Common use of Notice of Continuation or Conversion of Outstanding Borrowings Clause in Contracts

Notice of Continuation or Conversion of Outstanding Borrowings. The Borrower may from time to time elect to change or continue the type of interest rate borne by each Revolving Loan Borrowing or, subject to the minimum amount requirements in Section 2.2 for each outstanding Revolving Loan Borrowing, a portion thereof, as follows: (i) if such Borrowing is of Eurocurrency Loans, the Borrower may continue part or all of such Borrowing as Eurocurrency Loans for an Interest Period specified by the Borrower or convert part or all of such Borrowing into Base Rate Loans (if such Borrowing is permitted to be outstanding as Base Rate Loans under Section 2.2 hereof) on the last day of the Interest Period applicable thereto, or the Borrower may earlier convert part or all of such Borrowing into Base Rate Loans (if such Borrowing is permitted to be outstanding as Base Rate Loans under Section 2.2 hereof) so long as it pays the breakage fees and funding losses provided in Section 2.11; and (ii) if such Borrowing is of Base Rate Loans, the Borrower may convert all or part of such Borrowing into Eurocurrency Loans for an Interest Period specified by the Borrower on any Business Day, in each case pursuant to notices of continuation or conversion as set forth below. The Borrower may select multiple Interest Periods for the Eurocurrency Loans constituting any such particular Borrowing, provided that at no time shall the number of different Interest Periods for outstanding Eurocurrency Loans exceed twenty (20) (it being understood for such purposes that (x) Interest Periods of the same duration, but commencing on different dates, shall be counted as different Interest Periods, and (y) all Interest Periods commencing on the same date and of the same duration shall be counted as one Interest Period regardless of the number of Borrowings or Loans involved. Notices of the continuation of such Eurocurrency Loans for an additional Interest Period or of the conversion of part or all of such Eurocurrency Loans into Base Rate Loans or of such Base Rate Loans into Eurocurrency Loans must be given by no later than (A) 12:00 P.M. at least three (3) Business Days with respect to Eurocurrency Loans funded in U.S. Dollars, (B) 12:00 P.M. at least four (4) Business Days with respect to Eurocurrency Loans funded in Euros, Pounds or Canadian Dollars (with a copy of any such notice to be sent simultaneously to the Sub-Agent), and (C) 4:00 P.M. (London time) at least four (4) Business Days with respect to Eurocurrency Loans funded in any Specified Currency (with a copy of any such notice to be sent simultaneously to the Sub-Agent), in each case before the date of the requested continuation or conversion.

Appears in 2 contracts

Samples: Revolving Credit Agreement (Transocean Inc), Year Revolving Credit Agreement (Transocean Inc)

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Notice of Continuation or Conversion of Outstanding Borrowings. The Borrower may from time to time elect to change or continue the type of interest rate borne by each Revolving Loan Borrowing or, subject to the minimum amount requirements in Section 2.2 for each outstanding Revolving Loan Borrowing, a portion thereof, as follows: (i) if such Borrowing is of Eurocurrency Eurodollar Loans, the Borrower may continue part or all of such Borrowing as Eurocurrency Eurodollar Loans for an Interest Period specified by the Borrower or convert part or all of such Borrowing into Base Rate Loans (if such Borrowing is permitted to be outstanding as Base Rate Loans under Section 2.2 hereof) on the last day of the Interest Period applicable thereto, or the Borrower may earlier convert part or all of such Borrowing into Base Rate Loans (if such Borrowing is permitted to be outstanding as Base Rate Loans under Section 2.2 hereof) so long as it pays the breakage fees and funding losses provided in Section 2.11; and (ii) if such Borrowing is of Base Rate Loans, the Borrower may convert all or part of such Borrowing into Eurocurrency Eurodollar Loans for an Interest Period specified by the Borrower on any Business Day, in each case pursuant to notices of continuation or conversion as set forth below. The Borrower may select multiple Interest Periods for the Eurocurrency Eurodollar Loans constituting any such particular Borrowing, provided that at no time shall the number of different Interest Periods for outstanding Eurocurrency Eurodollar Loans exceed twenty (20) (it being understood for such purposes that (x) Interest Periods of the same duration, but commencing on different dates, shall be counted as different Interest Periods, and (y) all Interest Periods commencing on the same date and of the same duration shall be counted as one Interest Period regardless of the number of Borrowings or Loans involved. Notices of the continuation of such Eurocurrency Eurodollar Loans for an additional Interest Period or of the conversion of part or all of such Eurocurrency Eurodollar Loans into Base Rate Loans or of such Base Rate Loans into Eurocurrency Eurodollar Loans must be given by no later than (A) 12:00 P.M. at least three (3) Business Days with respect to Eurocurrency Eurodollar Loans funded in U.S. Dollars, (B) 12:00 P.M. at least four (4) Business Days with respect to Eurocurrency Loans funded in Euros, Pounds or Canadian Dollars (with a copy of any such notice to be sent simultaneously to the Sub-Agent), and (C) 4:00 P.M. (London time) at least four (4) Business Days with respect to Eurocurrency Loans funded in any Specified Currency (with a copy of any such notice to be sent simultaneously to the Sub-Agent), in each case before the date of the requested continuation or conversion.

Appears in 2 contracts

Samples: Day Revolving Credit Agreement (Transocean Inc), 364 Day Revolving Credit Agreement (Transocean Inc)

Notice of Continuation or Conversion of Outstanding Borrowings. The Borrower may from time to time elect to change or continue the type Type of interest rate borne by each Revolving Loan Borrowing or, subject to the minimum amount requirements in Section 2.2 for each outstanding Revolving Loan Borrowing, or a portion thereofthereof (such portion to be in an amount not less than $5,000,000 and in an integral multiple of $1,000,000), as follows: (i) if such Borrowing is of Eurocurrency Eurodollar Loans, the Borrower may continue part or all of such Borrowing as Eurocurrency Eurodollar Loans for an Interest Period specified by the Borrower or convert part or all of such Borrowing into Base Rate Loans (if such Borrowing is permitted to be outstanding as Base Rate Loans under Section 2.2 hereof) on the last day of the Interest Period applicable thereto, or the Borrower may earlier convert part or all of such Borrowing into Base Rate Loans (if such Borrowing is permitted to be outstanding as Base Rate Loans under Section 2.2 hereof) so long as it pays the breakage fees and funding losses provided in Section 2.112.12; and (ii) if such Borrowing is of Base Rate Loans, the Borrower may convert all or part of such Borrowing into Eurocurrency Eurodollar Loans for an Interest Period specified by the Borrower on any Business Day, in each case pursuant to notices of continuation or conversion as set forth below. The Borrower may select multiple Interest Periods for the Eurocurrency Loans constituting any such particular BorrowingBorrowings comprised of Eurodollar Loans, provided that at no time shall the number of different Interest Periods for outstanding Eurocurrency Borrowings comprised of Eurodollar Loans exceed twenty ten (2010) (it being understood for such purposes that (x) Interest Periods of the same duration, but commencing on different dates, shall be counted as different Interest Periods, and (y) all Interest Periods commencing on the same date and of the same duration shall be counted as one Interest Period regardless of the number of Borrowings or Term Loans involved). Notices of the continuation of such Eurocurrency Eurodollar Loans for an additional Interest Period or of the conversion of part or all of such Eurocurrency Eurodollar Loans into Base Rate Loans or of such Base Rate Loans into Eurocurrency Eurodollar Loans must be given by no later than (A) 12:00 P.M. at least three (3) Business Days with respect to Eurocurrency Loans funded in U.S. Dollars, (B) 12:00 P.M. at least four (4) Business Days with respect to Eurocurrency Loans funded in Euros, Pounds or Canadian Dollars (with a copy of any such notice to be sent simultaneously to the Sub-Agent), and (C) 4:00 P.M. (London time) at least four (4) Business Days with respect to Eurocurrency Loans funded in any Specified Currency (with a copy of any such notice to be sent simultaneously to the Sub-Agent), in each case before the date of the requested continuation or conversion.

