Method of Electing Interest Rates. (a) The Loans included in each Committed Borrowing shall bear interest initially at the type of rate specified by the Borrower in the applicable Notice of Committed Borrowing. Thereafter, the Borrower may from time to time elect to change or continue the type of interest rate borne by each Group of Loans (subject in each case to the provisions of Article VIII), as follows: (i) if such Loans are Base Rate Loans, the Borrower may elect to convert such Loans to Euro-Dollar Loans as of any Euro-Dollar Business Day; and (ii) if such Loans are Euro-Dollar Loans, the Borrower may (x) elect to convert such Euro-Dollar Loans to Base Rate Loans as of any Domestic Business Day, (y) elect to convert such Euro-Dollar Loans to Euro‑Dollar Loans with an Interest Period different from the then current Interest Period applicable to such Loans as of any Euro‑Dollar Business Day or (z) elect to continue such Loans as Euro‑Dollar Loans for an additional Interest Period beginning on the last day of the then current Interest Period applicable to such Loans; provided that, if the Borrower elects to convert any Euro-Dollar Loans to Base Rate Loans or to Euro-Dollar Loans with a different Interest Period, as of any day other than the last day of the then current Interest Period applicable to such Loans, the Borrower shall reimburse each Lender in accordance with Section 2.16. Each such election shall be made by delivering a notice (a “Notice of Interest Rate Election”) to the Agent (i) at least one Domestic Business Day before such notice is to be effective if the relevant Loans are to be converted into Base Rate Loans or (ii) at least three Euro‑Dollar Business Days before such conversion or continuation is to be effective if such Loans are to be converted into, or continued as, Euro‑Dollar Loans. A Notice of Interest Rate Election may, if it so specifies, apply to only a portion of the aggregate principal amount of the relevant Group of Loans; provided that (i) such portion is allocated ratably among the Loans comprising such Group and (ii) the portion to which such Notice applies, and the remaining portion to which it does not apply, are each $15,000,000 or any larger multiple of $1,000,000. (b) Each Notice of Interest Rate Election shall specify: (i) the Group of Loans (or portion thereof) to which such notice applies; (ii) the date on which the conversion or continuation selected in such notice is to be effective, which shall comply with the applicable clause of Section 2.13(a); (iii) whether such Group of Loans (or portion thereof) is to be converted to Base Rate Loans or Euro‑Dollar Loans or continued as Euro‑Dollar Loans for an additional Interest Period; and (iv) if such Loans (or portions thereof) are to be converted to or continued as Euro‑Dollar Loans, the duration of the Interest Period to be applicable thereto immediately after such conversion or continuation. Each Interest Period specified in a Notice of Interest Rate Election shall comply with the provisions of the definition of Interest Period. (c) Upon receipt of a Notice of Interest Rate Election from the Borrower pursuant to Section 2.13(a), the Agent shall promptly notify each Lender of the contents thereof and such notice shall not thereafter be revocable by the Borrower. If the Borrower fails to deliver a timely Notice of Interest Rate Election to the Agent for any Euro-Dollar Loans, such Loans shall be converted into Base Rate Loans on the last day of the then current Interest Period applicable thereto.
Appears in 1 contract
Samples: Credit Agreement (Aetna Inc /Pa/)
Method of Electing Interest Rates. (a) The Loans included in each Committed Borrowing shall bear interest initially at the type of rate specified by the Borrower in the applicable Notice of Committed Borrowing. Thereafter, the Borrower may from time to time elect to change or continue the type of interest rate borne by each Group of Loans (subject in each case to the provisions of Article VIII)8), as follows:
(i) if such Loans are Base Rate Loans, the Borrower may elect to convert such Loans to CD Loans as of any Domestic Business Day or to Euro-Dollar Loans as of any Euro-Dollar Business Day; and;
(ii) if such Loans are Euro-Dollar CD Loans, the Borrower may (x) elect to convert such Euro-Dollar Loans to Base Rate Loans as of any Domestic Business Day, (y) elect to convert such or Euro-Dollar Loans to Euro‑Dollar Loans with an Interest Period different from the then current Interest Period applicable to such Loans as of any Euro‑Dollar Business Day or (z) elect to continue such Loans as Euro‑Dollar CD Loans for an additional Interest Period beginning Period, in each case effective on the last day of the then current Interest Period applicable to such Loans; provided that, ;
(iii) if the Borrower elects to convert any such Loans are Euro-Dollar Loans, the Borrower may elect to convert such Loans to Base Rate Loans or CD Loans or elect to continue such Loans as Euro-Dollar Loans with a different for an additional Interest Period, as of any day other than in each case effective on the last day of the then current Interest Period applicable to such Loans, the Borrower shall reimburse each Lender in accordance with Section 2.16. Each such election shall be made by delivering a notice (a “"Notice of Interest Rate Election”") to the Agent (i) at least one Domestic three Euro-Dollar Business Day Days before the conversion or continuation selected in such notice is to be effective if (unless the relevant Loans are to be (x) converted into Base Rate from Domestic Loans to Domestic Loans of the other type, (y) continued as Domestic Loans of the same type for an additional Interest Period or (iiz) converted from Euro-Dollar Loans to Domestic Loans, in which case such notice shall be delivered to the Agent at least three Euro‑Dollar two Domestic Business Days before such conversion or continuation is to be effective if such Loans are to be converted into, or continued as, Euro‑Dollar Loanseffective). A Notice of Interest Rate Election may, if it so specifies, apply to only a portion of the aggregate principal amount of the relevant Group of Loans; provided that (i) such portion is allocated ratably among the Loans comprising such Group and (ii) the portion to which such Notice applies, and the remaining portion to which it does not apply, are each $15,000,000 10,000,000 or any larger multiple of $1,000,000.
(b) Each Notice of Interest Rate Election shall specify:
(i) the Group of Loans (or portion thereof) to which such notice applies;
(ii) the date on which the conversion or continuation selected in such notice is to be effective, which shall comply with the applicable clause of Section 2.13(a)subsection (a) above;
(iii) whether if the Loans comprising such Group are to be converted, the new type of Loans (or portion thereof) is to be converted to Base and, if such new Loans are Fixed Rate Loans or Euro‑Dollar Loans or continued as Euro‑Dollar Loans for an additional Loans, the duration of the initial Interest PeriodPeriod applicable thereto; and
(iv) if such Loans (or portions thereof) are to be converted to or continued as Euro‑Dollar LoansCD Loans or Euro-Dollar Loans for an additional Interest Period, the duration of the such additional Interest Period to be applicable thereto immediately after such conversion or continuationPeriod. Each Interest Period specified in a Notice of Interest Rate Election shall comply with the provisions of the definition of Interest Period.
(c) Upon receipt of a Notice of Interest Rate Election from the Borrower pursuant to Section 2.13(a)subsection (a) above, the Agent shall promptly notify each Lender Bank of the contents thereof and such notice shall not thereafter be revocable by the Borrower. If the Borrower fails to deliver a timely Notice of Interest Rate Election to the Agent for any Euro-Dollar Group of Fixed Rate Loans, such Loans shall be converted into Base Rate Loans on the last day of the then current Interest Period applicable thereto.
Appears in 1 contract
Method of Electing Interest Rates. (a) The Loans included in each Committed Borrowing shall bear interest inter- est initially at the type of rate specified by the Borrower in the applicable Notice of Committed Borrowing. Thereafter, the Borrower may from time to time elect to change or continue the type of interest rate borne by each Group of all the Loans comprised in such Borrowing (subject in each case to the provisions of Article VIIIVIII and except for any Swing Loans), as follows:
(i) if such Loans are Base Rate Loans, the Borrower may elect to convert such Loans to Euro-Dollar Loans as of any Euro-Dollar Business Day; and;
(ii) if such Loans are Euro-Dollar Loans, the Borrower may (x) elect to convert such Euro-Dollar Loans to Base Rate Loans as of any Domestic Business Day, (y) elect to convert such Euro-Dollar Loans to Euro‑Dollar Loans with an Interest Period different from the then current Interest Period applicable to such Loans as of any Euro‑Dollar Business Day or (z) elect to continue such Loans as Euro‑Dollar Euro-Dollar Loans for an additional Interest Period beginning Period, in each case effective on the last day of the then current Interest Period applicable to such Loans; provided that, if the Borrower elects to convert any Euro-Dollar Loans to Base Rate Loans or to Euro-Dollar Loans with a different Interest Period, as of any day other than the last day of the then current Interest Period applicable to such Loans, the Borrower shall reimburse each Lender in accordance with Section 2.16. Each such election shall be made by delivering a notice (a “"Notice of Interest Rate Election”") to the Agent (i) at least one Domestic three Euro-Dollar Business Day Days before the conversion or continuation selected in such notice is to be effective if (unless the relevant Loans are to be converted into from Euro-Dollar Loans to Base Rate Loans or (ii) continued as Base Rate Loans of the same type for an additional Interest Period, in which case such notice shall be delivered to the Agent at least three Euro‑Dollar Domestic Business Days before such conversion or continuation is to be effective if effective). Notwithstanding the foregoing, in the case of any conversion of a Euro-Dollar Loan to a Base Rate Loan, or the continuation of a Base Rate Loan, such Loans are notice need only be delivered to the Agent at least one Domestic Business Day before such conversion or continuation is to be converted into, or continued as, Euro‑Dollar Loanseffective. A During the Revolving Credit Period a Notice of Interest Rate Election may, if it so specifies, apply to only a portion of divide the aggregate principal amount of the relevant Group Borrowing into two or more portions, each of Loanswhich shall thereafter be deemed a "Borrowing"; provided that (i) each such portion is allocated ratably among the Loans comprising such Group Borrowing and (ii) the portion to which such Notice applies, and the remaining portion to which it does not apply, are each is at least $15,000,000 1,000,000 or any larger multiple of $1,000,000250,000.
(b) Each Notice of Interest Rate Election shall specify:
(i) the Group of Loans (or portion thereof) Borrowing to which such notice applies;
(ii) the date on which the conversion or continuation selected in such notice is to be effective, which shall comply with the applicable clause of Section 2.13(a)subsection (a) above;
(iii) whether if the Loans comprising such Group Borrowing are to be converted, the new type of Loans (or portion thereof) is to be converted to Base and, if such Loans of a new type are Fixed Rate Loans or Euro‑Dollar Loans or continued as Euro‑Dollar Loans for an additional Loans, the duration of the next Interest PeriodPeriod applicable thereto; and
(iv) if such Loans (or portions thereof) are to be converted to or continued as Euro‑Dollar LoansEuro-Dollar Loans for an additional Interest Period, the duration of such additional Interest Period, and, if requested by the Agent, shall be accompanied by a certificate of the Borrower satisfactory to the Agent showing the calculation of Total Available Commitments as of the commencement of such Interest Period to be applicable thereto immediately after such conversion or continuationPeriod. Each Interest Period specified in a Notice of Interest Rate Election shall comply with the provisions of the definition of Interest Period.
(c) Upon receipt of a Notice of Interest Rate Election from the Borrower pursuant to Section 2.13(a)subsection (a) above, the Agent shall promptly notify each Lender Bank of the contents thereof and such notice shall not thereafter be by revocable by the Borrower. If the Borrower fails to deliver a timely Notice of Interest Rate Election to the Agent for any Euro-Dollar Borrowing consisting of Fixed Rate Loans, such Loans shall be converted into Base Rate Loans on the last day of the then current Interest Period applicable thereto.
Appears in 1 contract
Samples: Revolving Credit Agreement (Security Capital Atlantic Inc)
Method of Electing Interest Rates. (a) The Loans included in each Committed Borrowing shall bear interest initially at the type of rate specified by the Borrower in the applicable Notice of Committed Borrowing. Thereafter, the Borrower may from time to time elect to change or continue the type of interest rate borne by each Group of Loans (subject in each case to the provisions of Article VIII)8), as follows:
(i) if such Loans are Base Rate Loans, the Borrower may elect to convert such Loans to CD Loans as of any Domestic Business Day or to Euro-Dollar Loans as of any Euro-Dollar Business Day; and;
(ii) if such Loans are Euro-Dollar CD Loans, the Borrower may (x) elect to convert such Euro-Dollar Loans to Base Rate Loans as of any Domestic Business Day, (y) elect to convert such or Euro-Dollar Loans to Euro‑Dollar Loans with an Interest Period different from the then current Interest Period applicable to such Loans as of any Euro‑Dollar Business Day or (z) elect to continue such Loans as Euro‑Dollar CD Loans for an additional Interest Period beginning Period, in each case effective on the last day of the then current Interest Period applicable to such Loans; provided that, and
(iii) if the Borrower elects to convert any such Loans are Euro-Dollar Loans, the Borrower may elect to convert such Loans to Base Rate Loans or CD Loans or elect to continue such Loans as Euro-Dollar Loans with a different for an additional Interest Period, as of any day other than in each case effective on the last day of the then current Interest Period applicable to such Loans, the Borrower shall reimburse each Lender in accordance with Section 2.16. Each such election shall be made by delivering a notice (a “Notice of Interest Rate Election”"NOTICE OF INTEREST RATE ELECTION") to the Agent not later than 12:00 Noon (iNew York City time) at least one Domestic Business Day before such notice is to be effective (x) if the relevant Loans are to be converted into Base Rate to Domestic Loans or (ii) at least three Euro‑Dollar continued as Domestic Loans for an additional Interest Period, the second Domestic Business Days Day before such conversion or continuation is to be effective and (y) if such the relevant Loans are to be converted into, to Euro-Dollar Loans or continued asas Euro-Dollar Loans for an additional Interest Period, Euro‑Dollar Loansthe third Euro-Dollar Business Day before such conversion or continuation is to be effective. A Notice of Interest Rate Election may, if it so specifies, apply to only a portion of the aggregate principal amount of the relevant Group of Loans; provided that (i) such portion is allocated ratably among the Loans comprising such Group of Loans and (ii) the portion to which such Notice of Interest Rate Election applies, and the remaining portion to which it does not apply, are each at least $15,000,000 or any larger 1,000,000 and not more than one of such portions is other than a multiple of $1,000,000.
