Common use of Interest Periods Clause in Contracts

Interest Periods. At the time any Borrower gives any Notice of Borrowing or Notice of Conversion/Continuation in respect of the making of, or conversion into, any LIBOR Loan (in the case of the initial Interest Period applicable thereto) or prior to 1:00 P.M. (New York City time) on the third Business Day prior to the expiration of an Interest Period applicable to such LIBOR Loan (in the case of any subsequent Interest Period), such Borrower shall have the right to elect the interest period (each, an “Interest Period”) applicable to such LIBOR Loan, which Interest Period shall, at the option of the Borrower, be a one, two, three or six month period; provided, that, (in each case): (a) all LIBOR Loans comprising a Borrowing shall at all times have the same Interest Period; (b) the initial Interest Period for any LIBOR Loan shall commence on the date of Borrowing of such LIBOR Loan (including the date of any conversion thereto from a Base Rate Loan) and each Interest Period occurring thereafter in respect of such LIBOR Loan shall commence on the day on which the next preceding Interest Period applicable thereto expires; (c) if any Interest Period for a LIBOR Loan begins on a day for which there is no numerically corresponding day in the calendar month at the end of such Interest Period, such Interest Period shall end on the last Business Day of such calendar month; (d) if any Interest Period for a LIBOR Loan would otherwise expire on a day which is not a Business Day, such Interest Period shall expire on the next succeeding Business Day; provided, however, that if any Interest Period for a LIBOR Loan would otherwise expire on a day which is not a Business Day but is a day of the month after which no further Business Day occurs in such month, such Interest Period shall expire on the next preceding Business Day; (e) unless the Required Lenders otherwise agree, no Interest Period may be selected at any time when an Event of Default is then in existence; and (f) no Interest Period in respect of any Borrowing shall be selected which extends beyond the Revolving Commitment Termination Date. If by 1:00 P.M. (New York City time) on the third Business Day prior to the expiration of any Interest Period applicable to a Borrowing of LIBOR Loans, any Borrower has failed to elect, or is not permitted to elect, a new Interest Period to be applicable to such LIBOR Loans as provided above, such Borrower shall be deemed to have elected to convert such LIBOR Loans into Base Rate Loans effective as of the expiration date of such current Interest Period.

Appears in 4 contracts

Samples: Credit Agreement (CVR Refining, LP), Credit Agreement (CVR Partners, Lp), Credit Agreement (CVR Energy Inc)

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Interest Periods. At the time When Borrower requests any Eurodollar Rate Borrowing, Borrower gives any Notice of Borrowing or Notice of Conversion/Continuation in respect of the making of, or conversion into, any LIBOR Loan (in the case of the initial Interest Period applicable thereto) or prior to 1:00 P.M. (New York City time) on the third Business Day prior to the expiration of an Interest Period applicable to such LIBOR Loan (in the case of any subsequent Interest Period), such Borrower shall have the right to may elect the interest period (each, each an “Interest Period”"INTEREST PERIOD") applicable to such LIBOR Loanthereto, which Interest Period shallshall be, at the Borrower's option of the Borrowerand subject to availability, be a one, two, three three, or six month periodmonths; provided, however, that, (in each case): : (a) all LIBOR Loans comprising a Borrowing shall at all times have the same Interest Period; (b) the initial Interest Period for any LIBOR Loan a Eurodollar Rate Borrowing shall commence on the date of such Borrowing of such LIBOR Loan (including the date of any conversion thereto from a Base Rate Loan) thereto), and each Interest Period occurring thereafter in respect of such LIBOR Loan Borrowing shall commence on the day on which the next preceding Interest Period applicable thereto expires; (cb) if any Interest Period for a LIBOR 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; (d) if any Interest Period for (unless such date would be in a LIBOR Loan different calendar month from what would otherwise expire on a 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 LIBOR 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 DayPeriod); (ec) unless the Required Lenders otherwise agree, no Interest Period may be selected at chosen with respect to any time when an Event portion of Default is then in existencethe Principal Debt which would extend beyond the scheduled repayment date (including any dates on which mandatory prepayments are required to be made) for such portion of the Principal Debt; and (fd) no more than an aggregate of five (5) Interest Period in respect of any Borrowing Periods shall be selected which extends beyond the Revolving Commitment Termination Date. If by 1:00 P.M. (New York City in effect at one time) on the third Business Day prior to the expiration of any Interest Period applicable to a Borrowing of LIBOR Loans, any Borrower has failed to elect, or is not permitted to elect, a new Interest Period to be applicable to such LIBOR Loans as provided above, such Borrower shall be deemed to have elected to convert such LIBOR Loans into Base Rate Loans effective as of the expiration date of such current Interest Period.

Appears in 4 contracts

Samples: Revolving Credit Agreement (Northern Border Partners Lp), Credit Agreement (Northern Border Partners Lp), Revolving Credit Agreement (Northern Border Partners Lp)

Interest Periods. At (i) Solely with respect to Term Loans and Bridge Loans and in connection with each LIBO Rate Loan, Borrower shall, pursuant to the time any Borrower gives any Notice of Borrowing or Notice a Confirmation of Conversion/Continuation in respect of the making of, or conversion into, any LIBOR Loan (in the case of the initial Interest Period applicable thereto) or prior to 1:00 P.M. (New York City time) on the third Business Day prior to the expiration of Selection select an Interest Period to be applicable to such LIBOR Loan LIBO Rate Loans, which Interest Periods shall be a six (6) month period ending in each case on a Payment Date or, solely with respect to the case of initial LIBO Rate Loans, any subsequent shorter Interest Period)Period ending on the first Payment Date, as requested by Borrower and approved by Administrative Agent (any such Borrower shall have the right to elect the interest period (eachperiod, an “Interest Period”) applicable to such LIBOR Loan, which Interest Period shall, at the option of the Borrower, be a one, two, three or six month period); provided, thathowever, that (in each case): (a1) all LIBOR Loans comprising a Borrowing shall at all times have with the same Interest Period; (b) the initial exception of any shorter Interest Period for any LIBOR Loan shall commence ending on the date first Payment Date, the selection of Borrowing of such LIBOR Loan (including the date of any conversion thereto from a Base Rate Loan) and each Interest Period occurring thereafter in respect of such LIBOR Loan shall commence on the day on which the next preceding Interest Period applicable thereto expires; (c) if any Interest Period for other than the six (6) month Interest Period shall be subject to availability of such Interest Period from each Lender; (2) any Interest Period which would otherwise end on a LIBOR Loan day which is not a Business Day shall be extended to the next succeeding Business Day unless that day falls in the next calendar month, in which case such Interest Period shall end on the immediately preceding Business Day; (3) any Interest Period 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, such Interest Period ) shall end on the last Business Day of such a calendar month; and (d4) if any no Interest Period shall extend beyond the Term Loan Maturity Date or Bridge Loan Maturity Date, as applicable. If Borrower fails to notify Administrative Agent of the next Interest Period for a LIBOR any LIBO Rate Loan would otherwise expire on a day which is not a Business Dayin accordance with this Section 2.1(c)(i), such Term Loan or Bridge Loan, as applicable, shall automatically continue as a new LIBO Rate Loan with the same Interest Period shall expire on the next succeeding Business Dayas such prior LIBO Rate Loan; provided, however, that if any in the event that the Interest Period for a LIBOR of such new LIBO Rate Loan would otherwise expire on a day which is not a Business Day but is a day of the month after which no further Business Day occurs in such month, such Interest Period shall expire on the next preceding Business Day; (e) unless the Required Lenders otherwise agree, no Interest Period may be selected at any time when an Event of Default is then in existence; and (f) no Interest Period in respect of any Borrowing shall be selected which extends extend beyond the Revolving Commitment Termination applicable Maturity Date. If by 1:00 P.M. (New York City time) on the third Business Day prior to the expiration of any Interest Period applicable , then such Loan shall automatically convert to a Borrowing of LIBOR Loans, any Borrower has failed to elect, or is not permitted to elect, a new Interest Period to be applicable to such LIBOR Loans as provided above, such Borrower shall be deemed to have elected to convert such LIBOR Loans into Base Rate Loans effective as of the expiration date of such current Interest PeriodLoan.

Appears in 4 contracts

Samples: Financing Agreement (First Wind Holdings Inc.), Financing Agreement (First Wind Holdings Inc.), Financing Agreement (First Wind Holdings Inc.)

Interest Periods. At the time any Borrower it gives any Notice of Borrowing or Notice of Conversion/Continuation Conversion in respect of the making of, or conversion into, any LIBOR Fixed Rate Loan (in the case of the initial Interest Period applicable thereto) or prior to 1:00 P.M. (New York City time) on the third Business Day prior to the expiration of an Interest Period applicable to any such LIBOR Loan or one Business Day prior to the expiration of an Interest Period applicable to any such IBOR Loan (in the case of any subsequent Interest Period), such the relevant Borrower shall have the right to elect elect, by giving the Administrative Agent notice thereof, the interest period (each, each an "Interest Period") applicable to such LIBOR Fixed Rate Loan, which Interest Period shallshall be (x) in the case of a LIBOR Loan, a one month period, and (y) in the case of an IBOR Loan, a period of up to thirty days, at the option of the such Borrower, be a one, two, three or six month period; provided, provided that, : (in each case): (ai) all LIBOR Fixed Rate Loans comprising a Borrowing shall at all times have the same Interest Period; (bii) the initial Interest Period for any LIBOR Fixed Rate Loan shall commence on the date of Borrowing of such LIBOR Revolving Loan (including the date of any conversion thereto from thereof into a Base Rate LoanRevolving Loan of a different Type) and each Interest Period occurring thereafter in respect of such LIBOR Revolving Loan shall commence on the day on which the next preceding Interest Period applicable thereto expires; (ciii) if any Interest Period for relating to a LIBOR Loan begins on a day for which there is no numerically corresponding day in the calendar month at the end of such Interest Period, such Interest Period shall end on the last Business Day of such calendar month; (div) if any Interest Period for a LIBOR Loan would otherwise expire on a day which is not a Business Day, such Interest Period shall expire on the next succeeding Business Day; provided, however, provided that if any Interest Period for a LIBOR Loan would otherwise expire on a day which is not a Business Day but is a day of the month after which no further Business Day occurs in such month, such Interest Period shall expire on the next preceding Business Day; (ev) unless no Interest Period shall extend beyond the Required Lenders otherwise agree, Expiry Date; and (vi) no Interest Period may be selected at any time when an Event of Default is then in existence; and (f) no Interest Period in respect of any Borrowing shall be selected which extends extend beyond the Revolving Commitment Termination Datedate upon which the Loans to such Borrower are required to be repaid pursuant to Section 3.02(c). If by 1:00 P.M. (New York City time) on the third Business Day prior to If, upon the expiration of any Interest Period applicable to a Borrowing of LIBOR Fixed Rate Loans, any the respective Borrower has failed to elect, or is not permitted to elect, a new Interest Period to be applicable to such LIBOR Fixed Rate Loans as provided abovein this Section 1.09, such Borrower shall be deemed to have elected to convert such LIBOR Fixed Rate Loans into Base Rate Loans effective as of the expiration date of such current Interest Period.

Appears in 3 contracts

Samples: Credit Agreement (Galaxy Vip Fund), Credit Agreement (Galaxy Fund Ii), Credit Agreement (Galaxy Fund /De/)

Interest Periods. At the time any Borrower gives any Notice of Borrowing or Notice of Conversion/Continuation in respect of In connection with the making or continuation of, or conversion into, any each Borrowing of LIBOR Loan (in the case of the initial Interest Period applicable thereto) or prior to 1:00 P.M. (New York City time) on the third Business Day prior to the expiration of Loans, Borrowers shall select an Interest Period applicable to such LIBOR Loan (in the case of any subsequent Interest Period), such Borrower shall have the right to elect the interest period (each, each an “Interest Period”) to be applicable to such LIBOR Loan, which Interest Period shallinterest period shall commence on the date such LIBOR Loan is made and shall end on a numerically corresponding day in the first, at the option of the Borrower, be a one, two, three second or six third month periodthereafter; provided, however, that, : (in each case): (a) all LIBOR Loans comprising a Borrowing shall at all times have the same Interest Period; (bi) the initial Interest Period for any a LIBOR Loan shall commence on the date of Borrowing of such LIBOR Loan borrowing (including the date of any conversion thereto from a Base Rate LoanLoan of another Type) and each Interest Period occurring thereafter in respect of such LIBOR Revolving Loan shall commence on the day date on which the next preceding Interest Period applicable thereto expires; (cii) if any Interest Period for a LIBOR Loan begins on a day for which there is no numerically corresponding day in the calendar month at the end of such Interest Period, such Interest Period shall end on the last Business Day of such calendar month; (d) if any Interest Period for a LIBOR Loan would otherwise expire on a day which that is not a Business Day, such Interest Period shall expire on the next succeeding Business Day; provided, howeverprovided that, that if any Interest Period for a in respect of LIBOR Loan Loans would otherwise expire on a day which that is not a Business Day but is a day of the month after which no further Business Day occurs in such month, such Interest Period shall expire on the next immediately preceding Business Day; (eiii) unless the Required Lenders otherwise agree, no any Interest Period may be selected that begins on a day for which there is no numerically corresponding day in the calendar month at any time when an Event the end of Default is then in existencesuch Interest Period shall expire on the last Business Day of such calendar month; and (fiv) no Interest Period in with respect to any portion of any Borrowing principal of a Loan shall be selected extend beyond a date on which extends a Borrower is required to make a scheduled payment of such portion of principal; and (v) no Interest Period shall extend beyond the Revolving Commitment Termination Date. If by 1:00 P.M. (New York City time) on the third Business Day prior to the expiration of any Interest Period applicable to a Borrowing of LIBOR Loans, any Borrower has failed to elect, or is not permitted to elect, a new Interest Period to be applicable to such LIBOR Loans as provided above, such Borrower shall be deemed to have elected to convert such LIBOR Loans into Base Rate Loans effective as last day of the expiration date of such current Interest PeriodTerm.

Appears in 2 contracts

Samples: General Intercreditor Agreement (Euramax International, Inc.), Senior Secured Revolving Credit and Guaranty Agreement (Euramax International, Inc.)

Interest Periods. At the time any Borrower it gives any Notice of Borrowing or Notice of Conversion/Continuation Conversion in respect of the making of, or conversion into, any LIBOR Loan a Borrowing of Eurodollar Loans (in the case of the initial Interest Period applicable thereto) or prior to 1:00 P.M. (New York City time) on the third Business Day prior to the expiration of an Interest Period applicable to such LIBOR Loan a Borrowing (in the case of any subsequent Interest PeriodPeriods), such the Borrower shall have the right to elect elect, by giving the Administrative Agent notice thereof, the interest period (each, each an "Interest Period") applicable to such LIBOR LoanBorrowing, which Interest Period shall, at the option of the Borrower, be either a one, two, three or six month period; provided, provided that, : (in each case): (ai) all LIBOR Loans comprising a Borrowing shall at all times have the same Interest Period; (bii) the initial Interest Period for any LIBOR Loan Borrowing of Eurodollar Loans shall commence on the date of such Borrowing of such LIBOR Loan (including the date of any conversion thereto from a Borrowing of Base Rate LoanLoans) and each Interest Period occurring thereafter in respect of such LIBOR Loan Borrowing shall commence on the day on which the next preceding Interest Period applicable thereto expires; (ciii) if any Interest Period for a LIBOR Loan begins on a day for which there is no numerically corresponding day in the calendar month at the end of such Interest Period, such Interest Period shall end on the last Business Day of such calendar month; (div) if any Interest Period for a LIBOR Loan would otherwise expire on a day which is not a Business Day, such Interest Period shall expire on the next succeeding Business Day; provided, however, that if any Interest Period for a LIBOR Loan would otherwise expire on a day which is not a Business Day but is a day of the month after which no further Business Day occurs in such month, such Interest Period shall expire on the next preceding Business Day; (e) unless the Required Lenders otherwise agree, no Interest Period may be selected at any time when an Event of Default is then in existence; and (fv) no Interest Period in respect of any a Borrowing of Loans shall extend beyond the Maturity Date; and (vi) no Interest Period for Eurodollar Loans may be selected which extends beyond the Revolving Commitment Termination Dateat any time that a Default or Event of Default then exists. If by 1:00 P.M. (New York City time) on the third Business Day prior to the expiration of any Interest Period applicable to a Borrowing of LIBOR LoansPeriod, any the Borrower has failed to elect, elect or is not permitted to elect, prohibited from electing a new Interest Period to be applicable to such LIBOR Loans Borrowing as provided above, if such Borrowing is a Borrowing of Eurodollar Loans, the Borrower shall be deemed to have elected to convert such LIBOR Loans Borrowing into a Borrowing of Base Rate Loans effective as of the expiration date of such current Interest Period.

Appears in 2 contracts

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

Interest Periods. At the time When Borrower requests any Eurodollar Borrowing, Borrower gives any Notice of Borrowing or Notice of Conversion/Continuation in respect of the making of, or conversion into, any LIBOR Loan (in the case of the initial Interest Period applicable thereto) or prior to 1:00 P.M. (New York City time) on the third Business Day prior to the expiration of an Interest Period applicable to such LIBOR Loan (in the case of any subsequent Interest Period), such Borrower shall have the right to may elect the interest period (each, each an “Interest Period”"INTEREST PERIOD") applicable to such LIBOR Loanthereto, which Interest Period shallshall be, at the option of the Borrower's option, be a one, twoone (1) month or two (2), three (3), or six month period(6) months, in each case to the extent available from each Lender; provided, however, that, (in each case): : (a) all LIBOR Loans comprising a Borrowing shall at all times have the same Interest Period; (b) the initial Interest Period for any LIBOR Loan a Eurodollar Borrowing shall commence on the date of such Borrowing of such LIBOR Loan (including the date of any conversion thereto from a Base Rate Loan) Conversion thereto), and each Interest Period occurring thereafter in respect of such LIBOR Loan Borrowing shall commence on the day on which the next preceding Interest Period applicable thereto expires; (cb) if any Interest Period for a LIBOR Loan 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 monthInterest Period); (dc) if any Interest Period for a LIBOR Loan would otherwise expire on a day which is not a Business Day, such Interest Period shall expire on the next succeeding Business Day; provided, however, that if any Interest Period for a LIBOR Loan would otherwise expire on a day which is not a Business Day but is a day of the month after which no further Business Day occurs in such month, such Interest Period shall expire on the next preceding Business Day; (e) unless the Required Lenders otherwise agree, no Interest Period may be selected at chosen with respect to any time when an Event portion of Default is then in existencethe Total Principal Debt which would extend beyond the scheduled repayment date (including any dates on which mandatory prepayments are required to be made) for such portion of the Total Principal Debt; and (fd) no more than an aggregate of five (5) Interest Period in respect of any Borrowing Periods shall be selected which extends beyond the Revolving Commitment Termination Date. If by 1:00 P.M. (New York City in effect at one time) on the third Business Day prior to the expiration of any Interest Period applicable to a Borrowing of LIBOR Loans, any Borrower has failed to elect, or is not permitted to elect, a new Interest Period to be applicable to such LIBOR Loans as provided above, such Borrower shall be deemed to have elected to convert such LIBOR Loans into Base Rate Loans effective as of the expiration date of such current Interest Period.

Appears in 2 contracts

Samples: Credit Agreement (Centex Development Co Lp), Credit Agreement (Centex Corp)

Interest Periods. At the time any the Borrower gives any a Notice of Borrowing or a Notice of Conversion/Conversion or Continuation in respect of the making of, or conversion intointo or continuation as, any LIBOR Loan a Borrowing of Eurodollar Loans (in the case of the initial Interest Period applicable thereto) or prior to 1:00 P.M. p.m. (New York City time) on the third Business Day (and in any event, on not more than five Business Days’ notice) prior to the expiration of an Interest Period applicable to such LIBOR Loan (in a Borrowing of Eurodollar Loans, the case of any subsequent Interest Period), such Borrower shall have have, by giving the right to elect Administrative Agent written notice (or telephonic notice promptly confirmed in writing) elected the interest period (each, an “Interest Period”) Period applicable to such LIBOR LoanBorrowing, which Interest Period shall, at the option of the Borrower, shall be a one, two, three or six month period; provided, that, (in each case3)-month period (subject to clause (a) below): (a) all LIBOR Loans comprising a Borrowing shall at all times have the same Interest Period; (b) the initial Interest Period for any LIBOR Loan Borrowing of Eurodollar Loans shall commence on the date of such Borrowing of such LIBOR Loan (including the date of any conversion thereto from a Base Rate Loan) Borrowing of ABR Loans), and each Interest Period occurring thereafter in respect of such LIBOR Loan Borrowing shall commence on the day on which the next immediately preceding Interest Period applicable thereto expires; provided, that, (ci) the initial Interest Period commencing on the Closing Date shall expire on March 31, 2020 and (ii) subject to clause (b) below, each Interest Period thereafter shall expire on the last day of each June, September, December and March, regardless of the commencement date of such Interest Period; and (b) if any Interest Period for a LIBOR Loan begins on a day for which there is no numerically corresponding day in the calendar month at the end of such Interest Period, such Interest Period shall end on the last Business Day of such calendar month; (d) if any Interest Period for a LIBOR Loan would otherwise expire on a day which that is not a Business Day, such Interest Period shall expire on the next succeeding Business Day; provided, however, that if any Interest Period for a LIBOR Loan would otherwise expire on a day which is not a Business Day but is a day of the month after which no further Business Day occurs in such month, such Interest Period shall expire on the next preceding Business Day; (e) unless the Required Lenders otherwise agree, no Interest Period may be selected at any time when an Event of Default is then in existence; and (fc) no the Borrower shall not be entitled to elect any Interest Period in respect of any Borrowing shall be selected which extends Eurodollar Loan if such Interest Period would extend beyond the Revolving Commitment Termination Maturity Date. If by 1:00 P.M. (New York City time) on the third Business Day prior to the expiration of any Interest Period applicable to a Borrowing of LIBOR Loans, any Borrower has failed to elect, or is not permitted to elect, a new Interest Period to be applicable to such LIBOR Loans as provided above, such Borrower shall be deemed to have elected to convert such LIBOR Loans into Base Rate Loans effective as of the expiration date of such current Interest Period.SECTION 2.10

Appears in 2 contracts

Samples: Credit Agreement (Evolent Health, Inc.), Credit Agreement (Evolent Health, Inc.)

Interest Periods. At the time When Borrower requests any Borrower gives any Notice of Eurodollar Rate Borrowing or Notice of Conversion/Continuation in respect of the making ofa Fixed Rate Borrowing, or conversion into, any LIBOR Loan (in the case of the initial Interest Period applicable thereto) or prior to 1:00 P.M. (New York City time) on the third Business Day prior to the expiration of an Interest Period applicable to such LIBOR Loan (in the case of any subsequent Interest Period), such Borrower shall have the right to may elect the interest period (each, each an “Interest Period”"INTEREST PERIOD") applicable to such LIBOR Loanthereto, which Interest Period shallshall be, at the option of the Borrower's option, be a one, two, three three, or six month periodmonths or, if available to all Lenders, nine or twelve months (in respect of any Eurodollar Rate Borrowing) and any period of up to six (6) months (with respect to any Fixed Rate Borrowing); provided, however, that, (in each case): : (a) all LIBOR Loans comprising a Borrowing shall at all times have the same Interest Period; (b) the initial Interest Period for any LIBOR Loan a Eurodollar Rate Borrowing shall commence on the date of such Borrowing of such LIBOR Loan (including the date of any conversion thereto from a Base Rate Loan) thereto), and each Interest Period occurring thereafter in respect of such LIBOR Loan Borrowing shall commence on the day on which the next preceding Interest Period applicable thereto expires; (cb) if any Interest Period for a LIBOR 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; (d) if any Interest Period for (unless such date would be in a LIBOR Loan different calendar month from what would otherwise expire on a 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 LIBOR 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 DayPeriod); (ec) unless the Required Lenders otherwise agree, no Interest Period may be selected at chosen with respect to any time when an Event portion of Default is then in existencethe Principal Debt which would extend beyond the scheduled repayment date (including any dates on which mandatory prepayments are required to be made) for such portion of the Principal Debt; and (fd) no more than an aggregate of ten (10) Interest Period in respect of any Borrowing Periods shall be selected which extends beyond the Revolving Commitment Termination Date. If by 1:00 P.M. (New York City in effect at one time) on the third Business Day prior to the expiration of any Interest Period applicable to a Borrowing of LIBOR Loans, any Borrower has failed to elect, or is not permitted to elect, a new Interest Period to be applicable to such LIBOR Loans as provided above, such Borrower shall be deemed to have elected to convert such LIBOR Loans into Base Rate Loans effective as of the expiration date of such current Interest Period.

Appears in 2 contracts

Samples: Credit Agreement (Worldcom Inc /Ga/), Credit Agreement (Mci Worldcom Inc)

Interest Periods. At the time any Borrower it gives any Notice of Borrowing or Notice of Conversion/Continuation in respect of the making of, or conversion into, any LIBOR Loan (in the case of the initial Interest Period applicable thereto) or prior to 1:00 P.M. (New York City time) on the third Business Day prior to the expiration of an Interest Period applicable to such LIBOR Loan (in the case of any subsequent Interest Period)Fixed Rate Loan, such each Borrower shall have the right to elect elect, by giving the Bank notice thereof, the interest period (each, each an "Interest Period") applicable to such LIBOR Fixed Rate Loan, which Interest Period shall, at the option of such Borrower, in the Borrowercase of a LIBOR Loan, be a one, two, three or six month period; provided, and in the case of a NIBOR Loan be a period of up to thirty days, provided that, : (in each case): (ai) all LIBOR Fixed Rate Loans comprising a Borrowing shall at all times have the same Interest Period; (bii) the initial Interest Period for any LIBOR Fixed Rate Loan shall commence on the date of Borrowing of such LIBOR Loan (including the date of any conversion thereto from thereof into a Base Rate LoanLoan of different Type) and each Interest Period occurring thereafter in respect of such LIBOR Loan 7 shall commence on the day on which the next preceding Interest Period applicable thereto expires; (ciii) if any Interest Period for relating to a LIBOR Fixed Rate Loan begins on a day for which there is no numerically corresponding day in the calendar month at the end of such Interest Period, such Interest Period shall end on the last Business Day of such calendar month; (div) if any Interest Period for a LIBOR Loan would otherwise expire on a day which is not a Business Day, such Interest Period shall expire on the next succeeding Business Day; provided, however, provided that if any Interest Period for a LIBOR Loan would otherwise expire on a day which is not a Business Day but is a day of the month after which no further Business Day occurs in such month, such Interest Period shall expire on the next preceding Business Day; (e) unless the Required Lenders otherwise agree, no Interest Period may be selected at any time when an Event of Default is then in existence; and (fv) no Interest Period in respect of any Borrowing shall be selected which extends extend beyond the Revolving Commitment Termination Expiry Date. If by 1:00 P.M. (New York City time) on the third Business Day prior to upon the expiration of any Interest Period applicable to a Borrowing of LIBOR LoansFixed Rate Loan, any the Borrower has failed to elect, or is not permitted to elect, elect a new Interest Period to be applicable to such LIBOR Loans Fixed Rate Loan as provided above, such the Borrower shall be deemed to have elected to convert such LIBOR Loans Loan into a Base Rate Loans Loan effective as of the expiration date of such current Interest Period.

Appears in 2 contracts

Samples: Credit Agreement (Sierra Prime Income Fund), Credit Agreement (Sierra Prime Income Fund)

Interest Periods. At (i) In connection with each Eurodollar Loan or Eurocurrency Loan, the time any Borrower gives any Notice of Borrowing or Notice of Conversion/Continuation Borrower, by giving notice at the times described in respect of the making ofSection 2.09(a), or conversion into, any LIBOR Loan (in the case of the initial Interest Period applicable thereto) or prior to 1:00 P.M. (New York City time) on the third Business Day prior to the expiration of shall elect an Interest Period to be applicable to such LIBOR Loan (in the case of any subsequent Interest Period), such Borrower shall have the right to elect the interest period (each, an “Interest Period”) applicable to such LIBOR Loan, which Interest Period shall, at the option of the Borrower, shall be a oneperiod of one (1), twotwo (2), three (3), or six month period(6) months with respect to each such Loan; provided, provided that, (in each case): (a) all LIBOR Loans comprising a Borrowing shall at all times have : the same Interest Period; (b) the initial Interest Period for any LIBOR Loan shall commence on the date of Borrowing advance of such LIBOR or conversion to any Eurodollar or Eurocurrency Loan (including and, in the date case of any conversion thereto from a Base Rate Loan) and immediately successive Interest Periods, each successive Interest Period occurring thereafter in respect of such LIBOR Loan shall commence on the day date on which the next immediately preceding Interest Period applicable thereto expires; (c) if any Interest Period for a LIBOR Loan begins on a day for which there is no numerically corresponding day in the calendar month at the end of such Interest Period, such Interest Period shall end on the last Business Day of such calendar month; (d) if any Interest Period for a LIBOR Loan would otherwise expire on a day which that is not a Business Day, such Interest Period shall expire on the next succeeding Business Day; provided, however, that if any Interest Period for with respect to a LIBOR 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; any Interest Period with respect to a Eurodollar or Eurocurrency Loan that begins on the last Business Day of a calendar month (eor on a day for which there is no numerically corresponding day in the calendar month at the end of such Interest Period) unless shall end on the Required Lenders otherwise agree, last Business Day of the relevant calendar month at the end of such Interest Period; and no Interest Period may be selected at any time when an Event of Default is then in existence; and (f) no Interest Period in respect of any Borrowing shall be selected which extends extend beyond the Revolving Commitment Termination Maturity Date. If by 1:00 P.M. (New York City time) on the third Business Day prior to the expiration of any Interest Period applicable to a Borrowing of LIBOR Loans, any Borrower has failed to elect, or is not permitted to elect, a new Interest Period to be applicable to such LIBOR Loans as provided above, such Borrower shall be deemed to have elected to convert such LIBOR Loans into Base Rate Loans effective as of the expiration date of such current Interest Period.