Appears in 2 contracts

Samples: Term Credit Agreement (Transocean Inc), Term Credit Agreement (Transocean Inc)

Notice of Continuation or Conversion of Outstanding Borrowings. The Borrower may from time to time elect to change or continue the type of interest rate borne by each Revolving Term Loan Borrowing or, subject to the minimum amount requirements in Section 2.2 for each outstanding Revolving Term Loan Borrowing, a portion thereof, as follows: (i) if such Borrowing is of Eurocurrency Eurodollar Term Loans, the Borrower may continue part or all of such Borrowing as Eurocurrency Eurodollar Term Loans for an Interest Period specified by the Borrower it or convert part or all of such Borrowing into Base Rate Term Loans (if such Borrowing is permitted to be outstanding as Base Rate Loans under Section 2.2 hereof) on the last day of the Interest Period applicable thereto, or the Borrower may earlier convert part or all of such Borrowing into Base Rate Term Loans (if such Borrowing is permitted to be outstanding as Base Rate Loans under Section 2.2 hereof) so long as it pays the breakage fees and funding losses provided in Section 2.11; and (ii) if such Borrowing is of Base Rate Term Loans, the Borrower may convert all or part of such Borrowing into Eurocurrency Eurodollar Term Loans for an Interest Period specified by the Borrower it on any Business Day, in each case pursuant to notices of continuation or conversion as set forth below. The Borrower may select multiple Interest Periods for the Eurocurrency Eurodollar Term Loans constituting requested in any such particular Borrowingsingle Borrowing Request, provided that at no time shall the number of different Interest Periods for outstanding Eurocurrency Eurodollar Term Loans exceed twenty (20) (it being understood for such purposes that (x) Interest Periods of the same duration, but commencing on different dates, shall be counted as different Interest Periods, and (y) all Interest Periods commencing on the same date and of the same duration shall be counted as one Interest Period regardless of the number of Borrowings or Loans involved). Notices of the continuation of such Eurocurrency Eurodollar Term Loans for an additional Interest Period or of the conversion of part or all of such Eurocurrency Eurodollar Term Loans into Base Rate Term Loans or of such Base Rate Term Loans into Eurocurrency Eurodollar Term Loans must be given by no later than (A) 12:00 P.M. at least three (3) Business Days with respect prior to Eurocurrency the date of such continuation of, or conversion to, Eurodollar Term Loans funded in U.S. Dollars, and (B) 12:00 P.M. at least four (4) Business Days with respect to Eurocurrency Loans funded in Euros, Pounds or Canadian Dollars (with a copy of any such notice to be sent simultaneously to the Sub-Agent), and (C) 4:00 P.M. (London time) at least four (4) Business Days with respect to Eurocurrency Loans funded in any Specified Currency (with a copy of any such notice to be sent simultaneously to the Sub-Agent), in each case before on the date of the requested continuation or conversionany conversion of Eurodollar Term Loans to Base Rate Term Loans.

Appears in 2 contracts

Samples: Senior Secured Term Loan Agreement (Paragon Offshore PLC), Term Loan Agreement (Paragon Offshore Ltd.)

Notice of Continuation or Conversion of Outstanding Borrowings. The applicable Borrower may from time to time elect to change or continue the type of interest rate borne by each Revolving Loan Borrowing or, subject to the minimum amount requirements in Section 2.2 for each outstanding Revolving Loan Borrowing, a portion thereof, as follows: (i) if such Borrowing is of Eurocurrency Eurodollar Revolving Loans, the such Borrower may continue part or all of such Borrowing as Eurocurrency Eurodollar Revolving Loans for an Interest Period specified by the Borrower it or convert part or all of such Borrowing into Base Rate Revolving Loans (if such Borrowing is permitted to be outstanding as Base Rate Loans under Section 2.2 hereof) on the last day of the Interest Period applicable thereto, or the applicable Borrower may earlier convert part or all of such Borrowing into Base Rate Revolving Loans (if such Borrowing is permitted to be outstanding as Base Rate Loans under Section 2.2 hereof) so long as it pays the breakage fees and funding losses provided in Section 2.11; and (ii) if such Borrowing is of Base Rate Revolving Loans, the applicable Borrower may convert all or part of such Borrowing into Eurocurrency Eurodollar Revolving Loans for an Interest Period specified by the Borrower it on any Business Day, in each case pursuant to notices of continuation or conversion as set forth below. The applicable Borrower may select multiple Interest Periods for the Eurocurrency Eurodollar Revolving Loans constituting requested in any such particular Borrowingsingle Borrowing Request, provided that at no time shall the number of different Interest Periods for outstanding Eurocurrency Eurodollar Revolving Loans exceed twenty (20) (it being understood for such purposes that (x) Interest Periods of the same duration, but commencing on different dates, shall be counted as different Interest Periods, and (y) all Interest Periods commencing on the same date and of the same duration shall be counted as one Interest Period regardless of the number of Borrowings or Loans involved). Notices of the continuation of such Eurocurrency Eurodollar Revolving Loans for an additional Interest Period or of the conversion of part or all of such Eurocurrency Eurodollar Revolving Loans into Base Rate Revolving Loans or of such Base Rate Revolving Loans into Eurocurrency Eurodollar Revolving Loans must be given by no later than (A) 12:00 P.M. at least three (3) Business Days with respect prior to Eurocurrency the date of such continuation of, or conversion to, Eurodollar Revolving Loans funded in U.S. Dollars, and (B) 12:00 P.M. at least four (4) Business Days with respect to Eurocurrency Loans funded in Euros, Pounds or Canadian Dollars (with a copy of any such notice to be sent simultaneously to the Sub-Agent), and (C) 4:00 P.M. (London time) at least four (4) Business Days with respect to Eurocurrency Loans funded in any Specified Currency (with a copy of any such notice to be sent simultaneously to the Sub-Agent), in each case before on the date of the requested continuation or conversionany conversion of Eurodollar Revolving Loans to Base Rate Revolving Loans.

