Common use of Notice of Continuation and Notice of Conversion Clause in Contracts

Notice of Continuation and Notice of Conversion. (a) With respect to any Borrowing consisting of Eurocurrency Loans, the Borrowers may (so long as no Event of Default or Unmatured Event of Default has occurred and is continuing, subject to the provisions of Section 4.3(c)), elect to maintain such Borrowing or any portion thereof as consisting of Eurocurrency Loans by selecting a new Interest Period for such Borrowing, which new Interest Period shall commence on the last day of the immediately preceding Interest Period. Each selection of a new Interest Period (a “Continuation”) shall be made by notice given not later than 11:00 a.m. (New York City time) on the third Business Day prior to the date of any such Continuation relating to Eurocurrency Loans, by the Funds Administrator to the Administrative Agent. Such notice by the Funds Administrator of a Continuation (a “Notice of Continuation”) shall be in substantially the form of Exhibit 4.3(a), specifying (i) the date of such Continuation, (ii) the aggregate amount of Loans subject to such Continuation and (iii) the duration of the selected Interest Period, all of which shall be specified in such manner as is necessary to comply with all limitations on Loans outstanding hereunder. The Borrowers may elect to continue more than one Borrowing consisting of Eurocurrency Loans by combining such Borrowings into one Borrowing and selecting a new Interest Period pursuant to this Section 4.3(a); provided that each of the Borrowings so combined shall consist of Loans having Interest Periods ending on the same date. If the Borrowers shall fail to select a new Interest Period for any Borrowing consisting of Eurocurrency Loans in accordance with this Section 4.3(a), such Loans will automatically, on the last day of the then existing Interest Period therefor, Convert into Base Rate Loans.

Appears in 4 contracts

Samples: Security Agreement (Texas Petrochemicals Inc.), Revolving Credit Agreement (Texas Petrochemicals Inc.), Revolving Credit Agreement (Texas Petrochemicals Inc.)

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Notice of Continuation and Notice of Conversion. (a) With respect to any Borrowing consisting of Eurocurrency LIBOR Rate Loans, the Borrowers may (so long as no Event of Default or Unmatured Event of Default has occurred and is continuing, subject to the provisions of Section 4.3(c)), elect to maintain such Borrowing or any portion thereof as consisting of Eurocurrency LIBOR Rate Loans by selecting a new Interest Period for such Borrowing, which new Interest Period shall commence on the last day of the immediately preceding Interest Period. Each selection of a new Interest Period (a "Continuation") shall be made by notice given not later than 11:00 a.m. (New York City time) 12:00 noon on the third Business Day prior to the date of any such Continuation relating to Eurocurrency LIBOR Rate Loans, by the Funds Administrator to the Administrative Agent. Such notice by the Funds Administrator of a Continuation (a "Notice of Continuation") shall be in substantially the form of Exhibit 4.3(a)C-1, specifying (i) the date of such Continuation, (ii) the type of Loans subject to such Continuation, (iii) the aggregate amount of Loans subject to such Continuation and (iiiiv) the duration of the selected Interest Period, all of which shall be specified in such manner as is necessary to comply with all limitations on Loans outstanding hereunder. The Borrowers may elect to continue maintain more than one Borrowing consisting of Eurocurrency LIBOR Rate Loans by combining such Borrowings into one Borrowing and selecting a new Interest Period pursuant to this Section 4.3(a); provided that each of the Borrowings so combined shall consist of Loans having Interest Periods ending on the same date. If the Borrowers shall fail to select a new Interest Period for any Borrowing consisting of Eurocurrency LIBOR Rate Loans in accordance with this Section 4.3(a), such Loans will automatically, on the last day of the then existing Interest Period therefor, Convert into Base Prime Rate Loans.