Appears in 2 contracts

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

Interest Periods. At the time When Borrower requests any Eurodollar Rate Borrowing, Borrower gives any Notice of Borrowing or Notice of Conversion/Continuation in respect of the making of, or conversion into, any LIBOR Loan (in the case of the initial Interest Period applicable thereto) or prior to 1:00 P.M. (New York City time) on the third Business Day prior to the expiration of an Interest Period applicable to such LIBOR Loan (in the case of any subsequent Interest Period), such Borrower shall have the right to may elect the interest period (each, each an “Interest Period”"INTEREST PERIOD") applicable to such LIBOR Loanthereto, which Interest Period shallshall be, at the option of the Borrower's option, be a one, two, three three, or six month periodmonths (or other periods, if requested by Borrower and available from the Lenders); providedPROVIDED, HOWEVER, that, (in each case): : (a) all LIBOR Loans comprising a Borrowing shall at all times have the same Interest Period; (b) the initial Interest Period for any LIBOR Loan a Eurodollar Rate Borrowing shall commence on the date of such Borrowing of such LIBOR Loan (including the date of any conversion thereto from a Base Rate Loan) thereto), and each Interest Period occurring thereafter in respect of such LIBOR Loan Borrowing shall commence on the day on which the next preceding Interest Period applicable thereto expires; (cb) if any Interest Period for a LIBOR 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; (d) if any Interest Period for (UNLESS such date would be in a LIBOR Loan different calendar month from what would otherwise expire on a 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 LIBOR 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 DayPeriod); (ec) unless the Required Lenders otherwise agree, no Interest Period may be selected at chosen with respect to any time when an Event portion of Default is then in existencethe Principal Debt which would extend beyond the scheduled repayment date (including any dates on which mandatory prepayments are required to be made) for such portion of the Principal Debt; and (fd) no more than an aggregate of eight (8) Interest Period in respect of any Borrowing Periods shall be selected which extends beyond the Revolving Commitment Termination Date. If by 1:00 P.M. (New York City in effect at one time) on the third Business Day prior to the expiration of any Interest Period applicable to a Borrowing of LIBOR Loans, any Borrower has failed to elect, or is not permitted to elect, a new Interest Period to be applicable to such LIBOR Loans as provided above, such Borrower shall be deemed to have elected to convert such LIBOR Loans into Base Rate Loans effective as of the expiration date of such current Interest Period.

Appears in 2 contracts

Samples: Credit Agreement (Dobson Sygnet Communications Co), Credit Agreement (Dobson Communications Corp)

Interest Periods. At the time any Borrower it gives any Notice of Borrowing Borrowing, ---------------- Notice of Conversion or Notice of Conversion/Continuation in respect of the making of, or conversion into, or continuation of any LIBOR Loan (in the case of the initial Interest Period applicable thereto) or prior to 1:00 P.M. (New York City time) on the third Business Day prior to the expiration of an Interest Period applicable to such LIBOR Loan (in the case of any subsequent Interest Period), such the Borrower shall have the right to elect elect, by giving the Agent notice thereof, the interest period (each, each an "Interest -------- Period") applicable to such LIBOR Loan, which Interest Period shall, at the ------ option of the Borrower, in the case of a LIBOR Loan, be a one, two, three or six month period; provided, provided that, (in each case): : (a) all LIBOR Loans comprising a Borrowing shall at all times have the same Interest PeriodPeriod except as otherwise required by Section 2.10(b); (b) the initial Interest Period for any LIBOR Loan shall commence on the date of Borrowing of such LIBOR Loan (including the date of any conversion thereto from thereof into a Base Rate LoanLoan of a different Type) and each Interest Period occurring thereafter in respect of such LIBOR Loan shall commence on the day on which the next preceding Interest Period applicable thereto expires; (c) if any Interest Period for relating to a LIBOR Loan begins on a day for which there is no numerically corresponding day in the calendar month at the end of such Interest Period, such Interest Period shall end on the last Business Day of such calendar month; (d) if any Interest Period for a LIBOR Loan would otherwise expire on a day which is not a Business Day, such Interest Period shall expire on the next succeeding Business Day; provided, however, provided that if any Interest Period for a LIBOR Loan would otherwise expire on a day which is not a Business Day but is a day of the month after which no further Business Day occurs in such month, such Interest Period shall expire on the next preceding Business Day; and (e) unless the Required Lenders otherwise agree, no Interest Period may be selected at any time when an Event of Default is then in existence; and (f) no Interest Period in respect of any Borrowing shall be selected which extends extend beyond the Revolving Loan Maturity Date or, in the case of Loans subject to payment in accordance with Section 2.12(b), the Commitment Termination Expiration Date. If by 1:00 P.M. (New York City time) on the third Business Day prior to upon the expiration of any Interest Period applicable to a Borrowing of LIBOR LoansLoan, any the Borrower has failed to elect, or is not permitted deliver to elect, the Agent a new Interest Period to be applicable to Notice of Continuation in accordance with Section 2.6(c) for such LIBOR Loans as provided aboveLoan, such the Borrower shall be deemed to have elected to convert such LIBOR Loans Loan into a Base Rate Loans Loan effective as of the expiration date of such current Interest Period.

Appears in 2 contracts

Samples: Credit Agreement (Wireless Facilities Inc), Credit Agreement (Wireless Facilities Inc)

Interest Periods. At the time When Borrower requests any Eurodollar Rate Borrowing, Borrower gives any Notice of Borrowing or Notice of Conversion/Continuation in respect of the making of, or conversion into, any LIBOR Loan (in the case of the initial Interest Period applicable thereto) or prior to 1:00 P.M. (New York City time) on the third Business Day prior to the expiration of an Interest Period applicable to such LIBOR Loan (in the case of any subsequent Interest Period), such Borrower shall have the right to may elect the interest period (each, each an “Interest Period”"INTEREST PERIOD") applicable to such LIBOR Loanthereto, which Interest Period shallshall be, at the option of the Borrower's option, be a one, two, three three, or six month periodmonths (or other periods, if requested by Borrower and available from the Lenders); providedPROVIDED, HOWEVER, that, (in each case): : (a) all LIBOR Loans comprising a Borrowing shall at all times have the same Interest Period; (b) the initial Interest Period for any LIBOR Loan a Eurodollar Rate Borrowing shall commence on the date of such Borrowing of such LIBOR Loan (including the date of any conversion thereto from a Base Rate Loan) thereto), and each Interest Period occurring thereafter in respect of such LIBOR Loan Borrowing shall commence on the day on which the next preceding Interest Period applicable thereto expires; (cb) if any Interest Period for a LIBOR 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; (d) if any Interest Period for (UNLESS such date would be in a LIBOR Loan different calendar month from what would otherwise expire on a 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 LIBOR 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 DayPeriod); (ec) unless the Required Lenders otherwise agree, no Interest Period may be selected at chosen with respect to any time when an Event portion of Default is then in existencethe Principal Debt which would extend beyond the scheduled repayment date (including any dates on which mandatory prepayments are required to be made) for such portion of the Principal Debt; and (fd) no more than an aggregate of six (6) Interest Period in respect of any Borrowing Periods shall be selected which extends beyond the Revolving Commitment Termination Date. If by 1:00 P.M. (New York City in effect at one time) on the third Business Day prior to the expiration of any Interest Period applicable to a Borrowing of LIBOR Loans, any Borrower has failed to elect, or is not permitted to elect, a new Interest Period to be applicable to such LIBOR Loans as provided above, such Borrower shall be deemed to have elected to convert such LIBOR Loans into Base Rate Loans effective as of the expiration date of such current Interest Period.

Appears in 2 contracts

Samples: 364 Day Revolving Credit and Term Loan Agreement (Dobson Communications Corp), Revolving Credit Agreement (Dobson Communications Corp)

Interest Periods. At In connection with each Eurodollar Rate Loan, Borrower may, pursuant to the time any Borrower gives any applicable Notice of Borrowing or Notice of Conversion/Continuation in respect of the making ofConversion/ Continuation, or conversion into, any LIBOR Loan (in as the case of the initial may be, select an interest period (each an "Interest Period applicable theretoPeriod") or prior to 1:00 P.M. (New York City time) on the third Business Day prior to the expiration of an Interest Period be applicable to such LIBOR Loan (in the case of any subsequent Interest Period), such Borrower shall have the right to elect the interest period (each, an “Interest Period”) applicable to such LIBOR Loan, which Interest Period shallshall be, at the option of the Borrower's option, be either a one, two, three or six month period; provided, provided that, : (in each case): (a) all LIBOR Loans comprising a Borrowing shall at all times have the same Interest Period; (bi) the initial Interest Period for any LIBOR Eurodollar Rate Loan shall commence on the date of Borrowing of such LIBOR Loan (including the date of any conversion thereto from a Base Rate Loan) and each Interest Period occurring thereafter Funding Date in respect of such LIBOR 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 day on which the next immediately preceding Interest Period applicable thereto expires; (ciii) if any an Interest Period for a LIBOR Loan begins on a day for which there is no numerically corresponding day in the calendar month at the end of such Interest Period, such Interest Period shall end on the last Business Day of such calendar month; (d) if any Interest Period for a LIBOR Loan would otherwise expire on a day which that is not a Business Day, such Interest Period shall expire on the next succeeding Business Day; providedprovided that, however, that if any Interest Period for a LIBOR Loan would otherwise expire on a day which that is not a Business Day but is a day of the month after which no further Business Day occurs in such month, such Interest Period shall expire on the next preceding Business Day; (eiv) unless the Required Lenders otherwise agree, no any Interest Period may be selected that begins on the last Business Day of a calendar month (or on a day for which there is no numerically corresponding day in the calendar month at any time when an Event the end of Default is then in existencesuch Interest Period) shall, subject to clause (v) of this Section 2.2B, end on the last Business Day of a calendar month; and (fv) no Interest Period with respect to any portion of the Loans shall extend beyond the Maturity Date; (vi) no Interest Period with respect to any portion of the Loans shall extend beyond the date on which a permanent reduction of the Commitments is scheduled to occur unless the sum of (a) the aggregate principal amount of Loans that are Base Rate Loans plus (b) the aggregate principal amount of Loans that are Eurodollar Rate Loans with Interest Periods expiring on or before such date plus (c) the excess of the Commitments then in respect effect over the Total Utilization as of any Borrowing such date equals or exceeds the permanent reduction of the Commitments that is scheduled to occur on such date; (vii) there shall be selected which extends beyond no more than ten Interest Periods out- standing at any time; and (viii) in the Revolving Commitment Termination Date. If by 1:00 P.M. (New York City time) on the third Business Day prior event Borrower fails to the expiration of any specify an Interest Period for any Eurodollar Rate Loan in the applicable to a Notice of Borrowing or Notice of LIBOR LoansConversion/Continuation, any Borrower has failed to elect, or is not permitted to elect, a new Interest Period to be applicable to such LIBOR Loans as provided above, such Borrower shall be deemed to have elected to convert such LIBOR Loans into Base Rate Loans effective as selected an Interest Period of the expiration date of such current Interest Period.one month. C.

Appears in 1 contract

Samples: Credit Agreement (Circus Circus Enterprises Inc)

Interest Periods. At the time When Borrower requests any Borrower gives any Notice of Eurodollar Rate Borrowing or Notice of Conversion/Continuation in respect of the making ofa Fixed Rate Borrowing, or conversion into, any LIBOR Loan (in the case of the initial Interest Period applicable thereto) or prior to 1:00 P.M. (New York City time) on the third Business Day prior to the expiration of an Interest Period applicable to such LIBOR Loan (in the case of any subsequent Interest Period), such Borrower shall have the right to may elect the interest period (each, each an “Interest Period”"INTEREST PERIOD") applicable to such LIBOR Loanthereto, which Interest Period shallshall be, at the option of the Borrower's option, be a one, two, three three, or six month period; providedmonths or, thatif available to all Lenders, nine or twelve months (in each case): respect of any Eurodollar Rate Borrowing) and any period of up to six (6) months (with respect 364-DAY REVOLVING CREDIT AGREEMENT to any Fixed Rate Borrowing); PROVIDED, HOWEVER, THAT: (a) all LIBOR Loans comprising a Borrowing shall at all times have the same Interest Period; (b) the initial Interest Period for any LIBOR Loan a Eurodollar Rate Borrowing shall commence on the date of such Borrowing of such LIBOR Loan (including the date of any conversion thereto from a Base Rate Loan) thereto), and each Interest Period occurring thereafter in respect of such LIBOR Loan Borrowing shall commence on the day on which the next preceding Interest Period applicable thereto expires; (cb) if any Interest Period for a LIBOR 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; (d) if any Interest Period for (UNLESS such date would be in a LIBOR Loan different calendar month from what would otherwise expire on a 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 LIBOR 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 DayPeriod); (ec) unless the Required Lenders otherwise agree, no Interest Period may be selected at chosen with respect to any time when an Event portion of Default is then in existencethe Principal Debt which would extend beyond the scheduled repayment date (including any dates on which mandatory prepayments are required to be made) for such portion of the Principal Debt; and (fd) no more than an aggregate of ten (10) Interest Period in respect of any Borrowing Periods shall be selected which extends beyond the Revolving Commitment Termination Date. If by 1:00 P.M. (New York City in effect at one time) on the third Business Day prior to the expiration of any Interest Period applicable to a Borrowing of LIBOR Loans, any Borrower has failed to elect, or is not permitted to elect, a new Interest Period to be applicable to such LIBOR Loans as provided above, such Borrower shall be deemed to have elected to convert such LIBOR Loans into Base Rate Loans effective as of the expiration date of such current Interest Period.

Appears in 1 contract

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

Interest Periods. At any time when the time any Borrower gives any Notice of Borrowing shall select, convert to or Notice of Conversion/Continuation in respect of renew the making ofCD Rate Option, Revolving Credit Euro-Rate Option or conversion intoFacility A Term Loan Option, any LIBOR the Borrower shall notify the Agent thereof by delivering a Facility A Loan Request at least one (in the case of the initial Interest Period applicable thereto1) or prior to 1:00 P.M. (New York City time) on the third Business Day prior to the expiration effective date of a CD Rate Option, three (3) Business Days prior to the effective date of a Revolving Credit Euro-Rate Option or the Facility A Term Loan Option, and one (1) Business Day prior to the effective date of the Federal Funds/Euro-Rate Option. The notice shall specify an interest period during which such Option shall apply, such periods may be (i) 30, 60, 90, 180, 270 or 360 days in the event of a CD Rate Option (the "CD Rate Interest Period"), provided that the Facility A Banks shall not be required to accept a request by Borrower for a CD Interest Period applicable of 270 or 360 days unless all of the Facility A Banks in their discretion agree to such LIBOR Loan a period, (in the case of any subsequent Interest Period), such Borrower shall have the right to elect the interest period (each, an “Interest Period”ii) applicable to such LIBOR Loan, which Interest Period shall, at the option of the Borrower, be a one, two, three or six month period; providedsix, thatnine or twelve months in the event of a Revolving Credit Euro-Rate Option provided that the Facility A Banks shall not be required to accept a request by Borrower for an interest period of nine or twelve months unless all of the Facility A Banks in their discretion agree to such a period (the "Revolving Credit Euro-Rate Interest Period"), (iii) for a period beginning on the date of the election and ending on the Mandatory Reduction Date in each case): the case of a Mandatory Reduction Date Facility A Term Loan Option, and (iv) for a period beginning on the date of the election and ending on the Expiration Date in the case of an Expiration Date Facility A Term Loan Option. The CD Rate Interest Period and any Euro-Rate Interest Period shall be subject to the following additional requirements: (a) all LIBOR Loans comprising any CD Rate Interest Period or Euro-Rate Interest Period which would otherwise end on a Borrowing date which is not a Business Day shall at all times have be extended to the same next succeeding Business Day unless such Business Day falls in the next calendar month, in which case such CD Rate Interest PeriodPeriod or Euro-Rate Interest Period shall end on the next preceding Business Day; (b) the initial any Euro-Rate Interest Period for any LIBOR Loan shall commence which begins on the date last day of Borrowing of such LIBOR Loan (including the date of any conversion thereto from a Base Rate Loan) and each Interest Period occurring thereafter in respect of such LIBOR Loan shall commence on the day on which the next preceding Interest Period applicable thereto expires; (c) if any Interest Period for a LIBOR Loan begins on a day calendar month for which there is no numerically corresponding day in the subsequent calendar month at the end of such Interest Period, during which such Interest Period is to end shall end on the last Business Day of such calendar subsequent month; (c) the CD Rate Portion and the Euro-Rate Portion for each CD Rate Interest Period and Euro-Rate Interest Period shall be in integral multiples of $100,000 and each such Portion shall not be less than $2,000,000; (d) if any the Borrower shall not select, convert to or renew a CD Rate Interest Period or a Euro-Rate Interest Period for any portion of the Facility A Loans that would end after the Expiration Date; and (e) in the case of the renewal of a LIBOR Loan would otherwise expire on CD Rate Option at the end of a CD Rate Interest Period or the renewal of a Euro-Rate Option at the end of a Euro-Rate Interest Period, the first day which is not a Business Day, such of the new Interest Period shall expire on be the next succeeding Business Day; provided, however, that if any Interest Period for a LIBOR Loan would otherwise expire on a day which is not a Business Day but is a last day of the month after which no further Business Day occurs in such month, such Interest Period shall expire on the next preceding Business Day; (e) unless the Required Lenders otherwise agree, no Interest Period may be selected at any time when an Event of Default is then in existence; and (f) no Interest Period in respect of any Borrowing shall be selected which extends beyond the Revolving Commitment Termination Date. If by 1:00 P.M. (New York City time) on the third Business Day prior to the expiration of any Interest Period applicable to a Borrowing of LIBOR Loans, any Borrower has failed to elect, or is not permitted to elect, a new Interest Period to be applicable to such LIBOR Loans as provided above, such Borrower shall be deemed to have elected to convert such LIBOR Loans into Base Rate Loans effective as of the expiration date of such current Interest Period., without duplication in payment of interest for such day. 3.03

Appears in 1 contract

Samples: Credit Agreement (Toll Brothers Inc)

Interest Periods. At the time When any Co-Borrower gives requests any Notice of Borrowing or Notice of Conversion/Continuation in respect of the making ofFixed-Rate Borrowing, or conversion into, any LIBOR Loan (in the case of the initial Interest Period applicable thereto) or prior to 1:00 P.M. (New York City time) on the third Business Day prior to the expiration of an Interest Period applicable to such LIBOR Loan (in the case of any subsequent Interest Period), such Borrower shall have the right to it may elect the applicable interest period (each, each an "Interest Period") applicable to such LIBOR Loan-- which may be either seven days, which Interest Period shall14 days, at the option of the Borrower, be a or one, two, three three, or six month period; provided, that, months at its option or such other period as it and Administrative Agent may agree (in each case): after first obtaining approval of all Lenders) -- subject to the following conditions: (a) all LIBOR Loans comprising a Borrowing shall at all times have the same Interest Period; (b) the initial Interest Period for any LIBOR Loan shall commence commences on the date of applicable Borrowing of such LIBOR Loan (including the date of any conversion thereto from a Base Rate Loan) Date and each subsequent applicable Interest Period occurring thereafter in respect of such LIBOR Loan shall commence commences on the day on which when the next preceding applicable Interest Period applicable thereto expires; (cb) if any Interest Period for a LIBOR Loan (other than an Interest Period consisting of either seven or 14 days) begins on a day for which there is no numerically corresponding day Business Day in the calendar month Calendar Month at the end of that Interest Period exists, then that Interest Period ends on the last Business Day of such Calendar Month; (c) if an Interest PeriodPeriod would otherwise not end on a Business Day, it shall end on the immediately succeeding Business Day unless such succeeding Business Day is in the next Calendar Month in which case such Interest Period shall end on the last Business Day of such calendar month; (d) if any Interest Period for a LIBOR Loan would otherwise expire on a day which is not a Business Day, such Interest Period shall expire on the next succeeding Business Day; provided, however, that if any Interest Period for a LIBOR Loan would otherwise expire on a day which is not a Business Day but is a day of the month after which no further Business Day occurs in such month, such Interest Period shall expire on the next immediately preceding Business Day; (e) unless the Required Lenders otherwise agree, no Interest Period may be selected at any time when an Event of Default is then in existence; and (fd) no Interest Period in respect for any portion of any Borrowing shall be selected which extends the Obligation may extend beyond the Revolving Commitment Termination Date. If by 1:00 P.M. (New York City time) on the third Business Day prior to the expiration of any Interest Period applicable to a Borrowing of LIBOR Loans, any Borrower has failed to elect, or is not permitted to elect, a new Interest Period to be applicable to such LIBOR Loans as provided above, such Borrower shall be deemed to have elected to convert such LIBOR Loans into Base Rate Loans effective as scheduled repayment date for that portion of the expiration date of such current Obligation; and (e) no more than four Interest PeriodPeriods may be in effect at any time.

Appears in 1 contract

Samples: Credit Agreement (American Business Financial Services Inc /De/)

Interest Periods. At The Borrower may select for any Eurodollar Rate Loan the time Interest Period (as defined in the next sentence) for each Borrowing, it being understood that the Borrower may request multiple Borrowings on the same day and may select a different Interest Period for each such Borrowing. An Interest Period shall be each period, as selected by the Borrower in accordance with the terms of this Agreement, beginning on the Borrowing Date of any Borrower gives any Notice of Borrowing Eurodollar Rate Loan, or Notice of on the Conversion/Continuation in respect of the making ofDate on which any Loan is converted into or continued as a Eurodollar Rate Loan, or conversion into, any LIBOR Loan (in the case of the initial Interest Period applicable thereto) or prior to 1:00 P.M. (New York City time) and ending on the third Business Day prior to date specified by the expiration of an Interest Period applicable to such LIBOR Loan (in the case of any subsequent Interest Period), such Borrower shall have the right to elect the interest period (each, an “Interest Period”) applicable to such LIBOR Loan, which Interest Period shall, at the option of the Borrower, be a that is one, two, three or six month periodmonths thereafter; provided, that, (in each case): (a) all LIBOR Loans comprising a Borrowing shall at all times have provided that whenever the same Interest Period; (b) the initial Interest Period for any LIBOR Loan shall commence on the date first day of Borrowing of such LIBOR Loan (including the date of any conversion thereto from a Base Rate Loan) and each Interest Period occurring thereafter in respect of such LIBOR Loan shall commence on the day on which the next preceding Interest Period applicable thereto expires; (c) if any Interest Period for a LIBOR Loan begins occurs on a day of an initial calendar month for which there is no numerically corresponding day in the calendar month at that succeeds such initial calendar month by the end number of months equal to the number of months in such Interest Period, such Interest Period shall end on the last Business Day of such succeeding calendar month; (d) and provided further that if any the last day of an Interest Period for a LIBOR Loan would otherwise expire on be a day which that is not a Business Day, such Interest Period shall expire on be extended to the next succeeding Business Day; provided, however, that if any Interest Period for a LIBOR Loan would otherwise expire on a day which is not a unless such next succeeding Business Day but is in a day of the month after which no further Business Day occurs in such different calendar month, in which case such Interest Period interest period shall expire end on the next preceding Business Day; but provided, however, that (e) unless the Required Lenders otherwise agree, no Interest Period may be selected at any time when an Event of Default is then in existence; and (fi) no Interest Period in respect of applicable to any Borrowing Revolving Loan shall be selected which extends extend beyond the Revolving Commitment Termination Date. If by 1:00 P.M. ; and (New York City timeii) on the third Business Day prior to the expiration of any no Interest Period applicable to a any Term Loan shall extend beyond the Term Loan Maturity Date specified in the Borrowing of LIBOR LoansAdvice for such Term Loan, any Borrower has failed to elect, or is not permitted to elect, a new Interest Period to be applicable to such LIBOR Loans as provided above, such Borrower which in no event shall be deemed to have elected to convert such LIBOR Loans into Base Rate Loans effective as of the expiration date of such current Interest Periodlater than June 12, 2009.

Appears in 1 contract

Samples: Credit Agreement (Schwab Charles Corp)

Interest Periods. At the time it gives any Borrower Notice of Competitive Bid Borrowing in respect of the making of a Borrowing of Competitive Bid Loans or at any time it gives any Notice of Borrowing or Notice of Conversion/Continuation Conversion in respect of the making of, or conversion into, any LIBOR Loan a Borrowing of Eurodollar Loans (in the case of the initial Interest Period applicable thereto) or prior to 1:00 P.M. by 12:00 Noon (New York City time) on the third Business Day prior to the expiration of an Interest Period applicable to such LIBOR Loan a Borrowing (in the case of any subsequent Interest PeriodPeriods), such the Borrower shall have the right to elect elect, by giving the Administrative Agent notice thereof, the interest period (each, each an "Interest Period") applicable to such LIBOR Loanthe Borrowing, which Interest Period shall, at the option of the Borrower, be (x) in the case of a Eurodollar Loan, a one, two, three or six month periodperiod and (y) in the case of a Fixed Rate Loan, a period commencing on the date of such Borrowing and ending on the date specified in the Competitive Bid in which the offer to make such Fixed Rate Loans comprising such Borrowing was extended and accepted pursuant to Section 1.04, which shall not be earlier than 7 days after the date of such Borrowing or later than 360 days after the date of such Borrowing; provided, provided that, : (in each case): (ai) all LIBOR Loans comprising a Borrowing shall at all times have the same Interest Period; (bii) the initial Interest Period for any LIBOR Loan Borrowing of Eurodollar Loans shall commence on the date of such Borrowing of such LIBOR Loan (including the date of any conversion thereto from a Base Rate LoanBorrowing of a different Type) and each Interest Period occurring thereafter in respect of such LIBOR Loan Borrowing shall commence on the day on which the next preceding Interest Period applicable thereto expires; (ciii) if any Interest Period for relating to a LIBOR 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; (div) if any Interest Period for a LIBOR Loan would otherwise expire on a day which is not a Business Day, such Interest Period shall expire on the next succeeding Business Day; provided, however, that if any Interest Period for a LIBOR Loan would otherwise expire on a day which is not a Business Day but is a day of the month after which no further Business Day occurs in such month, such Interest Period shall expire on the next preceding Business Day; (e) unless the Required Lenders otherwise agree, no Interest Period may be selected at any time when an Event of Default is then in existence; and (fv) no Interest Period in respect of any a Borrowing of Loans shall extend beyond the Expiry Date; (vi) no Interest Period may be selected which extends beyond would end after the Revolving Commitment Termination Datedate of any Scheduled Reduction if as a result of and after giving effect to such Scheduled Reduction, Loans with Interest Periods ending after such date would be required to be repaid by Section 4.02(A)(a)(i); and (vii) no Interest Period may be selected while a Default or Event of Default exist. If by 1:00 P.M. (New York City time) on the third Business Day prior to upon the expiration of any Interest Period applicable to a Borrowing of LIBOR Eurodollar Loans, any the Borrower has failed to electfailed, or is not permitted unable, to elect, elect a new Interest Period to be applicable to such LIBOR Loans Borrowing as provided above, such Borrower shall be deemed to have elected to convert such LIBOR Loans Borrowing into a Borrowing of Base Rate Loans effective as of the expiration date of such current Interest Period.

Appears in 1 contract

Samples: Credit Agreement (Service Merchandise Co Inc)

Interest Periods. At the time any Borrower it gives any Notice of Borrowing or Notice of Conversion/Continuation Conversion in respect of the making of, or conversion intointo any Eurocurrency Rate Loan, any LIBOR Loan (in the case of the initial Interest Period applicable thereto) or prior to 1:00 P.M. (New York City time) on the third Business Day prior to the expiration of an Interest Period applicable to such LIBOR Loan (in the case of any subsequent Interest Period), such relevant Borrower shall have the right to elect elect, by giving the Administrative Agent notice thereof, the interest period (each, together with each of the interest periods for Competitive Bid Loans as provided in Section 2.13, an "Interest Period") applicable to such LIBOR Eurocurrency Rate Loan, which Interest Period shall, at the option of the such Borrower, be a one, two, three three, six, nine or six twelve month period; providedperiod (subject to availability as determined by 100% of the Banks), provided that, : (in each case): (ai) all LIBOR Eurocurrency Rate Loans comprising a Borrowing shall at all times have the same Interest PeriodPeriod and Currency except as otherwise required by Section 2.10(b); (bii) the initial Interest Period for any LIBOR Eurocurrency Rate Loan shall commence on the date of Borrowing of such LIBOR Loan (including the date of any conversion thereto from of a Base Rate Loan into Eurodollar Rate Loan); (iii) and each if the Interest Period occurring thereafter in respect of such LIBOR Loan shall commence on the day on which the next preceding Interest Period applicable thereto expires; (c) if any Interest Period for relating to a LIBOR 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; (div) if any Interest Period for a LIBOR Loan would otherwise expire on a day which is not a Business Day, such Interest Period shall expire on the next succeeding Business Day; provided, however, that if any the Interest Period for a LIBOR Eurocurrency Rate Loan would otherwise expire on a Credit Agreement day which is not a Business Day but is a day of the month after which no further Business Day occurs in such month, such Interest Period shall expire on the next preceding Business Day; (e) unless the Required Lenders otherwise agree, no Interest Period may be selected at any time when an Event of Default is then in existence; and (fv) no Interest Period in respect of any Borrowing shall be selected which extends extend beyond the Revolving Commitment Termination Date. If by 1:00 P.M. (New York City time) on the third Business Day prior to the expiration of any Interest Period applicable to a Borrowing of LIBOR Loans, any Borrower has failed to elect, or is not permitted to elect, a new Interest Period to be applicable to such LIBOR Loans as provided above, such Borrower shall be deemed to have elected to convert such LIBOR Loans into Base Rate Loans effective as of the expiration date of such current Interest Period.

