default is then in existence, no Interest Period (a) of more than one month may be selected with respect to any Loan denominated in an Alternative Currency and (b) may be selected with respect to any Loan denominated in Dollars; (viiv) no Interest Period shall extend beyond the applicable Term Maturity Termination Date for any Term of the facility under which the Offshore Rate Loan or the Revolver Termination Date for any Revolving LoanCompetitive Bid Loan with respect to which such Interest Period relates was made; and (viiv) no Interest Period in respect of any Borrowing of Term Loans for any Term Facility there shall be selected which extends beyond no more than six (6) Offshore Rate Loans outstanding hereunder at any date upon which a Scheduled Term Repayment will be required to be made under Section 4.4(b) time (it being understood that, for such Term Facility if the aggregate principal amount of all Term purposes hereof, Offshore Rate Loans which have with different Interest Periods which will expire after such date will shall be in excess of the aggregate principal amount of Term B Dollar Loans then outstanding less the aggregate amount of such required prepayment. Notwithstanding anything to the contrary herein (i) with respect to Term B Dollar considered as separate Offshore Rate Loans, even if they begin on the same date, although borrowings, extensions and conversions may, in accordance with the provisions hereof, be combined by the Borrower may only have Base at the end of existing Interest Periods to constitute a new Offshore Rate Loans and Eurocurrency Loans Loan with a one month single Interest Period for the first 30 days after the Third Amendment Effective Date or, if earlier, the date on which the Administrative Agent informs the Borrower of the completion of the syndication of the Existing Term B Dollar Loans and (ii) if requested by the Borrower, the Administrative Agent, in its discretion, may offer Interest Periods shorter than one monthPeriod).

Appears in 2 contracts

Samples: Credit Agreement (Wausau Mosinee Paper Mills Corp), Credit Agreement (Wausau Mosinee Paper Mills Corp)

Interest Periods. At the time it gives any Notice of Borrowing Conversion in respect of the conversion into any Eurodollar Loan (in the case of the initial Interest Period applicable thereto) or a Notice of Conversion or Continuation with respect to any Borrowing bearing interest with reference on the third Business Day prior to the Eurocurrency Rateexpiration of an Interest Period applicable to such Eurodollar Loan (in the case of any subsequent Interest Period), the Borrower shall have the right to elect, by giving the Administrative Agent written noticenotice thereof, the interest period (each each, an "Interest Period") applicable theretoto such Eurodollar Loan, which Interest Period shall, at the option of the Borrower, be a one, two, three or six months or, if available or otherwise satisfactory to each of the applicable Lenders (as determined by each such applicable Lender in its sole discretion) a twelve month period, ; provided that: (i) all Eurocurrency Loans comprising a single Borrowing shall at all times have the same Interest Period; (ii) the initial Interest Period for any Eurocurrency Eurodollar Loan shall commence on the date of Borrowing for such Borrowing of such Eurocurrency Eurodollar Loan (including the date of any conversion thereto from a Loan of a different Type) and each Interest Period occurring thereafter in respect of such Eurocurrency Eurodollar Loan shall commence on the last day of on which the immediately next preceding Interest PeriodPeriod applicable thereto expires; (iiiii) if any Interest Period relating to a Eurocurrency 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; (iviii) if any Interest Period would otherwise expire on a day which is not a Business Day, such Interest Period shall expire on the next succeeding Business Day; provided, however, that if any Interest Period for a Eurocurrency Eurodollar Loan would otherwise expire on a day which is not a Business Day but is a day of the month after which no further Business Day occurs in such month, such Interest Period shall expire on the next preceding Business Day; (viv) no Interest Period may be selected at any time when an a Default or Event of Default is then in existenceexistence or which extends beyond the Maturity Date; and (v) until the earlier to occur of (x) the 30th day following the Funding Date or (y) the Syndication Date, no Interest Period (a) of more shall be greater than one month may be selected month, with respect to any Loan denominated in an Alternative Currency and (b) may be selected with respect to any Loan denominated in Dollars; (vi) no Interest Period shall extend beyond the applicable Term Maturity Date for any Term Loan or the Revolver Termination Date for any Revolving Loan; and (vii) no Interest Period in respect of any Borrowing of Term Loans for any Term Facility shall be selected which extends beyond any date upon which a Scheduled Term Repayment will be required to be made under Section 4.4(b) for such Term Facility if the aggregate principal amount of all Term Loans which have subsequent Interest Periods which will expire after such date will be in excess to begin on the last day of the aggregate principal amount of Term B Dollar Loans then outstanding less the aggregate amount of such required prepayment. Notwithstanding anything to the contrary herein (i) with respect to Term B Dollar Loans, the Borrower may only have Base Rate Loans and Eurocurrency Loans with a prior one month Interest Period for theretofore in effect. If upon the first 30 days after the Third Amendment Effective Date orexpiration of any Interest Period applicable to a Borrowing of Eurodollar Loans, if earlierBorrower has failed to elect, the date on which the Administrative Agent informs the or is not permitted to elect, a new Interest Period to be applicable to such Eurodollar Loans as provided above, Borrower shall be deemed to have elected to convert such Eurodollar Loans into Base Rate Loans effective as of the completion expiration date of the syndication of the Existing Term B Dollar Loans and (ii) if requested by the Borrower, the Administrative Agent, in its discretion, may offer such current Interest Periods shorter than one monthPeriod.

Appears in 2 contracts

Samples: Credit Agreement (Trump Hotels & Casino Resorts Funding Inc), Credit Agreement (Trumps Castle Funding Inc)

Interest Periods. At the time it gives any Notice of Borrowing or a Notice of Conversion in respect of the making of, or Continuation with respect conversion into, any Eurodollar Loan (in the case of the initial Interest Period applicable thereto) or prior to any Borrowing bearing interest with reference 12:00 Noon (New York time) on the third Business Day prior to the Eurocurrency Rateexpiration of an Interest Period applicable to such Eurodollar Loan (in the case of any subsequent Interest Period), the Borrower shall have the right to elect, by giving the Administrative Agent written noticenotice thereof, the interest period (each an "Interest Period") applicable theretoto such Eurodollar Loan, which Interest Period shall, at the option of the Borrower, be a one, two, three or six months six-month period or, if to the extent then available to all Lenders, a nine or otherwise satisfactory to each of the applicable Lenders (as determined by each such applicable Lender in its sole discretion) a twelve twelve-month period, provided that: (i) all Eurocurrency Eurodollar Loans comprising a single Borrowing shall at all times have the same Interest Period; (ii) the initial Interest Period for any Eurocurrency Eurodollar Loan shall commence on the date of such Borrowing of such Eurocurrency Eurodollar Loan (including the date of any conversion thereto from a Loan of a different Type) and each Interest Period occurring thereafter in respect of such Eurocurrency Eurodollar Loan shall commence on the last day of on which the immediately next preceding Interest PeriodPeriod applicable thereto expires; (iii) if any Interest Period relating to a Eurocurrency 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 which is not a Business Day, such Interest Period shall expire on the next succeeding Business Day; provided, however, that if any Interest Period for a Eurocurrency Eurodollar Loan would otherwise expire on a day which is not a Business Day but is a day of the month after which no further Business Day occurs in such month, such Interest Period shall expire on the next preceding Business Day; (v) no Interest Period may be selected at any time when an a Default or Event of Default is then in existence, no Interest Period (a) of more than one month may be selected with respect to any Loan denominated in an Alternative Currency and (b) may be selected with respect to any Loan denominated in Dollars; (vi) no Interest Period shall extend beyond the applicable Term Maturity Date for any Term Loan or the Revolver Termination Date for any Revolving Loan; and (viivi) no Interest Period in respect of any Borrowing of Term Loans for any Term Facility shall be selected which extends beyond the Maturity Date. If upon the expiration of any date upon which Interest Period applicable to a Scheduled Term Repayment will be required to be made under Section 4.4(b) for such Term Facility if the aggregate principal amount Borrowing of all Term Loans which have Interest Periods which will expire after such date will be in excess of the aggregate principal amount of Term B Dollar Loans then outstanding less the aggregate amount of such required prepayment. Notwithstanding anything to the contrary herein (i) with respect to Term B Dollar Eurodollar Loans, the Borrower may only 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 and Eurocurrency Loans with a one month Interest Period for the first 30 days after the Third Amendment Effective Date or, if earlier, the date on which the Administrative Agent informs the Borrower effective as of the completion expiration date of the syndication of the Existing Term B Dollar Loans and (ii) if requested by the Borrower, the Administrative Agent, in its discretion, may offer such current Interest Periods shorter than one monthPeriod.

Appears in 2 contracts

Samples: Credit Agreement (Universal Compression Inc), Credit Agreement (Universal Compression Holdings Inc)

Interest Periods. At the time it any Borrower gives any Notice of Borrowing or a Notice of Conversion Conversion/Continuation in respect of the making of, or Continuation with respect conversion into, any Eurodollar Loan (in the case of the initial Interest Period applicable thereto) or prior to any Borrowing bearing interest with reference 1:00 P.M. (New York City time) on the third Business Day prior to the Eurocurrency Rateexpiration of an Interest Period applicable to such Eurodollar Loan (in the case of any subsequent Interest Period), the applicable Borrower shall elect, by giving have the Administrative Agent written notice, right to elect the interest period (each each, an “Interest Period”) applicable theretoto such Eurodollar Loan, which Interest Period shall, at the option of the Borrower, applicable Borrower (be a one, two, three or six months or, if available or otherwise satisfactory to each of the applicable Lenders (as determined by each such applicable Lender in its sole discretion) a twelve month period, provided that:that (in each case): (i) all Eurocurrency Eurodollar Loans comprising a single Borrowing shall at all times have the same Interest Period; (ii) the initial Interest Period for any Eurocurrency Eurodollar Loan shall commence on the date of such Borrowing of such Eurocurrency Eurodollar Loan (including the date of any conversion thereto from a Loan of a different TypeBase Rate Loan) and each Interest Period occurring thereafter in respect of such Eurocurrency Eurodollar Loan shall commence on the last day of on which the immediately next preceding Interest PeriodPeriod applicable thereto expires; (iii) each Interest Period shall end on the numerically corresponding day in the calendar month that is one, two, three or six months thereafter, as applicable; provided that if any Interest Period relating to for a Eurocurrency Eurodollar Loan begins on a day for which there is no numerically corresponding day in the calendar month at the end of such Interest Period, such Interest Period shall end on the last Business Day of such calendar month; (iv) if any Interest Period for a Eurodollar Loan would otherwise expire on a day which is not a Business Day, such Interest Period shall expire on the next succeeding Business Day; provided, however, that if any Interest Period for a Eurocurrency Eurodollar Loan would otherwise expire on a day which is not a Business Day but is a day of the month after which no further Business Day occurs in such month, such Interest Period shall expire on the next preceding Business Day; (v) unless the Required Lenders otherwise agree, no Interest Period may be selected at any time when an Event of Default is then in existence, no Interest Period (a) of more than one month may be selected with respect to any Loan denominated in an Alternative Currency and (b) may be selected with respect to any Loan denominated in Dollars; (vi) no Interest Period in respect of any Borrowing of any Tranche of Loans shall extend be selected which extends beyond the applicable Term Maturity Date for any Term Loan or the Revolver Termination Date for any Revolving Loansuch Tranche of Loans; and (vii) no Interest Period in respect of any Borrowing of Term Loans for any Term Facility shall be selected which extends beyond any date upon which a Scheduled mandatory repayment of such Term Repayment Loans, as the case may be, will be required to be made under Section 4.4(b) for such Term Facility 6.02(b), as the case may be, if the aggregate principal amount of all such Term Loans Loans, as the case may be, which have Interest Periods which will expire after such date will be in excess of the aggregate principal amount of such Term B Dollar Loans Loans, as the case may be, then outstanding less the aggregate amount of such required prepaymentrepayment. Notwithstanding anything If by 1:00 P.M. (New York City time) on the third Business Day prior to the contrary herein (i) with respect expiration of any Interest Period applicable to Term B Dollar a Borrowing of Eurodollar Loans, the applicable Borrower may only 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 applicable Borrower shall be deemed to have elected to convert such Eurodollar Loans into Base Rate Loans and Eurocurrency Loans with a one month Interest Period for the first 30 days after the Third Amendment Effective Date or, if earlier, the date on which the Administrative Agent informs the Borrower effective as of the completion expiration date of the syndication of the Existing Term B Dollar Loans and (ii) if requested by the Borrower, the Administrative Agent, in its discretion, may offer such current Interest Periods shorter than one monthPeriod.

Appears in 2 contracts

Samples: Credit Agreement (International Money Express, Inc.), Credit Agreement (Fintech Acquisition Corp. II)

Interest Periods. At the All Eurodollar Loans outstanding hereunder at any time it gives any Notice of Borrowing or shall have a Notice of Conversion or Continuation with respect to any Borrowing bearing interest with reference to the Eurocurrency Rate, the Borrower shall elect, by giving the Administrative Agent written notice, the single interest period applicable thereto at such time of three (each 3) months duration (each, an "Interest Period”) applicable thereto, which Interest Period shall, at the option of the Borrower, be one, two, three or six months or, if available or otherwise satisfactory to each of the applicable Lenders (as determined by each such applicable Lender in its sole discretion) a twelve month period"), provided that: (i) all Eurocurrency Loans comprising a single Borrowing shall at all times have the same Interest Period; (ii) the initial Interest Period for any Eurocurrency Loan the Eurodollar Loans shall commence on the date of such Borrowing of such Eurocurrency Loan (including the date of any conversion thereto from a Loan of a different Type) Syndication Date and each Interest Period occurring thereafter in respect of such Eurocurrency Loan Eurodollar Loans shall commence (x) on the last day of on which the immediately next preceding Interest PeriodPeriod applicable thereto expires or (y) only in the circumstances provided in Section 1.08(d)(y) (where all Eurodollar Loans have theretofore been converted into Base Rate Loans), on the Business Day specified in Section 1.08(d)(y); (iiiii) if any Interest Period relating to for a Eurocurrency 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; (iviii) if any Interest Period for a Eurodollar Loan would otherwise expire on a day which is not a Business Day, such Interest Period shall expire on the next succeeding Business Day; provided, however, that if any Interest Period for a Eurocurrency Eurodollar Loan would otherwise expire on a day which is not a Business Day but is a day of the month after which no further Business Day occurs in such month, such Interest Period shall expire on the next preceding Business Day;; and (v) at any time when an Event of Default is then in existence, no Interest Period (a) of more than one month may be selected with respect to any Loan denominated in an Alternative Currency and (b) may be selected with respect to any Loan denominated in Dollars; (viiv) no Interest Period shall extend beyond the applicable Term Maturity Date for any Term Loan or the Revolver Termination Date for any Revolving Loan; and (vii) no Interest Period in respect of any Borrowing of Term Loans for any Term Facility shall be selected which extends beyond any date the Final Maturity Date. If upon which a Scheduled Term Repayment will be required to be made under Section 4.4(b) for such Term Facility if the aggregate principal amount expiration of all Term Loans which have an Interest Periods which will expire after such date will be in excess of the aggregate principal amount of Term B Dollar Loans then outstanding less the aggregate amount of such required prepayment. Notwithstanding anything to the contrary herein (i) with respect to Term B Dollar LoansPeriod, the Borrower may only is not permitted by virtue of the application of clause (iv) above to elect a new Interest Period to be applicable to a Borrowing of Eurodollar Loans as provided above, the Borrower shall be deemed to have elected to convert such Borrowing into a Borrowing of Base Rate Loans and Eurocurrency Loans with a one month Interest Period for the first 30 days after the Third Amendment Effective Date or, if earlier, the date on which the Administrative Agent informs the Borrower effective as of the completion expiration date of the syndication of the Existing Term B Dollar Loans and (ii) if requested by the Borrower, the Administrative Agent, in its discretion, may offer such current Interest Periods shorter than one monthPeriod.

Appears in 2 contracts

Samples: Term Loan Agreement (Acg Holdings Inc), Term Loan Agreement (Sullivan Graphics Inc)

Interest Periods. At the time it the Borrower gives any a Notice of Borrowing or a Notice of Conversion or Continuation with in respect of the making of, or conversion into or continuation as, a Borrowing of Eurodollar Term Loans or Eurodollar Revolving Credit Loans (in the case of the initial Interest Period applicable thereto) or prior to any Borrowing bearing interest with reference 10:00 a.m. (Local Time) on the third Business Day prior to the Eurocurrency Rateexpiration of an Interest Period applicable to a Borrowing of Eurodollar Term Loans or Eurodollar Revolving Credit Loans, the Borrower shall elect, have the right to elect by giving the Administrative Agent written notice, notice (or telephonic notice promptly confirmed in writing) the interest period (each an “Interest Period”) Period applicable theretoto such Borrowing, which Interest Period shall, at the option of the Borrower, be a one, two, three three, six or six months or, (if available or otherwise satisfactory to each of all the applicable Lenders (making such loans as determined by each such applicable Lender Lenders in its sole discretiongood faith based on prevailing market conditions) a nine or twelve month period; provided, provided thatthat the initial Interest Period may be for a period less than one month if agreed upon by the Borrower and the Administrative Agent. Notwithstanding anything to the contrary contained above: (i) all Eurocurrency Loans comprising a single Borrowing shall at all times have the same Interest Period; (iia) the initial Interest Period for any Eurocurrency Loan Borrowing of Eurodollar Term Loans or Eurodollar Revolving Credit Loans shall commence on the date of such Borrowing of such Eurocurrency Loan (including the date of any conversion thereto from a Loan Borrowing of a different TypeABR Loans) and each Interest Period occurring thereafter in respect of such Eurocurrency Loan Borrowing shall commence on the last day of on which the immediately next preceding Interest PeriodPeriod expires; (iiib) if any Interest Period relating to a Eurocurrency Loan Borrowing of Eurodollar Term Loans or Eurodollar Revolving Credit Loans begins on the last Business Day of a calendar month or begins on a day for which there is no numerically corresponding day in the calendar month at the end of such Interest Period, such Interest Period shall end on the last Business Day of the calendar month at the end of such calendar monthInterest Period; (ivc) if any Interest Period would otherwise expire on a day which that is not a Business Day, such Interest Period shall expire on the next succeeding Business Day; provided, however, that if any Interest Period for in respect of a Eurocurrency Eurodollar Term Loan or Eurodollar Revolving Credit Loan would otherwise expire on a day which that is not a Business Day but is a day of the month after which no further Business Day occurs in such month, such Interest Period shall expire on the next preceding Business Day; (v) at any time when an Event of Default is then in existence, no Interest Period (a) of more than one month may be selected with respect to any Loan denominated in an Alternative Currency and (b) may be selected with respect to any Loan denominated in Dollars; (vi) no Interest Period shall extend beyond the applicable Term Maturity Date for any Term Loan or the Revolver Termination Date for any Revolving Loan; and (viid) no the Borrower shall not be entitled to elect any Interest Period in respect of any Borrowing of Eurodollar Term Loans for Loan or any Term Facility shall be selected which extends Eurodollar Revolving Credit Loan if such Interest Period would extend beyond any date upon which a Scheduled Term Repayment will be required to be made under Section 4.4(b) for such Term Facility if the aggregate principal amount of all Term Loans which have Interest Periods which will expire after such date will be in excess of the aggregate principal amount of Term B Dollar Loans then outstanding less the aggregate amount applicable Maturity Date of such required prepayment. Notwithstanding anything to the contrary herein (i) with respect to Term B Dollar Loans, the Borrower may only have Base Rate Loans and Eurocurrency Loans with a one month Interest Period for the first 30 days after the Third Amendment Effective Date or, if earlier, the date on which the Administrative Agent informs the Borrower of the completion of the syndication of the Existing Term B Dollar Loans and (ii) if requested by the Borrower, the Administrative Agent, in its discretion, may offer Interest Periods shorter than one monthLoan.

Appears in 2 contracts

Samples: Credit Agreement (Rockwood Holdings, Inc.), Credit Agreement (Rockwood Holdings, Inc.)

Interest Periods. At the time it any Borrower gives any Notice of Borrowing or a Notice of Conversion Conversion/Continuation in respect of the making of, or Continuation with respect conversion into, any Eurodollar Loan (in the case of the initial Interest Period applicable thereto) or prior to any Borrowing bearing interest with reference 12:00 Noon (New York City time) on the third Business Day prior to the Eurocurrency Rateexpiration of an Interest Period applicable to such Eurodollar Loan (in the case of any subsequent Interest Period), the such Borrower shall elect, by giving have the Administrative Agent written notice, right to elect the interest period (each each, an “Interest Period”) applicable theretoto such Eurodollar Loan, which Interest Period shall, at the option of the such Borrower, be (i) a one or two week period to the extent agreed to by all Lenders with Loans and/or Commitments under the relevant Tranche, (ii) a one, two, three or six months or, if available month period or otherwise satisfactory to each of the applicable Lenders (as determined by each such applicable Lender in its sole discretioniii) a nine or twelve month periodperiod to the extent agreed to by all Lenders with Loans and/or Commitments under the relevant Tranche, provided that:that (in each case): (ia) all Eurocurrency Eurodollar Loans comprising a single Borrowing shall at all times have the same Interest Period; (iib) the initial Interest Period for any Eurocurrency Eurodollar Loan shall commence on the date of such Borrowing of such Eurocurrency Eurodollar Loan (including including, the date of any conversion thereto from a Loan of a different TypeBase Rate Loan) and each Interest Period occurring thereafter in respect of such Eurocurrency Eurodollar Loan shall commence on the last day of on which the immediately next preceding Interest PeriodPeriod applicable thereto expires; (iiic) if any Interest Period relating to for a Eurocurrency 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; (ivd) if any Interest Period for a Eurodollar Loan would otherwise expire on a day which is not a Business Day, such Interest Period shall expire on the next succeeding Business Day; provided, however, that if any Interest Period for a Eurocurrency Eurodollar Loan would otherwise expire on a day which is not a Business Day but is a day of the month after which no further Business Day occurs in such month, such Interest Period shall expire on the next preceding Business Day; (ve) unless the Required Lenders otherwise agree, no Interest Period may be selected at any time when a Default or an Event of Default is then in existence, no Interest Period (a) of more than one month may be selected with respect to any Loan denominated in an Alternative Currency and (b) may be selected with respect to any Loan denominated in Dollars; (vi) no Interest Period shall extend beyond the applicable Term Maturity Date for any Term Loan or the Revolver Termination Date for any Revolving Loan; and (viif) no Interest Period in respect of any Borrowing of Term any Tranche of Loans for any Term Facility shall be selected which extends beyond the Maturity Date for such Tranche of Loans. With respect to any date upon Loans under a Tranche maintained as Eurodollar Loans, at the end of any Interest Period applicable to a Borrowing thereof, the relevant Borrower may elect to split the respective Borrowing into two or more Borrowings (of the same Tranche) of the same Type or combine two or more Borrowings (of the same Tranche) of the same Type into a single Borrowing (of the same tranche), in each case, by having the relevant Borrower give notice thereof together with its election of one or more Interest Periods, in each case so long as each resulting Borrowing (x) has an Interest Period which complies with the foregoing requirements of this Section 2.09 and (y) does not cause a Scheduled Term Repayment will be required violation of the requirements of Section 2.02. If by 12:00 Noon (New York City time) on the third Business Day prior to the expiration of any Interest Period applicable to a Borrowing of Eurodollar Loans, any Borrower has failed to elect, or is not permitted to elect, a new Interest Period to be made under Section 4.4(b) for applicable to such Term Facility if the aggregate principal amount of all Term Eurodollar Loans which as provided above, such Borrower shall be deemed to have Interest Periods which will expire after elected to convert such date will be in excess of the aggregate principal amount of Term B Dollar Eurodollar Loans then outstanding less the aggregate amount of such required prepayment. Notwithstanding anything to the contrary herein (i) with respect to Term B Dollar Loans, the Borrower may only have into Base Rate Loans and Eurocurrency Loans with a one month Interest Period for the first 30 days after the Third Amendment Effective Date or, if earlier, the date on which the Administrative Agent informs the Borrower effective as of the completion expiration date of the syndication of the Existing Term B Dollar Loans and (ii) if requested by the Borrower, the Administrative Agent, in its discretion, may offer such current Interest Periods shorter than one monthPeriod.

Appears in 2 contracts

Samples: Abl Credit Agreement (Smurfit Stone Container Corp), Abl Credit Agreement (Smurfit Stone Container Corp)

Interest Periods. At the time it the Borrower gives any a Notice of Borrowing or a Notice of Conversion or Continuation with in respect of the making of, or conversion into or continuation as, a Borrowing of Eurodollar Loans (in the case of the initial Interest Period applicable thereto) or prior to any Borrowing bearing interest with reference 1:00 p.m. (New York time) on the third Business Day prior to the Eurocurrency Rateexpiration of an Interest Period applicable to a Borrowing of Eurodollar Loans, the Borrower shall have the right to elect, by giving the Administrative Agent written noticenotice (or telephonic notice promptly confirmed in writing), the interest period (each an “Interest Period”) Period applicable theretoto such Borrowing, which Interest Period shall, at the option of the Borrower, be a one, two, three three, six or six months or, (if available or otherwise satisfactory to each of all the applicable Lenders (making such Loans as determined by each such applicable Lender Lenders in its sole discretiongood faith based on prevailing market conditions) a nine or twelve month period; provided, provided thatthat the initial Interest Period may be for a period less than one month if agreed upon by the Borrower and the Administrative Agent. Notwithstanding anything to the contrary contained above: (i) all Eurocurrency Loans comprising a single Borrowing shall at all times have the same Interest Period; (ii) the initial Interest Period for any Eurocurrency Loan Borrowing of Eurodollar Loans shall commence on the date of such Borrowing of such Eurocurrency Loan (including the date of any conversion thereto from a Loan Borrowing of a different TypeABR Loans) and each Interest Period occurring thereafter in respect of such Eurocurrency Loan Borrowing shall commence on the last day of on which the immediately next preceding Interest PeriodPeriod expires; (iiiii) if any Interest Period relating to a Eurocurrency Loan Borrowing of Eurodollar Loans begins on the last Business Day of a calendar month or begins on a day for which there is no numerically corresponding day in the calendar month at the end of such Interest Period, such Interest Period shall end on the last Business Day of the calendar month at the end of such calendar monthInterest Period; (iviii) if any Interest Period would otherwise expire on a day which that is not a Business Day, such Interest Period shall expire on the next succeeding Business Day; provided, however, provided that if any Interest Period for in respect of a Eurocurrency Eurodollar Loan would otherwise expire on a day which that is not a Business Day but is a day of the month after which no further Business Day occurs in such month, such Interest Period shall expire on the next preceding Business Day; (v) at any time when an Event of Default is then in existence, no Interest Period (a) of more than one month may be selected with respect to any Loan denominated in an Alternative Currency and (b) may be selected with respect to any Loan denominated in Dollars; (vi) no Interest Period shall extend beyond the applicable Term Maturity Date for any Term Loan or the Revolver Termination Date for any Revolving Loan; and (viiiv) no the Borrower shall not be entitled to elect any Interest Period in respect of any Borrowing of Term Loans for any Term Facility shall be selected which extends Eurodollar Loan if such Interest Period would extend beyond any date upon which a Scheduled Term Repayment will be required to be made under Section 4.4(b) for such Term Facility if the aggregate principal amount of all Term Loans which have Interest Periods which will expire after such date will be in excess of the aggregate principal amount of Term B Dollar Loans then outstanding less the aggregate amount applicable Maturity Date of such required prepayment. Notwithstanding anything to the contrary herein (i) with respect to Term B Dollar Loans, the Borrower may only have Base Rate Loans and Eurocurrency Loans with a one month Interest Period for the first 30 days after the Third Amendment Effective Date or, if earlier, the date on which the Administrative Agent informs the Borrower of the completion of the syndication of the Existing Term B Dollar Loans and (ii) if requested by the Borrower, the Administrative Agent, in its discretion, may offer Interest Periods shorter than one monthLoan.

Appears in 2 contracts

Samples: Credit Agreement (LPL Investment Holdings Inc.), Credit Agreement (LPL Investment Holdings Inc.)

Interest Periods. At the time it the Borrower gives any a Notice of Borrowing or a Notice of Conversion or Continuation with in respect of the making of, or conversion into or continuation as, a Borrowing of Eurodollar Term Loans or Eurodollar Revolving Credit Loans (in the case of the initial Interest Period applicable thereto) or prior to any Borrowing bearing interest with reference 12:00 Noon. (New York time) on the third Business Day prior to the Eurocurrency Rateexpiration of an Interest Period applicable to a Borrowing of Eurodollar Term Loans or Eurodollar Revolving Credit Loans, the Borrower shall elect, have the right to elect by giving the Administrative Agent written notice, notice (or telephonic notice promptly confirmed in writing) the interest period (each an “Interest Period”) Period applicable theretoto such Borrowing, which Interest Period shall, at the option of the Borrower, be a one, two, three three, six or six months or, (if available or otherwise satisfactory to each of all the applicable Lenders (making such loans as determined by each such applicable Lender Lenders in its sole discretiongood faith based on prevailing market conditions) a nine or twelve month period, provided that. Notwithstanding anything to the contrary contained above: (i) all Eurocurrency Loans comprising a single Borrowing shall at all times have the same Interest Period; (iia) the initial Interest Period for any Eurocurrency Loan Borrowing of Eurodollar Term Loans or Eurodollar Revolving Credit Loans shall commence on the date of such Borrowing of such Eurocurrency Loan (including the date of any conversion thereto from a Loan Borrowing of a different TypeABR Loans) and each Interest Period occurring thereafter in respect of such Eurocurrency Loan Borrowing shall commence on the last day of on which the immediately next preceding Interest PeriodPeriod expires; (iiib) if any Interest Period relating to a Eurocurrency Loan Borrowing of Eurodollar Term Loans or Eurodollar Revolving Credit Loans begins on the last Business Day of a calendar month or begins on a day for which there is no numerically corresponding day in the calendar month at the end of such Interest Period, such Interest Period shall end on the last Business Day of the calendar month at the end of such calendar monthInterest Period; (ivc) if any Interest Period would otherwise expire on a day which that is not a Business Day, such Interest Period shall expire on the next succeeding Business Day; provided, however, provided that if any Interest Period for in respect of a Eurocurrency Eurodollar Term Loan or Eurodollar Revolving Credit Loan would otherwise expire on a day which that is not a Business Day but is a day of the month after which no further Business Day occurs in such month, such Interest Period shall expire on the next preceding Business Day; (v) at any time when an Event of Default is then in existence, no Interest Period (a) of more than one month may be selected with respect to any Loan denominated in an Alternative Currency and (b) may be selected with respect to any Loan denominated in Dollars; (vi) no Interest Period shall extend beyond the applicable Term Maturity Date for any Term Loan or the Revolver Termination Date for any Revolving Loan; and (viid) no the Borrower shall not be entitled to elect any Interest Period in respect of any Borrowing of Eurodollar Term Loans for any Term Facility shall be selected which extends Loan or Eurodollar Revolving Credit Loan if such Interest Period would extend beyond any date upon which a Scheduled Term Repayment will be required to be made under Section 4.4(b) for such Term Facility if the aggregate principal amount of all Term Loans which have Interest Periods which will expire after such date will be in excess of the aggregate principal amount of Term B Dollar Loans then outstanding less the aggregate amount applicable Maturity Date of such required prepayment. Notwithstanding anything to the contrary herein (i) with respect to Term B Dollar Loans, the Borrower may only have Base Rate Loans and Eurocurrency Loans with a one month Interest Period for the first 30 days after the Third Amendment Effective Date or, if earlier, the date on which the Administrative Agent informs the Borrower of the completion of the syndication of the Existing Term B Dollar Loans and (ii) if requested by the Borrower, the Administrative Agent, in its discretion, may offer Interest Periods shorter than one month.Loan;

Appears in 2 contracts

Samples: Credit Agreement (Bristol West Holdings Inc), Credit Agreement (Bristol West Holdings Inc)

Interest Periods. At the time it the US Borrower or the UK Borrower, as the case may be, gives any a Notice of Borrowing or a Notice of Conversion or Continuation with in respect of the making of, or conversion into or continuation as, a Borrowing of Eurodollar Term Loans or Eurodollar Revolving Credit Loans (in the case of the initial Interest Period applicable thereto) or prior to any Borrowing bearing interest with reference 10:00 a.m. (Local Time) on the third Business Day prior to the Eurocurrency Rateexpiration of an Interest Period applicable to a Borrowing of Eurodollar Term Loans or Eurodollar Revolving Credit Loans, the US Borrower or the UK Borrower, as the case may be, shall elect, have the right to elect by giving the Administrative Agent written notice, notice (or telephonic notice promptly confirmed in writing) the interest period (each an “Interest Period”) Period applicable theretoto such Borrowing, which Interest Period shall, at the option of the US Borrower or the UK Borrower, as the case may be, be a one, two, three three, six or six months or(in the case of Revolving Credit Loans, if available or otherwise satisfactory to each of all the applicable Lenders (making such loans as determined by each such applicable Lender Lenders in its sole discretiongood faith based on prevailing market conditions) a nine or twelve month period, provided thatthat the initial Interest Period may be for a period less than one month if agreed upon by the US Borrower and the Agents. Notwithstanding anything to the contrary contained above: (i) all Eurocurrency Loans comprising a single Borrowing shall at all times have the same Interest Period; (iia) the initial Interest Period for any Eurocurrency Loan Borrowing of Eurodollar Term Loans or Eurodollar Revolving Credit Loans shall commence on the date of such Borrowing of such Eurocurrency Loan (including the date of any conversion thereto from a Loan Borrowing of a different TypeABR Loans) and each Interest Period occurring thereafter in respect of such Eurocurrency Loan Borrowing shall commence on the last day of on which the immediately next preceding Interest PeriodPeriod expires; (iiib) if any Interest Period relating to a Eurocurrency Loan Borrowing of Eurodollar Term Loans or Eurodollar Revolving Credit Loans begins on the last Business Day of a calendar month or begins on a day for which there is no numerically corresponding day in the calendar month at the end of such Interest Period, such Interest Period shall end on the last Business Day of the calendar month at the end of such calendar monthInterest Period; (ivc) if any Interest Period would otherwise expire on a day which that is not a Business Day, such Interest Period shall expire on the next succeeding Business Day; provided, however, provided that if any Interest Period for in respect of a Eurocurrency Eurodollar Term Loan or Eurodollar Revolving Credit Loan would otherwise expire on a day which that is not a Business Day but is a day of the month after which no further Business Day occurs in such month, such Interest Period shall expire on the next preceding Business Day; (v) at any time when an Event of Default is then in existence, no Interest Period (a) of more than one month may be selected with respect to any Loan denominated in an Alternative Currency and (b) may be selected with respect to any Loan denominated in Dollars; (vi) no Interest Period shall extend beyond the applicable Term Maturity Date for any Term Loan or the Revolver Termination Date for any Revolving Loan; and (viid) no the US Borrower or the UK Borrower, as the case may be, shall not be entitled to elect any Interest Period in respect of any Borrowing of Eurodollar Term Loans for any Term Facility shall be selected which extends Loan or Eurodollar Revolving Credit Loan if such Interest Period would extend beyond any date upon which a Scheduled Term Repayment will be required to be made under Section 4.4(b) for such Term Facility if the aggregate principal amount of all Term Loans which have Interest Periods which will expire after such date will be in excess of the aggregate principal amount of Term B Dollar Loans then outstanding less the aggregate amount applicable Maturity Date of such required prepayment. Notwithstanding anything to the contrary herein (i) with respect to Term B Dollar Loans, the Borrower may only have Base Rate Loans and Eurocurrency Loans with a one month Interest Period for the first 30 days after the Third Amendment Effective Date or, if earlier, the date on which the Administrative Agent informs the Borrower of the completion of the syndication of the Existing Term B Dollar Loans and (ii) if requested by the Borrower, the Administrative Agent, in its discretion, may offer Interest Periods shorter than one monthLoan.