Appears in 2 contracts

Samples: Credit Agreement (Bway Corp), Credit Agreement (Bway Corp)

Notice of Continuation and Notice of Conversion. (a) With respect to any Borrowing consisting of Eurocurrency LIBOR Rate Loans, the Borrowers may (so long as no Event of Default or Unmatured Event of Default has occurred and is continuing, subject to the provisions of Section SECTION 4.3(c)), elect to maintain such Borrowing or any portion thereof as consisting of Eurocurrency LIBOR Rate Loans by selecting a new Interest Period for such Borrowing, which new Interest Period shall commence on the last day of the immediately preceding Interest Period. Each selection of a new Interest Period (a “Continuation”"CONTINUATION") shall be made by notice given not later than 11:00 a.m. 12:00 Noon (New York City time) on the third Business Day prior to the date of any such Continuation relating to Eurocurrency LIBOR Rate Loans, by the Funds Administrator to the Administrative Agent. Such notice by the Funds Administrator of a Continuation (a “Notice of Continuation”"NOTICE OF CONTINUATION") shall be in substantially the form of Exhibit 4.3(a)EXHIBIT C-1, specifying (i) the date of such Continuation, (ii) the aggregate amount of Loans subject to such Continuation and (iii) the duration of the selected Interest Period, all of which shall be specified in such manner as is necessary to comply with all limitations on Loans outstanding hereunder. The Borrowers may elect to continue more than one Borrowing consisting of Eurocurrency LIBOR Rate Loans by combining such Borrowings into one Borrowing and selecting a new Interest Period pursuant to this Section 4.3(aSECTION 4.3(A); provided PROVIDED that each of the Borrowings so combined shall consist of Loans having Interest Periods ending on the same date. If the Borrowers shall fail to select a new Interest Period for any Borrowing consisting of Eurocurrency LIBOR Rate Loans in accordance with this Section 4.3(aSECTION 4.3(A), such Loans will automatically, on the last day of the then existing Interest Period therefor, Convert into Base Prime Rate Loans.

Appears in 1 contract

Samples: Credit Agreement (Wellman Inc)

Notice of Continuation and Notice of Conversion. (a) With respect to any Borrowing consisting of Eurocurrency LIBOR Rate Loans, the Borrowers Borrower may (so long as no Event of Default or Unmatured Event of Default has occurred and is continuing, subject to the provisions of Section 4.3(c)), elect to maintain such Borrowing or any portion thereof as consisting of Eurocurrency LIBOR Rate Loans by selecting a new Interest Period for such Borrowing, which new Interest Period shall commence on the last day of the immediately preceding Interest Period. Each selection of a new Interest Period (a “Continuation”) shall be made by notice given not later than 11:00 a.m. (New York City time) 12:00 noon on the third Business Day prior to the date of any such Continuation relating to Eurocurrency LIBOR Rate Loans, by the Funds Administrator Borrower to the Administrative Agent. Such notice by the Funds Administrator Borrower of a Continuation (a “Notice of Continuation”) shall be in substantially the form of Exhibit 4.3(a)C-2, specifying (i) the date of such Continuation, (ii) the aggregate amount of Loans subject to such Continuation and (iii) the duration of the selected Interest Period, all of which shall be specified in such manner as is necessary to comply with all limitations on Loans outstanding hereunder. The Borrowers Borrower may elect to continue more than one Borrowing consisting of Eurocurrency LIBOR Rate Loans by combining such Borrowings into one Borrowing and selecting a new Interest Period pursuant to this Section 4.3(a); provided that each of the Borrowings so combined shall consist of Loans having Interest Periods ending on the same date. If the Borrowers Borrower shall fail to select a new Interest Period for any Borrowing consisting of Eurocurrency LIBOR Rate Loans in accordance with this Section 4.3(a), such Loans will automatically, on the last day of the then existing Interest Period therefor, Convert into Base Prime Rate Loans.

Appears in 1 contract

Samples: Petition Credit Agreement (Dan River Inc /Ga/)