Appears in 1 contract

Samples: Credit Agreement (Omnicom Group Inc)

Interest Periods. At (a) As to the making of any LIBOR Loan, at the time any Borrower Comercial gives any the Notice of Borrowing or Notice of Conversion/Continuation in respect of the making of, or conversion into, any of such LIBOR Loan (in the case of the initial Interest Period applicable thereto) or prior to 1:00 P.M. (New York City time) on the third Business Day prior to the expiration of an Interest Period applicable to such LIBOR Loan (in the case of any subsequent Interest Period), such Borrower Comercial shall have the right to elect elect, by giving the Administrative Agent notice thereof, the interest period (each, an “the "Interest Period") applicable to such LIBOR Loan, which Interest Period shall, at the option of the BorrowerComercial, be a oneone-, twotwo-, three or six three- or, if available and in the discretion of the Administrative Agent, six-month period; provided, that, that (in each case): (ai) all LIBOR Loans comprising a Borrowing shall at all times have the same Interest Period; , (bii) the initial Interest Period for any the LIBOR Loan Loans shall commence on the date of Borrowing Date of such LIBOR Loan (including the date of any conversion thereto from a Base Rate Loan) Loans and each Interest Period occurring immediately thereafter in respect of such LIBOR Loan Loans (A) shall commence on (and include) the day on which the next preceding Interest Period applicable thereto expires; , and (cB) if any shall not include the day on which the Interest Period for a such LIBOR Loan begins on a day for which there is no numerically corresponding day in the calendar month at the end of such Interest PeriodLoans expires, such Interest Period shall end on the last Business Day of such calendar month; (diii) if any Interest Period for a LIBOR Loan would otherwise expire on a day which is not a Business Day, such Interest Period shall expire on the next succeeding Business Day; provided, however, that if any Interest Period for a LIBOR Loan would otherwise expire on a day which is not a Business Day but is a day of the month after which no further Business Day occurs in such month, such Interest Period shall expire on the next preceding Business Day; (e) unless the Required Lenders otherwise agree, no Interest Period may be selected at any time when an a Default or Event of Default is then in existence; and existence or when such Interest Period extends beyond the relevant Final Maturity Date, (fiv) no Interest Period with respect to the Tranche A Term Loans or the Tranche B Loans shall extend beyond any date upon which a repayment of the Tranche A Term Loans or the Tranche B Loans, respectively, is required to be made pursuant to Section 4.2 unless the aggregate principal amount of the Tranche A Term Loans which are Base Rate Loans or which have Interest Periods which will expire before such date is equal to or in respect excess of any Borrowing the amount of the repayment of the Tranche A Term Loans or the Tranche B Loans, as the case may be, required to be made on such date, and (v) there shall be selected which extends beyond the no more than two Interest Periods in effect at any time for Tranche A Revolving Commitment Termination DateLoans consisting of LIBOR Loans and (vi) there shall be no more than one Interest Period at any time for all Tranche A Term Loans and Tranche B Loans consisting of LIBOR Loans. If by 1:00 P.M. (New York City time) on the third Business Day prior to the expiration of any Interest Period applicable to a Borrowing of LIBOR LoansPeriod, any Borrower Comercial has failed to elect, or is not permitted to elect, make an election of a new Interest Period to be applicable to such LIBOR Loans as provided abovethereto, such Borrower Comercial shall be deemed to have elected to convert such LIBOR Loans into Base Rate Loans effective as of the expiration date of such current a one-month Interest Period.

Appears in 1 contract

Samples: Credit Agreement (Vitro Sa De Cv)

Interest Periods. At The Borrower may select for any Eurodollar Rate Loan the time Interest Period (as defined in the next sentence) for each Borrowing, it being understood that the Borrower may request multiple Borrowings on the same day and may select a different Interest Period for each such Borrowing. An Interest Period shall be each period, as selected by the Borrower in accordance with the terms of this Agreement, beginning on the Borrowing Date of any Borrower gives any Notice of Borrowing Eurodollar Rate Loan, or Notice of on the Conversion/Continuation in respect of the making ofDate on which any Loan is converted into or continued as a Eurodollar Rate Loan, or conversion into, any LIBOR Loan (in the case of the initial Interest Period applicable thereto) or prior to 1:00 P.M. (New York City time) and ending on the third Business Day prior to date specified by the expiration of an Interest Period applicable to such LIBOR Loan (in the case of any subsequent Interest Period), such Borrower shall have the right to elect the interest period (each, an “Interest Period”) applicable to such LIBOR Loan, which Interest Period shall, at the option of the Borrower, be a that is one, two, three or six month periodmonths thereafter; provided, that, (in each case): (a) all LIBOR Loans comprising a Borrowing shall at all times have provided that whenever the same Interest Period; (b) the initial Interest Period for any LIBOR Loan shall commence on the date first day of Borrowing of such LIBOR Loan (including the date of any conversion thereto from a Base Rate Loan) and each Interest Period occurring thereafter in respect of such LIBOR Loan shall commence on the day on which the next preceding Interest Period applicable thereto expires; (c) if any Interest Period for a LIBOR Loan begins occurs on a day of an initial calendar month for which there is no numerically corresponding day in the calendar month at that succeeds such initial calendar month by the end number of months equal to the number of months in such Interest Period, such Interest Period shall end on the last Business Day of such succeeding calendar month; (d) and provided further that if any the last day of an Interest Period for a LIBOR Loan would otherwise expire on be a day which that is not a Business Day, such Interest Period shall expire on be extended to the next succeeding Business Day; provided, however, that if any Interest Period for a LIBOR Loan would otherwise expire on a day which is not a unless such next succeeding Business Day but is in a day of the month after which no further Business Day occurs in such different calendar month, in which case such Interest Period interest period shall expire end on the next preceding Business Day; but provided, however, that (e) unless the Required Lenders otherwise agree, no Interest Period may be selected at any time when an Event of Default is then in existence; and (fi) no Interest Period in respect of applicable to any Borrowing Revolving Loan shall be selected which extends extend beyond the Revolving Commitment Termination Date. If by 1:00 P.M. ; and (New York City timeii) on the third Business Day prior to the expiration of any no Interest Period applicable to a any Term Loan shall extend beyond the Term Loan Maturity Date specified in the Borrowing of LIBOR LoansAdvice for such Term Loan, any Borrower has failed to elect, or is not permitted to elect, a new Interest Period to be applicable to such LIBOR Loans as provided above, such Borrower which in no event shall be deemed to have elected to convert such LIBOR Loans into Base Rate Loans effective as of the expiration date of such current Interest Periodlater than June 7, 2013.

Appears in 1 contract

Samples: Credit Agreement (Schwab Charles Corp)

Interest Periods. At the time any Borrower gives any Notice of Borrowing or Notice of Conversion/Continuation in respect of the making of, or conversion into, any LIBOR Loan (in the case of the initial Interest Period applicable thereto) or prior to 1:00 P.M. (New York City time) on the third Business Day prior to the expiration of an Interest Period applicable to such LIBOR Loan (in the case of any subsequent Interest Period), such Borrower shall have the right to elect the interest period (each, an “Interest Period”) applicable to such LIBOR Loan, which Interest Period shall, at the option of the Borrower, be a one, two, three or six month period; provided, that, (in each case): (a) all LIBOR Loans comprising a Borrowing shall at all times have the same Interest Period; (b) the initial Interest Period for any LIBOR Loan shall commence on the date of Borrowing of such LIBOR Loan (including the date of any conversion thereto from a Base Rate Loan) and each Interest Period occurring thereafter in respect of such LIBOR Loan shall commence on the day on which the next preceding Interest Period applicable thereto expires; (c) if any Interest Period for a LIBOR Loan begins on a day for which there is no numerically corresponding day in the calendar month at the end of such Interest Period, such Interest Period shall end on the last Business Day of such calendar month; (d) if any Interest Period for a LIBOR Loan would otherwise expire on a day which is not a Business Day, such Interest Period shall expire on the next succeeding Business Day; provided, however, that if any Interest Period for a LIBOR Loan would otherwise expire on a day which is not a Business Day but is a day of the month after which no further Business Day occurs in such month, such Interest Period shall expire on the next preceding Business Day; (e) unless the Required Lenders otherwise agree, no Interest Period may be selected at any time when an Event of Default is then in existence; and (f) no Interest Period in respect of any Borrowing shall be selected which extends beyond the Revolving Commitment Termination Date. If by 1:00 P.M. (New York City time) on the third Business Day prior to the expiration of any Interest Period applicable to a Borrowing of LIBOR Loans, any Borrower has failed to elect, or is not permitted to elect, a new Interest Period to be applicable to such LIBOR Loans as provided above, such Borrower shall be deemed to have elected to convert such LIBOR Loans into Base Rate Loans effective as of the expiration date of such current Interest Period.. 2.10

Appears in 1 contract

Samples: Abl Credit Agreement (CVR Partners, Lp)

Interest Periods. At In connection with each Eurodollar Rate Loan, Company may, pursuant to the time any Borrower gives any applicable Notice of Borrowing or Notice of Conversion/Continuation in respect of the making ofContinuation, or conversion into, any LIBOR Loan (in as the case of the initial may be, select an interest period (each an "Interest Period applicable theretoPeriod") or prior to 1:00 P.M. (New York City time) on the third Business Day prior to the expiration of an Interest Period be applicable to such LIBOR Loan (in the case of any subsequent Interest Period), such Borrower shall have the right to elect the interest period (each, an “Interest Period”) applicable to such LIBOR Loan, which Interest Period shallshall be, at the option of the BorrowerCompany's option, be either a one, two, three or six month periodperiod (or with respect to clause (vi) below only, such shorter period acceptable to Administrative Agent); provided, provided that, : -------- (in each case): (a) all LIBOR Loans comprising a Borrowing shall at all times have the same Interest Period; (bi) the initial Interest Period for any LIBOR Eurodollar Rate Loan shall commence on the date of Borrowing of such LIBOR Loan (including the date of any conversion thereto from a Base Rate Loan) and each Interest Period occurring thereafter Funding Date in respect of such LIBOR 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 day on which the next preceding Interest Period applicable thereto expires; (ciii) if any an Interest Period for a LIBOR Loan begins on a day for which there is no numerically corresponding day in the calendar month at the end of such Interest Period, such Interest Period shall end on the last Business Day of such calendar month; (d) if any Interest Period for a LIBOR Loan would otherwise expire on a day which that is not a Business Day, such Interest Period shall expire on the next succeeding Business Day; providedprovided that, however, that if any Interest Period for a LIBOR Loan would otherwise expire on a day which that -------- is not a Business Day but is a day of the month after which no further Business Day occurs in such month, such Interest Period shall expire on the next preceding Business Day; (eiv) unless any Interest Period that begins on the Required Lenders otherwise agreelast Business Day of a calendar month (or on a day for which there is no numerically corresponding day in the calendar month at the end of such Interest Period) shall, subject to clause (v) of this subsection 2.2B, end on the last Business Day of a calendar month; (v) no Interest Period with respect to any portion of the Tranche A Term Loans shall extend beyond March 2, 2005, no Interest Period may be selected at with respect to any time when an Event portion of Default is then in existencethe Tranche B Term Loans shall extend beyond March 2, 2006, no Interest Period with respect to any portion of the Tranche C Term Loans shall extend beyond March 2, 2007 and no Interest Period with respect to any portion of the Revolving Loans shall extend beyond the Revolving Loan Commitment Termination Date; and (fvi) no Interest Period in with respect to any portion of any Borrowing Type of Term Loans shall extend beyond a date on which Company is required to make a scheduled payment of principal of such Type of Term Loans unless the sum of (a) the aggregate principal amount of such Type of Term Loans that are Base Rate Loans plus (b) the aggregate principal amount of such Type of Term Loans that ---- are Eurodollar Rate Loans with Interest Periods expiring on or before such date equals or exceeds the principal amount required to be paid on such Type of Term Loans on such date; (vii) there shall be selected which extends beyond no more than fifteen (15) Interest Periods outstanding at any time; and (viii) in the Revolving Commitment Termination Date. If by 1:00 P.M. (New York City time) on the third Business Day prior event Company fails to the expiration of any specify an Interest Period for any Eurodollar Rate Loan in the applicable to a Notice of Borrowing or Notice of LIBOR LoansConversion/Continuation, any Borrower has failed to elect, or is not permitted to elect, a new Interest Period to be applicable to such LIBOR Loans as provided above, such Borrower Company shall be deemed to have elected to convert such LIBOR Loans into Base Rate Loans effective as selected an Interest Period of the expiration date of such current Interest Period.one month. C.

Appears in 1 contract

Samples: Credit Agreement (Isle of Capri Casinos Inc)

Interest Periods. At the time any the Borrower gives any the Notice of Borrowing or Notice of Conversion/Continuation in respect of the making ofFunding, or conversion into, any LIBOR Loan (in the case of the initial Interest Period applicable thereto) or prior to 1:00 P.M. (New York City time) on the third Business Day prior to the expiration of an Interest Period applicable to such LIBOR a Eurodollar Loan (in the case of any subsequent Interest Period), such the Borrower shall have the right to elect the interest period (each, each an "Interest Period") applicable to such LIBOR Eurodollar Loan, which Interest Period shall, at the option of the Borrower, be a one, two, three or six six-month period; provided, that, provided that (in each case): (a) all LIBOR Loans comprising a Borrowing shall at all times have the same Interest Period; (bi) the initial Interest Period for any LIBOR Eurodollar Loan shall commence on the date of Borrowing or conversion of such LIBOR Eurodollar Loan (including the date of any conversion thereto from a Base Rate Loan) and each Interest Period occurring thereafter in respect of such LIBOR Eurodollar Loan shall commence on the day on which the next preceding Interest Period applicable thereto expires; (cii) if any Interest Period for a LIBOR 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; (diii) if any Interest Period for a LIBOR 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 LIBOR 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; (eiv) unless the Required Lenders otherwise agree, no Interest Period may be selected at any time when a Default or an Event of Default is then in existence; and (fv) no Interest Period in respect of any Borrowing of any Eurodollar Loan shall be selected which extends beyond the Revolving Commitment Termination 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 breakage costs pursuant to Section 2.8, determined as if the expiration of such existing 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. If by 1:00 P.M. (New York City time) on the third Business Day prior to upon the expiration of any Interest Period applicable to a Borrowing of LIBOR Loansany Eurodollar Loan, any the Borrower has failed to elect, or is not permitted to elect, a new Interest Period to be applicable to such LIBOR Loans Eurodollar Loan as provided above, such the Borrower shall be deemed to have elected to convert such LIBOR Loans into Base Rate Loans a one-month Interest Period 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 Business Day to occur on or after the date which is 91 days after the Closing Date. 2.7

Appears in 1 contract

Samples: Credit Agreement (Pg&e Corp)

Interest Periods. At the time When Borrower requests any Eurodollar Borrowing, Borrower gives any Notice of Borrowing or Notice of Conversion/Continuation in respect of the making of, or conversion into, any LIBOR Loan (in the case of the initial Interest Period applicable thereto) or prior to 1:00 P.M. (New York City time) on the third Business Day prior to the expiration of an Interest Period applicable to such LIBOR Loan (in the case of any subsequent Interest Period), such Borrower shall have the right to may elect the applicable interest period (each, each an "Interest Period”) applicable to such LIBOR Loan"), which Interest Period shallmay be, at the option of the Borrower's option, be a oneseven (7) days or one (1), twotwo (2), three (3) or six month period; provided(6) months, that, (in each case): subject to the following conditions: (a) all LIBOR Loans comprising a Borrowing shall at all times have the same Interest Period; (b) the initial Interest Period for any LIBOR Loan shall commence a Eurodollar Borrowing commences on the date of applicable Borrowing of such LIBOR Loan (including the date of any Date or conversion thereto from a Base Rate Loan) date, and each subsequent Interest Period occurring thereafter in respect of such LIBOR Loan shall commence applicable to any Borrowing commences on the day on which when the next preceding applicable Interest Period applicable thereto expires; (cb) if any Interest Period for a LIBOR Loan Eurodollar Borrowing begins on a day for which there is exists no numerically corresponding day Business Day in the calendar month at the end of such Interest Period, such the Interest Period shall end on ("Ending Calendar Month"), then the last Business Day of such calendar month; (d) if any Interest Period for a LIBOR Loan would otherwise expire on a day which is not a Business Day, such Interest Period shall expire ends on the next succeeding Business Day; providedDay of the Ending Calendar Month, however, that if any unless there is no succeeding Business Day in the Ending Calendar Month in which case the Interest Period for a LIBOR Loan would otherwise expire on a day which is not a Business Day but is a day of the month after which no further Business Day occurs in such month, such Interest Period shall expire ends on the next preceding Business DayDay of the Ending Calendar Month; (e) unless the Required Lenders otherwise agree, no Interest Period may be selected at any time when an Event of Default is then in existence; and (fc) no Interest Period for any portion of Principal Debt may extend beyond the scheduled repayment date for that portion of Principal Debt; (d) there may not be in respect effect at any one time more than five (5) Interest Periods; and (e) only one (1) Interest Period of any Borrowing less than one (1) month shall be selected which extends beyond the Revolving Commitment Termination Date. If by 1:00 P.M. (New York City time) on the third Business Day prior to the expiration of available at any time and only if Administrative Agent determines that such Interest Period is available from all Lenders. When Borrower requests any Swing Line Loan, Borrower shall elect (x) the applicable interest period (each a "Swing Line Interest Period") which may be, at Borrower's option, up to a Borrowing of LIBOR Loansfourteen (14) days, any Borrower has failed to elect, or is not permitted to elect, a new and (y) if such Swing Line Interest Period to be is for seven (7) days or more, then the applicable to such LIBOR Loans as provided above, such Borrower shall be deemed to have elected to convert such LIBOR Loans into Base Rate Loans effective as of the expiration date of such current Interest PeriodSwing Line Rate.

Appears in 1 contract

Samples: Credit Agreement (Prentiss Properties Trust/Md)

Interest Periods. At the time When Borrower requests any Eurodollar Borrowing, Borrower gives any Notice of Borrowing or Notice of Conversion/Continuation in respect of the making of, or conversion into, any LIBOR Loan (in the case of the initial Interest Period applicable thereto) or prior to 1:00 P.M. (New York City time) on the third Business Day prior to the expiration of an Interest Period applicable to such LIBOR Loan (in the case of any subsequent Interest Period), such Borrower shall have the right to may elect the applicable interest period (each, each an “Interest Period”) applicable to such LIBOR Loan), which Interest Period shallmay be, at the option of the Borrower’s option, be a oneseven (7) days or one (1), twotwo (2), three (3) or six month period; provided(6) months, that, (in each case): subject to the following conditions: (a) all LIBOR Loans comprising a Borrowing shall at all times have the same Interest Period; (b) the initial Interest Period for any LIBOR Loan shall commence a Eurodollar Borrowing commences on the date of applicable Borrowing of such LIBOR Loan (including the date of any Date or conversion thereto from a Base Rate Loan) date, and each subsequent Interest Period occurring thereafter in respect of such LIBOR Loan shall commence applicable to any Borrowing commences on the day on which when the next preceding applicable Interest Period applicable thereto expires; (cb) if any Interest Period for a LIBOR Loan Eurodollar Borrowing begins on a day for which there is exists no numerically corresponding day Business Day in the calendar month at the end of such Interest Period, such the Interest Period shall end on (“Ending Calendar Month”), then the last Business Day of such calendar month; (d) if any Interest Period for a LIBOR Loan would otherwise expire on a day which is not a Business Day, such Interest Period shall expire ends on the next succeeding Business Day; providedDay of the Ending Calendar Month, however, that if any unless there is no succeeding Business Day in the Ending Calendar Month in which case the Interest Period for a LIBOR Loan would otherwise expire on a day which is not a Business Day but is a day of the month after which no further Business Day occurs in such month, such Interest Period shall expire ends on the next preceding Business DayDay of the Ending Calendar Month; (e) unless the Required Lenders otherwise agree, no Interest Period may be selected at any time when an Event of Default is then in existence; and (fc) no Interest Period for any portion of Principal Debt may extend beyond the scheduled repayment date for that portion of Principal Debt; (d) there may not be in respect effect at any one time more than five (5) Interest Periods; and (e) only one (1) Interest Period of any Borrowing less than one (1) month shall be selected which extends beyond the Revolving Commitment Termination Date. If by 1:00 P.M. (New York City time) on the third Business Day prior to the expiration of available at any time and only if Administrative Agent determines that such Interest Period is available from all Lenders. When Borrower requests any Swing Line Loan, Borrower shall elect (x) the applicable interest period (each a “Swing Line Interest Period”) which may be, at Borrower’s option, up to a Borrowing of LIBOR Loansfourteen (14) days, any Borrower has failed to elect, or is not permitted to elect, a new and (y) if such Swing Line Interest Period to be is for seven (7) days or more, then the applicable to such LIBOR Loans as provided above, such Borrower shall be deemed to have elected to convert such LIBOR Loans into Base Rate Loans effective as of the expiration date of such current Interest PeriodSwing Line Rate.

Appears in 1 contract

Samples: Credit Agreement (Prentiss Properties Trust/Md)

Interest Periods. At the time any Borrower it gives any Notice of Borrowing or ---------------- Notice of Conversion/Continuation Conversion in respect of the making of, or conversion into, any LIBOR Fixed Rate Loan (in the case of the initial Interest Period applicable thereto) or prior to 1:00 P.M. (New York City time) on the third Business Day prior to the expiration of an Interest Period applicable to any such LIBOR Loan or one Business Day prior to the expiration of an Interest Period applicable to any such IBOR Loan (in the case of any subsequent Interest Period), such Borrower the Borrowers shall have the right to elect elect, by giving the Operations Agent notice thereof, the interest period (each, each an "Interest Period") applicable to such LIBOR Fixed Rate Loan, which Interest Period shallshall be (i) in the case of a LIBOR Loan, a one month period, and (ii) in the case of an IBOR Loan, a period of up to thirty days, at the option of the such Borrower, be a one, two, three or six month period; provided, provided that, : (in each case): (av) all LIBOR Fixed Rate Loans comprising a Borrowing shall at all times have the same Interest Period; (bw) the initial Interest Period for any LIBOR Fixed Rate Loan shall commence on the date of Borrowing of such LIBOR Revolving Loan (including the date of any conversion thereto from thereof into a Base Rate LoanRevolving Loan of a different Type) and each Interest Period occurring thereafter in respect of such LIBOR Revolving Loan shall commence on the day on which the next preceding Interest Period applicable thereto expires; (cx) if any Interest Period for relating to a LIBOR Loan begins on a day for which there is no numerically corresponding day in the calendar month at the end of such Interest Period, such Interest Period shall end on the last Business Day of such calendar month; (dy) if any Interest Period for a LIBOR Loan would otherwise expire on a day which is not a Business Day, such Interest Period shall expire on the next succeeding Business Day; provided, however, provided that if any Interest Period for a LIBOR Loan would otherwise expire on a day which is not a Business Day but is a day of the month after which no further Business Day occurs in such month, such Interest Period shall expire on the next preceding Business Day; (e) unless the Required Lenders otherwise agree, no Interest Period may be selected at any time when an Event of Default is then in existence; and (fz) no Interest Period in respect of any Borrowing shall be selected which extends extend beyond the Revolving Commitment Termination Expiry Date. If by 1:00 P.M. (New York City time) on the third Business Day prior to If, upon the expiration of any Interest Period applicable to a Borrowing of LIBOR Fixed Rate Loans, any the respective Borrower has failed to elect, or is not permitted to elect, a new Interest Period to be applicable to such LIBOR Fixed Rate Loans as provided abovein this Section 1.09, such Borrower shall be deemed to have elected to convert such LIBOR Fixed Rate Loans into Base Rate Loans effective as of the expiration date of such current Interest Period.

Appears in 1 contract

Samples: Credit Agreement (Nicholas Applegate Fund Inc)

Interest Periods. At The Borrower may select for any Eurodollar Rate Loan the time Interest Period (as defined in the next sentence) for each Borrowing, it being understood that the Borrower may request multiple Borrowings on the same day and may select a different Interest Period for each such Borrowing. An Interest Period shall be each period, as selected by the Borrower in accordance with the terms of this Agreement, beginning on the Borrowing Date of any Borrower gives any Notice of Borrowing Eurodollar Rate Loan, or Notice of on the Conversion/Continuation in respect of the making ofDate on which any Loan is converted into or continued as a Eurodollar Rate Loan, or conversion into, any LIBOR Loan (in the case of the initial Interest Period applicable thereto) or prior to 1:00 P.M. (New York City time) and ending on the third Business Day prior to date specified by the expiration of an Interest Period applicable to such LIBOR Loan (in the case of any subsequent Interest Period), such Borrower shall have the right to elect the interest period (each, an “Interest Period”) applicable to such LIBOR Loan, which Interest Period shall, at the option of the Borrower, be a that is one, two, three or six month periodmonths thereafter; provided, that, (in each case): (a) all LIBOR Loans comprising a Borrowing shall at all times have provided that whenever the same Interest Period; (b) the initial Interest Period for any LIBOR Loan shall commence on the date first day of Borrowing of such LIBOR Loan (including the date of any conversion thereto from a Base Rate Loan) and each Interest Period occurring thereafter in respect of such LIBOR Loan shall commence on the day on which the next preceding Interest Period applicable thereto expires; (c) if any Interest Period for a LIBOR Loan begins occurs on a day of an initial calendar month for which there is no numerically corresponding day in the calendar month at that succeeds such initial calendar month by the end number of months equal to the number of months in such Interest Period, such Interest Period shall end on the last Business Day of such succeeding calendar month; (d) and provided further that if any the last day of an Interest Period for a LIBOR Loan would otherwise expire on be a day which that is not a Business Day, such Interest Period shall expire on be extended to the next succeeding Business Day; provided, however, that if any Interest Period for a LIBOR Loan would otherwise expire on a day which is not a unless such next succeeding Business Day but is in a day of the month after which no further Business Day occurs in such different calendar month, in which case such Interest Period interest period shall expire end on the next preceding Business Day; but provided, however, that (e) unless the Required Lenders otherwise agree, no Interest Period may be selected at any time when an Event of Default is then in existence; and (fi) no Interest Period in respect of applicable to any Borrowing Revolving Loan shall be selected which extends extend beyond the Revolving Commitment Termination Date. If by 1:00 P.M. ; and (New York City timeii) on the third Business Day prior to the expiration of any no Interest Period applicable to a any Term Loan shall extend beyond the Term Loan Maturity Date specified in the Borrowing of LIBOR LoansAdvice for such Term Loan, any Borrower has failed to elect, or is not permitted to elect, a new Interest Period to be applicable to such LIBOR Loans as provided above, such Borrower which in no event shall be deemed to have elected to convert such LIBOR Loans into Base Rate Loans effective as of the expiration date of such current Interest Periodlater than June 2, 2017.