Appears in 2 contracts

Samples: Senior Secured Revolving Credit Agreement (Paragon Offshore Ltd.), Senior Secured Revolving Credit Agreement (Noble Corp PLC)

Notice of Continuation or Conversion of Outstanding Borrowings. The Borrower may from time to time elect to change or continue the type of interest rate borne by each Revolving Loan Borrowing all or, subject to the minimum amount requirements in Section 2.2 for each outstanding 2.2, any portion of, any Borrowing of Revolving Loan Borrowing, a portion thereof, Loans of the Borrower as follows: (i) if such Borrowing is of Eurocurrency Term Benchmark Loans, the Borrower may continue part or all of such Borrowing as Eurocurrency Term Benchmark Loans for an Interest Period specified by the Borrower or convert part or all of such Borrowing into Base Rate RFR Loans (if such Borrowing is permitted to be outstanding as Base Rate Loans under Section 2.2 hereof) on the last day of the Interest Period applicable thereto, or the Borrower may earlier convert part or all of such Borrowing into Base Rate RFR Loans (if such Borrowing is permitted to be outstanding as Base Rate Loans under Section 2.2 hereof) so long as it pays the breakage fees and funding losses provided in Section 2.11; and (ii) if such Borrowing is of Base Rate RFR Loans, the Borrower may convert all or part of such Borrowing into Eurocurrency Term Benchmark Loans for an Interest Period specified by the Borrower on any Business Day, in each case pursuant to notices of continuation or conversion as set forth below. The Borrower may select multiple Interest Periods for the Eurocurrency Term Benchmark Loans constituting any such particular BorrowingBorrowing of the Borrower, provided that at no time shall the number of different Interest Periods for outstanding Eurocurrency Term Benchmark Loans exceed twenty ten (2010) (it being understood for such purposes that (x) Interest Periods of the same duration, but commencing on different dates, shall be counted as different Interest Periods, and (y) all Interest Periods commencing on the same date and of the same duration shall be counted as one Interest Period regardless of the number of Borrowings or Loans involved). Notices of the continuation of such Eurocurrency Term Benchmark Loans for an additional Interest Period or of the conversion of part or all of such Eurocurrency Term Benchmark Loans into Base Rate RFR Loans or of such Base Rate RFR Loans into Eurocurrency Term Benchmark Loans must be given by no later than (A) 12:00 P.M. p.m. (London time) at least three (3) Business Days with respect prior to Eurocurrency the date of such continuation of, or conversion to, Term Benchmark Loans funded in U.S. Dollars, and (B) 12:00 P.M. at least four (4) Business Days with respect to Eurocurrency Loans funded in Euros, Pounds or Canadian Dollars (with a copy of any such notice to be sent simultaneously to the Sub-Agent), and (C) 4:00 P.M. p.m. (London time) at least four (4) Business Days with respect to Eurocurrency Loans funded in any Specified Currency (with a copy of any such notice to be sent simultaneously to the Sub-Agent), in each case before on the date of the requested continuation or conversionany conversion of Term Benchmark Loans to RFR.

Appears in 2 contracts

Samples: Secured Revolving Credit Agreement (Seadrill LTD), Secured Revolving Credit Agreement

Notice of Continuation or Conversion of Outstanding Borrowings. The Borrower may from time to time elect to change or continue the type of interest rate borne by each Revolving Loan Borrowing or, subject to the minimum amount requirements in Section 2.2 for each outstanding Revolving Loan Borrowing, a portion thereof, as follows: (i) if such Borrowing is of Eurocurrency Loans, on the last day of the Interest Period applicable thereto the Borrower may continue part or all of such Borrowing as Eurocurrency Loans for an Interest Period specified by the Borrower or convert part or all of such Borrowing into Base Rate Loans (if such Borrowing is permitted to be outstanding in the applicable notice as Base Rate Loans under Section 2.2 hereof) on the last day of the Interest Period applicable theretoset forth below, or the Borrower may earlier convert part or all of such Borrowing into Base Rate Loans (if such Borrowing is permitted to be outstanding as Base Rate Loans under Section 2.2 hereof) so long as it pays the breakage fees costs, expenses and funding losses provided in Section 2.11; and (ii) if such Borrowing is of Base Rate Loans, the Borrower may convert all or part of such Borrowing into Eurocurrency Loans for an Interest Period specified by the Borrower on any Business Day, in each case pursuant to notices of continuation or conversion as set forth below. The Borrower may select multiple Interest Periods for the Borrowings of Eurocurrency Loans constituting any such particular BorrowingLoans, provided provided, that at no time shall the number of different Interest Periods for outstanding Borrowings of Eurocurrency Loans exceed twenty (20) (it being understood for such purposes that (x) Interest Periods of the same duration, but commencing on different dates, shall be counted as different Interest Periods, and (y) all Interest Periods commencing on the same date and of the same duration shall be counted as one Interest Period regardless of the number of Borrowings or Loans involved). Notices of the continuation of such Eurocurrency Loans for an additional Interest Period or of the conversion of part or all of such Eurocurrency Loans into Base Rate Loans or of such Base Rate Loans into Eurocurrency Loans must be given to the Administrative Agent by no later than (A) 12:00 P.M. New York time at least three (3) Business Days with respect to Eurocurrency Loans funded in U.S. Dollars, (B) 12:00 P.M. at least four (4) Business Days with respect to Eurocurrency Loans funded in Euros, Pounds or Canadian Dollars (with a copy of any such notice to be sent simultaneously to the Sub-Agent), and (C) 4:00 P.M. (London time) at least four (4) Business Days with respect to Eurocurrency Loans funded in any Specified Currency (with a copy of any such notice to be sent simultaneously to the Sub-Agent), in each case before the date of the requested continuation or conversion.

Appears in 2 contracts

Samples: Credit Agreement (Transocean Ltd.), Credit Agreement (Transocean Ltd.)