Notice of Continuation and Notice of Conversion. (a) With respect to any Borrowing consisting of Eurocurrency LIBOR Rate Loans, the Borrowers may (so long as no Event of Default or Unmatured Event of Default has occurred and is continuing, subject to the provisions of Section 4.3(c)), elect to maintain such Borrowing or any portion thereof as consisting of Eurocurrency LIBOR Rate Loans by selecting a new Interest Period for such Borrowing, which new Interest Period shall commence on the last day of the immediately preceding Interest Period. Each selection of a new Interest Period (a “Continuation”) shall be made by notice given not later than 11:00 a.m. 12:00 Noon (New York City time) on the third Business Day prior to the date of any such Continuation relating to Eurocurrency LIBOR Rate Loans, by the Funds Administrator to the Administrative Agent. Such notice by the Funds Administrator of a Continuation (a "Notice of Continuation”) shall be in substantially the form of Exhibit 4.3(a)C-1, specifying (i) the date of such Continuation, (ii) the aggregate amount of Loans subject to such Continuation and (iii) the duration of the selected Interest Period, all of which shall be specified in such manner as is necessary to comply with all limitations on Loans outstanding hereunder. The Borrowers may elect to continue more than one Borrowing consisting of Eurocurrency LIBOR Rate Loans by combining such Borrowings into one Borrowing and selecting a new Interest Period pursuant to this Section 4.3(a); provided that each of the Borrowings so combined shall consist of Loans having Interest Periods ending on the same date. If the Borrowers shall fail to select a new Interest Period for any Borrowing consisting of Eurocurrency LIBOR Rate Loans in accordance with this Section 4.3(a), such Loans will automatically, on the last day of the then existing Interest Period therefor, Convert into Base Prime Rate Loans.

Appears in 1 contract

Samples: Credit Agreement (Wellman Inc)

Notice of Continuation and Notice of Conversion. (a) With respect to any Borrowing consisting of Eurocurrency Loans, the Borrowers may (so long as no Event of Default or Unmatured Event of Default has occurred and is continuing, subject Subject to the provisions of Section 4.3(c))2.6.2, elect if the Borrower wishes any Tranche of Fixed Rate Loans of a particular Type to maintain continue to be maintained hereunder as such Borrowing or any portion thereof as consisting Tranche following the expiration of Eurocurrency Loans by selecting a the then current Interest Period therefor, the Borrower shall, not later than 2:00 p.m. of the third Business Day immediately preceding the expiration of the such Interest Period, select, and notify the Agent of, the new Interest Period for such BorrowingTranche, which new Interest Period shall commence on the last day of the immediately preceding Interest Period. Each such selection of a new Interest Period (is herein called a "Continuation”) shall be made by " and the notice given not later than 11:00 a.m. (New York City time) on the third Business Day prior to the date of any such Continuation relating to Eurocurrency Loans, by the Funds Administrator to the Administrative Agent. Such notice by the Funds Administrator Agent of a Continuation (is herein called a "Notice of Continuation”) "). Each Notice of Continuation shall be by telephone or telecopy (confirmed immediately in writing if by telephone) in substantially the form of Exhibit 4.3(a)C, specifying (i) the date of such Continuationapplicable Fixed Rate Loans, and (ii) the aggregate amount of Loans subject to such Continuation and (iii) the duration of the selected Interest PeriodPeriod and the date on which such Interest Period is to commence, all of which shall be specified in such manner as is necessary to comply with all conditions and limitations on Loans outstanding hereunder. The Borrowers may elect to continue more than one Borrowing consisting of Eurocurrency Loans by combining such Borrowings into one Borrowing and selecting a new Interest Period pursuant to this Section 4.3(a); provided that each set forth in the definition of the Borrowings so combined shall consist of Loans having term "Interest Periods ending on the same datePeriod". If the Borrowers Borrower shall fail to select a new Interest Period for any Borrowing consisting Tranche of Eurocurrency Fixed Rate Loans in accordance with this Section 4.3(a2.6.1(a), such Loans will automatically, then on the last day of the then existing current Interest Period therefor, therefor all Fixed Rate Loans in such Tranche will automatically Convert into Base Rate Loans. Each Continuation with respect to a Tranche shall apply to all Fixed Rate Loans in such Tranche other than those being converted into Loans of another Type pursuant to Section 2.6.1(b).