Appears in 2 contracts

Samples: Credit Agreement (Rockwood Specialties Group Inc), Credit Agreement (Rockwood Specialties Group Inc)

Interest Periods. At the time it gives any Notice of Borrowing or a Notice of Conversion or Continuation with respect to any Borrowing bearing interest with reference to the Eurocurrency Rate, the Borrower shall elect, by giving the Administrative Agent written notice, the interest period (each an “Interest Period”) applicable thereto, which Interest Period shall, at the option of the Borrower, be one, two, three or six months or, if available or otherwise satisfactory to each of the applicable Lenders (as determined by each such applicable Lender in its sole discretion) a twelve month period, provided that: (i) all Eurocurrency Eurodollar Loans comprising a single Borrowing shall at all times have the same Interest Period; (ii) the initial Interest Period for any Eurocurrency Eurodollar Loan shall commence on the date of such Borrowing of such Eurocurrency Eurodollar Loan (including the date of any conversion thereto from a Loan of a different Type) and each Interest Period occurring thereafter in respect of such Eurocurrency Eurodollar Loan shall commence on the last day of on which the immediately next preceding Interest PeriodPeriod applicable thereto expires; (iii) if any Interest Period relating to a Eurocurrency 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 which is not a Business Day, such Interest Period shall expire on the next succeeding Business Day; provided, however, that if any Interest Period for -------- ------- a Eurocurrency Eurodollar Loan would otherwise expire on a day which is not a Business Day but is a day of the month after which no further Business Day occurs in such month, such Interest Period shall expire on the next preceding Business Day; (v) no Interest Period may be selected at any time when an a Default or Event of Default is then in existence, no Interest Period (a) of more than one month may be selected with respect to any Loan denominated in an Alternative Currency and (b) may be selected with respect to any Loan denominated in Dollars; (vi) no Interest Period in respect of any Borrowing of any Tranche of Loans shall extend be selected which extends beyond the applicable Term respective Maturity Date for any Term Loan or the Revolver Termination Date for any Revolving Loansuch Tranche of Loans; and (vii) no Interest Period in respect of any Borrowing of Tranche A Term Loans for any or Tranche B Term Facility Loans, as the case may be, shall be selected which extends beyond any date upon which a Scheduled mandatory repayment of such Tranche of Term Repayment Loans will be required to be made under Section 4.4(b4.02(c) for such Term Facility or (d), as the case may be, if the aggregate principal amount of all Tranche A Term Loans or Tranche B Term Loans, as the case may be, which have Interest Periods which will expire after such date will be in excess of the aggregate principal amount of Tranche A Term Loans or Tranche B Dollar Loans Term Loans, as the case may be, then outstanding less the aggregate amount of such required prepayment. Notwithstanding anything If upon the expiration of any Interest Period applicable to the contrary herein (i) with respect to Term B Dollar a Borrowing of Eurodollar Loans, the Borrower may only 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 and Eurocurrency Loans with a one month Interest Period for the first 30 days after the Third Amendment Effective Date or, if earlier, the date on which the Administrative Agent informs the Borrower effective as of the completion expiration date of the syndication of the Existing Term B Dollar Loans and (ii) if requested by the Borrower, the Administrative Agent, in its discretion, may offer such current Interest Periods shorter than one monthPeriod.

Appears in 2 contracts

Samples: Credit Agreement (Coinmach Corp), Credit Agreement (Coinmach Laundry Corp)

Interest Periods. (a) At the time it gives any Notice of Borrowing or a Notice of Conversion in respect of the making of, or Continuation with respect to conversion into, any Borrowing bearing interest with reference Euro Swingline Loan, Sterling Swingline Loan or Euro Rate Loan (in the case of the initial Interest Period applicable thereto) or, in the case of Revolving Loans, on the third Business Day prior to the Eurocurrency Rateexpiration of an Interest Period (or on the last day of such Interest Period in the case of an Alternate Currency Swingline Loan) applicable to such Loan (in the case of any subsequent Interest Period), the respective Borrower shall have the right to elect, by giving the Administrative Agent written noticenotice thereof, the interest period (each each, an “Interest Period”) applicable theretoto such Euro Swingline Loan, Sterling Swingline Loan or Euro Rate Loan, which Interest Period shall, at the option of the such Borrower, be (x) in the case of a Euro Swingline Loan or Sterling Swingline Loan, a period of not more than ten Business Days, (y) in the case of a Euro Rate Loan, a one, two, three or six months month period or, if available or otherwise satisfactory agreed to each of the applicable Lenders (as determined by each Lender participating in a Borrowing of such applicable Euro Rate Loan, a one-week period or (z) in the case of a Borrowing of Dollar Revolving Loans, a one-year period if (but only if) agreed to by each Lender participating in its sole discretion) a twelve month periodsuch Borrowing, provided that: (i) all Eurocurrency Euro Rate Loans and all Alternate Currency Swingline Loans comprising a single Borrowing shall at all times have the same Interest Period; (ii) the initial Interest Period for any Eurocurrency Loan Borrowing of Euro Rate Loans and Alternate Currency Swingline Loans shall commence on the date of such Borrowing (including, in the case of such Eurocurrency Loan (including Dollar Revolving Loans, the date of any conversion thereto from a Dollar Revolving Loan of a different Type) and each Interest Period occurring thereafter in respect of such Eurocurrency Loan Borrowing of Euro Rate Loans and Alternate Currency Swingline Loans shall commence on the last day of on which the immediately next preceding Interest PeriodPeriod applicable thereto expires; (iii) if any Interest Period relating to (other than an Interest Period of one week) for a Eurocurrency 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 (other than an Interest Period of one week) for a Euro Rate Loan or Alternate Currency Swingline Loan would otherwise expire on a day which is not a Business Day, such Interest Period shall expire on the next succeeding Business Day; provided, however, that if any Interest Period for a Eurocurrency Euro Rate Loan or Alternate Currency Swingline Loan would otherwise expire on a day which is not a Business Day but is a day of the month after which no further Business Day occurs in such month, such Interest Period shall expire on the next preceding Business Day; (v) at any time when an Event of Default is then in existenceunless the Required Lenders otherwise agree, no Interest Period (a) of more longer than one month may be selected with respect to at any Loan denominated time when any Event of Default is in an Alternative Currency and (b) may be selected with respect to any Loan denominated in Dollars; (vi) no Interest Period shall extend beyond the applicable Term Maturity Date for any Term Loan or the Revolver Termination Date for any Revolving Loanexistence; and (viivi) no Interest Period in respect of any Borrowing of Term Euro Rate Loans for any Term Facility or Alternate Currency Swingline Loans shall be selected which extends beyond the Maturity Date. Prior to the termination of any date upon which a Scheduled Term Repayment will Interest Period applicable to Alternate Currency Revolving Loans maintained as Euro Rate Loans, the respective Alternate Currency Revolving Loan Borrower may, at its option, designate that the respective Borrowing subject thereto be required split into more than one Borrowing (for purposes of electing multiple Interest Periods to be made under Section 4.4(bsubsequently applicable thereto), so long as each such Borrowing resulting from the action taken pursuant to this sentence meets the relevant Minimum Borrowing Amount. If upon the expiration of any Interest Period applicable to a Borrowing of Euro Rate Loans, the respective 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, such Borrower shall be deemed to have elected (x) if Eurodollar Loans, to convert such Eurodollar Loans into Base Rate Loans and (y) if Non-Dollar Alternate Currency Revolving Loans, to select a one-month Interest Period for such Term Facility if the aggregate principal amount of all Term Loans which have Interest Periods which will expire after such date will be Non-Dollar Alternate Currency Revolving Loans, in excess either case effective as of the aggregate principal amount of Term B Dollar Loans then outstanding less the aggregate amount expiration date of such required prepayment. Notwithstanding anything current Interest Period. (b) The interest period (each, a “Mexican Pesos Interest Period”) applicable to the contrary herein any Mexican Pesos Revolving Loan or Mexican Pesos Swingline Loan shall be (ix) with respect to Term B Dollar Loansany Mexican Pesos Revolving Loan, (i) in the case of the initial Mexican Pesos Interest Period applicable thereto, the Borrower may only have Base Rate Loans period beginning on (and Eurocurrency Loans with a one month Interest Period for the first 30 days after the Third Amendment Effective Date or, if earlier, including) the date on which the Administrative Agent informs the Borrower of the completion Borrowing of such Mexican Pesos Revolving Loan and ending on (but excluding, for purposes of calculating interest) the last Business Day of the syndication of the Existing Term B Dollar Loans then current calendar month and (ii) if requested by in the Borrowercase of each subsequent Mexican Pesos Interest Period for such Borrowing, the Administrative Agentperiod beginning on (and including) the last day of the preceding Mexican Pesos Interest Period and ending on (but excluding, for purposes of calculating interest) the day that is 28 days thereafter and (y) with respect to any Mexican Pesos Swingline Loan, the period beginning on (and including) the date of the Borrowing of such Mexican Pesos Swingline Loan and ending on (but excluding, for purposes of calculating interest) the day that is ten Business Days thereafter, provided that: (i) all Mexican Pesos Revolving Loans comprising a single Borrowing shall at all times have the same Mexican Pesos Interest Period; (ii) if any Mexican Pesos Interest Period for a Mexican Pesos Revolving Loan would otherwise expire on a day which is not a Business Day, such Mexican Pesos Interest Period shall expire on the next succeeding Business Day; provided, however, that if any Mexican Pesos Interest Period for a Mexican Pesos Revolving Loan would otherwise expire on a day which is not a Business Day but is a day of the month after which no further Business Day occurs in its discretionsuch month, may offer such Mexican Pesos Interest Periods shorter than one monthPeriod shall expire on the next preceding Business Day; and (iii) no Mexican Pesos Interest Period in respect of any Borrowing of Mexican Pesos Revolving Loans shall be selected which extends beyond the Maturity Date.

Appears in 2 contracts

Samples: Credit Agreement (Starwood Hotel & Resorts Worldwide, Inc), Credit Agreement (Starwood Hotel & Resorts Worldwide, Inc)

Interest Periods. At the time it gives any Notice of Borrowing or a Notice of Conversion or Continuation In connection with respect to any Borrowing bearing interest with reference to the Eurocurrency Rateeach Eurodollar Rate Loan, the Borrower shall elect, by giving the Administrative Agent written notice, the elect an interest period (each an “Interest Period”"INTEREST PERIOD") to be applicable theretoto such Loan, which Interest Period shall, at the option of the Borrower, shall be either a one, two, three or three, six months or, if available or otherwise satisfactory to each of all Banks making the applicable Lenders Loans (as determined by each such applicable Lender Banks in its sole discretion) a twelve good faith based on prevailing market conditions), nine-month period, ; provided that: (i) all Eurocurrency Loans comprising a single Borrowing shall at all times have the same Interest Period; (ii) the initial Interest Period for any Eurocurrency Loan shall commence on the date Funding Date of such Borrowing Loan; (ii) in the case of such Eurocurrency Loan (including the date of any conversion thereto from a Loan of a different Type) and immediately successive Interest Periods, each successive Interest Period occurring thereafter in respect of such Eurocurrency Loan shall commence on the last day of on which the immediately next preceding Interest PeriodPeriod expires; (iii) if any Interest Period relating to a Eurocurrency 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 an Interest Period would otherwise expire on a day which that is not a Business Day, such Interest Period shall expire on the next succeeding Business Day; provided, however, provided that if any Interest Period for a Eurocurrency Loan would otherwise expire on a day which that is not a Business Day but is a day of the month after which no further Business Day occurs in such month, such Interest Period shall expire on the next preceding Business Day; (iv) 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 end on the last Business Day of a calendar month; (v) at any time when an Event of Default is then in existence, no Interest Period (a) of more than one month may be selected with respect to any Loan denominated in an Alternative Currency and (b) may be selected with respect to any Loan denominated in Dollarsshall extend beyond the Termination Date; (vi) no Interest Period with respect to any portion of the Term Loans shall extend beyond a date on which the applicable Borrower is required to make a scheduled payment of principal of the Term Maturity Date for any Loans unless the sum of (a) the aggregate principal amount of Term Loan Loans that are Base Rate Loans plus (b) the aggregate principal amount of Term Loans that are Eurodollar Rate Loans with Interest Periods expiring on or before such date equals or exceeds the Revolver Termination Date for any Revolving Loanprincipal amount required to be paid on the Term Loans on such date; and (vii) no Interest Period in respect of any Borrowing of Term Loans for any Term Facility there shall be selected which extends beyond any date upon which a Scheduled Term Repayment will be required to be made under Section 4.4(bno more than ten (10) for such Term Facility if the aggregate principal amount of all Term Loans which have Interest Periods which will expire after such date will be in excess of the aggregate principal amount of Term B Dollar Loans then outstanding less the aggregate amount of such required prepayment. Notwithstanding anything to the contrary herein (i) with respect to Term B Dollar Loans, the Borrower may only have Base Eurodollar Rate Loans and Eurocurrency Loans with a one month Interest Period for the first 30 days after the Third Amendment Effective Date or, if earlier, the date on which the Administrative Agent informs the Borrower of the completion of the syndication of the Existing Term B Dollar Loans and (ii) if requested by the Borrower, the Administrative Agent, in its discretion, may offer Interest Periods shorter than one monthdifferent maturities outstanding at any time.

Appears in 2 contracts

Samples: Credit Agreement (American Homepatient Inc), Credit Agreement (American Homepatient Inc)

Interest Periods. At (a) In connection with the time it gives any Notice making or continuation of, or conversion into, each Borrowing of Borrowing or a Notice Syndicate Loans comprised of Conversion or Continuation with respect to any Borrowing bearing interest with reference to the Eurocurrency RateEurodollar Advances, the Borrower shall elect, by giving the Administrative Agent written notice, the select an interest period (each an "Interest Period") to be applicable theretoto such Eurodollar Advances, which Interest Period shallshall be either a 1, at the option of the Borrower2, be one, two, three 3 or six months or, if available or otherwise satisfactory to each of the applicable Lenders (as determined by each such applicable Lender in its sole discretion) a twelve 6 month period, ; provided that: (i) all Eurocurrency Loans comprising a single Borrowing shall at all times have the same Interest Period; (ii) the The initial Interest Period for any Eurocurrency Loan Borrowing of Eurodollar Advances shall commence on the date of such Borrowing of such Eurocurrency Loan (including the date of any conversion thereto from a Loan Borrowing consisting of a different Advances of another Type) and each Interest Period occurring thereafter in respect of such Eurocurrency Loan Borrowing shall commence on the last day of on which the immediately next preceding Interest PeriodPeriod expires; (iiiii) if any Interest Period relating to a Eurocurrency 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 If any Interest Period would otherwise expire on a day which is not a Business Day, such Interest Period shall expire on the next succeeding Business Day; provided, however, provide that if any Interest Period for a Eurocurrency Loan in respect of Eurodollar Advances would otherwise expire on a day which that is not a Business Day but is a day of the month after which no further Business Day occurs in such month, such Interest Period shall expire on the next preceding Business Day; (viii) Any Interest Period in respect of Eurodollar Advances which begins on a day for which there is no numerically corresponding day in the calendar month at the end of such Interest Period shall, subject to part (iv) below, expire on the last Business Day of such calendar month; (iv) No Interest Period shall extend beyond any time when an Event of Default date upon which any principal payment is then in existencedue with respect to the Revolving Loans. (b) When Borrower requests a quote for a Competitive Bid Loan, the Borrower shall specify the Interest Period to be applicable to such Revolving Loan, which Interest Period shall be as agreed upon by the Borrower and such Lender; provided, however, that (i) no Interest Period shall exceed 180 days, (a) of more than one month may be selected with respect to any Loan denominated in an Alternative Currency and (b) may be selected with respect to any Loan denominated in Dollars; (viii) no Interest Period shall extend beyond the applicable Term Maturity Date for any Term Revolving Loan or the Revolver Termination Date for and (iii) if any Revolving Loan; and (vii) no Interest Period would otherwise expire on a day which is not a Business Day, such Interest Period shall expire on the next succeeding Business Day. Interest shall be payable in respect of any Borrowing each Competitive Bid Loan on the last day of Term Loans for any Term Facility shall be selected which extends beyond any date upon which a Scheduled Term Repayment will be required to be made under Section 4.4(b) for such Term Facility if the aggregate principal amount of all Term Loans which have Interest Periods which will expire after such date will be in excess of the aggregate principal amount of Term B Dollar Loans then outstanding less the aggregate amount of such required prepayment. Notwithstanding anything to the contrary herein (i) with respect to Term B Dollar Loans, the Borrower may only have Base Rate Loans and Eurocurrency Loans with a one month each Interest Period for the first 30 days after the Third Amendment Effective Date orapplicable to such Competitive Bid Loan, if earlier, the date on which the Administrative Agent informs the Borrower of the completion of the syndication of the Existing Term B Dollar Loans and at maturity (ii) if requested whether by the Borrower, the Administrative Agent, in its discretion, may offer Interest Periods shorter than one monthacceleration or otherwise).

Appears in 2 contracts

Samples: Revolving Credit Agreement (Hughes Supply Inc), Revolving Credit Agreement (Hughes Supply Inc)

Interest Periods. At In connection with each Eurodollar Rate Loan, Borrower may, pursuant to the time it gives any applicable Notice of Borrowing or a Notice of Conversion or Conversion/Continuation with respect to any Borrowing bearing interest with reference to delivered by Borrower, as the Eurocurrency Ratecase may be, the Borrower shall elect, by giving the Administrative Agent written notice, the select an interest period (each an “Interest Period”) to be applicable theretoto such Loan, which Interest Period shallshall be, at the option of the Borrower’s option, be either a one, two, three or six months three, or, if available or otherwise satisfactory subject to each of the applicable Lenders (as determined by each such applicable Lender in its sole discretion) a twelve Lenders’ approval, six month period, or such shorter period as may be designated in the Notice of Borrowing with respect to Foreign Currency Loans; provided that: (i) all Eurocurrency Loans comprising a single Borrowing shall at all times have the same Interest Period; (ii) the initial Interest Period for any Eurocurrency Eurodollar Rate Loan shall commence on the date of such Borrowing of such Eurocurrency Loan (including the date of any conversion thereto from a Loan of a different Type) and each Interest Period occurring thereafter Funding Date in respect of such Eurocurrency 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) in the case of immediately successive Interest Periods applicable to a Eurodollar Rate Loan continued as such pursuant to a Notice of Conversion/Continuation, each successive Interest Period shall commence on the last day of on which the immediately next preceding Interest Period; Period expires; (iii) if any Interest Period relating to a Eurocurrency 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 an Interest Period would otherwise expire on a day which that is not a Business Day, such Interest Period shall expire on the next succeeding Business Day; providedprovided that, however, that if any Interest Period for a Eurocurrency Loan would otherwise expire on a day which that is not a Business Day but is a day of the month after which no further Business Day occurs in such month, such Interest Period shall expire on the next preceding Business Day; ; (iv) except with respect to a Foreign Currency Loan with an Interest Period of less than one month (or an integral multiple thereof), 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, subject to clause (v) at any time when an Event of Default is then in existencethis subsection 2.2B, end on the last Business Day of a calendar month; (v) no Interest Period (a) of more than one month may be selected with respect to any Loan denominated in an Alternative Currency and (b) may be selected with respect to any Loan denominated in Dollars; (vi) no Interest Period portion of the Revolving Loans shall extend beyond the applicable Term Maturity Date for Revolving Loan Commitment Termination Date; (vi) there shall be no more than ten (10) Interest Periods outstanding at any Term Loan or the Revolver Termination Date for any Revolving Loantime; and and (vii) no Interest Period in respect of any Borrowing of Term Loans for any Term Facility shall be selected which extends beyond any date upon which a Scheduled Term Repayment will be required the event Borrower fails to be made under Section 4.4(b) for such Term Facility if the aggregate principal amount of all Term Loans which have Interest Periods which will expire after such date will be in excess of the aggregate principal amount of Term B Dollar Loans then outstanding less the aggregate amount of such required prepayment. Notwithstanding anything to the contrary herein (i) with respect to Term B Dollar Loans, the Borrower may only have Base Rate Loans and Eurocurrency Loans with a one month specify an Interest Period for any Eurodollar Rate Loan in the first 30 days after the Third Amendment Effective Date or, if earlier, the date on which the Administrative Agent informs the Borrower applicable Notice of the completion Borrowing or Notice of the syndication of the Existing Term B Dollar Loans and (ii) if requested Conversion/Continuation delivered by the Borrower, the Administrative Agent, in its discretion, may offer Borrower shall be deemed to have selected an Interest Periods shorter than Period of one month.

Appears in 1 contract

Samples: Credit Agreement (Joy Global Inc)

Interest Periods. At the time it gives any Notice of Borrowing or a Notice of Conversion or Continuation In connection with respect to any Borrowing bearing interest with reference to the each Eurocurrency RateRate Loan and Competitive Bid Loan, the applicable Borrower shall elect, by giving the Administrative Agent written notice, the elect an interest period (each an "Interest Period") to be applicable theretoto such Eurocurrency Rate Loan or Competitive Bid Loan, which as the case may be. The Interest Period shall, at the option of the Borrower, with respect to each Eurocurrency Rate Loan shall be either a one, two, three or six months or, if available or otherwise satisfactory to each of the applicable Lenders (as determined by each such applicable Lender in its sole discretion) a twelve month period, with respect to each Competitive Bid LIBOR Loan shall be a whole number of months as specified by the Borrower in the Notice of Competitive Bid Borrowing and with respect to each Competitive Bid Absolute Rate Loan shall be such number of days (but not less than seven days) as specified by the Borrower in the Notice of Competitive Bid Borrowing; provided that: (i) all Eurocurrency Loans comprising a single Borrowing shall at all times have the same Interest Period; (iiA) the initial Interest Period for any each Eurocurrency Rate Loan and Competitive Bid Loan shall commence on the date of such Borrowing of such Eurocurrency Loan (including the date of any conversion thereto from a Loan of a different Type) and each Interest Period occurring thereafter in respect of such Eurocurrency Loan shall commence on the last day of the immediately preceding Interest PeriodLoan; (iiiB) if any Interest Period relating to a Eurocurrency 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 an Interest Period would otherwise expire on a day which is not a Business Day, such Interest Period shall expire on the next succeeding Business Day; provided, however, provided that if any Interest Period for a Eurocurrency Loan would otherwise expire on a day which is not a Business Day but is a day of the month after which no further Business Day occurs in such month, such Interest Period shall expire on the next preceding Business Day; (vC) at any time when an Event of Default is then in existence, no Interest Period which begins on the last Business Day of a calendar month (aor 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 more than one month may be selected with respect to any Loan denominated in an Alternative Currency and (b) may be selected with respect to any Loan denominated in Dollarssuch ending calendar month; (viD) no Interest Period shall extend beyond the applicable Term Final Maturity Date for any Term Loan or the Revolver Termination Date for any Revolving LoanDate; and (viiE) no Interest Period in respect of any Borrowing of Term Loans for any Term Facility there shall be selected which extends beyond any date upon which a Scheduled Term Repayment will be required to be made under Section 4.4(b) for such Term Facility if the aggregate principal amount of all Term Loans which have no more than 30 Interest Periods which will expire after such date will be in excess of the aggregate principal amount of Term B Dollar Loans then outstanding less the aggregate amount of such required prepayment. Notwithstanding anything to the contrary herein (i) with respect to Term B Dollar Loans, the Borrower may only have Base Rate Loans and Eurocurrency Loans with a one month Interest Period for the first 30 days after the Third Amendment Effective Date or, if earlier, the date on which the Administrative Agent informs the Borrower of the completion of the syndication of the Existing Term B Dollar Loans and (ii) if requested by the Borrower, the Administrative Agent, in its discretion, may offer Interest Periods shorter than one monthat any time.

Appears in 1 contract

Samples: 364 Day Credit Agreement (Textron Inc)

Interest Periods. At the time it the Borrower gives any Notice of ---------------- Borrowing or a Notice of Conversion Conversion/Continuation in respect of the making of, or Continuation with respect conversion into, any Euro Rate Loan (in the case of the initial Interest Period applicable thereto) or prior to any Borrowing bearing interest with reference 12:00 Noon (New York time) on the third Business Day (or, in the case of a Foreign Currency Revolving Loan, prior to 12:00 Noon (New York time) on the fourth Business Day) prior to the Eurocurrency Rateexpiration of an Interest Period applicable to such Euro Rate Loan (in the case of any subsequent Interest Period), the Borrower shall elect, by giving have the Administrative Agent written notice, right to elect the interest period (each an "Interest Period") applicable theretoto such Euro Rate Loan, which Interest Period shall, at the option of the BorrowerBorrower (but otherwise subject to the provisions of clause (B) of the proviso in each of Sections 1.01(a)(iii), 1.01(b)(iii), 1.01(d)(ii) and 1.01(d)(iii)), be a one, two, three three, six, or six months or, if available or otherwise satisfactory to each the extent consented to by all of the applicable Lenders (as determined by each such applicable Lender in its sole discretion) under a twelve respective Tranche, a nine-month period, provided that:that (in each case): -------- (i) all Eurocurrency Euro Rate Loans comprising a single Borrowing shall at all times have the same Interest Period; (ii) the initial Interest Period for any Eurocurrency Euro Rate Loan shall commence on the date of such Borrowing of such Eurocurrency Euro Rate Loan (including including, in the case of Eurodollar Loans, the date of any conversion thereto from a Loan of a different TypeBase Rate Loan) and each Interest Period occurring thereafter in respect of such Eurocurrency Euro Rate Loan shall commence on the last day of on which the immediately next preceding Interest PeriodPeriod applicable thereto expires; (iii) if any Interest Period relating to for a Eurocurrency 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 for a Euro Rate Loan would otherwise expire on a day which is not a Business Day, such Interest Period shall expire on the next succeeding Business Day; provided, however, that if any -------- ------- Interest Period for a Eurocurrency Euro Rate Loan would otherwise expire on a day which is not a Business Day but is a day of the month after which no further Business Day occurs in such month, such Interest Period shall expire on the next preceding Business Day; (v) unless the Required Lenders otherwise agree, no Interest Period of longer than one month may be selected for a Foreign Currency Revolving Loan at any time when a Default or an Event of Default is then in existence, no Interest Period (a) of more than one month may be selected with respect to any Loan denominated in an Alternative Currency and (b) may be selected with respect to any Loan denominated in Dollars; (vi) no Interest Period shall extend beyond the applicable Term Maturity Date for any a Term Loan or a Dollar Revolving Loan may be selected at any time when a Default or an Event of Default is then in existence and either the Revolver Termination Date for any Revolving Loan; andAdministrative Agent or the Required Lenders have notified the Borrower that such selections are no longer permitted (which notice may be given by the Administrative Agent or the Required Lenders in their sole discretion), provided that no such notice -------- shall be required if a Default or an Event of Default under Section 10.05 exists and is continuing (in which case Interest Periods may not be selected); (vii) no Interest Period in respect of any Borrowing of any Tranche of Loans shall be selected which extends beyond the respective Maturity Date for such Tranche of Loans; and (viii) no Interest Period in respect of any Borrowing of A Term Loans for any or B Term Facility Loans shall be selected which extends beyond any date upon which a Scheduled mandatory repayment of such A Term Repayment Loans or B Term Loans will be required to be made under Section 4.4(b) for such Term Facility if the aggregate principal amount of all Term Loans which have Interest Periods which will expire after such date will be in excess of the aggregate principal amount of Term B Dollar Loans then outstanding less the aggregate amount of such required prepayment. Notwithstanding anything to the contrary herein (i) with respect to Term B Dollar Loans, the Borrower may only have Base Rate Loans and Eurocurrency Loans with a one month Interest Period for the first 30 days after the Third Amendment Effective Date or, if earlier, the date on which the Administrative Agent informs the Borrower of the completion of the syndication of the Existing Term B Dollar Loans and (ii) if requested by the Borrower, the Administrative Agent, in its discretion, may offer Interest Periods shorter than one month.Section

Appears in 1 contract

Samples: Credit Agreement (Manitowoc Co Inc)

Interest Periods. At the time it gives any Notice of Borrowing or a Notice of Conversion or Continuation with respect to any Borrowing bearing interest with reference to the Eurocurrency RateEurodollar Loans, the Borrower shall elect, by giving the Administrative Agent written notice, the interest period (each an "Interest Period") applicable thereto, which Interest Period shall, at the option of the Borrower, be one, two, three or six months or, if available or otherwise satisfactory to each of the applicable Lenders (as determined by each such applicable Lender in its sole discretion) a nine or twelve month period, or during the Syndication Period only, a period of up to 14 days provided that: (i) all Eurocurrency Eurodollar Loans comprising a single Borrowing shall at all times have the same Interest Period; (ii) the initial Interest Period for any Eurocurrency Eurodollar Loan shall commence on the date of such Borrowing of such Eurocurrency Eurodollar Loan (including the date of any conversion thereto from a Loan of a different Type) and each Interest Period occurring thereafter in respect of such Eurocurrency Eurodollar Loan shall commence on the last day of the immediately preceding Interest Period; (iii) if any Interest Period relating to a Eurocurrency 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 which is not a Business Day, such Interest Period shall expire on the next succeeding Business Day; provided, however, that if any Interest Period for a Eurocurrency Eurodollar Loan would otherwise expire on a day which is not a Business Day but is a day of the month after which no further Business Day occurs in such month, such Interest Period shall expire on the next preceding Business Day; (v) no Interest Period may be selected at any time when an Unmatured Event of Default or Event of Default is then in existence, no Interest Period (a) of more than one month may be selected with respect to any Loan denominated in an Alternative Currency and (b) may be selected with respect to any Loan denominated in Dollars; (vi) no Interest Period shall extend beyond the applicable Term A Loan Maturity Date for any Term A Loan, the Term B Loan Maturity Date for any Term B Loan, the Term C Loan Maturity Date for any Term C Loan or the Revolver Termination Date for any Revolving Loan; and (vii) no Interest Period in respect of to any Borrowing of Term Loans for any Term Facility shall be selected which extends beyond any date upon which a Scheduled mandatory repayment of Term Repayment Loans will be required to be made under Section 4.4(b) for such Term Facility ), (c), (d), (e), (f), or (h), as the case may be, if the aggregate principal amount of all Term Loans which have Interest Periods which will expire after such date will be in excess of the aggregate principal amount of Term B Dollar Loans then outstanding less the aggregate amount of such required prepayment. Notwithstanding anything to the contrary herein (i) with respect to Term B Dollar Loans, the Borrower may only have Base Rate Loans and Eurocurrency Loans with a one month Interest Period for the first 30 days after the Third Amendment Effective Date or, if earlier, the date on which the Administrative Agent informs the Borrower of the completion of the syndication of the Existing Term B Dollar Loans and (ii) if requested by the Borrower, the Administrative Agent, in its discretion, may offer Interest Periods shorter than one month.

Appears in 1 contract

Samples: Credit Agreement (Irwin Telecom Services Inc)

Interest Periods. At the time it gives any Notice of Borrowing or a Notice of Conversion or Continuation In connection with respect to any Borrowing bearing interest with reference to the Eurocurrency Rateeach LIBOR Rate Loan, the Borrower shall electBorrower, by giving notice at the Administrative Agent written noticetimes described in Section 2.2 or 5.2, the as applicable, shall elect an interest period (each each, an “Interest Period”) to be applicable theretoto such Loan, which Interest Period shallshall be a period (other than the initial Interest Period applicable to the Additional Incremental Term Loan, at which shall commence on the option Effective Date and which shall be an Interest Period of the Borrowerone hundred four (104) days) of one (1), be one, twotwo (2), three (3), or six (6) months or, if available or otherwise satisfactory to each agreed by all of the applicable Lenders relevant Lenders, nine (9) or twelve (12) months; provided that all Interest Periods that were in effect immediately prior to the Effective Date shall continue in effect and shall end as determined by each such applicable Lender in its sole discretion) a twelve month periodscheduled under the Existing Credit Agreement; provided, provided further, that: (i) all Eurocurrency Loans comprising a single Borrowing shall at all times have the same Interest Period; (ii) the initial each Interest Period for any Eurocurrency Loan shall commence on the date of such Borrowing advance of such Eurocurrency or conversion to or continuation as any LIBOR Rate Loan (including and, in the date case of any conversion thereto from a Loan of a different Type) and immediately successive Interest Periods, each successive Interest Period occurring thereafter in respect of such Eurocurrency Loan shall commence on the last day of date on which the immediately preceding Interest PeriodPeriod expires; (iii) if any Interest Period relating to a Eurocurrency 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; (ivii) if any Interest Period would otherwise expire on a day which that is not a Business Day, such Interest Period shall expire on the next succeeding Business Day; provided, however, provided that if any Interest Period for with respect to a Eurocurrency LIBOR Rate Loan would otherwise expire on a day which that is not a Business Day but is a day of the month after which no further Business Day occurs in such month, such Interest Period shall expire on the next immediately preceding Business Day; (viii) at any time when an Event of Default is then in existence, no Interest Period (a) of more than one month may be selected with respect to any a LIBOR Rate Loan denominated that begins on the last Business Day of a calendar month (or on a day for which there is no numerically corresponding day in an Alternative Currency and (bthe calendar month at the end of such Interest Period) may be selected with respect to any Loan denominated in Dollarsshall end on the last Business Day of the relevant calendar month at the end of such Interest Period; (viiv) no Interest Period shall extend beyond the applicable Term Revolving Credit Maturity Date for any or the Term Loan or Maturity Date, as applicable, and Interest Periods shall be selected by the Revolver Termination Date for Borrower so as to permit the Borrower to make the scheduled principal installment payments pursuant to Section 4.3 without payment of any Revolving Loanamounts pursuant to Section 5.9; and (viiv) no Interest Period in respect of any Borrowing of Term Loans for any Term Facility there shall be selected which extends beyond any date upon which a Scheduled Term Repayment will be required to be made under Section 4.4(bno more than seven (7) for such Term Facility if the aggregate principal amount of all Term Loans which have Interest Periods which will expire after such date will be in excess of the aggregate principal amount of Term B Dollar Loans then outstanding less the aggregate amount of such required prepayment. Notwithstanding anything to the contrary herein (i) with respect to Term B Dollar Loans, the Borrower may only have Base Rate Loans and Eurocurrency Loans with a one month Interest Period for the first 30 days after the Third Amendment Effective Date or, if earlier, the date on which the Administrative Agent informs the Borrower of the completion of the syndication of the Existing Term B Dollar Loans and (ii) if requested by the Borrower, the Administrative Agent, in its discretion, may offer Interest Periods shorter than one montheffect at any time.

Appears in 1 contract

Samples: Credit Agreement (Wingstop Inc.)

Interest Periods. At the time it gives any Notice of Borrowing or a Notice of Conversion in respect of the making of, or Continuation with respect to conversion into any Borrowing bearing interest with reference to the Eurocurrency RateRate Loan, the relevant Borrower shall have the right to elect, by giving the Administrative Agent written noticenotice thereof, the interest period or interest periods (each each, an "Interest Period") applicable theretoto such Eurocurrency Rate Loan, each of which Interest Period shall, at the option of the such Borrower, be a one, two, three three, six or six months or, if available or otherwise satisfactory (subject to each of the applicable Lenders (availability as determined by each 100% of the Banks) nine month period or, (subject to availability as determined by 100% of the Banks) if such applicable Lender in its sole discretion) Eurocurrency Rate Loan is a Term Loan made pursuant to Section 3.05 hereof, twelve month period, provided that: : (i) all Eurocurrency Rate Loans comprising a single Borrowing shall at all times have the same Interest Period; Period except as otherwise required by Section 2.10(b); (ii) the initial Interest Period for any Eurocurrency Rate Loan shall commence on the date of such Borrowing of such Eurocurrency Loan (including the date of any conversion thereto from a Loan of a different Type) and each Interest Period occurring thereafter in respect of such Eurocurrency Base Rate Loan shall commence on the last day of the immediately preceding Interest Period; into Eurodollar Rate Loan); (iii) if any the Interest Period relating to a Eurocurrency 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 which is not a Business Day, such Interest Period shall expire on the next succeeding Business Day; provided, however, that if any the Interest Period for a Eurocurrency Rate Loan would otherwise expire on a day which is not a Business Day but is a day of the month after which no further Business Day occurs in such month, such Interest Period shall expire on the next preceding Business Day; ; and (v) at any time when an Event of Default is then in existence, no Interest Period (a) of more than one month may be selected with respect to any Loan denominated in an Alternative Currency and (b) may be selected with respect to any Loan denominated in Dollars; (vi) no Interest Period shall extend beyond the applicable Term Maturity Date for any Term Loan or the Revolver Commitment Termination Date for any Revolving Loan; and (vii) no Interest Period in respect of any Borrowing of Term Loans for any Term Facility shall be selected which extends beyond any date upon which a Scheduled Term Repayment will be required to be made under Section 4.4(b) for such Term Facility if the aggregate principal amount of all Term Loans which have Interest Periods which will expire after such date will be in excess of the aggregate principal amount of Term B Dollar Loans then outstanding less the aggregate amount of such required prepayment. Notwithstanding anything to the contrary herein (i) with respect to Term B Dollar Loans, the Borrower may only have Base Rate Loans and Eurocurrency Loans with a one month Interest Period for the first 30 days after the Third Amendment Effective Date or, if earlier, the date on which the Administrative Agent informs the Borrower of the completion of the syndication of the Existing Term B Dollar Loans and (ii) if requested by the Borrower, the Administrative Agent, in its discretion, may offer Interest Periods shorter than one monthDate.