Notice of Continuation or Conversion of Outstanding Borrowings. The Borrower may from time to time elect to change or continue the type of interest rate borne by each Revolving Loan Borrowing or Term Loan Borrowing, as the case may be, or, subject to the minimum amount requirements in Section Sections 2.2 and 2.3 for each outstanding Revolving Loan Borrowing or Term Loan Borrowing, as the case may be, a portion thereof, as follows: (i) if such Borrowing is of Eurocurrency Loans, the Borrower may continue part or all of such Borrowing as Eurocurrency Loans for an Interest Period specified by the Borrower or convert part or all of such Borrowing into Base Rate Loans (if such Borrowing is permitted to be outstanding as Base Rate Loans under Section 2.2 hereof) on the last day of the Interest Period applicable thereto, or the Borrower may earlier convert part or all of such Borrowing into Base Rate Loans (if such Borrowing is permitted to be outstanding as Base Rate Loans under Section 2.2 hereof) so long as it pays the breakage fees and funding losses provided in Section 2.112.13; and (ii) if such Borrowing is of Base Rate Loans, the Borrower may convert all or part of such Borrowing into Eurocurrency Loans for an Interest Period specified by the Borrower on any Business Day, in each case pursuant to notices of continuation or conversion as set forth below. The Borrower may select multiple Interest Periods for the Eurocurrency Loans constituting any such particular Borrowing, provided that at no time shall the number of different Interest Periods for outstanding Eurocurrency Loans exceed twenty (20) (it being understood for such purposes that (x) Interest Periods of the same duration, but commencing on different dates, shall be counted as different Interest Periods, and (y) all Interest Periods commencing on the same date and of the same duration shall be counted as one Interest Period regardless of the number of Borrowings or Loans involved. Notices of the continuation of such Eurocurrency Loans for an additional Interest Period or of the conversion of part or all of such Eurocurrency Loans into Base Rate Loans or of such Base Rate Loans into Eurocurrency Loans must be given by no later than (A) 12:00 P.M. p.m. at least three (3) Business Days with respect to Eurocurrency Loans funded in U.S. Dollars, (B) 12:00 P.M. at least four (4) Business Days with respect to Eurocurrency Loans funded in Euros, Pounds or Canadian Dollars (with a copy of any such notice to be sent simultaneously to the Sub-Agent), and (C) 4:00 P.M. (London time) at least four (4) Business Days with respect to Eurocurrency Loans funded in any Specified Currency (with a copy of any such notice to be sent simultaneously to the Sub-Agent), in each case before the date of the requested continuation or conversion.

Appears in 2 contracts

Samples: 364 Day Credit Agreement (Transocean Inc), 364 Day Credit Agreement (Transocean Sedco Forex Inc)

Notice of Continuation or Conversion of Outstanding Borrowings. The Borrower may from time to time elect to change or continue the type of interest rate borne by each Revolving Loan Borrowing or, subject to the minimum amount requirements in Section 2.2 for each outstanding Revolving Loan Borrowing, a portion thereof, as follows: (i) if such Borrowing is of Eurocurrency Loans, on the last day of the Interest Period applicable thereto the Borrower may continue part or all of such Borrowing as Eurocurrency Loans in the same currency for an Interest Period specified by the Borrower in the applicable notice as set forth below, or convert part or all of such Borrowing into Base Rate Loans (if such Borrowing is permitted to be outstanding as Base Rate Loans under Section 2.2 hereof) on the last day of the Interest Period applicable theretodenominated in Dollars, or the Borrower may earlier convert part or all of such Borrowing into Base Rate Loans (if such Borrowing is permitted to be outstanding as Base Rate Loans under Section 2.2 hereof) so long as it pays the breakage fees costs, expenses and funding losses provided in Section 2.11; and (ii) if such Borrowing is of Base Rate Loans, the Borrower may convert all or part of such Borrowing into Eurocurrency Loans denominated in Dollars for an Interest Period specified by the Borrower on any Business Day, in each case pursuant to notices of continuation or conversion as set forth below. The Borrower may select multiple Interest Periods for the Borrowings of Eurocurrency Loans constituting any such particular BorrowingLoans, provided provided, that at no time shall the number of different Interest Periods for outstanding Borrowings of Eurocurrency Loans exceed twenty ten (2010) (it being understood for such purposes that (x) Interest Periods of the same duration, but commencing on different dates, shall be counted as different Interest Periods, and (y) all Interest Periods commencing on the same date and of the same duration for Loans denominated in the same currency shall be counted as one Interest Period regardless of the number of Borrowings or Loans involved. Notices of the continuation of such Eurocurrency Loans for an additional Interest Period or of the conversion of part or all of such Eurocurrency Loans into Base Rate Loans or of such Base Rate Loans into Eurocurrency Loans denominated in Dollars must be given to each Lender by no later than (A) 12:00 P.M. New York time at least three (3) Business Days before such continuation or conversion with respect to Eurocurrency Loans funded in U.S. Dollars, (B) 12:00 P.M. at least four (4) Business Days with respect to Eurocurrency Loans funded in Euros, Pounds or Canadian Dollars (with a copy of any such notice to be sent simultaneously to the Sub-Agent), and (C) 4:00 P.M. (London time) at least four (4) Business Days with respect to Eurocurrency Loans funded in any Specified Currency (with a copy of any such notice to be sent simultaneously to the Sub-Agent)so continued or converted, in each case before the date of the requested continuation or conversion.

Appears in 2 contracts

Samples: Credit Agreement (Transocean Partners LLC), Credit Agreement (Transocean Partners LLC)

Notice of Continuation or Conversion of Outstanding Borrowings. The Borrower may from time to time elect to change or continue the type of interest rate borne by each Revolving Loan Borrowing or, subject to the minimum amount requirements in Section 2.2 2.1(c) for each outstanding Revolving Loan Borrowing, a portion thereof, as follows: (i) if such Borrowing is of Eurocurrency Eurodollar Loans, the Borrower may continue part or all of such Borrowing as Eurocurrency Eurodollar Loans for an Interest Period specified by the Borrower it or convert part or all of such Borrowing into Base Rate Loans (if such Borrowing is permitted to be outstanding as Base Rate Loans under Section 2.2 hereof) on the last day of the Interest Period applicable thereto, or the Borrower may earlier convert part or all of such Borrowing into Base Rate Loans (if such Borrowing is permitted to be outstanding as Base Rate Loans under Section 2.2 hereof) so long as it pays the breakage fees and funding losses provided in Section 2.11; and (ii) if such Borrowing is of Base Rate Loans, the Borrower may convert all or part of such Borrowing into Eurocurrency Eurodollar Loans for an Interest Period specified by the Borrower it on any Business Day, in each case pursuant to notices of continuation or conversion as set forth below. The Borrower may select multiple Interest Periods for the Eurocurrency Eurodollar Loans constituting requested in any such particular Borrowingsingle Borrowing Request, provided that at no time shall the number of different Interest Periods for outstanding Eurocurrency Eurodollar Loans exceed twenty (20) (it being understood for such purposes that (x) Interest Periods of the same duration, but commencing on different dates, shall be counted as different Interest Periods, and (y) all Interest Periods commencing on the same date and of the same duration shall be counted as one Interest Period regardless of the number of Borrowings or Loans involved). Notices of the continuation of such Eurocurrency Eurodollar Loans for an additional Interest Period or of the conversion of part or all of such Eurocurrency Eurodollar Loans into Base Rate Loans or of such Base Rate Loans into Eurocurrency Eurodollar Loans must be given by no later than (A) 12:00 P.M. at least three (3) Business Days with respect prior to Eurocurrency the date of such continuation of, or conversion to, Eurodollar Loans funded in U.S. Dollars, and (B) 12:00 P.M. at least four (4) Business Days with respect to Eurocurrency Loans funded in Euros, Pounds or Canadian Dollars (with a copy of any such notice to be sent simultaneously to the Sub-Agent), and (C) 4:00 P.M. (London time) at least four (4) Business Days with respect to Eurocurrency Loans funded in any Specified Currency (with a copy of any such notice to be sent simultaneously to the Sub-Agent), in each case before on the date of the requested continuation or conversionany conversion of Eurodollar Loans to Base Rate Loans.