Appears in 1 contract

Samples: Credit Agreement (Ameristeel Corp)

Notice of Continuation and Notice of Conversion. (a) With respect to any Borrowing consisting of Eurocurrency LIBOR Rate Loans, the Borrowers Borrower may (so long as no Event of Default or Unmatured Event of Default has occurred and is continuing, subject to the provisions of Section SECTION 4.3(c)), elect to maintain such Borrowing or any portion thereof as consisting of Eurocurrency LIBOR Rate Loans by selecting a new Interest Period for such Borrowing, which new Interest Period shall commence on the last day of the immediately preceding Interest Period. Each selection of a new Interest Period (a “Continuation”"CONTINUATION") shall be made by notice given not later than 11:00 a.m. (New York City time) 12:00 noon on the third Business Day prior to the date of any such Continuation relating to Eurocurrency LIBOR Rate Loans, by the Funds Administrator Borrower to the Administrative Agent. Such notice by the Funds Administrator Borrower of a Continuation (a “Notice of Continuation”"NOTICE OF CONTINUATION") shall be in substantially the form of Exhibit 4.3(a)EXHIBIT C-1, specifying (i) the date of such Continuation, (ii) the type of Loans subject to such Continuation, (iii) the aggregate amount of Loans subject to such Continuation and (iiiiv) the duration of the selected Interest Period, all of which shall be specified in such manner as is necessary to comply with all limitations on Loans outstanding hereunder. The Borrowers Borrower may elect to continue maintain more than one Borrowing consisting of Eurocurrency LIBOR Rate Loans by combining such Borrowings into one Borrowing and selecting a new Interest Period pursuant to this Section 4.3(a); provided PROVIDED that each of the Borrowings so combined shall consist of Loans having Interest Periods ending on the same date. If the Borrowers shall fail Borrower fails to select a new Interest Period for any Borrowing consisting of Eurocurrency LIBOR Rate Loans in accordance with this Section 4.3(a), such Loans will automatically, on the last day of the then existing Interest Period therefor, Convert into Base Prime Rate Loans.

Appears in 1 contract

Samples: Credit Agreement (Loehmanns Holdings Inc)

Notice of Continuation and Notice of Conversion. (ai) With respect Subject to any Borrowing consisting the provisions of Eurocurrency Loans, the Borrowers may clause (so long as iii) hereof and PROVIDED no Event of Default or Unmatured Event of Default has shall have occurred and is continuinghereunder, subject to the provisions of Section 4.3(c)), Borrower may elect to maintain such Borrowing any borrowing by it consisting of the same Kind of LIBOR Rate Loans, or any portion thereof thereof, as consisting of Eurocurrency Loans a LIBOR Rate Loan by selecting a new Interest Period for such Borrowingborrowing, which new Interest Period shall commence on the last day of the immediately preceding then existing Interest Period. Each selection of a new Interest Period (a "Continuation") shall be made on three (3) Business Days prior notice, given by notice given Borrower to Lender not later than 11:00 a.m. 9:30 A.M. (New York City Central Standard time) on the third Business Day prior to preceding the date of any such Continuation relating proposed Continuation. If Borrower elects to Eurocurrency Loans, by the Funds Administrator to the Administrative Agent. Such notice by the Funds Administrator of a Continuation (a “Notice of Continuation”) shall be in substantially the form of Exhibit 4.3(a), specifying (i) the date of such Continuation, (ii) the aggregate amount of Loans subject to such Continuation and (iii) the duration of the selected Interest Period, all of which shall be specified in such manner as is necessary to comply with all limitations on Loans outstanding hereunder. The Borrowers may elect to continue maintain more than one Borrowing borrowing consisting of Eurocurrency LIBOR Rate Loans of the same Kind by combining such Borrowings borrowings into one Borrowing borrowing and selecting a new Interest Period pursuant to this Section 4.3(a); provided that clause, each of the Borrowings borrowings so combined shall consist of Loans of the same Kind having Interest Periods ending on the same date. If the Borrowers Borrower shall fail to select a new Interest Period for any Borrowing borrowing by it consisting of Eurocurrency LIBOR Rate Loans of the same Kind in accordance with this Section 4.3(a)clause, such LIBOR Rate Loans will automatically, on the last day of the then existing Interest Period therefor, Convert automatically convert into Base Prime Rate Loans.

