Limitation on Conversion/Continuation Options Clause Samples
The Limitation on Conversion/Continuation Options clause restricts a party’s ability to convert or continue a loan or financial instrument under certain conditions. Typically, this clause outlines specific scenarios or timeframes in which conversion to another type of loan (such as from a variable to a fixed rate) or continuation of the current terms is not permitted, often due to regulatory changes, lender policies, or market disruptions. By setting these boundaries, the clause helps manage risk for the lender and ensures predictability in the administration of the loan, preventing unexpected changes that could affect the financial arrangement.
Limitation on Conversion/Continuation Options. No Borrower shall be entitled to elect to convert any Loans to, or continue any Loans for an additional Interest Period as, Eurodollar Loans if the aggregate principal amount of any Group of Eurodollar Loans created or continued as a result of such election would be less than $5,000,000. If an Event of Default shall have occurred and be continuing when any Borrower delivers notice of such election to the Administrative Agent, such Borrower shall not be entitled to elect to convert any Eurodollar Loans to, or continue any Eurodollar Loans for an Interest Period as, Eurodollar Loans having an Interest Period in excess of one month.
Limitation on Conversion/Continuation Options. The Borrower shall not be entitled to elect to convert any Syndicated Loans to, or continue any Syndicated Loans for an additional Interest Period as, Eurodollar Loans if (i) the aggregate principal amount of any Group of Eurodollar Loans created or continued as a result of such election would be less than $5,000,000 or (ii) a Default shall have occurred and be continuing when the Borrower delivers notice of such election to the Administrative Agent.
Limitation on Conversion/Continuation Options. The Borrower shall not be entitled to elect to convert any Loans to, or continue any Loans for an additional Interest Period as, Eurodollar Loans if the aggregate principal amount of any Group of Eurodollar Loans created or continued as a result of such election would be less than $500,000. Notwithstanding the foregoing, if an Event of Default shall have occurred and be continuing, the Administrative Agent or the Required Lenders may require, by notice to the Borrower, that (i) no outstanding Borrowing may be converted to or continued as a Eurodollar Borrowing and (ii) unless repaid, each Eurodollar Borrowing shall be converted to a Base Rate Borrowing at the end of the Interest Period applicable thereto.
Limitation on Conversion/Continuation Options. The Borrower shall not be entitled to elect to convert any Loans to, or continue any Loans for an additional Interest Period as, Eurodollar Loans if (i) the aggregate principal amount of Eurodollar Loans created or continued as a result of such election would be less than (x) $2,000,000, in the case of Dollar denominated Loans or (y) €2,000,000, in the case of Foreign Currency Loans or (ii) other than with respect to Foreign Currency Loans, a Default shall have occurred and be continuing when the Borrower delivers notice of such election to the Administrative Agent and the Required Lenders have directed the Administrative Agent during the period of such Event of Default that Dollar denominated Eurodollar Loans shall no longer be made available to the Borrower.
Limitation on Conversion/Continuation Options. The Borrower shall not be entitled to elect to convert any Loans to, or continue any Loans for an additional Interest Period as, Eurodollar Loans if (i) the aggregate principal amount of any Group of Eurodollar Loans created or continued as a result of such election would be less than $2,000,000 or (ii) a Default shall have occurred and be continuing when the Borrower delivers notice of such election to the Administrative Agent and the Required Lenders have directed the Administrative Agent during the period of such Event of Default that Eurodollar Loans shall no longer be made available to the Borrower.
Limitation on Conversion/Continuation Options. The Borrower shall not be entitled to elect to convert any Loans to, or continue any Loans for an additional Interest Period as, Eurodollar Loans if a Default shall have occurred and be continuing when the Borrower delivers notice of such election to the Administrative Agent.
Limitation on Conversion/Continuation Options. No Borrower shall be entitled to elect to convert any U.S. Dollar-Denominated Loans to, or continue any U.S. Dollar-Denominated Loans for an additional Interest Period as, Eurodollar Loans if (i) the aggregate principal amount of any Group of Eurodollar Loans created or continued as a result of such election would be less than US$2,000,000 or (ii) a Default under SECTION 8.01(a) or an Event of Default shall have occurred and be continuing when such Borrower delivers notice of such election to the relevant Administrative Agent.
Limitation on Conversion/Continuation Options. The Borrower shall not be entitled to elect to convert any Dollar-Denominated Loans to, or continue any Dollar-Denominated Loans for an additional Interest Period as, Eurocurrency Loans if the aggregate principal amount of any Group of Eurocurrency Loans created or continued as a result of such election would be less than $1,000,000. If an Event of Default shall have occurred and be continuing when the Borrower delivers notice of such election to the Administrative Agent, the Borrower shall not be entitled to elect to convert any Eurocurrency Loans to, or continue any Eurocurrency Loans for an additional Interest Period as, Eurocurrency Loans having an Interest Period in excess of one month.
Limitation on Conversion/Continuation Options. The Borrower shall not be entitled to elect to convert any Loans to, or continue any Loans for an additional Interest Period as, Eurodollar Loans if (i) the aggregate principal amount of any Group of Eurodollar Loans created or continued as a result of such election would be less than $1,000,000 or (ii) an Event of Default shall have occurred and be continuing when the Borrower delivers notice of such election to the Administrative Agent. In the case of (y) R-1 Revolving Loans and Term B-1 Loans, the Borrower shall not be entitled to elect to continue any Eurodollar Loans for an Interest Period in excess of one month and (z) R-2 Revolving Loans, Term B-2 Loans and Term B-3 Loans, the Borrower shall not be entitled to elect to continue any Eurodollar Loans for an Interest Period in excess of three months, in either case, if a Default shall have occurred and be continuing when the Borrower delivers notice of such election to the Administrative Agent.