(b) Each Notice of Interest Rate Election shall specify:
(i) the Group of Loans (or portion thereof) to which such notice applies;
(ii) the date on which the conversion or continuation selected in such notice is to be effective, which shall comply with the applicable clause of Section 2.13(a)2.11(a) above;
(iii) whether if the Loans comprising such Group are to be converted, the new type of Loans (or portion thereof) is to be converted to Base and, if such new Loans are Fixed Rate Loans or Euro‑Dollar Loans or continued as Euro‑Dollar Loans for an additional Loans, the duration of the initial Interest PeriodPeriod applicable thereto; and
(iv) if such Loans (or portions thereof) are to be converted to or continued as Euro‑Dollar LoansFixed Rate Loans for an additional Interest Period, the duration of the such additional Interest Period to be applicable thereto immediately after such conversion or continuationPeriod. Each Interest Period specified in a Notice of Interest Rate Election shall comply with the provisions of the definition of Interest Period.
(c) Upon receipt of a Notice of Interest Rate Election from the Borrower pursuant to Section 2.13(a)2.11(a) above, the Agent shall promptly notify each Lender of the contents thereof and such notice shall not thereafter be revocable by the Borrower. If the Borrower fails to deliver a timely Notice of Interest Rate Election to the Agent for any Euro-Dollar Loans, such Loans shall be converted into Base Rate Loans on the last day of the then current Interest Period applicable thereto.Bank of
Appears in 1 contract
Method of Electing Interest Rates. (a) The Loans included in each Committed Borrowing shall bear interest initially at the type of rate specified by the Borrower in the applicable Notice of Committed Borrowing. Thereafter, the Borrower may from time to time elect to change or continue the type of interest rate borne by each Group of Loans (subject in each case to the provisions of Article VIIISection 2.07(d) and Section 2.19), as follows:
(i) if such Loans are Base Rate Tranche A Loans, the Borrower may elect to convert such Loans to Euro-Dollar Term Benchmark Tranche A Loans as of any Euro-Dollar Business Day; and;
(ii) if such Loans are Euro-Dollar Base Rate Tranche B Loans, the Borrower may (x) elect to convert such Euro-Dollar Loans to Term Benchmark Tranche B Loans as of any Business Day;
(iii) if such Loans are Term Benchmark Tranche A Loans, the Borrower may elect to convert such Loans to Base Rate Tranche A Loans as of any Domestic Business Day, (y) elect to convert such Euro-Dollar Loans to Euro‑Dollar Loans with an Interest Period different from the then current Interest Period applicable to such Loans as of any Euro‑Dollar Business Day or (z) elect to continue such Loans as Euro‑Dollar Term Benchmark Tranche A Loans for an additional Interest Period beginning on the last day of the then current Interest Period applicable to such Loans; provided that, if the Borrower elects to convert any Euro-Dollar Loans to Base Rate Loans or to Euro-Dollar Loans with a different Interest Period, as of subject to Section 2.21 if any such conversion is effective on any day other than the last day of the then current an Interest Period applicable to such Loans; and
(iv) if such Loans are Term Benchmark Tranche B Loans, the Borrower shall reimburse each Lender in accordance with Section 2.16may elect to convert such Loans to Base Rate Tranche B Loans as of any Business Day or to continue such Loans as Term Benchmark Tranche B Loans for an additional Interest Period, subject to Section 2.21 if any such conversion is effective on any day other than the last day of an Interest Period applicable to such Loans. Each such election shall be made by delivering a notice (a “Notice of Interest Rate Election”) to the Administrative Agent not later than 11:00 A.M. (iPrevailing Eastern Time) at least one Domestic on the third Business Day before the conversion or continuation selected in such notice is to be effective if the relevant Loans are to be converted into Base Rate Loans or (ii) at least three Euro‑Dollar Business Days before such conversion or continuation is to be effective if such Loans are to be converted into, or continued as, Euro‑Dollar Loanseffective. A Notice of Interest Rate Election may, if it so specifies, apply to only a portion of the aggregate principal amount of the relevant Group of Loans; provided that (i) such portion is allocated ratably among the Loans comprising such Group and (ii) the portion to which such Notice applies, and the remaining portion to which it does not apply, are each at least $15,000,000 or 5,000,000 (unless such portion is comprised of Base Rate Loans). If no such notice is timely received before the end of an Interest Period for any larger multiple Group of $1,000,000Term Benchmark Loans, the Borrower shall be deemed to have elected that such Group of Loans be converted to Base Rate Loans at the end of such Interest Period.
(b) Each Notice of Interest Rate Election shall specify:
(i) the Group of Loans (or portion thereof) to which such notice appliesapplies and whether such Group of Loans (or portion thereof) are Tranche A Loans or Tranche B Loans;
(ii) the date on which the conversion or continuation selected in such notice is to be effective, which shall comply with the applicable clause of Section 2.13(aSection 2.07(a);
(iii) whether if the Loans comprising such Group are to be converted, the new type of Loans (or portion thereof) is and, if the Loans resulting from such conversion are to be converted to Base Rate Loans or Euro‑Dollar Loans or continued as Euro‑Dollar Loans for an additional Term Benchmark Loans, the duration of the next succeeding Interest PeriodPeriod applicable thereto; and
(iv) if such Group of Loans (or portions thereof) are to be converted to or continued as Euro‑Dollar LoansTerm Benchmark Loans for an additional Interest Period, the duration of the such additional Interest Period to be applicable thereto immediately after such conversion or continuationPeriod. Each Interest Period specified in a Notice of Interest Rate Election shall comply with the provisions of the definition of Interest Period.
(c) Upon receipt of Promptly after receiving a Notice of Interest Rate Election from the Borrower pursuant to Section 2.13(aSection 2.07(a), the Administrative Agent shall promptly notify each applicable Lender of the contents thereof and such notice shall not thereafter be revocable by the Borrower. If .
(d) The Borrower shall not be entitled to elect to convert any Loans to, or continue any Loans for an additional Interest Period as, Term Benchmark Loans if (i) the aggregate principal amount of any Group of Term Benchmark Loans created or continued as a result of such election would be less than $5,000,000 or (i) a Default shall have occurred and be continuing when the Borrower fails to deliver a timely Notice delivers notice of Interest Rate Election such election to the Agent for Administrative Agent.
(e) If any Euro-Dollar LoansLoan is converted to a different type of Loan, such Loans the Borrower shall be converted into Base Rate Loans pay, on the last day date of such conversion, the then current Interest Period applicable theretointerest accrued to such date on the principal amount being converted.
(f) A conversion or continuation pursuant to this Section 2.07 is not a Borrowing.
Appears in 1 contract
Method of Electing Interest Rates. (a) The Loans included in each Committed Borrowing Mortgage Loan shall bear interest initially at the type of rate specified by the Borrower in connection with the applicable Notice closing of Committed Borrowingthe Mortgage Loan. Thereafter, the Borrower may from time to time elect to change or continue the type of interest rate borne by each Group of Loans thereby (subject in each case to the provisions provisions, as incorporated herein by Article V hereof, of Article VIIIVIII of the Revolving Credit Agreement), as follows:
(i) if such Loans are at the time the Mortgage Loan is a Base Rate LoansLoan, the Borrower may elect to convert such Loans Mortgage Loan to a Euro-Dollar Loans Loan as of any Euro-Dollar Business Day; and;
(ii) if such Loans are at the time the Mortgage Loan is a Euro-Dollar LoansLoan, the Borrower may (x) elect to convert such Euro-Dollar Loans Mortgage Loan to a Base Rate Loans as of any Domestic Business Day, (y) elect to convert such Euro-Dollar Loans to Euro‑Dollar Loans with an Interest Period different from the then current Interest Period applicable to such Loans as of any Euro‑Dollar Business Day Loan or (z) elect to continue such Loans Mortgage Loan as Euro‑Dollar Loans a Euro-Dollar Loan for an additional Interest Period beginning Period, in each case effective on the last day of the then current Interest Period applicable to such Loans; provided that, if the Borrower elects to convert any Euro-Dollar Loans to Base Rate Loans or to Euro-Dollar Loans with a different Interest Period, as of any day other than the last day of the then current Interest Period applicable to such Loans, the Borrower shall reimburse each Lender in accordance with Section 2.16Mortgage Loan. Each such election shall be made by delivering a notice (a “"Notice of Interest Rate Election”") to the Administrative Agent (i) at least one Domestic three (3) Euro-Dollar Business Day Days before the conversion or continuation selected in such notice is to be effective if (unless the relevant Loans are Mortgage Loan is to be converted into continued as a Base Rate Loans or Loan, in which case such notice shall be delivered to the Administrative Agent no later than 12:00 Noon (iiNew York City time) at least three Euro‑Dollar one (1) Domestic Business Days Day before such conversion or continuation is to be effective if such Loans are to be converted into, or continued as, Euro‑Dollar Loanseffective). A Notice of Interest Rate Election may, if it so specifies, shall apply to only a portion of the aggregate principal amount of the relevant Group of Loansentire Mortgage Loan; provided that (i) such portion the Mortgage Loan may not be continued as, or converted into, a Euro-Dollar Loan when any Event of Default has occurred and is allocated ratably among the Loans comprising such Group continuing, and (ii) no Interest Period shall extend beyond the portion to which such Notice applies, and the remaining portion to which it does not apply, are each $15,000,000 or any larger multiple of $1,000,000Maturity Date.
(b) Each Notice of Interest Rate Election shall specify:
(i) the Group of Loans (or portion thereof) to which such notice applies;
(ii) the date on which the conversion or continuation selected in such notice is to be effective, which shall comply with the provisions of subsection (a) above;
(ii) if the Mortgage Loan is to be converted, the new type of Mortgage Loan and, if such new type is a Euro-Dollar Loan, the duration of the initial Interest Period applicable clause of Section 2.13(a);thereto; and
(iii) whether if such Group of Loans (or portion thereof) Mortgage Loan is to be converted to Base Rate Loans or Euro‑Dollar Loans or continued as Euro‑Dollar Loans a Euro-Dollar Loan for an additional Interest Period; and
(iv) if such Loans (or portions thereof) are to be converted to or continued as Euro‑Dollar Loans, the duration of the such additional Interest Period to be applicable thereto immediately after such conversion or continuationPeriod. Each Interest Period specified in a Notice of Interest Rate Election shall comply with the provisions of the definition of Interest Period.
(c) Upon receipt of a Notice of Interest Rate Election from the Borrower pursuant to Section 2.13(a)subsection (a) above, the Administrative Agent shall promptly notify each Lender Bank on the same day as it receives such Notice of Interest Rate Election of the contents thereof and such notice shall not thereafter be revocable by the Borrower. If the Borrower fails to deliver a timely Notice of Interest Rate Election to the Administrative Agent for any and the Mortgage Loan is at the time a Euro-Dollar LoansLoan, such Loans Mortgage Loan shall be converted into a Base Rate Loans Loan on the last day of the then current Interest Period applicable thereto.