Appears in 1 contract

Samples: Loan and Security Agreement (Security Capital Corp/De/)

Notice of Continuation and Notice of Conversion. (aA) With respect to any Borrowing consisting of Eurocurrency LIBOR Rate Loans, the Borrowers may (so long as no Event of Default or Unmatured Event of Default has occurred and is continuing, subject to the provisions of Section 4.3(cSECTION 4.3(C)), elect to maintain such Borrowing or any portion thereof as consisting of Eurocurrency LIBOR Rate Loans by selecting a new Interest Period for such Borrowing, which new Interest Period shall commence on the last day of the immediately preceding Interest Period. Each selection of a new Interest Period (a “Continuation”"CONTINUATION") shall be made by notice given not later than 11:00 a.m. 12:00 Noon (New York City time) on the third Business Day prior to the date of any such Continuation relating to Eurocurrency LIBOR Rate Loans, by the Funds Administrator to the Administrative Agent. Such notice by the Funds Administrator of a Continuation (a “Notice of Continuation”"NOTICE OF CONTINUATION") shall be in substantially the form of Exhibit 4.3(a)EXHIBIT C-1, specifying (iI) the date of such Continuation, (iiII) the aggregate amount of Loans subject to such Continuation and (iiiIII) the duration of the selected Interest Period, all of which shall be specified in such manner as is necessary to comply with all limitations on Loans outstanding hereunder. The Borrowers may elect to continue more than one Borrowing consisting of Eurocurrency LIBOR Rate Loans by combining such Borrowings into one Borrowing and selecting a new Interest Period pursuant to this Section 4.3(aSECTION 4.3(A); provided PROVIDED that each of the Borrowings so combined shall consist of Loans having Interest Periods ending on the same date. If the Borrowers shall fail to select a new Interest Period for any Borrowing consisting of Eurocurrency LIBOR Rate Loans in accordance with this Section 4.3(aSECTION 4.3(A), such Loans will automatically, on the last day of the then existing Interest Period therefor, Convert into Base Prime Rate Loans.

Appears in 1 contract

Samples: Credit Agreement (Wellman Inc)

Notice of Continuation and Notice of Conversion. (aA) With respect to any Borrowing consisting of Eurocurrency LIBOR Rate Loans, the Borrowers Borrower may (so long as no Event of Default or Unmatured Event of Default has occurred and is continuing, subject to the provisions of Section 4.3(cSECTION 4.3(C)), elect to maintain such Borrowing or any portion thereof as consisting of Eurocurrency LIBOR Rate Loans by selecting a new Interest Period for such Borrowing, which new Interest Period shall commence on the last day of the immediately preceding Interest Period. Each selection of a new Interest Period (a “Continuation”"CONTINUATION") shall be made by notice given not later than 11:00 a.m. (New York City time) 1:00 P.M. on the third Business Day prior to the date of any such Continuation relating to Eurocurrency LIBOR Rate Loans, by the Funds Administrator Borrower to the Administrative Agent. Such notice by the Funds Administrator Borrower of a Continuation (a “Notice of Continuation”"NOTICE OF CONTINUATION") shall be in substantially the form of Exhibit 4.3(a)EXHIBIT C-1, specifying (iI) the date of such Continuation, (iiII) the type of Loans subject to such Continuation, (III) the aggregate amount of Loans subject to such Continuation and (iiiIV) the duration of the selected Interest Period, all of which shall be specified in such manner as is necessary to comply with all limitations on Loans outstanding hereunder. The Borrowers Borrower may elect to continue maintain more than one Borrowing consisting of Eurocurrency LIBOR Rate Loans by combining such Borrowings into one Borrowing and selecting a new Interest Period pursuant to this Section 4.3(aSECTION 4.3(A); provided PROVIDED that each of the Borrowings so combined shall consist of Loans having Interest Periods ending on the same date. If the Borrowers shall fail Borrower fails to select a new Interest Period for any Borrowing consisting of Eurocurrency LIBOR Rate Loans in accordance with this Section 4.3(aSECTION 4.3(A), such Loans will automatically, on the last day of the then existing Interest Period therefor, Convert into Base Prime Rate Loans.