Appears in 1 contract

Samples: Credit Agreement (Schwab Charles Corp)

Interest Periods. At the time any the Borrower gives any Notice of Borrowing or Notice of Conversion/Continuation in respect of the making of, or conversion into, any a LIBOR Loan (in the case of the initial Interest Period applicable thereto) or prior to 1:00 P.M. 11:00 A.M. (New York City time) on the third Business Day prior to the expiration of an Interest Period applicable to such LIBOR Loan (in the case of any subsequent Interest Period), such the Borrower shall have the right to elect the interest period (each, an “Interest Period”) applicable to such LIBOR Loan, NYDOCS02/1076196.5 23 which Interest Period shall, at the option of the Borrower, be a one, two, three or six month period; provided, that, provided that (in each case): (a) all LIBOR Loans comprising a Borrowing shall at all times have the same Interest Period; (b) the initial Interest Period for any a LIBOR Loan shall commence on the date of Borrowing of such LIBOR Loan (including the date of any conversion thereto from a Base Rate Loan) and each Interest Period occurring thereafter in respect of such LIBOR Loan shall commence on the day on which the next preceding Interest Period applicable thereto expires; (cb) if any Interest Period for a LIBOR Loan begins on a day for which there is no numerically corresponding day in the calendar month at the end of such Interest Period, such Interest Period shall end on the last Business Day of such calendar month; (dc) if any Interest Period for a LIBOR Loan would otherwise expire on a day which is not a Business Day, such Interest Period shall expire on the next succeeding Business Day; provided, however, that if any Interest Period for a LIBOR Loan would otherwise expire on a day which is not a Business Day but is a day of the month after which no further Business Day occurs in such month, such Interest Period shall expire on the next preceding Business Day; (ed) unless the Required Lenders otherwise agree, no Interest Period may be selected at any time when a Default or an Event of Default is then in existence; and (fe) no Interest Period in respect of any Borrowing shall be selected which extends beyond the Revolving Commitment Termination DateMaturity Date of the Term Loan. If by 1:00 P.M. 11:00 A.M. (New York City time) on the third Business Day prior to the expiration of any Interest Period applicable to a Borrowing of a LIBOR LoansLoan, any the Borrower has failed to elect, or is not permitted to elect, a new Interest Period to be applicable to such LIBOR Loans Loan as provided above, such the Borrower shall be deemed to have elected to convert continue such LIBOR Loans into Base Rate Loans Loan as LIBOR Loan with an Interest Period of one month effective as of the expiration date of such current Interest Period.. 2.10

Appears in 1 contract

Samples: www.sec.gov

Interest Periods. At the time When any Borrower gives requests any Notice of Eurodollar Borrowing or Notice of Conversion/Continuation in respect of the making of, or conversion into, any LIBOR Loan (in the case of the initial Interest Period applicable thereto) or prior to 1:00 P.M. (New York City time) on the third Business Day prior to the expiration of an Interest Period applicable to such LIBOR Loan (in the case of any subsequent Interest Period)a Fixed Rate Borrowing, such Borrower shall have the right to may elect the applicable interest period (each, each an "Interest Period”) applicable to such LIBOR Loan"), which Interest Period shallmay be, at the option of the such Borrower's option, be a oneone (1), twotwo (2), three (3) or six month period; provided(6) months for Eurodollar Borrowings and any period of up to six (6) months (for Fixed Rate Borrowings), that, (in each case): subject to the following conditions: (a) all LIBOR Loans comprising a Borrowing shall at all times have the same Interest Period; (b) the initial Interest Period for any LIBOR Loan shall commence a Eurodollar Borrowing commences on the date of applicable Borrowing of such LIBOR Loan (including the date of any Date or conversion thereto from a Base Rate Loan) date, and each subsequent Interest Period occurring thereafter in respect of applicable to such LIBOR Loan shall commence Borrowing commences on the day on which when the next preceding applicable Interest Period applicable thereto expires; (cb) if any Interest Period for a LIBOR Loan Eurodollar Borrowing begins on a day for which there is exists no numerically corresponding day Business Day in the calendar month at the end of such Interest Period, such the Interest Period shall end on ("Ending Calendar Month"), then the last Business Day of such calendar month; (d) if any Interest Period for a LIBOR Loan would otherwise expire on a day which is not a Business Day, such Interest Period shall expire ends on the next succeeding Business Day; providedDay of the Ending Calendar Month, however, that if any unless there is no succeeding Business Day in the Ending Calendar Month in which case the Interest Period for a LIBOR Loan would otherwise expire on a day which is not a Business Day but is a day of the month after which no further Business Day occurs in such month, such Interest Period shall expire ends on the next preceding Business DayDay of the Ending Calendar Month; (ec) unless the Required Lenders otherwise agree, no Interest Period may be selected at any time when an Event of Default is then in existenceextend beyond the Termination Date; and (fd) no there may not be in effect at any one time more than twelve (12) Interest Period in respect of any Borrowing shall be selected which extends beyond Periods (including, without limitation, Interest Periods for Competitive Borrowings). Notwithstanding the Revolving Commitment Termination Date. If by 1:00 P.M. (New York City time) on the third Business Day prior foregoing, subject to the expiration foregoing conditions and the consent of any Interest Period applicable Administrative Agent (such consent to a Borrowing of LIBOR Loansbe in Administrative Agent's reasonable discretion), any Borrower has failed to electmay, in anticipation of such Borrower's prepayment of Borrowings from equity or debt offerings or financings or asset sales, elect Interest Periods of seven (7) days, fourteen (14) days, or is not permitted to elect, a new Interest Period to be applicable to such LIBOR Loans as provided above, such Borrower shall be deemed to have elected to convert such LIBOR Loans into Base Rate Loans effective as of the expiration date of such current Interest Periodtwenty-one (21) days.

Appears in 1 contract

Samples: Credit Agreement (Prologis Trust)

Interest Periods. At (i) In connection with each LIBOR Rate Loan, the time any Borrower gives any Notice of Borrowing or Notice of Conversion/Continuation Borrower, by giving notice at the times described in respect of the making of, or conversion into, any LIBOR Loan (in the case of the initial Interest Period applicable thereto) or prior to 1:00 P.M. (New York City time) on the third Business Day prior to the expiration of an Interest Period applicable to such LIBOR Loan (in the case of any subsequent Interest PeriodSection 3.1(a), such Borrower shall have the right to elect the an interest period (each, an a LIBOR Interest Period”) to be applicable to such LIBOR Loan, which LIBOR Interest Period shallshall be a period of one (1), at the option two (2), three (3), six (6) or, subject to approval of all of the BorrowerLenders, be a one, two, three nine (9) or six month periodtwelve (12) months with respect to each LIBOR Rate Loan; provided, provided that, : (in A) each case): (a) all LIBOR Loans comprising a Borrowing shall at all times have the same Interest Period; (b) the initial Interest Period for any LIBOR Loan shall commence on the date of Borrowing advance of such or conversion to any LIBOR Rate Loan (including and, in the date case of any conversion thereto from a Base Rate Loan) and immediately successive LIBOR Interest Periods, each successive LIBOR Interest Period occurring thereafter in respect of such LIBOR Loan shall commence on the day date on which the next immediately preceding LIBOR Interest Period applicable thereto expires; (cB) if any LIBOR Interest Period for a LIBOR Loan begins on a day for which there is no numerically corresponding day in the calendar month at the end of such Interest Period, such Interest Period shall end on the last Business Day of such calendar month; (d) if any Interest Period for a LIBOR Loan would otherwise expire on a day which that is not a Business Day, such LIBOR Interest Period shall expire on the next succeeding Business Day; provided, however, that if any LIBOR Interest Period for a LIBOR Loan would otherwise expire on a day which that is not a Business Day but is a day of the month after which no further Business Day occurs in such month, such LIBOR Interest Period shall expire on the next immediately preceding Business Day; (eC) unless the Required Lenders otherwise agree, no any LIBOR Interest Period may be selected that begins on the last Business Day of a calendar month (or on a day for which there is no numerically corresponding day in the calendar month at any time when an Event the end of Default is then in existencesuch LIBOR Interest Period) shall end on the last Business Day of the relevant calendar month at the end of such LIBOR Interest Period; and (fD) no LIBOR Interest Period in respect of any Borrowing shall extend beyond the Maturity Date. (ii) There shall be selected which extends beyond the Revolving Commitment Termination Dateno more than six (6) LIBOR Interest Periods in effect at any time. If by 1:00 P.M. (New York City time) on the third Business Day prior to the expiration of any Interest Period applicable to a Borrowing of LIBOR Loans, any Borrower has failed to elect, or is not permitted to elect, a new Interest Period to be applicable to such LIBOR Loans as provided above, such Borrower shall be deemed to have elected to convert such LIBOR Loans into Base Rate Loans effective as of the expiration date of such current Interest Period.c)

Appears in 1 contract

Samples: Charge Agreement

Interest Periods. At the time any Borrower gives any Notice of Borrowing or Notice of Conversion/Continuation in respect of In connection with the making or continuation of, or conversion into, any each Borrowing of LIBOR Loan (in the case of the initial Interest Period applicable thereto) or prior to 1:00 P.M. (New York City time) on the third Business Day prior to the expiration of Loans, Borrowers shall select an Interest Period applicable to such LIBOR Loan (in the case of any subsequent Interest Period), such Borrower shall have the right to elect the interest period (each, each an "Interest Period") to be applicable to such LIBOR Loan, which Interest Period shallinterest period shall commence on the date such LIBOR Loan is made and shall end on a numerically corresponding day in the first, at the option of the Borrower, be a one, two, three second or six third month periodthereafter; provided, however, that, : (in each case): (a) all LIBOR Loans comprising a Borrowing shall at all times have the same Interest Period; (bi) the initial Interest Period for any a LIBOR Loan shall commence on the date of Borrowing of such LIBOR Loan borrowing (including the date of any conversion thereto from a Base Rate LoanLoan of another Type) and each Interest Period occurring thereafter in respect of such LIBOR Revolving Loan shall commence on the day date on which the next preceding Interest Period applicable thereto expires; (cii) if any Interest Period for a LIBOR Loan begins on a day for which there is no numerically corresponding day in the calendar month at the end of such Interest Period, such Interest Period shall end on the last Business Day of such calendar month; (d) if any Interest Period for a LIBOR Loan would otherwise expire on a day which that is not a Business Day, such Interest Period shall expire on the next succeeding Business Day; provided, howeverprovided that, that if any Interest Period for a in respect of LIBOR Loan Loans would otherwise expire on a day which that is not a Business Day but is a day of the month after which no further Business Day occurs in such month, such Interest Period shall expire on the next immediately preceding Business Day; (eiii) unless the Required Lenders otherwise agree, no any Interest Period may be selected that begins on a day for which there is no numerically corresponding day in the calendar month at any time when an Event the end of Default is then in existencesuch Interest Period shall expire on the last Business Day of such calendar month; and (fiv) no Interest Period in with respect to any portion of any Borrowing principal of a Loan shall be selected extend beyond a date on which extends a Borrower is required to make a scheduled payment of such portion of principal; and (v) no Interest Period shall extend beyond the Revolving Commitment Termination Date. If by 1:00 P.M. (New York City time) on the third Business Day prior to the expiration of any Interest Period applicable to a Borrowing of LIBOR Loans, any Borrower has failed to elect, or is not permitted to elect, a new Interest Period to be applicable to such LIBOR Loans as provided above, such Borrower shall be deemed to have elected to convert such LIBOR Loans into Base Rate Loans effective as last day of the expiration date of such current Interest PeriodTerm.

Appears in 1 contract

Samples: Credit and Guaranty Agreement (Euramax Holdings, Inc.)

Interest Periods. At the time any the Borrower gives any Notice of Borrowing or Notice of Conversion/Continuation in respect of the making of, or conversion into, any LIBOR LIBORSOFR Loan (in the case of the initial Interest Period applicable thereto) or prior to 1:00 P.M. p.m. (New York City time) on the third Business Day prior to the expiration of an Interest Period applicable to such LIBOR LIBORSOFR Loan (in the case of any subsequent Interest Period), such the Borrower shall have the right to elect the interest period (each, an “Interest Period”) applicable to such LIBOR LIBORSOFR Loan, which Interest Period shall, at the option of the Borrower, be a one, twotwo (only until December 31, three 2021), three, six or, if approved by each Lender with Term Loans and/or Term Loan Commitments under the relevant Tranche, twelve month period or six month any shorter period; provided, that, provided that (in each case): (a) all LIBOR LIBORSOFR Loans comprising a Borrowing shall at all times have the same Interest Period; (b) the initial Interest Period for any LIBOR LIBORSOFR Loan shall commence on the date of Borrowing of such LIBOR LIBORSOFR Loan (including the date of any conversion thereto from a Base Rate Loan) and each Interest Period occurring thereafter in respect of such LIBOR LIBORSOFR Loan shall commence on the day on which the next preceding Interest Period applicable thereto expires; (c) if any Interest Period for a LIBOR LIBORSOFR Loan begins on a day for which there is no numerically corresponding day in the calendar month at the end of such Interest Period, such Interest Period shall end on the last Business Day of such calendar month; (d) if any Interest Period for a LIBOR LIBORSOFR Loan would otherwise expire on a day which is not a Business Day, such Interest Period shall expire on the next succeeding Business Day; provided, however, that if any Interest Period for a LIBOR LIBORSOFR Loan would otherwise expire on a day which is not a Business Day but is a day of the month after which no further Business Day occurs in such month, such Interest Period shall expire on the next preceding Business Day; (e) unless upon notice to the Borrower from the Administrative Agent given at the request of the Required Lenders otherwise agreeLenders, after the occurrence and during the continuance of any Significant Event of Default, no Interest Period may be selected at any time when an Event of Default is then in existenceselected; and (f) no Interest Period in respect of any Borrowing of any Tranche of Loans shall be selected which extends beyond the Revolving Commitment Termination DateMaturity Date for such Tranche of Loans. If by 1:00 P.M. p.m. (New York City time) on the third Business Day prior to the expiration of any Interest Period applicable to a Borrowing of LIBOR LIBORSOFR Loans, any the Borrower has failed to elect, or is not permitted to elect, a new Interest Period to be applicable to such LIBOR LIBORSOFR Loans as provided above, such the Borrower shall be deemed to have elected to convert continue such LIBOR LIBORSOFR Loans into Base Rate as LIBORSOFR Loans with an Interest Period of one month effective as of the expiration date of such current Interest Period.. Section 2.11

Appears in 1 contract

Samples: Credit and Guarantee Agreement (Janus International Group, Inc.)

Interest Periods. At The Borrower may select for any Eurodollar Rate Loan the time Interest Period (as defined in the next sentence) for each Borrowing, it being understood that the Borrower may request multiple Borrowings on the same day and may select a different Interest Period for each such Borrowing. An Interest Period shall be each period, as selected by the Borrower in accordance with the terms of this Agreement, beginning on the Borrowing Date of any Borrower gives any Notice of Borrowing Eurodollar Rate Loan, or Notice of on the Conversion/Continuation in respect of the making ofDate on which any Loan is converted into or continued as a Eurodollar Rate Loan, or conversion into, any LIBOR Loan (in the case of the initial Interest Period applicable thereto) or prior to 1:00 P.M. (New York City time) and ending on the third Business Day prior to date specified by the expiration of an Interest Period applicable to such LIBOR Loan (in the case of any subsequent Interest Period), such Borrower shall have the right to elect the interest period (each, an “Interest Period”) applicable to such LIBOR Loan, which Interest Period shall, at the option of the Borrower, be a that is one, two, three or six month periodmonths thereafter; provided, that, (in each case): (a) all LIBOR Loans comprising a Borrowing shall at all times have provided that whenever the same Interest Period; (b) the initial Interest Period for any LIBOR Loan shall commence on the date first day of Borrowing of such LIBOR Loan (including the date of any conversion thereto from a Base Rate Loan) and each Interest Period occurring thereafter in respect of such LIBOR Loan shall commence on the day on which the next preceding Interest Period applicable thereto expires; (c) if any Interest Period for a LIBOR Loan begins occurs on a day of an initial calendar month for which there is no numerically corresponding day in the calendar month at that succeeds such initial calendar month by the end number of months equal to the number of months in such Interest Period, such Interest Period shall end on the last Business Day of such succeeding calendar month; (d) and provided further that if any the last day of an Interest Period for a LIBOR Loan would otherwise expire on be a day which that is not a Business Day, such Interest Period shall expire on be extended to the next succeeding Business Day; provided, however, that if any Interest Period for a LIBOR Loan would otherwise expire on a day which is not a unless such next succeeding Business Day but is in a day of the month after which no further Business Day occurs in such different calendar month, in which case such Interest Period interest period shall expire end on the next preceding Business Day; but provided, however, that (e) unless the Required Lenders otherwise agree, no Interest Period may be selected at any time when an Event of Default is then in existence; and (fi) no Interest Period in respect of applicable to any Borrowing Revolving Loan shall be selected which extends extend beyond the Revolving Commitment Termination Date. If by 1:00 P.M. ; and (New York City timeii) on the third Business Day prior to the expiration of any no Interest Period applicable to a any Term Loan shall extend beyond the Term Loan Maturity Date specified in the Borrowing of LIBOR LoansAdvice for such Term Loan, any Borrower has failed to elect, or is not permitted to elect, a new Interest Period to be applicable to such LIBOR Loans as provided above, such Borrower which in no event shall be deemed to have elected to convert such LIBOR Loans into Base Rate Loans effective as of the expiration date of such current Interest Periodlater than May 27, 2022.

Appears in 1 contract

Samples: Credit Agreement (Schwab Charles Corp)

Interest Periods. At The Borrower may select for any Eurodollar Rate Loan the time Interest Period (as defined in the next sentence) for each Borrowing, it being understood that the Borrower may request multiple Borrowings on the same day and may select a different Interest Period for each such Borrowing. An Interest Period shall be each period, as selected by the Borrower in accordance with the terms of this Agreement, beginning on the Borrowing Date of any Borrower gives any Notice of Borrowing Eurodollar Rate Loan, or Notice of on the Conversion/Continuation in respect of the making ofDate on which any Loan is converted into or continued as a Eurodollar Rate Loan, or conversion into, any LIBOR Loan (in the case of the initial Interest Period applicable thereto) or prior to 1:00 P.M. (New York City time) and ending on the third Business Day prior to date specified by the expiration of an Interest Period applicable to such LIBOR Loan (in the case of any subsequent Interest Period), such Borrower shall have the right to elect the interest period (each, an “Interest Period”) applicable to such LIBOR Loan, which Interest Period shall, at the option of the Borrower, be a that is one, two, three or six month periodmonths thereafter; provided, that, (in each case): (a) all LIBOR Loans comprising a Borrowing shall at all times have provided that whenever the same Interest Period; (b) the initial Interest Period for any LIBOR Loan shall commence on the date first day of Borrowing of such LIBOR Loan (including the date of any conversion thereto from a Base Rate Loan) and each Interest Period occurring thereafter in respect of such LIBOR Loan shall commence on the day on which the next preceding Interest Period applicable thereto expires; (c) if any Interest Period for a LIBOR Loan begins occurs on a day of an initial calendar month for which there is no numerically corresponding day in the calendar month at that succeeds such initial calendar month by the end number of months equal to the number of months in such Interest Period, such Interest Period shall end on the last Business Day of such succeeding calendar month; (d) and provided further that if any the last day of an Interest Period for a LIBOR Loan would otherwise expire on be a day which that is not a Business Day, such Interest Period shall expire on be extended to the next succeeding Business Day; provided, however, that if any Interest Period for a LIBOR Loan would otherwise expire on a day which is not a unless such next succeeding Business Day but is in a day of the month after which no further Business Day occurs in such different calendar month, in which case such Interest Period interest period shall expire end on the next preceding Business Day; but provided, however, that (e) unless the Required Lenders otherwise agree, no Interest Period may be selected at any time when an Event of Default is then in existence; and (fi) no Interest Period in respect of applicable to any Borrowing Revolving Loan shall be selected which extends extend beyond the Revolving Commitment Termination Date. If by 1:00 P.M. ; and (New York City timeii) on the third Business Day prior to the expiration of any no Interest Period applicable to a any Term Loan shall extend beyond the Term Loan Maturity Date specified in the Borrowing of LIBOR LoansAdvice for such Term Loan, any Borrower has failed to elect, or is not permitted to elect, a new Interest Period to be applicable to such LIBOR Loans as provided above, such Borrower which in no event shall be deemed to have elected to convert such LIBOR Loans into Base Rate Loans effective as of the expiration date of such current Interest Periodlater than June 13, 2008.

Appears in 1 contract

Samples: Credit Agreement (Schwab Charles Corp)

Interest Periods. At the time any the Borrower gives any a Notice of Borrowing or Notice of Conversion/Conversion or Continuation in respect of the making of, or conversion intointo or continuation as, any LIBOR Loan a Borrowing of EurodollarTerm SOFR Rate Loans (in the case of the initial Interest Period applicable thereto) on or prior to 1:00 P.M. p.m. (New York City time) on the third Business Day prior to the expiration of an Interest Period applicable to such LIBOR Loan (in a Borrowing of EurodollarTerm SOFR Rate Loans, the case of any subsequent Interest Period), such Borrower shall have the right to elect elect, by giving the interest period Administrative Agent written notice (eachor telephonic notice promptly confirmed in writing), an “the Interest Period”) Period applicable to such LIBOR LoanBorrowing, which Interest Period shallshall be the period commencing on the date of such Borrowing and ending on the numerically corresponding day (or, at if there is no numerically corresponding day, on the option of last Business Day) in the Borrower, be a calendar month that is one, two, three or six months thereafter (or, if availableagreed to by all relevant Lenders participating in the relevant Credit Facility, (i) twelve months thereafter or (ii) another period acceptable to the Administrative Agent (including a shorter period)); provided that, notwithstanding the foregoing parenthetical, the initial Interest Period beginning on the Effective Date and the initial Interest Period beginning on the Second Amendment Effective Date may be for a period less than one month periodif agreed upon by the Borrower and the Administrative Agent; provided, thatfurther, that (in each case): (a) all LIBOR Loans comprising a Borrowing shall at all times have the same Interest Period; (bx) the initial Interest Period for any LIBOR Loan shall commence with respect to Tranche B-1 Term Loans made on the date of Borrowing of such LIBOR Loan (including the date of any conversion thereto from a Base Rate Loan) and each Interest Period occurring thereafter in respect of such LIBOR Loan shall commence on the day on which the next preceding Interest Period applicable thereto expires; (c) if any Interest Period for a LIBOR Loan begins on a day for which there is no numerically corresponding day in the calendar month at the end of such Interest Period, such Interest Period shall Fourth Amendment Effective Date will end on the last Business Day of such calendar month; (d) if any Interest Period for a LIBOR Loan would otherwise expire on a day which is not a Business Day, such Interest Period shall expire on the next succeeding Business Day; provided, however, that if any Interest Period for a LIBOR Loan would otherwise expire on a day which is not a Business Day but is a day of the month after which no further Business Day occurs in such month, such Interest Period shall expire on the next preceding Business Day; (e) unless the Required Lenders otherwise agree, no Interest Period may be selected at any time when an Event of Default is then in existence; and (f) no Interest Period in respect of any Borrowing shall be selected which extends beyond the Revolving Commitment Termination Date. If by 1:00 P.M. (New York City time) on the third Business Day prior to the expiration of any Interest Period applicable to a Borrowing of LIBOR Loans, any Borrower has failed Tranche B Term Loans outstanding immediately prior to elect, or is not permitted to elect, a new Interest Period to be the Fourth Amendment Effective Date and (y) the Eurodollar Rate applicable to such LIBOR Tranche B-1 Term Loans as provided above, such Borrower made on the Fourth Amendment Effective Date shall be deemed the same rate applicable to have elected Tranche B Term Loans outstanding immediately prior to convert such LIBOR Loans into Base Rate Loans effective as of the expiration date of such current Interest Period.Fourth Amendment Effective Date.. Notwithstanding anything to the contrary contained above:

Appears in 1 contract

Samples: Credit Agreement (LPL Financial Holdings Inc.)

Interest Periods. At the time any Borrower it gives any Notice of Borrowing or Notice of Conversion/Continuation Conversion in respect of the making of, or conversion intointo any Eurocurrency Rate Loan, any LIBOR Loan (in the case of the initial Interest Period applicable thereto) or prior to 1:00 P.M. (New York City time) on the third Business Day prior to the expiration of an Interest Period applicable to such LIBOR Loan (in the case of any subsequent Interest Period), such relevant Borrower shall have the right to elect elect, by giving the Administrative Agent notice thereof, the interest period or interest periods (each, an "Interest Period") applicable to such LIBOR 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 (subject to availability as determined by 100% of the Banks) nine month period or, (subject to availability as determined by 100% of the Banks) if such Eurocurrency Rate Loan is a Term Loan made pursuant to Section 3.05 hereof, twelve month period; provided, provided that, : (in each case): (ai) all LIBOR Eurocurrency Rate Loans comprising a Borrowing shall at all times have the same Interest PeriodPeriod except as otherwise required by Section 2.10(b); (bii) the initial Interest Period for any LIBOR Eurocurrency Rate Loan shall commence on the date of Borrowing of such LIBOR Loan (including the date of any conversion thereto from of a Base Rate Loan into Eurodollar Rate Loan); (iii) and each if the Interest Period occurring thereafter in respect of such LIBOR Loan shall commence on the day on which the next preceding Interest Period applicable thereto expires; (c) if any Interest Period for relating to a LIBOR 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; (div) if any Interest Period for a LIBOR Loan would otherwise expire on a day which is not a Business Day, such Interest Period shall expire on the next succeeding Business Day; provided, however, that if any the Interest Period for a LIBOR 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; (e) unless the Required Lenders otherwise agree, no Interest Period may be selected at any time when an Event of Default is then in existence; and (fv) no Interest Period in respect of any Borrowing shall be selected which extends extend beyond the Revolving Commitment Termination Date. If by 1:00 P.M. (New York City time) on the third Business Day prior to the expiration of any Interest Period applicable to a Borrowing of LIBOR Loans, any Borrower has failed to elect, or is not permitted to elect, a new Interest Period to be applicable to such LIBOR Loans as provided above, such Borrower shall be deemed to have elected to convert such LIBOR Loans into Base Rate Loans effective as of the expiration date of such current Interest Period.

Appears in 1 contract

Samples: Credit Agreement (Omnicom Group Inc)

Interest Periods. At The Borrower may select for any Eurodollar Rate Loan the time Interest Period (as defined in the next sentence) for each Borrowing, it being understood that the Borrower may request multiple Borrowings on the same day and may select a different Interest Period for each such Borrowing. An Interest Period shall be each period, as selected by the Borrower in accordance with the terms of this Agreement, beginning on the Borrowing Date of any Borrower gives any Notice of Borrowing Eurodollar Rate Loan, or Notice of on the Conversion/Continuation in respect of the making ofDate on which any Loan is converted into or continued as a Eurodollar Rate Loan, or conversion into, any LIBOR Loan (in the case of the initial Interest Period applicable thereto) or prior to 1:00 P.M. (New York City time) and ending on the third Business Day prior to date specified by the expiration of an Interest Period applicable to such LIBOR Loan (in the case of any subsequent Interest Period), such Borrower shall have the right to elect the interest period (each, an “Interest Period”) applicable to such LIBOR Loan, which Interest Period shall, at the option of the Borrower, be a that is one, two, three or six month periodmonths thereafter; provided, that, (in each case): (a) all LIBOR Loans comprising a Borrowing shall at all times have provided that whenever the same Interest Period; (b) the initial Interest Period for any LIBOR Loan shall commence on the date first day of Borrowing of such LIBOR Loan (including the date of any conversion thereto from a Base Rate Loan) and each Interest Period occurring thereafter in respect of such LIBOR Loan shall commence on the day on which the next preceding Interest Period applicable thereto expires; (c) if any Interest Period for a LIBOR Loan begins occurs on a day of an initial calendar month for which there is no numerically corresponding day in the calendar month at that succeeds such initial calendar month by the end number of months equal to the number of months in such Interest Period, such Interest Period shall end on the last Business Day of such succeeding calendar month; (d) and provided further that if any the last day of an Interest Period for a LIBOR Loan would otherwise expire on be a day which that is not a Business Day, such Interest Period shall expire on be extended to the next succeeding Business Day; provided, however, that if any Interest Period for a LIBOR Loan would otherwise expire on a day which is not a unless such next succeeding Business Day but is in a day of the month after which no further Business Day occurs in such different calendar month, in which case such Interest Period interest period shall expire end on the next preceding Business Day; but provided, however, that (e) unless the Required Lenders otherwise agree, no Interest Period may be selected at any time when an Event of Default is then in existence; and (fi) no Interest Period in respect of applicable to any Borrowing Revolving Loan shall be selected which extends extend beyond the Revolving Commitment Termination Date. If by 1:00 P.M. ; and (New York City timeii) on the third Business Day prior to the expiration of any no Interest Period applicable to a any Term Loan shall extend beyond the Term Loan Maturity Date specified in the Borrowing of LIBOR LoansAdvice for such Term Loan, any Borrower has failed to elect, or is not permitted to elect, a new Interest Period to be applicable to such LIBOR Loans as provided above, such Borrower which in no event shall be deemed to have elected to convert such LIBOR Loans into Base Rate Loans effective as of the expiration date of such current Interest Periodlater than May 31, 2019.

Appears in 1 contract

Samples: Credit Agreement (Schwab Charles Corp)

Interest Periods. At the time any Borrower it gives any Notice of Borrowing or Notice of Conversion/Continuation Conversion in respect of the making of, or conversion into, any LIBOR Eurodollar Rate Loan (in the case of the initial Interest Period applicable thereto) or prior to 1:00 P.M. (New York City time) on the third Business Day prior to the expiration of an Interest Period applicable to such LIBOR Eurodollar Rate Loan (in the case of any subsequent Interest Period), such each relevant Borrower shall have the right to elect elect, by giving the Agent notice thereof, the interest period (each, each an "Interest Period") applicable to such LIBOR Eurodollar Rate Loan, which Interest Period shall, at the option of the such Borrower, be a one, two, three or six month period; provided, provided that, : (in each case): (ai) all LIBOR Eurodollar Rate Loans comprising a Borrowing shall at all times have the same Interest PeriodPeriod except as otherwise required by Section 2.10(b); (bii) the initial Interest Period for any LIBOR Eurodollar Rate Loan shall commence on the date of Borrowing of such LIBOR Loan (including the date of any conversion thereto from thereof into a Base Rate LoanLoan of a different Type) and each Interest Period occurring thereafter in respect of such LIBOR Loan shall commence on the day on which the next preceding Interest Period applicable thereto expires; (ciii) if any Interest Period for relating to a LIBOR 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; (div) if any Interest Period for a LIBOR Loan would otherwise expire on a day which is not a Business Day, such Interest Period shall expire on the next succeeding Business Day; provided, however, provided that if any Interest Period for a LIBOR 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; (ev) unless the Required Lenders otherwise agree, no Interest Period may be selected at any time when an Event of Default is then in existenceshall extend beyond the Expiry Date; and (fvi) no Interest Period in respect of any the Revolving Loans comprising a Borrowing shall extend beyond any date upon which a mandatory reduction of the Total Commitment will be selected required to be made under Section 3.03 if the aggregate principal amount of Loans which extends beyond have Interest Periods which will expire after such date will be in excess of the Revolving Total Commitment Termination Dateafter giving effect to such reduction. If by 1:00 P.M. (New York City time) on the third Business Day prior to upon the expiration of any Interest Period applicable to a Borrowing of LIBOR LoansEurodollar Rate Loan, any the relevant Borrower has failed to elect, or is not permitted to elect, elect a new Interest Period to be applicable to such LIBOR Loans Eurodollar Rate Loan as provided abovein this Section 2.09, such Borrower shall be deemed to have elected to convert such LIBOR Loans Loan into a Base Rate Loans Loan effective as of the expiration date of such current Interest Period.