Appears in 1 contract
Method of Electing Interest Rates. (a) The Loans included in each Committed Borrowing shall bear interest initially at the type of rate specified by the Borrower in the applicable Notice of Committed Borrowing. Thereafter, the Borrower may from time to time elect to change or continue the type of interest rate borne by each Group Base Rate Loan and each Euro-Dollar Loan with respect to which the last day of Loans the Interest Period is the same day (subject in each case to Section 2.07(d) and the provisions of Article VIII)8), as follows:
(i) if such Loans are Loan is a Base Rate LoansLoan, the Borrower may elect to convert such Loans Loan to a Euro-Dollar Loans Loan as of any Euro-Dollar Business Day; and
(ii) if such Loans are Loan is a Euro-Dollar LoansLoan, the Borrower may (x) elect to convert such Euro-Dollar Loans Loan to a Base Rate Loans Loan as of any Domestic Business Day, (y) elect to convert such Euro-Dollar Loans to Euro‑Dollar Loans with an Interest Period different from the then current Interest Period applicable to such Loans as of any Euro‑Dollar Business Day or (z) elect to continue such Loans Loan as Euro‑Dollar Loans a Euro-Dollar Loan for an additional Interest Period beginning on the last day of the then current Interest Period applicable to such Loans; provided that, if the Borrower elects to convert any Euro-Dollar Loans to Base Rate Loans or to Euro-Dollar Loans with a different Interest Period, as of subject to Section 2.12 if any such conversion is effective on any day other than the last day of the then current an Interest Period applicable to such Loans, the Borrower shall reimburse each Lender in accordance with Section 2.16Loan. Each such election shall be made by delivering (A) telephone or (B) a notice (a “Notice of Interest Rate Election”) ; provided that any telephonic notice must be confirmed promptly by delivery to the Administrative Agent of a Notice of Interest Rate Election not later than 1:00 P.M. (iNew York City time) at least one Domestic on the third Euro-Dollar Business Day before the conversion or continuation selected in such notice is to be effective if the relevant Loans are to be converted into Base Rate Loans or (ii) at least three Euro‑Dollar Business Days before such conversion or continuation is to be effective if such Loans are to be converted into, or continued as, Euro‑Dollar Loanseffective. A Notice of Interest Rate Election may, if it so specifies, apply to only a portion of the aggregate principal amount of the relevant Group Base Rate Loans or Euro-Dollar Loans with respect to which the last day of Loansthe Interest Period is the same day; provided that (i) such portion is allocated ratably among the Loans comprising such Group and (ii) the portion to which such Notice applies, and the remaining portion to which it does not apply, are each at least $15,000,000 or any larger multiple 5,000,000 (unless such portion is comprised of $1,000,000Base Rate Loans).
(b) Each Notice of Interest Rate Election shall specify:
(i) the Group of Loans (or portion thereof) to which such notice appliesapplies (which Loans shall be Base Rate Loans or Euro-Dollar Loans with respect to which the last day of the Interest Period is the same day);
(ii) the date on which the conversion or continuation selected in such notice is to be effective, which shall comply with the applicable clause of Section 2.13(a)2.07(a) above;
(iii) whether such Group if the applicable Loans are to be converted, the new type of Loans (or portion thereof) is and, if the Loans resulting from such conversion are to be converted to Base Rate Loans or Euro‑Dollar Loans or continued as Euro‑Dollar Loans for an additional Euro-Dollar Loans, the duration of the next succeeding Interest PeriodPeriod applicable thereto; and
(iv) if such Loans (or portions thereof) are to be converted to or continued as Euro‑Dollar LoansEuro-Dollar Loans for an additional Interest Period, the duration of the such additional Interest Period to be applicable thereto immediately after such conversion or continuationPeriod. Each Interest Period specified in a Notice of Interest Rate Election shall comply with the provisions of the definition of Interest Period.
(c) Upon receipt of Promptly after receiving a Notice of Interest Rate Election from the Borrower pursuant to Section 2.13(a)2.07(a) above, the Administrative Agent shall promptly notify each Lender of the contents thereof and such notice shall not thereafter be revocable by the Borrower. .
(d) The Borrower shall not be entitled to elect to convert any Loans to, or continue any Loans for an additional Interest Period as, Euro-Dollar Loans if (i) the aggregate principal amount of any Euro-Dollar 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.
(e) If any Loan is converted to a different type of Loan, the Borrower shall pay, on the date of such conversion, the interest accrued to such date on the principal amount being converted.
(f) If the Borrower fails to deliver specify a timely type of Loan in a Notice of Borrowing or Notice of Interest Rate Election or if the Borrower fails to give a timely notice requesting a conversion or continuation, then the Agent for any Euro-Dollar Loans, such applicable Loans shall be made as, or converted into to, Base Rate Loans. Any such automatic conversion to Base Rate Loans on shall be effective as of the last day of the then current Interest Period then in effect with respect to the applicable theretoEuro-Dollar Loans. If the Borrower requests a Borrowing of, conversion to, or continuation of Euro-Dollar Loans in any such Notice of Borrowing or Notice of Interest Election, but fails to specify an Interest Period, it will be deemed to have specified an Interest Period of one month.
Appears in 1 contract
Samples: Credit Agreement (Consolidated Edison Co of New York Inc)
Method of Electing Interest Rates. (a) The Loans included in each Committed Borrowing shall bear interest initially at the type of rate specified by the applicable Borrower in the applicable Notice of Committed Borrowing. Thereafter, the each Borrower may from time to time elect to change or continue the type of interest rate borne by each Group of Loans (subject in each case to the provisions of Article VIII)) made to such Borrower, as follows:
(i) if such Loans are Base Rate Loans, the applicable Borrower may elect to convert all or any portion of such Loans to Euro-Dollar Yen LIBOR Loans as of any Euro-Dollar Business Day; and;
(ii) if such Loans are Euro-Dollar Yen LIBOR Loans, the applicable Borrower may (x) elect to convert all or any portion of such Euro-Dollar Loans to Base Rate Loans as of any Domestic Business Day, (y) and/or elect to convert such Euro-Dollar Loans to Euro‑Dollar Loans with an Interest Period different from the then current Interest Period applicable to continue all or any portion of such Loans as of any Euro‑Dollar Business Day or (z) elect to continue such Loans as Euro‑Dollar Yen LIBOR Loans for an additional Interest Period beginning or additional Interest Periods, in each case effective on the last day of the then current Interest Period applicable to such Loans; , or on such other date designated by the applicable Borrower in the Notice of Interest Rate Election, provided that, if the Borrower elects to convert any Euro-Dollar Loans to Base Rate Loans or to Euro-Dollar Loans with a different Interest Period, as of any day other than the last day of the then current Interest Period applicable to such Loans, the Borrower shall reimburse each Lender in accordance with pay any losses pursuant to Section 2.162.11. Each such election shall be made by delivering a notice (a “Notice of Interest Rate Election”) to the Administrative Agent (i) at least one Domestic Business Day before such notice is to be effective if the relevant Loans are to be converted into Base Rate Loans or (ii) at least three Euro‑Dollar four Business Days before such prior to, but excluding, the effective date of the conversion or continuation is to be effective if selected in such Loans are to be converted into, or continued as, Euro‑Dollar Loansnotice. A Notice of Interest Rate Election may, if it so specifies, apply to only a portion of the aggregate principal amount of the relevant Group of Loans; provided that (i) such portion is allocated ratably among the Loans comprising such Group and of Loans, (ii) the portion to which such Notice of Interest Rate Election applies, and the remaining portion to which it does not apply, are each $15,000,000 JPY 30,000,000 or any larger a higher integral multiple of $JPY 1,000,000, and (iii) no Committed Loan may be continued as, or converted into, a Yen LIBOR Loan when any Guarantor Event of Default has occurred and is continuing or when any Borrower Event of Default has occurred and is continuing with respect to the Borrower delivering such Notice of Interest Rate Election; provided, further, that if any Bank has previously advised Administrative Agent and Borrower that it is unable to make a Base Rate Loan and such notice has not been withdrawn, the applicable Borrower shall be deemed to have continued any Committed Loan that is a Yen LIBOR Loan as a Yen LIBOR Loan and, unless the applicable Borrower timely elects an Interest Period, shall be deemed to have elected an Interest Period of seven days (provided if such Interest Period is not available from all Banks, such Borrower shall be deemed to have elected an Interest Period of one month).
(b) Each Notice of Interest Rate Election shall specify:
(i) the Group of Loans (or portion thereof) to which such notice applies;
(ii) the date on which the conversion or continuation selected in such notice is to be effective, which shall comply with the applicable clause of Section 2.13(a)subsection (a) above;
(iii) whether if the Loans comprising such Group of Loans (or portion thereof) is are to be converted to Base Rate converted, the new type of Loans or Euro‑Dollar and, if such new Loans or continued as Euro‑Dollar Loans for an additional are Yen LIBOR Loans, the duration of the initial Interest PeriodPeriod applicable thereto; and
(iv) if such Loans (or portions thereof) are to be converted to or continued as Euro‑Dollar LoansYen LIBOR Loans for an additional Interest Period, the duration of the such additional Interest Period to be applicable thereto immediately after such conversion or continuationPeriod. Each Interest Period specified in a Notice of Interest Rate Election shall comply with the provisions of the definition of Interest Period.
(c) Upon receipt of a Notice of Interest Rate Election from the any Borrower pursuant to Section 2.13(a)subsection (a) above, the Administrative Agent shall promptly notify each Lender Bank the same day as it receives such Notice of Interest Rate Election of the contents thereof thereof, the interest rates determined pursuant thereto and the Interest Periods (if different from those requested by such Borrower) and such notice shall not thereafter be revocable by the such Borrower. If the applicable Borrower fails to deliver a timely Notice of Interest Rate Election to the Administrative Agent for any Euro-Dollar Yen LIBOR Group of Loans, such Loans shall be converted into Base Rate Loans, and such Borrower shall be deemed to have made a Base Rate Borrowing in the amount of such Yen LIBOR Group of Loans (for which such Borrower shall be deemed to have timely given a Notice of Borrowing pursuant to Section 2.2 and all other conditions to such Borrowing shall be deemed waived or satisfied) and the proceeds of such Borrowing shall be deemed to have been used to repay such Yen LIBOR Group of Loans on the last day of the then current Interest Period applicable thereto.
(d) Notwithstanding anything to the contrary contained herein, if any Bank has previously advised Administrative Agent and Borrower that it is unable to make a Base Rate Loan and until such notice is withdrawn, (i) the Base Rate Loan option shall not be available and the Borrowers shall only have the option to make Yen LIBOR Borrowings, (ii) with respect to any Borrowing made (or deemed made) during such period, the Borrowers shall be deemed to have elected the Yen LIBOR Borrowing option and, unless the Borrower makes a timely election otherwise, shall be deemed to have elected an Interest Period of seven days (provided if such Interest Period is not available from all Banks, such Borrower shall be deemed to have elected an Interest Period of one month) and (iii) if the Interest Period with respect to any Yen LIBOR Loans shall end during such period, Borrower shall be deemed to have elected to continue such Yen LIBOR Loans as Yen LIBOR Loans and, unless the Borrower makes a timely election otherwise, such Borrower shall be deemed to have elected an Interest Period of seven days (provided if such Interest Period is not available from all Banks, such Borrower shall be deemed to have elected an Interest Period of one month).
(e) Notwithstanding any other provision of this Agreement, no Borrower may have more than ten Yen LIBOR Groups of Loans outstanding at any one time.
Appears in 1 contract
Method of Electing Interest Rates. (a) The Loans included in each Committed Borrowing shall bear interest initially at the type of rate specified by the Borrower in the applicable Notice of Committed Borrowing. Thereafter, the Borrower may from time to time elect to change or continue the type of interest rate borne by each Group of Loans (subject in each case to the provisions of Article VIII), as follows:
(i) if such Loans are Base Rate Loans, the Borrower may elect to convert all or any portion of such Loans to Euro-Dollar Loans as of any Euro-Dollar Business Day; and;
(ii) if such Loans are Euro-Dollar Loans, the Borrower may (x) elect to convert all or any portion of such Euro-Dollar Loans to Base Rate Loans as of any Domestic Business Day, (y) and/or elect to convert continue all or any portion of such Loans as Euro-Dollar Loans to Euro‑Dollar Loans with an Interest Period different from the then current Interest Period applicable to such Loans as of any Euro‑Dollar Business Day or (z) elect to continue such Loans as Euro‑Dollar Loans for an additional Interest Period beginning or additional Interest Periods, in each case effective on the last day of the then current Interest Period applicable to such Loans; , or on such other date designated by Borrower in the Notice of Interest Rate Election provided that, if the Borrower elects to convert any Euro-Dollar Loans to Base Rate Loans or to Euro-Dollar Loans with a different Interest Period, as of any day other than the last day of the then current Interest Period applicable to such Loans, the Borrower shall reimburse each Lender in accordance with pay any losses pursuant to Section 2.162.13. 52 Each such election shall be made by delivering a notice (a “Notice of Interest Rate Election”"NOTICE OF INTEREST RATE ELECTION") to the Administrative Agent (i) at least one Domestic three (3) Euro-Dollar Business Day Days before the conversion or continuation selected in such notice is to be effective if the relevant Loans are to be converted into Base Rate Loans or (ii) at least three Euro‑Dollar Business Days before such conversion or continuation is to be effective if such Loans are to be converted into, or continued as, Euro‑Dollar Loanseffective. A Notice of Interest Rate Election may, if it so specifies, apply to only a portion of the aggregate principal amount of the relevant Group of Loans; provided PROVIDED that (i) such portion is allocated ratably among the Loans comprising such Group and of Loans, (ii) the portion to which such Notice of Interest Rate Election applies, and the remaining portion to which it does not apply, are each $15,000,000 500,000 or any larger multiple of $1,000,000100,000, (iii) there shall be no more than ten (10) Euro-Dollar Groups of Loans outstanding at any time, (iv) no Committed Loan may be continued as, or converted into, a Euro-Dollar Loan when any Event of Default has occurred and is continuing, and (v) no Interest Period shall extend beyond the Maturity Date.