Appears in 1 contract

Samples: 364 Day Credit Agreement (Omnicom Group Inc)

Interest Periods. At the time it gives any Notice of Borrowing or a Notice of Conversion or Continuation with respect to any Borrowing bearing interest with reference to the Eurocurrency Rate, the Borrower shall elect, by giving the Administrative Agent written notice, the interest period (each an “Interest Period”) applicable thereto, which Interest Period shall, at the option of the Borrower, be one, two, three or six months or, if available or otherwise satisfactory to each of the applicable Lenders (as determined by each such applicable Lender in its sole discretion) a twelve month period, provided that: (i) all Eurocurrency Eurodollar Loans comprising a single Borrowing shall at all times have the same Interest Period; (ii) the initial Interest Period for any Eurocurrency Eurodollar Loan shall commence on the date of such Borrowing of such Eurocurrency Eurodollar Loan (including the date of any conversion thereto from a Loan of a different TypeBase Rate Loan) and each Interest Period occurring thereafter in respect of such Eurocurrency Eurodollar Loan shall commence on the last day of on which the immediately next preceding Interest PeriodPeriod applicable thereto expires; (iii) if any Interest Period relating to a Eurocurrency 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 which is not a Business Day, such Interest Period shall expire on the next succeeding Business Day; provided, however, that if any Interest Period for -------- ------- a Eurocurrency Eurodollar Loan would otherwise expire on a day which is not a Business Day but is a day of the month after which no further Business Day occurs in such month, such Interest Period shall expire on the next preceding Business Day; (v) unless the Required Banks otherwise agree, no Interest Period may be selected at any time when a Default or an Event of Default is then in existence, no Interest Period (a) of more than one month may be selected with respect to any Loan denominated in an Alternative Currency and (b) may be selected with respect to any Loan denominated in Dollars; (vi) no Interest Period shall extend beyond the applicable Term Maturity Date for any Term Loan or the Revolver Termination Date for any Revolving Loan; and (viivi) no Interest Period in respect of any Borrowing of Term Eurodollar Loans for any Term Facility shall be selected which extends beyond the Maturity Date. If upon the expiration of any date upon which Interest Period applicable to a Scheduled Term Repayment will be required to be made under Section 4.4(b) for such Term Facility if the aggregate principal amount Borrowing of all Term Loans which have Interest Periods which will expire after such date will be in excess of the aggregate principal amount of Term B Dollar Loans then outstanding less the aggregate amount of such required prepayment. Notwithstanding anything to the contrary herein (i) with respect to Term B Dollar Eurodollar Loans, the Borrower may only 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 and Eurocurrency Loans with a one month Interest Period for the first 30 days after the Third Amendment Effective Date or, if earlier, the date on which the Administrative Agent informs the Borrower effective as of the completion expiration date of the syndication of the Existing Term B Dollar Loans and (ii) if requested by the Borrower, the Administrative Agent, in its discretion, may offer such current Interest Periods shorter than one monthPeriod.

Appears in 1 contract

Samples: Credit Agreement (HMC Park Ridge LLC)

Interest Periods. At the time it the Borrower gives any Notice of Borrowing or a Notice of Conversion in respect of the making of, or Continuation with respect to conversion into, any Borrowing bearing interest with reference Eurodollar Loan (in the case of the initial Interest Period applicable thereto) or on the third Business Day prior to the Eurocurrency Rateexpiration of an Interest Period applicable to such Eurodollar Loan (in the case of any subsequent Interest Period), the Borrower shall have the right to elect, by giving the Administrative Agent written noticenotice thereof, the interest period (each an "Interest Period") applicable theretoto such Eurodollar Loan, which Interest Period shall, at the option of the Borrower, Borrower be a one, two, three or six months six-month period (or, if available to all Lenders, nine or otherwise satisfactory to each of the applicable Lenders (as determined by each such applicable Lender in its sole discretion) a twelve twelve-month period), provided PROVIDED that: (i) all Eurocurrency Eurodollar Loans comprising a single Borrowing shall at all times have the same Interest Period; (ii) the initial Interest Period for any Eurocurrency Eurodollar Loan shall commence on the date of such Borrowing of such Eurocurrency Eurodollar Loan (including the date of any conversion thereto from a Loan of a different TypeBase Rate Loan) and each Interest Period occurring thereafter in respect of such Eurocurrency Eurodollar Loan shall commence on the last day of on which the immediately next preceding Interest PeriodPeriod applicable thereto expires; (iii) if any Interest Period relating to for a Eurocurrency Eurodollar Loan begins on a day for which there is no numerically corresponding day in the calendar month at the end of such Interest Period, such Interest Period shall end on the last Business Day of such calendar month; (iv) if any Interest Period for a Eurodollar Loan would otherwise expire on a day which is not a Business Day, such Interest Period shall expire on the next succeeding Business Day; providedPROVIDED, howeverHOWEVER, that if any Interest Period for a Eurocurrency Eurodollar Loan would otherwise expire on a day which is not a Business Day but is a day of the month after which no further Business Day occurs in such month, such Interest Period shall expire on the next preceding Business Day; (v) no Interest Period may be selected at any time when an Event of Default is then in existence, no and only a one month Interest Period (a) of more than one month may be selected with respect to at any Loan denominated time when a Default is then in an Alternative Currency and (b) may be selected with respect to any Loan denominated in Dollars; (vi) no Interest Period shall extend beyond the applicable Term Maturity Date for any Term Loan or the Revolver Termination Date for any Revolving Loanexistence; and (viivi) no Interest Period in respect of any Borrowing of Term Eurodollar Loans for any Term Facility shall be selected which extends beyond the Final Maturity Date. If upon the expiration of any date upon which Interest Period applicable to a Scheduled Term Repayment will be required to be made under Section 4.4(b) for such Term Facility if the aggregate principal amount Borrowing of all Term Loans which have Interest Periods which will expire after such date will be in excess of the aggregate principal amount of Term B Dollar Loans then outstanding less the aggregate amount of such required prepayment. Notwithstanding anything to the contrary herein (i) with respect to Term B Dollar Eurodollar Loans, the Borrower may only 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 and Eurocurrency Loans with a one month Interest Period for the first 30 days after the Third Amendment Effective Date or, if earlier, the date on which the Administrative Agent informs the Borrower effective as of the completion expiration date of the syndication of the Existing Term B Dollar Loans and (ii) if requested by the Borrower, the Administrative Agent, in its discretion, may offer such current Interest Periods shorter than one monthPeriod.

Appears in 1 contract

Samples: Credit Agreement (Information Holdings Inc)

Interest Periods. At the time it gives any (a) The Borrower shall, in each Notice of Borrowing or a Notice of Conversion or Continuation with in respect to any Borrowing bearing interest with reference to of the Eurocurrency Ratemaking of, the Borrower shall electconversion into or continuation of a Eurodollar Loan, by giving the Administrative Agent written notice, select the interest period (each an “Interest Period”"INTEREST PERIOD") applicable theretoto such Eurodollar Loan, which Interest Period shall, at the option of the Borrower, be either a one-month, two-month, three three-month or six months or, if available or otherwise satisfactory to each of the applicable Lenders (as determined by each such applicable Lender in its sole discretion) a twelve six-month period, provided PROVIDED that: (i) all Eurocurrency Loans comprising a single Borrowing shall at all times have the same Interest Period; (ii) the initial Interest Period for any Eurocurrency Eurodollar Loan shall commence on the date of such Borrowing the making of such Eurocurrency Loan (including the date of any conversion thereto from a Loan of a different TypeBase Rate Loan) and each Interest Period occurring thereafter in respect of such Eurocurrency Loan shall commence on the last day of date on which the immediately next preceding Interest PeriodPeriod expires; (iii) if any Interest Period relating to a Eurocurrency 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; (ivii) if any Interest Period would otherwise expire on a day which is not a Business Day, such Interest Period shall expire on the next succeeding Business Day; provided, howeverPROVIDED, HOWEVER, that if any Interest Period for a Eurocurrency Loan would otherwise expire on a day which is not a Business Day but is a day of the month after which no further Business Day occurs in such month, such Interest Period shall expire on the next preceding Business Day; (viii) at if any time when an Event of Default is then in existence, no Interest Period (a) begins on a day for which there is no numerically corresponding day in the calendar month at the end of more than one month may be selected with respect to any Loan denominated in an Alternative Currency and (b) may be selected with respect to any Loan denominated in Dollarssuch Interest Period, such Interest Period shall end on the last Business Day of such calendar month; (vi) no Interest Period shall extend beyond the applicable Term Maturity Date for any Term Loan or the Revolver Termination Date for any Revolving Loan; and (viiiv) no Interest Period in respect of any Borrowing of Term Loans for Revolving Loan or any Term Facility Loan shall be selected which extends extend beyond the Revolving Loan Maturity Date or the Term Loan Maturity Date, as the case may be; and (v) no Interest Period in respect of a Term Loan shall extend beyond any date upon which a Scheduled repayment of the Term Repayment will be Loans is required to be made under pursuant to Section 4.4(b) for such Term Facility if 2.1 unless the aggregate principal amount of all Term Loans which are Base Rate Loans or which have Interest Periods which will expire after on or before such date will be is equal to or in excess of the aggregate principal amount of the Term B Dollar Loans then outstanding less Loan repayment required to be made on such date. (vi) If upon the aggregate amount expiration of such required prepayment. Notwithstanding anything to the contrary herein (i) with respect to Term B Dollar Loansany Interest Period, the Borrower may only has failed to elect a new Interest Period to be applicable to the CKE SEVENTH AMENDED AND RESTATED CREDIT AGREEMENT respective Eurodollar Loan as provided above, the Borrower shall be deemed to have elected to convert such Eurodollar Loans into Base Rate Loans and Eurocurrency Loans with a one month Interest Period for the first 30 days after the Third Amendment Effective Date or, if earlier, the date on which the Administrative Agent informs the Borrower effective as of the completion expiration date of the syndication of the Existing Term B Dollar Loans and (ii) if requested by the Borrower, the Administrative Agent, in its discretion, may offer such current Interest Periods shorter than one monthPeriod.

Appears in 1 contract

Samples: Credit Agreement (Cke Restaurants Inc)

Interest Periods. (a) At the time it the Borrower gives any the Notice of Borrowing or a Notice of Conversion in respect of the making of, or Continuation with respect to any conversion into, a Borrowing bearing interest with reference of Eurodollar Loans (in the case of the initial Interest Period applicable thereto) or on the third Business Day prior to the Eurocurrency Rateexpiration of an Interest Period applicable to an outstanding Borrowing of Eurodollar Loans (in the case of any subsequent Interest Period), the Borrower shall have the right to elect, by giving the Administrative Agent written noticenotice (or telephonic notice promptly confirmed in writing) thereof, the interest period (each each, an “Interest Period”) applicable theretoto such Borrowing of Eurodollar Loans, which Interest Period shall, at the option of the Borrower, shall be one, two, three or six months or, if available or otherwise satisfactory to each of the applicable Lenders (as determined by each such applicable Lender in its sole discretion) a twelve one month period, provided that. Notwithstanding anything to the contrary contained above: (i) all Eurocurrency Loans comprising a single Borrowing shall at all times have the same Interest Period; (ii) the initial Interest Period for any Eurocurrency Loan Borrowing of Eurodollar Loans shall commence on the date of such Borrowing of such Eurocurrency Loan (including the date of any conversion thereto from a Loan Borrowing of a different TypeBase Rate Loans) and each Interest Period occurring thereafter in respect of such Eurocurrency Loan Borrowing shall commence on the last day of on which the immediately preceding Interest PeriodPeriod expires; (iiiii) if any Interest Period relating to a Eurocurrency 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; (iviii) if any Interest Period would otherwise expire on a day which is not a Business Day, such Interest Period shall expire on the next succeeding Business Day; provided, however, provided that if any Interest Period for a Eurocurrency Loan would otherwise expire on a day which is not a Business Day but is a day of the month after which no further Business Day occurs in such month, such Interest Period shall expire on the next immediately preceding Business Day; (v) at any time when an Event of Default is then in existence, no Interest Period (a) of more than one month may be selected with respect to any Loan denominated in an Alternative Currency and (b) may be selected with respect to any Loan denominated in Dollars; (viiv) no Interest Period shall extend beyond the applicable Term Maturity Date for any Term Loan or the Revolver Termination Date for any Revolving LoanDate; and (viiv) no Interest Period may be elected at any time when a Specified Default is then in respect existence if the Administrative 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 Borrowing of Term Loans for any Term Facility shall be selected which extends beyond any date upon which a Scheduled Term Repayment will be required to be made under Section 4.4(b) for such Term Facility if the aggregate principal amount of all Term Loans which have Interest Periods which will expire after such date will be in excess of the aggregate principal amount of Term B Dollar Loans then outstanding less the aggregate amount of such required prepayment. Notwithstanding anything to the contrary herein (i) with respect to Term B Dollar LoansPeriod, the Borrower has failed to (or may only not) elect a new Interest Period to be applicable to the respective Borrowing of Eurodollar Loans as provided above, the Borrower shall be deemed to have elected to convert such Borrowing into a Borrowing of Base Rate Loans and Eurocurrency Loans with a one month Interest Period for the first 30 days after the Third Amendment Effective Date or, if earlier, the date on which the Administrative Agent informs the Borrower effective as of the completion expiration date of the syndication of the Existing Term B Dollar Loans and (ii) if requested by the Borrower, the Administrative Agent, in its discretion, may offer such current Interest Periods shorter than one monthPeriod.

Appears in 1 contract

Samples: Credit Agreement (Noble Corp)

Interest Periods. At the time it gives any Notice of Borrowing or a Notice of Conversion in respect of the making of, or Continuation with respect to conversion into, any Borrowing bearing interest with reference Eurodollar Portion (in the case of the initial Interest Period applicable thereto) or on the third Business Day prior to the Eurocurrency Rate, the Borrower shall elect, by giving the Administrative Agent written notice, the interest period (each expiration of an “Interest Period”) applicable thereto, which Interest Period shall, at the option of the Borrower, be one, two, three or six months or, if available or otherwise satisfactory to each of the applicable Lenders (as determined by each such applicable Lender in its sole discretion) a twelve month period, provided that:Interest (i) all Eurocurrency Loans comprising a single Borrowing the Eurodollar Portion of an Advance, if any, shall at all times have the same Interest Period; (ii) the initial Interest Period for any Eurocurrency Loan Eurodollar Portion shall commence on the date of such Borrowing the Advance in respect of such Eurocurrency Loan Eurodollar Portion (including or the date of any the initial conversion thereto from a Loan of a different TypeBase Rate Portion) and each Interest Period occurring thereafter in respect of such Eurocurrency Loan Eurodollar Portion shall commence on the last day of on which the immediately next preceding Interest PeriodPeriod applicable thereto expires; (iii) if any Interest Period relating to a Eurocurrency Loan Eurodollar Portion 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 any Eurodollar Portion would otherwise expire on a day which is not a Business Day, such Interest Period shall expire on the next succeeding Business Day; , provided, -------- however, that if any Interest Period for a Eurocurrency Loan Eurodollar Portion would ------- otherwise expire on a day which is not a Business Day but is a day of the month after which no further Business Day occurs in such month, such Interest Period shall expire on the next preceding Business Day; (v) no Interest Period may be selected at any time when a Default or an Event of Default is then in existence, no Interest Period (a) of more than one month may be selected with respect to any Loan denominated in an Alternative Currency and (b) may be selected with respect to any Loan denominated in Dollars;; and (vi) no Interest Period shall extend beyond the applicable Term Maturity Date for any Term Loan or the Revolver Termination Date for any Revolving Loan; and (vii) no Interest Period in respect of any Borrowing of Term Loans for any Term Facility shall be selected which extends beyond the Maturity Date. If upon the expiration of any date upon which Interest Period applicable to a Scheduled Term Repayment will be required Eurodollar Portion, Borrower has failed to elect, or is not permitted to elect, a new Interest Period to be made under Section 4.4(b) for applicable to such Term Facility if the aggregate principal amount of all Term Loans which Eurodollar Portion as provided above, Borrower shall be deemed to have Interest Periods which will expire after elected to convert such date will be in excess Eurodollar Portion into a Base Rate Portion effective as of the aggregate principal amount of Term B Dollar Loans then outstanding less the aggregate amount expiration date of such required prepayment. Notwithstanding anything to the contrary herein (i) with respect to Term B Dollar Loans, the Borrower may only have Base Rate Loans and Eurocurrency Loans with a one month current Interest Period for the first 30 days after the Third Amendment Effective Date or, if earlier, the date on which the Administrative Agent informs the Borrower of the completion of the syndication of the Existing Term B Dollar Loans and (ii) if requested by the Borrower, the Administrative Agent, in its discretion, may offer Interest Periods shorter than one monthPeriod.

Appears in 1 contract

Samples: Term Loan Agreement (Autotote Corp)

Interest Periods. At In connection with each Eurodollar Rate Loan, the time it gives any Borrower may, pursuant to the applicable Notice of Borrowing or a Notice of Conversion or Continuation with respect to any Borrowing bearing interest with reference to Conversion/Continuation, as the Eurocurrency Ratecase may be, the Borrower shall elect, by giving the Administrative Agent written notice, the select an interest period (each an “Interest Period”) to be applicable theretoto such Loan, which Interest Period shallshall (except as provided in Section 2.1B) be, at the option of the Borrower’s option, be onea one-, twotwo-, three three- or six months six-month, or, if available or otherwise satisfactory agreed to each by all of the applicable Lenders (as determined by each such applicable Lender in its sole discretion) a twelve month Lenders, shorter than one-month, period, ; provided that: (i) all Eurocurrency Loans comprising a single Borrowing shall at all times have the same Interest Period; (ii) the initial Interest Period for any Eurocurrency Eurodollar Rate Loan shall commence on the date Closing Date, in the case of such Borrowing of such Eurocurrency a Loan (including initially made as a Eurodollar Rate Loan, or on the date specified in the applicable Notice of any conversion thereto from Conversion/Continuation, in the case of a Loan converted to a Eurodollar Rate Loan; (ii) in the case of immediately successive Interest Periods applicable to a different Type) and Eurodollar Rate Loan continued as such pursuant to a Notice of Conversion/Continuation, each successive Interest Period occurring thereafter in respect of such Eurocurrency Loan shall commence on the last day of on which the immediately next preceding Interest PeriodPeriod expires; (iii) if any Interest Period relating to a Eurocurrency 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 an Interest Period would otherwise expire on a day which that is not a Business Day, such Interest Period shall expire on the next succeeding Business Day; providedprovided that, however, that if any Interest Period for a Eurocurrency Loan would otherwise expire on a day which that is not a Business Day but is a day of the month after which no further Business Day occurs in such month, such Interest Period shall expire on the next preceding Business Day; (iv) 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, subject to clause (v) at any time when an Event of Default is then in existencethis Section 2.2B, end on the last Business Day of a calendar month; (v) no Interest Period (a) of more than one month may be selected with respect to any Loan denominated in an Alternative Currency and (b) may be selected with respect to any Loan denominated in Dollarsportion of the Loans shall extend beyond the Maturity Date; (vi) there shall be no more than three Interest Period shall extend beyond the applicable Term Maturity Date for Periods in respect of Eurodollar Rate Loans outstanding at any Term Loan or the Revolver Termination Date for any Revolving Loantime; and (vii) no in the event the Borrower fails to specify an Interest Period in respect of any Borrowing of Term Loans for any Term Facility shall be selected which extends beyond any date upon which a Scheduled Term Repayment will be required to be made under Section 4.4(b) for such Term Facility if Eurodollar Rate Loan in the aggregate principal amount applicable Notice of all Term Loans which have Interest Periods which will expire after such date will be in excess of the aggregate principal amount of Term B Dollar Loans then outstanding less the aggregate amount of such required prepayment. Notwithstanding anything to the contrary herein (i) with respect to Term B Dollar LoansBorrowing or Conversion/Continuation, the Borrower may only shall be deemed to have Base Rate Loans and Eurocurrency Loans with a one month selected an Interest Period for the first 30 days after the Third Amendment Effective Date or, if earlier, the date on which the Administrative Agent informs the Borrower of the completion of the syndication of the Existing Term B Dollar Loans and (ii) if requested by the Borrower, the Administrative Agent, in its discretion, may offer Interest Periods shorter than one month.

Appears in 1 contract

Samples: 364 Day Credit Agreement (Taylor Morrison Home Corp)

Interest Periods. At the time it the Borrower gives any Notice of ---------------- Borrowing or a Notice of Conversion Conversion/Continuation in respect of the making of, or Continuation with respect to conversion into, any Borrowing bearing interest with reference Eurodollar Loan (in the case of the initial Interest Period applicable thereto) or on the third Business Day prior to the Eurocurrency Rateexpiration of an Interest Period applicable to such Eurodollar Loan (in the case of any subsequent Interest Period), the Borrower shall have the right to elect, by giving having an Authorized Representative of the Borrower give the Administrative Agent written noticenotice thereof, the interest period (each an "Interest Period") applicable theretoto such Eurodollar Loan, which Interest Period shall, at the option of the Borrower, be a one, two, three or six months or, if available or otherwise satisfactory to each of the applicable Lenders (as determined by each such applicable Lender in its sole discretion) a twelve six-month period, provided that:: -------- (i) all Eurocurrency Eurodollar Loans comprising a single Borrowing shall at all times have the same Interest Period; (ii) the initial Interest Period for any Eurocurrency Eurodollar Loan shall commence on the date of such Borrowing of such Eurocurrency Eurodollar Loan (including the date of any conversion thereto from a Revolving Loan of a different Type) and each Interest Period occurring thereafter in respect of such Eurocurrency Eurodollar Loan shall commence on the last day of on which the immediately next preceding Interest PeriodPeriod applicable thereto expires; (iii) if any Interest Period relating to a Eurocurrency 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 which is not a Business Day, such Interest Period shall expire on the next succeeding Business Day; provided, however, that if any Interest Period for -------- ------- a Eurocurrency Eurodollar Loan would otherwise expire on a day which is not a Business Day but is a day of the month after which no further Business Day occurs in such month, such Interest Period shall expire on the next preceding Business Day; (v) unless the Required Lenders otherwise agree, no Interest Period may be selected at any time when a Default or an Event of Default is then in existence, no Interest Period (a) of more than one month may be selected with respect to any Loan denominated in an Alternative Currency and (b) may be selected with respect to any Loan denominated in Dollars; (vi) no Interest Period shall extend beyond the applicable Term Maturity Date for any Term Loan or the Revolver Termination Date for any Revolving Loan; and (viivi) no Interest Period in respect of any Borrowing of Term Eurodollar Loans for any Term Facility shall be selected which extends beyond the Maturity Date. If upon the expiration of any date upon which Interest Period applicable to a Scheduled Term Repayment will be required to be made under Section 4.4(b) for such Term Facility if the aggregate principal amount Borrowing of all Term Loans which have Interest Periods which will expire after such date will be in excess of the aggregate principal amount of Term B Dollar Loans then outstanding less the aggregate amount of such required prepayment. Notwithstanding anything to the contrary herein (i) with respect to Term B Dollar Eurodollar Loans, the Borrower may only 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 and Eurocurrency Loans with a one month Interest Period for the first 30 days after the Third Amendment Effective Date or, if earlier, the date on which the Administrative Agent informs the Borrower effective as of the completion expiration date of the syndication of the Existing Term B Dollar Loans and (ii) if requested by the Borrower, the Administrative Agent, in its discretion, may offer such current Interest Periods shorter than one monthPeriod.

Appears in 1 contract

Samples: Credit Agreement (Waters Corp /De/)

Interest Periods. At the time it gives any Notice of Borrowing or a Notice of Conversion or Continuation with respect to any Borrowing bearing interest with reference to the Eurocurrency RateLoans, the applicable Borrower shall elect, by giving the Administrative Agent written notice, the interest period (each an “Interest Period”) applicable thereto, which Interest Period shall, at the option of the applicable Borrower, be (x) one, two or three weeks (provided that such Interest Periods shall only be available in the case of Eurocurrency Loans made to ACI NZ if requested by ACI NZ in order to accommodate a refinancing event), (y) one, two, three or six months or, (z) if available or otherwise satisfactory to each of the applicable Lenders (as determined by each such applicable Lender in its sole discretion) a twelve twelve-month period, ; provided that: (ia) all Eurocurrency Loans comprising a single Borrowing shall at all times have the same Interest Period; (iib) the initial Interest Period for any Eurocurrency Loan shall commence on the date of such Borrowing of such Eurocurrency Loan (including the date of any conversion thereto from a Loan of a different Type) and each Interest Period occurring thereafter in respect of such Eurocurrency Loan shall commence on the last day of the immediately preceding Interest Period; (iiic) if any Interest Period relating to a Eurocurrency 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; (ivd) if any Interest Period would otherwise expire on a day which is not a Business Day, such Interest Period shall expire on the next succeeding Business Day; provided, however, that if any Interest Period for a Eurocurrency Loan would otherwise expire on a day which is not a Business Day but is a day of the month after which no further Business Day occurs in such month, such Interest Period shall expire on the next preceding Business Day; (ve) no Interest Period may be selected at any time when an Event of Default is then in existence; provided, no that Alternative Currency Loans shall continue with Interest Period (a) Periods of more than one month may be selected with respect to if any Loan denominated Event of Default is then in an Alternative Currency and (b) may be selected with respect to any Loan denominated in Dollarsexistence; (vif) no Interest Period shall extend beyond the applicable Term Maturity Date for any Term Loan or the applicable Revolver Termination Date for any Revolving Loan; and; (viig) no Interest Period in respect of any Borrowing of Term Loans for of any Term Facility shall be selected which extends beyond any date upon which a Scheduled mandatory repayment of such Term Repayment Facility will be required to be made under Section 4.4(b) for such Term Facility or (c) as the case may be, if the aggregate principal amount of all Term Loans of such Facility, which have Interest Periods which will expire after such date will be in excess of the aggregate principal amount of Term B Dollar Loans of such Facility then outstanding less the aggregate amount of such required prepayment. Notwithstanding anything ; and (h) if any Borrower requests any Eurocurrency Loan having an Interest Period with a duration other than one week or one, two, three or six months (but not longer than twelve months), the applicable interest rate for such period shall be the rate determined by Administrative Agent by means of straight-line interpolation (rounded upwards, if necessary to the contrary herein next 1/100th of 1%) of (i) with respect to Term B Dollar Loans, the Borrower may only have Base Rate Loans and Eurocurrency Loans rate that would be applicable for the next closest Interest Period otherwise available with a one month Interest Period for duration shorter than the first 30 days after the Third Amendment Effective Date or, if earlier, the date on which the Administrative Agent informs the Borrower of the completion of the syndication of the Existing Term B Dollar Loans requested period and (ii) the rate that would be applicable for the next closest Interest Period otherwise available with a duration longer than the requested period; provided that if the requested by the BorrowerInterest Period extends over any year-end, the Administrative Agent, in its discretion, may offer Interest Periods shorter than one monthhigher of the two rates will apply.

Appears in 1 contract

Samples: Credit Agreement (Owens-Illinois Group Inc)

Interest Periods. At the time it gives any Notice of Borrowing or a Notice of Conversion or Continuation with respect to any Borrowing bearing interest with reference to the Eurocurrency RateEurodollar Loans, the a Borrower shall elect, by giving the Administrative Agent written notice, the interest period (each an "Interest Period") applicable thereto, which Interest Period shall, at the option of the such Borrower, be one, two, three or six months or, if available or otherwise satisfactory to each of the applicable Lenders (as determined by each such applicable Lender in its sole discretion) a nine or twelve month period, or during the Syndication Period only, a period of up to 14 days provided that: (i) all Eurocurrency Eurodollar Loans comprising a single Borrowing shall at all times have the same Interest Period; (ii) the initial Interest Period for any Eurocurrency Eurodollar Loan shall commence on the date of such Borrowing of such Eurocurrency Eurodollar Loan (including the date of any conversion thereto from a Loan of a different Type) and each Interest Period occurring thereafter in respect of such Eurocurrency Eurodollar Loan shall commence on the last day of the immediately preceding Interest Period; (iii) if any Interest Period relating to a Eurocurrency 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 which is not a Business Day, such Interest Period shall expire on the next succeeding Business Day; provided, however, that if any Interest Period for a Eurocurrency Eurodollar Loan would otherwise expire on a day which is not a Business Day but is a day of the month after which no further Business Day occurs in such month, such Interest Period shall expire on the next preceding Business Day; (v) no Interest Period may be selected at any time when an Unmatured Event of Default or Event of Default is then in existence, no Interest Period (a) of more than one month may be selected with respect to any Loan denominated in an Alternative Currency and (b) may be selected with respect to any Loan denominated in Dollars; (vi) no Interest Period shall extend beyond the applicable Term A Loan Maturity Date for any Term A Loan, the Term B Loan Maturity Date for any Term B Loan or the Revolver Termination Date for any Revolving Loan; and (vii) no Interest Period in respect of to any Borrowing of Term Loans for any Term Facility shall be selected which extends beyond any date upon which a Scheduled mandatory repayment of Term Repayment Loans will be required to be made under Section 4.4(b) for such Term Facility ), (c), (d), (e), (f), or (h), as the case may be, if the aggregate principal amount of all Term Loans which have Interest Periods which will expire after such date will be in excess of the aggregate principal amount of Term B Dollar Loans then outstanding less the aggregate amount of such required prepayment. Notwithstanding anything to the contrary herein (i) with respect to Term B Dollar Loans, the Borrower may only have Base Rate Loans and Eurocurrency Loans with a one month Interest Period for the first 30 days after the Third Amendment Effective Date or, if earlier, the date on which the Administrative Agent informs the Borrower of the completion of the syndication of the Existing Term B Dollar Loans and (ii) if requested by the Borrower, the Administrative Agent, in its discretion, may offer Interest Periods shorter than one month.

Appears in 1 contract

Samples: Credit Agreement (Natg Holdings LLC)

Interest Periods. At the time it the Borrower gives any Notice of Borrowing or a Notice of Conversion Conversion/Continuation in respect of the making of, or Continuation with respect to conversion into, any Borrowing bearing interest with reference EurodollarSOFR Loan (in the case of the initial Interest Period applicable thereto) or on the third Business Day prior to the Eurocurrency Rateexpiration of an Interest Period applicable to such EurodollarSOFR Loan (in the case of any subsequent Interest Period), the Borrower shall have the right to elect, by giving having an Authorized Representative of the Borrower give the Administrative Agent written noticenotice thereof, the interest period (each an “Interest Period”) applicable theretoto such EurodollarSOFR Loan, which Interest Period shall, at the option of the Borrower, be a one, two, three or six months or, if available or otherwise satisfactory to each of the applicable Lenders (as determined by each such applicable Lender in its sole discretion) a twelve six-month period, provided that, in each case: (i) all Eurocurrency EurodollarSOFR Loans comprising a single Borrowing shall at all times have the same Interest Period; (ii) the initial Interest Period for any Eurocurrency EurodollarSOFR Loan shall commence on the date of such Borrowing of such Eurocurrency EurodollarSOFR Loan (including the date of any conversion thereto from a Loan of a different TypeBase Rate Loan) and each Interest Period occurring thereafter in respect of such Eurocurrency EurodollarSOFR Loan shall commence on the last day of on which the immediately next preceding Interest PeriodPeriod applicable thereto expires; (iii) if any Interest Period relating to a Eurocurrency 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 which is not a Business Day, such Interest Period shall expire on the next first succeeding Business Day; provided, however, that if any Interest Period for a Eurocurrency EurodollarSOFR Loan would otherwise expire on a day which is not a Business Day but is a day of the month after which no further Business Day occurs in such month, such Interest Period shall expire on the next preceding Business Day; (v) unless otherwise agreed in writing by the Required Lenders, no Interest Period may be selected at any time when an any Specified Default or any Event of Default is then in existence, no Interest Period (a) of more than one month may be selected with respect to any Loan denominated in an Alternative Currency and (b) may be selected with respect to any Loan denominated in Dollars; (vi) no Interest Period shall extend beyond the applicable Term Maturity Date for any Term Loan or the Revolver Termination Date for any Revolving Loan; and (vii) no Interest Period in respect of any Borrowing of Term EurodollarSOFR Loans for any Term Facility shall be selected which extends beyond any date upon which a Scheduled Term Repayment will be required to be made under Section 4.4(bthe Maturity Date; and (vii) for such Term Facility if the aggregate principal amount selection of all Term Loans which have Interest Periods which will expire after such date will shall be in excess of the aggregate principal amount of Term B Dollar Loans then outstanding less the aggregate amount of such required prepayment. Notwithstanding anything subject to the contrary herein (i) with respect provisions of Section 2.02. If upon the expiration of any Interest Period applicable to Term B Dollar a Borrowing of EurodollarSOFR Loans, the Borrower may only has failed to elect, or is not permitted to elect, a new Interest Period to be applicable to such EurodollarSOFR Loans as provided above, the Borrower shall be deemed to have elected to convert such EurodollarSOFR Loans into Base Rate Loans and Eurocurrency Loans with a one month Interest Period for the first 30 days after the Third Amendment Effective Date or, if earlier, the date on which the Administrative Agent informs the Borrower effective as of the completion expiration date of the syndication of the Existing Term B Dollar Loans and (ii) if requested by the Borrower, the Administrative Agent, in its discretion, may offer such current Interest Periods shorter than one monthPeriod.

Appears in 1 contract

Samples: Credit Agreement (Flowers Foods Inc)

Interest Periods. At the time it the Borrower gives any Notice of Borrowing or a Notice of Conversion in respect of the making of, or Continuation with respect to conversion into, any Borrowing bearing interest with reference to Eurodollar Rate Loan (in the Eurocurrency Rate, case of the Borrower shall elect, initial Interest Period applicable thereto) or by giving the Administrative Agent written noticeirrevocable notice (or telephonic notice promptly confirmed in writing) thereof by 11:00 A.M. (New York time), on the third Business Day prior to the expiration of an Interest Period applicable to such Eurodollar Rate Loan (in the case of subsequent Interest Periods), it shall have the right to elect the interest period (each an "Interest Period") applicable theretoto a Borrowing of such Eurodollar Rate Loans, which Interest Period shall, at the option of the Borrower, be a one, two, three or six months six-month or, if available or otherwise satisfactory to each of the applicable Lenders (as determined by each such applicable Lender in its sole discretion) a twelve the Agent), twelve-month period, period provided that: (i) all Eurocurrency Eurodollar Rate Loans comprising a single Borrowing shall at all times have the same Interest Period; (ii) the initial Interest Period for any Eurocurrency Loan Borrowing of Eurodollar Rate Loans shall commence on the date of such Borrowing of such Eurocurrency Loan (including the date of any conversion thereto from a Loan Borrowing of a different TypeBase Rate Loans) and each Interest Period occurring thereafter in respect of such Eurocurrency Loan Borrowing shall commence on the last day of on which the immediately next preceding Interest PeriodPeriod expires; (iii) if any Interest Period relating to a Eurocurrency Loan begins on a day for which there is no not 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 which is not a Business Day, such Interest Period shall expire on the next succeeding Business Day; provided, however, that if any Interest Period for a Eurocurrency Loan would otherwise expire on a day which is not a Business Day but is a day of the month after which no further Business Day occurs in such month, such Interest Period shall expire on the next preceding Business Day; (v) no Interest Period may be selected at any time when a Default or an Event of Default is then in existence, no Interest Period (a) of more than one month may be selected with respect to any Loan denominated in an Alternative Currency and (b) may be selected with respect to any Loan denominated in Dollars; (vi) no Interest Period shall for a Borrowing under a Facility may be selected if it would extend beyond the applicable Term respective Maturity Date for any Term Loan or the Revolver Termination Date for any Revolving Loansuch Facility; and (vii) no Interest Period in with respect of to any Borrowing of Term Loans for any Term Facility shall be selected which extends extend beyond any date upon which a Scheduled scheduled repayment of such Term Repayment will be Loans is required to be made under Section 4.4(b4.02.01(b)(i), (ii) for or (iii), as the case may be, if, after giving effect to the selection of such Term Facility if Interest Period, the aggregate principal amount of all such Term Loans which have maintained as Eurodollar Loans with Interest Periods which will expire ending after such date will be in excess of mandatory repayment would exceed the aggregate principal amount of such Term B Dollar Loans then permitted to be outstanding less the aggregate amount of after such required mandatory prepayment. Notwithstanding anything to If upon the contrary herein (i) with respect to Term B Dollar Loansexpiration of any Interest Period, the Borrower may only has failed to select (or is not permitted to select) a new Interest Period to be applicable to such Borrowing as provided above, the Borrower shall be deemed to have selected to convert such Borrowing into a Borrowing of Base Rate Loans and Eurocurrency Loans with a one month Interest Period for the first 30 days after the Third Amendment Effective Date or, if earlier, the date on which the Administrative Agent informs the Borrower effective as of the completion expiration date of the syndication of the Existing Term B Dollar Loans and (ii) if requested by the Borrower, the Administrative Agent, in its discretion, may offer such current Interest Periods shorter than one monthPeriod.