Appears in 2 contracts

Samples: Credit Agreement (Seacor Holdings Inc /New/), Credit Agreement (Seacor Holdings Inc /New/)

Notice of Continuation or Conversion of Outstanding Borrowings. The Borrower may from time to time elect to change or continue the type of interest rate borne by each Revolving Loan Borrowing or, subject to the minimum amount requirements in Section 2.2 for each outstanding Revolving Loan Borrowing, a portion thereof, as follows: (i) if such Borrowing is of Eurocurrency Loans, on the last day of the Interest Period applicable thereto the Borrower may continue part or all of such Borrowing as Eurocurrency Loans in the same currency for an Interest Period specified by the Borrower in the applicable notice as set forth below, or convert part or all of such Borrowing into Base Rate Loans (if such Borrowing is permitted to be outstanding as Base Rate Loans under Section 2.2 hereof) on the last day of the Interest Period applicable theretodenominated in Dollars, or the Borrower may earlier convert part or all of such Borrowing into Base Rate Loans (if such Borrowing is permitted to be outstanding as Base Rate Loans under Section 2.2 hereof) so long as it pays the breakage fees and funding losses provided in Section 2.11; and (ii) if such Borrowing is of Base Rate Loans, the Borrower may convert all or part of such Borrowing into Eurocurrency Loans denominated in Dollars for an Interest Period specified by the Borrower on any Business Day, in each case pursuant to notices of continuation or conversion as set forth below. The Borrower may select multiple Interest Periods for the Borrowings of Eurocurrency Loans constituting any such particular BorrowingLoans, provided that at no time shall the number of different Interest Periods for outstanding Borrowings of Eurocurrency Loans exceed twenty (20) (it being understood for such purposes that (x) Interest Periods of the same duration, but commencing on different dates, shall be counted as different Interest Periods, and (y) all Interest Periods commencing on the same date and of the same duration for Loans denominated in the same currency shall be counted as one Interest Period regardless of the number of Borrowings or Loans involved. Notices of the continuation of such Eurocurrency Loans for an additional Interest Period or of the conversion of part or all of such Eurocurrency Loans into Base Rate Loans or of such Base Rate Loans into Eurocurrency Loans denominated in Dollars must be given (A) to the Administrative Agent by no later than (A) 12:00 P.M. New York time at least three (3) Business Days before such continuation or conversion with respect to Eurocurrency Loans funded denominated in U.S. DollarsDollars to be so continued or converted, and (B) to the Sub-Agent by no later than 12:00 P.M. London time at least four (4) Business Days before such continuation with respect to Eurocurrency Loans funded denominated in Euros, Pounds or Canadian Dollars any Alternative Currency to be so continued (with a copy of any such notice to be sent simultaneously to the Sub-Agent), and (C) 4:00 P.M. (London time) at least four (4) Business Days with respect to Eurocurrency Loans funded in any Specified Currency (with a copy of any such notice to be sent simultaneously to the Sub-Administrative Agent), in each case before the date of the requested continuation or conversion.

Appears in 2 contracts

Samples: Credit Agreement (Transocean Ltd.), Credit Agreement (Transocean Ltd.)

Notice of Continuation or Conversion of Outstanding Borrowings. The Borrower Company may from time to time elect to change or continue the type of interest rate borne by each Revolving Loan Borrowing or, subject to the minimum amount requirements in Section 2.2 for each outstanding Revolving Loan Borrowing, a portion thereof, as follows: (i) if such Borrowing is of Eurocurrency Loans, the Borrower Company may continue part or all of such Borrowing as Eurocurrency Loans for an Interest Period specified by the Borrower Company or convert part or all of such Borrowing into Base Rate Loans (if such Borrowing is permitted to be outstanding as Base Rate Loans under Section 2.2 hereof) on the last day of the Interest Period applicable thereto, or the Borrower Company may earlier convert part or all of such Borrowing into Base Rate Loans (if such Borrowing is permitted to be outstanding as Base Rate Loans under Section 2.2 hereof) so long as it pays the breakage fees and funding losses provided in Section 2.11; and (ii) if such Borrowing is of Base Rate Loans, the Borrower Company may convert all or part of such Borrowing into Eurocurrency Loans for an Interest Period specified by the Borrower Company on any Business Day, in each case pursuant to notices of continuation or conversion as set forth below. The Borrower Company may select multiple Interest Periods for the Eurocurrency Loans constituting any such particular Borrowing, provided that at no time shall the number of different Interest Periods for outstanding Eurocurrency Loans exceed twenty (20) (it being understood for such purposes that (x) Interest Periods of the same duration, but commencing on different dates, shall be counted as different Interest Periods, and (y) all Interest Periods commencing on the same date and of the same duration shall be counted as one Interest Period regardless of the number of Borrowings or Loans involved). Notices of the continuation of such Eurocurrency Loans for an additional Interest Period or of the conversion of part or all of such Eurocurrency Loans into Base Rate Loans or of such Base Rate Loans into Eurocurrency Loans must be given by no later than (A) 12:00 P.M. at least three (3) Business Days with respect prior to the date of such continuation of, or conversion to, Eurocurrency Loans funded in U.S. Dollars, (B) 12:00 P.M. at least four (4) Business Days with respect prior to the date of such continuation of, or conversion to, Eurocurrency Loans funded in Euros, Pounds or Canadian Dollars (with a copy of any such notice to be sent simultaneously to the Sub-Agent)Dollars, and (C) 4:00 P.M. (London time) at least four (4) Business Days with respect prior to the date of such continuation of, or conversion to, Eurocurrency Loans funded in any Specified Currency and (with a copy of any such notice to be sent simultaneously to the Sub-Agent), in each case before D) 12:00 P.M. on the date of the requested continuation or conversion.any conversion of Eurocurrency Loans to Base Rate Loans. [Revolving Credit Agreement]

Appears in 1 contract

Samples: Revolving Credit Agreement (Noble Corp / Switzerland)