(b) Each Notice of Interest Rate Election shall specify:
(i) the Group of Loans (or portion thereof) to which such notice applies;
(ii) the date on which the conversion or continuation selected in such notice is to be effective, which shall comply with the applicable clause of Section 2.13(a)subsection (a) above;
(iii) whether if the Loans comprising such Group of Loans (or portion thereof) is are to be converted to Base Rate converted, the new type of Loans or Euro‑Dollar and, if such new Loans or continued as Euro‑Dollar Loans for an additional are Euro-Dollar Loans, the duration of the initial Interest PeriodPeriod applicable thereto; and
(iv) if such Loans (or portions thereof) are to be converted to or continued as Euro‑Dollar LoansEuro-Dollar Loans for an additional Interest Period, the duration of the such additional Interest Period to be applicable thereto immediately after such conversion or continuationPeriod. Each Interest Period specified in a Notice of Interest Rate Election shall comply with the provisions of the definition of Interest Period.
(c) Upon receipt of a Notice of Interest Rate Election from the Borrower pursuant to Section 2.13(a)subsection (a) above, the Administrative Agent shall promptly notify each Lender Bank the same day as it receives such Notice of Interest Rate Election of the contents thereof thereof, the interest rates determined pursuant thereto and the Interest Periods (if different from those requested by the Borrower) and such notice shall not thereafter be revocable by the Borrower. If the Borrower fails to deliver a timely Notice of Interest Rate Election to the Administrative Agent for any Group of Loans which are Euro-Dollar Loans, such Loans shall be converted into Base Rate Loans on the last day of the then current Interest Period applicable thereto.
(d) If the Borrower shall fail to pay any principal of or interest on any Money Market Loan when due, such Money Market Loan shall bear interest, payable on demand, for each day until paid at a rate per annum equal to the Base Rate until (in the case of a failure to pay interest) such failure shall become an Event of Default and thereafter (or immediately in the case of a failure to pay principal) at a rate per annum equal to the sum of 4% plus the Base Rate for such day.
Appears in 1 contract
Samples: Revolving Credit Agreement (Equity Residential Properties Trust)
Method of Electing Interest Rates. (a) The Loans included in each Committed Borrowing shall bear interest initially at the type of rate specified by the Borrower in the applicable Notice of Committed Borrowing. Thereafter, the Borrower may from time to time elect to change or continue the type of interest rate borne by each Group of Loans (subject in each case to subsection (d) of this Section and the provisions of Article VIII), as follows:
(i) if such Loans are Base Rate Loans, the Borrower may elect to convert such Loans to CD Loans as of any Domestic Business Day or to Euro-Dollar Loans as of any Euro-Dollar Business Day; and
(ii) if such Loans are CD Loans, the Borrower may elect to convert such Loans to Base Rate Loans or Euro-Dollar Loans or elect to continue such Loans as CD Loans for an additional Interest Period, subject to Section 2.11 if any such conversion is effective on any day other than the last day of an Interest Period applicable to such Loans; and (iii) if such Loans are Euro-Dollar Loans, the Borrower may (x) elect to convert such Euro-Dollar Loans to Base Rate Loans as of any Domestic Business Day, (y) elect to convert such Euro-Dollar or CD Loans to Euro‑Dollar Loans with an Interest Period different from the then current Interest Period applicable to such Loans as of any Euro‑Dollar Business Day or (z) elect to continue such Loans as Euro‑Dollar Euro-Dollar Loans for an additional Interest Period beginning on the last day of the then current Interest Period applicable to such Loans; provided that, if the Borrower elects to convert any Euro-Dollar Loans to Base Rate Loans or to Euro-Dollar Loans with a different Interest Period, as of subject to Section 2.11 if any such conversion is effective on any day other than the last day of the then current an Interest Period applicable to such Loans, the Borrower shall reimburse each Lender in accordance with Section 2.16. Each such election shall be made by delivering a notice (a “"Notice of Interest Rate Election”") to the Agent not later than 10:30 A.M. (iNew York City time) at least one Domestic on the third Euro-Dollar Business Day before the conversion or continuation selected in such notice is to be effective if (unless the relevant Loans are to be converted into Base Rate from Domestic Loans of one type to Domestic Loans of the other type or are CD Loans to be continued as CD Loans for an additional Interest Period, in which case such notice shall be delivered to the Agent not later than 10:30 A.M. (iiNew York City time) at least three Euro‑Dollar on the second Domestic Business Days Day before such conversion or continuation is to be effective if such Loans are to be converted into, or continued as, Euro‑Dollar Loanseffective). A Notice of Interest Rate Election may, if it so specifies, apply to only a portion of the aggregate principal amount of the relevant Group of Loans; provided that (i) such portion is allocated ratably among the Loans comprising such Group and (ii) the portion to which such Notice applies, and the remaining portion to which it does not apply, are each at least $15,000,000 5,000,000 (unless, in either case, such portion is comprised of Base Rate Loans). If no such notice is timely received before the end of an Interest Period for any Group of CD Loans or any larger multiple Euro-Dollar Loans, the Borrower shall be deemed to have elected that such Group of $1,000,000Loans be converted to Base Rate Loans at the end of such Interest Period.
(b) Each Notice of Interest Rate Election shall specify:
: (i) the Group of Loans (or portion thereof) to which such notice applies;
; (ii) the date on which the conversion or continuation selected in such notice is to be effective, which shall comply with the applicable clause of Section 2.13(a);
subsection (a) above; (iii) whether if the Loans comprising such Group are to be converted, the new type of Loans (or portion thereof) is and, if the Loans resulting from such conversion are to be converted to Base Rate CD Loans or Euro‑Dollar Euro-Dollar Loans, the duration of the next succeeding Interest Period applicable thereto; and (iv) if such Loans are to be continued as CD Loans or continued as Euro‑Dollar Euro-Dollar Loans for an additional Interest Period; and
(iv) if such Loans (or portions thereof) are to be converted to or continued as Euro‑Dollar Loans, the duration of the such additional Interest Period to be applicable thereto immediately after such conversion or continuationPeriod. Each Interest Period specified in a Notice of Interest Rate Election shall comply with the provisions of the definition of Interest Period.
(c) Upon receipt of Promptly after receiving a Notice of Interest Rate Election from the Borrower pursuant to Section 2.13(a)subsection (a) above, the Agent shall promptly notify each Lender Bank of the contents thereof and such notice shall not thereafter be revocable by the Borrower. If the .
(d) The Borrower fails shall not be entitled to deliver a timely Notice of elect to convert any Loans to, or continue any Loans for an additional Interest Rate Election to the Agent for any Period as, CD Loans or Euro-Dollar Loans, Loans if (i) the aggregate principal amounts of any Group of CD Loans or Euro-Dollar Loans created or continued as a result of such Loans election would be less than $5,000,000 or (ii) a Default shall have occurred and be converted into Base Rate Loans on continuing when the last day Borrower delivers notice of such election to the then current Interest Period applicable theretoAgent.
Appears in 1 contract
Method of Electing Interest Rates. (a) The Loans included in each Committed Borrowing shall bear interest initially at the type of rate specified by the Borrower in the applicable Notice of Committed Borrowing. Thereafter, the Borrower may from time to time elect to change or continue the type of interest rate borne by each Group of Loans (subject in each case to the provisions of Article VIII)8), as follows:
(i) if such Loans are Base Rate Loans, the Borrower may elect to convert such Loans to CD Loans as of any Domestic Business Day or to Euro-Dollar Loans as of any Euro-Dollar Business Day; and;
(ii) if such Loans are Euro-Dollar CD Loans, the Borrower may (x) elect to convert such Euro-Dollar Loans to Base Rate Loans as of any Domestic Business Day, (y) elect to convert such or Euro-Dollar Loans to Euro‑Dollar Loans with an Interest Period different from the then current Interest Period applicable to such Loans as of any Euro‑Dollar Business Day or (z) elect to continue such Loans as Euro‑Dollar CD Loans for an additional Interest Period beginning on the last day of the then current Interest Period applicable to such Loans; provided that, if the Borrower elects to convert any Euro-Dollar Loans to Base Rate Loans or to Euro-Dollar Loans with a different Interest Period, as subject to Section 2.14 in the case of any such conversion or continuation effective on any day other than the last day of the then current Interest Period applicable to such Loans; and
(iii) if such Loans are Euro-Dollar Loans, the Borrower shall reimburse each Lender may elect to convert such Loans to Base Rate Loans or CD Loans or elect to continue such Loans as Euro-Dollar Loans for an additional Interest Period, subject to Section 2.14 in accordance with Section 2.16the case of any such conversion or continuation effective on any day other than the last day of the then current Interest Period applicable to such Loans. Each such election shall be made by delivering a notice (a “"Notice of Interest Rate Election”") to the Agent not later than 10:00 A.M. (iNew York City time) at least one Domestic on the third Euro-Dollar Business Day before such notice is to be effective if the relevant Loans are to be converted into Base Rate Loans or (ii) at least three Euro‑Dollar Business Days before such conversion or continuation is to be effective if such Loans are to be converted into, or continued as, Euro‑Dollar Loans. A Notice of Interest Rate Election may, if it so specifies, apply to only a portion of the aggregate principal amount of the relevant Group of Loans; provided that (i) such portion is allocated ratably among the Loans comprising such Group and (ii) the portion to which such Notice applies, and the remaining portion to which it does not apply, are each $15,000,000 or any larger multiple of $1,000,000.
(b) Each Notice of Interest Rate Election shall specify:
(i) the Group of Loans (or portion thereof) to which such notice applies;
(ii) the date on which the conversion or continuation selected in such notice is to be effective, which shall comply with effective (unless the applicable clause of Section 2.13(a);
(iii) whether such Group of relevant Loans (or portion thereof) is are to be converted to Base Domestic Loans of the other type or are CD Rate Loans or Euro‑Dollar Loans or to be continued as Euro‑Dollar CD Rate Loans for an additional Interest Period; and
(iv) if such Loans (or portions thereof) are to be converted to or continued as Euro‑Dollar Loans, the duration of the Interest Period to be applicable thereto immediately after such conversion or continuation. Each Interest Period specified in a Notice of Interest Rate Election shall comply with the provisions of the definition of Interest Period.
(c) Upon receipt of a Notice of Interest Rate Election from the Borrower pursuant to Section 2.13(a), the Agent shall promptly notify each Lender of the contents thereof and which case such notice shall not thereafter be revocable by the Borrower. If the Borrower fails to deliver a timely Notice of Interest Rate Election delivered to the Agent for any Euro-Dollar Loans, such Loans shall be converted into Base Rate Loans on the last day of the then current Interest Period applicable thereto.not later
Appears in 1 contract
Samples: Credit Agreement (Quaker State Corp)
Method of Electing Interest Rates. (a) The Loans included in each Committed Borrowing shall bear interest initially at the type of rate specified by the Borrower in the applicable Notice of Committed Borrowing. Thereafter, the Borrower may from time to time elect to change or continue the type of interest rate borne by each Group of Committed Loans (subject in each case to the provisions of Article VIII), as follows:
(i) if such Loans are Base Rate Loans, the Borrower may elect to convert such Loans to CD Loans as of any Domestic Business Day or to Euro-Dollar Loans as of any Euro-Dollar Business Day; and
(ii) if such Loans are Euro-Dollar CD Loans, the Borrower may (x) elect to convert such Euro-Dollar Loans to Base Rate Loans as of any Domestic Business Day, (y) elect to convert such or Euro-Dollar Loans to Euro‑Dollar Loans with an Interest Period different from the then current Interest Period applicable to such Loans as of any Euro‑Dollar Business Day or (z) elect to continue such Loans as Euro‑Dollar CD Loans for an additional Interest Period beginning Period, in each case effective on the last day of the then current Interest Period applicable to such Loans; provided that, or (iii) if the Borrower elects to convert any such Loans are Euro-Dollar Loans, the Borrower may elect to convert such Loans to Base Rate Loans or CD Loans or elect to continue such Loans as Euro-Dollar Loans with a different for an additional Interest Period, as of any day other than in each case effective on the last day of the then current Interest Period applicable to such Loans, the Borrower shall reimburse each Lender in accordance with Section 2.16. Each such election shall be made by delivering a notice substantially in the form attached hereto as Exhibit C (a “"Notice of Interest Rate Election”") to the Administrative Agent (i) at least one Domestic three Euro-Dollar Business Day Days before the conversion or continuation selected in such notice is to be effective if (unless the relevant Loans are to be converted into Base Rate from Domestic Loans to Domestic Loans of the other type or (ii) continued as Domestic Loans of the same type for an additional Interest Period, in which case such notice shall be delivered to the Administrative Agent at least three Euro‑Dollar Domestic Business Days before such conversion or continuation is to be effective if such Loans are to be converted into, or continued as, Euro‑Dollar Loanseffective). A Notice of Interest Rate Election may, if it so specifies, apply to only a portion of the aggregate principal amount of the relevant Group of Loans; provided that (i) such portion is allocated ratably among the Loans comprising such Group and (ii) the portion to which such Notice applies, and the remaining portion to which it does not apply, are each $15,000,000 25,000,000 or any larger multiple of $1,000,0005,000,000.