Appears in 1 contract

Samples: Credit Agreement (Eagle Picher Technologies LLC)

Interest Periods. At the time it the Borrower gives any Notice of Borrowing or a Notice of Conversion Conversion/Continuation in respect of the making of, or Continuation with respect conversion into, any Eurodollar Loan (in the case of the initial Interest Period applicable thereto) or prior to any Borrowing bearing interest with reference 11:00 A.M. (New York time) on the third Business Day prior to the Eurocurrency Rateexpiration of an Interest Period applicable to such Eurodollar Loan (in the case of any subsequent Interest Period), the Borrower shall have the right to elect, by giving having an Authorized Officer of the Borrower give the Administrative Agent written noticenotice thereof, the interest period (each an “Interest Period”) Period applicable theretoto such Eurodollar Loan, which Interest Period shall, at the option of the BorrowerBorrower be a one-, be onetwo-, two, three three- or six months or, if available or otherwise satisfactory to each of the applicable Lenders (as determined by each such applicable Lender in its sole discretion) a twelve six-month period, provided that:that (in each case): (i) all Eurocurrency Eurodollar Loans comprising a single the same Borrowing shall at all times have the same Interest Period; (ii) the initial Interest Period for any Eurocurrency Eurodollar Loan shall commence on the date of such Borrowing of such Eurocurrency Eurodollar Loan (including the date of any conversion thereto from a Loan Borrowing of a different TypeBase Rate Loans) and each Interest Period occurring thereafter in respect of such Eurocurrency Eurodollar Loan shall commence on the last day of on which the immediately next preceding Interest PeriodPeriod applicable thereto expires; (iii) if any Interest Period relating to a Eurocurrency Eurodollar Loan begins on a day for which there is no numerically corresponding day in the calendar month at the end of such Interest Period, such Interest Period shall end on the last Business Day of such calendar month; (iv) if any Interest Period for a Eurodollar Loan would otherwise expire on a day which is not a Business Day, such Interest Period shall expire on the next succeeding Business Day; provided, however, that if any Interest Period for a Eurocurrency Eurodollar Loan would otherwise expire on a day which is not a Business Day but is a day of the month after which no further Business Day occurs in such month, such Interest Period shall expire on the next preceding Business Day; (v) unless the Required Lenders otherwise agree, no Interest Period may be selected at any time when a Default or an Event of Default is then in existence, no Interest Period (a) of more than one month may be selected with respect to any Loan denominated in an Alternative Currency and (b) may be selected with respect to any Loan denominated in Dollars; (vi) no Interest Period shall extend beyond the applicable Term Maturity Date for any Term Loan or the Revolver Termination Date for any Revolving Loan; and (viivi) no Interest Period in respect of any Borrowing of Term any Tranche of Loans for any Term Facility shall be selected which extends beyond any date upon which a Scheduled Term Repayment will be required to be made under Section 4.4(bthe Final Maturity Date. If by 11:00 A.M. (New York time) for such Term Facility if on the aggregate principal amount of all Term Loans which have Interest Periods which will expire after such date will be in excess of the aggregate principal amount of Term B Dollar Loans then outstanding less the aggregate amount of such required prepayment. Notwithstanding anything third Business Day prior to the contrary herein (i) with respect expiration of any Interest Period applicable to Term B Dollar a Borrowing of Eurodollar Loans, the Borrower may only 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 and Eurocurrency Loans with a one month Interest Period for the first 30 days after the Third Amendment Effective Date or, if earlier, the date on which the Administrative Agent informs the Borrower effective as of the completion expiration date of the syndication of the Existing Term B Dollar Loans and (ii) if requested by the Borrower, the Administrative Agent, in its discretion, may offer such current Interest Periods shorter than one monthPeriod.

Appears in 1 contract

Samples: Credit Agreement (Davis-Standard CORP)

Interest Periods. At the time it the Borrower gives any Notice of Borrowing or a Notice of Conversion in respect of the making of, or Continuation with respect to conversion into, any Borrowing bearing interest with reference Eurodollar Loan (in the case of the initial Interest Period applicable thereto) or on the third Business Day prior to the Eurocurrency Rateexpiration of an Interest Period applicable to such Eurodollar Loan (in the case of any subsequent Interest Period), the Borrower shall have the right to elect, by giving the Administrative Agent written noticenotice thereof, the interest period (each an "Interest Period") applicable theretoto such Eurodollar Loan, which Interest Period shall, at the option of the Borrower, be a one, two, three or six months or, if available or otherwise satisfactory to each of the applicable Lenders (as determined by each such applicable Lender in its sole discretion) a twelve six-month period, provided that: (i) all Eurocurrency Eurodollar Loans comprising a single Borrowing shall at all times have the same Interest Period; (ii) the initial Interest Period for any Eurocurrency Eurodollar Loan shall commence on the date of such Borrowing of such Eurocurrency Eurodollar Loan (including the date of any conversion thereto from a Loan of a different TypeBase Rate Loan) and each Interest Period occurring thereafter in respect of such Eurocurrency Eurodollar Loan shall commence on the last day of on which the immediately next preceding Interest PeriodPeriod applicable thereto expires; (iii) if any Interest Period relating to for a Eurocurrency Eurodollar Loan begins on a day for which there is no numerically corresponding day in the calendar month at the end of such Interest Period, such Interest Period shall end on the last Business Day of such calendar month; (iv) if any Interest Period for a Eurodollar Loan would otherwise expire on a day which is not a Business Day, such Interest Period shall expire on the next succeeding Business Day; , provided, however, that if any Interest Period for a Eurocurrency Eurodollar Loan would otherwise expire on a day which is not a Business Day but is a day of the month after which no further Business Day occurs in such month, such Interest Period shall expire on the next preceding Business Day; (v) no Interest Period may be selected at any time when a Default or an Event of Default is then in existenceexistence if the Required Banks have by notice to the Borrower determined in their sole discretion that selection of an Interest Period is not appropriate, provided that no such notice shall be required if a Default or an Event of Default under Section 10.05 exists and is continuing, in which case no Interest Period (a) of more than one month may be selected with respect to any Loan denominated in an Alternative Currency and (b) may be selected with respect to any Loan denominated in Dollarsselected; (vi) no Interest Period shall extend beyond the applicable Term Maturity Date for any Term Loan or the Revolver Termination Date for any Revolving Loan; and (vii) no Interest Period in respect of any Borrowing of Term Loans for any Term Facility shall be selected which extends beyond any date upon which a Scheduled mandatory repayment of Term Repayment Loans will be required to be made under Section 4.4(b) for such Term Facility 4.02(b), if the aggregate principal amount of all Term Loans which have Interest Periods which will expire after such date will be in excess of the aggregate principal amount of Term B Dollar Loans then outstanding less the aggregate amount of such required prepaymentrepayment; and (vii) no Interest Period in respect of any Borrowing of Term Loans or Revolving Loans that are maintained as Eurodollar Loans shall be selected which extends beyond the respective Maturity Date for such Tranche of Loans. Notwithstanding anything If upon the expiration of any Interest Period applicable to the contrary herein (i) with respect to Term B Dollar a Borrowing of Eurodollar Loans, the Borrower may only 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 and Eurocurrency Loans with a one month Interest Period for the first 30 days after the Third Amendment Effective Date or, if earlier, the date on which the Administrative Agent informs the Borrower effective as of the completion expiration date of the syndication of the Existing Term B Dollar Loans and (ii) if requested by the Borrower, the Administrative Agent, in its discretion, may offer such current Interest Periods shorter than one monthPeriod.

Appears in 1 contract

Samples: Credit Agreement (Scot Inc)

Interest Periods. At In connection with each Eurodollar Rate Loan, each Bank Bill Swap Rate Loan and each Gold Loan, the time it gives any applicable Boxxxxer may, pursuant to the applicable Notice of Borrowing or a Notice of Conversion or Continuation with respect to any Borrowing bearing interest with reference to Conversion/Continuation, as the Eurocurrency Ratecase may be, the Borrower shall elect, by giving the Administrative Agent written notice, the interest period (each select an “Interest Period”) applicable thereto, which Interest Period shall, at the option of the Borrower, to be one, two, three or six months or, if available or otherwise satisfactory applicable to each of the applicable Lenders (as determined by each such applicable Lender in its sole discretion) a twelve month period, Loan; provided that: (i) all Eurocurrency Loans comprising a single Borrowing shall at all times have the same Interest Period; (ii) the initial Interest Period for any Eurocurrency Eurodollar Rate Loan, Bank Bill Swap Rate Loan, or Gold Loan shall commence on the date Fxxxxng Date of such Borrowing Loan, in the case of such Eurocurrency a Loan (including initially made as a Eurodollar Rate Loan, a Bank Bill Swap Rate Loan, or a Gold Loan, or on the date xpecified in the applicable Notice of Conversion/Continuation, in the case of any conversion thereto from Loan converted into a Eurodollar Rate Loan; (ii) in the case of immediately successive Interest Periods applicable to any Eurodollar Rate Loan, Bank Bill Swap Rate Loan, or Gold Loan continued xx such pursuant to a Notice of a different Type) and Conversion/Continuation, each such successive Interest Period occurring thereafter in respect of such Eurocurrency Loan shall commence on the last day of on which the immediately preceding Interest PeriodPeriod expires; (iii) if any Interest Period relating to a Eurocurrency 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 an Interest Period would otherwise expire on a day which that is not a Business Day, such Interest Period shall expire on the next succeeding Business Day; providedprovided that, howeverin the case of a Eurodollar Rate Loan, that if any Interest Period for a Eurocurrency Loan would otherwise expire on a day which that is not a Business Day but is a day of the month after which no further Business Day occurs in such month, such Interest Period shall expire on the next preceding Business Day; (iv) any Interest Period 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, subject to clause (v) at any time when an Event of Default is then in existencethis subsection 2.2B, end on the last Business Day of a calendar month; (v) no Interest Period (a) of more than one month may be selected with respect to any Loan denominated in an Alternative Currency and (b) may be selected with respect to any Loan denominated in Dollars;shall extend beyond the Commitment Termination Date; and (vi) no Interest Period shall extend beyond the applicable Term Maturity Date for any Term Loan or the Revolver Termination Date for any Revolving Loan; and (vii) no Interest Period in respect of any Borrowing of Term Loans for any Term Facility there shall be selected which extends beyond any date upon which a Scheduled Term Repayment will be required to be made under Section 4.4(b) for such Term Facility if the aggregate principal amount of all Term Loans which have no more than five Interest Periods which will expire after such date will be in excess of the aggregate principal amount of Term B Dollar Loans then outstanding less the aggregate amount of such required prepayment. Notwithstanding anything relating to the contrary herein (i) with respect to Term B Dollar Loans, the Borrower may only have Base Eurodollar Rate Loans and Eurocurrency Loans with a one month Interest Period for the first 30 days after the Third Amendment Effective Date oroutstanding at any time, if earlier, the date on which the Administrative Agent informs the Borrower of the completion of the syndication of the Existing Term B Dollar Loans and (ii) if requested by the Borrower, the Administrative Agent, in its discretion, may offer there shall be no more than five Interest Periods shorter relating to Bank Bill Swap Rate Loans outstanding at any time and txxxx shall be no more than one monthfive Interest Periods relating to Gold Loans outstanding at any time.

Appears in 1 contract

Samples: Credit Agreement (Homestake Mining Co /De/)

Interest Periods. At the time it gives any Notice of Borrowing or a Notice of Conversion or Continuation (i) In connection with respect to any Borrowing bearing interest with reference to the Eurocurrency Rateeach LIBOR Rate Loan and Absolute Rate Loan, the Borrower shall electBorrower, by giving notice at the Administrative Agent written noticetimes described in Section 4.1(a), the shall elect an interest period (each each, an "Interest Period") to be applicable theretoto such Loan, which Interest Period shallshall be a period of one (1), at the option of the Borrower, be one, twotwo (2), three (3) or six months or, if available or otherwise satisfactory to each of the applicable Lenders (as determined by each such applicable Lender in its sole discretion6) a twelve month period, months; provided that: (i) all Eurocurrency Loans comprising a single Borrowing shall at all times have the same Interest Period; (iiA) the initial Interest Period for any Eurocurrency Loan shall commence on the date of such Borrowing advance of such Eurocurrency or conversion to any LIBOR Rate Loan (including and, in the date case of any conversion thereto from a Loan of a different Type) and immediately successive Interest Periods, each successive Interest Period occurring thereafter in respect of such Eurocurrency Loan shall commence on the last day of date on which the immediately next preceding Interest PeriodPeriod expires; (iii) if any Interest Period relating to a Eurocurrency 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; (ivB) if any Interest Period would otherwise expire on a day which that is not a Business Day, such Interest Period shall expire on the next succeeding Business Day; provided, however, that if any Interest Period for a Eurocurrency Loan would otherwise expire on a day which that is not a Business Day but is a day of the month after which no further Business Day occurs in such month, such Interest Period shall expire on the next preceding Business Day; (vC) at any time when an Event of Default is then in existence, no Interest Period that begins on the last Business Day of a calendar month (aor 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 more than one the calendar month may be selected with respect to any Loan denominated in an Alternative Currency and (b) may be selected with respect to any Loan denominated in Dollarsat the end of such Interest Period; (viD) no Interest Period shall extend beyond the applicable Term Maturity Date for Termination Date, and no Interest Period shall be selected by the Borrower which would result in the repayment of any Term LIBOR Rate Loan or prior to the Revolver Termination Date for any Revolving Loanend of an Interest Period; and (viiE) no Interest Period in respect of any Borrowing of Term Loans for any Term Facility there shall be selected which extends beyond any date upon which no more than a Scheduled Term Repayment will be required to be made under Section 4.4(btotal of ten (10) for such Term Facility if the aggregate principal amount of all Term Loans which have Interest Periods which will expire after such date will be in excess of the aggregate principal amount of Term B Dollar Loans then outstanding less the aggregate amount of such required prepayment. Notwithstanding anything to the contrary herein (i) with respect to Term B Dollar Loans, the Borrower may only have Base LIBOR Rate Loans and Eurocurrency Absolute Rate Loans with on a combined basis, in effect at any one month Interest Period for the first 30 days after the Third Amendment Effective Date or, if earlier, the date on which the Administrative Agent informs the Borrower of the completion of the syndication of the Existing Term B Dollar Loans and time; (ii) if requested by In connection with each Absolute Rate Loan, the Borrower, by giving notice at the Administrative Agenttimes described in Section 2.4, in its discretionshall elect an Interest Period to be applicable to such Loan, may offer Interest Periods shorter than one month.which Interest

Appears in 1 contract

Samples: Credit Agreement (Corestaff Inc)

Interest Periods. At the time it gives any Notice of Borrowing or a Notice of Conversion or Continuation with respect to any Borrowing bearing interest with reference to the Eurocurrency Rate, the Borrower shall elect, by giving the Administrative Agent written notice, the interest period (each an “Interest Period”) applicable thereto, which Interest Period shall, at the option of the Borrower, be one, two, three or six months or, if available or otherwise satisfactory to each of the applicable Lenders (as determined by each such applicable Lender in its sole discretion) a nine or twelve month period, provided that: (i) all Eurocurrency Loans comprising a single Borrowing shall at all times have the same Interest Period; (ii) the initial Interest Period for any Eurocurrency Loan shall commence on the date of such Borrowing of such Eurocurrency Loan (including the date of any conversion thereto from a Loan of a different Type) and each Interest Period occurring thereafter in respect of such Eurocurrency Loan shall commence on the last day of the immediately preceding Interest Period; (iii) if any Interest Period relating to a Eurocurrency 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 which is not a Business Day, such Interest Period shall expire on the next succeeding Business Day; provided, however, that if any Interest Period for a Eurocurrency Loan would otherwise expire on a day which is not a Business Day but is a day of the month after which no further Business Day occurs in such month, such Interest Period shall expire on the next preceding Business Day; (v) at any time when an Event of Default is then in existence, no Interest Period (a) of more than one month may be selected with respect to any Loan denominated in an Alternative Currency and (b) may be selected with respect to any Loan denominated in Dollars; (vi) no Interest Period shall extend beyond the applicable Term Maturity Date for any Term Loan or the Revolver Termination Date for any Revolving Loan; and (vii) no Interest Period in respect of any Borrowing of Term Loans for any Term Facility shall be selected which extends beyond any date upon which a Scheduled Term Repayment will be required to be made under Section 4.4(b) for such Term Facility if the aggregate principal amount of all Term Loans which have Interest Periods which will expire after such date will be in excess of the aggregate principal amount of Term B Dollar Loans then outstanding less the aggregate amount of such required prepayment. Notwithstanding anything to the contrary herein (i) with respect to Term B Dollar Loansherein, the Borrower may only have Base Rate Loans and Eurocurrency Loans with a one month Interest Period for the first 30 days after the Third Amendment Effective Closing Date or, if earlier, the date on which the Administrative Agent informs the Borrower of the completion of the syndication of the Existing Term B Dollar Loans Commitments and (ii) if requested by the Borrower, the Administrative Agent, in its discretion, may offer Interest Periods shorter than one monthLoans.

Appears in 1 contract

Samples: Credit Agreement (Huntsman International LLC)

Interest Periods. At the time it any Borrower gives any Notice of Borrowing or a Notice of Conversion in respect of the making of, or Continuation with respect to conversion into, any Borrowing bearing interest with reference Euro Rate Loan (other than a Sterling Swingline Loan) (in the case of the initial Interest Period applicable thereto) or on the third Business Day prior to the Eurocurrency Rateexpiration of an Interest Period applicable to such Euro Rate Loan (in the case of any subsequent Interest Period), the respective Borrower shall have the right to elect, by giving having an Authorized Representative of such Borrower give the Administrative Agent written noticenotice thereof, the interest period (each each, an "Interest Period") applicable theretoto such Euro Rate Loan, which Interest Period shall, at the option of the such Borrower, be (x) a one, two, three or six months orsix-month period or (y) in the case of Eurodollar Loans, if to the extent available to all Banks, a nine or otherwise satisfactory to each twelve-month period or (z) in the case of the applicable Lenders (as determined by each such applicable Lender in its sole discretion) Sterling Revolving Loans, a twelve month one-week period, provided ; PROVIDED that: (i) all Eurocurrency Euro Rate Loans comprising a single the same Borrowing shall at all times have the same Interest Period; (ii) the initial Interest Period for any Eurocurrency Euro Rate Loan shall commence on the date of such Borrowing of such Eurocurrency Euro Rate Loan (including including, in the case of Dollar Revolving Loans, the date of any conversion thereto from a Dollar Revolving Loan of a different Type) and each Interest Period occurring thereafter in respect of such Eurocurrency Euro Rate Loan shall commence on the last day of on which the immediately next preceding Interest PeriodPeriod applicable thereto expires; (iii) if any Interest Period relating to a Eurocurrency 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 for a Euro Rate Loan would otherwise expire on a day which is not a Business Day, such Interest Period shall expire on the next succeeding Business Day; providedPROVIDED, howeverHOWEVER, that if any Interest Period for a Eurocurrency Euro Rate Loan would otherwise expire on a day which is not a Business Day but is a day of the month after which no further Business Day occurs in such month, such Interest Period shall expire on the next preceding Business Day; (v) at any time when an Event of Default is then in existence, no Interest Period (a) of more than one month may be selected with respect to any Loan denominated in an Alternative Currency and (b) may be selected with respect to any Loan denominated in Dollars; (vi) no Interest Period shall extend beyond the applicable Term Maturity Date for any Term Loan or the Revolver Termination Date for any Revolving Loan; and (viiv) no Interest Period in respect of any Borrowing of Term Euro Rate Loans for any Term Facility shall be selected which extends beyond the Final Maturity Date. If upon the expiration of any date upon which Interest Period applicable to a Scheduled Term Repayment will be required to be made under Section 4.4(b) for such Term Facility if the aggregate principal amount Borrowing of all Term Loans which have Interest Periods which will expire after such date will be in excess of the aggregate principal amount of Term B Dollar Loans then outstanding less the aggregate amount of such required prepayment. Notwithstanding anything to the contrary herein (i) with respect to Term B Dollar Euro Rate Loans, the respective Borrower may only 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, such Borrower shall be deemed to have elected (x) if Eurodollar Loans, to convert such Eurodollar Loans into Base Rate Loans and Eurocurrency Loans with (y) if Sterling Revolving Loans, to select a one month one-week Interest Period for the first 30 days after the Third Amendment Effective Date orsuch Sterling Revolving Loans, if earlier, the date on which the Administrative Agent informs the Borrower in any such case effective as of the completion expiration date of the syndication of the Existing Term B Dollar Loans and (ii) if requested by the Borrower, the Administrative Agent, in its discretion, may offer such current Interest Periods shorter than one monthPeriod.

Appears in 1 contract

Samples: Credit Agreement (Big Flower Press Holdings Inc /Pred/)

Interest Periods. At the time it the Borrower gives any Notice of Borrowing or a Notice of Conversion ---------------- Borrowing or Notice of Conversion/Continuation with in respect of the making of, or conversion into or continuation of, a Borrowing of Reserve Adjusted Eurodollar Loans, it shall have the right to any Borrowing bearing interest with reference to the Eurocurrency Rate, the Borrower shall elect, by giving the Administrative Agent written noticenotice (or telephonic notice promptly confirmed in writing), the interest period (each an “Interest Period”) Period applicable theretoto such Borrowing, which Interest Period shall, at the option of the such Borrower, be a one, two, three or six months or, if available or otherwise satisfactory to each of the applicable Lenders (as determined by each such applicable Lender in its sole discretion) a twelve month period, provided that. Notwithstanding anything to the contrary contained above: (i) all Eurocurrency Loans comprising a single Borrowing shall at all times have the same Interest Period; (iia) the initial Interest Period for any Eurocurrency Loan Borrowing of Reserve Adjusted Eurodollar Loans shall commence on the date of such Borrowing of such Eurocurrency Loan (including the date of any conversion thereto from a Loan Borrowing of a different TypeBase Rate Loans) and each Interest Period occurring thereafter in respect of such Eurocurrency Loan Borrowing shall commence on the last day of date on which the immediately next preceding Interest PeriodPeriod expires; (iiib) if any Interest Period relating to a Eurocurrency Loan Borrowing of Reserve Adjusted Eurodollar Loans begins on a day date for which there is no numerically corresponding day date in the calendar month at the end of in which such Interest PeriodPeriod ends, such Interest Period shall end on the last Business Day of such calendar month; (ivc) if any Interest Period would otherwise expire on a day which is not a Business Day, such Interest Period shall expire on the next succeeding Business Day; provided, however, provided that if any Interest Period for in respect of -------- a Eurocurrency Reserve Adjusted Eurodollar Loan would otherwise expire on a day which is not a Business Day but is a day of the month after which no further Business Day occurs in such month, such Interest Period shall expire on the next preceding Business Day; (v) at any time when an Event of Default is then in existence, no Interest Period (a) of more than one month may be selected with respect to any Loan denominated in an Alternative Currency and (b) may be selected with respect to any Loan denominated in Dollars; (vid) no Interest Period shall extend beyond beyond, as applicable, the applicable Term Final Revolving Loan Maturity Date for any (in the case of Revolving Loans) or the Final Acquisition Term Loan or Maturity Date (in the Revolver Termination Date for any Revolving Loancase of Acquisition Term Loans); and (viie) no Interest Period in with respect of to any Borrowing of Term Reserve Adjusted Eurodollar Loans for any Term Facility shall be selected which extends extend beyond any date upon which a Scheduled Term Repayment will be the Borrower thereof is required to be made under Section 4.4(b) for make a scheduled payment of principal with respect to the Acquisition Term Loans if, after giving effect to the selection of such Term Facility if Interest Period, the aggregate principal amount of all Acquisition Term Loans which have maintained as Reserve Adjusted Eurodollar Loans with Interest Periods which will expire ending after such date will be in excess of scheduled payment of principal would exceed the aggregate principal amount of Acquisition Term B Dollar Loans then permitted to be outstanding less the aggregate amount after such scheduled payment of such required prepayment. Notwithstanding anything to the contrary herein (i) with respect to Term B Dollar Loans, the Borrower may only have Base Rate Loans and Eurocurrency Loans with a one month Interest Period for the first 30 days after the Third Amendment Effective Date or, if earlier, the date on which the Administrative Agent informs the Borrower of the completion of the syndication of the Existing Term B Dollar Loans and (ii) if requested by the Borrower, the Administrative Agent, in its discretion, may offer Interest Periods shorter than one monthprincipal.

Appears in 1 contract

Samples: Credit Agreement (Carson Products Co)

Interest Periods. At the time it gives any Notice of Borrowing or a Notice of Conversion or Continuation In connection with respect to any Borrowing bearing interest with reference to the Eurocurrency Rateeach Eurodollar Rate Loan, the Borrower requesting such Loan shall elect, by giving the Administrative Agent written notice, the elect an interest period (each an “Interest "INTEREST Period") to be applicable theretoto such Loan, which Interest Period shall, at the option of the Borrower, shall be a one, two, three or six months or, if available or otherwise satisfactory to each of the applicable Lenders (as determined by each such applicable Lender in its sole discretion) a twelve month period, provided ; PROVIDED that: (i) all Eurocurrency Loans comprising a single Borrowing shall at all times have the same Interest Period; (ii) the initial Interest Period for any Eurocurrency Eurodollar Rate Loan shall commence on the date of such Borrowing of such Eurocurrency Loan (including the date of any conversion thereto from a Loan of a different Type) and each Interest Period occurring thereafter Funding Date in respect of such Eurocurrency 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) in the case of immediately successive Interest Periods applicable to a Eurodollar Rate Loan continued as such pursuant to a Notice of Conversion/Continuation or otherwise, each successive Interest Period shall commence on the last day of on which the immediately next preceding Interest PeriodPeriod expires; (iii) if any an Interest Period relating with respect to a Eurocurrency any 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 would otherwise expire on a day which is not a Business Day, such Interest Period shall expire on the next succeeding Business Day; provided, however, PROVIDED that if any such Interest Period for a Eurocurrency Loan would otherwise expire on a day which is not a Business Day but is a day of the month after which no further Business Day occurs in such month, such Interest Period shall expire on the next preceding Business Day; (iv) any Interest Period with respect to Eurodollar Rate Loans 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) shall end on the last Business Day of a calendar month; (v) at any time when an Event of Default is then in existence, no Interest Period (a) of more than one month may be selected with respect to any Term Loan denominated in an Alternative Currency and (b) may be selected with respect to any shall extend beyond the Term Loan denominated in DollarsMaturity Date; (vi) no Interest Period with respect to any Revolving Loan or any Offshore Loan shall extend beyond the applicable Term Maturity Date for any Term Revolving Loan or the Revolver Commitment Termination Date for any Revolving Loan; andDate; (vii) no Interest Period in respect of any Borrowing of Term Loans for any Term Facility there shall be selected which extends beyond any date upon which a Scheduled Term Repayment will be required to be made under Section 4.4(b) for such Term Facility if the aggregate principal amount of all Term Loans which have no more than 20 Interest Periods which will expire after such date will be in excess of the aggregate principal amount of Term B Dollar Loans then outstanding less the aggregate amount of such required prepayment. Notwithstanding anything to the contrary herein (i) at any time with respect to Term B Dollar Eurodollar Rate Loans to Domestic Borrowers; and there shall be no more than (a) 10 Interest Periods outstanding at any time with respect to UK Loans, the Borrower may only have Base Rate Loans and Eurocurrency Loans with a one month Interest Period for the first 30 days after the Third Amendment Effective Date or, if earlier, the date on which the Administrative Agent informs the Borrower of the completion of the syndication of the Existing Term B Dollar Loans and (iib) if requested by the Borrower, the Administrative Agent, in its discretion, may offer 15 Interest Periods shorter than one month.outstanding at any time with respect to Australian Loans and

Appears in 1 contract

Samples: Quarterly Report

Interest Periods. At the time it the Borrower gives any Notice of Borrowing or a Notice of Conversion Conversion/Continuation in respect of the making of, or Continuation with respect conversion into, any Eurodollar Loan (in the case of the initial Interest Period applicable thereto) or prior to any Borrowing bearing interest with reference 11:00 A.M. (New York time) on the third Business Day prior to the Eurocurrency Rateexpiration of an Interest Period applicable to such Eurodollar Loan (in the case of any subsequent Interest Period), the Borrower shall elect, by giving have the Administrative Agent written notice, right to elect the interest period (each each, an “Interest Period”) applicable theretoto such Eurodollar Loan, which Interest Period shall, at the option of the BorrowerBorrower (but otherwise subject to the provisions of clause (B) of the proviso in each of Sections 2.01(a)(iii), 2.01(b)(iii) and 2.01(c)(ii)), be a one, two, three or six months or, if available or otherwise satisfactory to each of the applicable Lenders (as determined by each such applicable Lender in its sole discretion) a twelve month period, provided that:that (in each case): (i) all Eurocurrency Eurodollar Loans comprising a single Borrowing shall at all times have the same Interest Period; (ii) the initial Interest Period for any Eurocurrency Eurodollar Loan shall commence on the date of such Borrowing of such Eurocurrency Eurodollar Loan (including the date of any conversion thereto from a Loan of a different TypeBase Rate Loan) and each Interest Period occurring thereafter in respect of such Eurocurrency Eurodollar Loan shall commence on the last day of on which the immediately next preceding Interest PeriodPeriod applicable thereto expires; (iii) if any Interest Period relating to for a Eurocurrency Eurodollar Loan begins on a day for which there is no numerically corresponding day in the calendar month at the end of such Interest Period, such Interest Period shall end on the last Business Day of such calendar month; (iv) if any Interest Period for a Eurodollar Loan would otherwise expire on a day which is not a Business Day, such Interest Period shall expire on the next succeeding Business Day; provided, however, that if any Interest Period for a Eurocurrency Eurodollar Loan would otherwise expire on a day which is not a Business Day but is a day of the month after which no further Business Day occurs in such month, such Interest Period shall expire on the next preceding Business Day; (v) unless the Required Lenders otherwise agree, no Interest Period may be selected at any time when a Default or an Event of Default is then in existence, no Interest Period (a) of more than one month may be selected with respect to any Loan denominated in an Alternative Currency and (b) may be selected with respect to any Loan denominated in Dollars; (vi) no Interest Period shall extend beyond the applicable Term Maturity Date for any Term Loan or the Revolver Termination Date for any Revolving Loan; and (viivi) no Interest Period in respect of any Borrowing of Term any Tranche of Loans for any Term Facility shall be selected which extends beyond the Maturity Date for such Tranche of Loans. If by 11:00 A.M. (New York time) on the third Business Day prior to the expiration of any date upon which Interest Period applicable to a Scheduled Term Repayment will be required Borrowing of Eurodollar Loans, the Borrower has failed to elect, or is not permitted to elect, a new Interest Period to be made under Section 4.4(b) for 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. Notwithstanding the foregoing, the Borrower may incur a Borrowing of Eurodollar Loans consisting of A Term Facility if the Loans in an aggregate principal amount of all Term Loans which have Interest Periods which will expire after such date will be in excess of $350,000,000 on the aggregate principal amount of Term B Dollar Loans then outstanding less the aggregate amount of such required prepayment. Notwithstanding anything to the contrary herein (i) Restatement Effective Date with respect to Term B Dollar Loans, the Borrower may only have Base Rate Loans and Eurocurrency Loans with a one month an Interest Period for the first 30 days after the Third Amendment Effective Date or, if earlier, the date on which the Administrative Agent informs the Borrower of the completion of the syndication of the Existing Term B Dollar Loans and (ii) if requested by the Borrower, the Administrative Agent, in its discretion, may offer Interest Periods shorter than one month69 days.

Appears in 1 contract

Samples: Credit Agreement (Lee Enterprises, Inc)

Interest Periods. At the time it gives any Notice of Borrowing or a Notice of Conversion or Continuation Continuation, with respect to any Borrowing bearing interest with reference to the Eurocurrency RateLoans or B/A Discount Rate Loans, the a Borrower shall elect, by giving the Administrative Agent written notice, the interest period (each an “Interest Period”) applicable thereto, which Interest Period shall, at the option of the such Borrower, be one, two, three or six months or, if available or otherwise satisfactory to each of the applicable Lenders (as determined by each such applicable Lender in its sole discretion) a nine or twelve month period, provided that, prior to the earlier to occur of the Syndication Date and sixty (60) days after the Initial Borrowing Date, Interest Periods for Eurocurrency Loans and B/A Discount Rate Loans shall be one month, except as permitted by Administrative Agent in its sole discretion (with all such Interest Periods ending on the same day during such period); provided, further, that: (ia) all Eurocurrency Loans comprising a single Borrowing shall at all times have the same Interest Period; (iib) all B/A Discount Rate Loans comprising a Borrowing shall at all times have the same Interest Period; (c) the initial Interest Period for any Eurocurrency Loan or B/A Discount Rate Loan shall commence on the date of such Borrowing of such Eurocurrency Loan or B/A Discount Rate Loan (including the date of any conversion thereto from a Loan of a different Type) and each Interest Period occurring thereafter in respect of such Eurocurrency Loan or B/A Discount Rate Loan shall commence on the last day of the immediately preceding Interest Period; (iiid) if any Interest Period relating to a Eurocurrency Loan or B/A Discount Rate Loan begins on a day for which there is no numerically corresponding day in the calendar month at the end of such Interest Period, such Interest Period shall end on the last Business Day of such calendar month; (ive) if any Interest Period would otherwise expire on a day which is not a Business Day, such Interest Period shall expire on the next succeeding Business Day; provided, however, that if any Interest Period for a Eurocurrency Loan or B/A Discount Rate Loan would otherwise expire on a day which is not a Business Day but is a day of the month after which no further Business Day occurs in such month, such Interest Period shall expire on the next preceding Business Day; (vf) at any time when an Unmatured Event of Default or Event of Default is then in existence, no Interest Period (a) of more than one month may be selected with respect to any Loan denominated in an Alternative Currency and (b) may be selected with respect to any Loan denominated in Dollars or Canadian Dollars; (vig) no Interest Period shall extend beyond the applicable Term Maturity Date for any Term Loan or Loan, the Multicurrency Revolver Termination Date for any Multicurrency Revolving Loan or the Canadian Revolver Termination Date for any Canadian Revolving Loan; and (viih) no Interest Period in respect of any Borrowing of Term Loans for any Term Facility shall be selected which extends beyond any date upon which a Scheduled mandatory repayment of such Term Repayment Loans will be required to be made under Section 4.4(b), (c) for such Term Facility or (d) as the case may be, if the aggregate principal amount of all Term Loans of such Term Facility which have Interest Periods which will expire after such date will be in excess of the aggregate principal amount of Term B Dollar Loans of such Term Facility then outstanding less the aggregate amount of such required prepayment. Notwithstanding anything to the contrary herein (i) with respect to Term B Dollar Loans, the Borrower may only have Base Rate Loans and Eurocurrency Loans with a one month Interest Period for the first 30 days after the Third Amendment Effective Date or, if earlier, the date on which the Administrative Agent informs the Borrower of the completion of the syndication of the Existing Term B Dollar Loans and (ii) if requested by the Borrower, the Administrative Agent, in its discretion, may offer Interest Periods shorter than one month.