Appears in 1 contract

Samples: Credit Agreement (Financial Security Assurance Holdings LTD/Ny/)

Interest Periods. At the time When Borrower requests any Eurodollar Rate Borrowing, Borrower gives any Notice of Borrowing or Notice of Conversion/Continuation in respect of the making of, or conversion into, any LIBOR Loan (in the case of the initial Interest Period applicable thereto) or prior to 1:00 P.M. (New York City time) on the third Business Day prior to the expiration of an Interest Period applicable to such LIBOR Loan (in the case of any subsequent Interest Period), such Borrower shall have the right to may elect the interest period (each, each an “Interest Period”"INTEREST PERIOD") applicable to such LIBOR Loanthereto, which Interest Period shallshall be, at the Borrower's option of the Borrowerand subject to availability, be a one, two, three three, or six month periodmonths; provided, however, that, (in each case): : (a) all LIBOR Loans comprising a Borrowing shall at all times have the same Interest Period; (b) the initial Interest Period for any LIBOR Loan a Eurodollar Rate Borrowing shall commence on the date of such Borrowing of such LIBOR Loan (including the date of any conversion thereto from a Base Rate Loan) thereto), and each Interest Period occurring thereafter in respect of such LIBOR Loan Borrowing shall commence on the day on which the next preceding Interest Period applicable thereto expires; (cb) if any Interest Period for a LIBOR 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; (d) if any Interest Period for (unless such date would be in a LIBOR Loan different calendar month from what would otherwise expire on a 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 LIBOR 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 DayPeriod); (ec) unless the Required Lenders otherwise agree, no Interest Period may be selected at chosen with respect to any time when an Event portion of Default is then in existencethe Principal Debt which would (i) extend beyond the scheduled repayment date (including any dates on which mandatory prepayments are required to be made) for such portion of the Principal Debt or (ii) extend beyond the Revolving Termination Date if such Interest Period commences prior to the Revolving Termination Date; and (fd) no more than an aggregate of five (5) Interest Period in respect of any Borrowing Periods shall be selected which extends beyond the Revolving Commitment Termination Date. If by 1:00 P.M. (New York City in effect at one time) on the third Business Day prior to the expiration of any Interest Period applicable to a Borrowing of LIBOR Loans, any Borrower has failed to elect, or is not permitted to elect, a new Interest Period to be applicable to such LIBOR Loans as provided above, such Borrower shall be deemed to have elected to convert such LIBOR Loans into Base Rate Loans effective as of the expiration date of such current Interest Period.

Appears in 1 contract

Samples: NBPLP Credit Agreement (Northern Border Partners Lp)

Interest Periods. At The Borrower may select for any Eurodollar Rate Loan the time Interest Period (as defined in the next sentence) for each Borrowing, it being understood that the Borrower may request multiple Borrowings on the same day and may select a different Interest Period for each such Borrowing. An Interest Period shall be each period, as selected by the Borrower in accordance with the terms of this Agreement, beginning on the Borrowing Date of any Borrower gives any Notice of Borrowing Eurodollar Rate Loan, or Notice of on the Conversion/Continuation in respect of the making ofDate on which any Loan is converted into or continued as a Eurodollar Rate Loan, or conversion into, any LIBOR Loan (in the case of the initial Interest Period applicable thereto) or prior to 1:00 P.M. (New York City time) and ending on the third Business Day prior to date specified by the expiration of an Interest Period applicable to such LIBOR Loan (in the case of any subsequent Interest Period), such Borrower shall have the right to elect the interest period (each, an “Interest Period”) applicable to such LIBOR Loan, which Interest Period shall, at the option of the Borrower, be a that is one, two, three or six month periodmonths thereafter; provided, that, (in each case): (a) all LIBOR Loans comprising a Borrowing shall at all times have provided that whenever the same Interest Period; (b) the initial Interest Period for any LIBOR Loan shall commence on the date first day of Borrowing of such LIBOR Loan (including the date of any conversion thereto from a Base Rate Loan) and each Interest Period occurring thereafter in respect of such LIBOR Loan shall commence on the day on which the next preceding Interest Period applicable thereto expires; (c) if any Interest Period for a LIBOR Loan begins occurs on a day of an initial calendar month for which there is no numerically corresponding day in the calendar month at that succeeds such initial calendar month by the end number of months equal to the number of months in such Interest Period, such Interest Period shall end on the last Business Day of such succeeding calendar month; (d) and provided further that if any the last day of an Interest Period for a LIBOR Loan would otherwise expire on be a day which that is not a Business Day, such Interest Period shall expire on be extended to the next succeeding Business Day; provided, however, that if any Interest Period for a LIBOR Loan would otherwise expire on a day which is not a unless such next succeeding Business Day but is in a day of the month after which no further Business Day occurs in such different calendar month, in which case such Interest Period interest period shall expire end on the next preceding Business Day; but provided, however, that (e) unless the Required Lenders otherwise agree, no Interest Period may be selected at any time when an Event of Default is then in existence; and (fi) no Interest Period in respect of applicable to any Borrowing Revolving Loan shall be selected which extends extend beyond the Revolving Commitment Termination Date. If by 1:00 P.M. ; and (New York City timeii) on the third Business Day prior to the expiration of any no Interest Period applicable to a any Term Loan shall extend beyond the Term Loan Maturity Date specified in the Borrowing of LIBOR LoansAdvice for such Term Loan, any Borrower has failed to elect, or is not permitted to elect, a new Interest Period to be applicable to such LIBOR Loans as provided above, such Borrower which in no event shall be deemed to have elected to convert such LIBOR Loans into Base Rate Loans effective as of the expiration date of such current Interest Periodlater than May 29. 2020.

Appears in 1 contract

Samples: Credit Agreement (Schwab Charles Corp)

Interest Periods. At the time any the Borrower gives any a Notice of Borrowing or Notice of Conversion/Conversion or Continuation in respect of the making of, or conversion intointo or continuation as, any a Borrowing of LIBOR Loan Loans (in the case of the initial Interest Period applicable thereto) or prior to 1:00 P.M. 11:00 a.m. (New York City time) on the third Business Day prior to the expiration of an Interest Period applicable to such a Borrowing of LIBOR Loan (in Loans, the case of any subsequent Interest Period), such Borrower shall have the right to elect by giving the interest period Administrative Agent written notice (each, an “or telephonic notice promptly confirmed in writing) the Interest Period”) Period applicable to such LIBOR LoanBorrowing, which Interest Period shall, at the option of the Borrower, Borrower be a one, two, three three, six or six (if agreed to by all the Lenders making such loans) a nine or twelve month period; provided, that, (in each case): provided that the initial Interest Period may be for a period less than one month if agreed upon by the Borrower and the Administrative Agent. Notwithstanding anything to the contrary contained above: (a) all LIBOR Loans comprising a Borrowing shall at all times have the same Interest Period; (b) the initial Interest Period for any Borrowing of LIBOR Loan Loans shall commence on the date of such Borrowing of such LIBOR Loan (including the date of any conversion thereto from a Base Rate LoanBorrowing of ABR Loans) and shall end on the numerically corresponding day in the calendar month that is one, two, three, six (or, if applicable as provided above) nine or twelve months thereafter, and each Interest Period occurring thereafter in respect of such LIBOR Loan Borrowing shall commence on the day on which the next preceding Interest Period applicable thereto expires; (cb) if any Interest Period for relating to a Borrowing of LIBOR Loan Revolving Credit Loans begins on the last Business Day of a calendar month or begins on a day for which there is no numerically corresponding day in the calendar month at the end of such Interest Period, such Interest Period shall end on the last Business Day of the calendar month at the end of such calendar monthInterest Period; (dc) if any Interest Period for a LIBOR Loan would otherwise expire on a day which that is not a Business Day, such Interest Period shall expire on the next succeeding Business Day; provided, however, provided that if any Interest Period for in respect of a LIBOR Loan would otherwise expire on a day which that is not a Business Day but is a day of the month after which no further Business Day occurs in such month, such Interest Period shall expire on the next preceding Business Day; (ed) unless the Required Lenders otherwise agree, no Interest Period may Borrower shall not be selected at entitled to elect any time when an Event of Default is then in existence; and (f) no Interest Period in respect of any Borrowing shall be selected which extends LIBOR Loan if such Interest Period would extend beyond the Revolving Commitment Termination Date. If by 1:00 P.M. (New York City time) on the third Business Day prior to the expiration of any Interest Period applicable to a Borrowing of LIBOR Loans, any Borrower has failed to elect, or is not permitted to elect, a new Interest Period to be applicable to such LIBOR Loans as provided above, such Borrower shall be deemed to have elected to convert such LIBOR Loans into Base Rate Loans effective as of the expiration date Maturity Date of such current Interest Period.Loan; and

Appears in 1 contract

Samples: Credit Agreement (WideOpenWest, Inc.)

Interest Periods. At the time any Borrower it gives any Notice of Borrowing or a Notice of Conversion/Conversion or Continuation in with respect of to Eurodollar Rate Loans, the making of, or conversion into, any LIBOR Loan (in the case of the initial Interest Period applicable thereto) or prior to 1:00 P.M. (New York City time) on the third Business Day prior to the expiration of an Interest Period applicable to such LIBOR Loan (in the case of any subsequent Interest Period), such Borrower shall have elect, by giving the right to elect Agent written notice, the interest period (each, each an "Interest Period") applicable to such LIBOR Loanthe related Eurodollar Rate Borrowing, which Interest Period shall, at the option of the Borrower, be a one, two, three or six month period; provided, provided that, : (in each case): (a) all LIBOR Loans comprising a Borrowing shall at all times have the same Interest Period; (bi) the initial Interest Period for any LIBOR Eurodollar Rate Loan shall commence on the date of such Borrowing of such LIBOR Loan (including the date of any conversion thereto from a Base Rate Loan) and each Interest Period occurring thereafter in respect of a continuation of such LIBOR Eurodollar Rate Loan shall commence on the day on which the next immediately preceding Interest Period applicable thereto for such Loan expires; (cii) if any Interest Period for a LIBOR Loan begins on a day for which there is no numerically corresponding day in the calendar month at the end of such Interest Period, such Interest Period shall end on the last Business Day of such calendar month; (d) if any Interest Period for a LIBOR Loan would otherwise expire on a day which is not a Business Day, such Interest Period shall expire on the next succeeding Business Day; , provided, however, that if any Interest Period for in respect of a LIBOR Eurodollar Rate Loan would otherwise expire on a day which is not a Business Day but is a day of the month and after which no further Business Day occurs in such the same month, such Interest Period shall expire on the next immediately preceding Business Day; (eiii) unless the Required Lenders otherwise agree, no if an Interest Period may be selected begins on the last Business Day of a calendar month (or on a day for which there is no numerically corresponding day in the calendar month at any time when an Event the end of Default is then in existencesuch Interest Period), such Interest Period shall end on the last Business Day of the first, second, third or sixth, as applicable, succeeding calendar month; and (fiv) no Interest Period in respect of any Borrowing shall be selected which extends extend beyond the Revolver Termination Date for any Revolving Commitment Termination Date. If by 1:00 P.M. (New York City time) on the third Business Day prior to the expiration of any Interest Period applicable to a Borrowing of LIBOR Loans, the Term Loan Maturity Date for the Term Loan, the Additional Term Loan Maturity Date for the Additional Term Loan, the Supplemental Revolver Termination Date for any Borrower has failed to electSupplemental Revolving Loans, the D Tranche Term Loan Maturity Date for the D Tranche Term Loan or is not permitted to elect, a new Interest Period to be applicable to such LIBOR Loans as provided above, such Borrower shall be deemed to have elected to convert such LIBOR Loans into Base Rate Loans effective as of the expiration date of such current Interest Period.E Tranche Term Loan Maturity Date for the E Tranche Term Loan. Section 2.11

Appears in 1 contract

Samples: Credit Agreement (Stone Container Corp)

Interest Periods. At the time any Borrower gives any In connection with each LIBOR Rate Loan, in its Notice of Borrowing or Notice of Conversion/Continuation in respect of the making oftherefor, or conversion into, any LIBOR Loan a Borrower shall select an interest period (in the case of the initial Interest Period applicable theretoeach an "INTEREST PERIOD") or prior to 1:00 P.M. (New York City time) on the third Business Day prior to the expiration of an Interest Period be applicable to such LIBOR Loan (in the case of any subsequent Interest Period), such Borrower shall have the right to elect the interest period (each, an “Interest Period”) applicable to such LIBOR Loan, which Interest Period shallshall be either a one (1), at the option of the Borrower, be a one, two, two (2) or three or six (3) month period; provided, PROVIDED that, : (in each case): (a) all LIBOR Loans comprising a Borrowing shall at all times have the same Interest Period; (b1) the initial Interest Period for any LIBOR such Loan shall commence on the funding date of Borrowing such Loan; (2) in the case of such LIBOR Loan (including the date of any conversion thereto from a Base Rate Loan) and immediately successive Interest Periods, each successive Interest Period occurring thereafter in respect of such LIBOR Loan shall commence on the day on which the next preceding Interest Period applicable thereto expires; (c3) if any an Interest Period for a LIBOR Loan begins on a day for which there is no numerically corresponding day in the calendar month at the end of such Interest Period, such Interest Period shall end on the last Business Day of such calendar month; (d) if any Interest Period for a LIBOR Loan would otherwise expire on a day which that is not a Business Day, such Interest Period shall expire on the next succeeding Business Day; provided, however, that but if any Interest Period for a LIBOR Loan would otherwise expire on a day which that is not a Business Day but is a day of the month after which no further Business Day occurs in such month, such Interest Period shall expire on the next preceding Business Day; (e4) unless the Required Lenders otherwise agree, no any Interest Period may be selected that begins on the last Business Day of a calendar month (or on a day for which there is no numerically corresponding day in the calendar month at any time when an Event the end of Default is then in existencesuch Interest Period) shall, subject to part (5) below, end on the last Business Day of a calendar month; and (f5) no Interest Period in respect of any Borrowing shall be selected which extends extend beyond the Revolving Commitment Termination Date. If by 1:00 P.M. ; (New York City time6) no Interest Period with respect to any of the Loans may extend beyond a date on which a Borrower is required to make a scheduled payment of principal with respect to such Loan; (7) the Interest Period for a Loan that is converted pursuant to subparagraph (iii) below shall commence on the third Business Day prior to the expiration of any Interest Period applicable to a Borrowing of LIBOR Loans, any Borrower has failed to elect, or is not permitted to elect, a new Interest Period to be applicable to such LIBOR Loans as provided above, such Borrower shall be deemed to have elected to convert such LIBOR Loans into Base Rate Loans effective as of the expiration date of such current conversion and shall expire on the date on which the Interest PeriodPeriod for the Loans so converted expires; and (8) there shall be no more than two (2) Interest Periods relating to LIBOR Rate Loans allocated to any one Borrower outstanding at any time.

Appears in 1 contract

Samples: Loan and Security Agreement (Setech Inc /De)

Interest Periods. At the time any Lead Borrower gives any Notice of Borrowing or Notice of Conversion/Continuation in respect of the making of, or conversion into, any LIBOR LIBO Rate Term Loan (in the case of the initial Interest Period applicable thereto) or prior to 1:00 P.M. 12:00 Noon (New York City time) on the third Business Day prior to the expiration of an Interest Period applicable to such LIBOR LIBO Rate Term Loan (in the case of any subsequent Interest Period), such Lead Borrower shall have the right to elect the interest period (each, an “Interest Period”) applicable to such LIBOR LIBO Rate Term Loan, which Interest Period shall, at the option of the Borrower, Lead Borrower be a one, two, three or six month period, or, if agreed to by all Lenders, a twelve month period, or, if agreed to by the Administrative Agent a period less than one month; provided, that, provided that (in each case): (a) all LIBOR LIBO Rate Term Loans comprising a Borrowing shall at all times have the same Interest Period; (b) the initial Interest Period for any LIBOR LIBO Rate Term Loan shall commence on the date of Borrowing of such LIBOR LIBO Rate Term Loan (including including, in the case of LIBO Rate Term Loans, the date of any conversion thereto from a Borrowing of Base Rate LoanTerm Loans) and each Interest Period occurring thereafter in respect of such LIBOR LIBO Rate Term Loan shall commence on the day on which the next preceding Interest Period applicable thereto expires; (c) if any Interest Period for a LIBOR LIBO Rate Term Loan begins on a day for which there is no numerically corresponding day in the calendar month at the end of such Interest Period, such Interest Period shall end on the last Business Day of such calendar month; (d) if any Interest Period for a LIBOR LIBO Rate Term Loan would otherwise expire on a day which is not a Business Day, such Interest Period shall expire on the next succeeding Business Day; provided, however, that if any Interest Period for a LIBOR LIBO Rate Term Loan would otherwise expire on a day which is not a Business Day but is a day of the month after which no further Business Day occurs in such month, such Interest Period shall expire on the next preceding Business Day; (e) unless the Required Lenders otherwise agree, no Interest Period for a LIBO Rate Term Loan may be selected at any time when an Event of Default is then in existence; and (f) no Interest Period in respect of any Borrowing of any Tranche of Term Loans shall be selected which extends beyond the Revolving Commitment Termination DateMaturity Date therefor. With respect to any LIBO Rate Term Loans, at the end of any Interest Period applicable to a Borrowing thereof, Lead Borrower may elect to split the respective Borrowing of a single Type under a single Tranche into two or more Borrowings of different Types under such Tranche or combine two or more Borrowings under a single Tranche into a single Borrowing of the same Type under such Tranche, in each case, by Lead Borrower giving notice thereof together with its election of one or more Interest Periods applicable thereto, in each case so long as each resulting Borrowing (x) has an Interest Period which complies with the foregoing requirements of this Section 2.09, (y) has a principal amount which is not less than the Minimum Borrowing Amount applicable to Borrowings of the respective Type and Tranche, and (z) does not cause a violation of the requirements of Section 2.02. If by 1:00 P.M. 12:00 Noon (New York City time) on the third Business Day prior to the expiration of any Interest Period applicable to a Borrowing of LIBOR LIBO Rate Term Loans, any Lead Borrower has failed to elect, or is not permitted to elect, a new Interest Period to be applicable to such LIBOR Loans as provided aboveLIBO Rate, such Lead Borrower shall be deemed to have elected in the case of LIBO Rate Term Loans, to convert such LIBOR LIBO Rate Term Loans into Base Rate Term Loans with such conversion to be effective as of the expiration date of such current Interest Period.

Appears in 1 contract

Samples: Credit Agreement (VERRA MOBILITY Corp)

Interest Periods. At the time any Borrower it gives any Notice of Borrowing or a Notice of Conversion/Conversion or Continuation in with respect of to Eurodollar Rate Loans, the making of, or conversion into, any LIBOR Loan (in the case of the initial Interest Period applicable thereto) or prior to 1:00 P.M. (New York City time) on the third Business Day prior to the expiration of an Interest Period applicable to such LIBOR Loan (in the case of any subsequent Interest Period), such Borrower shall have elect, by giving the right to elect Agent written notice, the interest period (each, each an "Interest Period") applicable to such LIBOR Loanthe related Eurodollar Rate Borrowing, which Interest Period shall, at the option of the Borrower, be a one, two, three or six month period; provided, provided that, : (in each case): (a) all LIBOR Loans comprising a Borrowing shall at all times have the same Interest Period; (bi) the initial Interest Period for any LIBOR Eurodollar Rate Loan shall commence on the date of such Borrowing of such LIBOR Loan (including the date of any conversion thereto from a Base Rate Loan) and each Interest Period occurring thereafter in respect of a continuation of such LIBOR Eurodollar Rate Loan shall commence on the day on which the next immediately preceding Interest Period applicable thereto for such Loan expires; (cii) if any Interest Period for a LIBOR Loan begins on a day for which there is no numerically corresponding day in the calendar month at the end of such Interest Period, such Interest Period shall end on the last Business Day of such calendar month; (d) if any Interest Period for a LIBOR Loan would otherwise expire on a day which is not a Business Day, such Interest Period shall expire on the next succeeding Business Day; , provided, however, that if any Interest Period for in respect of a LIBOR Eurodollar Rate Loan would otherwise expire on a day which is not a Business Day but is a day of the month and after which no further Business Day occurs in such the same month, such Interest Period shall expire on the next immediately preceding Business Day; (eiii) unless the Required Lenders otherwise agree, no if an Interest Period may be selected begins on the last Business Day of a calendar month (or on a day for which there is no numerically corresponding day in the calendar month at any time when an Event the end of Default is then in existencesuch Interest Period), such Interest Period shall end on the last Business Day of the first, second, third or sixth, as applicable, succeeding calendar month; and (fiv) no Interest Period in respect of any Borrowing shall be selected which extends extend beyond the Revolver Termination Date for any Revolving Commitment Termination Date. If by 1:00 P.M. (New York City time) on the third Business Day prior to the expiration of any Interest Period applicable to a Borrowing of LIBOR Loans, the Term Loan Maturity Date for the Term Loan, the Additional Term Loan Maturity Date for the Additional Term Loan, the Supplemental Revolver Termination Date for any Borrower has failed to electSupplemental Revolving Loans, the D Tranche Term Loan Maturity Date for the D Tranche Term Loan or is not permitted to elect, a new Interest Period to be applicable to such LIBOR Loans as provided above, such Borrower shall be deemed to have elected to convert such LIBOR Loans into Base Rate Loans effective as of the expiration date of such current Interest PeriodE Tranche Term Loan Maturity Date for the E Tranche Term Loan.

Appears in 1 contract

Samples: Credit Agreement (Stone Container Corp)

Interest Periods. At the time any Borrower gives any In connection with each LIBOR Rate Loan, in its Notice of Borrowing or Notice of Conversion/Continuation in respect of the making oftherefor, or conversion into, any LIBOR Loan Borrower shall select an interest period (in the case of the initial each an "Interest Period applicable theretoPeriod") or prior to 1:00 P.M. (New York City time) on the third Business Day prior to the expiration of an Interest Period be applicable to such LIBOR Loan (in the case of any subsequent Interest Period), such Borrower shall have the right to elect the interest period (each, an “Interest Period”) applicable to such LIBOR Loan, which Interest Period shallshall be either a one (1), at the option of the Borrower, be a one, two, two (2) or three or six (3) month period; provided, provided that, : (in each case): (a) all LIBOR Loans comprising a Borrowing shall at all times have the same Interest Period; (b1) the initial Interest Period for any LIBOR such Loan shall commence on the funding date of Borrowing such Loan; (2) in the case of such LIBOR Loan (including the date of any conversion thereto from a Base Rate Loan) and immediately successive Interest Periods, each successive Interest Period occurring thereafter in respect of such LIBOR Loan shall commence on the day on which the next preceding Interest Period applicable thereto expires; (c3) if any an Interest Period for a LIBOR Loan begins on a day for which there is no numerically corresponding day in the calendar month at the end of such Interest Period, such Interest Period shall end on the last Business Day of such calendar month; (d) if any Interest Period for a LIBOR Loan would otherwise expire on a day which that is not a Business Day, such Interest Period shall expire on the next succeeding Business Day; provided, however, that but if any Interest Period for a LIBOR Loan would otherwise expire on a day which that is not a Business Day but is a day of the month after which no further Business Day occurs in such month, such Interest Period shall expire on the next preceding Business Day; (e4) unless the Required Lenders otherwise agree, no any Interest Period may be selected that begins on the last Business Day of a calendar month (or on a day for which there is no numerically corresponding day in the calendar month at any time when an Event the end of Default is then in existencesuch Interest Period) shall, subject to part (5) below, end on the last Business Day of a calendar month; and (f5) no Interest Period in respect of any Borrowing shall be selected which extends extend beyond the Revolving Commitment Termination Date. If by 1:00 P.M. ; (New York City time6) no Interest Period with respect to any of the Loans may extend beyond a date on which Borrower is required to make a scheduled payment of principal with respect to such Loan; (7) the Interest Period for a Loan that is converted pursuant to subparagraph (iii) below shall commence on the third Business Day prior to the expiration of any Interest Period applicable to a Borrowing of LIBOR Loans, any Borrower has failed to elect, or is not permitted to elect, a new Interest Period to be applicable to such LIBOR Loans as provided above, such Borrower shall be deemed to have elected to convert such LIBOR Loans into Base Rate Loans effective as of the expiration date of such current conversion and shall expire on the date on which the Interest PeriodPeriod for the Loans so converted expires; and (8) there shall be no more than two (2) Interest Periods relating to LIBOR Rate Loans allocated to any one Eligible Supply Contract outstanding at any time.

Appears in 1 contract

Samples: Loan and Security Agreement (Setech Inc /De)

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Interest Periods. At The Borrower may select for any Eurodollar Rate Loan the time Interest Period (as defined in the next sentence) for each Borrowing, it being understood that the Borrower may request multiple Borrowings on the same day and may select a different Interest Period for each such Borrowing. An Interest Period shall be each period, as selected by the Borrower in accordance with the terms of this Agreement, beginning on the Borrowing Date of any Borrower gives any Notice of Borrowing Eurodollar Rate Loan, or Notice of on the Conversion/Continuation in respect of the making ofDate on which any Loan is converted into or continued as a Eurodollar Rate Loan, or conversion into, any LIBOR Loan (in the case of the initial Interest Period applicable thereto) or prior to 1:00 P.M. (New York City time) and ending on the third Business Day prior to date specified by the expiration of an Interest Period applicable to such LIBOR Loan (in the case of any subsequent Interest Period), such Borrower shall have the right to elect the interest period (each, an “Interest Period”) applicable to such LIBOR Loan, which Interest Period shall, at the option of the Borrower, be a that is one, two, three or six month periodmonths thereafter; provided, that, (in each case): (a) all LIBOR Loans comprising a Borrowing shall at all times have provided that whenever the same Interest Period; (b) the initial Interest Period for any LIBOR Loan shall commence on the date first day of Borrowing of such LIBOR Loan (including the date of any conversion thereto from a Base Rate Loan) and each Interest Period occurring thereafter in respect of such LIBOR Loan shall commence on the day on which the next preceding Interest Period applicable thereto expires; (c) if any Interest Period for a LIBOR Loan begins occurs on a day of an initial calendar month for which there is no numerically corresponding day in the calendar month at that succeeds such initial calendar month by the end number of months equal to the number of months in such Interest Period, such Interest Period shall end on the last Business Day of such succeeding calendar month; (d) and provided further that if any the last day of an Interest Period for a LIBOR Loan would otherwise expire on be a day which that is not a Business Day, such Interest Period shall expire on be extended to the next succeeding Business Day; provided, however, that if any Interest Period for a LIBOR Loan would otherwise expire on a day which is not a unless such next succeeding Business Day but is in a day of the month after which no further Business Day occurs in such different calendar month, in which case such Interest Period interest period shall expire end on the next preceding Business Day; but provided, however, that (e) unless the Required Lenders otherwise agree, no Interest Period may be selected at any time when an Event of Default is then in existence; and (fi) no Interest Period in respect of applicable to any Borrowing Revolving Loan shall be selected which extends extend beyond the Revolving Commitment Termination Date. If by 1:00 P.M. ; and (New York City timeii) on the third Business Day prior to the expiration of any no Interest Period applicable to a any Term Loan shall extend beyond the Term Loan Maturity Date specified in the Borrowing of LIBOR LoansAdvice for such Term Loan, any Borrower has failed to elect, or is not permitted to elect, a new Interest Period to be applicable to such LIBOR Loans as provided above, such Borrower which in no event shall be deemed to have elected to convert such LIBOR Loans into Base Rate Loans effective as of the expiration date of such current Interest Periodlater than June 11, 2010.

Appears in 1 contract

Samples: Credit Agreement (Schwab Charles Corp)

Interest Periods. At the time any the Borrower gives any a Notice of Borrowing or Notice of Conversion/Conversion or Continuation in respect of the making of, or conversion intointo or continuation as, any LIBOR Loan a Borrowing of Term SOFR Loans in accordance with Section 2.3(a), the Borrower shall give the Administrative Agent written notice (or telephonic notice promptly confirmed in the case writing) of the initial Interest Period applicable thereto) or prior to 1:00 P.M. (New York City time) on the third Business Day prior to the expiration of an Interest Period applicable to such LIBOR Loan (in the case of any subsequent Interest Period), such Borrower shall have the right to elect the interest period (each, an “Interest Period”) applicable to such LIBOR LoanBorrowing, which Interest Period shall, at the option of the Borrower, be a one, two, three or six month period; provided, that, (in each case): . Notwithstanding anything to the contrary contained above: (a) all LIBOR Loans comprising a Borrowing shall at all times have the same Interest Period; (b) the initial Interest Period for any LIBOR Loan Borrowing of Term SOFR Loans shall commence on the date of such Borrowing of such LIBOR Loan (including the date of any conversion thereto from a Base Rate LoanBorrowing of ABR Loans) and each Interest Period occurring thereafter in respect of such LIBOR Loan Borrowing shall commence on the day on which the next preceding Interest Period applicable thereto expires; (cb) if any Interest Period for relating to a LIBOR Loan Borrowing of Term SOFR Loans begins on the last Business Day of a calendar month or begins on a day for which there is no numerically corresponding day in the calendar month at the end of such Interest Period, such Interest Period shall end on the last Business Day of the calendar month at the end of such calendar monthInterest Period; (dc) if any Interest Period for a LIBOR Loan would otherwise expire on a day which that is not a Business Day, such Interest Period shall expire on the next succeeding Business Day; provided, however, provided that if any Interest Period for in respect of a LIBOR Term SOFR Loan would otherwise expire on a day which that is not a Business Day but is a day of the month after which no further Business Day occurs in such month, such Interest Period shall expire on the next preceding Business Day; (e) unless the Required Lenders otherwise agree, no Interest Period may be selected at any time when an Event of Default is then in existence; and (fd) no the Borrower shall not be entitled to elect any Interest Period in respect of any Borrowing shall be selected which extends Term SOFR Loan if such Interest Period would extend beyond the Revolving Commitment Termination Maturity Date. If by 1:00 P.M. (New York City time) on the third Business Day prior to the expiration of any Interest Period applicable to a Borrowing of LIBOR Loans, any Borrower has failed to elect, or is not permitted to elect, a new Interest Period to be applicable to such LIBOR Loans as provided above, such Borrower shall be deemed to have elected to convert such LIBOR Loans into Base Rate Loans effective as of the expiration date of such current Interest Period.2.10

Appears in 1 contract

Samples: Abl Credit Agreement (Avaya Holdings Corp.)

Interest Periods. At the time any Borrower it gives any Notice of Borrowing or Notice of Conversion/Continuation Conversion in respect of the making of, or conversion into, any LIBOR Loan (in the case of the initial Interest Period applicable thereto) or prior to 1:00 P.M. (New York City time) on the third Business Day prior to the expiration of an Interest Period applicable to any such LIBOR Loan (in the case of any subsequent Interest Period), such Borrower the Borrowers shall have the right to elect elect, by giving the Administrative Agent notice thereof, the interest period (each, each an "Interest Period") applicable to such LIBOR Loan, which Interest Period shall, at the option of the Borrower, shall be a one, two, three or six one month period, provided that; provided, that, (in each case): (av) all LIBOR Loans comprising a Borrowing shall at all times have the same Interest Period; (bw) the initial Interest Period for any LIBOR Loan shall commence on the date of Borrowing of such LIBOR Revolving Loan (including the date of any conversion thereto from thereof into a Base Rate LoanRevolving Loan of a different Type) and each Interest Period occurring thereafter in respect of such LIBOR Revolving Loan shall commence on the day on which the next preceding Interest Period applicable thereto expires; (cx) if any Interest Period for relating to a LIBOR Loan begins on a day for which there is no numerically corresponding day in the calendar month at the end of such Interest Period, such Interest Period shall end on the last Business Day of such calendar month; (dy) if any Interest Period for a LIBOR Loan would otherwise expire on a day which is not a Business Day, such Interest Period shall expire on the next succeeding Business Day; provided, however, provided that if any Interest Period for a LIBOR Loan would otherwise expire on a day which is not a Business Day but is a day of the month after which no further Business Day occurs in such month, such Interest Period shall expire on the next preceding Business Day; (e) unless the Required Lenders otherwise agree, no Interest Period may be selected at any time when an Event of Default is then in existence; and (fz) no Interest Period in respect of any Borrowing shall be selected which extends extend beyond the Revolving Commitment Termination Expiry Date. If by 1:00 P.M. (New York City time) on the third Business Day prior to If, upon the expiration of any Interest Period applicable to a Borrowing of LIBOR Loans, any the respective Borrower has failed to elect, or is not permitted to elect, a new Interest Period to be applicable to such LIBOR Loans as provided abovein this Section 1.09, such Borrower shall be deemed to have elected to convert such LIBOR Loans into Base Rate Loans effective as of the expiration date of such current Interest Period.

Appears in 1 contract

Samples: Custody Agreement (Nicholas Applegate Fund Inc)

Interest Periods. At The Borrower may select for any Eurodollar Rate Loan the time Interest Period (as defined in the next sentence) for each Borrowing, it being understood that the Borrower may request multiple Borrowings on the same day and may select a different Interest Period for each such Borrowing. An Interest Period shall be each period, as selected by the Borrower in accordance with the terms of this Agreement, beginning on the Borrowing Date of any Borrower gives any Notice of Borrowing Eurodollar Rate Loan, or Notice of on the Conversion/Continuation in respect of the making ofDate on which any Loan is converted into or continued as a Eurodollar Rate Loan, or conversion into, any LIBOR Loan (in the case of the initial Interest Period applicable thereto) or prior to 1:00 P.M. (New York City time) and ending on the third Business Day prior to date specified by the expiration of an Interest Period applicable to such LIBOR Loan (in the case of any subsequent Interest Period), such Borrower shall have the right to elect the interest period (each, an “Interest Period”) applicable to such LIBOR Loan, which Interest Period shall, at the option of the Borrower, be a that is one, two, three or six month periodmonths thereafter; provided, that, (in each case): (a) all LIBOR Loans comprising a Borrowing shall at all times have provided that whenever the same Interest Period; (b) the initial Interest Period for any LIBOR Loan shall commence on the date first day of Borrowing of such LIBOR Loan (including the date of any conversion thereto from a Base Rate Loan) and each Interest Period occurring thereafter in respect of such LIBOR Loan shall commence on the day on which the next preceding Interest Period applicable thereto expires; (c) if any Interest Period for a LIBOR Loan begins occurs on a day of an initial calendar month for which there is no numerically corresponding day in the calendar month at that succeeds such initial calendar month by the end number of months equal to the number of months in such Interest Period, such Interest Period shall end on the last Business Day of such succeeding calendar month; (d) and provided further that if any the last day of an Interest Period for a LIBOR Loan would otherwise expire on be a day which that is not a Business Day, such Interest Period shall expire on be extended to the next succeeding Business Day; provided, however, that if any Interest Period for a LIBOR Loan would otherwise expire on a day which is not a unless such next succeeding Business Day but is in a day of the month after which no further Business Day occurs in such different calendar month, in which case such Interest Period interest period shall expire end on the next preceding Business Day; but provided, however, that (e) unless the Required Lenders otherwise agree, no Interest Period may be selected at any time when an Event of Default is then in existence; and (fi) no Interest Period in respect of applicable to any Borrowing Revolving Loan shall be selected which extends extend beyond the Revolving Commitment Termination Date. If by 1:00 P.M. ; and (New York City timeii) on the third Business Day prior to the expiration of any no Interest Period applicable to a any Term Loan shall extend beyond the Term Loan Maturity Date specified in the Borrowing of LIBOR LoansAdvice for such Term Loan, any Borrower has failed to elect, or is not permitted to elect, a new Interest Period to be applicable to such LIBOR Loans as provided above, such Borrower which in no event shall be deemed to have elected to convert such LIBOR Loans into Base Rate Loans effective as of the expiration date of such current Interest Periodlater than May 28, 2021.

Appears in 1 contract

Samples: Credit Agreement (Schwab Charles Corp)

Interest Periods. At the time When Borrower requests any Borrower gives any Notice of Eurodollar Borrowing or Notice of Conversion/Continuation in respect of the making ofa Fixed Rate Borrowing, or conversion into, any LIBOR Loan (in the case of the initial Interest Period applicable thereto) or prior to 1:00 P.M. (New York City time) on the third Business Day prior to the expiration of an Interest Period applicable to such LIBOR Loan (in the case of any subsequent Interest Period), such Borrower shall have the right to may elect the applicable interest period (each, each an “Interest Period”) applicable to such LIBOR Loan"INTEREST PERIOD"), which Interest Period shallmay be, at the option of the Borrower's option, be a oneone (1), twotwo (2), three (3) or six month period; provided(6) months for Eurodollar Borrowings and any period of up to six (6) months (with respect to any Fixed Rate Borrowing), that, (in each case): subject to the following conditions: (a) all LIBOR Loans comprising a Borrowing shall at all times have the same Interest Period; (b) the initial Interest Period for any LIBOR Loan shall commence a Eurodollar Borrowing commences on the date of applicable Borrowing of such LIBOR Loan (including the date of any Date or conversion thereto from a Base Rate Loan) date, and each subsequent Interest Period occurring thereafter in respect of such LIBOR Loan shall commence applicable to any Borrowing commences on the day on which when the next preceding applicable Interest Period applicable thereto expires; (cb) if any Interest Period for a LIBOR Loan Eurodollar Borrowing begins on a day for which there is exists no numerically corresponding day Business Day in the calendar month at the end of such Interest Period, such the Interest Period shall end on ("ENDING CALENDAR MONTH"), then the last Business Day of such calendar month; (d) if any Interest Period for a LIBOR Loan would otherwise expire on a day which is not a Business Day, such Interest Period shall expire ends on the next succeeding Business Day; providedDay of the Ending Calendar Month, however, that if any unless there is no succeeding Business Day in the Ending Calendar Month in which case the Interest Period for a LIBOR Loan would otherwise expire on a day which is not a Business Day but is a day of the month after which no further Business Day occurs in such month, such Interest Period shall expire ends on the next preceding Business DayDay of the Ending Calendar Month; (e) unless the Required Lenders otherwise agree, no Interest Period may be selected at any time when an Event of Default is then in existence; and (fc) no Interest Period in respect for any portion of any Borrowing shall be selected which extends Principal Debt may extend beyond the Revolving Commitment Termination Datescheduled repayment date for that portion of Principal Debt; and (d) there may not be in effect at any one time more than twelve (12) Interest Periods (including, without limitation, Interest Periods for Competitive Borrowings). If by 1:00 P.M. (New York City time) on Notwithstanding the third Business Day prior foregoing, subject to the expiration foregoing conditions and the consent of Administrative Agent (such consent to be in Administrative Agent's reasonable discretion), Borrower may, not more often than during four (4) thirty (30) day periods during any twelve (12) month period during the term of this Agreement in anticipation of Borrower's prepayment of Borrowings from equity or debt offerings or financings, elect Interest Period applicable to a Borrowing Periods of LIBOR Loansseven (7) days, any Borrower has failed to electfourteen (14) days, or is not permitted to elect, a new Interest Period to be applicable to such LIBOR Loans as provided above, such Borrower shall be deemed to have elected to convert such LIBOR Loans into Base Rate Loans effective as of the expiration date of such current Interest Periodtwenty-one (21) days.

Appears in 1 contract

Samples: Credit Agreement (Prologis Trust)

Interest Periods. At The Borrower may select for any Eurodollar Rate Loan the time Interest Period (as defined in the next sentence) for each Borrowing, it being understood that the Borrower may request multiple Borrowings on the same day and may select a different Interest Period for each such Borrowing. An Interest Period shall be each period, as selected by the Borrower in accordance with the terms of this Agreement, beginning on the Borrowing Date of any Borrower gives any Notice of Borrowing Eurodollar Rate Loan, or Notice of on the Conversion/Continuation in respect of the making ofDate on which any Loan is converted into or continued as a Eurodollar Rate Loan, or conversion into, any LIBOR Loan (in the case of the initial Interest Period applicable thereto) or prior to 1:00 P.M. (New York City time) and ending on the third Business Day prior to date specified by the expiration of an Interest Period applicable to such LIBOR Loan (in the case of any subsequent Interest Period), such Borrower shall have the right to elect the interest period (each, an “Interest Period”) applicable to such LIBOR Loan, which Interest Period shall, at the option of the Borrower, be a that is one, two, three or six month periodmonths thereafter; provided, that, (in each case): (a) all LIBOR Loans comprising a Borrowing shall at all times have provided that whenever the same Interest Period; (b) the initial Interest Period for any LIBOR Loan shall commence on the date first day of Borrowing of such LIBOR Loan (including the date of any conversion thereto from a Base Rate Loan) and each Interest Period occurring thereafter in respect of such LIBOR Loan shall commence on the day on which the next preceding Interest Period applicable thereto expires; (c) if any Interest Period for a LIBOR Loan begins occurs on a day of an initial calendar month for which there is no numerically corresponding day in the calendar month at that succeeds such initial calendar month by the end number of months equal to the number of months in such Interest Period, such Interest Period shall end on the last Business Day of such succeeding calendar month; (d) and provided further that if any the last day of an Interest Period for a LIBOR Loan would otherwise expire on be a day which that is not a Business Day, such Interest Period shall expire on be extended to the next succeeding Business Day; provided, however, that if any Interest Period for a LIBOR Loan would otherwise expire on a day which is not a unless such next succeeding Business Day but is in a day of the month after which no further Business Day occurs in such different calendar month, in which case such Interest Period interest period shall expire end on the next preceding Business Day; but provided, however, that (e) unless the Required Lenders otherwise agree, no Interest Period may be selected at any time when an Event of Default is then in existence; and (fi) no Interest Period in respect of applicable to any Borrowing Revolving Loan shall be selected which extends extend beyond the Revolving Commitment Termination Date. If by 1:00 P.M. ; and (New York City timeii) on the third Business Day prior to the expiration of any no Interest Period applicable to a any Term Loan shall extend beyond the Term Loan Maturity Date specified in the Borrowing of LIBOR LoansAdvice for such Term Loan, any Borrower has failed to elect, or is not permitted to elect, a new Interest Period to be applicable to such LIBOR Loans as provided above, such Borrower which in no event shall be deemed to have elected to convert such LIBOR Loans into Base Rate Loans effective as of the expiration date of such current Interest Periodlater than June 3, 2016.

Appears in 1 contract

Samples: Credit Agreement (Schwab Charles Corp)

Interest Periods. At Unless otherwise agreed by the time any Borrower gives any Notice of Borrowing or Notice of Conversion/Continuation Bank in respect of the making of---------------- writing, or conversion into, any LIBOR Loan (in the case of the initial Interest Period applicable thereto) or prior to 1:00 P.M. (New York City time) on the third Business Day prior to the expiration of an Interest Period applicable to such LIBOR Loan (in the case of any subsequent Interest Period), such Borrower shall have the right to elect the interest period applicable to each Eurodollar Rate Loan requested by the Borrower (each, each an "Interest Period") applicable to such LIBOR Loan, which Interest Period shall, at the option of the Borrower, be a one, two, three or six month period; provided, provided that, (in each case): : (a) all LIBOR Loans comprising a Borrowing shall at all times have the same Interest Period; (b) the initial Interest Period for any LIBOR Eurodollar Rate Loan shall commence on the date of Borrowing of such LIBOR Loan (including the date of any conversion thereto from a Base Rate Loan) and each Interest Period occurring thereafter in respect of such LIBOR Loan shall commence on the day on which the next preceding Interest Period applicable thereto expires; (cb) if any Interest Period for relating to a LIBOR 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; (dc) if any Interest Period for a LIBOR Loan would otherwise expire on a day which is not a Business Day, such Interest Period shall expire on the next succeeding Business Dayday; provided, however, that if any Interest Period for a LIBOR 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; (e) unless the Required Lenders otherwise agree, no Interest Period may be selected at any time when an Event of Default is then in existence; and (fd) no Interest Period in respect of any Borrowing shall be selected which extends extend beyond the Revolving Commitment Termination Expiry Date. If by 1:00 P.M. (New York City time) on the third Business Day prior to upon the expiration of any Interest Period applicable to a Borrowing of LIBOR LoansEurodollar Rate Loan, any the Borrower has failed affirmatively to electrequest that the Bank continue such Loan as a Eurodollar Rate Loan, or is not permitted to elect, a new Interest Period to be applicable to such LIBOR Loans as provided above, such the Borrower shall be deemed to have elected to convert such LIBOR Loans Loan into Base a Prime Rate Loans Loan effective as of the expiration date of such current Interest Period.Interest

Appears in 1 contract

Samples: Loan Agreement (Privatebancorp Inc)

Interest Periods. At the time any the Borrower gives any a Notice of Borrowing or Notice of Conversion/Conversion or Continuation in respect of the making of, or conversion intointo or continuation as, any LIBOR Loan (a Borrowing of SOFR Loans in accordance with Section 2.6(a), the case Borrower shall give the Administrative Agent written notice of the initial Interest Period applicable thereto) or prior to 1:00 P.M. (New York City time) on the third Business Day prior to the expiration of an Interest Period applicable to such LIBOR Loan (in the case of any subsequent Interest Period), such Borrower shall have the right to elect the interest period (each, an “Interest Period”) applicable to such LIBOR LoanBorrowing, which Interest Period shall, at the option of the Borrower, be a one, two, three or six months; provided that the Interest Period may be a period of less than one month period; providedthat is agreed by the Borrower and the Administrative Agent, thatso long as for purposes of determining Term SOFR, (Term SOFR in each case): respect of such period shall be based on Term SOFR in respect of a one-month tenor. Notwithstanding foregoing, the initial Interest Period of the Initial Term Loans shall be from the Closing Date to June 30, 2023, and Term SOFR in respect of such Interest Period shall be based on Term SOFR in respect of a three- month tenor. Notwithstanding anything to the contrary contained above: (a) all LIBOR Loans comprising a Borrowing shall at all times have the same Interest Period; (b) the initial Interest Period for any LIBOR Loan Borrowing of SOFR Loans shall commence on the date of such Borrowing of such LIBOR Loan (including or the date of any conversion thereto from a Base Rate LoanBorrowing of ABR Loans) and each Interest Period occurring thereafter in respect of such LIBOR Loan Borrowing shall commence on the day on which the next preceding Interest Period applicable thereto expires; (cb) if any Interest Period for relating to a LIBOR Loan Borrowing of SOFR Loans begins on the last Business Day of a calendar month or begins on a day for which there is no numerically corresponding day in the calendar month at the end of such Interest Period, such Interest Period shall end on the last Business Day of the calendar month at the end of such calendar monthInterest Period; (dc) if any Interest Period for a LIBOR Loan would otherwise expire on a day which that is not a Business Day, such Interest Period shall expire on the next succeeding Business Day; provided, however, provided that if any Interest Period for in respect of a LIBOR SOFR Loan would otherwise expire on a day which that is not a Business Day but is a day of the month after which no further Business Day occurs in such month, such Interest Period shall expire on the next preceding Business Day; (e) unless the Required Lenders otherwise agree, no Interest Period may be selected at any time when an Event of Default is then in existence; and (fd) no the Borrower shall not be entitled to elect any Interest Period in respect of (i) any Borrowing shall be selected which extends SOFR Loan if such Interest Period would extend beyond the Revolving Commitment Termination applicable Maturity Date of such Term Loan or (ii) the Initial Term Loans such that there would be more than one Interest Period beginning on the fifth anniversary of the Closing Date and ending on the Initial Term Loan Maturity Date. If by 1:00 P.M. (New York City time) on In connection with the third Business Day prior use or administration of Term SOFR, the Administrative Agent will have the right to make Conforming Changes from time to time and, notwithstanding anything to the expiration contrary herein or in any other Credit Document, any amendments implementing such Conforming Changes will become effective without any further action or consent of any Interest Period applicable other party to a Borrowing of LIBOR Loans, this Agreement or any other Credit Document. The Administrative Agent will promptly notify the Borrower has failed to elect, or is not permitted to elect, a new Interest Period to be applicable to such LIBOR Loans as provided above, such Borrower shall be deemed to have elected to convert such LIBOR Loans into Base Rate Loans effective as and the Lenders of the expiration date effectiveness of such current Interest Periodany Conforming Changes in connection with the use or administration of Term SOFR.

Appears in 1 contract

Samples: Term Loan Credit Agreement (Avaya Holdings Corp.)

Interest Periods. At the time any Borrower gives any the Borrowers give a Notice of Borrowing or Notice of Conversion/Conversion or Continuation in respect of the making of, or conversion intointo or continuation as, any a Borrowing of LIBOR Loan (Loans in accordance with Section 2.6(a), the case Borrowers shall give the Administrative Agent written -95- notice of the initial Interest Period applicable thereto) or prior to 1:00 P.M. (New York City time) on the third Business Day prior to the expiration of an Interest Period applicable to such LIBOR Loan (in the case of any subsequent Interest Period), such Borrower shall have the right to elect the interest period (each, an “Interest Period”) applicable to such LIBOR LoanBorrowing, which Interest Period shall, at the option of the Borrower, Borrowers be a one, two, three or six month period (or if available to all the Lenders making such LIBOR Loans as determined by such Lenders in good faith based on prevailing market conditions, a twelve month or shorter period; provided, that, (in each case): ). Notwithstanding anything to the contrary contained above: (a) all LIBOR Loans comprising a Borrowing shall at all times have the same Interest Period; (b) the initial Interest Period for any Borrowing of LIBOR Loan Loans shall commence on the date of such Borrowing of such LIBOR Loan (including the date of any conversion thereto from a Base Rate LoanBorrowing of ABR Loans) and each Interest Period occurring thereafter in respect of such LIBOR Loan Borrowing shall commence on the day on which the next preceding Interest Period applicable thereto expires; the initial Interest Period for any Borrowing of EURIBOR Rate Loan shall commence on the date such Loan is disbursed or converted to or continued as a Eurocurrency 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 Borrower in its Notice of Borrowing; (cb) if any Interest Period for relating to a Borrowing of LIBOR Loan 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; (dc) if any Interest Period for a LIBOR Loan would otherwise expire on a day which that is not a Business Day, such Interest Period shall expire on the next succeeding Business Day; provided, however, provided that if any Interest Period for in respect of a LIBOR Loan or EURIBOR Rate Loans 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; (e) unless the Required Lenders otherwise agree, no Interest Period may be selected at any time when an Event of Default is then in existence; and (fd) no the Borrowers shall not be entitled to elect any Interest Period in respect of any Borrowing shall be selected which extends LIBOR Loan or EURIBOR Rate Loans if such Interest Period would extend beyond the Revolving Commitment Termination Date. If by 1:00 P.M. (New York City time) on the third Business Day prior to the expiration of any Interest Period applicable to a Borrowing of LIBOR Loans, any Borrower has failed to elect, or is not permitted to elect, a new Interest Period to be applicable to such LIBOR Loans as provided above, such Borrower shall be deemed to have elected to convert such LIBOR Loans into Base Rate Loans effective as of the expiration date Maturity Date of such current Interest Period.Loan. 2.10

Appears in 1 contract

Samples: Credit Agreement

Interest Periods. At the time any the Borrower gives any a Notice of Borrowing or Notice of Conversion/Conversion or Continuation in respect of the making of, or conversion intointo or continuation as, any a Borrowing of LIBOR Loan (Loans in accordance with Section 2.6(a), the case Borrower shall give the Administrative Agent written notice of the initial Interest Period applicable thereto) or prior to 1:00 P.M. (New York City time) on the third Business Day prior to the expiration of an Interest Period applicable to such LIBOR Loan (in the case of any subsequent Interest Period), such Borrower shall have the right to elect the interest period (each, an “Interest Period”) applicable to such LIBOR LoanBorrowing, which Interest Period shall, at the option of the Borrower, be a one, two, three or six month period; provided, that, period (in each case): (a) or if approved by all the Lenders making such LIBOR Loans comprising as determined by such Lenders in good faith based on prevailing market conditions, a Borrowing shall at all times have twelve month or shorter period (but not one-week)). Notwithstanding anything to the same Interest Period; contrary contained above: (bc) the initial Interest Period for any Borrowing of LIBOR Loan Loans shall commence on the date of such Borrowing of such LIBOR Loan (including the date of any conversion thereto from a Base Rate LoanBorrowing of ABR Loans) and each Interest Period occurring thereafter in respect of such LIBOR Loan Borrowing shall commence on the day on which the next preceding Interest Period applicable thereto expires; (cd) if any Interest Period for relating to a Borrowing of LIBOR Loan Loans begins on the last Business Day of a calendar month or begins on a day for which there is no numerically corresponding day in the calendar month at the end of such Interest Period, such Interest Period shall end on the last Business Day of the calendar month at the end of such calendar monthInterest Period; (de) if any Interest Period for a LIBOR Loan would otherwise expire on a day which that is not a Business Day, such Interest Period shall expire on the next succeeding Business Day; provided, however, provided that if any Interest Period for in respect of a LIBOR Loan would otherwise expire on a day which that is not a Business Day but is a day of the month after which no further Business Day occurs in such month, such Interest Period shall expire on the next immediately preceding Business Day; (e) unless the Required Lenders otherwise agree, no Interest Period may be selected at any time when an Event of Default is then in existence; and (f) no the Borrower shall not be entitled to elect any Interest Period in respect of any Borrowing shall be selected which extends LIBOR Loan if such Interest Period would extend beyond the Revolving Commitment Termination Date. If by 1:00 P.M. (New York City time) on the third Business Day prior to the expiration of any Interest Period applicable to a Borrowing of LIBOR Loans, any Borrower has failed to elect, or is not permitted to elect, a new Interest Period to be applicable to such LIBOR Loans as provided above, such Borrower shall be deemed to have elected to convert such LIBOR Loans into Base Rate Loans effective as of the expiration date Maturity Date of such current Interest Period.Loan. 2.10

Appears in 1 contract

Samples: Credit Agreement (Academy Sports & Outdoors, Inc.)

Interest Periods. At the time When Borrower requests any Eurodollar Borrowing, Borrower gives any Notice of Borrowing or Notice of Conversion/Continuation in respect of the making of, or conversion into, any LIBOR Loan (in the case of the initial Interest Period applicable thereto) or prior to 1:00 P.M. (New York City time) on the third Business Day prior to the expiration of an Interest Period applicable to such LIBOR Loan (in the case of any subsequent Interest Period), such Borrower shall have the right to may elect the applicable interest period (each, each an “Interest Period”) applicable to such LIBOR Loan), which Interest Period shallmay be, at the option of the Borrower’s option, be a oneseven (7) days or one (1), twotwo (2), three (3) or six month period; provided(6) months, that, (in each case): subject to the following conditions: (a) all LIBOR Loans comprising a Borrowing shall at all times have the same Interest Period; (b) the initial Interest Period for any LIBOR Loan shall commence a Eurodollar Borrowing commences on the date of applicable Borrowing of such LIBOR Loan (including the date of any Date or conversion thereto from a Base Rate Loan) date, and each subsequent Interest Period occurring thereafter in respect of such LIBOR Loan shall commence applicable to any Borrowing commences on the day on which when the next preceding applicable Interest Period applicable thereto expires; (cb) if any Interest Period for a LIBOR Loan Eurodollar Borrowing begins on a day for which there is exists no numerically corresponding day Business Day in the calendar month at the end of such Interest Period, such the Interest Period shall end on (“Ending Calendar Month”), then the last Business Day of such calendar month; (d) if any Interest Period for a LIBOR Loan would otherwise expire on a day which is not a Business Day, such Interest Period shall expire ends on the next succeeding Business Day; providedDay of the Ending Calendar Month, however, that if any unless there is no succeeding Business Day in the Ending Calendar Month in which case the Interest Period for a LIBOR Loan would otherwise expire on a day which is not a Business Day but is a day of the month after which no further Business Day occurs in such month, such Interest Period shall expire ends on the next preceding Business DayDay of the Ending Calendar Month; (e) unless the Required Lenders otherwise agree, no Interest Period may be selected at any time when an Event of Default is then in existence; and (fc) no Interest Period for any portion of Principal Debt may extend beyond the scheduled repayment date for that portion of Principal Debt; (d) there may not be in respect effect at any one time more than eight (8) Interest Periods; and (e) only one (1) Interest Period of any Borrowing less than one (1) month shall be selected which extends beyond the Revolving Commitment Termination Date. If by 1:00 P.M. (New York City time) on the third Business Day prior to the expiration of available at any time and only if Administrative Agent determines that such Interest Period is available from all Lenders. When Borrower requests any Swing Line Loan, Borrower shall elect (x) the applicable interest period (each a “Swing Line Interest Period”) which may be, at Borrower’s option, up to a Borrowing of LIBOR Loansfourteen (14) days, any Borrower has failed to elect, or is not permitted to elect, a new and (y) if such Swing Line Interest Period to be is for seven (7) days or more, then the applicable to such LIBOR Loans as provided above, such Borrower shall be deemed to have elected to convert such LIBOR Loans into Base Rate Loans effective as of the expiration date of such current Interest PeriodSwing Line Rate.

Appears in 1 contract

Samples: Credit Agreement (Prentiss Properties Trust/Md)

Interest Periods. At The Borrower may select for any Eurodollar Rate Loan the time Interest Period (as defined in the next sentence) for each Borrowing, it being understood that the Borrower may request multiple Borrowings on the same day and may select a different Interest Period for each such Borrowing. An Interest Period shall be each period, as selected by the Borrower in accordance with the terms of this Agreement, beginning on the Borrowing Date of any Borrower gives any Notice of Borrowing Eurodollar Rate Loan, or Notice of on the Conversion/Continuation in respect of the making ofDate on which any Loan is converted into or continued as a Eurodollar Rate Loan, or conversion into, any LIBOR Loan (in the case of the initial Interest Period applicable thereto) or prior to 1:00 P.M. (New York City time) and ending on the third Business Day prior to date specified by the expiration of an Interest Period applicable to such LIBOR Loan (in the case of any subsequent Interest Period), such Borrower shall have the right to elect the interest period (each, an “Interest Period”) applicable to such LIBOR Loan, which Interest Period shall, at the option of the Borrower, be a that is one, two, three or six month periodmonths thereafter; provided, that, (in each case): (a) all LIBOR Loans comprising a Borrowing shall at all times have provided that whenever the same Interest Period; (b) the initial Interest Period for any LIBOR Loan shall commence on the date first day of Borrowing of such LIBOR Loan (including the date of any conversion thereto from a Base Rate Loan) and each Interest Period occurring thereafter in respect of such LIBOR Loan shall commence on the day on which the next preceding Interest Period applicable thereto expires; (c) if any Interest Period for a LIBOR Loan begins occurs on a day of an initial calendar month for which there is no numerically corresponding day in the calendar month at that succeeds such initial calendar month by the end number of months equal to the number of months in such Interest Period, such Interest Period shall end on the last Business Day of such succeeding calendar month; (d) and provided further that if any the last day of an Interest Period for a LIBOR Loan would otherwise expire on be a day which that is not a Business Day, such Interest Period shall expire on be extended to the next succeeding Business Day; provided, however, that if any Interest Period for a LIBOR Loan would otherwise expire on a day which is not a unless such next succeeding Business Day but is in a day of the month after which no further Business Day occurs in such different calendar month, in which case such Interest Period interest period shall expire end on the next preceding Business Day; but provided, however, that (e) unless the Required Lenders otherwise agree, no Interest Period may be selected at any time when an Event of Default is then in existence; and (fi) no Interest Period in respect of applicable to any Borrowing Revolving Loan shall be selected which extends extend beyond the Revolving Commitment Termination Date. If by 1:00 P.M. ; and (New York City timeii) on the third Business Day prior to the expiration of any no Interest Period applicable to a any Term Loan shall extend beyond the Term Loan Maturity Date specified in the Borrowing of LIBOR LoansAdvice for such Term Loan, any Borrower has failed to elect, or is not permitted to elect, a new Interest Period to be applicable to such LIBOR Loans as provided above, such Borrower which in no event shall be deemed to have elected to convert such LIBOR Loans into Base Rate Loans effective as of the expiration date of such current Interest Periodlater than June 6, 2014.