(b) Each Notice of Interest Rate Election shall specify:
(i) the Group of Committed Loans (or portion thereof) to which such notice applies;
; (ii) the date on which the conversion or continuation selected in such notice is to be effective, which shall comply with the applicable clause of Section 2.13(a);
subsection (a) above; (iii) whether if the Loans comprising such Group are to be converted, the new type of Loans and, if such new Loans are Fixed Rate Loans, the duration of the initial Interest Period applicable thereto; and (or portion thereofiv) is if such Loans are to be converted to Base Rate continued as CD Loans or Euro‑Dollar Loans or continued as Euro‑Dollar Euro-Dollar Loans for an additional Interest Period; and
(iv) if such Loans (or portions thereof) are to be converted to or continued as Euro‑Dollar Loans, the duration of the such additional Interest Period to be applicable thereto immediately after such conversion or continuationPeriod. Each Interest Period specified in a Notice of Interest Rate Election shall comply with the provisions of the definition of Interest Period.
(c) Upon receipt of a Notice of Interest Rate Election from the Borrower pursuant to Section 2.13(a)subsection (a) above, the Agent shall promptly notify each Lender of the contents thereof and such notice shall not thereafter be revocable by the BorrowerBorrower and the Administrative Agent shall promptly notify each Bank of the contents thereof. If the Borrower fails to deliver a timely Notice of Interest Rate Election to the Administrative Agent for any Euro-Dollar Group of Fixed Rate Loans, such Loans shall be converted into Base Rate Loans on the last day of the then current Interest Period applicable thereto.
(d) An election by the Borrower to change or continue the rate of interest applicable to any Group of Loans pursuant to this Section 2.10 shall not constitute a "Borrowing" subject to the provisions of Section 3.02.
Appears in 1 contract
Method of Electing Interest Rates. (al) The Loans included in each Committed Borrowing shall bear interest initially at the type of rate specified by the Borrower in the applicable Notice of Committed Borrowing. Thereafter, the Borrower may from time to time elect to change or continue the type of interest rate borne by each Group of Loans (subject in each case to the provisions of Article VIII), as follows:
(i) if such Loans are Base Rate Loans, the Borrower may elect to convert all or any portion of such Loans to Euro-Dollar Loans as of any Euro-Dollar Business Day; and;
(ii) if such Loans are Euro-Dollar Loans, the Borrower may (x) elect to convert all or any portion of such Euro-Dollar Loans to Base Rate Loans as of any Domestic Business Day, (y) elect to convert such Euro-Dollar Loans to Euro‑Dollar Loans with an Interest Period different from the then current Interest Period applicable to such Loans as of any Euro‑Dollar Business Day or (z) elect to continue such Loans as Euro‑Dollar Loans for an additional Interest Period beginning on the last day of the then current Interest Period applicable to such Loans; provided that, if the Borrower elects to convert any Euro-Dollar Loans to Base Rate Loans or to Euro-Dollar Loans with a different Interest Period, as of any day other than the last day of the then current Interest Period applicable to such Loans, the Borrower shall reimburse each Lender in accordance with Section 2.16. Each such election shall be made by delivering a notice (a “Notice of Interest Rate Election”"NOTICE OF INTEREST RATE ELECTION") to the Agent (i) Lender at least one Domestic four (4) Euro-Dollar Business Day Days before the conversion or continuation selected in such notice is to be effective if effective. Such notice shall be sent to both [x] and [y] at the relevant Loans are to be converted into Base Rate Loans or (ii) at least three Euro‑Dollar Business Days before such conversion or continuation is to be effective if such Loans are to be converted into, or continued as, Euro‑Dollar Loansoffice of the Lender specified in Section 9.1 hereof. A Notice of Interest Rate Election may, if it so specifies, apply to only a portion of the aggregate principal amount of the relevant Group of Loans; provided PROVIDED that (i) such portion is allocated ratably among the Loans comprising such Group and (ii) the portion to which such Notice applies, and the remaining portion to which it does not apply, are each $15,000,000 500,000 or any larger multiple of $1,000,000100,000 and (ii) there shall be no more than six (6) Euro-Dollar Groups of Loans outstanding at any time.
(bm) Each Notice of Interest Rate Election shall specify:
(i) the Group of Loans (or portion thereof) to which such notice applies;
(ii) the date on which the conversion or continuation selected in such notice is to be effective, which shall comply with the applicable clause of Section 2.13(a);subsection (a) above; and
(iii) whether if the Loans comprising such Group of Loans (or portion thereof) is to be converted to Base Rate Loans or Euro‑Dollar Loans or continued as Euro‑Dollar Loans for an additional Interest Period; and
(iv) if such Loans (or portions thereof) are to be converted to or continued as Euro‑Dollar Loansconverted, the duration new type of the Interest Period to be applicable thereto immediately after such conversion or continuation. Each Interest Period specified in a Notice of Interest Rate Election shall comply with the provisions of the definition of Interest PeriodLoans.
(c) Upon receipt of a Notice of Interest Rate Election from the Borrower pursuant to Section 2.13(a), the Agent shall promptly notify each Lender of the contents thereof and such notice shall not thereafter be revocable by the Borrower. If the Borrower fails to deliver a timely Notice of Interest Rate Election to the Agent for any Euro-Dollar Loans, such Loans shall be converted into Base Rate Loans on the last day of the then current Interest Period applicable thereto.
Appears in 1 contract
Samples: Senior Term Loan Agreement (Merry Land Properties Inc)
Method of Electing Interest Rates. (a) The Loans included in each Committed Borrowing shall bear interest initially (x) in the case of Existing Loans deemed to have been made on the Effective Date pursuant to the second sentence of Section 2.01(a), as Euro-Dollar Loans with an initial Interest Period as specified therein and (y) in the case of all Loans made pursuant to Section 2.01(b), at the type of rate specified by the Borrower in the applicable Notice of Committed Borrowing. Thereafter, the Borrower may from time to time elect to change or continue the type of interest rate borne by each Group of Loans (subject in each case to the provisions of Article VIII)8), as follows:
(i) if such Loans are Base Rate Loans, the Borrower may elect to convert such Loans to CD Loans as of any Domestic Business Day or to Euro-Dollar Loans as of any Euro-Dollar Business Day; and;
(ii) if such Loans are Euro-Dollar CD Loans, the Borrower may (x) elect to convert such Euro-Dollar Loans to Base Rate Loans as of any Domestic Business Day, (y) elect to convert such or Euro-Dollar Loans to Euro‑Dollar Loans with an Interest Period different from the then current Interest Period applicable to such Loans as of any Euro‑Dollar Business Day or (z) elect to continue such Loans as Euro‑Dollar CD Loans for an additional Interest Period beginning Period, in each case effective on the last day of the then current Interest Period applicable to such Loans; provided that, and
(iii) if the Borrower elects to convert any such Loans are Euro-Dollar Loans, the Borrower may elect to convert such Loans to Base Rate Loans or CD Loans or elect to continue such Loans as Euro-Dollar Loans with a different for an additional Interest Period, as of any day other than in each case effective on the last day of the then current Interest Period applicable to such Loans, the Borrower shall reimburse each Lender in accordance with Section 2.16. Each such election shall be made by delivering a notice (a “Notice of Interest Rate Election”"NOTICE OF INTEREST RATE ELECTION") to the Administrative Agent not later than 12:00 Noon (iNew York City time) at least one Domestic Business Day before such notice is to be effective (x) if the relevant Loans are to be converted into Base Rate to Domestic Loans or (ii) at least three Euro‑Dollar continued as Domestic Loans for an additional Interest Period, the second Domestic Business Days Day before such conversion or continuation is to be effective and (y) if such the relevant Loans are to be converted into, to Euro-Dollar Loans or continued asas Euro-Dollar Loans for an additional Interest Period, Euro‑Dollar Loansthe third Euro-Dollar Business Day before such conversion or continuation is to be effective. A Notice of Interest Rate Election may, if it so specifies, apply to only a portion of the aggregate principal amount of the relevant Group of Loans; provided that (i) such portion is allocated ratably among the Loans comprising such Group of Loans and (ii) the portion to which such Notice of Interest Rate Election applies, and the remaining portion to which it does not apply, are each at least $15,000,000 or any larger 1,000,000 and not more than one of such portions is other than a multiple of $1,000,000.
(b) Each Notice of Interest Rate Election shall specify:
(i) the Group of Loans (or portion thereof) to which such notice applies;
(ii) the date on which the conversion or continuation selected in such notice is to be effective, which shall comply with the applicable clause of Section 2.13(a);
(iii) whether such Group of Loans (or portion thereof) is to be converted to Base Rate Loans or Euro‑Dollar Loans or continued as Euro‑Dollar Loans for an additional Interest Period; and
(iv) if such Loans (or portions thereof) are to be converted to or continued as Euro‑Dollar Loans, the duration of the Interest Period to be applicable thereto immediately after such conversion or continuation. Each Interest Period specified in a Notice of Interest Rate Election shall comply with the provisions of the definition of Interest Period.
(c) Upon receipt of a Notice of Interest Rate Election from the Borrower pursuant to Section 2.13(a), the Agent shall promptly notify each Lender of the contents thereof and such notice shall not thereafter be revocable by the Borrower. If the Borrower fails to deliver a timely Notice of Interest Rate Election to the Agent for any Euro-Dollar Loans, such Loans shall be converted into Base Rate Loans on the last day of the then current Interest Period applicable thereto.
Appears in 1 contract
Method of Electing Interest Rates. (a) The Loans included in each Committed Borrowing Loan shall bear interest initially at the type of rate or rates specified by the Borrower Borrowers in the applicable Initial Notice of Committed BorrowingInterest Rate Election delivered no less than three (3) Euro-Dollar Business Days prior to the Closing Date. Thereafter, the Borrower Borrowers may from time to time elect to change or continue the type of interest rate borne by each Group of Loans (subject in each case to the provisions of Article VIII), as follows:
(i) if such Loans Loan Tranches are Alternate Base Rate Loans, the Borrower Borrowers may elect to convert such Loans Loan Tranches to Euro-Dollar Loans as of any Euro-Dollar Business Day; and;
(ii) if such Loans Loan Tranches are Euro-Dollar Loans, the Borrower Borrowers may (x) elect to convert such Loan Tranches to Alternate Base Rate Loans or elect to contin- ue such Loan Tranches as Euro-Dollar Loans to Base Rate Loans as of any Domestic Business Day, (y) elect to convert such Euro-Dollar Loans to Euro‑Dollar Loans with an Interest Period different from the then current Interest Period applicable to such Loans as of any Euro‑Dollar Business Day or (z) elect to continue such Loans as Euro‑Dollar Loans for an additional Interest Period beginning Period, in each case effective on the last day of the then current Interest Period applicable to such Loans; provided that, if the Borrower elects to convert any Euro-Dollar Loans to Base Rate Loans or to Euro-Dollar Loans with a different Interest Period, as of any day other than the last day of the then current Interest Period applicable to such Loans, the Borrower shall reimburse each Lender in accordance with Section 2.16Loan Tranches. Each such election shall be made by delivering a notice (a “"Notice of Interest Rate Election”") to the Agent (i) at least one Domestic three (3) Euro-Dollar Business Day Days before the conversion or continuation selected in such notice is to be effective if (unless the relevant Loans Loan Tranches are to be converted into continued as Alternate Base Rate Loans or (ii) Loans, in which case such notice shall be delivered to the Agent at least three Euro‑Dollar (3) Domestic Business Days before such conversion or continuation is to be effective if such Loans are to be converted into, or continued as, Euro‑Dollar Loanseffective). A Notice of Interest Rate Election may, if it so specifies, apply to only a portion of the aggregate principal amount of the relevant Group of Loans; provided that (i) such portion is allocated ratably among the Loans Loan Tranches comprising such Group and Group, (ii) the portion to which such Notice applies, and the remaining portion to which it does not apply, are each $15,000,000 5,000,000 or any larger multiple of $1,000,000100,000, (iii) there shall be no more than six (6) Loan Tranches comprised of Euro-Dollar Loans outstanding at any time, (iv) no Loan Tranche may be continued as, or converted into, a Euro-Dollar Loan when any Event of Default has occurred and is continuing, and (v) no Interest Period shall extend beyond the Termination Date.
(b) Each Notice of Interest Rate Election (including the Initial Notice of Interest Rate Election) shall specify:
(i) the Group of Loans (or portion thereof) to which such notice applies;
(ii) the date on which the conversion or continuation selected in such notice is to be effective, which shall comply with the applicable clause of Section 2.13(a)subsection (a) above;
(iii) whether if the Loan Tranches comprising such Group of Loans (or portion thereof) is are to be converted to Base Rate Loans or Euro‑Dollar Loans or continued as Euro‑Dollar Loans for an additional converted, the new type of Loan Tranches and, if such new Loan Tranches are Euro-Dollar Loans, the duration of the initial Interest PeriodPeriod applicable thereto; and
(iv) if such Loans (or portions thereof) Loan Tranches are to be converted to or continued as Euro‑Dollar LoansEuro-Dollar Loans for an additional Interest Period, the duration of the such additional Interest Period to be applicable thereto immediately after such conversion or continuationPeriod. Each Interest Period specified in a Notice of Interest Rate Election shall comply with the provisions of the definition of Interest Period.
(c) Upon receipt of a Notice of Interest Rate Election from the Borrower Borrowers pursuant to Section 2.13(a)subsection (a) above, the Agent shall promptly notify each Lender the same day as it receives such Notice of Interest Rate Election of the contents thereof and such notice shall not thereafter be revocable by the BorrowerBorrowers. If the Borrower fails Borrowers fail to deliver a timely Notice of Interest Rate Election to the Agent for any Group of Euro-Dollar Loans, such Euro-Dollar Loans shall be converted into Alternate Base Rate Loans on the last day of the then current Interest Period applicable thereto.
Appears in 1 contract
Method of Electing Interest Rates. (a) The Loans included in each Committed Borrowing shall bear interest initially at the type of rate specified by the Borrower in the applicable Notice of Committed Borrowing. Thereafter, the Borrower may from time to time elect to change or continue the type of interest rate borne by each Group of Loans (subject in each case to the provisions of Article VIII11), as follows:
(i) if such Loans are Base Rate Loans, the Borrower may elect to convert such Loans to Euro-Dollar Loans under the same Facility and for the same Purpose as of any Euro-Dollar Business Day or to CD Loans under such Facility and for such Purpose as of any Domestic Business Day; provided that (x) notice of such election may not be given if an Event of Default shall have occurred and be continuing on the third Euro-Dollar Business Day before such conversion is to be effective (in the case of a conversion to Euro-Dollar Loans) or the second Domestic Business Day before such conversion is to be effective (in the case of a conversion to CD Loans) and (y) the Borrower may not elect to convert any Facility B Loans to CD Loans;
(ii) if such Loans are CD Loans, the Borrower may elect to convert such Loans to Euro-Dollar Loans under the same Facility and for the same Purpose or to Base Rate Loans under such Facility and for such Purpose or to continue such Loans as CD Loans under such Facility and for such Purpose for an additional Interest Period, in each case effective on the last day of the then current Interest Period applicable to such Loans; and
(iiiii) if such Loans are Euro-Dollar Loans, the Borrower may (x) elect to convert such Euro-Dollar Loans to Base Rate Loans as of any Domestic Business Day, (y) elect under the same Facility and for the same Purpose or to convert CD Loans under such Euro-Dollar Loans to Euro‑Dollar Loans with an Interest Period different from the then current Interest Period applicable to Facility and for such Loans as of any Euro‑Dollar Business Day Purpose or (z) elect to continue such Loans as Euro‑Dollar Euro-Dollar Loans under such Facility and for such Purpose for an additional Interest Period beginning Period, in each case effective on the last day of the then current Interest Period applicable to such Loans; provided that, if that the Borrower elects may not elect to convert any Euro-Dollar Facility B Loans to Base Rate Loans or to Euro-Dollar Loans with a different Interest Period, as of any day other than the last day of the then current Interest Period applicable to such CD Loans, the Borrower shall reimburse each Lender in accordance with Section 2.16. Each such election shall be made by delivering a notice (a “"Notice of Interest Rate Election”") to the Administrative Agent not later than 12:00 Noon (iEastern Time) at least one on the third Euro-Dollar Business Day (or the second Domestic Business Day in the case of a conversion to CD Loans) before the conversion or continuation selected in such notice is to be effective if the relevant Loans are to be converted into Base Rate Loans or (ii) at least three Euro‑Dollar Business Days before such conversion or continuation is to be effective if such Loans are to be converted into, or continued as, Euro‑Dollar Loanseffective. A Notice of Interest Rate Election may, if it so specifies, apply to only a portion of the aggregate principal amount of the relevant Group of Loans; provided that (i) such portion is allocated ratably among the Loans comprising such Group and Group, (ii) the portion to which such Notice notice applies, and the remaining portion to which it does not apply, are each at least $15,000,000 5,000,000 (if such portion is to be comprised of CD Loans or any larger multiple Euro-Dollar Loans) or at least $1,000,000 (if such portion is to be comprised of $1,000,000Base Rate Loans) and (iii) immediately after giving effect to such Notice of Interest Rate Election, there shall be no more than 25 Groups of Loans (other than Base Rate Loans) outstanding hereunder.
(b) Each Notice of Interest Rate Election shall specify:
(i) the Group of Loans (or portion thereof) to which such notice applies, including the Facility, Interest Type and Purpose of such Loans;
(ii) the date on which the conversion or continuation selected in such notice is to be effective, which shall comply with the applicable clause of Section 2.13(a2.06(a);
(iii) whether if the Loans comprising such Group are to be converted, the new Interest Type of such Loans (or portion thereof) is and, if such Loans are to be converted to Base Rate Euro-Dollar Loans under the same Facility and for the same Purpose or Euro‑Dollar CD Loans or continued as Euro‑Dollar Loans under such Facility and for an additional such Purpose, the duration of the initial Interest PeriodPeriod applicable thereto; and
(iv) if such Loans (or portions thereof) are to be converted to or continued as Euro‑Dollar LoansEuro-Dollar Loans under the same Facility and for the same Purpose or CD Loans under such Facility and for such Purpose for an additional Interest Period, the duration of the such additional Interest Period to be applicable thereto immediately after such conversion or continuationPeriod. Each Interest Period specified in a Notice of Interest Rate Election shall comply with the provisions of the definition of Interest Period.
(c) Upon receipt of a Notice of Interest Rate Election from the Borrower pursuant to Section 2.13(a2.06(a), the Administrative Agent shall promptly notify each Lender under the relevant Facility of the contents thereof and such notice shall not thereafter be revocable by the Borrower. If the Borrower fails to deliver a timely Notice of Interest Rate Election to the Agent for any Euro-Dollar Loans, such Loans shall be converted into Base Rate Loans on the last day of the then current Interest Period applicable thereto.not
Appears in 1 contract
Samples: Credit Agreement (Vencor Inc)
Method of Electing Interest Rates. (a) The Loans included in each Committed Syndicated Borrowing shall bear interest initially at the type of rate specified by the a Borrower in the applicable Notice of Committed Borrowing. Thereafter, the such Borrower may from time to time elect to change or continue the type of interest rate borne by each Group of Loans (subject in each case to the provisions of Article VIII8 and the last sentence of this Section 2.10(a)), as follows:
(i) if such Loans are Base Rate Loans, the such Borrower may elect to convert such Loans to Euro-LIBOR Dollar Loans as of any Euro-Dollar Business Day; and;
(ii) if such Loans are Euro-LIBOR Dollar Loans, the such Borrower may (x) elect to convert such Euro-Dollar Loans to Base Rate Loans as of any Domestic Business Day, (y) elect to convert such Euro-Dollar Loans to Euro‑Dollar Loans with an Interest Period different from the then current Interest Period applicable to such Loans as of any Euro‑Dollar Business Day or (z) elect to continue such Loans as Euro‑Dollar LIBOR Dollar Loans for an additional Interest Period beginning on the last day of the then current Interest Period applicable to such Loans; provided that, if the Borrower elects to convert any Euro-Dollar Loans to Base Rate Loans or to Euro-Dollar Loans with a different Interest Period, as subject to Section 2.14 in the case of any such conversion or continuation effective on any day other than the last day of the then current Interest Period applicable to such Loans; and
(iii) if such Loans are Alternative Currency Loans, such Borrower may elect to continue such Loans for an additional Interest Period, subject to Section 2.14 in the Borrower shall reimburse each Lender in accordance with Section 2.16case of any such continuation effective on any day other than the last day of the then current Interest Period applicable to such Loans. Each such election shall be made by delivering a notice (a “Notice of Interest Rate Election”) to the Administrative Agent (iwhich may be a form on an electronic platform or electronic transmission system as shall be approved by the Administrative Agent) at least one Domestic appropriately completed and signed by a Responsible Officer of the applicable Borrower not later than (w) 11:00 A.M. (New York City time) on the third Business Day before such notice the conversion into or continuation of LIBOR Dollar Loans is to be effective, (x) 11:00 A.M. (New York City time) on the second Business Day before the conversion into or continuation of Base Rate Loans is to be effective, (y) 11:00 A.M. (London time) on the fourth Business Day before the conversion into or continuation of Loans denominated in Euro or Pounds Sterling is to be effective if and (z) 11:00 A.M. (local time) on the relevant Loans are to be converted fourth Business Day before the conversion into Base Rate Loans or (ii) at least three Euro‑Dollar Business Days before such conversion or continuation of Loans denominated in an Alternative Currency (other than Euro and Pounds Sterling) is to be effective if such Loans are to be converted into, or continued as, Euro‑Dollar Loanseffective. A Notice of Interest Rate Election may, if it so specifies, apply to only a portion of the aggregate principal amount of the relevant Group of Loans; provided that (i) such portion is allocated ratably among the Loans comprising such Group and (ii) the portion to which such Notice of Interest Rate Election applies, and the remaining portion to which it does not apply, are each not less than $15,000,000 5,000,000 (in the case of Dollars), €5,000,000 (in the case of Euro), £5,000,000 (in the case of Pounds Sterling) or an amount agreed to by the Administrative Agent and the Company (in the case of any larger other Approved Currency) and a multiple of $1,000,0001,000,000 (in the case of Dollars), €1,000,000 (in the case of Euro), £1,000,000 (in the case of Pounds Sterling) or an amount agreed to by the Administrative Agent and the Company (in the case of any other Approved Currency).
(b) Each Notice of Interest Rate Election shall specify:
(i) the Group of Loans (or portion thereof) to which such notice applies;
(ii) the date on which the conversion or continuation selected in such notice is to be effective, which shall comply with the applicable clause of Section 2.13(a)2.10(a) above;
(iii) whether if the Loans comprising such Group are to be converted, the new type of Loans (or portion thereof) is and, if the Loans being converted are to be converted to Base Fixed Rate Loans or Euro‑Dollar Loans or continued as Euro‑Dollar Loans for an additional Loans, the duration of the next succeeding Interest PeriodPeriod applicable thereto; and
(iv) if such Loans (or portions thereof) are to be converted to or continued as Euro‑Dollar LoansEuro-Currency Loans or EURIBOR Loans for an additional Interest Period, the duration of the such additional Interest Period to be applicable thereto immediately after such conversion or continuationPeriod. Each Interest Period specified in a Notice of Interest Rate Election shall comply with the provisions of the definition of the term “Interest Period.”
(c) Upon receipt of a Notice of Interest Rate Election from the a Borrower pursuant to Section 2.13(a)2.10(a) above, the Administrative Agent shall promptly notify each Lender of the contents thereof and such notice shall not thereafter be revocable by the Borrowerthereof. If the Borrower fails to deliver a timely no Notice of Interest Rate Election is timely received prior to the Agent end of an Interest Period for any Group of Loans, a Borrower shall be deemed to have elected that such Group of Loans be (i) in the case of a Group of Loans denominated in Dollars (other than Fixed Rate Loans), converted on the last day of such Interest Period to Base Rate Loans, or (ii) in the case of a Group of Loans consisting of Fixed Rate Loans or denominated in an Alternative Currency, continued on the last day of such Interest Period for an additional Interest Period of one month (subject to the provisions of the definition of “Interest Period”). If a Borrower requests a conversion to, or continuation of Euro-Dollar LoansCurrency Loans or EURIBOR Loans in any such Notice of Interest Rate Election, such Loans shall but fails to specify an Interest Period, it will be deemed to have specified an Interest Period of one month. No Loan may be converted into or continued as a Loan denominated in a different currency.
(d) An election by any Borrower to change or continue the rate of interest applicable to any Group of Loans pursuant to this Section shall not constitute a Borrowing subject to the provisions of Section 3.02.
(e) If an Event of Default has occurred and is continuing, no Loans may be requested as, converted to or continued as Euro-Currency Loans (whether in Dollars or any Alternative Currency) or EURIBOR Loans without the consent of the Required Lenders, and the Required Lenders may demand that (i) any or all of the then outstanding Euro-Currency Loans denominated in Dollars be converted to Base Rate Loans on the last day of the then current Interest Period applicable to such Euro-Currency Loan and (ii) any or all of the then outstanding Euro-Currency Loans denominated in an Alternative Currency or EURIBOR Loans be redenominated into Dollars in the amount of the Dollar Equivalent thereof, on the last day of the then current Interest Period with respect thereto.