Appears in 1 contract

Samples: Credit Agreement (Ball Corp)

Interest Periods. At the time it gives any Notice of Borrowing or a Notice of Conversion or Continuation with respect to any Borrowing bearing interest with reference to the Eurocurrency Rate, the Borrower shall elect, by giving the Administrative Agent written notice, the interest period (each an “Interest Period”) applicable thereto, which Interest Period shall, at the option of the Borrower, be one, two, three or six months or, if available or otherwise satisfactory to each of the applicable Lenders (as determined by each such applicable Lender in its sole discretion) a twelve month period, provided that: (i) all Eurocurrency Eurodollar Loans comprising a single Borrowing shall at all times have the same Interest Period; (ii) the initial Interest Period for any Eurocurrency Eurodollar Loan shall commence on the date of such Borrowing of such Eurocurrency Loan (including the date of any conversion thereto from a Loan Borrowing of a different TypeBase Rate Loans) and each Interest Period occurring thereafter in respect of such Eurocurrency Loan shall commence on the last day of on which the immediately next preceding Interest PeriodPeriod applicable thereto expires; (iii) if any Interest Period relating to a Eurocurrency 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 which is not a Business Day, such Interest Period shall expire on the next succeeding Business Day; provided, however, that if any Interest Period for -------- ------- a Eurocurrency Eurodollar Loan would otherwise expire on a day which is not a Business Day but is a day of the month after which no further Business Day occurs in such month, such Interest Period shall expire on the next preceding Business Day; (v) at any time when an Event of Default is then in existence, no Interest Period (a) of more than one month may for a Borrowing under a Tranche shall be selected with respect to any Loan denominated in an Alternative Currency and (b) may be selected with respect to any Loan denominated in Dollarswhich extends beyond the respective Maturity Date of such Tranche; (vi) no Interest Period shall extend beyond the applicable Term Maturity Date for may be selected at any Term Loan time when any Default or the Revolver Termination Date for any Revolving Loan; andEvent of Default is then in existence; (vii) no Interest Period in respect of any Borrowing of Term Loans for any Term Facility or Acquisition Loans, as the case may be, shall be selected which extends beyond any date upon which a Scheduled mandatory repayment of such Term Repayment Loans or Acquisition Loans will be required to be made under Section 4.4(b4.02(A)(c) for or (d), as the case may be, if, after giving effect to the selection of such Term Facility if Interest Period, the aggregate principal amount of all such Term Loans or Acquisition Loans, as the case may be, maintained as Eurodollar Loans which have Interest Periods which will expire expiring after such date will be in excess of the aggregate principal amount of such Term B Dollar Loans or Acquisition Loans, as the case may be, then outstanding less the aggregate amount of such required prepayment. Notwithstanding anything ; and (viii) no Interest Period may be selected prior to the contrary herein (i) with respect Syndication Termination Date. If upon the expiration of any Interest Period applicable to Term B Dollar Loansa 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 may only shall be deemed to have elected to convert such Eurodollar Loans into Base Rate Loans and Eurocurrency Loans with a one month Interest Period for the first 30 days after the Third Amendment Effective Date or, if earlier, the date on which the Administrative Agent informs the Borrower effective as of the completion expiration date of the syndication of the Existing Term B Dollar Loans and (ii) if requested by the Borrower, the Administrative Agent, in its discretion, may offer such current Interest Periods shorter than one monthPeriod.

Appears in 1 contract

Samples: Credit Agreement (Physician Health Corp)

Interest Periods. At the time it gives any Notice of Borrowing or a Notice of Conversion or Continuation with respect to any Borrowing bearing interest with reference to the ----------------- Eurocurrency RateLoans, the Borrower Company shall elect, by giving the Administrative Agent written notice, the interest period (each an "Interest --------- Period") applicable thereto, which Interest Period shall, at the option of the BorrowerCompany, be one, two, three or six months or, if available or otherwise satisfactory to each of the applicable Lenders (as determined by each such applicable Lender in its sole discretion) a nine or twelve month period, provided that prior to the earlier to occur of the Syndication Date and thirty (30) days after the Initial Borrowing Date, Interest Periods for Eurocurrency Loans shall be seven days, except as permitted by Administrative Agent in its sole discretion (with all such Interest Periods ending on the same day during such period); provided, further, that:: -------- ------- (ia) all Eurocurrency Loans comprising a single Borrowing shall at all times have the same Interest Period; (iib) the initial Interest Period for any Eurocurrency Loan shall commence on the date of such Borrowing of such Eurocurrency Loan (including the date of any conversion thereto from a Loan of a different Type) and each Interest Period occurring thereafter in respect of such Eurocurrency Loan shall commence on the last day of the immediately preceding Interest Period; (iiic) if any Interest Period relating to a Eurocurrency 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; (ivd) if any Interest Period would otherwise expire on a day which is not a Business Day, such Interest Period shall expire on the next succeeding Business Day; provided, however, that if any Interest Period for a Eurocurrency Loan would otherwise expire on a day -------- ------- which is not a Business Day but is a day of the month after which no further Business Day occurs in such month, such Interest Period shall expire on the next preceding Business Day; (ve) no Interest Period may be selected at any time when an Unmatured Event of Default or Event of Default is then in existence, no Interest Period (a) of more than one month may be selected with respect to any Loan denominated in an Alternative Currency and (b) may be selected with respect to any Loan denominated in Dollars; (vif) no Interest Period shall extend beyond the applicable Term Maturity Date for any Term Loan or the Revolver Termination Date for any Revolving Loan; and (viig) no Interest Period in respect of any Borrowing of Term Loans for of any Term Facility shall be selected which extends beyond any date upon which a Scheduled mandatory repayment of such Term Repayment Loan Facility will be required to be made under Section 4.4(b), (c) for such Term Facility or (d) as the case --------------- --- may be, if the aggregate principal amount of all Term Loans of such Facility, which have Interest Periods which will expire after such date will be in excess of the aggregate principal amount of Term B Dollar Loans of such Facility then outstanding less the aggregate amount of such required prepayment. Notwithstanding anything to the contrary herein (i) with respect to Term B Dollar Loans, the Borrower may only have Base Rate Loans and Eurocurrency Loans with a one month Interest Period for the first 30 days after the Third Amendment Effective Date or, if earlier, the date on which the Administrative Agent informs the Borrower of the completion of the syndication of the Existing Term B Dollar Loans and (ii) if requested by the Borrower, the Administrative Agent, in its discretion, may offer Interest Periods shorter than one month.

Appears in 1 contract

Samples: Credit Agreement (Us Can Corp)

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Interest Periods. At the time it gives the Borrowers give any Notice of Borrowing or a Notice of Conversion in respect of the making of, or Continuation with respect to conversion into, any Borrowing bearing interest with reference Eurodollar Loan (in the case of the initial Interest Period applicable thereto) or on the third Business Day prior to the Eurocurrency Rateexpiration of an Interest Period applicable to such Eurodollar Loan (in the case of any subsequent Interest Period), the Borrower Borrowers shall have the right to elect, by giving the Administrative Agent written noticenotice thereof, the interest period (each an "Interest Period") applicable theretoto such Eurodollar Loan, which Interest Period shall, at the option of the BorrowerBorrowers, be (i) a one, two, three or six months orsix-month period, (ii) if available or otherwise satisfactory to at such time each of the applicable Lenders (of the respective Tranche makes Interest Periods of such length available, as determined by each such applicable Lender the Administrative Agent in its sole discretion, a one-week or nine or twelve-month period or (iii) if at such time each of the Lenders of the respective Tranche makes Interest Periods of such length available, as determined by the Administrative Agent in its sole discretion, and selected in order to ensure compliance with clause (vii) of this Section 1.09, any period between one week and three months which ends on a twelve month periodScheduled Term Loan Repayment Date, provided that: (i) all Eurocurrency Eurodollar Loans comprising a single Borrowing shall at all times have the same Interest Period; (ii) the initial Interest Period for any Eurocurrency Eurodollar Loan shall commence on the date of such Borrowing of such Eurocurrency Eurodollar Loan (including the date of any conversion thereto from a Loan of a different Type) and each Interest Period occurring thereafter in respect of such Eurocurrency Eurodollar Loan shall commence on the last day of on which the immediately next preceding Interest PeriodPeriod applicable thereto expires; (iii) if any Interest Period relating to a Eurocurrency 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 which is not a Business Day, such Interest Period shall expire on the next succeeding Business Day; provided, however, that if any Interest Period for a Eurocurrency Eurodollar Loan would otherwise expire on a day which is not a Business Day but is a day of the month after which no further Business Day occurs in such month, such Interest Period shall expire on the next preceding Business Day; (v) unless the Required Lenders consent thereto in writing, no Interest Period may be selected at any time when a Default or an Event of Default is then in existence, no Interest Period (a) of more than one month may be selected with respect to any Loan denominated in an Alternative Currency and (b) may be selected with respect to any Loan denominated in Dollars; (vi) no Interest Period in respect of any Borrowing of any Tranche of Loans shall extend be selected which extends beyond the applicable Term Maturity Date for any Term Loan or the Revolver Termination Date for any Revolving Loanof such Tranche; and (vii) no Interest Period in respect of any Borrowing of any Tranche of Term Loans for any Term Facility shall be selected which extends beyond any date upon which a Scheduled Term Loan Repayment will be required to be made under Section 4.4(b) for such Term Facility Date applicable thereto if the aggregate principal amount of all such Tranche of Term Loans which have Interest Periods which will expire after such date will be in excess of the aggregate principal amount of such Tranche of Term B Dollar Loans then outstanding less the aggregate amount of such required prepayment. Notwithstanding anything to the contrary herein (i) Scheduled Term Loan Repayment with respect thereto which will be due on such Scheduled Term Loan Repayment Date. If upon the expiration of any Interest Period applicable to Term B Dollar a Borrowing of Eurodollar Loans, the Borrower may only Borrowers have failed to elect, or is not permitted to elect, a new Interest Period to be applicable to such Eurodollar Loans as provided above, the Borrowers shall be deemed to have elected to convert such Eurodollar Loans into Base Rate Loans and Eurocurrency Loans with a one month Interest Period for the first 30 days after the Third Amendment Effective Date or, if earlier, the date on which the Administrative Agent informs the Borrower effective as of the completion expiration date of the syndication of the Existing Term B Dollar Loans and (ii) if requested by the Borrower, the Administrative Agent, in its discretion, may offer such current Interest Periods shorter than one monthPeriod.

Appears in 1 contract

Samples: Credit Agreement (VHS of Anaheim Inc)

Interest Periods. At the time it the Borrower gives any a Notice of Borrowing or a Notice of Conversion in respect of the making of, or Continuation with respect conversion into, a Borrowing of Eurodollar Loans (in the case of the initial Interest Period applicable thereto) or prior to any Borrowing bearing interest with reference 12:00 noon (New York time) on the third Business Day prior to the Eurocurrency Rateexpiration of an Interest Period applicable to a Borrowing of Eurodollar Loans (in the case of any subsequent Interest Period), the Borrower shall elect, have the right to elect by giving the Administrative Agent written notice, notice (or telephonic notice promptly confirmed in writing) of the interest period (each an “Interest Period”) Period applicable theretoto such Borrowing, which Interest Period shall, at the option of the Borrower, Borrower be one, two, a three or six months or, if available or otherwise satisfactory to each of the applicable Lenders (as determined by each such applicable Lender in its sole discretion) a twelve month period, provided that. Notwithstanding anything to the contrary contained above: (i) all Eurocurrency Eurodollar Loans comprising a single Borrowing shall at all times have the same Interest Period; (ii) the initial Interest Period for any Eurocurrency Loan Borrowing of Eurodollar Loans shall commence on the date of such Borrowing of such Eurocurrency Loan (including the date of any conversion thereto from a Loan Borrowing of a different TypeBase Rate Loans) and each Interest Period occurring thereafter in respect of such Eurocurrency Loan Borrowing shall commence on the last day of on which the immediately next preceding Interest PeriodPeriod applicable thereto expires; (iii) if any Interest Period relating to a Eurocurrency Loan for any Borrowing of Eurodollar Loans begins on a day for which there is no numerically corresponding day in the calendar month -13- 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 which is not a Business Day, such Interest Period shall expire on the next succeeding Business Day; provided, howeverprovided that, that if any Interest Period for a Eurocurrency Loan any Borrowing of Eurodollar Loans would otherwise expire on a day which is not a Business Day but is a day of the month after which no further Business Day occurs in such month, such Interest Period shall expire on the next preceding Business Day; (v) at any time when an Event of Default is then in existence, no Interest Period (a) for a Borrowing of more than one month may Eurodollar Loans shall be selected with respect to any Loan denominated in an Alternative Currency and (b) may be selected with respect to any Loan denominated in Dollars;which would extend beyond the Maturity Date; and (vi) no Interest Period shall extend beyond may be elected at any time when a Default, an Event of Default or a Potential Default has occurred and is continuing, unless the applicable Term Maturity Date for any Term Loan or the Revolver Termination Date for any Revolving Loan; and (vii) no Interest Period in respect holders of any Borrowing of Term Loans for any Term Facility shall be selected which extends beyond any date upon which a Scheduled Term Repayment will be required to be made under Section 4.4(b) for such Term Facility if the aggregate principal amount of all Term Loans which have Interest Periods which will expire after such date will be in excess more than 50% of the aggregate principal amount of Term B Dollar the affected Eurodollar Loans then outstanding less (or the aggregate amount of Administrative Agent on their behalf) have notified the Borrower that such required prepayment. Notwithstanding anything an election at such time would not be disadvantageous to the contrary herein (i) with respect Working Capital Lenders. If upon the expiration of any Interest Period applicable to Term B Dollar a Borrowing of Eurodollar Loans, the Borrower may only has failed to elect, or is not permitted to elect, a new Interest Period to be applicable to the respective Borrowing of Eurodollar Loans as provided above, the Borrower shall be deemed to have elected to convert such Borrowing into a Borrowing of Base Rate Loans and Eurocurrency Loans with a one month Interest Period for the first 30 days after the Third Amendment Effective Date or, if earlier, the date on which the Administrative Agent informs the Borrower effective as of the completion expiration date of the syndication of the Existing Term B Dollar Loans and (ii) if requested by the Borrower, the Administrative Agent, in its discretion, may offer such current Interest Periods shorter than one monthPeriod.

Appears in 1 contract

Samples: Secured Working Capital Facility (Neches River Holding Corp)

Interest Periods. At the time it gives any Notice of Borrowing or a Notice of Conversion or Continuation with respect to any Borrowing bearing interest with reference to the Eurocurrency Rate, the Borrower shall elect, by giving the Administrative Agent written notice, the interest period (each an “Interest Period”) applicable thereto, which Interest Period shall, at the option of the Borrower, be one, two, three or six months or, if available or otherwise satisfactory to each of the applicable Lenders (as determined by each such applicable Lender in its sole discretion) a twelve month period, provided that: (i) all Eurocurrency Eurodollar Loans comprising a single Borrowing shall at all times have the same Interest Period; (ii) the initial Interest Period for any Eurocurrency Eurodollar Loan shall commence on the date of such Borrowing of such Eurocurrency Loan (including the date of any conversion thereto from a Loan Borrowing of a different TypeBase Rate Loans) and each Interest Period occurring thereafter in respect of such Eurocurrency Loan shall commence on the last day of on which the immediately next preceding Interest PeriodPeriod applicable thereto expires; (iii) if any Interest Period relating to a Eurocurrency 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 which is not a Business Day, such Interest Period shall expire on the next succeeding Business Day; provided, however, that if any Interest Period for -------- ------- a Eurocurrency Eurodollar Loan would otherwise expire on a day which is not a Business Day but is a day of the month after which no further Business Day occurs in such month, such Interest Period shall expire on the next preceding Business Day; (v) at any time when an Event of Default is then in existence, no Interest Period (a) of more than one month may for a Borrowing under a Tranche shall be selected with respect to any Loan denominated in an Alternative Currency and (b) may be selected with respect to any Loan denominated in Dollarswhich extends beyond the respective Maturity Date of such Tranche; (vi) no Interest Period shall extend beyond the applicable Term Maturity Date for may be selected at any Term Loan time when any Default or the Revolver Termination Date for any Revolving LoanEvent of Default is then in existence; and (vii) no Interest Period in respect of any Borrowing of Term Loans for any Term Facility shall be selected which extends beyond any date upon which a Scheduled mandatory repayment of such Term Repayment Loans will be required to be made under Section 4.4(b5.02(A)(c) for if, after giving effect to the selection of such Term Facility if Interest Period, the aggregate principal amount of all such Term Loans maintained as Eurodollar Loans which have Interest Periods which will expire expiring after such date will be in excess of the aggregate principal amount of such Term B Dollar Loans then outstanding less the aggregate amount of such required prepayment. Notwithstanding anything If, upon the expiration of any Interest Period applicable to the contrary herein (i) with respect to Term B Dollar a Borrowing of Eurodollar Loans, the Borrower may only 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 and Eurocurrency Loans with a one month Interest Period for the first 30 days after the Third Amendment Effective Date or, if earlier, the date on which the Administrative Agent informs the Borrower effective as of the completion expiration date of the syndication of the Existing Term B Dollar Loans and (ii) if requested by the Borrower, the Administrative Agent, in its discretion, may offer such current Interest Periods shorter than one monthPeriod.

Appears in 1 contract

Samples: Credit Agreement (Scovill Holdings Inc)

Interest Periods. At the time it the Borrower gives any Notice of Borrowing or a Notice of Conversion in respect of the making of, or Continuation with respect to conversion into, any Borrowing bearing interest with reference Eurodollar Loan (in the case of the initial Interest Period applicable thereto) or on the third Business Day prior to the Eurocurrency Rateexpiration of an Interest Period applicable to such Eurodollar Loan (in the case of any subsequent Interest Period), the Borrower shall have the right to elect, by giving the Administrative Agent written noticenotice thereof, the interest period (each an "Interest Period") applicable theretoto such Eurodollar Loan, which Interest Period shall, at the option of the Borrower, be (i) a one, two, three or six months orsix-month period or (ii) if deemed available in the sole discretion of the Administrative Agent, a one-week or nine or twelve-month period or (iii) if available or otherwise satisfactory to each of the applicable Lenders of the respective Tranche, and selected in order to ensure compliance with clause (as determined by each such applicable Lender in its sole discretionvii) of this Section 1.09, any period between one week and three months which ends on a twelve month periodScheduled Incremental Term Loan Repayment Date, provided that: (i) all Eurocurrency Eurodollar Loans comprising a single Borrowing shall at all times have the same Interest Period; (ii) the initial Interest Period for any Eurocurrency Eurodollar Loan shall commence on the date of such Borrowing of such Eurocurrency Eurodollar Loan (including the date of any conversion thereto from a Loan of a different Type) and each Interest Period occurring thereafter in respect of such Eurocurrency Eurodollar Loan shall commence on the last day of on which the immediately next preceding Interest PeriodPeriod applicable thereto expires; (iii) if any Interest Period relating to a Eurocurrency 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 which is not a Business Day, such Interest Period shall expire on the next succeeding Business Day; provided, however, that if any Interest Period for a Eurocurrency Eurodollar Loan would otherwise expire on a day which is not a Business Day but is a day of the month after which no further Business Day occurs in such month, such Interest Period shall expire on the next preceding Business Day; (v) unless the Required Lenders consent thereto, no Interest Period may be selected at any time when a Default or an Event of Default is then in existence, no Interest Period (a) of more than one month may be selected with respect to any Loan denominated in an Alternative Currency and (b) may be selected with respect to any Loan denominated in Dollars; (vi) no Interest Period in respect of any Borrowing of any Tranche of Loans shall extend be selected which extends beyond the applicable Term Maturity Date for any Term Loan or the Revolver Termination Date for any Revolving Loanof such Tranche; and (vii) no Interest Period in respect of any Borrowing of any Tranche of Incremental Term Loans for any Term Facility shall be selected which extends beyond any date upon which a Scheduled Incremental Term Loan Repayment will be required to be made under Section 4.4(b) for such Term Facility Date applicable thereto if the aggregate principal amount of all such Tranche of Incremental Term Loans which have Interest Periods which will expire after such date will be in excess of the aggregate principal amount of such Tranche of Incremental Term B Dollar Loans then outstanding less the aggregate amount of such required prepayment. Notwithstanding anything to the contrary herein (i) Scheduled Incremental Term Loan Repayment with respect thereto which will be due on such Scheduled Incremental Term Loan Repayment Date. If upon the expiration of any Interest Period applicable to Term B Dollar a Borrowing of Eurodollar Loans, the Borrower may only 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 and Eurocurrency Loans with a one month Interest Period for the first 30 days after the Third Amendment Effective Date or, if earlier, the date on which the Administrative Agent informs the Borrower effective as of the completion expiration date of the syndication of the Existing Term B Dollar Loans and (ii) if requested by the Borrower, the Administrative Agent, in its discretion, may offer such current Interest Periods shorter than one monthPeriod.

Appears in 1 contract

Samples: Credit Agreement (VHS of Phoenix Inc)

Interest Periods. At the time it gives When Borrower requests any Notice of Eurodollar Rate Borrowing or a Notice of Conversion or Continuation with respect to any Borrowing bearing interest with reference to the Eurocurrency RateFixed Rate Borrowing, the Borrower shall elect, by giving the Administrative Agent written notice, may elect the interest period (each an “Interest Period”"INTEREST PERIOD") applicable thereto, which Interest Period shallshall be, at the option of the Borrower's option, be one, two, three three, or six months or, if available to all Lenders, nine or otherwise satisfactory twelve months (in respect of any Eurodollar Rate Borrowing) and any period of up to each of the applicable Lenders six (as determined by each such applicable Lender in its sole discretion6) a twelve month periodmonths (with respect to any Fixed Rate Borrowing); PROVIDED, provided that: HOWEVER, THAT: (i) all Eurocurrency Loans comprising a single Borrowing shall at all times have the same Interest Period; (iia) the initial Interest Period for any Eurocurrency Loan a Eurodollar Rate Borrowing shall commence on the date of such Borrowing of such Eurocurrency Loan (including the date of any conversion thereto from a Loan of a different Type) thereto), and each Interest Period occurring thereafter in respect of such Eurocurrency Loan Borrowing shall commence on the last day of on which the immediately next preceding Interest Period; Period applicable thereto expires; (iiib) if any Interest Period relating to for a Eurocurrency Loan Eurodollar Rate Borrowing begins on a day for which there is no numerically corresponding day Business Day in the calendar month at the end of such Interest Period, such Interest Period shall end on the last next Business Day immediately following what otherwise would have been such numerically corresponding day in the calendar month at the end of such calendar month; (iv) if any Interest Period (UNLESS such date would otherwise expire on be in a different calendar month from what would have been the month at the end of such Interest Period, or UNLESS there is no numerically corresponding day which is not a Business Dayin the calendar month at the end of the Interest Period; whereupon, such Interest Period shall expire end on the next succeeding Business Day; provided, however, that if any Interest Period for a Eurocurrency Loan would otherwise expire on a day which is not a last Business Day but is a day in the calendar month at the end of the month after which no further Business Day occurs in such month, such Interest Period shall expire on the next preceding Business Day; Period); (vc) at any time when an Event of Default is then in existence, no Interest Period (a) of more than one month may be selected chosen with respect to any Loan denominated in an Alternative Currency and (b) may be selected with respect to any Loan denominated in Dollars; (vi) no Interest Period shall portion of the Principal Debt which would extend beyond the applicable Term Maturity Date for scheduled repayment date (including any Term Loan or the Revolver Termination Date for any Revolving Loan; and (vii) no Interest Period in respect of any Borrowing of Term Loans for any Term Facility shall be selected dates on which extends beyond any date upon which a Scheduled Term Repayment will be mandatory prepayments are required to be made under Section 4.4(bmade) for such Term Facility if the aggregate principal amount of all Term Loans which have Interest Periods which will expire after such date will be in excess of the aggregate principal amount of Term B Dollar Loans then outstanding less the aggregate amount of such required prepayment. Notwithstanding anything to the contrary herein (i) with respect to Term B Dollar Loans, the Borrower may only have Base Rate Loans and Eurocurrency Loans with a one month Interest Period for the first 30 days after the Third Amendment Effective Date or, if earlier, the date on which the Administrative Agent informs the Borrower of the completion of the syndication of the Existing Term B Dollar Loans and (ii) if requested by the Borrower, the Administrative Agent, in its discretion, may offer Interest Periods shorter than one month.such

Appears in 1 contract

Samples: Revolving Credit Agreement (Worldcom Inc/ga//)

Interest Periods. At the time it the Borrower gives any Notice of Borrowing or a Notice of Conversion in respect of the making of, or Continuation with respect to conversion into, any Borrowing bearing interest with reference Eurodollar Loan (in the case of the initial Interest Period applicable thereto) or on the third Business Day prior to the Eurocurrency Rateexpiration of an Interest Period applicable to such Eurodollar Loan (in the case of any subsequent Interest Period), the Borrower shall have the right to elect, by giving the Administrative Agent written noticenotice thereof, the interest period (each an "Interest Period") applicable theretoto such Eurodollar Loan, which Interest Period shall, at the option of the Borrower, be a one, two, three or six months or, if available or otherwise satisfactory to each of the applicable Lenders (as determined by each such applicable Lender in its sole discretion) a twelve six-month period, provided that: (i) all Eurocurrency Eurodollar Loans comprising a single Borrowing shall at all times have the same Interest Period; (ii) the initial Interest Period for any Eurocurrency Eurodollar Loan shall commence on the date of such Borrowing of such Eurocurrency Eurodollar Loan (including the date of any conversion thereto from a Loan of a different TypeBase Rate Loan) and each Interest Period occurring thereafter in respect of such Eurocurrency Eurodollar Loan shall commence on the last day of on which the immediately next preceding Interest PeriodPeriod applicable thereto expires; (iii) if any Interest Period relating to for a Eurocurrency Eurodollar Loan begins on a day for which there is no numerically corresponding day in the calendar month at the end of such Interest Period, such Interest Period shall end on the last Business Day of such calendar month; (iv) if any Interest Period for a Eurodollar Loan would otherwise expire on a day which is not a Business Day, such Interest Period shall expire on the next succeeding Business Day; provided, however, that if any Interest Period for a Eurocurrency Eurodollar Loan would otherwise expire on a day which is not a Business Day but is a day of the month after which no further Business Day occurs in such month, such Interest Period shall expire on the next preceding Business Day; (v) no Interest Period may be selected at any time when a Default or an Event of Default is then in existence, no Interest Period (a) of more than one month may be selected with respect to any Loan denominated in an Alternative Currency and (b) may be selected with respect to any Loan denominated in Dollars; (vi) no Interest Period shall extend beyond the applicable Term Maturity Date for any Term Loan or the Revolver Termination Date for any Revolving Loan; and (viivi) no Interest Period in respect of any Borrowing of Term Eurodollar Loans for any Term Facility shall be selected which extends beyond any date upon which a Scheduled Term Repayment will be required to be made under Section 4.4(bthe Final Maturity Date. If by 12:00 Noon (New York time) for such Term Facility if on the aggregate principal amount of all Term Loans which have Interest Periods which will expire after such date will be in excess of the aggregate principal amount of Term B Dollar Loans then outstanding less the aggregate amount of such required prepayment. Notwithstanding anything third Business Day prior to the contrary herein (i) with respect expiration of any Interest Period applicable to Term B Dollar a Borrowing of Eurodollar Loans, the Borrower may only has failed to elect a new Interest Period to be applicable to such Eurodollar Loans as provided above, the Borrower shall be deemed to have Base Rate elected to continue such Eurodollar Loans and Eurocurrency as a new Borrowing of Eurodollar Loans with a one month Interest Period for the first 30 days after the Third Amendment Effective Date orPeriod, provided that if earliera Default or an Event of Default exists on such third preceding Business Day, the date on which the Administrative Agent informs the Borrower such Eurodollar Loans instead shall be converted into Base Rate Loans effective as of the completion expiration date of the syndication of the Existing Term B Dollar Loans and (ii) if requested by the Borrower, the Administrative Agent, in its discretion, may offer such current Interest Periods shorter than one monthPeriod.

Appears in 1 contract

Samples: Credit Agreement (Dominicks Supermarkets Inc)

Interest Periods. At the time it the Borrower gives any a Notice of Borrowing or a Notice of Conversion or Continuation with in respect of the making of, or conversion into or continuation as, a Borrowing of Eurodollar Term Loans or Eurodollar Revolving Credit Loans (in the case of the initial Interest Period applicable thereto) or prior to any Borrowing bearing interest with reference 10:00 A.M. (New York time) on the third Business Day prior to the Eurocurrency Rateexpiration of an Interest Period applicable to a Borrowing of Eurodollar Term Loans or Eurodollar Revolving Credit Loans, the Borrower shall elect, have the right to elect by giving the Administrative Agent written notice, notice (or telephonic notice promptly confirmed in writing) the interest period (each an “Interest Period”) Period applicable theretoto such Borrowing, which Interest Period shall, at the option of the Borrower, be a one, two, three three, six or six months or(in the case of Revolving Credit Loans, if available or otherwise satisfactory to each of all the applicable Lenders (making such loans as determined by each such applicable Lender Lenders in its sole discretiongood faith based on prevailing market conditions) a nine or twelve month period, provided that. Notwith standing anything to the contrary contained above: (i) all Eurocurrency Loans comprising a single Borrowing shall at all times have the same Interest Period; (iia) the initial Interest Period for any Eurocurrency Loan Borrowing of Eurodollar Term Loans or Eurodollar Revolving Credit Loans shall commence on the date of such Borrowing of such Eurocurrency Loan (including the date of any conversion thereto from a Loan Borrowing of a different TypeABR Loans) and each Interest Period occurring thereafter in respect of such Eurocurrency Loan Borrowing shall commence on the last day of on which the immediately next preceding Interest PeriodPeriod expires; (iiib) if any Interest Period relating to a Eurocurrency Loan Borrowing of Eurodollar Term Loans or Eurodollar Revolving Credit Loans begins on the last Business Day of a calendar month or begins on a day for which there is no numerically corresponding day in the calendar month at the end of such Interest Period, such Interest Period shall end on the last Business Day of the calendar month at the end of such calendar monthInterest Period; (ivc) if any Interest Period would otherwise expire on a day which that is not a Business Day, such Interest Period shall expire on the next succeeding Business Day; provided, however, provided that if any Interest Period for in respect of a Eurocurrency Eurodollar Term Loan or Eurodollar Revolving Credit Loan would otherwise expire on a day which that is not a Business Day but is a day of the month after which no further Business Day occurs in such month, such Interest Period shall expire on the next preceding Business Day; (v) at any time when an Event of Default is then in existence, no Interest Period (a) of more than one month may be selected with respect to any Loan denominated in an Alternative Currency and (b) may be selected with respect to any Loan denominated in Dollars; (vi) no Interest Period shall extend beyond the applicable Term Maturity Date for any Term Loan or the Revolver Termination Date for any Revolving Loan; and (viid) no the Borrower shall not be entitled to elect any Interest Period in respect of any Borrowing of Eurodollar Term Loans for any Term Facility shall be selected which extends Loan or Eurodollar Revolving Credit Loan if such Interest Period would extend beyond any date upon which a Scheduled Term Repayment will be required to be made under Section 4.4(b) for such Term Facility if the aggregate principal amount of all Term Loans which have Interest Periods which will expire after such date will be in excess of the aggregate principal amount of Term B Dollar Loans then outstanding less the aggregate amount applicable Maturity Date of such required prepayment. Notwithstanding anything to the contrary herein (i) with respect to Term B Dollar Loans, the Borrower may only have Base Rate Loans and Eurocurrency Loans with a one month Interest Period for the first 30 days after the Third Amendment Effective Date or, if earlier, the date on which the Administrative Agent informs the Borrower of the completion of the syndication of the Existing Term B Dollar Loans and (ii) if requested by the Borrower, the Administrative Agent, in its discretion, may offer Interest Periods shorter than one monthLoan.

Appears in 1 contract

Samples: Credit Agreement (Randalls Food Markets Inc)

Interest Periods. At the time it gives any Notice of Borrowing or a Notice of Conversion in respect of the making of, or Continuation with respect to any conversion into, a Borrowing bearing interest with reference of Eurodollar Loans (in the case of the initial Interest Period applicable thereto) or on the third Business Day prior to the Eurocurrency Rateexpiration of an Interest Period applicable to a Borrowing of Eurodollar Loans (in the case of any subsequent Interest Period), the Borrower shall have the right to elect, by giving the Administrative Agent written noticenotice (or telephonic notice promptly confirmed in writing) thereof, the interest period (each an “Interest Period”) applicable thereto, which Interest Period shall, at the option of the Borrower, be one, two, three or six months or, if available or otherwise satisfactory to each of the applicable Lenders (as determined by each such applicable Lender in its sole discretion) a twelve month period, provided that:"Interest (i) all Eurocurrency Eurodollar Loans comprising a single Borrowing shall at all times have the same Interest Period; (ii) the initial Interest Period for any Eurocurrency Eurodollar Loan shall commence on the date of such Borrowing of such Eurocurrency Eurodollar Loan (including the date of any conversion thereto from a Revolving Loan of a different Type) and each Interest Period occurring thereafter in respect of such Eurocurrency Eurodollar Loan shall commence on the last day of on which the immediately next preceding Interest PeriodPeriod applicable thereto expires; (iii) if any Interest Period relating to a Eurocurrency 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 which is not a Business Day, such Interest Period shall expire on the next succeeding Business Day; provided, however, that if any Interest Period for a Eurocurrency Eurodollar Loan would otherwise expire on a day which is not a Business Day but is a day of the month after which no further Business Day occurs in such month, such Interest Period shall expire on the next preceding Business Day; (v) no Interest Period may be selected at any time when an a Default or Event of Default is then in existence, no Interest Period (a) of more than one month may be selected with respect to any Loan denominated in an Alternative Currency and (b) may be selected with respect to any Loan denominated in Dollars;; and (vi) no Interest Period shall extend beyond the applicable Term Maturity Date for any Term Loan or the Revolver Termination Date for any Revolving Loan; and (vii) no Interest Period in respect of any Borrowing of Term Loans for any Term Facility shall be selected which extends beyond the Final Maturity Date. If upon the expiration of any date upon which Interest Period applicable to a Scheduled Term Repayment will be required to be made under Section 4.4(b) for such Term Facility if the aggregate principal amount Borrowing of all Term Loans which have Interest Periods which will expire after such date will be in excess of the aggregate principal amount of Term B Dollar Loans then outstanding less the aggregate amount of such required prepayment. Notwithstanding anything to the contrary herein (i) with respect to Term B Dollar Eurodollar Loans, the Borrower may only 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 and Eurocurrency Loans with a one month Interest Period for the first 30 days after the Third Amendment Effective Date or, if earlier, the date on which the Administrative Agent informs the Borrower effective as of the completion expiration date of the syndication of the Existing Term B Dollar Loans and (ii) if requested by the Borrower, the Administrative Agent, in its discretion, may offer such current Interest Periods shorter than one monthPeriod.

Appears in 1 contract

Samples: Credit Agreement (Neodata Services Inc)

Interest Periods. At the time it the Borrower gives any Notice of Borrowing or a Notice of Conversion in respect of the making of, or Continuation with respect to conversion into, any Borrowing bearing interest with reference Eurodollar Loan (in the case of the initial Interest Period applicable thereto) or on the third Business Day prior to the Eurocurrency Rateexpiration of an Interest Period applicable to such Eurodollar Loan (in the case of any subsequent Interest Period), the Borrower shall have the right to elect, by giving the Administrative Agent written noticenotice thereof, the interest period (each an "Interest Period") applicable theretoto such Eurodollar Loan, which Interest Period shall, at the option of the Borrower, be a one, two, three or six months or, if available or otherwise satisfactory to each of the applicable Lenders (as determined by each such applicable Lender in its sole discretion) a twelve six-month period, provided that: (i) all Eurocurrency Eurodollar Loans comprising a single Borrowing shall at all times have the same Interest Period; (ii) the initial Interest Period for any Eurocurrency Eurodollar Loan shall commence on the date of such Borrowing of such Eurocurrency Eurodollar Loan (including the date of any conversion thereto from a Loan of a different Type) and each Interest Period occurring thereafter in respect of such Eurocurrency Eurodollar Loan shall commence on the last day of on which the immediately next preceding Interest PeriodPeriod applicable thereto expires; (iii) if any Interest Period relating to a Eurocurrency 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 which is not a Business Day, such Interest Period shall expire on the next succeeding Business Day; provided, however, that if any Interest Period for a Eurocurrency Eurodollar Loan would otherwise expire on a day which is not a Business Day but is a day of the month after which no further Business Day occurs in such month, such Interest Period shall expire on the next preceding Business Day; (v) no Interest Period may be selected at any time when a Default or an Event of Default is then in existence, no Interest Period (a) of more than one month may be selected with respect to any Loan denominated in an Alternative Currency and (b) may be selected with respect to any Loan denominated in Dollars; (vi) no Interest Period in respect of any Borrowing of Eurodollar Loans shall extend be selected which extends beyond the applicable Term Final Maturity Date for any Term Loan or the Revolver Termination Date for any Revolving LoanDate; and (vii) no Interest Period in respect of any Borrowing of any Term Loans for any Term Facility shall be selected which extends beyond any date upon which a Scheduled mandatory repayment of such Term Repayment Loans will be required to be made under Section 4.4(b) for such Term Facility 3.02(b), if the aggregate principal amount of all such Term Loans which have Interest Periods which will expire after such date will be in excess of the aggregate principal amount of such Term B Dollar Loans then outstanding less the aggregate amount of such required prepaymentrepayment. Notwithstanding anything If upon the expiration of any Interest Period applicable to the contrary herein (i) with respect to Term B Dollar a Borrowing of Eurodollar Loans, the Borrower may only 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 and Eurocurrency Loans with a one month Interest Period for the first 30 days after the Third Amendment Effective Date or, if earlier, the date on which the Administrative Agent informs the Borrower effective as of the completion expiration date of the syndication of the Existing Term B Dollar Loans and (ii) if requested by the Borrower, the Administrative Agent, in its discretion, may offer such current Interest Periods shorter than one monthPeriod.