Appears in 1 contract

Samples: Credit Agreement (Weider Nutrition International Inc)

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Notice of Continuation and Notice of Conversion. (a) With respect to any Borrowing consisting of Eurocurrency LIBOR Rate Loans, the Borrowers may (so long as no Event of Default or Unmatured Event of Default has occurred and is continuing, subject to the provisions of Section SECTION 4.3(c)), elect to maintain such Borrowing or any portion thereof as consisting of Eurocurrency LIBOR Rate Loans by selecting a new Interest Period for such Borrowing, which new Interest Period shall commence on the last day of the immediately preceding Interest Period. Each selection of a new Interest Period (a “Continuation”"CONTINUATION") shall be made by notice given not later than 11:00 a.m. (New York City time) 12:00 noon on the third Business Day prior to the date of any such Continuation relating to Eurocurrency LIBOR Rate Loans, by the Funds Administrator to the Administrative Agent. Such notice by the Funds Administrator of a Continuation (a “Notice of Continuation”"NOTICE OF CONTINUATION") shall be in substantially the form of Exhibit 4.3(a)EXHIBIT C-2, specifying (i) the date of such Continuation, (ii) the aggregate amount of Loans subject to such Continuation and (iii) the duration of the selected Interest Period, all of which shall be specified in such manner as is necessary to comply with all limitations on Loans outstanding hereunder. The Borrowers may elect to continue more than one Borrowing consisting of Eurocurrency LIBOR Rate Loans by combining such Borrowings into one Borrowing and selecting a new Interest Period pursuant to this Section SECTION 4.3(a); provided PROVIDED that each of the Borrowings so combined shall consist of Loans having Interest Periods ending on the same date. If the Borrowers shall fail to select a new Interest Period for any Borrowing consisting of Eurocurrency LIBOR Rate Loans in accordance with this Section SECTION 4.3(a), such Loans will automatically, on the last day of the then existing Interest Period therefor, Convert into Base Prime Rate Loans.

Appears in 1 contract

Samples: Credit Agreement (Hines Horticulture Inc)

Notice of Continuation and Notice of Conversion. (a) With respect to any Borrowing consisting of Eurocurrency LIBOR Rate Loans or Bankers' Acceptance Loans, the Borrowers may (so long as no Event of Default or Unmatured Event of Default has occurred and is continuing, subject to the provisions of Section 4.3(cSECTION 4.4(c)), elect to maintain such Borrowing or any portion thereof as consisting of Eurocurrency LIBOR Rate Loans or Bankers' Acceptance Loans, as the case may be, by selecting a new Interest Period for such BorrowingBorrowing in the case of a LIBOR Rate Loan, or a new maturity date, in the case of a Bankers' Acceptance Loan, which new Interest Period or maturity date, as the case may be, shall commence on the last day of the immediately preceding Interest PeriodPeriod or maturity date of a Bankers' Acceptance Loan, as the case may be. Each selection of a new Interest Period (a “Continuation”"CONTINUATION") shall be made by notice given not later than 11:00 a.m. (New York City time) 12:00 noon on the third Business Day prior to the date of any such Continuation relating to Eurocurrency LIBOR Rate Loans, by the appropriate Funds Administrator to the Administrative appropriate Agent. Such notice by the Funds Administrator of a Continuation (a “Notice of Continuation”"NOTICE OF CONTINUATION") shall be in substantially the form of Exhibit 4.3(a)EXHIBIT C-1, specifying (i) the date of such Continuation, (ii) the aggregate amount of Loans subject to such Continuation and (iii) the duration of the selected Interest PeriodPeriod or maturity date of a Bankers' Acceptance Loan, as the case may be, all of which shall be specified in such manner as is necessary to comply with all limitations on Loans outstanding hereunder. The Borrowers may elect to continue more than one Borrowing consisting of Eurocurrency LIBOR Rate Loans by combining such Borrowings into one Borrowing and selecting a new Interest Period pursuant to this Section 4.3(aSECTION 4.4(a); provided PROVIDED that each of the Borrowings so combined shall consist of Loans having Interest Periods ending on the same date. If the Borrowers shall fail to select a new Interest Period for any Borrowing consisting of Eurocurrency LIBOR Rate Loans in accordance with this Section 4.3(aSECTION 4.4(a), such Loans will automatically, on the last day of the then existing Interest Period therefor, Convert into Base Prime Rate Loans.

