LIBOR Election. All Second Lien Term Loans made on the Closing Date shall be Prime Rate Loans and shall remain so until three (3) Business Days after the Closing Date. Thereafter, the Funds Administrator may request that outstanding portions of the Second Lien Term Loan be converted to LIBOR Loans and that all or any portion of a LIBOR Loan be continued as a LIBOR Loan upon expiration of the applicable Interest Period. Any such request will be made by submitting a Notice of Borrowing to Administrative Agent. Once given, and except as provided in clause (ii) below, a Notice of Borrowing shall be irrevocable and the Borrowers shall be bound thereby. Upon the expiration of an Interest Period, in the absence of a new Notice of Borrowing submitted to Administrative Agent not less than three (3) Business Days prior to the end of such Interest Period, the LIBOR Loan then maturing shall be automatically converted to a Prime Rate Loan. There may be no more than eight (8) LIBOR Loans outstanding at any one time. Second Lien Term Loans which are not requested as LIBOR Loans in accordance with this Section 2.3(f)(i) shall be Prime Rate Loans. Administrative Agent will notify Lenders, by telephonic or facsimile notice, of each Notice of Borrowing received by Administrative Agent not less than two (2) Business Days prior to the first day of the Interest Period of the LIBOR Loan requested thereby.
Appears in 2 contracts
Samples: Credit Agreement (Comsys It Partners Inc), Term Loan Credit Agreement (Comsys It Partners Inc)
LIBOR Election. All Second Lien Term Loans made on the Closing Date shall be Prime Base Rate Loans and shall remain so until three (3) Business Days after the Closing Date. Thereafter, subject to the Funds Administrator provisions of Section 9.4, Borrower may request that Revolving Loans permitted to be made hereunder be LIBOR Loans, that outstanding portions of the Second Lien Revolving Loans permitted to be made hereunder and outstanding portions of each Term Loan be converted to LIBOR Loans and that all or any portion of a LIBOR Loan be continued as a LIBOR Loan upon expiration of the applicable Interest Period. Any such request will be made by submitting a Notice of Borrowing to Administrative Agent. Once given, and except as provided in clause (ii) below, a Notice of Borrowing shall be irrevocable and the Borrowers Borrower shall be bound thereby. Upon the expiration of an Interest Period, in the absence of a new Notice of Borrowing submitted to Administrative Agent not less than three (3) Business Days prior to the end of such Interest Period, the LIBOR Loan then maturing shall be automatically converted to a Prime Base Rate Loan. There may be no more than eight six (8) 6) LIBOR Loans outstanding at any one time. Second Lien Term Each request for a LIBOR Loan, whether by original issuance, conversion or continuation, shall be in a minimum amount of $250,000 and, if in excess of such amount, in an integral multiple of $50,000 in excess of such amount. Loans which are not requested as LIBOR Loans in accordance with this Section 2.3(f)(i2.3(e)(i) shall be Prime Base Rate Loans. Administrative Agent will shall notify Lenders, by telephonic or facsimile notice, of each Notice of Borrowing received by Administrative Agent not less than two (2) Business Days prior to the first day of the Interest Period of the LIBOR Loan requested thereby.
Appears in 2 contracts
Samples: Credit Agreement (Collegiate Pacific Inc), Credit Agreement (Collegiate Pacific Inc)
LIBOR Election. All Second Lien Term Loans made on the Closing Date shall be Prime Rate Loans and shall remain so until three (3) Business Days after the Closing Date. Thereafter, the Funds Administrator Borrowers may request that Revolving Loans to be made be LIBOR Loans, that outstanding portions of the Second Lien Revolving Loans and outstanding portions of each Term Loan be converted to LIBOR Loans and that all or any portion of a LIBOR Loan be continued as a LIBOR Loan upon expiration of the applicable Interest Period. Any such request will be made by submitting a Notice of Borrowing to Administrative Agent. Once given, and except as provided in clause (ii) below, a Notice of Borrowing shall be irrevocable and the Borrowers shall be bound thereby. Upon the expiration of an Interest Period, in the absence of a new Notice of Borrowing submitted to Administrative Agent not less than three (3) Business Days prior to the end of such Interest Period, the LIBOR Loan then maturing shall be automatically converted to a Prime Rate Loan. There may be no more than eight (8) LIBOR Loans outstanding at any one time. Second Lien Term Loans which are not requested as LIBOR Loans in accordance with this Section 2.3(f)(i) shall be Prime Rate Loans. Administrative Agent will notify Lenders, by telephonic or facsimile notice, of each Notice of Borrowing received by Administrative Agent not less than two (2) Business Days prior to the first day of the Interest Period of the LIBOR Loan requested thereby.