Appears in 1 contract

Samples: Credit Agreement (Host Marriott Corp/Md)

Interest Periods. At the time it gives When Borrower requests any Notice of Eurodollar Rate Borrowing or a Notice of Conversion or Continuation with respect to any Borrowing bearing interest with reference to the Eurocurrency RateFixed Rate Borrowing, the Borrower shall elect, by giving the Administrative Agent written notice, may elect the interest period (each an “Interest Period”"INTEREST PERIOD") applicable thereto, which Interest Period shallshall be, at the option of the Borrower's option, be one, two, three three, or six months or, if available to all Lenders, nine or otherwise satisfactory twelve months (in respect of any Eurodollar Rate Borrowing) and any period of up to each of the applicable Lenders six (as determined by each such applicable Lender in its sole discretion6) a twelve month periodmonths (with respect 364-DAY REVOLVING CREDIT AGREEMENT to any Fixed Rate Borrowing); PROVIDED, provided that: HOWEVER, THAT: (i) all Eurocurrency Loans comprising a single Borrowing shall at all times have the same Interest Period; (iia) the initial Interest Period for any Eurocurrency Loan a Eurodollar Rate Borrowing shall commence on the date of such Borrowing of such Eurocurrency Loan (including the date of any conversion thereto from a Loan of a different Type) thereto), and each Interest Period occurring thereafter in respect of such Eurocurrency Loan Borrowing shall commence on the last day of on which the immediately next preceding Interest Period; Period applicable thereto expires; (iiib) if any Interest Period relating to for a Eurocurrency Loan Eurodollar Rate Borrowing begins on a day for which there is no numerically corresponding day Business Day in the calendar month at the end of such Interest Period, such Interest Period shall end on the last next Business Day immediately following what otherwise would have been such numerically corresponding day in the calendar month at the end of such calendar month; (iv) if any Interest Period (UNLESS such date would otherwise expire on be in a different calendar month from what would have been the month at the end of such Interest Period, or UNLESS there is no numerically corresponding day which is not a Business Dayin the calendar month at the end of the Interest Period; whereupon, such Interest Period shall expire end on the next succeeding Business Day; provided, however, that if any Interest Period for a Eurocurrency Loan would otherwise expire on a day which is not a last Business Day but is a day in the calendar month at the end of the month after which no further Business Day occurs in such month, such Interest Period shall expire on the next preceding Business Day; Period); (vc) at any time when an Event of Default is then in existence, no Interest Period (a) of more than one month may be selected chosen with respect to any Loan denominated in an Alternative Currency and (b) may be selected with respect to any Loan denominated in Dollars; (vi) no Interest Period shall portion of the Principal Debt which would extend beyond the applicable Term Maturity Date for scheduled repayment date (including any Term Loan or the Revolver Termination Date for any Revolving Loan; and (vii) no Interest Period in respect of any Borrowing of Term Loans for any Term Facility shall be selected dates on which extends beyond any date upon which a Scheduled Term Repayment will be mandatory prepayments are required to be made under Section 4.4(bmade) for such Term Facility if portion of the Principal Debt; and (d) no more than an aggregate principal amount of all Term Loans which have ten (10) Interest Periods which will expire after such date will shall be in excess of the aggregate principal amount of Term B Dollar Loans then outstanding less the aggregate amount of such required prepayment. Notwithstanding anything to the contrary herein (i) with respect to Term B Dollar Loans, the Borrower may only have Base Rate Loans and Eurocurrency Loans with a effect at one month Interest Period for the first 30 days after the Third Amendment Effective Date or, if earlier, the date on which the Administrative Agent informs the Borrower of the completion of the syndication of the Existing Term B Dollar Loans and (ii) if requested by the Borrower, the Administrative Agent, in its discretion, may offer Interest Periods shorter than one monthtime.

Appears in 1 contract

Samples: 364 Day Revolving Credit Agreement (Worldcom Inc/ga//)

Interest Periods. At the time it the Borrower gives any the Notice of Borrowing Funding, or a Notice of Conversion or Continuation with respect prior to any Borrowing bearing interest with reference 1:00 P.M. (New York time) on the third Business Day prior to the Eurocurrency Rateexpiration of an Interest Period applicable to a Eurodollar Loan (in the case of any subsequent Interest Period), the Borrower shall elect, by giving have the Administrative Agent written notice, right to elect the interest period (each an "Interest Period") applicable theretoto such Eurodollar Loan, which Interest Period shall, at the option of the Borrower, be a one, two, three or six months or, if available or otherwise satisfactory to each of the applicable Lenders (as determined by each such applicable Lender in its sole discretion) a twelve six-month period, ; provided that: that (in each case): (i) all Eurocurrency Loans comprising a single Borrowing shall at all times have the same Interest Period; (ii) the initial Interest Period for any Eurocurrency Eurodollar Loan shall commence on the date of such Borrowing or conversion of such Eurocurrency Eurodollar Loan (including the date of any conversion thereto from a Loan of a different Type) and each Interest Period occurring thereafter in respect of such Eurocurrency Eurodollar Loan shall commence on the last day of on which the immediately next preceding Interest Period; Period applicable thereto expires; (iiiii) if any Interest Period relating to for a Eurocurrency 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; ; (iviii) if any Interest Period for a Eurodollar Loan would otherwise expire on a day which is not a Business Day, such Interest Period shall expire on the next succeeding Business Day; provided, however, that if any Interest Period for a Eurocurrency such Eurodollar Loan would otherwise expire on a day which is not a Business Day but is a day of the month after which no further Business Day occurs in such month, such Interest Period shall expire on the next preceding Business Day; ; (viv) no Interest Period may be selected at any time when a Default or an Event of Default is then in existence, no Interest Period ; (a) of more than one month may be selected with respect to any Loan denominated in an Alternative Currency and (b) may be selected with respect to any Loan denominated in Dollars; (vi) no Interest Period shall extend beyond the applicable Term Maturity Date for any Term Loan or the Revolver Termination Date for any Revolving Loan; and (viiv) no Interest Period in respect of any Borrowing of Term Loans for any Term Facility Eurodollar Loan shall be selected which extends beyond the Tranche B Maturity Date; and (vi) on the Closing Date, the Interest Period in respect of the Continued Tranche B Loan shall expire (subject to payment by the Borrower of any date upon which a Scheduled Term Repayment will be required breakage costs pursuant to be made under Section 4.4(b) for such Term Facility 2.8, determined as if the aggregate principal amount of all Term Loans which have Interest Periods which will expire after such date will be in excess of the aggregate principal amount of Term B Dollar Loans then outstanding less the aggregate amount expiration of such required prepaymentexisting Interest Period on the Closing Date were a prepayment made on the Closing Date), and the next Interest Period selected on or after the Closing Date shall end on the first Business Day which occurs on or after the date which is 91 days after the Closing Date. Notwithstanding anything If upon the expiration of any Interest Period applicable to the contrary herein (i) with respect to Term B Dollar Loansany Eurodollar Loan, the Borrower may only has failed to elect, or is not permitted to elect, a new Interest Period to be applicable to such Eurodollar Loan as provided above, the Borrower shall be deemed to have Base Rate Loans and Eurocurrency Loans with elected a one one-month Interest Period for effective as of the expiration date of such current Interest Period. For purposes of calculating the funding fee payable pursuant to Paragraph 4 of the Escrow Agreement, such funding fee shall be calculated as if an Interest Period in respect of the New Tranche B Loan began on the Closing Date and ended on the first 30 Business Day to occur on or after the date which is 91 days after the Third Amendment Effective Date or, if earlier, the date on which the Administrative Agent informs the Borrower of the completion of the syndication of the Existing Term B Dollar Loans and (ii) if requested by the Borrower, the Administrative Agent, in its discretion, may offer Interest Periods shorter than one monthClosing Date.

Appears in 1 contract

Samples: Credit Agreement (Pg&e Corp)

Interest Periods. At the time it any Borrower gives any Notice of Borrowing or a Notice of Conversion in respect of the making of, or Continuation with respect to conversion into, any Borrowing bearing interest with reference Euro Rate Loan (other than an Alternate Currency Denominated Swingline Loan) (in the case of the initial Interest Period applicable thereto) or on the third Business Day prior to the Eurocurrency Rateexpiration of an Interest Period applicable to such Euro Rate Loan (in the case of any subsequent Interest Period), the respective Borrower shall have the right to elect, by giving having an Authorized Representative of such Borrower give the Administrative Agent written noticenotice thereof, the interest period (each each, an "Interest Period") applicable theretoto such Euro Rate Loan, which Interest Period shall, at the option of the such Borrower, be (x) in the case of any such Euro Rate Loan (including any Alternate Currency Denominated Revolving Loan), a one, two, three or six months or, if available or otherwise satisfactory to each of the applicable Lenders (as determined by each such applicable Lender in its sole discretion) a twelve six-month period, provided (y) in the case of Eurodollar Loans, to the extent available to all Lenders required to make Loans under the respective Tranche, a one-week or a nine or twelve-month period or (z) in the case of Alternate Currency Denominated Revolving Loans, a one-week period; PROVIDED that: (i) all Eurocurrency Euro Rate Loans comprising a single the same Borrowing shall at all times have the same Interest Period; (ii) the initial Interest Period for any Eurocurrency Euro Rate Loan shall commence on the date of such Borrowing of such Eurocurrency Euro Rate Loan (including including, in the case of Dollar Denominated Loans, the date of any conversion thereto from a Loan Borrowing of a different TypeBase Rate Loans) and each Interest Period occurring thereafter in respect of such Eurocurrency Euro Rate Loan shall commence on the last day of on which the immediately next preceding Interest PeriodPeriod applicable thereto expires; (iii) if any Interest Period relating to a Eurocurrency 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 for a Euro Rate Loan would otherwise expire on a day which is not a Business Day, such Interest Period shall expire on the next succeeding Business Day; providedPROVIDED, howeverHOWEVER, that if any Interest Period for a Eurocurrency Euro Rate Loan would otherwise expire on a day which is not a Business Day but is a day of the month after which no further Business Day occurs in such month, such Interest Period shall expire on the next preceding Business Day; (v) at any time when an Event of Default is then in existence, no Interest Period (a) in respect of more than one month may any Borrowing under a given Tranche of Loans shall be selected with respect to any Loan denominated in an Alternative Currency and (b) may be selected with respect to any Loan denominated in Dollars; (vi) no Interest Period shall extend which extends beyond the applicable Term respective Maturity Date for any Term Loan or the Revolver Termination Date for any Revolving Loansuch Tranche of Loans; and (viivi) no Interest Period in respect of any Borrowing of Tranche A Term Loans for any or Tranche B Term Facility Loans shall be selected elected which extends beyond any date upon which a Scheduled Repayment of such Tranche of Term Repayment Loans will be required to be made under Section 4.4(b4.02(b) for if, after giving effect to the election of such Term Facility if Interest Period, the aggregate principal amount of all such Tranche A Term Loans or Tranche B Term Loans, as the case may be, which have Interest Periods which will expire after such date will be in excess of the aggregate principal amount of such Tranche A Term Loans or Tranche B Dollar Loans Term Loans, as the case may be, then outstanding less the aggregate amount of such required prepaymentScheduled Repayment. Notwithstanding anything to the contrary herein (i) with With respect to Term B Dollar any Alternate Currency Denominated Revolving Loans, at the end of any Interest Period applicable to a Borrowing thereof, BFPH or the U.K. Borrowers (at its or their option), as applicable, may elect to split the respective Borrowing into two or more Borrowings of the same Type or combine two or more Borrowings of the same Type into a single Borrowing, in each case, by having an Authorized Representative of the relevant Borrower or Borrowers give notice thereof together with its (or their) election of one or more Interest Periods, in each case so long as each resulting Borrowing has an Interest Period which complies with the foregoing requirements of this Section 1.09 and so long as each resulting Borrowing has a principal amount which is not less than the Minimum Borrowing Amount applicable to Borrowings of the respective Type and Tranche, and so long as the resulting Borrowings do not cause a violation of the requirements of Section 1.02. If upon the expiration of any Interest Period applicable to a Borrowing of Euro Rate Loans, the respective Borrower may only 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, such Borrower shall be deemed to have elected (x) if Eurodollar Loans, to convert such Eurodollar Loans into Base Rate Loans and Eurocurrency Loans with (y) if Alternate Currency Denominated Revolving Loans, to select a one month one-week Interest Period for the first 30 days after the Third Amendment Effective Date orsuch Alternate Currency Denominated Revolving Loans, if earlier, the date on which the Administrative Agent informs the Borrower in any such case effective as of the completion expiration date of the syndication of the Existing Term B Dollar Loans and (ii) if requested by the Borrower, the Administrative Agent, in its discretion, may offer such current Interest Periods shorter than one monthPeriod.

Appears in 1 contract

Samples: Credit Agreement (Vertis Inc)

Interest Periods. At the time it gives any Notice of Borrowing or a Notice of Conversion or Continuation In connection with each LIBOR Rate Loan (and except as otherwise provided in Section 2.12(b) with respect to any Borrowing bearing interest with reference to European Swingline Loans), AHL, on behalf of the Eurocurrency Rate, the Borrower shall electBorrowers for Revolving Loans, by giving notice at the Administrative Agent written noticetimes required hereunder, the shall elect an interest period (each each, an "Interest Period") to be applicable theretoto such Loan, which Interest Period shall, at be a period of one week (only in the option case of the Borrower, be Foreign Currency Loans made to AHL) or one, two, three three, or six months or, if available or otherwise satisfactory to each of the applicable Lenders (as determined by each such applicable Lender in its sole discretion) a twelve month period, months; provided that: (i) all Eurocurrency Loans comprising a single Borrowing shall at all times have the same Interest Period; (ii) the initial Interest Period for any Eurocurrency Loan shall commence on the date of such Borrowing advance of such Eurocurrency or conversion to LIBOR Rate Loan (including and, in the date case of any conversion thereto from a Loan of a different Type) and immediately successive Interest Periods, each successive Interest Period occurring thereafter in respect of such Eurocurrency Loan shall commence on the last day of date on which the immediately next preceding Interest PeriodPeriod expires; (iii) if any Interest Period relating to a Eurocurrency 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; (ivii) if any Interest Period would otherwise expire on a day which that is not a Business Day, such Interest Period shall expire on the next succeeding Business Day; provided, howeverthat, that with respect to any LIBOR Rate Loan, if any Interest Period for a Eurocurrency Loan would otherwise expire on a day which that is not a Business Day but is a day of the month after which no further Business Day occurs in such month, such Interest Period shall expire on the next preceding Business Day; (iii) with respect to any LIBOR Rate Loan, 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 end on the last Business Day of the calendar month at the end of such Interest Period; (iv) no Interest Period for Revolving Loans shall extend beyond the Revolving Facility Termination Date; (v) at any time when an Event there shall be no more than ten Tranches of Default is then in existenceLIBOR Rate Loans (excluding European Swingline Loans made as LIBOR Rate Loans) under the Revolving Facility, no Interest Period (a) of more than one month five of which Tranches may be selected Foreign Currency Loans (excluding European Swingline Loans made as LIBOR Rate Loans); for purposes of this provision, a "Tranche" of Loan shall refer to Loans with respect to any Loan denominated in an Alternative Currency and (b) may be selected with respect to any Loan denominated in Dollars; (vi) no Interest Period shall extend beyond the applicable Term Maturity Date for any Term Loan or the Revolver Termination Date for any Revolving Loan; and (vii) no Interest Period in respect of any Borrowing of Term Loans for any Term Facility shall be selected which extends beyond any date upon which a Scheduled Term Repayment will be required to be made under Section 4.4(b) for such Term Facility if the aggregate principal amount of all Term Loans which have Interest Periods which will expire after such date will be in excess of beginning and ending on the aggregate principal amount of Term B Dollar Loans then outstanding less the aggregate amount of such required prepayment. Notwithstanding anything to the contrary herein (i) with respect to Term B Dollar Loans, the Borrower may only have Base Rate Loans and Eurocurrency Loans with a one month Interest Period for the first 30 days after the Third Amendment Effective Date or, if earlier, the date on which the Administrative Agent informs the Borrower of the completion of the syndication of the Existing Term B Dollar Loans and (ii) if requested by the Borrower, the Administrative Agent, in its discretion, may offer Interest Periods shorter than one month.same date;

Appears in 1 contract

Samples: Credit Agreement (Ahl Services Inc)

Interest Periods. At the time it gives any Notice of Borrowing or a Notice of Conversion in respect of the making of, or Continuation with respect conversion into, a Eurodollar Loan (in the case of the initial Interest Period applicable thereto) or prior to any Borrowing bearing interest with reference 10:00 A.M. (New York time) on the third Business Day prior to the Eurocurrency Rateexpiration of an Interest Period applicable to such Eurodollar Loan (in the case of any subsequent Interest Period), the Borrower shall have the right to elect, by giving the Administrative Agent written noticenotice thereof, the interest period (each an “Interest Period”) applicable theretoeach, which Interest Period shall, at the option of the Borrower, be one, two, three or six months or, if available or otherwise satisfactory to each of the applicable Lenders (as determined by each such applicable Lender in its sole discretion) a twelve month period, provided that:an (i) all Eurocurrency Eurodollar Loans comprising a single Borrowing shall at all times have the same Interest Period; (ii) the initial Interest Period for any Eurocurrency Eurodollar Loan shall commence on the date of such Borrowing of such Eurocurrency Eurodollar Loan (including the date of any conversion thereto from a Loan Borrowing of a different TypeBase Rate Loans) and each Interest Period occurring thereafter in respect of such Eurocurrency Eurodollar Loan shall commence on the last day of on which the immediately next preceding Interest PeriodPeriod applicable thereto expires; (iii) if any Interest Period relating to a Eurocurrency 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 which is not a Business Day, such Interest Period shall expire on the next succeeding Business Day; provided, however, that if any Interest Period for a Eurocurrency Eurodollar Loan would otherwise expire on a day which is not a Business Day but is a day of the month after which no further Business Day occurs in such month, such Interest Period shall expire on the next preceding Business Day; (v) at any time when an Event of Default is then in existence, no Interest Period (a) of more than one month may for a Borrowing under any Tranche shall be selected with respect to any Loan denominated in an Alternative Currency and (b) may be selected with respect to any Loan denominated in Dollarswhich extends beyond the respective Maturity Date for such Tranche; (vi) no Interest Period shall extend beyond the applicable Term Maturity Date for may be selected at any Term Loan time when any Default or the Revolver Termination Date for any Revolving Loan; andEvent of Default is then in existence; (vii) no Interest Period in respect of any Borrowing of A Term Loans, B Term Loans for any Term Facility or Capital Expenditure Loans, as the case may be, shall be selected which extends beyond any date upon which a Scheduled mandatory repayment of such A Term Repayment Loans, B Term Loans or Capital Expenditure Loans will be required to be made under Section 4.4(b4.02(A)(b), (c) for or (d), as the case may be, if, after giving effect to the selection of such Term Facility if Interest Period, the aggregate principal amount of all such A Term Loans, B Term Loans or Capital Expenditure Loans, as the case may be, maintained as Eurodollar Loans which have Interest Periods which will expire expiring after such date will be in excess of the aggregate principal amount of such A Term Loans, B Dollar Term Loans or Capital Expenditure Loans, as the case may be, then outstanding less the aggregate amount of such required prepayment. Notwithstanding anything ; and (viii) no Interest Period may be selected prior to the contrary herein (i) with respect to Term B Dollar Loans, the Borrower may only have Base Rate Loans and Eurocurrency Loans with a one month Interest Period for the first 30 days after the Third Amendment Effective Date or, if earlier, the date on which the Administrative Agent informs the Borrower of the completion of the syndication of the Existing Term B Dollar Loans and (ii) if requested by the Borrower, the Administrative Agent, in its discretion, may offer Interest Periods shorter than one monthSyndication Termination Date.

Appears in 1 contract

Samples: Credit Agreement (Video Update Inc)

Interest Periods. At the time it gives any Notice of Borrowing or a Notice of Conversion or Continuation In connection with respect to any Borrowing bearing interest with reference to the each Eurocurrency RateRate Loan and Competitive Bid Loan, the applicable Borrower shall elect, by giving the Administrative Agent written notice, the elect an interest period (each an "Interest Period") to be applicable theretoto such Eurocurrency Rate Loan or Competitive Bid Loan, which as the case may be. The Interest Period shall, at the option of the Borrower, (i) with respect to each Eurocurrency Rate Loan shall be either a one, two, three or six months month period or, if available permitted under clause (E) of this Section 2.08(b), a nine or otherwise satisfactory to each of the applicable Lenders (as determined by each such applicable Lender in its sole discretion) a twelve month period, (iiA with respect to each Competitive Bid LIBOR Loan shall be a whole number of months as specified by the Borrower in the Notice of Competitive Bid Borrowing and (iii) with respect to each Competitive Bid Absolute Rate Loan shall be such number of days (but not less than seven days) as specified by the Borrower in the Notice of Competitive Bid Borrowing; provided that: (i) all Eurocurrency Loans comprising a single Borrowing shall at all times have the same Interest Period; (iiA) the initial Interest Period for any each Eurocurrency Rate Loan and Competitive Bid Loan shall commence on the date of such Borrowing of such Eurocurrency Loan Loan; (including the date of any conversion thereto from a Loan of a different Type) and each Interest Period occurring thereafter in respect of such Eurocurrency Loan shall commence on the last day of the immediately preceding Interest Period; (iiiB) if any Interest Period relating to a Eurocurrency 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 an Interest Period would otherwise expire on a day which is not a Business Day, such Interest Period shall expire on the next succeeding Business Day; provided, however, provided that if any Interest Period for a Eurocurrency Loan would otherwise expire on a day which is not a Business Day but is a day of the month after which no further Business Day occurs in such month, such Interest Period shall expire on the next preceding Business Day; ; (vC) at any time when an Event of Default is then in existence, no Interest Period which begins on the last Business Day of a calendar month (aor 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 more than one month may be selected with respect to any Loan denominated in an Alternative Currency and such ending calendar month; (b) may be selected with respect to any Loan denominated in Dollars; (viD) no Interest Period shall extend beyond the applicable Term Final Maturity Date for any Term Loan or the Revolver Termination Date for any Revolving LoanDate; and (viiE) no Eurocurrency Rate Loan shall have an Interest Period in respect of any Borrowing of Term Loans for any Term Facility shall be selected which extends beyond any date upon which a Scheduled Term Repayment will be required to be made under Section 4.4(b) for such Term Facility if the aggregate principal amount of all Term Loans which have Interest Periods which will expire after such date will be in excess of the aggregate principal amount of Term B Dollar Loans then outstanding less the aggregate amount of such required prepayment. Notwithstanding anything to the contrary herein (i) with respect to Term B Dollar Loans, the Borrower may only have Base Rate Loans and Eurocurrency Loans with a one month Interest Period for the first 30 days after the Third Amendment Effective Date or, if earlier, the date on which the Administrative Agent informs the Borrower of the completion of the syndication of the Existing Term B Dollar Loans and (ii) if requested by the Borrower, nine or twelve months unless the Administrative Agent, after consultation with the Banks, has determined in its discretion, may offer Interest Periods shorter than one month.good faith based on prevailing conditions in the Eurocurrency market on any date of determination that U.S. Dollar deposits are generally offered by the Banks to first class banks in the Eurocurrency market for a comparable maturity; and

Appears in 1 contract

Samples: Credit Agreement (Textron Inc)

Interest Periods. At the time it gives any Notice of Borrowing or a Notice of Conversion or Continuation In connection with respect to any Borrowing bearing interest with reference to the Eurocurrency Rateeach Eurodollar Rate Loan, the Borrower requesting such Loan shall elect, by giving the Administrative Agent written notice, the elect an interest period (each an “Interest "INTEREST Period") to be applicable theretoto such Loan, which Interest Period shall, at the option of the Borrower, shall be a one, two, three or six months or, if available or otherwise satisfactory to each of the applicable Lenders (as determined by each such applicable Lender in its sole discretion) a twelve month period, provided ; PROVIDED that: (i) all Eurocurrency Loans comprising a single Borrowing shall at all times have the same Interest Period; (ii) the initial Interest Period for any Eurocurrency Eurodollar Rate Loan shall commence on the date of such Borrowing of such Eurocurrency Loan (including the date of any conversion thereto from a Loan of a different Type) and each Interest Period occurring thereafter Funding Date in respect of such Eurocurrency 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) in the case of immediately successive Interest Periods applicable to a Eurodollar Rate Loan continued as such pursuant to a Notice of Conversion/Continuation or otherwise, each successive Interest Period shall commence on the last day of on which the immediately next preceding Interest PeriodPeriod expires; (iii) if any an Interest Period relating with respect to a Eurocurrency any 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 would otherwise expire on a day which is not a Business Day, such Interest Period shall expire on the next succeeding Business Day; provided, however, PROVIDED that if any such Interest Period for a Eurocurrency Loan would otherwise expire on a day which is not a Business Day but is a day of the month after which no further Business Day occurs in such month, such Interest Period shall expire on the next preceding Business Day; (iv) any Interest Period with respect to Eurodollar Rate Loans 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) shall end on the last Business Day of a calendar month; (v) at any time when an Event of Default is then in existence, no Interest Period (a) of more than one month may be selected with respect to any Term Loan denominated in an Alternative Currency and (b) may be selected with respect to any shall extend beyond the Term Loan denominated in DollarsMaturity Date; (vi) no Interest Period with respect to any Revolving Loan or any Offshore Loan shall extend beyond the Revolving Loan Commitment Termination Date; (vii) there shall be no more than 20 Interest Periods outstanding at any time with respect to Eurodollar Rate Loans to Domestic Borrowers; and there shall be no more than (a) 10 Interest Periods outstanding at any time with respect to UK Loans, (b) 15 Interest Periods outstanding at any time with respect to Australian Loans and (c) 2 Interest Periods outstanding at any time with respect to Italian Loans; (viii) in the event a Borrower fails to specify an Interest Period in the applicable Term Maturity Date for any Term Loan Notice of Borrowing or the Revolver Termination Date for any Revolving LoanNotice of Conversion/Continuation, such Borrower shall be deemed to have selected an Interest Period of one month; and (vii) no Interest Period in respect of any Borrowing of Term Loans for any Term Facility shall be selected which extends beyond any date upon which a Scheduled Term Repayment will be required to be made under Section 4.4(b) for such Term Facility if the aggregate principal amount of all Term Loans which have Interest Periods which will expire after such date will be in excess of the aggregate principal amount of Term B Dollar Loans then outstanding less the aggregate amount of such required prepayment. Notwithstanding anything to the contrary herein (iix) with respect to Term B Dollar LoansInterest Periods commencing on the Closing Date only, Borrowers' Agent may elect Interest Periods equal to the Borrower may only have Base Rate Loans and Eurocurrency Loans with a one month unexpired duration of "Interest Period for the first 30 days after the Third Amendment Effective Date or, if earlier, the date on which the Administrative Agent informs the Borrower of the completion of the syndication of Periods" then in effect under the Existing Term B Dollar Loans and (ii) if requested by Credit Agreement with respect to amounts not exceeding the Borrower, the Administrative Agent, in its discretion, may offer Interest Periods shorter than one monthprincipal amount of loans thereunder bearing interest for each such unexpired periods.

Appears in 1 contract

Samples: Secured Credit Agreement (Owens Illinois Inc /De/)

Interest Periods. At the time it the Borrower gives any Notice of Borrowing or a Notice of Conversion Conversion/Continuation in respect of the making of, or Continuation with respect conversion into, any Euro Rate Loan (in the case of the initial Interest Period applicable thereto) or prior to any Borrowing bearing interest with reference 11:00 A.M. (New York City time) on the third Business Day prior to the Eurocurrency Rateexpiration of an Interest Period applicable to such Euro Rate Loan (in the case of any subsequent Interest Period), the Borrower shall elect, by giving have the Administrative Agent written notice, right to elect the interest period (each each, an “Interest Period”) applicable theretoto such Euro Rate Loan, which Interest Period shall, at the option of the Borrower, Borrower be a one, two, three or three, six months or, if available or otherwise satisfactory to each of the applicable Lenders (as determined extent approved by each such applicable Lender in its sole discretion) a twelve month with Loans and/or Revolving Loan Commitments, any other period, provided that:that (in each case): (i) all Eurocurrency Euro Rate Loans comprising a single Borrowing shall at all times have the same Interest Period; (ii) the initial Interest Period for any Eurocurrency Euro Rate Loan shall commence on the date of such Borrowing of such Eurocurrency Euro Rate Loan (including the date of any conversion thereto from a Loan of a different TypeBase Rate Loan) and each Interest Period occurring thereafter in respect of such Eurocurrency Euro Rate Loan shall commence on the last day of on which the immediately next preceding Interest PeriodPeriod applicable thereto expires; (iii) if any Interest Period relating to for a Eurocurrency 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 for a Euro Rate Loan would otherwise expire on a day which is not a Business Day, such Interest Period shall expire on the next succeeding Business Day; provided, however, that if any Interest Period for a Eurocurrency Euro Rate Loan would otherwise expire on a day which is not a Business Day but is a day of the month after which no further Business Day occurs in such month, such Interest Period shall expire on the next preceding Business Day; (v) unless the Required Lenders otherwise agree, no Interest Period may be selected at any time when a Default or an Event of Default is then in existence, no Interest Period (a) of more than one month may be selected with respect to any Loan denominated in an Alternative Currency and (b) may be selected with respect to any Loan denominated in Dollars; (vi) no Interest Period shall extend beyond the applicable Term Maturity Date for any Term Loan or the Revolver Termination Date for any Revolving Loan; and (viivi) no Interest Period in respect of any Borrowing of Term Loans for any Term Facility shall be selected which extends beyond the Revolving Loan Maturity Date. With respect to any date upon Non-Dollar Denominated Loans, at the end of any Interest Period applicable to a Borrowing thereof, the Borrower, may elect to split the respective Borrowing into two or more Borrowings of the same Type or combine two or more Borrowings of the same Type into a single Borrowing, in each case, by having an Authorized Officer of the Borrower give notice thereof together with its election of one or more Interest Periods, in each case so long as each resulting Borrowing (x) has an Interest Period which complies with the foregoing requirements of this Section 2.09, (y) has a Scheduled Term Repayment will be required to be made under Section 4.4(b) for such Term Facility if the aggregate principal amount of all Term Loans which have Interest Periods which will expire after such date will be in excess is not less than the Minimum Borrowing Amount, and (z) does not cause a violation of the aggregate principal amount requirements of Term B Dollar Loans then outstanding less Section 2.02. If upon the aggregate amount expiration of such required prepayment. Notwithstanding anything any Interest Period applicable to the contrary herein (i) with respect to Term B Dollar a Borrowing of Euro Rate Loans, the Borrower may only has failed to elect, or are 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) if Eurodollar Loans, to convert such Eurodollar Loans into Base Rate Loans and Eurocurrency Loans with (y) if Non-Dollar Denominated Loans, to select a one one-month Interest Period for the first 30 days after the Third Amendment Effective Date orsuch Non-Dollar Denominated Loans, if earlier, the date on which the Administrative Agent informs the Borrower in any such case effective as of the completion expiration date of the syndication of the Existing Term B Dollar Loans and (ii) if requested by the Borrower, the Administrative Agent, in its discretion, may offer such current Interest Periods shorter than one monthPeriod.

Appears in 1 contract

Samples: Credit Agreement (Dole Food Co Inc)

Interest Periods. At the time it the Borrower gives any Notice of Borrowing or a Notice of Conversion Conversion/Continuation in respect of the making of, or Continuation with respect conversion into, any Euro Rate Loan (in the case of the initial Interest Period applicable thereto) or prior to any Borrowing bearing interest with reference 11:00 A.M. (New York City time) on the third Business Day prior to the Eurocurrency Rateexpiration of an Interest Period applicable to such Euro Rate Loan (in the case of any subsequent Interest Period), the Borrower shall elect, by giving have the Administrative Agent written notice, right to elect the interest period (each each, an “Interest Period”) applicable theretoto such Euro Rate Loan, which Interest Period shall, at the option of the Borrower, Borrower be a one, two, three or three, six months or, if available or otherwise satisfactory to each of the applicable Lenders (as determined extent approved by each such applicable Lender with Loans and/or Revolving Loan Commitments, any other period; provided that (in its sole discretion) a twelve month period, provided that:each case): (i) all Eurocurrency Euro Rate Loans comprising a single Borrowing shall at all times have the same Interest Period; (ii) the initial Interest Period for any Eurocurrency Euro Rate Loan shall commence on the date of such Borrowing of such Eurocurrency Euro Rate Loan (including the date of any conversion thereto from a Loan of a different TypeBase Rate Loan) and each Interest Period occurring thereafter in respect of such Eurocurrency Euro Rate Loan shall commence on the last day of on which the immediately next preceding Interest PeriodPeriod applicable thereto expires; (iii) if any Interest Period relating to for a Eurocurrency 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 for a Euro Rate Loan would otherwise expire on a day which is not a Business Day, such Interest Period shall expire on the next succeeding Business Day; provided, however, that if any Interest Period for a Eurocurrency Euro Rate Loan would otherwise expire on a day which is not a Business Day but is a day of the month after which no further Business Day occurs in such month, such Interest Period shall expire on the next preceding Business Day; (v) unless the Required Lenders otherwise agree, no Interest Period may be selected at any time when a Default or an Event of Default is then in existence, no Interest Period (a) of more than one month may be selected with respect to any Loan denominated in an Alternative Currency and (b) may be selected with respect to any Loan denominated in Dollars; (vi) no Interest Period shall extend beyond the applicable Term Maturity Date for any Term Loan or the Revolver Termination Date for any Revolving Loan; and (viivi) no Interest Period in respect of any Borrowing of Term Loans for any Term Facility shall be selected which extends beyond the Revolving Loan Maturity Date. With respect to any date upon Non-Dollar Denominated Loans, at the end of any Interest Period applicable to a Borrowing thereof, the Borrower, may elect to split the respective Borrowing into two or more Borrowings of the same Type or combine two or more Borrowings of the same Type into a single Borrowing, in each case, by having an Authorized Officer of the Borrower give notice thereof together with its election of one or more Interest Periods, in each case so long as each resulting Borrowing (x) has an Interest Period which complies with the foregoing requirements of this Section 2.09, (y) has a Scheduled Term Repayment will be required to be made under Section 4.4(b) for such Term Facility if the aggregate principal amount of all Term Loans which have Interest Periods which will expire after such date will be in excess is not less than the Minimum Borrowing Amount, and (z) does not cause a violation of the aggregate principal amount requirements of Term B Dollar Loans then outstanding less Section 2.02. If upon the aggregate amount expiration of such required prepayment. Notwithstanding anything any Interest Period applicable to the contrary herein (i) with respect to Term B Dollar a Borrowing of Euro Rate Loans, the Borrower may only have Base has failed to elect, or are not permitted to elect, a new Interest Period to be applicable to such Euro Rate Loans and Eurocurrency Loans with a one month Interest Period for the first 30 days after the Third Amendment Effective Date or, if earlieras provided above, the date on which the Administrative Agent informs the Borrower of the completion of the syndication of the Existing Term B Dollar Loans and (ii) if requested by the Borrower, the Administrative Agent, in its discretion, may offer Interest Periods shorter than one month.shall be deemed to have elected

Appears in 1 contract

Samples: Credit Agreement (Dole Food Co Inc)

Interest Periods. At the time it the Borrower gives any Notice of Borrowing or a Notice of Conversion in respect of the making of, or Continuation with respect conversion into, a Borrowing of Eurodollar Loans (in the case of the initial Interest Period applicable thereto) or prior to any Borrowing bearing interest with reference 12:00 Noon (New York time) on the third Business Day prior to the Eurocurrency Rateexpiration of an Interest Period applicable to a Borrowing of Eurodollar Loans (in the case of any subsequent Interest Period), the Borrower shall have the right to elect, by giving the Administrative Agent written noticenotice thereof, the interest period (each an “Interest Period”) applicable theretoto such Eurodollar Loan, which Interest Period shall, at the option of the Borrower, be a one, two, three or six months or, if available or otherwise satisfactory to each of the applicable Lenders (as determined by each such applicable Lender in its sole discretion) a twelve six-month period, provided that: (i) all Eurocurrency Eurodollar Loans comprising a single Borrowing shall at all times have the same Interest Period; (ii) the initial Interest Period for any Eurocurrency Loan Borrowing of Eurodollar Loans shall commence on the date of such Borrowing of such Eurocurrency Loan (including the date of any conversion thereto from a Loan of a different TypeBase Rate Loan) and each Interest Period occurring thereafter in respect of such Eurocurrency Loan Borrowing shall commence on the last day of on which the immediately next preceding Interest PeriodPeriod applicable thereto expires; (iii) if any Interest Period relating to a Eurocurrency Loan for any Borrowing of Eurodollar Loans begins on a day for which there is no numerically corresponding day in the calendar month at the end of such Interest Period, such Interest Period shall end on the last Business Day of such calendar month; (iv) if any Interest Period for a Eurodollar Loan would otherwise expire on a day which is not a Business Day, such Interest Period shall expire on the next succeeding Business Day; provided, however, that if any Interest Period for a Eurocurrency Loan any Borrowing of Eurodollar Loans would otherwise expire on a day which is not a Business Day but is a day of the month after which no further Business Day occurs in such month, such Interest Period shall expire on the next preceding Business Day; (v) no Interest Period for a Eurodollar Loan may be selected at any time when a Default or an Event of Default is then in existence, no Interest Period (a) of more than one month may be selected with respect to any Loan denominated in an Alternative Currency and (b) may be selected with respect to any Loan denominated in Dollars; (vi) no Interest Period in respect of any Revolving Loan Borrowing of Eurodollar Loans shall extend be selected which extends beyond the applicable Term Revolving Loan Maturity Date for any Term Loan or the Revolver Termination Date for any Revolving LoanDate; and (vii) no Interest Period in respect of any Borrowing of Tranche B Term Loans for any Term Facility Borrowing made as Eurodollar Loans shall be selected which extends beyond the Tranche B Term Loan Maturity Date. If upon the expiration of any date upon which Interest Period applicable to a Scheduled Term Repayment will be required to be made under Section 4.4(b) for such Term Facility if the aggregate principal amount Borrowing of all Term Loans which have Interest Periods which will expire after such date will be in excess of the aggregate principal amount of Term B Dollar Loans then outstanding less the aggregate amount of such required prepayment. Notwithstanding anything to the contrary herein (i) with respect to Term B Dollar Eurodollar Loans, the Borrower may only 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 and Eurocurrency Loans with a one month Interest Period for the first 30 days after the Third Amendment Effective Date or, if earlier, the date on which the Administrative Agent informs the Borrower effective as of the completion expiration date of the syndication of the Existing Term B Dollar Loans and (ii) if requested by the Borrower, the Administrative Agent, in its discretion, may offer such current Interest Periods shorter than one monthPeriod.