Appears in 1 contract

Samples: Credit Agreement (Schwab Charles Corp)

Interest Periods. At the time When Borrower requests any Eurodollar Borrowing, Borrower gives any Notice of Borrowing or Notice of Conversion/Continuation in respect of the making of, or conversion into, any LIBOR Loan (in the case of the initial Interest Period applicable thereto) or prior to 1:00 P.M. (New York City time) on the third Business Day prior to the expiration of an Interest Period applicable to such LIBOR Loan (in the case of any subsequent Interest Period), such Borrower shall have the right to may elect the interest period (each, each an “Interest Period”"INTEREST PERIOD") applicable to such LIBOR Loanthereto, which Interest Period shallshall be, at the option of the Borrower's option, be a one, twoone (1) month or two (2), three (3), or six month period(6) months, in each case to the extent available from each Lender (or other periods, if requested by Borrower and agreed to by each Lender); providedPROVIDED, HOWEVER, that, (in each case): : (a) all LIBOR Loans comprising a Borrowing shall at all times have the same Interest Period; (b) the initial Interest Period for any LIBOR Loan a Eurodollar Borrowing shall commence on the date of such Borrowing of such LIBOR Loan (including the date of any conversion thereto from a Base Rate Loan) Conversion thereto), and each Interest Period occurring thereafter in respect of such LIBOR Loan Borrowing shall commence on the day on which the next preceding Interest Period applicable thereto expires; (cb) if any Interest Period for a LIBOR Loan 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 monthInterest Period); (dc) if any Interest Period for a LIBOR Loan would otherwise expire on a day which is not a Business Day, such Interest Period shall expire on the next succeeding Business Day; provided, however, that if any Interest Period for a LIBOR Loan would otherwise expire on a day which is not a Business Day but is a day of the month after which no further Business Day occurs in such month, such Interest Period shall expire on the next preceding Business Day; (e) unless the Required Lenders otherwise agree, no Interest Period may be selected at chosen with respect to any time when an Event portion of Default is then in existencethe Total Principal Debt which would extend beyond the Termination Date; and (fd) no more than an aggregate of ten (10) Interest Period in respect of any Borrowing Periods shall be selected which extends beyond the Revolving Commitment Termination Date. If by 1:00 P.M. (New York City in effect at one time) on the third Business Day prior to the expiration of any Interest Period applicable to a Borrowing of LIBOR Loans, any Borrower has failed to elect, or is not permitted to elect, a new Interest Period to be applicable to such LIBOR Loans as provided above, such Borrower shall be deemed to have elected to convert such LIBOR Loans into Base Rate Loans effective as of the expiration date of such current Interest Period.

Appears in 1 contract

Samples: Revolving Credit Agreement (Protection One Alarm Monitoring Inc)

Interest Periods. At The Borrower may select for any Eurodollar Rate Loan the time any Interest Period (as defined in the next sentence) for each Borrowing, it being understood that the Borrower gives any Notice may request multiple Borrowings on the same day and may select a different Interest Period for each such Borrowing. An Interest Period shall be each period, as selected by the Borrower in accordance with the terms of Borrowing or Notice of Conversion/Continuation in respect of the making ofthis Agreement, or conversion into, any LIBOR Loan (in the case of the initial Interest Period applicable thereto) or prior to 1:00 P.M. (New York City time) each Borrowing, beginning on the third Business Day prior Borrowing Date of such Loan or on the Conversion/Continuation Date on which the Loan is converted into or continued as a Eurodollar Rate Loan, and ending on the date specified by the Borrower, subject to the expiration of an Interest Period applicable to such LIBOR Loan (numerically corresponding day in the first, second, third or sixth month thereafter, in the case of any subsequent Interest Period), such Borrower shall have the right to elect the interest period (each, an “Interest Period”) applicable to such LIBOR Loan, which Interest Period shallthat is to be based on the Eurodollar Rate, at provided that if the option last day of the Borrower, an Interest Period would be a one, two, three or six month period; provided, that, (in each case): (a) all LIBOR Loans comprising a Borrowing shall at all times have the same Interest Period; (b) the initial Interest Period for any LIBOR Loan shall commence on the date of Borrowing of such LIBOR Loan (including the date of any conversion thereto from a Base Rate Loan) and each Interest Period occurring thereafter in respect of such LIBOR Loan shall commence on the day on which the next preceding Interest Period applicable thereto expires; (c) if any Interest Period for a LIBOR Loan begins on a day for which there is no numerically corresponding day in the calendar month at the end of such Interest Period, such Interest Period shall end on the last Business Day of such calendar month; (d) if any Interest Period for a LIBOR Loan would otherwise expire on a day which that is not a Business Day, such Interest Period shall expire be extended to the next succeeding Business Day, unless such next succeeding Business Day is in a different calendar month, in which case such interest period shall end on the next succeeding preceding Business Day; provided, however, that if any Interest Period for a LIBOR Loan would otherwise expire on a day which is not a Business Day but is a day of the month after which no further Business Day occurs in such month, such Interest Period shall expire on the next preceding Business Day; (e) unless the Required Lenders otherwise agree, no Interest Period may be selected at any time when an Event of Default is then in existence; and (fi) no Interest Period in respect of applicable to any Borrowing Revolving Loan shall be selected which extends extend beyond the Revolving Commitment Termination Date. If by 1:00 P.M. ; and (New York City timeii) on the third Business Day prior to the expiration of any no Interest Period applicable to a any Term Loan shall extend beyond the Term Loan Maturity Date specified in the Borrowing of LIBOR LoansAdvice for such Term Loan, any Borrower has failed to elect, or is not permitted to elect, a new Interest Period to be applicable to such LIBOR Loans as provided above, such Borrower which in no event shall be deemed to have elected to convert such LIBOR Loans into Base Rate Loans effective as of the expiration date of such current Interest Period.later than June 19,

Appears in 1 contract

Samples: Credit Agreement (Schwab Charles Corp)

Interest Periods. At The Borrower may select for any Eurodollar Rate Loan the time Interest Period (as defined in the next sentence) for each Borrowing, it being understood that the Borrower may request multiple Borrowings on the same day and may select a different Interest Period for each such Borrowing. An Interest Period shall be each period, as selected by the Borrower in accordance with the terms of this Agreement, beginning on the Borrowing Date of any Borrower gives any Notice of Borrowing Eurodollar Rate Loan, or Notice of on the Conversion/Continuation in respect of the making ofDate on which any Loan is converted into or continued as a Eurodollar Rate Loan, or conversion into, any LIBOR Loan (in the case of the initial Interest Period applicable thereto) or prior to 1:00 P.M. (New York City time) and ending on the third Business Day prior to date specified by the expiration of an Interest Period applicable to such LIBOR Loan (in the case of any subsequent Interest Period), such Borrower shall have the right to elect the interest period (each, an “Interest Period”) applicable to such LIBOR Loan, which Interest Period shall, at the option of the Borrower, be a that is one, two, three or six month periodmonths thereafter; provided, that, (in each case): (a) all LIBOR Loans comprising a Borrowing shall at all times have provided that whenever the same Interest Period; (b) the initial Interest Period for any LIBOR Loan shall commence on the date first day of Borrowing of such LIBOR Loan (including the date of any conversion thereto from a Base Rate Loan) and each Interest Period occurring thereafter in respect of such LIBOR Loan shall commence on the day on which the next preceding Interest Period applicable thereto expires; (c) if any Interest Period for a LIBOR Loan begins occurs on a day of an initial calendar month for which there is no numerically corresponding day in the calendar month at that succeeds such initial calendar month by the end number of months equal to the number of months in such Interest Period, such Interest Period shall end on the last Business Day of such succeeding calendar month; (d) and provided further that if any the last day of an Interest Period for a LIBOR Loan would otherwise expire on be a day which that is not a Business Day, such Interest Period shall expire on be extended to the next succeeding Business Day; provided, however, that if any Interest Period for a LIBOR Loan would otherwise expire on a day which is not a unless such next succeeding Business Day but is in a day of the month after which no further Business Day occurs in such different calendar month, in which case such Interest Period interest period shall expire end on the next preceding Business Day; but provided, however, that (e) unless the Required Lenders otherwise agree, no Interest Period may be selected at any time when an Event of Default is then in existence; and (fi) no Interest Period in respect of applicable to any Borrowing Revolving Loan shall be selected which extends extend beyond the Revolving Commitment Termination Date. If by 1:00 P.M. ; and (New York City timeii) on the third Business Day prior to the expiration of any no Interest Period applicable to a any Term Loan shall extend beyond the Term Loan Maturity Date specified in the Borrowing of LIBOR LoansAdvice for such Term Loan, any Borrower has failed to elect, or is not permitted to elect, a new Interest Period to be applicable to such LIBOR Loans as provided above, such Borrower which in no event shall be deemed to have elected to convert such LIBOR Loans into Base Rate Loans effective as of the expiration date of such current Interest Periodlater than June 8, 2012.

Appears in 1 contract

Samples: Credit Agreement (Schwab Charles Corp)

Interest Periods. At the time When Borrower requests any Eurodollar Rate Borrowing, Borrower gives any Notice of Borrowing or Notice of Conversion/Continuation in respect of the making of, or conversion into, any LIBOR Loan (in the case of the initial Interest Period applicable thereto) or prior to 1:00 P.M. (New York City time) on the third Business Day prior to the expiration of an Interest Period applicable to such LIBOR Loan (in the case of any subsequent Interest Period), such Borrower shall have the right to may elect the interest period (each, each an “Interest Period”"INTEREST PERIOD") applicable to such LIBOR Loanthereto, which Interest Period shallshall be, at the option of the Borrower's option, be a one, two, three three, or six month periodmonths or, if available to all Facility B Lenders, nine or twelve months; provided, however, that, (in each case): : (a) all LIBOR Loans comprising a Borrowing shall at all times have the same Interest Period; (b) the initial Interest Period for any LIBOR Loan a Eurodollar Rate Borrowing shall commence on the date of such Borrowing of such LIBOR Loan 18 24 (including the date of any conversion thereto from a Base Rate Loan) thereto), and each Interest Period occurring thereafter in respect of such LIBOR Loan Borrowing shall commence on the day on which the next preceding Interest Period applicable thereto expires; (cb) if any Interest Period for a LIBOR 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; (d) if any Interest Period for (unless such date would be in a LIBOR Loan different calendar month from what would otherwise expire on a 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 LIBOR 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 DayPeriod); (ec) unless the Required Lenders otherwise agree, no Interest Period may be selected at chosen with respect to any time when an Event portion of Default is then in existencethe Facility B Principal Debt which would extend beyond the scheduled repayment date (including any dates on which mandatory prepayments are required to be made) for such portion of the Principal Debt; and (fd) no more than an aggregate of twenty (20) Interest Period in respect of any Borrowing Periods (including, without limitation, Interest Periods under Facility A) shall be selected which extends beyond the Revolving Commitment Termination Date. If by 1:00 P.M. (New York City in effect at one time) on the third Business Day prior to the expiration of any Interest Period applicable to a Borrowing of LIBOR Loans, any Borrower has failed to elect, or is not permitted to elect, a new Interest Period to be applicable to such LIBOR Loans as provided above, such Borrower shall be deemed to have elected to convert such LIBOR Loans into Base Rate Loans effective as of the expiration date of such current Interest Period.

Appears in 1 contract

Samples: Term Loan Agreement (Worldcom Inc /Ga/)

Interest Periods. At In connection with each Eurodollar Rate Loan, Borrowers may, pursuant to the time any Borrower gives any applicable Notice of Borrowing or Notice of Conversion/Continuation in respect of the making ofContinuation, or conversion into, any LIBOR Loan (in as the case may be, select an interest period (each an "Interest Period") of the initial Interest Period applicable thereto) one, two or prior three months to 1:00 P.M. (New York City time) on the third Business Day prior to the expiration of an Interest Period be applicable to such LIBOR Loan (in the case of any subsequent Interest Period), such Borrower shall have the right to elect the interest period (each, an “Interest Period”) applicable to such LIBOR Loan, which Interest Period shall, at the option of the Borrower, be a one, two, three or six month period; provided, provided that, (in each case): (a) all LIBOR Loans comprising a Borrowing shall at all times have the same Interest Period; (b) : the initial Interest Period for any LIBOR Eurodollar Rate Loan shall commence on the date of Borrowing of such LIBOR Loan (including the date of any conversion thereto from a Base Rate Loan) and each Interest Period occurring thereafter Funding Date in respect of such LIBOR Loan, in the case of a Loan initially made as a Eurodollar Rate Loan, or on the date specified in the applicable Notice of C onversion/Continuation, in the case of a Loan converted to a Eurodollar Rate Loan; 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 day on which the next immediately preceding Interest Period applicable thereto expires; (c) if any an Interest Period for a LIBOR Loan begins on a day for which there is no numerically corresponding day in the calendar month at the end of such Interest Period, such Interest Period shall end on the last Business Day of such calendar month; (d) if any Interest Period for a LIBOR Loan would otherwise expire on a day which that is not a Business Day, such Interest Period shall expire on the next succeeding Business Day; providedprovided that, however, that if any Interest Period for a LIBOR Loan would otherwise expire on a day which that is not a Business Day but is a day of the month after which no further Business Day occurs in such month, such Interest Period shall expire on the next immediately preceding Business Day; any Interest Period that begins on the last Business Day of a calendar month (eor on a day for which there is no numerically corresponding day in the calendar month at the end of such Interest Period) unless shall, subject to clause (v) of this Section 2.2(b), end on the Required Lenders otherwise agree, last Business Day of a calendar month; no Interest Period may with respect to any portion of the Loans shall extend beyond the Termination Date; and there shall be selected no more than five Interest Periods outstanding at any time when an Event of Default is then in existence; and (f) no Interest Period in respect of any Borrowing shall be selected which extends beyond the Revolving Commitment Termination Date. If by 1:00 P.M. (New York City time) on the third Business Day prior to the expiration of any Interest Period applicable to a Borrowing of LIBOR Loans, any Borrower has failed to elect, or is not permitted to elect, a new Interest Period to be applicable to such LIBOR Loans as provided above, such Borrower shall be deemed to have elected to convert such LIBOR Loans into Base Rate Loans effective as of the expiration date of such current Interest Period.

Appears in 1 contract

Samples: Revolving Credit Agreement (United Artists Theatre Circuit Inc /Md/)

Interest Periods. At the time any Borrower it gives any Notice of Borrowing or Notice of Conversion/Continuation Conversion in respect of the making of, or conversion into, any LIBOR Eurodollar Rate Loan (in the case of the initial Interest Period applicable thereto) or prior to 1:00 P.M. (New York City time) on the third Business Day prior to the expiration of an Interest Period applicable to such LIBOR Eurodollar Rate Loan (in the case of any subsequent Interest Period), such the Borrower shall have the right to elect elect, by giving the Administrative Agent notice thereof (such notice, a "Rollover Notice"), the interest period (each, an "Interest Period") applicable to such LIBOR 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 six-month period; provided, provided that, : (in each case): (ai) all LIBOR Eurodollar Rate Loans comprising a Borrowing shall at all times have the same Interest PeriodPeriod except as otherwise required by Section 2.11(b); (bii) the initial Interest Period for any LIBOR Eurodollar Rate Loan shall commence on the date of Borrowing of such LIBOR Loan (including the date of any conversion thereto Conversion thereof from a Base Rate Loan) and each Interest Period occurring thereafter in respect of such LIBOR Loan shall commence on the day on which the next preceding Interest Period applicable thereto expires; (ciii) if any Interest Period for relating to a LIBOR 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; (div) if any Interest Period for a LIBOR Loan would otherwise expire on a day which is not a Business Day, such Interest Period shall expire on the next succeeding Business Day; provided, however, provided that if any Interest Period for a LIBOR 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; (e) unless the Required Lenders otherwise agree, no Interest Period may be selected at any time when an Event of Default is then in existence; and (fv) no Interest Period in respect of any Borrowing shall be selected which extends extend beyond the Revolving Commitment Termination Maturity Date. If by 1:00 P.M. (New York City time) on the third Business Day prior to upon the expiration of any Interest Period applicable to a Borrowing of LIBOR LoansEurodollar Rate Loan, any the Borrower has failed to elect, or is not permitted to elect, elect a new Interest Period to be applicable to such LIBOR Loans Eurodollar Rate Loan as provided above, such the Borrower shall be deemed to have elected to convert such LIBOR Loans into Base Rate Loans effective as an Interest Period with a duration of the expiration date of such current Interest Periodone (1) month.

Appears in 1 contract

Samples: Gramercy Capital Corp

Interest Periods. At The Borrowers shall give the time any Borrower gives any Administrative Agent an Interest Notice of Borrowing or Notice of Conversion/Continuation in respect of specifying the making of, or conversion into, any LIBOR Loan (in the case of the initial Interest Period applicable theretoselected for the next subsequent Interest Period at least three (3) or prior to 1:00 P.M. (New York City time) on the third Business Day Banking Days prior to the expiration end of any then existing Interest Period, which notice the Administrative Agent agrees to forward on to all Lenders on a same day basis or as soon as practicable. If at the end of any then existing Interest Period the Borrowers fail to give an Interest Notice, the relevant Interest Period shall be three (3) months. The Borrowers' right to select an Interest Period shall be subject to the restriction that no selection of an Interest Period applicable shall be effective unless each Lender is satisfied that the necessary funds will be available to such LIBOR Loan (in Lender for such period and that no Event of Default or event which, with the case giving of any subsequent Interest Period)notice or lapse of time, such Borrower or both, would constitute an Event of Default shall have occurred and be continuing, in which case the right to elect the interest period (each, an “Interest Period”) applicable to such LIBOR Loan, which Interest Period shall, at the option of the Borrower, be a one, two, three or six month period; provided, that, (in each case): (a) all LIBOR Loans comprising a Borrowing shall at all times have the same Interest Period; (b) the initial Interest Period for any LIBOR Loan shall commence on the date of Borrowing of such LIBOR Loan (including the date of any conversion thereto from a Base Rate Loan) and each Interest Period occurring thereafter in respect of such LIBOR Loan shall commence on the day on which the next preceding Interest Period applicable thereto expires; (c) if any Interest Period for a LIBOR Loan begins on a day for which there is no numerically corresponding day in the calendar month at the end of such Interest Period, such Interest Period shall end be determined by the Administrative Agent in its sole discretion. Interest Periods for each Tranche hereunder shall be consolidated as soon as practicable, but in no event later than thirty (30) days after the delivery of the Vessel to which such Tranche relates. The Borrowers shall reimburse the Lenders for any and all costs or expenses incurred by the Lenders in connection with any breaking of funding (as certified by each Lender, which certification, absent manifest error, shall be conclusive and binding on the last Business Day Borrowers) as a consequence of such calendar month; (d) if any Interest Period consolidation. Unless and until the Borrowers and the Lenders agree to a Margin for a LIBOR Loan would otherwise expire on a day which is not a Business Day, such Interest Period shall expire on the next succeeding Business Day; provided, however, that if any Interest Period for a LIBOR Loan would otherwise expire on a day which is not a Business Day but is a day of period following the month after which no further Business Day occurs in such month, such Interest Period shall expire on the next preceding Business Day; (e) unless the Required Lenders otherwise agreeMargin Final Date, no Interest Period may be selected at any time when an Event of Default is then in existence; and (f) no Interest Period in respect of any Borrowing shall be selected which extends extend beyond the Revolving Commitment Termination Margin Final Date. If by 1:00 P.M. (New York City time) on the third Business Day prior to the expiration of any Interest Period applicable to a Borrowing of LIBOR Loans, any Borrower has failed to elect, or is not permitted to elect, a new Interest Period to be applicable to such LIBOR Loans as provided above, such Borrower shall be deemed to have elected to convert such LIBOR Loans into Base Rate Loans effective as of the expiration date of such current Interest Period.

Appears in 1 contract

Samples: Senior Secured Term Credit Facility Agreement (Top Ships Inc.)

Interest Periods. At the time any the Borrower gives any Notice of Borrowing or Notice of Conversion/Continuation in respect of the making of, or conversion into, any LIBOR LIBO Rate Term Loan (in the case of the initial Interest Period applicable thereto) or prior to 1:00 P.M. 12:00 Noon (New York City time) on the third Business Day prior to the expiration of an Interest Period applicable to such LIBOR LIBO Rate Term Loan (in the case of any subsequent Interest Period), such the Borrower shall have the right to elect the interest period (each, an “Interest Period”) applicable to such LIBOR LIBO Rate Term Loan, which Interest Period shall, at the option of the Borrower, Borrower be (x) a one, two, three or six month period, or, if agreed to by all Lenders, a twelve month period or (y) if agreed to by the Administrative Agent, a period less than one month; provided, that, provided that (in each case): (ai) all LIBOR LIBO Rate Term Loans comprising a Borrowing shall at all times have the same Interest Period; (bii) the initial Interest Period for any LIBOR LIBO Rate Term Loan shall commence on the date of Borrowing of such LIBOR LIBO Rate Term Loan (including including, in the case of LIBO Rate Term Loans, the date of any conversion thereto from a Borrowing of Base Rate LoanTerm Loans) and each Interest Period occurring thereafter in respect of such LIBOR LIBO Rate Term Loan shall commence on the day on which the next preceding Interest Period applicable thereto expires; (ciii) if any Interest Period for a LIBOR LIBO Rate Term Loan begins on a day for which there is no numerically corresponding day in the calendar month at the end of such Interest Period, such Interest Period shall end on the last Business Day of such calendar month; (div) if any Interest Period for a LIBOR LIBO Rate Term Loan would otherwise expire on a day which is not a Business Day, such Interest Period shall expire on the next succeeding Business Day; provided, however, that if any Interest Period for a LIBOR LIBO Rate Term Loan would otherwise expire on a day which is not a Business Day but is a day of the month after which no further Business Day occurs in such month, such Interest Period shall expire on the next preceding Business Day; (ev) unless the Required Lenders otherwise agree, no Interest Period for a LIBO Rate Term Loan may be selected at any time when an Event of Default is then in existence; and (fvi) no Interest Period in respect of any Borrowing of any Tranche of Term Loans shall be selected which extends beyond the Revolving Commitment Termination DateMaturity Date therefor. If by 1:00 P.M. (New York City time) on With respect to any LIBO Rate Term Loans, at the third Business Day prior to the expiration end of any Interest Period applicable to a Borrowing thereof, the Borrower may elect to split the respective Borrowing of LIBOR Loansa single Type under a single Tranche into two or more Borrowings of different Types under such Tranche or combine two or more Borrowings under a single Tranche into a single Borrowing of the same Type under such Tranche, any in each case, by having the Borrower give notice thereof together with its election of one or more Interest Periods, in each case so long as each resulting Borrowing (x) has failed to electan Interest Period which complies with the foregoing requirements of this Section 2.09, or (y) has a principal amount which is not permitted to elect, a new Interest Period to be less than the Minimum Borrowing Amount applicable to such LIBOR Loans as provided above, such Borrower shall be deemed to have elected to convert such LIBOR Loans into Base Rate Loans effective as Borrowings of the expiration date of such current Interest Period.respective Type and 51

Appears in 1 contract

Samples: Credit Agreement (Vertiv Holdings Co)

Interest Periods. At the time any the Borrower gives any a Notice of Borrowing or Notice of Conversion/Conversion or Continuation in respect of the making of, or conversion intointo or continuation as, any a Borrowing of LIBOR Loan Loans in accordance with Section 2.6(a), the Borrower shall give the Administrative Agent written notice (or telephonic notice promptly confirmed in the case writing) of the initial Interest Period applicable thereto) or prior to 1:00 P.M. (New York City time) on the third Business Day prior to the expiration of an Interest Period applicable to such LIBOR Loan (in the case of any subsequent Interest Period), such Borrower shall have the right to elect the interest period (each, an “Interest Period”) applicable to such LIBOR LoanBorrowing, which Interest Period shall, at the option of the Borrower, Borrower be a one week period or a one, two, three three, six or six (if available to all the Lenders making such LIBOR Loans as determined by such Lenders in good faith based on prevailing market conditions) a twelve month period; provided, that, (in each case): . Notwithstanding anything to the contrary contained above: (a) all LIBOR Loans comprising a Borrowing shall at all times have the same Interest Period; (b) the initial Interest Period for any Borrowing of LIBOR Loan Loans shall commence on the date of such Borrowing of such LIBOR Loan (including the date of any conversion thereto from a Base Rate LoanBorrowing of ABR Loans) and each Interest Period occurring thereafter in respect of such LIBOR Loan Borrowing shall commence on the day on which the next preceding Interest Period applicable thereto expires; (cb) if any Interest Period for relating to a Borrowing of LIBOR Loan Loans begins on the last Business Day of a calendar month or begins on a day for which there is no numerically corresponding day in the calendar month at the end of such Interest Period, such Interest Period shall end on the last Business Day of the calendar month at the end of such calendar monthInterest Period; (dc) if any Interest Period for a LIBOR Loan would otherwise expire on a day which that is not a Business Day, such Interest Period shall expire on the next succeeding Business Day; provided, however, provided that if any Interest Period for in respect of a LIBOR Loan would otherwise expire on a day which that is not a Business Day but is a day of the month after which no further Business Day occurs in such month, such Interest Period shall expire on the next preceding Business Day; and -66- (ed) unless the Required Lenders otherwise agree, no Interest Period may Borrower shall not be selected at entitled to elect any time when an Event of Default is then in existence; and (f) no Interest Period in respect of any Borrowing shall be selected which extends LIBOR Loan if such Interest Period would extend beyond the Revolving Commitment Termination Date. If by 1:00 P.M. (New York City time) on the third Business Day prior to the expiration of any Interest Period applicable to a Borrowing of LIBOR Loans, any Borrower has failed to elect, or is not permitted to elect, a new Interest Period to be applicable to such LIBOR Loans as provided above, such Borrower shall be deemed to have elected to convert such LIBOR Loans into Base Rate Loans effective as of the expiration date Maturity Date of such current Interest Period.Loan. 2.10

Appears in 1 contract

Samples: Second Lien Intercreditor Agreement

Interest Periods. At the time When Restricted Borrowers (or with respect to Borrowings by Unrestricted Borrowers, Unrestricted Borrowers and Restricted Borrowers) request any Borrower gives any Notice of Borrowing Eurodollar Rate Borrowing, Restricted Borrowers (or Notice of Conversion/Continuation in with respect of the making ofto Borrowings by Unrestricted Borrowers, or conversion into, any LIBOR Loan (in the case of the initial Interest Period applicable theretoUnrestricted Borrowers and Restricted Borrowers) or prior to 1:00 P.M. (New York City time) on the third Business Day prior to the expiration of an Interest Period applicable to such LIBOR Loan (in the case of any subsequent Interest Period), such Borrower shall have the right to may elect the interest period (each, each an "Interest Period") applicable to such LIBOR Loanthereto, which Interest Period shallshall be, at the option of the BorrowerRestricted Borrowers' (or with respect to Borrowings by Unrestricted Borrowers, be a Unrestricted Borrowers' and Restricted Borrowers') option, one, two, three three, six, or six month period(subject to availability) twelve months; provided, however, that, (in each case): : (a) all LIBOR Loans comprising a Borrowing shall at all times have the same Interest Period; (b) the initial Interest Period for any LIBOR Loan a Eurodollar Rate Borrowing shall commence on the date of such Borrowing of such LIBOR Loan (including the date of any conversion thereto from a Base Rate Loan) thereto), and each Interest Period occurring thereafter in respect of such LIBOR Loan Borrowing shall commence on the day on which the next preceding Interest Period applicable thereto expires; (cb) if any Interest Period for a LIBOR 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 monthInterest Period); (dc) if any Interest Period for a LIBOR Loan would otherwise expire on a day which is not a Business Day, such Interest Period shall expire on the next succeeding Business Day; provided, however, that if any Interest Period for a LIBOR Loan would otherwise expire on a day which is not a Business Day but is a day of the month after which no further Business Day occurs in such month, such Interest Period shall expire on the next preceding Business Day; (e) unless the Required Lenders otherwise agree, no Interest Period may be selected at chosen with respect to any time when an Event portion of Default is then in existencethe Principal Debt which would extend beyond the scheduled repayment date (including any dates on which mandatory prepayments are required to be made) for such portion of the Principal Debt; and (fd) no more than an aggregate of fifteen (15) Interest Period in respect of any Borrowing Periods 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 selected which extends beyond the Revolving Commitment Termination Date. If by 1:00 P.M. (New York City in effect at one time) on the third Business Day prior to the expiration of any Interest Period applicable to a Borrowing of LIBOR Loans, any Borrower has failed to elect, or is not permitted to elect, a new Interest Period to be applicable to such LIBOR Loans as provided above, such Borrower shall be deemed to have elected to convert such LIBOR Loans into Base Rate Loans effective as of the expiration date of such current Interest Period.

Appears in 1 contract

Samples: Pledge Agreement (Adelphia Communications Corp)

Interest Periods. At the time any the Borrower gives any a Notice of Borrowing or Notice of Conversion/Conversion or Continuation in respect of the making of, or conversion intointo or continuation as, any LIBOR Loan a Borrowing of Term SOFR Loans in accordance with Section 2.3(a), the Borrower shall give the Administrative Agent written notice (or telephonic notice promptly confirmed in the case writing) of the initial Interest Period applicable thereto) or prior to 1:00 P.M. (New York City time) on the third Business Day prior to the expiration of an Interest Period applicable to such LIBOR Loan (in the case of any subsequent Interest Period), such Borrower shall have the right to elect the interest period (each, an “Interest Period”) applicable to such LIBOR LoanBorrowing, which Interest Period shall, at the option of the Borrower, be a one, two, one or three or six month period; provided, that, (in each case): . Notwithstanding anything to the contrary contained above: (a) all LIBOR Loans comprising a Borrowing shall at all times have the same Interest Period; (b) the initial Interest Period for any LIBOR Loan Borrowing of Term SOFR Loans shall commence on the date of such Borrowing of such LIBOR Loan (including the date of any conversion thereto from a Base Rate LoanBorrowing of ABR Loans) and each Interest Period occurring thereafter in respect of such LIBOR Loan Borrowing shall commence on the day on which the next preceding Interest Period applicable thereto expires; (cb) if any Interest Period for relating to a LIBOR Loan Borrowing of Term SOFR Loans begins on the last Business Day of a calendar month or begins on a day for which there is no numerically corresponding day in the calendar month at the end of such Interest Period, such Interest Period shall end on the last Business Day of the calendar month at the end of such calendar monthInterest Period; (dc) if any Interest Period for a LIBOR Loan would otherwise expire on a day which that is not a Business Day, such Interest Period shall expire on the next succeeding Business Day; provided, however, provided that if any Interest Period for in respect of a LIBOR Term SOFR Loan would otherwise expire on a day which that is not a Business Day but is a day of the month after which no further Business Day occurs in such month, such Interest Period shall expire on the next preceding Business Day; (e) unless the Required Lenders otherwise agree, no Interest Period may be selected at any time when an Event of Default is then in existence; and (fd) no the Borrower shall not be entitled to elect any Interest Period in respect of any Borrowing shall be selected which extends Term SOFR Loan if such Interest Period would extend beyond the Revolving Commitment Termination Maturity Date. If by 1:00 P.M. (New York City time) on the third Business Day prior to the expiration of any Interest Period applicable to a Borrowing of LIBOR Loans, any Borrower has failed to elect, or is not permitted to elect, a new Interest Period to be applicable to such LIBOR Loans as provided above, such Borrower shall be deemed to have elected to convert such LIBOR Loans into Base Rate Loans effective as of the expiration date of such current Interest Period.2.10

Appears in 1 contract

Samples: Credit Agreement (Avaya Holdings Corp.)

Interest Periods. At As provided in Sections 1.2(d) and 1.6(a) hereof, at the time any Borrower gives any Notice of Borrowing or Notice of Conversion/Continuation in respect of the making ofeach request to advance, continue, or create by conversion intoa Borrowing of EurocurrencyLoans (other than Domestic Rate Loans or Swinglineand RFR Loans denominated in an Alternative Currency), any LIBOR Loan (in as applicable, the case of the initial Interest Period applicable thereto) or prior to 1:00 P.M. (New York City time) on the third Business Day prior to the expiration of Borrower shall select an Interest Period applicable to such LIBOR Loan Loans from among the available options. The term “Interest Period” means the period commencing on the date a Borrowing of Loans is advanced, continued, or created by conversion and ending: (a) in the case of any subsequent Interest PeriodDomestic Rate Loans, on the last dayBusiness Day of the calendar quarter in which such Borrowing is advanced, continued, or created by conversion (or on the last dayBusiness Day of the following quarter if such Loan is advanced, continued or created by conversion on the last dayBusiness Day of a calendar quarter), such Borrower shall have (b) in the right case of RFR Loans denominated in U.S. Dollars and Eurocurrency Loans, 1, 3, 6 (subject to elect the availability for the interest period (each, an “Interest Period”) rate applicable to such LIBOR Loanthe relevant Currency), which Interest Period shallor, at if available to and with the option consent of all the Lenders, 2 or 12 months thereafter, (c) in the case of RFR Loans denominated in any Alternative Currency, on the last Business Day of the Borrowercalendar month in which such Borrowing is advanced or continued (or on the last Business Day of the following calendar month if such Loan is advanced or continued on the last Business Day of a calendar month), be a oneand (cd) in the case of Swingline Loans, twoon the date, three or six month periodas the Borrower may select, one (1) to five (5) days thereafter; provided, however, that, (in each case): : (a) all LIBOR Loans comprising a Borrowing shall at all times have the same Interest Period; (b) the initial Interest Period for any LIBOR Loan shall commence on the date of Borrowing of such LIBOR Loan (including the date of any conversion thereto from a Base Rate Loan) and each Interest Period occurring thereafter in respect of such LIBOR Loan shall commence on the day on which the next preceding Interest Period applicable thereto expires; (c) if any Interest Period for a LIBOR Loan begins Borrowing of Loans consisting of Domestic Rate Loans that otherwise would end after the Termination Date shall end on the Termination Date; (b) whenever the last day of any Interest Period would otherwise be a day that is not a Business Day, the last day of such Interest Period shall be extended to the next succeeding Business Day, provided that, if such extension would cause the last day of an Interest Period for which a Borrowing of RFR Loans denominated in U.S. Dollars or Eurocurrency Loans to occur in the following calendar month, the last day of such Interest Period shall be the immediately preceding Business Day; (c) for purposes of determining an Interest Period for a Borrowing of RFR Loans denominated in U.S. Dollars or Eurocurrency Loans, a month means a period starting on one day in a calendar month and ending on the numerically corresponding day in the next calendar month; provided, however, that if there is no numerically corresponding day in the month in which such an Interest Period is to end or if such an Interest Period begins on the last Business Day of a calendar month at the end of such Interest Periodmonth, then such Interest Period shall end on the last Business Day of such the calendar month; (d) if any Interest Period for a LIBOR Loan would otherwise expire on a day month in which is not a Business Day, such Interest Period shall expire on the next succeeding Business Day; provided, however, that if any Interest Period for a LIBOR Loan would otherwise expire on a day which is not a Business Day but is a day of the month after which no further Business Day occurs in such month, such Interest Period shall expire on the next preceding Business Day; (e) unless the Required Lenders otherwise agree, no Interest Period may be selected at any time when an Event of Default is then in existenceto end; and (fd) no Interest Period in with respect to any portion of any Borrowing the Term Loans shall be selected extend beyond a date on which extends beyond the Revolving Commitment Termination Date. If by 1:00 P.M. (New York City time) Borrower is required to make a scheduled payment of principal on the third Business Day prior to the expiration of any Interest Period applicable to a Borrowing of LIBOR such Term Loans, any Borrower has failed to electas applicable, or is not permitted to elect, a new Interest Period to be applicable to such LIBOR Loans as provided above, such Borrower shall be deemed to have elected to convert such LIBOR Loans into Base Rate Loans effective as unless the sum of (a) the expiration date of such current Interest Period.aggregate principal

Appears in 1 contract

Samples: Credit Agreement (Jones Lang Lasalle Inc)

Interest Periods. At The Borrower may select for any Eurodollar Rate Loan the time Interest Period (as defined in the next sentence) for each Borrowing, it being understood that the Borrower may request multiple Borrowings on the same day and may select a different Interest Period for each such Borrowing. An Interest Period shall be each period, as selected by the Borrower in accordance with the terms of this Agreement, beginning on the Borrowing Date of any Borrower gives any Notice of Borrowing Eurodollar Rate Loan, or Notice of on the Conversion/Continuation in respect of the making ofDate on which any Loan is converted into or continued as a Eurodollar Rate Loan, or conversion into, any LIBOR Loan (in the case of the initial Interest Period applicable thereto) or prior to 1:00 P.M. (New York City time) and ending on the third Business Day prior to date specified by the expiration of an Interest Period applicable to such LIBOR Loan (in the case of any subsequent Interest Period), such Borrower shall have the right to elect the interest period (each, an “Interest Period”) applicable to such LIBOR Loan, which Interest Period shall, at the option of the Borrower, be a that is one, two, three or six month periodmonths thereafter; provided, that, (in each case): (a) all LIBOR Loans comprising a Borrowing shall at all times have provided that whenever the same Interest Period; (b) the initial Interest Period for any LIBOR Loan shall commence on the date first day of Borrowing of such LIBOR Loan (including the date of any conversion thereto from a Base Rate Loan) and each Interest Period occurring thereafter in respect of such LIBOR Loan shall commence on the day on which the next preceding Interest Period applicable thereto expires; (c) if any Interest Period for a LIBOR Loan begins occurs on a day of an initial calendar month for which there is no numerically corresponding day in the calendar month at that succeeds such initial calendar month by the end number of months equal to the number of months in such Interest Period, such Interest Period shall end on the last Business Day of such succeeding calendar month; (d) and provided further that if any the last day of an Interest Period for a LIBOR Loan would otherwise expire on be a day which that is not a Business Day, such Interest Period shall expire on be extended to the next succeeding Business Day; provided, however, that if any Interest Period for a LIBOR Loan would otherwise expire on a day which is not a unless such next succeeding Business Day but is in a day of the month after which no further Business Day occurs in such different calendar month, in which case such Interest Period interest period shall expire end on the next preceding Business Day; but provided, however, that (e) unless the Required Lenders otherwise agree, no Interest Period may be selected at any time when an Event of Default is then in existence; and (fi) no Interest Period in respect of applicable to any Borrowing Revolving Loan shall be selected which extends extend beyond the Revolving Commitment Termination Date. If by 1:00 P.M. ; and (New York City timeii) on the third Business Day prior to the expiration of any no Interest Period applicable to a any Term Loan shall extend beyond the Term Loan Maturity Date specified in the Borrowing of LIBOR LoansAdvice for such Term Loan, any Borrower has failed to elect, or is not permitted to elect, a new Interest Period to be applicable to such LIBOR Loans as provided above, such Borrower which in no event shall be deemed to have elected to convert such LIBOR Loans into Base Rate Loans effective as of the expiration date of such current Interest Periodlater than June 5, 2015.

Appears in 1 contract

Samples: Credit Agreement (Schwab Charles Corp)

Interest Periods. At The Borrower may select for any Eurodollar Rate Loan the time any Interest Period (as defined in the next sentence) for each Borrowing, it being understood that the Borrower gives any Notice may request multiple Borrowings on the same day and may select a different Interest Period for each such Borrowing. An Interest Period shall be each period, as selected by the Borrower in accordance with the terms of Borrowing or Notice of Conversion/Continuation in respect of the making ofthis Agreement, or conversion into, any LIBOR Loan (in the case of the initial Interest Period applicable thereto) or prior to 1:00 P.M. (New York City time) each Borrowing, beginning on the third Business Day prior Borrowing Date of such Loan or on the Conversion/Continuation Date on which the Loan is converted into or continued as a Eurodollar Rate Loan, and ending on the date specified by the Borrower, subject to the expiration of an Interest Period applicable to such LIBOR Loan (numerically corresponding day in the first, second, third or sixth month thereafter, in the case of any subsequent Interest Period), such Borrower shall have the right to elect the interest period (each, an “Interest Period”) applicable to such LIBOR Loan, which Interest Period shallthat is to be based on the Eurodollar Rate, at provided that if the option last day of the Borrower, an Interest Period would be a one, two, three or six month period; provided, that, (in each case): (a) all LIBOR Loans comprising a Borrowing shall at all times have the same Interest Period; (b) the initial Interest Period for any LIBOR Loan shall commence on the date of Borrowing of such LIBOR Loan (including the date of any conversion thereto from a Base Rate Loan) and each Interest Period occurring thereafter in respect of such LIBOR Loan shall commence on the day on which the next preceding Interest Period applicable thereto expires; (c) if any Interest Period for a LIBOR Loan begins on a day for which there is no numerically corresponding day in the calendar month at the end of such Interest Period, such Interest Period shall end on the last Business Day of such calendar month; (d) if any Interest Period for a LIBOR Loan would otherwise expire on a day which that is not a Business Day, such Interest Period shall expire be extended to the next succeeding Business Day, unless such next succeeding Business Day is in a different calendar month, in which case such interest period shall end on the next succeeding preceding Business Day; provided, however, that if any Interest Period for a LIBOR Loan would otherwise expire on a day which is not a Business Day but is a day of the month after which no further Business Day occurs in such month, such Interest Period shall expire on the next preceding Business Day; (e) unless the Required Lenders otherwise agree, no Interest Period may be selected at any time when an Event of Default is then in existence; and (fi) no Interest Period in respect of applicable to any Borrowing Revolving Loan shall be selected which extends extend beyond the Revolving Commitment Termination Date. If by 1:00 P.M. ; and (New York City timeii) on the third Business Day prior to the expiration of any no Interest Period applicable to a any Term Loan shall extend beyond the Term Loan Maturity Date specified in the Borrowing of LIBOR LoansAdvice for such Term Loan, any Borrower has failed to elect, or is not permitted to elect, a new Interest Period to be applicable to such LIBOR Loans as provided above, such Borrower which in no event shall be deemed to have elected to convert such LIBOR Loans into Base Rate Loans effective as of the expiration date of such current Interest Periodlater than June 16, 2006.

Appears in 1 contract

Samples: Credit Agreement (Schwab Charles Corp)

Interest Periods. At the time any Borrower the Company gives any Notice of ---------------- Borrowing or Notice of Conversion/Continuation , in each case in respect of the making ofSyndicated Loans that are to be made as, or conversion are to be converted into, any LIBOR Loan Eurodollar Loans (in the case of the initial Interest Period applicable thereto) or prior to 1:00 P.M. (New York City time) on the third Business Day prior to the expiration of an Interest Period applicable to such LIBOR Loan Eurodollar Loans (in the case of any subsequent Interest PeriodPeriods), such Borrower the Company shall have the right to elect by giving the Agent written notice (or telephonic notice confirmed in writing) the interest period (each, each an "Interest Period") applicable to such LIBOR LoanEurodollar Loans, which Interest Period shall, at the option of the BorrowerCompany, be either a one, two, three or six month period; provided, provided that, : (in each case): (a) all LIBOR Loans comprising a Borrowing shall at all times have the same Interest Period; (bi) the initial Interest Period for any LIBOR Eurodollar Loan shall commence on the date of Borrowing of such LIBOR Eurodollar Loan (including the date of any conversion thereto from a Base Rate Loan) and each Interest Period occurring thereafter in respect of such LIBOR Loan shall commence on the day on which the next preceding Interest Period applicable thereto expiresthereto); (cii) if any Interest Period for a LIBOR Loan begins on a day for which there is no numerically corresponding day in the calendar month at the end of such Interest Period, such Interest Period shall end on the last Business Day of such calendar month; (d) if any Interest Period for a LIBOR Loan would otherwise expire on a day which is not a Business Day, such Interest Period shall expire on the next succeeding Business Day; , provided, however, that if any Interest Period for in respect of a LIBOR 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; (eiii) unless the Required Lenders otherwise agree, no Interest Period may be selected elected at any time when a Default or an Event of Default is then in existence; and (fiv) no Interest Period in respect of any Borrowing shall be selected which extends extend beyond the Revolving Commitment Termination Expiry Date. If by 1:00 P.M. (New York City time) on the third Business Day prior to upon the expiration of any Interest Period applicable to a Borrowing of LIBOR LoansPeriod, any Borrower the Company has failed to elect, or is not permitted to elect, elect a new Interest Period to be applicable to such LIBOR the respective Eurodollar Loans as provided aboveabove or a Default or Event of Default then exists, such Borrower the Company shall be deemed to have elected to convert such LIBOR Loans into Base Rate Loans effective as of the expiration date of such current Interest Period.

Appears in 1 contract

Samples: Credit Agreement (Sunoco Logistics Partners Lp)

Interest Periods. At The Borrower may select for any Eurodollar Rate Loan the time Interest Period (as defined in the next sentence) for each Borrowing, it being understood that the Borrower may request multiple Borrowings on the same day and may select a different Interest Period for each such Borrowing. An Interest Period shall be each period, as selected by the Borrower in accordance with the terms of this Agreement, beginning on the Borrowing Date of any Borrower gives any Notice of Borrowing Eurodollar Rate Loan, or Notice of on the Conversion/Continuation in respect of the making ofDate on which any Loan is converted into or continued as a Eurodollar Rate Loan, or conversion into, any LIBOR Loan (in the case of the initial Interest Period applicable thereto) or prior to 1:00 P.M. (New York City time) and ending on the third Business Day prior to date specified by the expiration of an Interest Period applicable to such LIBOR Loan (in the case of any subsequent Interest Period), such Borrower shall have the right to elect the interest period (each, an “Interest Period”) applicable to such LIBOR Loan, which Interest Period shall, at the option of the Borrower, be a that is one, two, three or six month periodmonths thereafter; provided, that, (in each case): (a) all LIBOR Loans comprising a Borrowing shall at all times have provided that whenever the same Interest Period; (b) the initial Interest Period for any LIBOR Loan shall commence on the date first day of Borrowing of such LIBOR Loan (including the date of any conversion thereto from a Base Rate Loan) and each Interest Period occurring thereafter in respect of such LIBOR Loan shall commence on the day on which the next preceding Interest Period applicable thereto expires; (c) if any Interest Period for a LIBOR Loan begins occurs on a day of an initial calendar month for which there is no numerically corresponding day in the calendar month at that succeeds such initial calendar month by the end number of months equal to the number of months in such Interest Period, such Interest Period shall end on the last Business Day of such succeeding calendar month; (d) and provided further that if any the last day of an Interest Period for a LIBOR Loan would otherwise expire on be a day which that is not a Business Day, such Interest Period shall expire on be extended to the next succeeding Business Day; provided, however, that if any Interest Period for a LIBOR Loan would otherwise expire on a day which is not a unless such next succeeding Business Day but is in a day of the month after which no further Business Day occurs in such different calendar month, in which case such Interest Period interest period shall expire end on the next preceding Business Day; but provided, however, that (e) unless the Required Lenders otherwise agree, no Interest Period may be selected at any time when an Event of Default is then in existence; and (fi) no Interest Period in respect of applicable to any Borrowing Revolving Loan shall be selected which extends extend beyond the Revolving Commitment Termination Date. If by 1:00 P.M. ; and (New York City timeii) on the third Business Day prior to the expiration of any no Interest Period applicable to a any Term Loan shall extend beyond the Term Loan Maturity Date specified in the Borrowing of LIBOR LoansAdvice for such Term Loan, any Borrower has failed to elect, or is not permitted to elect, a new Interest Period to be applicable to such LIBOR Loans as provided above, such Borrower which in no event shall be deemed to have elected to convert such LIBOR Loans into Base Rate Loans effective as of the expiration date of such current Interest Periodlater than June 10, 2011.

Appears in 1 contract

Samples: Credit Agreement (Schwab Charles Corp)

Interest Periods. At In connection with each LIBOR Rate Loan, the time any Borrower gives any Notice of Borrowing or Notice of Conversion/Continuation Borrower, by giving notice at the times described in respect of the making of, or conversion into, any LIBOR Loan (in the case of the initial Interest Period applicable thereto) or prior to 1:00 P.M. (New York City time) on the third Business Day prior to the expiration of an Interest Period applicable to such LIBOR Loan (in the case of any subsequent Interest PeriodSection 5.1(a), such Borrower shall have the right to elect the an interest period (each, an "Interest Period") to be applicable to such LIBOR Revolving Credit Loan, which Interest Period shall, at unless otherwise agreed by the option of Administrative Agent and the BorrowerLenders, be a oneperiod of one (1), twotwo (2), three (3), or six month period(6) months with respect to each LIBOR Rate; provided, provided that, : (in each case): (a) all LIBOR Loans comprising a Borrowing shall at all times have the same Interest Period; (bi) the initial Interest Period for any LIBOR Loan shall commence on the date of Borrowing advance of such or conversion to any LIBOR Rate Loan (including and, in the date case of any conversion thereto from a Base Rate Loan) and immediately successive Interest Periods, each successive Interest Period occurring thereafter in respect of such LIBOR Loan shall commence on the day date on which the next preceding Interest Period applicable thereto expires; (cii) if any Interest Period for a LIBOR Loan begins on a day for which there is no numerically corresponding day in the calendar month at the end of such Interest Period, such Interest Period shall end on the last Business Day of such calendar month; (d) if any Interest Period for a LIBOR Loan would otherwise expire on a day which that is not a Business Day, such Interest Period shall expire on the next succeeding Business Day; provided, however, that if any Interest Period for with respect to a LIBOR Rate Loan would otherwise expire on a day which that is not a Business Day but is a day of the month after which no further Business Day occurs in such month, such Interest Period shall expire on the next preceding Business Day; (eiii) unless the Required Lenders otherwise agree, no any Interest Period may be selected with respect to a LIBOR Rate Loan that begins on the last Business Day of a calendar month (or on a day for which there is no numerically corresponding day in the calendar month at any time when an Event the end of Default is then in existencesuch Interest Period) shall end on the last Business Day of the relevant calendar month at the end of such Interest Period; and (fiv) no Interest Period in respect of any Borrowing shall be selected which extends extend beyond the Revolving Commitment Credit Termination Date. If by 1:00 P.M. (New York City time) on the third Business Day prior to the expiration of any Interest Period applicable to a Borrowing of LIBOR Loans, any Borrower has failed to elect, or is not permitted to elect, a new Interest Period to be applicable to such LIBOR Loans as provided above, such Borrower shall be deemed to have elected to convert such LIBOR Loans into Base Rate Loans effective as of the expiration date of such current Interest Period.; and

Appears in 1 contract

Samples: Day Credit Agreement (Jones Apparel Group Inc)

Interest Periods. At the time any Borrower it gives any Notice of Borrowing or Notice of Conversion/Continuation Conversion in respect of the making of, or conversion into, any LIBOR Eurodollar Rate Loan (in the case of the initial Interest Period applicable thereto) or prior to 1:00 P.M. (New York City time) on the third Business Day prior to the expiration of an Interest Period applicable to such LIBOR Eurodollar Rate Loan (in the case of any subsequent Interest Period), such each relevant Borrower shall have the right to elect elect, by giving the Agent notice thereof, the interest period (each, each an “Interest Period”) applicable to such LIBOR Eurodollar Rate Loan, which Interest Period shall, at the option of the such Borrower, be a one, two, three or six month period; provided, provided that, : (in each case): (ai) all LIBOR Eurodollar Rate Loans comprising a Borrowing shall at all times have the same Interest PeriodPeriod except as otherwise required by Section 2.10(b); (bii) the initial Interest Period for any LIBOR Eurodollar Rate Loan shall commence on the date of Borrowing of such LIBOR Loan (including the date of any conversion thereto from thereof into a Base Rate LoanLoan of a different Type) and each Interest Period occurring thereafter in respect of such LIBOR Loan shall commence on the day on which the next preceding Interest Period applicable thereto expires; (ciii) if any Interest Period for relating to a LIBOR 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; (div) if any Interest Period for a LIBOR Loan would otherwise expire on a day which is not a Business Day, such Interest Period shall expire on the next succeeding Business Day; provided, however, provided that if any Interest Period for a LIBOR 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; (ev) unless the Required Lenders otherwise agree, no Interest Period may be selected at any time when an Event of Default is then in existenceshall extend beyond the Expiry Date; and (fvi) no Interest Period in respect of any the Revolving Loans comprising a Borrowing shall extend beyond any date upon which a mandatory reduction of the Total Commitment will be selected required to be made under Section 3.03 if the aggregate principal amount of Loans which extends beyond have Interest Periods which will expire after such date will be in excess of the Revolving Total Commitment Termination Dateafter giving effect to such reduction. If by 1:00 P.M. (New York City time) on the third Business Day prior to upon the expiration of any Interest Period applicable to a Borrowing of LIBOR LoansEurodollar Rate Loan, any the relevant Borrower has failed to elect, or is not permitted to elect, elect a new Interest Period to be applicable to such LIBOR Loans Eurodollar Rate Loan as provided abovein this Section 2.09, such Borrower shall be deemed to have elected to convert such LIBOR Loans Loan into a Base Rate Loans Loan effective as of the expiration date of such current Interest Period.

Appears in 1 contract

Samples: Credit Agreement (Financial Security Assurance Holdings LTD)

Interest Periods. At As provided in Sections 1.2(d) and 1.6(a) hereof, at the time any Borrower gives any Notice of Borrowing or Notice of Conversion/Continuation in respect of the making ofeach request to advance, continue, or create by conversion intoa Borrowing of Loans (other than Domestic Rate Loans and RFR Loans denominated in an Alternative Currency), any LIBOR Loan (in as applicable, the case of the initial Interest Period applicable thereto) or prior to 1:00 P.M. (New York City time) on the third Business Day prior to the expiration of Borrower shall select an Interest Period applicable to such LIBOR Loan Loans from among the available options. The term “Interest Period” means the period commencing on the date a Borrowing of Loans is advanced, continued, or created by conversion and ending: (a) in the case of any subsequent Interest PeriodDomestic Rate Loans, on the last Business Day of the calendar quarter in which such Borrowing is advanced, continued, or created by conversion (or on the last Business Day of the following quarter if such Loan is advanced, continued or created by conversion on the last Business Day of a calendar quarter), such Borrower shall have (b) in the right case of RFR Loans denominated in U.S. Dollars and Eurocurrency Loans, 1, 3, 6 (subject to elect the availability for the interest period (each, an “Interest Period”) rate applicable to such LIBOR Loanthe relevant Currency) months thereafter, which Interest Period shallor, at if available to and with the option consent of all the Lenders, 12 months thereafter, (c) in the case of RFR Loans denominated in any Alternative Currency, on the last Business Day of the Borrowercalendar month in which such Borrowing is advanced or continued (or on the last Business Day of the following calendar month if such Loan is advanced or continued on the last Business Day of a calendar month), be a oneand (d) in the case of Swingline Loans, twoon the date, three or six month periodas the Borrower may select, one (1) to five (5) days thereafter; provided, however, that, (in each case): : (a) all LIBOR Loans comprising a Borrowing shall at all times have the same Interest Period; (b) the initial Interest Period for any LIBOR Loan shall commence on the date of Borrowing of such LIBOR Loan (including the date of any conversion thereto from a Base Rate Loan) and each Interest Period occurring thereafter in respect of such LIBOR Loan shall commence on the day on which the next preceding Interest Period applicable thereto expires; (c) if any Interest Period for a LIBOR Loan begins Borrowing of Loans that otherwise would end after the Termination Date shall end on the Termination Date; (b) whenever the last day of any Interest Period would otherwise be a day that is not a Business Day, the last day of such Interest Period shall be extended to the next succeeding Business Day, provided that, if such extension would cause the last day of an Interest Period for which a Borrowing of RFR Loans denominated in U.S. Dollars or or Eurocurrency Loans to occur in the following calendar month, the last day of such Interest Period shall be the immediately preceding Business Day; (c) for purposes of determining an Interest Period for a Borrowing of RFR Loans denominated in U.S. Dollars or Eurocurrency Loans, a month means a period starting on one day in a calendar month and ending on the numerically corresponding day in the next calendar month; provided, however, that if there is no numerically corresponding day in the month in which such an Interest Period is to end or if such an Interest Period begins on the last Business Day of a calendar month at the end of such Interest Periodmonth, then such Interest Period shall end on the last Business Day of such the calendar month; (d) if any Interest Period for a LIBOR Loan would otherwise expire on a day month in which is not a Business Day, such Interest Period shall expire on the next succeeding Business Day; provided, however, that if any Interest Period for a LIBOR Loan would otherwise expire on a day which is not a Business Day but is a day of the month after which no further Business Day occurs in such month, such Interest Period shall expire on the next preceding Business Day; (e) unless the Required Lenders otherwise agree, no Interest Period may be selected at any time when an Event of Default is then in existenceto end; and (fd) no Interest Period in with respect to any portion of any Borrowing the Term Loans shall extend beyond a date on which the Borrower is required to make a scheduled payment of principal on such Term Loans, as applicable, unless the sum of (a) the aggregate principal amount of such Term Loans, as applicable, that are Domestic Rate Loans plus (b) the aggregate principal amount of such Term Loans, as applicable, that are Eurocurrency Loans with Interest Periods expiring on or before such date equals or exceeds the principal amount to be selected which extends beyond the Revolving Commitment Termination Date. If by 1:00 P.M. (New York City time) paid on the third Business Day prior to the expiration of any Interest Period applicable to a Borrowing of LIBOR such Term Loans, any Borrower has failed to electas applicable, or is not permitted to elect, a new Interest Period to be applicable to on such LIBOR Loans as provided above, such Borrower shall be deemed to have elected to convert such LIBOR Loans into Base Rate Loans effective as of the expiration date of such current Interest Periodpayment date. Section 1.8.

Appears in 1 contract

Samples: Credit Agreement (Jones Lang Lasalle Inc)

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