Appears in 1 contract

Samples: Credit Agreement (Grant Prideco Inc)

Notice of Continuation and Notice of Conversion. (a) With respect to any Borrowing consisting of Eurocurrency Eurodollar Loans, the Borrowers may (so long as no Event of Default or Unmatured Event of Default has occurred and is continuing, subject to the provisions of Section 4.3(c)), elect to maintain such Borrowing or any portion thereof as consisting of Eurocurrency Eurodollar Loans by selecting a new Interest Period for such Borrowing, which new Interest Period shall commence on the last day of the immediately preceding Interest Period. Each selection of a new Interest Period (a “Continuation”) shall be made by notice given not later than 11:00 a.m. (New York City time) on the third Business Day prior to the date of any such Continuation relating to Eurocurrency Eurodollar Loans, by the Funds Administrator to the Administrative Agent. Such notice by the Funds Administrator of a Continuation (a “Notice of Continuation”) shall be in substantially the form of Exhibit 4.3(a), specifying (i) the date of such Continuation, (ii) the aggregate amount of Loans subject to such Continuation and (iii) the duration of the selected Interest Period, all of which shall be specified in such manner as is necessary to comply with all limitations on Loans outstanding hereunder. The Borrowers may elect to continue more than one Borrowing consisting of Eurocurrency Eurodollar Loans by combining such Borrowings into one Borrowing and selecting a new Interest Period pursuant to this Section 4.3(a); provided that each of the Borrowings so combined shall consist of Loans having Interest Periods ending on the same date. If the Borrowers shall fail to select a new Interest Period for any Borrowing consisting of Eurocurrency Eurodollar Loans in accordance with this Section 4.3(a), such Loans will automatically, on the last day of the then existing Interest Period therefor, Convert into Base Rate Loans.

Appears in 1 contract

Samples: Revolving Credit Agreement (TPC Group Inc.)

Notice of Continuation and Notice of Conversion. (a) With respect to any Borrowing consisting of Eurocurrency Eurodollar Rate Loans, the Borrowers may (so long as no Event of Default or Unmatured Event of Default has occurred and is continuingBorrower may, subject to the provisions of Section 4.3(c)5.3(c), elect to maintain such Borrowing or any portion thereof as consisting of Eurocurrency Eurodollar Rate Loans by selecting a new Interest Period for such Borrowing, which new Interest Period shall commence on the last day of the immediately preceding Interest Period. Each selection of a new Interest Period (a "Continuation") shall be made by notice given not later than 11:00 a.m. 12:00 P.M. (New York City time) on the third Business Day prior to the date of any such Continuation relating to Eurocurrency Eurodollar Rate Loans, by the Funds Administrator Borrower to the Administrative Agent. Such notice by the Funds Administrator Borrower of a Continuation (a "Notice of Continuation") shall be by telephone or facsimile transmission, confirmed immediately in writing if by telephone, in substantially the form of Exhibit 4.3(a)L, specifying (i) the date of such Continuation, (ii) the Type of Loans subject to such Continuation, (iii) the aggregate amount of Loans subject to such Continuation and (iiiiv) the duration of the selected Interest Period, all of which shall be specified in such manner as is necessary to comply with all limitations on Loans outstanding hereunder. The Borrowers Borrower may elect to continue maintain more than one Borrowing consisting of Eurocurrency Eurodollar Rate Loans by combining such Borrowings into one Borrowing and selecting a new Interest Period pursuant to this Section 4.3(a5.3(a); provided provided, however, that each of the Borrowings so combined shall consist of Loans having Interest Periods ending on the same date. If the Borrowers Borrower shall fail to select a new Interest Period for any Borrowing consisting of Eurocurrency Eurodollar Rate Loans in accordance with this Section 4.3(a5.3(a), such Loans will automatically, on the last day of the then existing Interest Period therefortherefore, Convert such Loans will automatically convert into Base Prime Rate Loans.

Appears in 1 contract

Samples: Credit Agreement (Di Giorgio Corp)