Appears in 1 contract

Samples: Credit Agreement (Hanger Orthopedic Group Inc)

Interest Periods. At the time it the Borrower gives any Notice of Borrowing or a Notice of Conversion Conversion/Continuation in respect of the making of, or Continuation with respect conversion into, any Fixed Rate Loan at or prior to any Borrowing bearing interest with reference 11:00 A.M. (New York City time) on the third Business Day prior to the Eurocurrency Ratemaking of, or the expiration of an Interest Period applicable to, such Fixed Rate Loan, the Borrower shall elect, by giving have the Administrative Agent written notice, right to elect the interest period (each each, an “Interest Period”) applicable theretoto such Fixed Rate Loan, which Interest Period shall, at the option of the Borrower, be onea one (1), twotwo (2), three or (3), six months (6) or, if available or otherwise satisfactory to each of the applicable Lenders (as determined extent approved by each such applicable Lender with Loans or Commitments under the relevant Tranche, twelve (12) month period or any shorter period; provided that (in its sole discretion) a twelve month period, provided that:each case): (iA) all Eurocurrency Fixed Rate Loans comprising a single Borrowing shall at all times have the same Interest Period; (iiB) the initial Interest Period for any Eurocurrency Fixed Rate Loan shall commence on the date of such Borrowing of such Eurocurrency Fixed Rate Loan (including including, in the case of a LIBOR Loan, the date of any conversion thereto from a Loan of a different TypeBase Rate Loan) and each Interest Period occurring thereafter in respect of such Eurocurrency Fixed Rate Loan shall commence on the last day of on which the immediately next preceding Interest PeriodPeriod applicable thereto expires; (iiiC) if any Interest Period relating to for a Eurocurrency Fixed Rate Loan begins on a day for which there is no numerically corresponding day in the calendar month at the end of such Interest Period, such Interest Period shall end on the last Business Day of such calendar month; (ivD) if any Interest Period for a Fixed Rate Loan would otherwise expire on a day which is not a Business Day, such Interest Period shall expire on the next succeeding Business Day; provided, however, provided that if any Interest Period for a Eurocurrency Fixed Rate Loan would otherwise expire on a day which is not a Business Day but is a day of the month after which no further Business Day occurs in such month, such Interest Period shall expire on the next preceding Business Day; (v) at any time when an Event of Default is then in existence, no Interest Period (a) of more than one month may be selected with respect to any Loan denominated in an Alternative Currency and (b) may be selected with respect to any Loan denominated in Dollars; (vi) no Interest Period shall extend beyond the applicable Term Maturity Date for any Term Loan or the Revolver Termination Date for any Revolving Loan; and (viiE) no Interest Period in respect of any Borrowing of any Tranche of Loans shall be selected which extends beyond the Maturity Date for such Tranche of Loans; and (F) no Interest Period in respect of any Borrowing of any Tranche of Term Loans for any Term Facility shall be selected which extends beyond any date upon which a Scheduled mandatory repayment of such Tranche of Term Repayment Loans will be required to be made under Section 4.4(b) for such Term Facility 2.4(a), if the aggregate principal amount of all such Tranche of Term Loans which have that has Interest Periods which that will expire after such date will be in excess of the aggregate principal amount of such Tranche of Term B Dollar Loans Loans, as the case may be, then outstanding less the aggregate amount of such required prepayment. Notwithstanding anything to the contrary herein (i) with respect to Term B Dollar Loans, the Borrower may only have Base Rate Loans and Eurocurrency Loans with a one month Interest Period for the first 30 days after the Third Amendment Effective Date or, if earlier, the date on which the Administrative Agent informs the Borrower of the completion of the syndication of the Existing Term B Dollar Loans and (ii) if requested by the Borrower, the Administrative Agent, in its discretion, may offer Interest Periods shorter than one monthrepayment.

Appears in 1 contract

Samples: Amendment and Restatement Agreement (LEGALZOOM.COM, Inc.)

Interest Periods. At In connection with each Eurodollar Rate Loan, each Bank Xxxx Swap Rate Loan and each Gold Loan, the time it gives any applicable Borrower may, pursuant to the applicable Notice of Borrowing or a Notice of Conversion or Continuation with respect to any Borrowing bearing interest with reference to Conversion/Continuation, as the Eurocurrency Ratecase may be, the Borrower shall elect, by giving the Administrative Agent written notice, the interest period (each select an “Interest Period”) applicable thereto, which Interest Period shall, at the option of the Borrower, to be one, two, three or six months or, if available or otherwise satisfactory applicable to each of the applicable Lenders (as determined by each such applicable Lender in its sole discretion) a twelve month period, Loan; provided that: (i) all Eurocurrency Loans comprising a single Borrowing shall at all times have the same Interest Period; (ii) the initial Interest Period for any Eurocurrency Eurodollar Rate Loan, Bank Xxxx Swap Rate Loan, or Gold Loan shall commence on the date Funding Date of such Borrowing Loan, in the case of such Eurocurrency a Loan (including initially made as a Eurodollar Rate Loan, a Bank Xxxx Swap Rate Loan, or a Gold Loan, or on the date specified in the applicable Notice of Conversion/Continuation, in the case of any conversion thereto from Loan converted into a Eurodollar Rate Loan; (ii) in the case of immediately successive Interest Periods applicable to any Eurodollar Rate Loan, Bank Xxxx Swap Rate Loan, or Gold Loan continued as such pursuant to a Notice of a different Type) and Conversion/Continuation, each such successive Interest Period occurring thereafter in respect of such Eurocurrency Loan shall commence on the last day of on which the immediately preceding Interest PeriodPeriod expires; (iii) if any Interest Period relating to a Eurocurrency 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 an Interest Period would otherwise expire on a day which that is not a Business Day, such Interest Period shall expire on the next succeeding Business Day; providedprovided that, howeverin the case of a Eurodollar Rate Loan, that if any Interest Period for a Eurocurrency Loan would otherwise expire on a day which that is not a Business Day but is a day of the month after which no further Business Day occurs in such month, such Interest Period shall expire on the next preceding Business Day; (iv) any Interest Period 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, subject to clause (v) at any time when an Event of Default is then in existencethis subsection 2.2B, end on the last Business Day of a calendar month; (v) no Interest Period (a) of more than one month may be selected with respect to any Loan denominated in an Alternative Currency and (b) may be selected with respect to any Loan denominated in Dollars;shall extend beyond the Commitment Termination Date; and (vi) no Interest Period shall extend beyond the applicable Term Maturity Date for any Term Loan or the Revolver Termination Date for any Revolving Loan; and (vii) no Interest Period in respect of any Borrowing of Term Loans for any Term Facility there shall be selected which extends beyond any date upon which a Scheduled Term Repayment will be required to be made under Section 4.4(b) for such Term Facility if the aggregate principal amount of all Term Loans which have no more than five Interest Periods which will expire after such date will be in excess of the aggregate principal amount of Term B Dollar Loans then outstanding less the aggregate amount of such required prepayment. Notwithstanding anything relating to the contrary herein (i) with respect to Term B Dollar Loans, the Borrower may only have Base Eurodollar Rate Loans and Eurocurrency Loans with a one month Interest Period for the first 30 days after the Third Amendment Effective Date oroutstanding at any time, if earlier, the date on which the Administrative Agent informs the Borrower of the completion of the syndication of the Existing Term B Dollar Loans and (ii) if requested by the Borrower, the Administrative Agent, in its discretion, may offer there shall be no more than five Interest Periods shorter relating to Bank Xxxx Swap Rate Loans outstanding at any time and there shall be no more than one monthfive Interest Periods relating to Gold Loans outstanding at any time.

Appears in 1 contract

Samples: Credit Agreement (Homestake Mining Co /De/)

Interest Periods. At the time it gives any Notice of Borrowing When Restricted Borrowers (or a Notice of Conversion or Continuation with respect to Borrowings by Unrestricted Borrowers, Unrestricted Borrowers and Restricted Borrowers) request any Borrowing bearing interest Eurodollar Rate Borrowing, Restricted Borrowers (or with reference respect to the Eurocurrency RateBorrowings by Unrestricted Borrowers, the Borrower shall elect, by giving the Administrative Agent written notice, Unrestricted Borrowers and Restricted Borrowers) may elect the interest period (each an "Interest Period") applicable thereto, which Interest Period shallshall be, at the option of the BorrowerRestricted Borrowers' (or with respect to Borrowings by Unrestricted Borrowers, be Unrestricted Borrowers' and Restricted Borrowers') option, one, two, three three, six, or six months or(subject to availability) twelve months; provided, if available or otherwise satisfactory to each of the applicable Lenders however, that: (as determined by each such applicable Lender in its sole discretion) a twelve month period, provided that: (i) all Eurocurrency Loans comprising a single Borrowing shall at all times have the same Interest Period; (iia) the initial Interest Period for any Eurocurrency Loan a Eurodollar Rate Borrowing shall commence on the date of such Borrowing of such Eurocurrency Loan (including the date of any conversion thereto from a Loan of a different Type) thereto), and each Interest Period occurring thereafter in respect of such Eurocurrency Loan Borrowing shall commence on the last day of on which the immediately next preceding Interest Period; Period applicable thereto expires; (iiib) if any Interest Period relating to for a Eurocurrency Loan Eurodollar Rate Borrowing begins on a day for which there is no numerically corresponding day Business Day in the calendar month at the end of such Interest Period, then such Interest Period shall end on the last Business Day in the calendar month at the end of such calendar month; Interest Period); (ivc) if any Interest Period would otherwise expire on a day which is not a Business Day, such Interest Period shall expire on the next succeeding Business Day; provided, however, that if any Interest Period for a Eurocurrency Loan would otherwise expire on a day which is not a Business Day but is a day of the month after which no further Business Day occurs in such month, such Interest Period shall expire on the next preceding Business Day; (v) at any time when an Event of Default is then in existence, no Interest Period (a) of more than one month may be selected chosen with respect to any Loan denominated in an Alternative Currency and (b) may be selected with respect to any Loan denominated in Dollars; (vi) no Interest Period shall portion of the Principal Debt which would extend beyond the applicable Term Maturity Date for scheduled repayment date (including any Term Loan or the Revolver Termination Date for any Revolving Loan; and (vii) no Interest Period in respect of any Borrowing of Term Loans for any Term Facility shall be selected dates on which extends beyond any date upon which a Scheduled Term Repayment will be mandatory prepayments are required to be made under Section 4.4(bmade) for such Term Facility if portion of the Principal Debt; and (d) no more than an aggregate principal amount of all Term Loans which have fifteen (15) Interest Periods which will expire after such date will for both the Revolver Facility and the Discretionary Revolver Subfacility and five (5) Interest Periods for both the Term Loan Facility and the Discretionary Term Loan Subfacility shall be in excess of the aggregate principal amount of Term B Dollar Loans then outstanding less the aggregate amount of such required prepayment. Notwithstanding anything to the contrary herein (i) with respect to Term B Dollar Loans, the Borrower may only have Base Rate Loans and Eurocurrency Loans with a effect at one month Interest Period for the first 30 days after the Third Amendment Effective Date or, if earlier, the date on which the Administrative Agent informs the Borrower of the completion of the syndication of the Existing Term B Dollar Loans and (ii) if requested by the Borrower, the Administrative Agent, in its discretion, may offer Interest Periods shorter than one monthtime.

Appears in 1 contract

Samples: Credit Agreement (Adelphia Communications Corp)

Interest Periods. At the time it gives any Notice of Borrowing or a Notice of Conversion in respect of the making of, or Continuation with respect to conversion into, any Borrowing bearing interest with reference Eurodollar Rate Loan (in the case of the initial Interest Period applicable thereto) or on the third Business Day prior to the Eurocurrency Rateexpiration of an Interest Period applicable to such Eurodollar Rate Loan (in the case of any subsequent Interest Period), the Borrower shall have the right to elect, by giving the Administrative Agent written notice thereof (such notice, a "Rollover Notice"), the interest period (each each, an "Interest Period") applicable theretoto such Eurodollar Rate Loan, which Interest Period shall, at the option of the Borrower, be be, in the case of any Eurodollar Rate Loan, a one, two, three or six months or, if available or otherwise satisfactory to each of the applicable Lenders (as determined by each such applicable Lender in its sole discretion) a twelve six-month period, provided that: : (i) all Eurocurrency Eurodollar Rate Loans comprising a single Borrowing shall at all times have the same Interest Period; Period except as otherwise required by Section 2.11(b); (ii) the initial Interest Period for any Eurocurrency Eurodollar Rate Loan shall commence on the date of such Borrowing of such Eurocurrency Loan (including the date of any conversion thereto Conversion thereof from a Loan of a different TypeBase Rate Loan) and each Interest Period occurring thereafter in respect of such Eurocurrency Loan shall commence on the last day of on which the immediately next preceding Interest Period; Period applicable thereto expires; (iii) if any Interest Period relating to a Eurocurrency 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 would otherwise expire on a day which is not a Business Day, such Interest Period shall expire on the next succeeding Business Day; provided, however, provided that if any Interest Period for a Eurocurrency Eurodollar Rate Loan would otherwise expire on a day which is not a Business Day but is a day of the month after which no further Business Day occurs in such month, such Interest Period shall expire on the next preceding Business Day; ; and (v) at any time when an Event of Default is then in existence, no Interest Period (a) of more than one month may be selected with respect to any Loan denominated in an Alternative Currency and (b) may be selected with respect to any Loan denominated in Dollars; (vi) no Interest Period shall extend beyond the applicable Term Maturity Date for Date. If upon the expiration of any Term Loan or the Revolver Termination Date for any Revolving Loan; and (vii) no Interest Period in respect of any Borrowing of Term Loans for any Term Facility shall be selected which extends beyond any date upon which applicable to a Scheduled Term Repayment will be required to be made under Section 4.4(b) for such Term Facility if the aggregate principal amount of all Term Loans which have Interest Periods which will expire after such date will be in excess of the aggregate principal amount of Term B Dollar Loans then outstanding less the aggregate amount of such required prepayment. Notwithstanding anything to the contrary herein (i) with respect to Term B Dollar LoansEurodollar Rate Loan, the Borrower may only has failed to elect a new Interest Period to be applicable to such Eurodollar Rate Loan as provided above, the Borrower shall be deemed to have Base Rate Loans and Eurocurrency Loans elected an Interest Period with a duration of one month Interest Period for the first 30 days after the Third Amendment Effective Date or, if earlier, the date on which the Administrative Agent informs the Borrower of the completion of the syndication of the Existing Term B Dollar Loans and (ii1) if requested by the Borrower, the Administrative Agent, in its discretion, may offer Interest Periods shorter than one month.

Appears in 1 contract

Samples: Credit Agreement (Gramercy Capital Corp)

Interest Periods. At the time it the Borrower gives any Notice of Borrowing in respect of the making of any Eurodollar Loan (in the case of the initial Interest Period applicable thereto) or a Notice of Conversion or Continuation with respect prior to any Borrowing bearing interest with reference 11:00 a.m. (New York time) on the third Business Day prior to the Eurocurrency Rateexpiration of an Interest Period applicable to such Eurodollar Loan (in the case of any subsequent Interest Period), the Borrower shall have the right to elect, by giving the Administrative Agent written noticenotice thereof, the interest period (each an “Interest Period”) applicable theretoto such Eurodollar Loan, which Interest Period shall, at the option of the Borrower, be a one, two, three or six months orsix-month period (it being understood, if available or otherwise satisfactory to each however, that during the one month period preceding the Maturity Date, the Borrower, with the consent of the applicable Lenders (Administrative Agent, may select an Interest Period of less than one month so long as determined by each such applicable Lender in its sole discretion) a twelve month period, Interest Period ends no later than the Maturity Date); provided that: (i) all Eurocurrency Eurodollar Loans comprising a single Borrowing shall at all times have the same Interest Period; (ii) the initial Interest Period for any Eurocurrency Eurodollar Loan shall commence on the date of such Borrowing of such Eurocurrency Revolving Loan (including if initially borrowed as a Eurodollar Loan) or the date of any conversion thereto such Revolving Loan is converted from a Base Rate Loan of to a different Type) Eurodollar Loan pursuant to Section 2.06, as applicable, and each Interest Period occurring thereafter in respect of such Eurocurrency Eurodollar Loan shall commence on the last day of immediately following the day on which the immediately preceding Interest PeriodPeriod applicable thereto expires; (iii) if any Interest Period relating to a Eurocurrency 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 which is not a Business Day, such Interest Period shall expire on the next first succeeding Business Day; provided, however, that if any Interest Period for a Eurocurrency Eurodollar Loan would otherwise expire on a day which is not a Business Day but is a day of the month after which no further Business Day occurs in such month, such Interest Period shall expire on the next immediately preceding Business Day; (v) no Interest Period longer than one month may be selected at any time when an Event of Default is then in existence, no Interest Period (a) of more than one month may be selected with respect to any Loan denominated in an Alternative Currency and (b) may be selected with respect to any Loan denominated in Dollars; (vi) no Interest Period shall extend beyond the applicable Term Maturity Date for any Term Loan or the Revolver Termination Date for any Revolving Loan; and (vii) no Interest Period in respect of any Borrowing of Term Loans for any Term Facility shall be selected which extends beyond any date upon which a Scheduled Term Repayment will be required to be made under Section 4.4(bthe Maturity Date; and (vii) for such Term Facility if the aggregate principal amount selection of all Term Loans which have Interest Periods which will expire after such date will shall be in excess of the aggregate principal amount of Term B Dollar Loans then outstanding less the aggregate amount of such required prepayment. Notwithstanding anything subject to the contrary herein provisions of Section 2.02. If by 11:00 a.m. (iNew York time) with respect on the third Business Day preceding the expiration of any Interest Period applicable to Term B Dollar a Borrowing of Eurodollar Loans, the Borrower may only has failed to elect a new Interest Period to be applicable to such Revolving Loans as provided above, the Borrower shall be deemed to have Base Rate Loans and Eurocurrency Loans with elected a one month Interest Period for the first 30 days after the Third Amendment Effective Date or, if earlier, the date on which the Administrative Agent informs the Borrower to be applicable to such Revolving Loans effective as of the completion expiration date of the syndication of the Existing Term B Dollar Loans and (ii) if requested by the Borrower, the Administrative Agent, in its discretion, may offer such current Interest Periods shorter than one monthPeriod.

Appears in 1 contract

Samples: Credit Agreement (Trico Marine Services Inc)

Interest Periods. At the time it gives any Notice of Borrowing or a Notice of Conversion or Continuation (i) In connection with respect to any Borrowing bearing interest with reference to the Eurocurrency Rateeach Eurodollar Loan, the Borrower shall electBorrower, by giving notice at the Administrative Agent written noticetimes described in Sections 2.3 and 4.2, the shall elect an interest period (each each, an "Interest Period") to be applicable theretoto such Loan, which Interest Period shallshall be a period of one (1), at the option of the Borrower, be one, twotwo (2), three (3), or six months or, if available or otherwise satisfactory to each of the applicable Lenders (as determined by each such applicable Lender in its sole discretion6) a twelve month period, months; provided that: (iA) all Eurocurrency Loans comprising a single Borrowing shall at all times have the same Interest Period; (ii) the initial each Interest Period for any Eurocurrency Loan shall commence on the date of such Borrowing advance of such Eurocurrency or conversion to any Eurodollar Loan (including and, in the date case of any conversion thereto from a Loan of a different Type) and immediately successive Interest Periods, each successive Interest Period occurring thereafter in respect of such Eurocurrency Loan shall commence on the last day of date on which the immediately next preceding Interest PeriodPeriod expires; (iii) if any Interest Period relating to a Eurocurrency 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; (ivB) if any Interest Period would otherwise expire on a day which that is not a Business Day, such Interest Period shall expire on the next succeeding Business Day; provided, however, that if any Interest Period for a Eurocurrency Loan would otherwise expire on a day which that is not a Business Day but is a day of the month after which no further Business Day occurs in such month, such Interest Period shall expire on the next preceding Business Day; (vC) at any time when an Event of Default is then in existence, no Interest Period that begins on the last Business Day of a calendar month (aor 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 more than one the relevant calendar month may be selected with respect to any Loan denominated in an Alternative Currency and (b) may be selected with respect to any Loan denominated in Dollars;at the end of such Interest Period; and (viD) no Interest Period shall extend beyond the applicable Term Maturity Date for any Term Loan or the Revolver Termination Date for and there shall be no more than eight (8) different Interest Periods in effect at any Revolving time. (ii) In connection with each Absolute Rate Loan, the Borrower, by giving notice at the times described in Section 2.4, shall elect an Interest Period to be applicable to such Loan, which Interest Period shall be a period of such duration as accepted by the Borrower pursuant to Section 2.4(c); provided that: (A) The Interest Period shall not be less than seven (7) days nor more than one hundred eighty (180) days; (B) 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; and (viiC) no Interest Period in respect of any Borrowing of Term Loans for any Term Facility shall be selected which extends extend beyond any date upon which a Scheduled Term Repayment will be required to be made under Section 4.4(b) for such Term Facility if the aggregate principal amount of all Term Loans which have Interest Periods which will expire after such date will be in excess of the aggregate principal amount of Term B Dollar Loans then outstanding less the aggregate amount of such required prepayment. Notwithstanding anything to the contrary herein (i) with respect to Term B Dollar Loans, the Borrower may only have Base Rate Loans and Eurocurrency Loans with a one month Interest Period for the first 30 days after the Third Amendment Effective Date or, if earlier, the date on which the Administrative Agent informs the Borrower of the completion of the syndication of the Existing Term B Dollar Loans and (ii) if requested by the Borrower, the Administrative Agent, in its discretion, may offer Interest Periods shorter than one monthTermination Date.

Appears in 1 contract

Samples: Credit Agreement (Caraustar Industries Inc)

Interest Periods. At the time it gives any Notice of Borrowing or a Notice of Conversion in respect of the making of, or Continuation with respect to conversion into, any Borrowing bearing interest with reference Eurodollar Loan (in the case of the initial Interest Period applicable thereto) or on the third Business Day prior to the Eurocurrency Rateexpiration of an Interest Period applicable to such Eurodollar Loan (in the case of any subsequent Interest Period), the Borrower shall have the right to elect, by giving having an Authorized Officer of the Administrative Borrower give the Agent written noticenotice thereof, the interest period (each each, an "Interest Period") applicable theretoto such Eurodollar Loan, which Interest Period shall, at the option of the BorrowerBorrower (but otherwise subject to the provisions of Section 1.01(a)(i)(y) and 1.06(iii)), be a one, two, three or six months six-month period or, if available to the extent approved by all Banks, a nine-month or otherwise satisfactory to each of the applicable Lenders (as determined by each such applicable Lender in its sole discretion) a twelve twelve-month period, ; provided that: (i) all Eurocurrency Eurodollar Loans comprising a single Borrowing shall at all times have the same Interest Period; (ii) the initial Interest Period for any Eurocurrency Eurodollar Loan shall commence on the date of such Borrowing of such Eurocurrency Eurodollar Loan (including the date of any conversion thereto from a Revolving Loan of a different Type) and each Interest Period occurring thereafter in respect of such Eurocurrency Eurodollar Loan shall commence on the last day of on which the immediately next preceding Interest PeriodPeriod applicable thereto expires; (iii) if any Interest Period relating to a Eurocurrency 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 which is not a Business Day, such Interest Period shall expire on the next succeeding Business Day; provided, however, that if any Interest Period for a Eurocurrency Eurodollar Loan would otherwise expire on a day which is not a Business Day but is a day of the month after which no further Business Day occurs in such month, such Interest Period shall expire on the next preceding Business Day; (v) no Interest Period may be selected at any time when an a Default under Section 10.01 or 10.05 or any Event of Default is then in existence, no Interest Period (a) of more than one month may be selected with respect to any Loan denominated in an Alternative Currency ; and (b) may be selected with respect to any Loan denominated in Dollars; (vi) no Interest Period shall extend beyond the applicable Term Maturity Date for any Term Loan or the Revolver Termination Date for any Revolving Loan; and (vii) no Interest Period in respect of any Borrowing of Term Revolving Loans for any Term Facility shall be selected which extends beyond the Final Maturity Date. If upon the expiration of any date upon which Interest Period applicable to a Scheduled Term Repayment will be required to be made under Section 4.4(b) for such Term Facility if the aggregate principal amount Borrowing of all Term Loans which have Interest Periods which will expire after such date will be in excess of the aggregate principal amount of Term B Dollar Loans then outstanding less the aggregate amount of such required prepayment. Notwithstanding anything to the contrary herein (i) with respect to Term B Dollar Eurodollar Loans, the Borrower may only 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 and Eurocurrency Loans with a one month Interest Period for the first 30 days after the Third Amendment Effective Date or, if earlier, the date on which the Administrative Agent informs the Borrower effective as of the completion expiration date of the syndication of the Existing Term B Dollar Loans and (ii) if requested by the Borrower, the Administrative Agent, in its discretion, may offer such current Interest Periods shorter than one monthPeriod.

Appears in 1 contract

Samples: Credit Agreement (Jordan Industries Inc)

Interest Periods. At the time it gives any (a) The Borrower shall, in each Notice of Borrowing or a Notice of Conversion or Continuation with in respect to any Borrowing bearing interest with reference to of the Eurocurrency Ratemaking of, the Borrower shall electconversion into or continuation of a Eurodollar Loan, by giving the Administrative Agent written notice, select the interest period (each an “Interest Period”"INTEREST PERIOD") applicable theretoto such Eurodollar Loan, which Interest Period shall, at the option of the Borrower, be either a one-month, two-month, three three-month or six months or, if available or otherwise satisfactory to each of the applicable Lenders (as determined by each such applicable Lender in its sole discretion) a twelve six-month period, provided that: (i) all Eurocurrency Loans comprising a single Borrowing shall at all times have the same Interest Period; (ii) the initial Interest Period for any Eurocurrency Eurodollar Loan shall commence on the date of such Borrowing the making of such Eurocurrency Eurodollar Loan (including the date of any conversion thereto from a Loan of a different TypeBase Rate Loan) and each Interest Period occurring thereafter in respect of such Eurocurrency Eurodollar Loan shall commence on the last date on which the next preceding Interest Period ends; (ii) if any Interest Period would otherwise end on a day which is not a Business Day, such Interest Period shall end on the next succeeding Business Day; PROVIDED, HOWEVER, that if any Interest Period would otherwise end on a day which is not a Business Day but is a day of the immediately month after which no further Business Day occurs in such month, such Interest Period shall end on the next preceding Interest PeriodBusiness Day; (iii) if any Interest Period relating to a Eurocurrency 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 which is not a Business Day, such Interest Period shall expire on the next succeeding Business Day; provided, however, that if any Interest Period for a Eurocurrency Loan would otherwise expire on a day which is not a Business Day but is a day of the month after which no further Business Day occurs in such month, such Interest Period shall expire on the next preceding Business Day; (v) at any time when an Event of Default is then in existence, no Interest Period in respect of the Term Loans (aor portion thereof) the principal of more than one month may which is required to be selected with respect repaid prior to any the Term Loan denominated in an Alternative Currency and (b) may be selected with respect to any Loan denominated in Dollars; (vi) no Interest Period Maturity Date shall extend beyond the applicable Term Maturity Date for any Term Loan or the Revolver Termination Date for any Revolving Loandate on which such principal is required to be repaid; and (viiv) no Interest Period in respect of any Borrowing Revolving Loan shall extend beyond the Final Maturity Date and no Interest Period in respect of the Term Loans for shall extend beyond the Term Loan Maturity Date. (b) If upon the last day of any Term Facility shall be selected which extends beyond any date upon which a Scheduled Term Repayment will be required to be made under Section 4.4(b) for such Term Facility if the aggregate principal amount of all Term Loans which have Interest Periods which will expire after such date will be in excess of the aggregate principal amount of Term B Dollar Loans then outstanding less the aggregate amount of such required prepayment. Notwithstanding anything to the contrary herein (i) with respect to Term B Dollar LoansPeriod, the Borrower may only has failed to elect a new Interest Period to be applicable to the respective Eurodollar Loan as provided above, the Borrower shall be deemed to have elected to convert such Eurodollar Loans into Base Rate Loans and Eurocurrency Loans with a one month Interest Period for the first 30 days after the Third Amendment Effective Date or, if earlier, the date on which the Administrative Agent informs the Borrower effective as of the completion last day of the syndication of the Existing Term B Dollar Loans and (ii) if requested by the Borrower, the Administrative Agent, in its discretion, may offer such current Interest Periods shorter than one monthPeriod.

Appears in 1 contract

Samples: Credit Agreement (Genmar Holdings Inc)

Interest Periods. At the time it the Borrower gives any Notice of Borrowing or a Notice of Conversion in respect of the making of, or Continuation with respect to conversion into, any Borrowing bearing interest with reference Eurodollar Loan (in the case of the initial Interest Period applicable thereto) or on the third Business Day prior to the Eurocurrency Rateexpiration of an Interest Period applicable to such Eurodollar Loan (in the case of any subsequent Interest Period), the Borrower shall have the right to elect, by giving the Administrative Agent written noticenotice thereof, the interest period (each an "Interest Period") applicable theretoto such Eurodollar Loan, which Interest Period shall, at the option of the Borrower, be a one, two, three or six months or, if available or otherwise satisfactory to each of the applicable Lenders (as determined by each such applicable Lender in its sole discretion) a twelve six-month period, provided that: (i) all Eurocurrency Eurodollar Loans comprising a single Borrowing shall at all times have the same Interest Period; (ii) the initial Interest Period for any Eurocurrency Eurodollar Loan shall commence on the date of such Borrowing of such Eurocurrency Eurodollar Loan (including the date of any conversion thereto from a Loan of a different TypeBase Rate) and each Interest Period occurring thereafter in respect of such Eurocurrency Eurodollar Loan shall commence on the last day of on which the immediately next preceding Interest PeriodPeriod applicable thereto expires; (iii) if any Interest Period relating to for a Eurocurrency Eurodollar Loan begins on a day for which there is no numerically corresponding day in the calendar month at the end of such Interest Period, such Interest Period shall end on the last Business Day of such calendar month; (iv) if any Interest Period for a Eurodollar Loan would otherwise expire on a day which is not a Business Day, such Interest Period shall expire on the next succeeding Business Day; provided, however, that if any Interest Period for a Eurocurrency Eurodollar Loan would otherwise expire on a day which is not a Business Day but is a day of the month after which no further Business Day occurs in such month, such Interest Period shall expire on the next preceding Business Day; (v) no Interest Period may be selected at any time when a Default or an Event of Default is then in existence, no Interest Period (a) of more than one month may be selected with respect to any Loan denominated in an Alternative Currency and (b) may be selected with respect to any Loan denominated in Dollars; (vi) no Interest Period shall extend beyond the applicable Term Maturity Date for any Term Loan or the Revolver Termination Date for any Revolving Loan; and (viivi) no Interest Period in respect of any Borrowing of Term Eurodollar Loans for any Term Facility shall be selected which extends beyond the Final Maturity Date. If upon the expiration of any date upon which Interest Period applicable to a Scheduled Term Repayment will be required to be made under Section 4.4(b) for such Term Facility if the aggregate principal amount Borrowing of all Term Loans which have Interest Periods which will expire after such date will be in excess of the aggregate principal amount of Term B Dollar Loans then outstanding less the aggregate amount of such required prepayment. Notwithstanding anything to the contrary herein (i) with respect to Term B Dollar Eurodollar Loans, the Borrower may only 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 and Eurocurrency Loans with a one month Interest Period for the first 30 days after the Third Amendment Effective Date or, if earlier, the date on which the Administrative Agent informs the Borrower effective as of the completion expiration date of the syndication of the Existing Term B Dollar Loans and (ii) if requested by the Borrower, the Administrative Agent, in its discretion, may offer such current Interest Periods shorter than one monthPeriod.