Appears in 2 contracts
Samples: Credit Agreement (Comsys It Partners Inc), Credit Agreement (Comsys It Partners Inc)
LIBOR Election. All Second Lien Term Loans made on the Closing Date shall be Prime Rate Loans and shall remain so until three (3) Business Days after the Closing Date. Thereafter, the Funds Administrator AAR, on its own behalf and on behalf of each other Borrower, may request that Revolving Loans to be made be LIBOR Loans, that outstanding portions of the Second Lien Term Loan Revolving Loans be converted to LIBOR Loans and that all or any portion of a LIBOR Loan be continued as a LIBOR Loan upon expiration of the applicable Interest Period. Any such request will be made by submitting a Notice of Borrowing to Administrative Agent. Once given, and except as provided in clause (ii) below, a Notice of Borrowing shall be irrevocable and the Borrowers shall be bound thereby. Upon the expiration of an Interest Period, in the absence of a new Notice of Borrowing submitted to Administrative Agent not less than three (3) Business Days prior to the end of such Interest Period, the LIBOR Loan then maturing shall be automatically converted to a Prime Rate Loan. There may be no more than eight four (8) 4) LIBOR Loans outstanding at any one time. Second Lien Term Loans which are not requested as LIBOR Loans in accordance with this Section 2.3(f)(i2.2(e)(i) shall be Prime Rate Loans. Administrative Agent will notify Lenders, by telephonic or facsimile notice, of each Notice of Borrowing received by Administrative Agent not less than two (2) Business Days prior to the first day of the Interest Period of the LIBOR Loan requested thereby.
Appears in 1 contract
Samples: Credit Agreement (Aar Corp)
LIBOR Election. All Second Lien Term Loans made on the Closing Date shall be Prime Base Rate Loans and shall remain so until three ten (310) Business Days days after the Closing Date. Thereafter, the Funds Administrator Borrower may request that Revolving Loans to be made be LIBOR Loans, that outstanding portions of Revolving Loans and outstanding portions of the Second Lien Term Loan Loans be converted to LIBOR Loans and that all or any portion of a LIBOR Loan be continued as a LIBOR Loan upon expiration of the applicable Interest Period. Any such request will be made by submitting a Notice written notice to Agent in the form of Borrowing to Administrative AgentExhibit 1.1(B). Once given, and except as provided in clause (ii) belowsubsection 1.2(H), a Notice of Borrowing LIBOR Loan request shall be irrevocable and the Borrowers Borrower shall be bound thereby. Upon the expiration of an Interest Period, in the absence of a new Notice of Borrowing LIBOR Loan request submitted to Administrative Agent not less than three (3) Business Days prior to the end of such Interest Period, the LIBOR Loan then maturing shall be automatically converted to a Prime Base Rate Loan. There may be no more than eight seven (8) 7) LIBOR Loans outstanding at any one time. Second Lien Term Loans which are not requested as the subject of a LIBOR Loans in accordance with this Section 2.3(f)(i) Loan request shall be Prime Base Rate Loans. Administrative Agent will notify Lenders, by telephonic or facsimile notice, of each Notice of Borrowing LIBOR Loan request received by Administrative Agent not less than two (2) Business Days prior to the first day of the Interest Period of the LIBOR Loan requested thereby.
Appears in 1 contract
Samples: Credit Agreement (Sunsource Inc)
LIBOR Election. All Second Lien Term Loans made on Subject to the Closing Date shall be Prime Rate Loans and shall remain so until three (3) Business Days after the Closing Date. Thereafterprovisions of Section 9.4, the Funds Administrator Borrower may request that Revolving Loans permitted to be made hereunder be LIBOR Loans, that outstanding portions of the Second Lien Term Loan Revolving Loans permitted to be made hereunder be converted to LIBOR Loans and that all or any portion of a LIBOR Loan be continued as a LIBOR Loan upon expiration of the applicable Interest Period. Any such request will be made by submitting a Notice of Borrowing to Administrative Agent. Once given, and except as provided in clause (ii) below, a Notice of Borrowing shall be irrevocable and the Borrowers Borrower shall be bound thereby. Upon the expiration of an Interest Period, in the absence of a new Notice of Borrowing submitted to Administrative Agent not less than three (3) Business Days prior to the end of such Interest Period, the LIBOR Loan then maturing shall be automatically converted to a Prime Base Rate Loan. There may be no more than eight six (8) 6) LIBOR Loans outstanding at any one time. Second Lien Term Each request for a LIBOR Loan, whether by original issuance, conversion or continuation, shall be in a minimum amount of $250,000 and, if in excess of such amount, in an integral multiple of $50,000 in excess of such amount. Loans which are not requested as LIBOR Loans in accordance with this Section 2.3(f)(i2.3(e)(i) shall be Prime Base Rate Loans. Administrative Agent will shall notify Lenders, by telephonic or facsimile notice, of each Notice of Borrowing received by Administrative Agent not less than two (2) Business Days prior to the first day of the Interest Period of the LIBOR Loan requested thereby.