Notice of Continuation and Notice of Conversion. (a) With respect to any Borrowing consisting of Eurocurrency Eurodollar Rate Loans, the Borrowers may (so long as no Event of Default or Unmatured Event of Default has occurred and is continuingBorrower may, subject to the provisions of Section 4.3(c))) and the condition that no Default or Event of Default then exists, elect to maintain such Borrowing or any portion thereof equal to at least (x) in the case of A Term Loans and B Term Loans, $5,000,000, and (y) in the case of Revolving Loans, $1,000,000, as consisting of Eurocurrency Eurodollar Rate Loans by selecting a new Interest Period for such BorrowingBorrowing (or portion thereof), which new Interest Period shall commence on the last day of the immediately preceding Interest Period. Each selection of a new Interest Period (a "Continuation") shall be made by notice given not later than 11:00 a.m. 12:00 Noon (New York City time) on the third Business Day prior to the date of any such Continuation relating to Eurocurrency LoansContinuation, by the Funds Administrator Borrower to the Administrative Agent. Such notice by the Funds Administrator of a Continuation (a "Notice of Continuation") shall be by telephone, telecopy, telex or cable, confirmed immediately in writing if by telephone, in substantially the form of Exhibit 4.3(a)B-3, specifying (i) the date of such Continuation, (ii) the aggregate amount of Loans subject to such Continuation and (iii) the duration of the selected Interest Period, all of which shall be specified completed in such manner as is necessary to comply with all limitations on Loans outstanding hereunder. The Borrowers may elect to continue more than one Borrowing consisting of Eurocurrency Loans by combining such Borrowings into one Borrowing and selecting a new Interest Period pursuant to this Section 4.3(a); provided that each of the Borrowings so combined shall consist of Loans having Interest Periods ending on the same date. If the Borrowers Borrower shall fail to to, or does not have the right to, select a new Interest Period for any Borrowing consisting of Eurocurrency Eurodollar Rate Loans in accordance with this Section 4.3(a), such Loans will automatically, on the last day of the then existing Interest Period therefor, Convert into Base Rate Loans. The Administrative Agent shall give each Lender prompt notice by telephone or facsimile transmission of each Notice of Continuation.

Appears in 1 contract

Samples: Security Agreement (Acg Holdings Inc)

Notice of Continuation and Notice of Conversion. (aA) With respect to any Borrowing consisting of Eurocurrency Loans, the Borrowers may (so long as no Event of Default or Unmatured Event of Default has occurred and is continuing, subject Subject to the provisions of Section 4.3(c))paragraph (C) hereof, Borrower may elect to maintain such Borrowing any borrowing consisting of LIBOR Rate Loans, or any portion thereof thereof, as consisting of Eurocurrency Loans a LIBOR Rate Loan by selecting a new Interest Period for such Borrowingborrowing, which new Interest Period shall commence on the last day of the immediately preceding then existing Interest Period, provided that no Default or Event of Default shall have occurred and be continuing on the date upon which notice of a proposed Continuation (as hereafter defined) is given. Each selection of a new Interest Period (a "Continuation") shall be made on three (3) Business Days' prior notice, given by notice given Borrower to Lender not later than 11:00 a.m. 12:00 noon (New York City time) on the third Business Day prior to preceding the date of any such Continuation relating proposed Continuation. If Borrower elects to Eurocurrency Loans, by the Funds Administrator to the Administrative Agent. Such notice by the Funds Administrator of a Continuation (a “Notice of Continuation”) shall be in substantially the form of Exhibit 4.3(a), specifying (i) the date of such Continuation, (ii) the aggregate amount of Loans subject to such Continuation and (iii) the duration of the selected Interest Period, all of which shall be specified in such manner as is necessary to comply with all limitations on Loans outstanding hereunder. The Borrowers may elect to continue maintain more than one Borrowing borrowing consisting of Eurocurrency LIBOR Rate Loans by combining such Borrowings borrowings into one Borrowing borrowing and selecting a new Interest Period pursuant to this Section 4.3(a); provided that subsection, each of the Borrowings borrowings so combined shall consist of LIBOR Rate Loans having Interest Periods ending on the same date. If the Borrowers Borrower shall fail to select a new Interest Period for any Borrowing borrowing consisting of Eurocurrency LIBOR Rate Loans in accordance with this Section 4.3(aparagraph (A), each such Loans will automaticallyLIBOR Rate Loan shall automatically continue as a LIBOR Rate Loan, and shall bear interest based on the last LIBOR Rate then in effect for LIBOR Rate based loans having a 30-day interest period and which are then being made by Lender, provided, that after the occurrence and during the continuance of the then existing Interest Period therefora Default or Event of Default, Convert such LIBOR Rate Loans shall automatically convert into Base Rate Loans.

Appears in 1 contract

Samples: Loan and Security Agreement (Union Drilling Inc)

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