Appears in 1 contract
Samples: Credit Agreement (Linde PLC)
Method of Electing Interest Rates. (a) The Loans included in each Committed Borrowing shall bear interest initially at the type of rate specified by the Borrower in the applicable Notice of Committed Borrowing. Thereafter, the Borrower may from time to time elect to change or continue the type of interest rate borne by each Group Base Rate Loan and each Euro-Dollar Loan with respect to which the last day of Loans the Interest Period is the same day (subject in each case to Section 2.07(d) and the provisions of Article VIII)8), as follows:
(i) if such Loans are Loan is a Base Rate LoansLoan, the Borrower may elect to convert such Loans Loan to a Euro-Dollar Loans Loan as of any Euro-Dollar Business Day; and
(ii) if such Loans are Loan is a Euro-Dollar LoansLoan, the Borrower may (x) elect to convert such Euro-Dollar Loans Loan to a Base Rate Loans Loan as of any Domestic Business Day, (y) elect to convert such Euro-Dollar Loans to Euro‑Dollar Loans with an Interest Period different from the then current Interest Period applicable to such Loans as of any Euro‑Dollar Business Day or (z) elect to continue such Loans Loan as Euro‑Dollar Loans a Euro-Dollar Loan for an additional Interest Period beginning on the last day of the then current Interest Period applicable to such Loans; provided that, if the Borrower elects to convert any Euro-Dollar Loans to Base Rate Loans or to Euro-Dollar Loans with a different Interest Period, as of subject to Section 2.12 if any such conversion is effective on any day other than the last day of the then current an Interest Period applicable to such Loans, the Borrower shall reimburse each Lender in accordance with Section 2.16Loan. Each such election shall be made by delivering (A) telephone or (B) a notice (a “Notice of Interest Rate Election”) ; provided that any telephonic notice must be confirmed promptly by delivery to the Administrative Agent of a Notice of Interest Rate Election not later than 1:00 P.M. (iNew York City time) at least one Domestic on the third Euro-Dollar Business Day before the conversion or continuation selected in such notice is to be effective if the relevant Loans are to be converted into Base Rate Loans or (ii) at least three Euro‑Dollar Business Days before such conversion or continuation is to be effective if such Loans are to be converted into, or continued as, Euro‑Dollar Loanseffective. A Notice of Interest Rate Election may, if it so specifies, apply to only a portion of the aggregate principal amount of the relevant Group Base Rate Loans or Euro-Dollar Loans with respect to which the last day of Loansthe Interest Period is the same day; provided that (i) such portion is allocated ratably among the Loans comprising such Group and (ii) the portion to which such Notice applies, and the remaining portion to which it does not apply, are each at least $15,000,000 or any larger multiple 5,000,000 (unless such portion is comprised of $1,000,000Base Rate Loans).
(b) Each Notice of Interest Rate Election shall specify:
(i) the Group of Loans (or portion thereof) to which such notice appliesapplies (which Loans shall be Base Rate Loans or Euro-Dollar Loans with respect to which the last day of the Interest Period is the same day);
(ii) the date on which the conversion or continuation selected in such notice is to be effective, which shall comply with the applicable clause of Section 2.13(a)2.07(a) above;
(iii) whether such Group if the applicable Loans are to be converted, the new type of Loans (or portion thereof) is and, if the Loans resulting from such conversion are to be converted to Base Rate Loans or Euro‑Dollar Loans or continued as Euro‑Dollar Loans for an additional Euro-Dollar Loans, the duration of the next succeeding Interest PeriodPeriod applicable thereto; and
(iv) if such Loans (or portions thereof) are to be converted to or continued as Euro‑Dollar LoansEuro-Dollar Loans for an additional Interest Period, the duration of the such additional Interest Period to be applicable thereto immediately after such conversion or continuationPeriod. Each Interest Period specified in a Notice of Interest Rate Election shall comply with the provisions of the definition of Interest Period.
(c) Upon receipt of Promptly after receiving a Notice of Interest Rate Election from the Borrower pursuant to Section 2.13(a)2.07(a) above, the Administrative Agent shall promptly notify each Lender of the contents thereof and such notice shall not thereafter be revocable by the Borrower. .
(d) The Borrower shall not be entitled to elect to convert any Loans to, or continue any Loans for an additional Interest Period as, Euro-Dollar Loans if (i) the aggregate principal amount of any Euro-Dollar 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.
(e) If any Loan is converted to a different type of Loan, the Borrower shall pay, on the date of such conversion, the interest accrued to such date on the principal amount being converted.
(f) If the Borrower fails to deliver specify a timely type of Loan in a Notice of Borrowing or Notice of Interest Rate Election or if the Borrower fails to give a timely notice requesting a conversion or continuation, then the Agent for any Euro-Dollar Loans, such applicable Loans shall be made as, or converted into to, Base Rate Loans. Any such automatic conversion to Base Rate Loans on shall be effective as of the last day of the then current Interest Period then in effect with respect to the applicable theretoEuro-Dollar Loans. If the Borrower requests a Borrowing of, conversion to, or continuation of Euro-Dollar Loans in any such Notice of Borrowing or Notice of Interest Rate Election, but fails to specify an Interest Period, it will be deemed to have specified an Interest Period of one month.
Appears in 1 contract
Samples: Credit Agreement (Consolidated Edison Co of New York Inc)
Method of Electing Interest Rates. (a) The Loans included in each Committed Borrowing shall bear interest initially at the type of rate specified by the Borrower in the applicable Notice of Committed Borrowing. Thereafter, the Borrower may from time to time elect to change or continue the type of interest rate borne by each Group of Loans (subject in each case to the provisions of Article VIII)8), as follows:
(i) if such Loans are Base Rate Loans, the Borrower may elect to convert such Loans to CD Loans as of any Domestic Business Day or to Euro-Dollar Loans as of any Euro-Dollar Business Day; and
(ii) if such Loans are Euro-Dollar CD Loans, the Borrower may (x) elect to convert such Euro-Dollar Loans to Base Rate Loans as of any Domestic Business Day, (y) elect to convert such or Euro-Dollar Loans to Euro‑Dollar Loans with an Interest Period different from the then current Interest Period applicable to such Loans as of any Euro‑Dollar Business Day or (z) elect to continue such Loans as Euro‑Dollar CD Loans for an additional Interest Period beginning Period, in each case effective on the last day of the then current Interest Period applicable to such Loans; provided that, and (iii) if the Borrower elects to convert any such Loans are Euro-Dollar Loans, the Borrower may elect to convert such Loans to Base Rate Loans or CD Loans or elect to continue such Loans as Euro-Dollar Loans with a different for an additional Interest Period, as of any day other than in each case effective on the last day of the then current Interest Period applicable to such Loans, the Borrower shall reimburse each Lender in accordance with Section 2.16. Each such election shall be made by delivering a notice (a “"Notice of Interest Rate Election”") to the Agent (i) at least one Domestic three Euro-Dollar Business Day Days before the conversion or continuation selected in such notice is to be effective if (unless the relevant Loans are to be converted into Base Rate from Domestic Loans of one type to Domestic Loans of the other type or (ii) continued as Domestic Loans of the same type for an additional Interest Period, in which case such notice shall be delivered to the Agent at least three Euro‑Dollar Domestic Business Days before such conversion or continuation is to be effective if such Loans are to be converted into, or continued as, Euro‑Dollar Loanseffective). A Notice of Interest Rate Election may, if it so specifies, apply to only a portion of the aggregate principal amount of the relevant Group of Loans; provided that (i) such portion is allocated ratably among the Loans comprising such Group and (ii) the portion to which such Notice applies, and the remaining portion to which it does not apply, are each $15,000,000 10,000,000 or any larger multiple of $1,000,000.
(b) Each Notice of Interest Rate Election shall specify:
(i) the Group of Loans (or portion thereof) to which such notice applies;
; (ii) the date on which the conversion or continuation selected in such notice is to be effective, which shall comply with the applicable clause of Section 2.13(a);
subsection (a) above; (iii) whether if the Loans comprising such Group are to be converted, the new type of Loans and, if such new Loans are Fixed Rate Loans, the duration of the initial Interest Period applicable thereto; and (or portion thereofiv) is if such Loans are to be converted to Base Rate continued as CD Loans or Euro‑Dollar Loans or continued as Euro‑Dollar Euro-Dollar Loans for an additional Interest Period; and
(iv) if such Loans (or portions thereof) are to be converted to or continued as Euro‑Dollar Loans, the duration of the such additional Interest Period to be applicable thereto immediately after such conversion or continuationPeriod. Each Interest Period specified in a Notice of Interest Rate Election shall comply with the provisions of the definition of Interest Period.
(c) Upon receipt of a Notice of Interest Rate Election from the Borrower pursuant to Section 2.13(a)subsection (a) above, the Agent shall promptly notify each Lender Bank of the contents thereof and such notice shall not thereafter be revocable by the Borrower. If the Borrower fails to deliver a timely Notice of Interest Rate Election to the Agent for any Euro-Dollar Group of Fixed Rate Loans, such Loans shall be converted into to Base Rate Loans on the last day of the then current Interest Period applicable thereto.
Appears in 1 contract
Method of Electing Interest Rates. (a) The Loans included in each Committed Borrowing shall bear interest initially at the type of rate specified by the Borrower in the applicable Notice of Committed Borrowing. Thereafter, the Borrower may from time to time elect to change or continue the type of interest rate borne by each Group of Loans (subject in each case to the provisions of Article VIII), as follows:
(i) if such Loans are Base Rate Loans, the Borrower may elect to convert all or any portion of such Loans to Euro-Dollar Loans as of any Euro-Dollar Business Day; and;
(ii) if such Loans are Euro-Dollar Loans, the Borrower may (x) elect to convert all or any portion of such Euro-Dollar Loans to Base Rate Loans as of any Domestic Business Day, (y) and/or elect to convert such Euro-Dollar Loans to Euro‑Dollar Loans with an Interest Period different from the then current Interest Period applicable to continue all or any portion of such Loans as of any Euro‑Dollar Business Day or (z) elect to continue such Loans as Euro‑Dollar Euro- Dollar Loans for an additional Interest Period beginning or additional Interest Periods, in each case effective on the last day of the then current Interest Period applicable to such Loans; , or on such other date designated by Borrower in the Notice of Interest Rate Election provided that, if the Borrower elects to convert any Euro-Dollar Loans to Base Rate Loans or to Euro-Dollar Loans with a different Interest Period, as of any day other than the last day of the then current Interest Period applicable to such Loans, the Borrower shall reimburse each Lender in accordance with pay any losses pursuant to Section 2.162.13. Each such election shall be made by delivering a notice (a “"Notice of Interest Rate Election”") to the Administrative Agent (i) on or before 10:00 a.m. Pittsburgh time at least one Domestic two (2) Euro-Dollar Business Day Days before the conversion or continuation selected in such notice is to be effective if the relevant Loans are to be converted into Base Rate Loans or (ii) at least three Euro‑Dollar Business Days before such conversion or continuation is to be effective if such Loans are to be converted into, or continued as, Euro‑Dollar Loanseffective. A Notice of Interest Rate Election may, if it so specifies, apply to only a portion of the aggregate principal amount of the relevant Group of Loans; provided that (i) such portion is allocated ratably among the Loans comprising such Group and Group, (ii) the portion to which such Notice of Interest Rate Election applies, and the remaining portion to which it does not apply, are each $15,000,000 1,000,000 or any larger multiple of $1,000,000100,000, (iii) there shall be no more than ten (10) Euro-Dollar Groups of Loans outstanding at any time, (iv) no Committed Loan may be continued as, or converted into, a Euro-Dollar Loan when any Default or Event of Default has occurred and is continuing, and (v) no Interest Period shall extend beyond the Maturity Date.
(b) Each Notice of Interest Rate Election shall specify:
(i) the Group of Loans (or portion thereof) to which such notice applies;
(ii) the date on which the conversion or continuation selected in such notice is to be effective, which shall comply with the applicable clause of Section 2.13(a)subsection (a) above;
(iii) whether if the Loans comprising such Group are to be converted, the new type of Loans (or portion thereof) is to be converted to Base Rate and, if such new Loans or Euro‑Dollar Loans or continued as Euro‑Dollar Loans for an additional are Euro-Dollar Loans, the duration of the initial Interest PeriodPeriod applicable thereto; and
(iv) if such Loans (or portions thereof) are to be converted to or continued as Euro‑Dollar LoansEuro-Dollar Loans for an additional Interest Period, the duration of the such additional Interest Period to be applicable thereto immediately after such conversion or continuationPeriod. Each Interest Period specified in a Notice of Interest Rate Election shall comply with the provisions of the definition of Interest Period.
(c) Upon receipt of a Notice of Interest Rate Election from the Borrower pursuant to Section 2.13(a)subsection (a) above, the Administrative Agent shall promptly notify each Lender Bank the same day as it receives such Notice of Interest Rate Election of the contents thereof thereof, and the Interest Periods (if different from those requested by the Borrower) and such notice shall not thereafter be revocable by the Borrower. If the Borrower fails to deliver a timely Notice of Interest Rate Election to the Administrative Agent for any Euro-Dollar Group of Loans, such Euro-Dollar Group of Loans shall be converted into Base Rate Loans on the last day of the then current Interest Period applicable thereto.
(d) If the Borrower shall fail to pay any principal of or interest on any Money Market Loan when due, such Money Market Loan shall bear interest, payable on demand, for each day until paid at a rate per annum equal to the Base Rate until such failure shall become an Event of Default and thereafter at a rate per annum equal to the sum of 4% plus the Base Rate for such day (the "Default Rate").