Appears in 1 contract

Samples: Credit Agreement (Pool Energy Services Co)

Interest Periods. At the time it the Borrower gives any Notice of Borrowing or a Notice of Conversion Conversion/Continuation in respect of the making of, or Continuation with respect conversion into, any Eurodollar Loan (in the case of the initial Interest Period applicable thereto) or prior to any Borrowing bearing interest with reference 12:00 Noon (New York time) on the third Business Day prior to the Eurocurrency Rateexpiration of an Interest Period applicable to such Eurodollar Loan (in the case of any subsequent Interest Period), the Borrower shall elect, by giving have the Administrative Agent written notice, right to elect the interest period (each each, an "Interest Period") applicable theretoto such Eurodollar Loan, which Interest Period shall, at the option of the BorrowerBorrower (but otherwise subject to the provisions of clause (B) of the proviso in each of Sections 1.01(a)(iii), 1.01(b)(iii) and 1.01(c)(ii)), be a one, two, three or six months or, if available or otherwise satisfactory to each of the applicable Lenders (as determined by each such applicable Lender in its sole discretion) a twelve month period, provided that:that (in each case): (i) all Eurocurrency Eurodollar Loans comprising a single Borrowing shall at all times have the same Interest Period; (ii) the initial Interest Period for any Eurocurrency Eurodollar Loan shall commence on the date of such Borrowing of such Eurocurrency Eurodollar Loan (including the date of any conversion thereto from a Loan of a different TypeBase Rate Loan) and each Interest Period occurring thereafter in respect of such Eurocurrency Eurodollar Loan shall commence on the last day of on which the immediately next preceding Interest PeriodPeriod applicable thereto expires; (iii) if any Interest Period relating to for a Eurocurrency Eurodollar Loan begins on a day for which there is no numerically corresponding day in the calendar month at the end of such Interest Period, such Interest Period shall end on the last Business Day of such calendar month; (iv) if any Interest Period for a Eurodollar Loan would otherwise expire on a day which is not a Business Day, such Interest Period shall expire on the next succeeding Business Day; provided, however, that if any Interest Period for a Eurocurrency Eurodollar Loan would otherwise expire on a day which is not a Business Day but is a day of the month after which no further Business Day occurs in such month, such Interest Period shall expire on the next preceding Business Day; (v) unless the Required Lenders otherwise agree, no Interest Period may be selected at any time when a Default or an Event of Default is then in existence, no Interest Period (a) of more than one month may be selected with respect to any Loan denominated in an Alternative Currency and (b) may be selected with respect to any Loan denominated in Dollars; (vi) no Interest Period in respect of any Borrowing of any Tranche of Loans shall extend be selected which extends beyond the applicable Term respective Maturity Date for any Term Loan or the Revolver Termination Date for any Revolving Loansuch Tranche of Loans; and (vii) no Interest Period in respect of any Borrowing of A Term Loans for any Term Facility shall be selected which extends beyond any date upon which a Scheduled mandatory repayment of such A Term Repayment Loans will be required to be made under Section 4.4(b) for such Term Facility if the aggregate principal amount of all Term Loans which have Interest Periods which will expire after such date will be in excess of the aggregate principal amount of Term B Dollar Loans then outstanding less the aggregate amount of such required prepayment. Notwithstanding anything to the contrary herein (i) with respect to Term B Dollar Loans, the Borrower may only have Base Rate Loans and Eurocurrency Loans with a one month Interest Period for the first 30 days after the Third Amendment Effective Date or, if earlier, the date on which the Administrative Agent informs the Borrower of the completion of the syndication of the Existing Term B Dollar Loans and (ii) if requested by the Borrower, the Administrative Agent, in its discretion, may offer Interest Periods shorter than one month.Section

Appears in 1 contract

Samples: Credit Agreement (Nuco2 Inc /Fl)

Interest Periods. At the time it the Borrower gives any a Notice of Borrowing or a Notice of Conversion Conversion/Continuation in respect of the making of, or Continuation with respect conversion into or continuation of, a Borrowing of Reserve Adjusted Eurodollar Loans, it shall have the right to any Borrowing bearing interest with reference to the Eurocurrency Rate, the Borrower shall elect, by giving the Administrative Agent written noticenotice (or telephonic notice promptly confirmed in writing), the interest period (each an “Interest Period”) Period applicable theretoto such Borrowing, which Interest Period shall, at the option of the such Borrower, be a one, two, three or six months or, if available or otherwise satisfactory to each of the applicable Lenders (as determined by each such applicable Lender in its sole discretion) a twelve month period. Notwithstanding anything to the contrary contained above: DRAFT: March 21, provided that:1997 H:\WPCDOCS\1186\141151 (i) all Eurocurrency Loans comprising a single Borrowing shall at all times have the same Interest Period; (iia) the initial Interest Period for any Eurocurrency Loan Borrowing of Reserve Adjusted Eurodollar Loans shall commence on the date of such Borrowing of such Eurocurrency Loan (including the date of any conversion thereto from a Loan Borrowing of a different TypeBase Rate Loans) and each Interest Period occurring thereafter in respect of such Eurocurrency Loan Borrowing shall commence on the last day of date on which the immediately next preceding Interest PeriodPeriod expires; (iiib) if any Interest Period relating to a Eurocurrency Loan Borrowing of Reserve Adjusted Eurodollar Loans begins on a day date for which there is no numerically corresponding day date in the calendar month at the end of in which such Interest PeriodPeriod ends, such Interest Period shall end on the last Business Day of such calendar month; (ivc) if any Interest Period would otherwise expire on a day which is not a Business Day, such Interest Period shall expire on the next succeeding Business Day; provided, however, provided that if any Interest Period for in respect of a Eurocurrency Reserve Adjusted Eurodollar Loan would otherwise expire on a day which is not a Business Day but is a day of the month after which no further Business Day occurs in such month, such Interest Period shall expire on the next preceding Business Day; (v) at any time when an Event of Default is then in existence, no Interest Period (a) of more than one month may be selected with respect to any Loan denominated in an Alternative Currency and (b) may be selected with respect to any Loan denominated in Dollars; (vid) no Interest Period shall extend beyond the applicable Term Final Revolving Loan Maturity Date for any (in the case of Revolving Loans) or the Final A Term Loan Maturity Date (in the case of A Term Loans) or the Revolver Termination Final B Term Loan Maturity Date for any Revolving Loan(in the case of B Term Loans); and (viie) no Interest Period in with respect of to any Borrowing of Term Reserve Adjusted Eurodollar Loans for any Term Facility shall be selected which extends extend beyond any date upon which a Scheduled Term Repayment will be the Borrower thereof is required to be made under Section 4.4(b) for make a scheduled payment of principal with respect to the Term Loans if, after giving effect to the selection of such Term Facility if Interest Period, the aggregate principal amount of all A Term Loans which have and B Term Loans maintained as Reserve Adjusted Eurodollar Loans with Interest Periods which will expire ending after such date will be in excess of scheduled payment of principal would exceed the aggregate principal amount of A Term Loans and B Dollar Loans then outstanding less the aggregate amount of such required prepayment. Notwithstanding anything to the contrary herein (i) with respect to Term B Dollar Loans, the Borrower may only have Base Rate Loans and Eurocurrency Loans with a one month Interest Period for the first 30 days respectively, permitted to be outstanding after the Third Amendment Effective Date or, if earlier, the date on which the Administrative Agent informs the Borrower such scheduled payment of the completion of the syndication of the Existing Term B Dollar Loans and (ii) if requested by the Borrower, the Administrative Agent, in its discretion, may offer Interest Periods shorter than one monthprincipal.

Appears in 1 contract

Samples: Credit Agreement (Carson Inc)

Interest Periods. At the time it either Borrower gives any a Notice of Borrowing or a Notice of Conversion in respect of the making of, or Continuation with respect conversion into, a Borrowing of Eurodollar Loans (in the case of the initial Interest Period applicable thereto) or prior to any Borrowing bearing interest with reference 12:00 Noon (New York time) on the third Business Day prior to the Eurocurrency Rateexpiration of an Interest Period applicable to a Borrowing of Eurodollar Loans, it shall have the Borrower shall elect, right to elect by giving the Administrative Agent written notice, notice (or telephonic notice promptly confirmed in writing) of the interest period (each an “Interest Period”) Period applicable theretoto such Borrowing, which Interest Period shall, at the option of the respective Borrower, be a one, two, three or three, six months or, if available or otherwise satisfactory to each of the applicable Lenders Banks (as determined by each such applicable Bank in good faith based on prevailing conditions in the interbank Eurodollar market on any date of determination thereof) (available to the Canadian Lender in its sole discretion) a the case of the Canadian Dollar Loans), nine or twelve month period, provided that. Notwithstanding anything to the contrary contained above: (i) all Eurocurrency Loans comprising a single Borrowing shall at all times have the same Interest Period; (ii) the initial Interest Period for any Eurocurrency Loan Borrowing of Eurodollar Loans shall commence on the date of such Borrowing of such Eurocurrency Loan (including the date of any conversion thereto from a Loan Borrowing of a different TypeBase Rate Loans) and each Interest Period occurring thereafter in respect of such Eurocurrency Loan Borrowing shall commence on the last day of on which the immediately next preceding Interest PeriodPeriod applicable thereto expires; (iiiii) if any Interest Period relating to a Eurocurrency 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; (iviii) if any Interest Period would otherwise expire on a day which is not a Business Day, such Interest Period shall expire on the next succeeding Business Day; provided, however, provided that if any Interest Period for a Eurocurrency Loan would otherwise expire on a day which is not a Business Day but is a day of the month after which no further Business Day occurs in such month, such Interest Period shall expire on the next preceding Business Day; (v) at any time when an Event of Default is then in existence, no Interest Period (a) of more than one month may be selected with respect to any Loan denominated in an Alternative Currency and (b) may be selected with respect to any Loan denominated in Dollars; (viiv) no Interest Period shall extend beyond the applicable Term Final Maturity Date for any Term Loan or the Revolver Termination Date for any Revolving LoanDate; and (viiv) no Interest Period may be elected at any time when a Default or Event of Default is then in respect existence and the Administrative Agent and/or the Required Banks have notified the Company that such an election will not be permitted as a result thereof. If upon the expiration of any Interest Period, the respective Borrower has failed to elect a new Interest Period to be applicable to the respective Borrowing of Term Eurodollar Loans for any Term Facility as provided above, or a Default or an Event of Default then exists and the Administrative Agent and/or the Required Banks have given the notice referred to in clause (v) above, such Borrower shall be selected which extends beyond any date upon which deemed to have elected to convert such Borrowing into a Scheduled Term Repayment will be required to be made under Section 4.4(b) for such Term Facility if the aggregate principal amount Borrowing of all Term Loans which have Interest Periods which will expire after such date will be in excess of the aggregate principal amount of Term B Dollar Loans then outstanding less the aggregate amount of such required prepayment. Notwithstanding anything to the contrary herein (i) with respect to Term B Dollar Loans, the Borrower may only have Base Rate Loans and Eurocurrency Loans with a one month Interest Period for the first 30 days after the Third Amendment Effective Date or, if earlier, the date on which the Administrative Agent informs the Borrower effective as of the completion expiration date of the syndication of the Existing Term B Dollar Loans and (ii) if requested by the Borrower, the Administrative Agent, in its discretion, may offer such current Interest Periods shorter than one monthPeriod.

Appears in 1 contract

Samples: Credit Agreement (Western Empire Publications Inc)

Interest Periods. At the time it gives any Notice of Borrowing or a Notice of Conversion or Continuation with respect to any Borrowing bearing interest with reference to the Eurocurrency RateLoans, the Borrower shall elect, by giving the Administrative Agent written notice, the interest period (each an "Interest Period") applicable thereto, which Interest Period shall, at the option of the Borrower, be one, two, three or six months or, if available or otherwise satisfactory to each of the applicable Lenders (as determined by each such applicable Lender in its sole discretion) a nine or twelve month period, provided that: (i) all Eurocurrency Loans comprising a single Borrowing shall at all times have the same Interest Period; (ii) the initial Interest Period for any Eurocurrency Loan shall commence on the date of such Borrowing of such Eurocurrency Loan (including the date of any conversion thereto from a Loan of a different Type) and each Interest Period occurring thereafter in respect of such Eurocurrency Loan shall commence on the last day of the immediately preceding Interest Period; (iii) if any Interest Period relating to a Eurocurrency 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 which is not a Business Day, such Interest Period shall expire on the next succeeding Business Day; provided, however, that if any Interest Period for a Eurocurrency Loan would otherwise expire on a day which is not a Business Day but is a day of the month after which no further Business Day occurs in such month, such Interest Period shall expire on the next preceding Business Day; (v) no Interest Period (a) with respect to any Loan (other than a Term B Euro Loan and a non-Dollar denominated Multicurrency Revolving Loans) may be selected at any time when an Unmatured Event of Default or Event of Default is then in existence and (b) with respect to any Term B Euro Loan and non-Dollar denominated Multicurrency Revolving Loan in excess of one month may be selected at any time when an Unmatured Event of Default or Event of Default is then in existence, no Interest Period (a) of more than one month may be selected with respect to any Loan denominated in an Alternative Currency and (b) may be selected with respect to any Loan denominated in Dollars; (vi) no Interest Period shall extend beyond the applicable Term B Loan Maturity Date for any Term B Loan or the Revolver Termination Date for any Domestic Revolving Loan or any Multicurrency Revolving Loan; and (vii) no Interest Period in respect of to any Borrowing of Term B Loans for any Term Facility shall be selected which extends beyond any date upon which a Scheduled mandatory repayment of such Term Repayment B Loans will be required to be made under Section 4.4(b4.4(c) for such Term Facility if the aggregate principal amount of all Term B Loans which have Interest Periods which will expire after such date will be in excess of the aggregate principal amount of Term B Dollar Loans then outstanding less the aggregate amount of such required prepayment. Notwithstanding anything to the contrary herein (i) with respect to Term B Dollar Loansherein, the Borrower may only have Base Rate Loans and Eurocurrency Loans with a one month Interest Period for the first 30 days after the Third Amendment and Restatement Effective Date or, if earlier, the date on which the Administrative Agent informs the Borrower of the completion of the syndication of the Existing Term B Dollar Loans Commitments and (ii) if requested by the Borrower, the Administrative Agent, in its discretion, may offer Interest Periods shorter than one monthLoans.

Appears in 1 contract

Samples: Credit Agreement (Huntsman International LLC)

Interest Periods. At the time it gives When Borrower requests any Notice of Borrowing or a Notice of Conversion or Continuation with respect to any Borrowing bearing interest with reference to the Eurocurrency RateEurodollar Borrowing, the Borrower shall elect, by giving the Administrative Agent written notice, may elect the interest period (each an “Interest Period”"INTEREST PERIOD") applicable thereto, which Interest Period shallshall be, at the option of the Borrower's option, be oneone (1) week, twoone (1) month or two (2), three (3), or six months or(6) months, in each case to the extent available from each Lender (or other periods, if requested by Borrower and available or otherwise satisfactory to from each of the applicable Lenders Lender); provided, however, that: (as determined by each such applicable Lender in its sole discretion) a twelve month period, provided that: (i) all Eurocurrency Loans comprising a single Borrowing shall at all times have the same Interest Period; (iia) the initial Interest Period for any Eurocurrency Loan a Eurodollar Borrowing shall commence on the date of such Borrowing of such Eurocurrency Loan (including the date of any conversion thereto from a Loan of a different Type) Conversion thereto), and each Interest Period occurring thereafter in respect of such Eurocurrency Loan Borrowing shall commence on the last day of on which the immediately next preceding Interest Period; Period applicable thereto expires; (iiib) if any Interest Period relating to (other than a Eurocurrency Loan one (1) week Interest Period) for a Eurodollar Borrowing begins on a day for which there is no numerically corresponding Business Day in the calendar month at the end of such Interest Period, then such Interest Period shall end on the next Business Day immediately following what otherwise would have been such numerically corresponding day in the calendar month at the end of such Interest Period (unless such date would be in a different calendar month from what would have been the month at the end of such Interest Period, or unless there is no numerically corresponding day in the calendar month at the end of such the Interest Period; whereupon, such Interest Period shall end on the last Business Day in the calendar month at the end of such calendar month; Interest Period); (ivc) if any Interest Period would otherwise expire on a day which is not a Business Day, such Interest Period shall expire on the next succeeding Business Day; provided, however, that if any Interest Period for a Eurocurrency Loan would otherwise expire on a day which is not a Business Day but is a day of the month after which no further Business Day occurs in such month, such Interest Period shall expire on the next preceding Business Day; (v) at any time when an Event of Default is then in existence, no Interest Period (a) of more than one month may be selected chosen with respect to any Loan denominated in an Alternative Currency and (b) may be selected with respect to any Loan denominated in Dollars; (vi) no Interest Period shall portion of the Total Principal Debt which would extend beyond the applicable Term Maturity Date for scheduled repayment date (including any Term Loan or the Revolver Termination Date for any Revolving Loan; and (vii) no Interest Period in respect of any Borrowing of Term Loans for any Term Facility shall be selected dates on which extends beyond any date upon which a Scheduled Term Repayment will be mandatory prepayments are required to be made under Section 4.4(bmade) for such Term Facility if portion of the Total Principal Debt; and (d) no more than an aggregate principal amount of all Term Loans which have five (5) Interest Periods which will expire after such date will shall be in excess of the aggregate principal amount of Term B Dollar Loans then outstanding less the aggregate amount of such required prepayment. Notwithstanding anything to the contrary herein (i) with respect to Term B Dollar Loans, the Borrower may only have Base Rate Loans and Eurocurrency Loans with a effect at one month Interest Period for the first 30 days after the Third Amendment Effective Date or, if earlier, the date on which the Administrative Agent informs the Borrower of the completion of the syndication of the Existing Term B Dollar Loans and (ii) if requested by the Borrower, the Administrative Agent, in its discretion, may offer Interest Periods shorter than one monthtime.

Appears in 1 contract

Samples: Credit Agreement (Red Lion Hotels CORP)

Interest Periods. At the time it the Borrower gives any Notice of Borrowing or a Notice of Conversion Conversion/Continuation in respect of the making of, or Continuation with respect conversion into, any Eurodollar Loan (in the case of the initial Interest Period applicable thereto) or prior to any Borrowing bearing interest with reference 11:00 A.M. (New York time) on the third Business Day prior to the Eurocurrency Rateexpiration of an Interest Period applicable to such Eurodollar Loan (in the case of any subsequent Interest Period), the Borrower shall elect, by giving have the Administrative Agent written notice, right to elect the interest period (each each, an “Interest Period”) applicable theretoto such Eurodollar Loan, which Interest Period shall, at the option of the BorrowerBorrower (but otherwise subject to the provisions of clause (B) of the proviso in each of Sections 2.01(a)(iii), 2.01(b)(ii) and 2.01(c)(ii)), be a one, two, three or six months or, if available or otherwise satisfactory to each of the applicable Lenders (as determined by each such applicable Lender in its sole discretion) a twelve month period, provided that:that (in each case): (i) all Eurocurrency Eurodollar Loans comprising a single Borrowing shall at all times have the same Interest Period; (ii) the initial Interest Period for any Eurocurrency Eurodollar Loan shall commence on the date of such Borrowing of such Eurocurrency Eurodollar Loan (including the date of any conversion thereto from a Loan of a different TypeBase Rate Loan) and each Interest Period occurring thereafter in respect of such Eurocurrency Eurodollar Loan shall commence on the last day of on which the immediately next preceding Interest PeriodPeriod applicable thereto expires; (iii) if any Interest Period relating to for a Eurocurrency Eurodollar Loan begins on a day for which there is no numerically corresponding day in the calendar month at the end of such Interest Period, such Interest Period shall end on the last Business Day of such calendar month; (iv) if any Interest Period for a Eurodollar Loan would otherwise expire on a day which is not a Business Day, such Interest Period shall expire on the next succeeding Business Day; provided, however, that if any Interest Period for a Eurocurrency Eurodollar Loan would otherwise expire on a day which is not a Business Day but is a day of the month after which no further Business Day occurs in such month, such Interest Period shall expire on the next preceding Business Day; (v) unless the Required Lenders otherwise agree, no Interest Period may be selected at any time when a Default or an Event of Default is then in existence, no Interest Period (a) of more than one month may be selected with respect to any Loan denominated in an Alternative Currency and (b) may be selected with respect to any Loan denominated in Dollars; (vi) no Interest Period shall extend beyond the applicable Term Maturity Date for any Term Loan or the Revolver Termination Date for any Revolving Loan; and (viivi) no Interest Period in respect of any Borrowing of Term any Tranche of Loans for any Term Facility shall be selected which extends beyond any date upon which a Scheduled Term Repayment will be required to be made under Section 4.4(b) the Maturity Date for such Term Facility if Tranche of Loans. If by 11:00 A.M. (New York time) on the aggregate principal amount of all Term Loans which have Interest Periods which will expire after such date will be in excess of the aggregate principal amount of Term B Dollar Loans then outstanding less the aggregate amount of such required prepayment. Notwithstanding anything third Business Day prior to the contrary herein (i) with respect expiration of any Interest Period applicable to Term B Dollar a Borrowing of Eurodollar Loans, the Borrower may only 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 and Eurocurrency Loans with a one month Interest Period for the first 30 days after the Third Amendment Effective Date or, if earlier, the date on which the Administrative Agent informs the Borrower effective as of the completion expiration date of the syndication of the Existing Term B Dollar Loans and (ii) if requested by the Borrower, the Administrative Agent, in its discretion, may offer such current Interest Periods shorter than one monthPeriod.

Appears in 1 contract

Samples: Credit Agreement (Lee Enterprises Inc)

Interest Periods. At the time it gives any Notice of Borrowing or a Notice of Conversion or Continuation with respect to any Borrowing bearing interest with reference to the Eurocurrency Rate, the Borrower shall elect, by giving the Administrative Agent written notice, the interest period (each an “Interest Period”) applicable thereto, which Interest Period shall, at the option of the Borrower, be one, two, three or six months or, if available or otherwise satisfactory to each of the applicable Lenders (as determined by each such applicable Lender in its sole discretion) a nine or twelve month period, provided that: (ia) all Eurocurrency Loans comprising a single Borrowing shall at all times have the same Interest Period; (iib) the initial Interest Period for any Eurocurrency Loan shall commence on the date of such Borrowing of such Eurocurrency Loan (including the date of any conversion thereto from a Loan of a different Type) and each Interest Period occurring thereafter in respect of such Eurocurrency Loan shall commence on the last day of the immediately preceding Interest Period; (iiic) if any Interest Period relating to a Eurocurrency 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; (ivd) if any Interest Period would otherwise expire on a day which is not a Business Day, such Interest Period shall expire on the next succeeding Business Day; provided, however, that if any Interest Period for a Eurocurrency Loan would otherwise expire on a day which is not a Business Day but is a day of the month after which no further Business Day occurs in such month, such Interest Period shall expire on the next preceding Business Day; (ve) at any time when an Event of Default is then in existence, no Interest Period (a) of more than one month may be selected with respect to any Loan denominated in an Alternative Currency and (b) may be selected with respect to any Loan denominated in Dollars; (vif) no Interest Period shall extend beyond the applicable Term Maturity Date for any Term Loan or the Revolver Termination Date for any Revolving Loan; and (viig) no Interest Period in respect of any Borrowing of Term Loans for any Term Facility shall be selected which extends beyond any date upon which a Scheduled Term Repayment will be required to be made under Section 4.4(b) for such Term Facility if the aggregate principal amount of all Term Loans which have Interest Periods which will expire after such date will be in excess of the aggregate principal amount of Term B Dollar Loans then outstanding less the aggregate amount of such required prepayment. Notwithstanding anything to the contrary herein (i) with respect to Term B Dollar Loans, the Borrower may only have Base Rate Loans and Eurocurrency Loans with a one month Interest Period for the first 30 days after the Third Amendment Effective Date or, if earlier, the date on which the Administrative Agent informs the Borrower of the completion of the syndication of the Existing Term B Dollar Loans and (ii) if requested by the Borrower, the Administrative Agent, in its discretion, may offer Interest Periods shorter than one month.

Appears in 1 contract

Samples: Credit Agreement (Huntsman CORP)

Interest Periods. At the time it gives any Notice of Borrowing or a Notice of Conversion or Continuation In connection with respect to any Borrowing bearing interest with reference to the Eurocurrency Rateeach Eurodollar Rate Loan and Competitive Bid Loan, the Borrower Company shall elect, by giving the Administrative Agent written notice, the elect an interest period (each an “Interest Period”) to be applicable theretoto such Eurodollar Rate Loan or Competitive Bid Loan, which as the case may be. The Interest Period shall, at the option of the Borrower, (i) with respect to each Eurodollar Rate Loan shall be either a one, two, three or six months or, if available or otherwise satisfactory to each of the applicable Lenders (as determined by each such applicable Lender in its sole discretion) a twelve month period, (ii) with respect to each Competitive Bid LIBOR Loan shall be a whole number of months as specified by the Company in the Notice of Competitive Bid Borrowing and (iii) with respect to each Competitive Bid Absolute Rate Loan shall be such number of days (but not less than seven days) as specified by the Company in the Notice of Competitive Bid Borrowing; provided that: (i) all Eurocurrency Loans comprising a single Borrowing shall at all times have the same Interest Period; (iiA) the initial Interest Period for any Eurocurrency each Eurodollar Rate Loan and Competitive Bid Loan shall commence on the date of such Borrowing of such Eurocurrency Loan (including the date of any conversion thereto from a Loan of a different Type) and each Interest Period occurring thereafter in respect of such Eurocurrency Loan shall commence on the last day of the immediately preceding Interest PeriodLoan; (iiiB) if any Interest Period relating to a Eurocurrency 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 an Interest Period would otherwise expire on a day which is not a Business Day, such Interest Period shall expire on the next succeeding Business Day; provided, however, provided that if any Interest Period for a Eurocurrency Loan would otherwise expire on a day which is not a Business Day but is a day of the month after which no further Business Day occurs in such month, such Interest Period shall expire on the next preceding Business Day; (vC) at any time when an Event of Default is then in existence, no Interest Period which begins on the last Business Day of a calendar month (aor 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 more than one month may be selected with respect to any Loan denominated in an Alternative Currency and (b) may be selected with respect to any Loan denominated in Dollarssuch ending calendar month; (viD) no Interest Period shall extend beyond the applicable Term Maturity Date for any Term Loan or the Revolver Termination Date for any Revolving LoanDate; and (viiE) no Interest Period in respect of any Borrowing of Term Loans for any Term Facility there shall be selected which extends beyond any date upon which a Scheduled Term Repayment will be required to be made under Section 4.4(b) for such Term Facility if the aggregate principal amount of all Term Loans which have no more than five Interest Periods which will expire after such date will be in excess of the aggregate principal amount of Term B Dollar Loans then outstanding less the aggregate amount of such required prepayment. Notwithstanding anything to the contrary herein (i) with respect to Term B Dollar Loans, the Borrower may only have Base Rate Loans and Eurocurrency Loans with a one month Interest Period for the first 30 days after the Third Amendment Effective Date or, if earlier, the date on which the Administrative Agent informs the Borrower of the completion of the syndication of the Existing Term B Dollar Loans and (ii) if requested by the Borrower, the Administrative Agent, in its discretion, may offer Interest Periods shorter than one monthat any time.

Appears in 1 contract

Samples: Credit Agreement (Textron Inc)

Interest Periods. At the time it gives any the Borrowers give a Notice of Borrowing or a 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 respect to any Borrowing bearing interest with reference to the Eurocurrency RateSection 2.6(a), the Borrower Borrowers shall elect, by giving give the Administrative Agent written notice, notice of the interest period (each an “Interest Period”) Period applicable theretoto such Borrowing, which Interest Period shall, at the option of the BorrowerBorrowers, be a one, two, three or six months or, if available or otherwise satisfactory to each of the applicable Lenders (as determined by each such applicable Lender in its sole discretion) a twelve month period; provided that the initial Interest Period for the Tranche B-6-7 Term Loans shall be the period commencing on the Amendment No. 1011 Effective Date and ending on January 31June 28, provided that2024. Notwithstanding anything to the contrary contained above: (i) all Eurocurrency Loans comprising a single Borrowing shall at all times have the same Interest Period; (iia) the initial Interest Period for any Eurocurrency Loan Borrowing of (x) SOFR Loans shall commence on the date of such Borrowing of such Eurocurrency Loan (including the date of any conversion thereto from a Loan Borrowing of a different TypeABR Loans) and each Interest Period occurring thereafter in respect of such Eurocurrency Borrowing shall commence on the day on which the next preceding Interest Period expires and (y) a EURIBOR Rate Loan shall commence on the last day date such Loan is disbursed or converted to or continued as a EURIBOR Rate Loan and ending on the date one, two, three or six months thereafter, or to the extent available to each applicable Lender of such Eurocurrency Rate Loan, twelve months or a period shorter than one month, thereafter as selected by the immediately preceding Interest PeriodBorrower in its Notice of Borrowing; (iiib) if any Interest Period relating to a Eurocurrency Loan Borrowing of SOFR Loans or EURIBOR Rate Loans begins on the last Business Day of a calendar month or begins on a day for which there is no numerically corresponding day in the calendar month at the end of such Interest Period, such Interest Period shall end on the last Business Day of the calendar month at the end of such calendar monthInterest Period; (ivc) if any Interest Period would otherwise expire on a day which that is not a Business Day, such Interest Period shall expire on the next succeeding Business Day; provided, however, provided that if any Interest Period for in respect of a Eurocurrency SOFR Loan or EURIBOR Rate Loan would otherwise expire on a day which that is not a Business Day but is a day of the month after which no further Business Day occurs in such month, such Interest Period shall expire on the next immediately preceding Business Day; (v) at any time when an Event of Default is then in existence, no Interest Period (a) of more than one month may be selected with respect to any Loan denominated in an Alternative Currency and (b) may be selected with respect to any Loan denominated in Dollars; (vi) no Interest Period shall extend beyond the applicable Term Maturity Date for any Term Loan or the Revolver Termination Date for any Revolving Loan; and (viid) no the Borrowers shall not be entitled to elect any Interest Period in respect of any Borrowing of Term SOFR Loans for any Term Facility shall be selected which extends or EURIBOR Rate Loans if such Interest Period would extend beyond any date upon which a Scheduled Term Repayment will be required to be made under Section 4.4(b) for such Term Facility if the aggregate principal amount of all Term Loans which have Interest Periods which will expire after such date will be in excess of the aggregate principal amount of Term B Dollar Loans then outstanding less the aggregate amount Maturity Date of such required prepayment. Notwithstanding anything to the contrary herein (i) with respect to Term B Dollar Loans, the Borrower may only have Base Rate Loans and Eurocurrency Loans with a one month Interest Period for the first 30 days after the Third Amendment Effective Date or, if earlier, the date on which the Administrative Agent informs the Borrower of the completion of the syndication of the Existing Term B Dollar Loans and (ii) if requested by the Borrower, the Administrative Agent, in its discretion, may offer Interest Periods shorter than one monthLoan.

Appears in 1 contract

Samples: Credit Agreement (GoDaddy Inc.)

Interest Periods. At In connection with each Eurodollar Rate Loan, Borrower may, pursuant to the time it gives any applicable Notice of Borrowing or a Notice of Conversion or Conversion/Continuation with respect to any Borrowing bearing interest with reference to delivered by Borrower, as the Eurocurrency Ratecase may be, the Borrower shall elect, by giving the Administrative Agent written notice, the select an interest period (each an “Interest Period”) to be applicable theretoto such Loan, which Interest Period shallshall be, at the option of the Borrower’s option, be either a one, two, three or six months three, or, if available or otherwise satisfactory subject to each of the applicable Lenders (as determined by each such applicable Lender in its sole discretion) a twelve Lenders’ approval, six month period, or such shorter period as may be designated in the Notice of Borrowing with respect to Foreign Currency Loans; provided that: (i) all Eurocurrency Loans comprising a single Borrowing shall at all times have the same Interest Period; (ii) the initial Interest Period for any Eurocurrency Eurodollar Rate Loan shall commence on the date of such Borrowing of such Eurocurrency Loan (including the date of any conversion thereto from a Loan of a different Type) and each Interest Period occurring thereafter Funding Date in respect of such Eurocurrency 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) in the case of immediately successive Interest Periods applicable to a Eurodollar Rate Loan continued as such pursuant to a Notice of Conversion/Continuation, each successive Interest Period shall commence on the last day of on which the immediately next preceding Interest PeriodPeriod expires; (iii) if any Interest Period relating to a Eurocurrency 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 an Interest Period would otherwise expire on a day which that is not a Business Day, such Interest Period shall expire on the next succeeding Business Day; providedprovided that, however, that if any Interest Period for a Eurocurrency Loan would otherwise expire on a day which that is not a Business Day but is a day of the month after which no further Business Day occurs in such month, such Interest Period shall expire on the next preceding Business Day; (iv) except with respect to a Foreign Currency Loan with an Interest Period of less than one month (or an integral multiple thereof), 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, subject to clause (v) at any time when an Event of Default is then in existencethis subsection 2.2B, end on the last Business Day of a calendar month; (v) no Interest Period (a) of more than one month may be selected with respect to any portion of the Revolving Loans shall extend beyond the Revolving Loan denominated in an Alternative Currency and (b) may be selected with respect to any Loan denominated in DollarsCommitment Termination Date; (vi) there shall be no more than ten (10) Interest Period shall extend beyond the applicable Term Maturity Date for Periods outstanding at any Term Loan or the Revolver Termination Date for any Revolving Loantime; and (vii) no Interest Period in respect of any Borrowing of Term Loans for any Term Facility shall be selected which extends beyond any date upon which a Scheduled Term Repayment will be required the event Borrower fails to be made under Section 4.4(b) for such Term Facility if the aggregate principal amount of all Term Loans which have Interest Periods which will expire after such date will be in excess of the aggregate principal amount of Term B Dollar Loans then outstanding less the aggregate amount of such required prepayment. Notwithstanding anything to the contrary herein (i) with respect to Term B Dollar Loans, the Borrower may only have Base Rate Loans and Eurocurrency Loans with a one month specify an Interest Period for any Eurodollar Rate Loan in the first 30 days after the Third Amendment Effective Date or, if earlier, the date on which the Administrative Agent informs the Borrower applicable Notice of the completion Borrowing or Notice of the syndication of the Existing Term B Dollar Loans and (ii) if requested Conversion/Continuation delivered by the Borrower, the Administrative Agent, in its discretion, may offer Borrower shall be deemed to have selected an Interest Periods shorter than Period of one month.

Appears in 1 contract

Samples: Credit Agreement (Joy Global Inc)

Interest Periods. At the time it gives any (a) The Borrower shall, in each Notice of Borrowing or a Notice of Conversion or Continuation with in respect to any Borrowing bearing interest with reference to of the Eurocurrency Ratemaking of, the Borrower shall electconversion into or continuation of a Eurodollar Loan, by giving the Administrative Agent written notice, select the interest period (each an "Interest Period") applicable theretoto such Eurodollar Loan, which Interest Period shall, at the option of the Borrower, be either a one-month, two-month, three three-month or six months or, if available or otherwise satisfactory to each of the applicable Lenders (as determined by each such applicable Lender in its sole discretion) a twelve six-month period, provided that: (i) all Eurocurrency Loans comprising a single Borrowing shall at all times have the same Interest Period; (ii) the initial Interest Period for any Eurocurrency Eurodollar Loan shall commence on the date of such Borrowing the making of such Eurocurrency Loan (including the date of any conversion thereto from a Loan of a different TypeBase Rate Loan) and each Interest Period occurring thereafter in respect of such Eurocurrency Loan shall commence on the last day of date on which the immediately next preceding Interest PeriodPeriod expires; (iii) if any Interest Period relating to a Eurocurrency 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; (ivii) if any Interest Period would otherwise expire on a day which is not a Business Day, such Interest Period shall expire on the next succeeding Business Day; , provided, however, that if any Interest Period for a Eurocurrency Loan would otherwise expire on a day which is not a Business Day but is a day of the month after which no further Business Day occurs in such month, such Interest Period shall expire on the next preceding Business Day; (viii) at if any time when an Event of Default is then in existence, no Interest Period (a) begins on a day for which there is no numerically corresponding day in the calendar month at the end of more than one month may be selected with respect to any Loan denominated in an Alternative Currency and (b) may be selected with respect to any Loan denominated in Dollarssuch Interest Period, such Interest Period shall end on the last Business Day of such calendar month; (vi) no Interest Period shall extend beyond the applicable Term Maturity Date for any Term Loan or the Revolver Termination Date for any Revolving Loan; and (viiiv) no Interest Period in respect of any Borrowing Revolving Loan or Term Loan shall extend beyond the Revolving Maturity Date or the Term Loan Maturity Date, as the case may be; and (v) no Interest Period in respect of a Term Loans for any Term Facility Loan shall be selected which extends extend beyond any date upon which a Scheduled repayment of the Term Repayment will be Loans is required to be made under pursuant to Section 4.4(b) for such Term Facility if 2.1 unless the aggregate principal amount of all Term Loans which are Base Rate Loans or which have Interest Periods which will expire after on or before such date will be is equal to or in excess of the aggregate principal amount of the Term B Dollar Loans then outstanding less Loan repayment required to be made on such date. (b) If upon the aggregate amount expiration of such required prepayment. Notwithstanding anything to the contrary herein (i) with respect to Term B Dollar Loansany Interest Period, the Borrower may only has failed to elect a new Interest Period to be applicable to the respective Eurodollar Loan as provided above, the Borrower shall be deemed to have elected to convert such Eurodollar Loans into Base Rate Loans and Eurocurrency Loans with a one month Interest Period for the first 30 days after the Third Amendment Effective Date or, if earlier, the date on which the Administrative Agent informs the Borrower effective as of the completion expiration date of the syndication of the Existing Term B Dollar Loans and (ii) if requested by the Borrower, the Administrative Agent, in its discretion, may offer such current Interest Periods shorter than one monthPeriod.

Appears in 1 contract

Samples: Credit Agreement (Cke Restaurants Inc)

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