Common use of Limitations of Requests and Elections Clause in Contracts

Limitations of Requests and Elections. Notwithstanding any other provision of this Note to the contrary, if, upon receiving a request for a Eurodollar Rate Loan, a request for a continuation of a Eurodollar Rate Loan as a Eurodollar Rate Loan or a request for a conversion to a Eurodollar Rate Loan, (a) deposits in dollars for periods comparable to the Eurodollar Interest Period elected by the Borrower are not available to the Bank in the relevant interbank secondary market, or (b) the Eurodollar Rate will not adequately and fairly reflect the cost to the Bank of making, funding or maintaining the related Eurodollar Rate Loan, or (c) by reason of national or international financial, political or economic conditions or by reason of any applicable law, treaty, rule or regulation (whether domestic or foreign) now or hereafter in effect, or the interpretation or administration thereof by any governmental authority charged with the interpretation or administration thereof, or compliance by the Bank with any guideline, request or directive of such authority (whether or not having the force of law), including without limitation exchange controls, it is impracticable, unlawful or impossible for the Bank (i) to make or fund Eurodollar Rate Loans or (ii) to maintain outstanding such Eurodollar Rate Loan, or (iii) to convert a Loan to a Eurodollar Rate Loan, then the Borrower shall not be entitled, so long as such circumstances continue, to request a Eurodollar Rate Loan or a continuation of or conversion to a Eurodollar Rate Loan. In the event that such circumstances no longer exist, the Bank shall again consider requests for Eurodollar Rate Loans, and requests for continuations of and conversions to Eurodollar Rate Loans. Maximum Amount of Interest Rate Elections. Except for (a) Borrowings and conversions thereof which exhaust the entire remaining amount of the Working Capital Loan Commitment, and (b) payments required pursuant hereto, each Borrowing and each continuation or conversion thereof and each repayment thereof shall be in a minimum amount of Five Hundred Thousand Dollars ($500,000.00) and in integral multiples of One Hundred Thousand Dollars ($100,000.00). No more than three (3) Eurodollar Interest Periods shall be permitted to exist at any one time.

Limitations of Requests and Elections. Notwithstanding any other provision of this Note Agreement to the contrary, if, upon receiving a request for a Eurodollar Rate Loan, a request for a continuation of a Eurodollar Rate Loan as a Eurodollar Rate Loan or a request for a conversion to a Eurodollar Rate Loan, Borrowing (a) in the case of any Eurodollar Rate Borrowing, deposits in dollars Dollars for periods comparable to the Eurodollar Interest Period elected by the Borrower Company are not available to the Bank Lender in the relevant FIRST MERCURY FINANCIAL CORPORATION CREDIT AGREEMENT interbank secondary market, or (b) the Eurodollar Rate will not adequately and fairly reflect the cost to the Bank Lender of making, funding or maintaining the related Eurodollar Rate Loan, or (c) by reason of national or international financial, political or economic conditions or by reason of any applicable law, treaty, rule or regulation (whether domestic or foreign) now or hereafter in effect, or the interpretation or administration thereof by any governmental authority charged with the interpretation or administration thereof, or compliance by the Bank Lender with any guideline, request or directive of such authority (whether or not having the force of law), including without limitation exchange controls, it is impracticable, unlawful or impossible for the Bank Lender (i) to make or fund Eurodollar Rate Loans Borrowings or (ii) to maintain outstanding such Eurodollar Rate LoanBorrowing, or (iii) to convert a Loan to a Eurodollar Rate Loan, then the Borrower Company shall not be entitled, so long as such circumstances continue, to request a Eurodollar Rate Loan Borrowing or a continuation of or conversion to a Eurodollar Rate LoanBorrowing. In the event that such circumstances no longer exist, the Bank Lender shall again consider requests for Eurodollar Rate LoansBorrowings, and requests for continuations of and conversions to Eurodollar Rate Loans. Maximum Amount of Interest Rate Elections. Except for (a) Borrowings and conversions thereof which exhaust the entire remaining amount of the Working Capital Loan Commitment, and (b) payments required pursuant hereto, each Borrowing and each continuation or conversion thereof and each repayment thereof shall be in a minimum amount of Five Hundred Thousand Dollars ($500,000.00) and in integral multiples of One Hundred Thousand Dollars ($100,000.00). No more than three (3) Eurodollar Interest Periods shall be permitted to exist at any one timeBorrowings.

Limitations of Requests and Elections. Notwithstanding any other provision of this Note to the contrary, if, upon receiving a request for a Eurodollar Rate Loan, a request for a continuation of a Eurodollar Rate Loan as a Eurodollar Rate Loan or a request for a conversion to a Eurodollar Rate Loan, (a) deposits in dollars for periods comparable to the Eurodollar Interest Period elected by the Borrower are not available to the Bank in the relevant interbank secondary market, or (b) the Eurodollar Rate will not adequately and fairly reflect the cost to the Bank of making, funding or maintaining the related Eurodollar Rate Loan, or (c) by reason of national or international financial, political or economic conditions or by reason of any applicable law, treaty, rule or regulation (whether domestic or foreign) now or hereafter in effect, or the interpretation or administration thereof by any governmental authority charged with the interpretation or administration thereof, or compliance by the Bank with any guideline, request or directive of such authority (whether or not having the force of law), including without limitation exchange controls, it is impracticable, unlawful or impossible for the Bank (i) to make or fund Eurodollar Rate Loans or (ii) to maintain outstanding such Eurodollar Rate Loan, or (iii) to convert a Loan to a Eurodollar Rate Loan, then the Borrower shall not be entitled, so long as such circumstances continue, to request a Eurodollar Rate Loan or a continuation of or conversion to a Eurodollar Rate Loan. In the event that such circumstances no longer exist, the Bank shall again consider requests for Eurodollar Rate Loans, and requests for continuations of and conversions to Eurodollar Rate Loans. Maximum Amount of Interest Rate Elections. Except for (a) Borrowings and conversions thereof which exhaust the entire remaining amount of the Working Capital Corporate Acquisition Revolving Loan Commitment, and (b) payments required pursuant hereto, each Borrowing and each continuation or conversion thereof and each repayment thereof shall be in a minimum amount of Five Hundred Thousand Dollars ($500,000.00) and in integral multiples of One Hundred Thousand Dollars ($100,000.00). No more than three (3) Eurodollar Interest Periods shall be permitted to exist at any one time.

Limitations of Requests and Elections. Notwithstanding any other provision of this Note Agreement to the contrary, if, upon receiving a request for a Eurodollar Rate Loan, a request for a continuation of a Eurodollar Rate Loan as a Eurodollar Rate Loan or a request for a conversion to a Eurodollar Rate Loan, Borrowing (a) in the case of any Eurodollar Rate Borrowing, deposits in dollars Dollars for periods comparable to the Eurodollar Interest Period elected by the Borrower Company are not available to the Bank Lender in the relevant interbank secondary market, or (b) the Eurodollar Rate will not adequately and fairly reflect the cost to the Bank Lender of making, funding or maintaining the related Eurodollar Rate Loan, or (c) by reason of national or international FIRST MERCURY FINANCIAL CORPORATION CREDIT AGREEMENT financial, political or economic conditions or by reason of any applicable law, treaty, rule or regulation (whether domestic or foreign) now or hereafter in effect, or the interpretation or administration thereof by any governmental authority charged with the interpretation or administration thereof, or compliance by the Bank Lender with any guideline, request or directive of such authority (whether or not having the force of law), including without limitation exchange controls, it is impracticable, unlawful or impossible for the Bank Lender (i) to make or fund Eurodollar Rate Loans Borrowings or (ii) to maintain outstanding such Eurodollar Rate LoanBorrowing, or (iii) to convert a Loan to a Eurodollar Rate Loan, then the Borrower Company shall not be entitled, so long as such circumstances continue, to request a Eurodollar Rate Loan Borrowing or a continuation of or conversion to a Eurodollar Rate LoanBorrowing. In the event that such circumstances no longer exist, the Bank Lender shall again consider requests for Eurodollar Rate LoansBorrowings, and requests for continuations of and conversions to Eurodollar Rate Loans. Maximum Amount of Interest Rate Elections. Except for (a) Borrowings and conversions thereof which exhaust the entire remaining amount of the Working Capital Loan Commitment, and (b) payments required pursuant hereto, each Borrowing and each continuation or conversion thereof and each repayment thereof shall be in a minimum amount of Five Hundred Thousand Dollars ($500,000.00) and in integral multiples of One Hundred Thousand Dollars ($100,000.00). No more than three (3) Eurodollar Interest Periods shall be permitted to exist at any one timeBorrowings.

Limitations of Requests and Elections. Notwithstanding any other ------------------------------------- provision of this Note Agreement to the contrary, if, upon receiving a request for a Eurodollar Rate LoanBorrowing, a request for a continuation of a Eurodollar Rate Loan Borrowing as a Eurodollar Rate Loan Borrowing or a request for a conversion of a Prime Rate Borrowing to a Eurodollar Rate LoanBorrowing, (a) in the case of any Eurodollar Rate Borrowing, deposits in dollars Dollars for periods comparable to the Eurodollar Interest Period elected by the Borrower Company are not available to the Bank in the relevant interbank secondary market, or (b) the Eurodollar Rate will not adequately and fairly reflect the cost to the Bank of making, funding or maintaining the related Eurodollar Rate Loan, or (c) by reason of national or international financial, political or economic conditions or by reason of any applicable law, treaty, rule or regulation (whether domestic or foreign) now or hereafter in effect, or the interpretation or administration thereof by any governmental authority charged with the interpretation or administration thereof, or compliance by the Bank with any guideline, request or directive of such authority (whether or not having the force of law), including without limitation exchange controls, it is impracticable, unlawful or impossible for the Bank (i) to make or fund Eurodollar Rate Loans Borrowings or (ii) to maintain outstanding such Eurodollar Rate LoanBorrowing, or (iii) to convert a Loan to a Eurodollar Rate Loan, then the Borrower Company shall not be entitled, so long as such circumstances continue, to request a Eurodollar Rate Loan Borrowing or a continuation of or conversion to a Eurodollar Rate LoanBorrowing. In the event that such circumstances no longer exist, the Bank shall again consider requests for Eurodollar Rate LoansBorrowings, and requests for continuations of and conversions to Eurodollar Rate Loans. Maximum Amount of Interest Rate Elections. Except for (a) Borrowings and conversions thereof which exhaust the entire remaining amount of the Working Capital Loan Commitment, and (b) payments required pursuant hereto, each Borrowing and each continuation or conversion thereof and each repayment thereof shall be in a minimum amount of Five Hundred Thousand Dollars ($500,000.00) and in integral multiples of One Hundred Thousand Dollars ($100,000.00). No more than three (3) Eurodollar Interest Periods shall be permitted to exist at any one timeBorrowings.

Limitations of Requests and Elections. Notwithstanding any other provision of this Note Agreement to the contrary, if, upon receiving a request for a Eurodollar Rate LoanBorrowing, a request for a continuation of a Eurodollar Rate Loan Borrowing as a Eurodollar Rate Loan Borrowing or a request for a conversion of a Prime Rate Borrowing to a Eurodollar Rate LoanBorrowing, (a) in the case of any Eurodollar Rate Borrowing, deposits in dollars Dollars for periods comparable to the Eurodollar Interest Period elected by the Borrower Company are not available to the any Bank in the relevant interbank secondary market, or (b) the Eurodollar Rate will not adequately and fairly reflect the cost to the any Bank of making, funding or maintaining the related Eurodollar Rate Loan, or (c) by reason of national or international financial, political or economic conditions or by reason of any applicable law, treaty, rule or regulation (whether domestic or foreign) now or hereafter in effect, or the interpretation or administration thereof by any governmental authority charged with the interpretation or administration thereof, or compliance by the any Bank with any guideline, request or directive of such authority (whether or not having the force of law), including without limitation exchange controls, it is impracticable, unlawful or impossible for the any Bank (i) to make or fund Eurodollar Rate Loans Borrowings or (ii) to maintain outstanding such Eurodollar Rate LoanBorrowing, or (iii) to convert a Loan to a Eurodollar Rate Loan, then the Borrower Company shall not be entitled, so long as such circumstances continue, to request a Eurodollar Rate Loan Borrowing or a continuation of or conversion to a Eurodollar Rate LoanBorrowing. In the event that such circumstances no longer exist, the Bank shall again consider requests for Eurodollar Rate LoansBorrowings, and requests for continuations of and conversions to Eurodollar Rate Loans. Maximum Amount of Interest Rate Elections. Except for (a) Borrowings and conversions thereof which exhaust the entire remaining amount of the Working Capital Loan Commitment, and (b) payments required pursuant hereto, each Borrowing and each continuation or conversion thereof and each repayment thereof shall be in a minimum amount of Five Hundred Thousand Dollars ($500,000.00) and in integral multiples of One Hundred Thousand Dollars ($100,000.00). No more than three (3) Eurodollar Interest Periods shall be permitted to exist at any one timeBorrowings.