Appears in 1 contract
Samples: Credit Agreement (Smith Charles E Residential Realty Lp)
Method of Electing Interest Rates. (a) The Loans included in each Committed Borrowing shall bear interest initially at the type of rate specified by the Borrower in the applicable Notice of Committed Borrowing. Thereafter, the Borrower may from time to time elect to change or continue the type of interest rate borne by each Group of Loans (subject in each case to the provisions of Article VIII), as follows:
(i) if such Loans are Base Rate Loans, the Borrower may elect to convert all or any portion of such Loans to Euro-Dollar Loans as of any Euro-Dollar Business Day; and;
(ii) if such Loans are Euro-Dollar Loans, the Borrower may (x) elect to convert all or any portion of such Euro-Dollar Loans to Base Rate Loans as of any Domestic Business Day, (y) and/or elect to convert such Euro-Dollar Loans to Euro‑Dollar Loans with an Interest Period different from the then current Interest Period applicable to continue all or any portion of such Loans as of any Euro‑Dollar Business Day or (z) elect to continue such Loans as Euro‑Dollar Euro- Dollar Loans for an additional Interest Period beginning or additional Interest Periods, in each case effective on the last day of the then current Interest Period applicable to such Loans; , or on such other date designated by Borrower in the Notice of Interest Rate Election provided that, if the Borrower elects to convert any Euro-Dollar Loans to Base Rate Loans or to Euro-Dollar Loans with a different Interest Period, as of any day other than the last day of the then current Interest Period applicable to such Loans, the Borrower shall reimburse each Lender in accordance with pay any losses pursuant to Section 2.162.13. Each such election shall be made by delivering a notice (a “"Notice of Interest Rate Election”") to the Administrative Agent (i) on or before 10:00 a.m. Pittsburgh time at least one Domestic two (2) Euro-Dollar Business Day Days before the conversion or continuation selected in such notice is to be effective if the relevant Loans are to be converted into Base Rate Loans or (ii) at least three Euro‑Dollar Business Days before such conversion or continuation is to be effective if such Loans are to be converted into, or continued as, Euro‑Dollar Loanseffective. A Notice of Interest Rate Election may, if it so specifies, apply to only a portion of the aggregate principal amount of the relevant Group of Loans; provided that (i) such portion is allocated ratably among the Loans comprising such Group and Group, (ii) the portion to which such Notice of Interest Rate Election applies, and the remaining portion to which it does not apply, are each $15,000,000 1,000,000 or any larger multiple of $1,000,000100,000, (iii) there shall be no more than five (5) Euro-Dollar Groups of Loans outstanding at any time, (iv) no Committed Loan may be continued as, or converted into, a Euro-Dollar Loan when any Default or Event of Default has occurred and is continuing, and (v) no Interest Period shall extend beyond the Maturity Date.
(b) Each Notice of Interest Rate Election shall specify:
(i) the Group of Loans (or portion thereof) to which such notice applies;
(ii) the date on which the conversion or continuation selected in such notice is to be effective, which shall comply with the applicable clause of Section 2.13(a)subsection (a) above;
(iii) whether if the Loans comprising such Group are to be converted, the new type of Loans (or portion thereof) is to be converted to Base Rate and, if such new Loans or Euro‑Dollar Loans or continued as Euro‑Dollar Loans for an additional are Euro-Dollar Loans, the duration of the initial Interest PeriodPeriod applicable thereto; and
(iv) if such Loans (or portions thereof) are to be converted to or continued as Euro‑Dollar LoansEuro-Dollar Loans for an additional Interest Period, the duration of the such additional Interest Period to be applicable thereto immediately after such conversion or continuationPeriod. Each Interest Period specified in a Notice of Interest Rate Election shall comply with the provisions of the definition of Interest Period.
(c) Upon receipt of a Notice of Interest Rate Election from the Borrower pursuant to Section 2.13(a)subsection (a) above, the Administrative Agent shall promptly notify each Lender Bank the same day as it receives such Notice of Interest Rate Election of the contents thereof thereof, and the Interest Periods (if different from those requested by the Borrower) and such notice shall not thereafter be revocable by the Borrower. If the Borrower fails to deliver a timely Notice of Interest Rate Election to the Administrative Agent for any Euro-Dollar Group of Loans, such Euro-Dollar Group of Loans shall be converted into Base Rate Loans on the last day of the then current Interest Period applicable thereto.
(d) If the Borrower shall fail to pay any principal of or interest on any Money Market Loan when due, such Money Market Loan shall bear interest, payable on demand, for each day until paid at a rate per annum equal to the Base Rate until such failure shall become an Event of Default and thereafter at a rate per annum equal to the sum of 4% plus the Base Rate for such day (the "Default Rate").
Appears in 1 contract
Samples: Credit Agreement (Smith Charles E Residential Realty Lp)
Method of Electing Interest Rates. (a) The Loans included in each Committed Borrowing shall bear interest initially at the type of rate specified by the applicable Borrower in the applicable Notice of Committed Borrowing. Thereafter, the applicable Borrower may from time to time elect to change or continue the type of interest rate borne by each Group of Loans (subject in each case to Section 2.07(d) and the provisions of Article VIII)8), as follows:
(i) if such Loans are Base Rate Loans, the applicable Borrower may elect to convert such Loans to Euro-Dollar Loans as of any Euro-Dollar Business Day; and;
(ii) if such Loans are Euro-Dollar Loans, the applicable Borrower may (x) elect to convert such Euro-Dollar Loans to Base Rate Loans as of any Domestic Business Day, (y) elect to convert such Euro-Dollar Loans to Euro‑Dollar Loans with an Interest Period different from the then current Interest Period applicable to such Loans as of any Euro‑Dollar Business Day or (z) elect to continue such Loans as Euro‑Dollar Euro-Dollar Loans for an additional Interest Period beginning on the last day of the then current Interest Period applicable to such Loans; provided that, if the Borrower elects to convert any Euro-Dollar Loans to Base Rate Loans or to Euro-Dollar Loans with a different Interest Period, as of subject to Section 2.13 if any such conversion is effective on any day other than the last day of the then current an Interest Period applicable to such Loans, the Borrower shall reimburse each Lender in accordance with Section 2.16. Each such election shall be made by delivering a notice (a “Notice of Interest Rate Election”"NOTICE OF INTEREST RATE ELECTION") to the Agent not later than 11:00 A.M. (iNew York City time) at least one Domestic on the third Euro-Dollar Business Day before the conversion or continuation selected in such notice is to be effective if (unless the relevant Loans are to be converted into from Euro-Dollar Loans to Base Rate Loans or Loans, in which case such notice shall be delivered to the Agent not later than 11:00 A.M. (iiNew York City time) at least three Euro‑Dollar Business Days before on the date such conversion or continuation is to be effective if such Loans are to be converted into, or continued as, Euro‑Dollar Loanseffective). A Notice of Interest Rate Election may, if it so specifies, apply to only a portion of the aggregate principal amount of the relevant Group of Loans; provided PROVIDED that (i) such portion is allocated ratably among the Loans comprising such Group and (ii) the portion to which such Notice applies, and the remaining portion to which it does not apply, are each at least $15,000,000 or 5,000,000 (unless such portion is comprised of Base Rate Loans). If no such notice is timely received before the end of an Interest Period for any larger multiple Group of $1,000,000Euro-Dollar Loans, the applicable Borrower shall be deemed to have elected that such Group of Loans be converted to Base Rate Loans at the end of such Interest Period.
(b) Each Notice of Interest Rate Election shall specify:
(i) the Group of Loans (or portion thereof) to which such notice applies;
(ii) the date on which the conversion or continuation selected in such notice is to be effective, which shall comply with the applicable clause of Section 2.13(a)2.07(a) above;
(iii) whether if the Loans comprising such Group are to be converted, the new type of Loans (or portion thereof) is and, if the Loans resulting from such conversion are to be converted to Base Rate Loans or Euro‑Dollar Loans or continued as Euro‑Dollar Loans for an additional Euro-Dollar Loans, the duration of the next succeeding Interest PeriodPeriod applicable thereto; and
(iv) if such Loans (or portions thereof) are to be converted to or continued as Euro‑Dollar LoansEuro-Dollar Loans for an additional Interest Period, the duration of the such additional Interest Period to be applicable thereto immediately after such conversion or continuationPeriod. Each Interest Period specified in a Notice of Interest Rate Election shall comply with the provisions of the definition of Interest Period.
(c) Upon receipt of Promptly after receiving a Notice of Interest Rate Election from the a Borrower pursuant to Section 2.13(a)2.07(a) above, the Agent shall promptly notify each Lender Bank of the contents thereof and such notice shall not thereafter be revocable by the any Borrower. If the .
(d) A Borrower fails shall not be entitled to deliver a timely Notice of elect to convert any Loans to, or continue any Loans for an additional Interest Rate Election to the Agent for any Period as, Euro-Dollar LoansLoans if (i) the aggregate principal amount of any Group of Euro-Dollar 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 Agent.
(e) If any Loan is converted to a different type of Loan, such Loans the applicable Borrower shall be converted into Base Rate Loans pay, on the last day date of such conversion, the then current Interest Period applicable theretointerest accrued to such date on the principal amount being converted.
Appears in 1 contract
Samples: Credit Agreement (Aes Corporation)
Method of Electing Interest Rates. (a) The Loans included in each Committed Revolver Borrowing and Term Borrowing shall bear interest initially at the type of rate specified by the Borrower in the applicable Notice of Committed Borrowing. Thereafter, the Borrower may from time to time elect to change or continue the type of interest rate borne by each Group of Loans (subject in each case to the provisions of subsection (d) below and Article VIII)8), as follows:
(i) if such Loans are Base Rate Loans, the Borrower may elect to convert such Loans to Euro-Dollar Loans as of any Euro-Dollar Business Day; andor
(ii) if such Loans are Euro-Dollar Loans, the Borrower may (x) elect to convert such Euro-Dollar Loans to Base Rate Loans as of any Domestic Business Day, (y) elect to convert such Euro-Dollar Loans to Euro‑Dollar Loans with an Interest Period different from the then current Interest Period applicable to such Loans as of any Euro‑Dollar Business Day or (z) elect to continue such Loans as Euro‑Dollar Euro-Dollar Loans for an additional Interest Period beginning Period, in each case effective on the last day of the then current Interest Period applicable to such Loans; provided that, if the Borrower elects to convert any Euro-Dollar Loans to Base Rate Loans or to Euro-Dollar Loans with a different Interest Period, as of any day other than the last day of the then current Interest Period applicable to such Loans, the Borrower shall reimburse each Lender in accordance with Section 2.16. Each such election shall be made by delivering a notice (a “Notice of Interest Rate Election”) to the Administrative Agent (i) at least one Domestic three Euro-Dollar Business Day Days before the conversion or continuation selected in such notice is to be effective if (unless the relevant Loans are to be converted into Base Rate from Domestic Loans to Domestic Loans of the other Type or (ii) continued as Domestic Loans of the same Type for an additional Interest Period, in which case such notice shall be delivered to the Administrative Agent at least three Euro‑Dollar Domestic Business Days before such conversion or continuation is to be effective if such Loans are to be converted into, or continued as, Euro‑Dollar Loanseffective). A Notice of Interest Rate Election may, if it so specifies, apply to only a portion of the aggregate principal amount of the relevant Group of Loans; provided that (i) such portion is allocated ratably among the Loans comprising such Group and (ii) the portion to which such Notice notice applies, and the remaining portion to which it does not apply, are each $15,000,000 2,500,000 or any larger multiple of $1,000,0001,000,000 in the case of a Base Rate Borrowing or $5,000,000 or any larger multiple of $1,000,000 in the case of a Euro-Dollar Borrowing.
(b) Each Notice of Interest Rate Election shall specify:
(i) the Group of Loans (or portion thereof) to which such notice applies;
(ii) the date on which the conversion or continuation selected in such notice is to be effective, which shall comply with the applicable clause of Section 2.13(a)subsection (a) above;
(iii) whether if the Loans comprising such Group are to be converted, the new Type of Loans (or portion thereof) is to be converted to Base Rate and, if such new Loans or Euro‑Dollar Loans or continued as Euro‑Dollar Loans for an additional are Euro-Dollar Loans, the duration of the initial Interest PeriodPeriod applicable thereto; and
(iv) if such Loans (or portions thereof) are to be converted to or continued as Euro‑Dollar LoansEuro-Dollar Loans for an additional Interest Period, the duration of the such additional Interest Period to be applicable thereto immediately after such conversion or continuationPeriod. Each Interest Period specified in a Notice of Interest Rate Election shall comply with the provisions of the definition of Interest Period.
(c) Upon receipt of a Notice of Interest Rate Election from the Borrower pursuant to Section 2.13(a)subsection (a) above, the Administrative Agent shall promptly notify each Lender Bank of the contents thereof and such notice shall not thereafter be revocable by the Borrower. If the Borrower fails to deliver a timely Notice of Interest Rate Election to the Administrative Agent for any Group of Euro-Dollar Loans, such Loans shall be converted into Base Rate Loans on the last day of the then current Interest Period applicable thereto.
(d) The Borrower shall not be entitled to elect to convert any Committed Revolver Loans or Term Loans to, or continue any Committed Revolver Loans or Term Loans for an additional Interest Period as, Euro-Dollar Loans if a Default shall have occurred and be continuing when the Borrower delivers notice of such election to the Administrative Agent or when such conversion or continuation would otherwise be effective.
Appears in 1 contract
Samples: Credit Agreement (Foot Locker Inc)