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LIBOR Election. All Second Lien Term Loans made on the Closing Restatement Effective Date shall be Prime Base Rate Loans and shall remain so until three the earlier of ten (310) Business Days days after the Closing Restatement Effective Date or the date Agent notifies Borrower that it has completed the primary syndication of the Loans; provided, however, Borrower shall pay Agent any LIBOR Breakage Fees in connection with the completion of the primary syndication of the Loans if it occurs on or between the tenth (10th) and ninetieth (90th) days following the Restatement Effective Date. Thereafter, the Funds Administrator Borrower may request that Revolving Loans to be made be LIBOR Loans, that outstanding portions of Revolving Loans and outstanding portions of the Second Lien Term Loan be converted to LIBOR Loans and that all or any portion of a LIBOR Loan be continued as a LIBOR Loan upon expiration of the applicable Interest Period. Any such request will be made by submitting a Notice written notice to Agent in the form of Borrowing to Administrative AgentExhibit 1.1(B). Once given, and except as provided in clause (ii) belowsubsection 1.2(H), a Notice of Borrowing LIBOR Loan request shall be irrevocable and the Borrowers Borrower shall be bound thereby. Upon the expiration of an Interest Period, in the absence of a new Notice of Borrowing LIBOR Loan request submitted to Administrative Agent not less than three (3) Business Days prior to the end of such Interest Period, the LIBOR Loan then maturing shall be automatically converted to a Prime Base Rate Loan. There may be no more than eight (8) LIBOR Loans outstanding at any one time. Second Lien Term Loans which are not requested as the subject of a LIBOR Loans in accordance with this Section 2.3(f)(i) Loan request shall be Prime Base Rate Loans. Administrative Agent will notify Lenders, by telephonic or facsimile notice, of each Notice of Borrowing LIBOR Loan request received by Administrative Agent not less than two (2) Business Days prior to the first day of the Interest Period of the LIBOR Loan requested thereby.
Appears in 1 contract
Samples: Credit Agreement (Aki Holding Corp)
LIBOR Election. All Second Lien Term Loans made on the Closing Date shall be Prime Base Rate Loans and shall remain so until three the earlier of ninety (390) Business Days days after the Closing DateDate or the date Administrative Agent notifies Borrower that it has completed the primary syndication of the Loans. Thereafter, subject to the Funds Administrator provisions of Section 8.4, Borrower may request that Revolving Loans permitted to be made hereunder be LIBOR Loans, that outstanding portions of the Second Lien Revolving Loans permitted to be made hereunder and outstanding portions of each Term Loan be converted to LIBOR Loans and that all or any portion of a LIBOR Loan be continued as a LIBOR Loan upon expiration of the applicable Interest Period. Any such request will be made by submitting a Notice of Borrowing to Administrative Agent. Once given, and except as provided in clause (ii) below, a Notice of Borrowing shall be irrevocable and the Borrowers Borrower shall be bound thereby. Upon the expiration of an Interest Period, in the absence of a new Notice of Borrowing submitted to Administrative Agent not less than three (3) Business Days prior to the end of such Interest Period, the LIBOR Loan then maturing shall be automatically converted to a Prime Base Rate Loan. There may be no more than eight (8) LIBOR Loans outstanding at any one time. Second Lien Term Each request for a LIBOR Loan, whether by original issuance, conversion or continuation, shall be in a minimum amount of $100,000 and, if in excess of such amount, in an integral multiple of $10,000 in excess of such amount. Loans which are not requested as LIBOR Loans in accordance with this Section 2.3(f)(i2.3(e)(i) shall be Prime Base Rate Loans. Administrative Agent will shall notify Lenders, by telephonic or facsimile notice, of each Notice of Borrowing received by Administrative Agent not less than two (2) Business Days prior to the first day of the Interest Period of the LIBOR Loan requested thereby.
Appears in 1 contract
LIBOR Election. All Second Lien Term Loans (other than WCMA Loans) made on the Closing Date shall be Prime Base Rate Loans and shall remain so until three (3) Business Days after the Closing Date. Thereafter, subject to the Funds Administrator provisions of Section 9.4, Borrower may request that Revolving Loans permitted to be made hereunder be LIBOR Loans, that outstanding portions of the Second Lien Revolving Loans permitted to be made hereunder and outstanding portions of each Term Loan be converted to LIBOR Loans and that all or any portion of a LIBOR Loan be continued as a LIBOR Loan upon expiration of the applicable Interest Period. Any such request will be made by submitting a Notice of Borrowing to Administrative Agent. Once given, and except as provided in clause (ii) below, a Notice of Borrowing shall be irrevocable and the Borrowers Borrower shall be bound thereby. Upon the expiration of an Interest Period, in the absence of a new Notice of Borrowing submitted to Administrative Agent not less than three (3) Business Days prior to the end of such Interest Period, the LIBOR Loan then maturing shall be automatically converted to a Prime Base Rate Loan. There may be no more than eight six (8) 6) LIBOR Loans outstanding at any one time. Second Lien Term Each request for a LIBOR Loan, whether by original issuance, conversion or continuation, shall be in a minimum amount of $250,000 and, if in excess of such amount, in an integral multiple of $50,000 in excess of such amount. Loans which are not requested as LIBOR Loans in accordance with this Section 2.3(f)(i2.3(e)(i) shall be Prime Base Rate Loans. Administrative Agent will shall notify Lenders, by telephonic or facsimile notice, of each Notice of Borrowing received by Administrative Agent not less than two (2) Business Days prior to the first day of the Interest Period of the LIBOR Loan requested thereby.
Appears in 1 contract
LIBOR Election. All Second Lien Term Loans made on Subject to the Closing Date shall be Prime Rate Loans and shall remain so until three (3) Business Days after the Closing Date. Thereafterprovisions of Section 8.4, the Funds Administrator Borrower may request that Revolving Loans permitted to be made hereunder be LIBOR Loans, that outstanding portions of the Second Lien Term Loan Revolving Loans be converted to LIBOR Loans and that all or any portion of a LIBOR Loan be continued as a LIBOR Loan upon expiration of the applicable Interest Period. Any such request will be made by submitting a Notice of Borrowing to Administrative Agent. Once given, and except as provided in clause (ii) below, a Notice of Borrowing shall be irrevocable and the Borrowers Borrower shall be bound thereby. Upon the expiration of an Interest Period, in the absence of a new Notice of Borrowing submitted to Administrative Agent not less than three (3) Business Days prior to the end of such Interest Period, the LIBOR Loan then maturing shall be automatically converted to a Prime Base Rate Loan. There may be no more than eight ten (8) 10) LIBOR Loans outstanding at any one time. Second Lien Term Loans which are not requested as LIBOR Loans in accordance with this Section 2.3(f)(i2.7(e)(i) shall be Prime Base Rate Loans. Administrative Agent will shall notify Lenders, by telephonic or facsimile notice, of each Notice of Borrowing received by Administrative Agent not less than two (2) Business Days prior to the first day of the Interest Period of the LIBOR Loan requested thereby.
Appears in 1 contract
LIBOR Election. All Second Lien Term Loans made on Subject to the Closing Date shall be Prime Rate Loans and shall remain so until three (3) Business Days after the Closing Date. Thereafterprovisions of Section 8.4, the Funds Administrator Borrower may request that Revolving Loans permitted to be made hereunder be LIBOR Loans, that outstanding portions of the Second Lien Term Loan Revolving Loans be converted to LIBOR Loans and that all or any portion of a LIBOR Loan be continued as a LIBOR Loan upon expiration of the applicable Interest Period. Any such request will be made by submitting a Notice of Borrowing to Administrative Agent. Once given, and except as provided in clause (ii) below, a Notice of Borrowing shall be irrevocable and the Borrowers Borrower shall be bound thereby. Upon the expiration of an Interest Period, in the absence of a new Notice of Borrowing submitted to Administrative Agent not less than three (3) Business Days prior to the end of such Interest Period, the LIBOR Loan then maturing shall be automatically converted to a Prime Base Rate Loan. There may be no more than eight six (8) 6) LIBOR Loans outstanding at any one time. Second Lien Term Loans which are not requested as LIBOR Loans in accordance with this Section 2.3(f)(i2.7(e)(i) shall be Prime Base Rate Loans. Administrative Agent will shall notify Lenders, by telephonic or facsimile notice, of each Notice of Borrowing received by Administrative Agent not less than two (2) Business Days prior to the first day of the Interest Period of the LIBOR Loan requested thereby.
Appears in 1 contract
LIBOR Election. All Second Lien Term Loans made on the Closing Date shall be Prime Base Rate Loans and shall remain so until three (3) Business Days after the Closing Date. Thereafter, subject to the Funds Administrator provisions of Section 8.4, Borrower may request that Revolving Loans permitted to be made hereunder be LIBOR Loans, that outstanding portions of the Second Lien Revolving Loans permitted to be made hereunder and outstanding portions of each Term Loan be converted to LIBOR Loans and that all or any portion of a LIBOR Loan be continued as a LIBOR Loan upon expiration of the applicable Interest Period; provided that until the earlier of ninety (90) days after the Closing Date and the completion of a Successful Syndication (as defined in the Fee Letter), Borrower may not request any LIBOR Loan with an Interest Period exceeding one (1) Business Day. Any such request will be made by submitting a Notice of Borrowing to Administrative Agent. Once given, and except as provided in clause (ii) below, a Notice of Borrowing shall be irrevocable and the Borrowers Borrower shall be bound thereby. Upon the expiration of an Interest Period, in the absence of a new Notice of Borrowing submitted to Administrative Agent not less than three (3) Business Days prior to the end of such Interest Period, the LIBOR Loan then maturing shall be automatically converted to a Prime Base Rate Loan. There may be no more than eight ten (8) 10) LIBOR Loans outstanding at any one time. Second Lien Term Each request for a LIBOR Loan, whether by original issuance, conversion or continuation, shall be in a minimum amount of $1,000,000 and, if in excess of such amount, in an integral multiple of $100,000 in excess of such amount. Loans which are not requested as LIBOR Loans in accordance with this Section 2.3(f)(i2.12(f)(i) shall be Prime Base Rate Loans. Administrative Agent will shall notify Lenders, by telephonic or facsimile notice, of each Notice of Borrowing received by Administrative Agent not less than two (2) Business Days prior to the first day of the Interest Period of the LIBOR Loan requested thereby.
Appears in 1 contract
Samples: Credit Agreement (Palace Entertainment Holdings, Inc.)
LIBOR Election. All Second Lien Term Loans made on the Closing Date shall be Prime Base Rate Loans and shall remain so until three (3) Business Days after the Closing Date. Thereafter, subject to the Funds Administrator provisions of Section 8.4, Borrower Representative may request that Revolving Loans permitted to be made hereunder be LIBOR Loans, that outstanding portions of the Second Lien Revolving Loans permitted to be made hereunder and outstanding portions of each Term Loan be converted to LIBOR Loans and that all or any portion of a LIBOR Loan be continued as a LIBOR Loan upon expiration of the applicable Interest Period. Any such request will be made by submitting a Notice of Borrowing to Administrative Agent. Once given, and except as provided in clause (ii) below, a Notice of Borrowing shall be irrevocable and the Borrowers shall be bound thereby. Upon the expiration of an Interest Period, in the absence of a new Notice of Borrowing submitted to Administrative Agent not less than three (3) Business Days prior to the end of such Interest Period, the LIBOR Loan then maturing shall be automatically converted to a Prime Base Rate Loan. There may be no more than eight six (8) 6) LIBOR Loans outstanding at any one time. Second Lien Term Each request for a LIBOR Loan, whether by original issuance, conversion or continuation, shall be in a minimum amount of $250,000 and, if in excess of such amount, in an integral multiple of $50,000 in excess of such amount. Loans which are not requested as LIBOR Loans in accordance with this Section 2.3(f)(i2.3(e)(i) shall be Prime Base Rate Loans. Administrative Agent will shall notify Lenders, by telephonic or facsimile notice, of each Notice of Borrowing received by Administrative Agent not less than two (2) Business Days prior to the first day of the Interest Period of the LIBOR Loan requested thereby. Notwithstanding the foregoing, until the earlier to occur of September 30, 2005 and the date on which Xxxxxxx Xxxxx has completed the primary syndication of the Loans, all LIBOR Loans shall have an Interest Period of one (1) month.
Appears in 1 contract
LIBOR Election. All Second Lien Term Loans made on the Closing Date shall be Prime Rate Loans and shall remain so until three (3) Business Days after the Closing Date. Thereafter, the Funds Administrator Borrowers may request that Revolving Loans to be made be LIBOR Loans, that outstanding portions of the Second Lien Revolving Loans and outstanding portions of each Term Loan be converted to LIBOR Loans and that all or any portion of a LIBOR Loan be continued as a LIBOR Loan upon expiration of the applicable Interest Period. Any such request will be made by submitting a Notice of Borrowing to Administrative Agent. Once given, and except as provided in clause (ii) below, a Notice of Borrowing shall be irrevocable and the Borrowers shall be bound thereby. Upon the expiration of an Interest Period, in the absence of a new Notice of Borrowing submitted to Administrative Agent not less than three (3) Business Days prior to the end of such Interest Period, the LIBOR Loan then maturing shall be automatically converted to a Prime Rate Loan. There may be no more than eight six (8) 6) LIBOR Loans outstanding at any one time. Second Lien Term Loans which are not requested as LIBOR Loans in accordance with this Section 2.3(f)(i2.3(e)(i) shall be Prime Rate Loans. Administrative Agent will notify Lenders, by telephonic or facsimile notice, of each Notice of Borrowing received by Administrative Agent not less than two (2) Business Days prior to the first day of the Interest Period of the LIBOR Loan requested thereby.
Appears in 1 contract
LIBOR Election. All Second Lien Term Loans made on the Closing Date shall be Prime Rate Loans and shall remain so until three (3) Business Days after the Closing Date. Thereafter, the Funds Administrator applicable Borrower may request that Revolving Loans to be made be LIBOR Loans, that outstanding portions of the Second Lien Revolving Loans and outstanding portions of each Term Loan be converted to LIBOR Loans and that all or any portion of a LIBOR Loan be continued as a LIBOR Loan upon expiration of the applicable Interest Period. Any such request will be made by submitting a Notice of Borrowing to Administrative Agent. Once given, and except as provided in clause (ii) below, a Notice of Borrowing shall be irrevocable and the Borrowers shall be bound thereby. Upon the expiration of an Interest Period, in the absence of a new Notice of Borrowing submitted to Administrative Agent not less than three (3) Business Days prior to the end of such Interest Period, the LIBOR Loan then maturing shall be automatically converted to a Prime Rate Loan. There may be no more than eight six (8) 6) LIBOR Loans outstanding at any one time. Second Lien Term Loans which that are not requested as LIBOR Loans in accordance with this Section 2.3(f)(i2.3(e)(i) shall be Prime Rate Loans. Administrative Agent will notify Lenders, by telephonic or facsimile notice, of each Notice of Borrowing received by Administrative Agent not less than two (2) Business Days prior to the first day of the Interest Period of the LIBOR Loan requested thereby.
Appears in 1 contract
LIBOR Election. All Second Lien Term Loans made on Subject to the Closing Date shall be Prime Rate Loans and shall remain so until three (3) Business Days after the Closing Date. Thereafterprovisions of Section 8.4, the Funds Administrator Borrower may request that Revolving Loans permitted to be made hereunder be LIBOR Loans, that outstanding portions of the Second Lien Term Loan Revolving Loans be converted to LIBOR Loans and that all or any portion of a LIBOR Loan be continued as a LIBOR Loan upon expiration of the applicable Interest Period. Any such request will be made by submitting a Notice of Borrowing to Administrative Agent. Once given, and except as provided in clause (ii) below, a Notice of Borrowing shall be irrevocable and the Borrowers Borrower shall be bound thereby. Upon the expiration of an Interest Period, in the absence of a new Notice of Borrowing submitted to Administrative Agent not less than three (3) Business Days prior to the end of such Interest Period, the LIBOR Loan then maturing shall be automatically converted to a Prime Base Rate Loan. There may be no more than eight six (8) 6) LIBOR Loans outstanding at any one time. Second Lien Term Each request for a LIBOR Loan, whether by original issuance, conversion or continuation, shall be in a minimum amount of $250,000 and, if in excess of such amount, in an integral multiple of $50,000 in excess of such amount. Loans which are not requested as LIBOR Loans in accordance with this Section 2.3(f)(i2.7(e)(i) shall be Prime Base Rate Loans. Administrative Agent will shall notify Lenders, by telephonic or facsimile notice, of each Notice of Borrowing received by Administrative Agent not less than two (2) Business Days prior to the first day of the Interest Period of the LIBOR Loan requested thereby.
Appears in 1 contract