Notice of Continuation or Conversion of Outstanding Borrowings. The Borrower may from time to time elect to change or continue the type of interest rate borne by each Revolving Loan Borrowing or, subject to the minimum amount requirements in Section 2.2 for each outstanding Revolving Loan Borrowing, a portion thereof, as follows: (i) if such Borrowing is of Eurocurrency Loans, the Borrower may continue part or all of such Borrowing as Eurocurrency Loans for an Interest Period specified by the Borrower or convert part or all of such Borrowing into Base Rate Loans (if such Borrowing is permitted to be outstanding as Base Rate Loans under Section 2.2 hereof) on the last day of the Interest Period applicable thereto, or the Borrower may earlier convert part or all of such Borrowing into Base Rate Loans (if such Borrowing is permitted to be outstanding as Base Rate Loans under Section 2.2 hereof) so long as it pays the breakage fees and funding losses provided in Section 2.11; and (ii) if such Borrowing is of Base Rate Loans, the Borrower may convert all or part of such Borrowing into Eurocurrency Loans for an Interest Period specified by the Borrower on any Business Day, in each case pursuant to notices of continuation or conversion as set forth below. The Borrower may select multiple Interest Periods for the Eurocurrency Loans constituting any such particular Borrowing, provided that at no time shall the number of different Interest Periods for outstanding Eurocurrency Loans exceed twenty (20) (it being understood for such purposes that (x) Interest Periods of the same duration, but commencing on different dates, shall be counted as different Interest Periods, and (y) all Interest Periods commencing on the same date and of the same duration shall be counted as one Interest Period regardless of the number of Borrowings or Loans involved. Notices of the continuation of such Eurocurrency Loans for an additional Interest Period or of the conversion of part or all of such Eurocurrency Loans into Base Rate Loans or of such Base Rate Loans into Eurocurrency Loans must be given by no later than (A) 12:00 P.M. noon at least three (3) Business Days with respect to Eurocurrency Loans funded in U.S. Dollars, (B) 12:00 P.M. at least four (4) Business Days with respect to Eurocurrency Loans funded in Euros, Pounds or Canadian Dollars (with a copy of any such notice to be sent simultaneously to the Sub-Agent), and (C) 4:00 P.M. (London time) at least four (4) Business Days with respect to Eurocurrency Loans funded in any Specified Currency (with a copy of any such notice to be sent simultaneously to the Sub-Agent), in each case before the date of the requested continuation or conversion.

Appears in 1 contract

Samples: Revolving Credit Agreement (Globalsantafe Corp)

Notice of Continuation or Conversion of Outstanding Borrowings. The Borrower Company may from time to time elect to change or continue the type of interest rate borne by each Revolving Loan Borrowing or, subject to the minimum amount requirements in Section 2.2 for each outstanding Revolving Loan Borrowing, a portion thereof, as follows: (i) if such Borrowing is of Eurocurrency Loans, the Borrower Company may continue part or all of such Borrowing as Eurocurrency Loans for an Interest Period specified by the Borrower Company or convert part or all of such Borrowing into Base Rate Loans (if such Borrowing is permitted to be outstanding as Base Rate Loans under Section 2.2 hereof) on the last day of the Interest Period applicable thereto, or the Borrower Company may earlier convert part or all of such Borrowing into Base Rate Loans (if such Borrowing is permitted to be outstanding as Base Rate Loans under Section 2.2 hereof) so long as it pays the breakage fees and funding losses provided in Section 2.11; and (ii) if such Borrowing [Revolving Credit Agreement] is of Base Rate Loans, the Borrower Company may convert all or part of such Borrowing into Eurocurrency Loans for an Interest Period specified by the Borrower Company on any Business Day, in each case pursuant to notices of continuation or conversion as set forth below. The Borrower Company may select multiple Interest Periods for the Eurocurrency Loans constituting any such particular Borrowing, provided that at no time shall the number of different Interest Periods for outstanding Eurocurrency Loans exceed twenty (20) (it being understood for such purposes that (x) Interest Periods of the same duration, but commencing on different dates, shall be counted as different Interest Periods, and (y) all Interest Periods commencing on the same date and of the same duration shall be counted as one Interest Period regardless of the number of Borrowings or Loans involved). Notices of the continuation of such Eurocurrency Loans for an additional Interest Period or of the conversion of part or all of such Eurocurrency Loans into Base Rate Loans or of such Base Rate Loans into Eurocurrency Loans must be given by no later than (A) 12:00 P.M. at least three (3) Business Days with respect prior to the date of such continuation of, or conversion to, Eurocurrency Loans funded in U.S. Dollars, (B) 12:00 P.M. at least four (4) Business Days with respect prior to the date of such continuation of, or conversion to, Eurocurrency Loans funded in Euros, Pounds or Canadian Dollars (with a copy of any such notice to be sent simultaneously to the Sub-Agent)Dollars, and (C) 4:00 P.M. (London time) at least four (4) Business Days with respect prior to the date of such continuation of, or conversion to, Eurocurrency Loans funded in any Specified Currency and (with a copy of any such notice to be sent simultaneously to the Sub-Agent), in each case before D) 12:00 P.M. on the date of the requested continuation or conversionany conversion of Eurocurrency Loans to Base Rate Loans.

Appears in 1 contract

Samples: Revolving Credit Agreement (Noble Corp / Switzerland)

Notice of Continuation or Conversion of Outstanding Borrowings. The Borrower may from time to time elect to change or continue the type of interest rate borne by each Revolving Loan Borrowing or, subject to the minimum amount requirements in Section 2.2 for each outstanding Revolving Loan Borrowing, a portion thereof, as ​ ‌ ​ ‌ ​ ​ follows: (i) if such Borrowing is of Eurocurrency SOFR Loans, on the last day of the Interest Period applicable thereto the Borrower may continue part or all of such Borrowing as Eurocurrency SOFR Loans for an Interest Period specified by the Borrower or convert part or all of such Borrowing into Base Rate Loans (if such Borrowing is permitted to be outstanding in the applicable notice as Base Rate Loans under Section 2.2 hereof) on the last day of the Interest Period applicable theretoset forth below, or the Borrower may earlier convert part or all of such Borrowing into Base Rate Loans (if such Borrowing is permitted to be outstanding as Base Rate Loans under Section 2.2 hereof) so long as it pays the breakage fees costs, expenses and funding losses provided in Section 2.11; and (ii) if such Borrowing is of Base Rate Loans, the Borrower may convert all or part of such Borrowing into Eurocurrency SOFR Loans for an Interest Period specified by the Borrower on any Business Day, in each case pursuant to notices of continuation or conversion as set forth below. The Borrower may select multiple Interest Periods for the Eurocurrency Loans constituting any such particular BorrowingBorrowings of SOFR Loans, provided provided, that at no time shall the number of different Interest Periods for outstanding Eurocurrency Borrowings of SOFR Loans exceed twenty (20) (it being understood for such purposes that (x) Interest Periods of the same duration, but commencing on different dates, shall be counted as different Interest Periods, and (y) all Interest Periods commencing on the same date and of the same duration shall be counted as one Interest Period regardless of the number of Borrowings or Loans involved). Notices of the continuation of such Eurocurrency SOFR Loans for an additional Interest Period or of the conversion of part or all of such Eurocurrency SOFR Loans into Base Rate Loans or of such Base Rate Loans into Eurocurrency SOFR Loans must be given to the Administrative Agent by no later than (A) 12:00 P.M. New York time at least three (3) Business Days with respect to Eurocurrency Loans funded in U.S. Dollars, (B) 12:00 P.M. at least four (4) Business Days with respect to Eurocurrency Loans funded in Euros, Pounds or Canadian Dollars (with a copy of any such notice to be sent simultaneously to the Sub-Agent), and (C) 4:00 P.M. (London time) at least four (4) Business Days with respect to Eurocurrency Loans funded in any Specified Currency (with a copy of any such notice to be sent simultaneously to the Sub-Agent), in each case before the date of the requested continuation or conversion.

Appears in 1 contract

Samples: Credit Agreement (Transocean Ltd.)

Notice of Continuation or Conversion of Outstanding Borrowings. The Borrower may from time to time elect to change or continue the type of interest rate borne by each Revolving Loan Borrowing or, subject to the minimum amount requirements in Section 2.2 for each outstanding Revolving Loan Borrowing, a portion thereof, as follows: (i) if such Borrowing is of Eurocurrency Loans, on the last day of the Interest Period applicable thereto the Borrower may continue part or all of such Borrowing as Eurocurrency Loans in the same currency for an Interest Period specified by the Borrower in the applicable notice as set forth below, or convert part or all of such Borrowing into Base Rate Loans (if such Borrowing is permitted to be outstanding as Base Rate Loans under Section 2.2 hereof) on the last day of the Interest Period applicable theretodenominated in Dollars, or the Borrower may earlier convert part or all of such Borrowing into Base Rate Loans (if such Borrowing is permitted to be outstanding as Base Rate Loans under Section 2.2 hereof) so long as it pays the breakage fees costs, expenses and funding losses provided in Section 2.11; and (ii) if such Borrowing is of Base Rate Loans, the Borrower may convert all or part of such Borrowing into Eurocurrency Loans denominated in Dollars for an Interest Period specified by the Borrower on any Business Day, in each case pursuant to notices of continuation or conversion as set forth below. The Borrower may select multiple Interest Periods for the Borrowings of Eurocurrency Loans constituting any such particular BorrowingLoans, provided provided, that at no time shall the number of different Interest Periods for outstanding Borrowings of Eurocurrency Loans exceed twenty (20) (it being understood for such purposes that (x) Interest Periods of the same duration, but commencing on different dates, shall be counted as different Interest Periods, and (y) all Interest Periods commencing on the same date and of the same duration for Loans denominated in the same currency shall be counted as one Interest Period regardless of the number of Borrowings or Loans involved. Notices of the continuation of such Eurocurrency Loans for an additional Interest Period or of the conversion of part or all of such Eurocurrency Loans into Base Rate Loans or of such Base Rate Loans into Eurocurrency Loans denominated in Dollars must be given (A) to the Administrative Agent by no later than (A) 12:00 P.M. New York time at least three (3) Business Days before such continuation or conversion with respect to Eurocurrency Loans funded denominated in U.S. DollarsDollars to be so continued or converted, and (B) to the Sub-Agent by no later than 12:00 P.M. London time at least four (4) Business Days before such continuation with respect to Eurocurrency Loans funded denominated in Euros, Pounds or Canadian Dollars any Alternative Currency to be so continued (with a copy of any such notice to be sent simultaneously to the Sub-Agent), and (C) 4:00 P.M. (London time) at least four (4) Business Days with respect to Eurocurrency Loans funded in any Specified Currency (with a copy of any such notice to be sent simultaneously to the Sub-Administrative Agent), in each case before the date of the requested continuation or conversion.

Appears in 1 contract

Samples: Subsidiary Guaranty Agreement (Transocean Ltd.)

Notice of Continuation or Conversion of Outstanding Borrowings. The Borrower may from time to time elect to change or continue the type of interest rate borne by each Revolving Loan Borrowing or, subject to the minimum amount requirements in Section 2.2 for each outstanding Revolving Loan Borrowing, a portion thereof, as follows: (i) if such Borrowing is of Eurocurrency Loans, on the last day of the Interest Period applicable thereto the Borrower may continue part or all of such Borrowing as Eurocurrency Loans for an Interest Period specified by the Borrower or convert part or all of such Borrowing into Base Rate Loans (if such Borrowing is permitted to be outstanding in the applicable notice as Base Rate Loans under Section 2.2 hereof) on the last day of the Interest Period applicable theretoset forth below, or the Borrower may earlier convert part or all of such Borrowing into Base Rate Loans (if such Borrowing is permitted to be outstanding as Base Rate Loans under Section 2.2 hereof) so long as it pays the breakage fees and funding losses provided in Section 2.11; and (ii) if such Borrowing is of Base Rate Loans, the Borrower may convert all or part of such Borrowing into Eurocurrency Loans denominated in Dollars for an Interest Period specified by the Borrower on any Business Day, in each case pursuant to notices of continuation or conversion as set forth below. The Borrower may select multiple Interest Periods for the Borrowings of Eurocurrency Loans constituting any such particular BorrowingLoans, provided that at no time shall the number of different Interest Periods for outstanding Borrowings of Eurocurrency Loans exceed twenty ten (2010) (it being understood for such purposes that (x) Interest Periods of the same duration, but commencing on different dates, shall be counted as different Interest Periods, and (y) all Interest Periods commencing on the same date and of the same duration shall be counted as one Interest Period regardless of the number of Borrowings or Loans involved. Notices of the continuation of such Eurocurrency Loans for an additional Interest Period or of the conversion of part or all of such Eurocurrency Loans into Base Rate Loans or of such Base Rate Loans into Eurocurrency Loans must be given to the Administrative Agent by no later than (A) 12:00 P.M. New York time at least three (3) Business Days before such continuation or conversion with respect to Eurocurrency Loans funded in U.S. Dollars, (B) 12:00 P.M. at least four (4) Business Days with respect to Eurocurrency Loans funded in Euros, Pounds or Canadian Dollars (with a copy of any such notice to be sent simultaneously to the Sub-Agent), and (C) 4:00 P.M. (London time) at least four (4) Business Days with respect to Eurocurrency Loans funded in any Specified Currency (with a copy of any such notice to be sent simultaneously to the Sub-Agent), in each case so continued or converted before the date of the requested continuation or conversion.

Appears in 1 contract

Samples: Credit Agreement (Transocean Ltd.)

Notice of Continuation or Conversion of Outstanding Borrowings. The Borrower may from time to time elect to change or continue the type of interest rate borne by each Revolving Loan Borrowing oror for each outstanding Loan Borrowing, or subject to the minimum amount requirements set forth in Section 2.2 for each outstanding Revolving Loan Borrowing2.2, a portion thereof, as follows: (i) if such Borrowing is of Eurocurrency Eurodollar Loans, the Borrower may continue part or all of such Borrowing as Eurocurrency Eurodollar Loans for an Interest Period specified by the Borrower it or convert part or all of such Borrowing into Base Rate Loans (if such Borrowing is permitted to be outstanding as Base Rate Loans under Section 2.2 hereof) on the last day of the Interest Period applicable thereto, or the Borrower may earlier convert part or all of such Borrowing into Base Rate Loans (if such Borrowing is permitted to be outstanding as Base Rate Loans under Section 2.2 hereof) so long as it pays the breakage fees and funding losses provided in Section 2.11; and (ii) if such Borrowing is of Base Rate Loans, the Borrower may convert all or part of such Borrowing into Eurocurrency Eurodollar Loans for an Interest Period specified by the Borrower it on any Business Day, in each case pursuant to notices of continuation or conversion as set forth below. The Borrower may select multiple Interest Periods for the Eurocurrency Eurodollar Loans constituting requested in any such particular Borrowingsingle Borrowing Request, provided that at no time shall the number of different Interest Periods for outstanding Eurocurrency Eurodollar Loans exceed twenty (20) (it being understood for such purposes that (x) Interest Periods of the same duration, but commencing on different dates, shall be counted as different Interest Periods, and (y) all Interest Periods commencing on the same date and of the same duration shall be counted as one Interest Period regardless of the number of Borrowings or Loans involved). Notices of the continuation of such Eurocurrency Eurodollar Loans for an additional Interest Period or of the conversion of part or all of such Eurocurrency Eurodollar Loans into Base Rate Loans or of such Base Rate Loans into Eurocurrency Eurodollar Loans must be given by no later than (A) 12:00 P.M. at least three (3) Business Days with respect prior to Eurocurrency the date of such continuation of, or conversion to, Eurodollar Loans funded in U.S. Dollars, and (B) 12:00 P.M. at least four (4) Business Days with respect to Eurocurrency Loans funded in Euros, Pounds or Canadian Dollars (with a copy of any such notice to be sent simultaneously to the Sub-Agent), and (C) 4:00 P.M. (London time) at least four (4) Business Days with respect to Eurocurrency Loans funded in any Specified Currency (with a copy of any such notice to be sent simultaneously to the Sub-Agent), in each case before on the date of the requested continuation or conversionany conversion of Eurodollar Loans to Base Rate Loans.

Appears in 1 contract

Samples: Credit Agreement (Seacor Holdings Inc /New/)

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Notice of Continuation or Conversion of Outstanding Borrowings. The Borrower may from time to time elect to change or continue the type of interest rate borne by each Revolving Loan Borrowing or, subject to the minimum amount requirements in Section 2.2 for each outstanding Revolving Loan Borrowing, a portion thereof, as follows: (i) if such Borrowing is of Eurocurrency Loans, the Borrower may continue part or all of such Borrowing as Eurocurrency Loans for an Interest Period specified by the Borrower or convert part or all of such Borrowing into Base Rate Loans (if such Borrowing is permitted to be outstanding as Base Rate Loans under Section 2.2 hereof) on the last day of the Interest Period applicable thereto, or the Borrower may earlier convert part or all of such Borrowing into Base Rate Loans (if such Borrowing is permitted to be outstanding as Base Rate Loans under Section 2.2 hereof) so long as it pays the breakage fees and funding losses provided in Section 2.11; and (ii) if such Borrowing is of Base Rate Loans, the Borrower may convert all or part of such Borrowing into Eurocurrency Loans for an Interest Period specified by the Borrower on any Business Day, in each case pursuant to notices of continuation or conversion as set forth below. The Borrower may select multiple Interest Periods for the Eurocurrency Loans constituting any such particular Borrowing, provided that at no time shall the number of different Interest Periods for outstanding Eurocurrency Loans exceed twenty (20) (it being understood for such purposes that (x) Interest Periods of the same duration, but commencing on different dates, shall be counted as different Interest Periods, and (y) all Interest Periods commencing on the same date and of the same duration shall be counted as one Interest Period regardless of the number of Borrowings or Loans involved. Notices of the continuation of such Eurocurrency Loans for an additional Interest Period or of the conversion of part or all of such Eurocurrency Loans into Base Rate Loans or of such Base Rate Loans into Eurocurrency Loans must be given by no later than (A) 12:00 P.M. at least three (3) Business Days with respect to Eurocurrency Loans funded in U.S. Dollars, (B) 12:00 P.M. at least four (4) Business Days with respect to Eurocurrency Loans funded in Euros, Pounds or Canadian Dollars (with a copy of any such notice to be sent simultaneously to the Sub-Agent)Dollars, and (C) 4:00 P.M. (London time) at least four (4) Business Days with respect to Eurocurrency Loans funded in any Specified Currency (with a copy of any such notice to be sent simultaneously to the Sub-Agent), in each case before the date of the requested continuation or conversion.

Appears in 1 contract

Samples: Revolving Credit Agreement (Transocean Inc)

Notice of Continuation or Conversion of Outstanding Borrowings. The Company on behalf of the applicable Borrower may from time to time elect to change or continue the type of interest rate borne by each Revolving Loan Borrowing all or, subject to the minimum amount requirements in Section 2.2 for each outstanding 2.2, any portion of, any Borrowing of Revolving Loan Borrowing, a portion thereof, Loans of such Borrower as follows: (i) if such Borrowing is of Eurocurrency Term Benchmark Loans, the Borrower Company may continue part or all of such Borrowing as Eurocurrency Term Benchmark Loans for an Interest Period specified by the Borrower Company or convert part or all of such Borrowing into Base Rate Loans (if such Borrowing is permitted to be outstanding as Base Rate Loans under Section 2.2 hereof) on the last day of the Interest Period applicable thereto, or the Borrower Company may earlier convert part or all of such Borrowing into Base Rate Loans (if such Borrowing is permitted to be outstanding as Base Rate Loans under Section 2.2 hereof) so long as it pays the breakage fees and funding losses provided in Section 2.11; and (ii) if such Borrowing is of Base Rate Loans, the Borrower Company may convert all or part of such Borrowing into Eurocurrency Term Benchmark Loans for an Interest Period specified by the Borrower Company on any Business Day, in each case pursuant to notices of continuation or conversion as set forth below. The Company on behalf of the applicable Borrower may select multiple Interest Periods for the Eurocurrency Term Benchmark Loans constituting any particular Borrowing of such particular BorrowingBorrower, provided that at no time shall the number of different Interest Periods for outstanding Eurocurrency Term Benchmark Loans exceed twenty ten (2010) (it being understood for such purposes that (x) Interest Periods of the same duration, but commencing on different dates, shall be counted as different Interest Periods, and (y) all Interest Periods commencing on the same date and of the same duration shall be counted as one Interest Period regardless of the number of Borrowings or Loans involved). Notices of the continuation of such Eurocurrency Term Benchmark Loans for an additional Interest Period or of the conversion of part or all of such Eurocurrency Term Benchmark Loans into Base Rate Loans or of such Base Rate Loans into Eurocurrency Term Benchmark Loans must be given by no later than (A) 12:00 P.M. p.m. (New York City time) at least three (3) Business Days with respect prior to Eurocurrency the date of such continuation of, or conversion to, Term Benchmark Loans funded in U.S. Dollars, and (B) 12:00 P.M. at least four p.m. (4) