Limitations on Interest Election Requests Sample Clauses
The "Limitations on Interest Election Requests" clause defines the boundaries and conditions under which a party may request changes to the interest rate options applicable to a financial agreement. Typically, this clause sets out restrictions such as the minimum or maximum number of requests allowed within a certain period, the timing for submitting such requests, and any procedural requirements that must be met. For example, it may prevent a party from making multiple requests in quick succession or require advance notice before a change takes effect. The core function of this clause is to provide structure and predictability to the process of altering interest rate elections, thereby reducing administrative burden and potential disputes between parties.
Limitations on Interest Election Requests. Notwithstanding any contrary provision hereof, if an Event of Default has occurred and is continuing and the Administrative Agent, at the request of the Required Lenders, so notifies the Borrower, then, so long as an Event of Default is continuing (i) no outstanding Borrowing may be converted to or continued as a Fixed Rate Borrowing (except Fixed Rate Borrowings denominated in any Available Currency other than dollars may be continued as Fixed Rate Borrowings with Interest Periods of seven days’ duration) and (ii) unless repaid, each dollar denominated Fixed Rate Borrowing shall be converted to an ABR Borrowing at the end of the Interest Period applicable thereto. A Borrowing denominated in one Available Currency may not be converted into another Available Currency.
Limitations on Interest Election Requests. Notwithstanding any contrary provision hereof, if an Event of Default has occurred and is continuing and the Administrative Agent, at the request of the Required Lenders, so notifies the Borrower, then, so long as an Event of Default is continuing (i) no outstanding Borrowing may be converted to or continued as a Fixed Rate Borrowing (except Fixed Rate Swingline Borrowings may be continued as Fixed Rate Swingline Borrowings with Interest Periods of seven days’ duration) and (ii) unless repaid, each Fixed Rate Revolving Borrowing shall be converted to an ABR Borrowing at the end of the Interest Period applicable thereto. A Borrowing denominated in one Available Currency may not be converted into another Available Currency.
Limitations on Interest Election Requests. Notwithstanding any contrary provision hereof, if an Event of Default under clauses (e) or (f) of Article VI has occurred and is continuing with respect to the Borrower, or if any other Event of Default has occurred and is continuing and the Administrative Agent, at the request of the a Majority in Interest of the Lenders of any Class, has notified the Borrower of the election to give effect to this sentence on account of such other Event of Default, then, in each case, so long as such Event of Default is continuing, (i) no outstanding Borrowing (or Borrowing of the applicable Class, as applicable) may be converted to or continued as a Fixed Rate Borrowing (except Fixed Rate Borrowings denominated in any Major Currency other than Dollars may be continued as Fixed Rate Borrowings with Interest Periods of seven days’ duration) and (ii) unless repaid, each Dollar denominated Fixed Rate Borrowing shall be converted to an ABR Borrowing at the end of the Interest Period applicable thereto. A Borrowing denominated in one Major Currency may not be converted into another Major Currency.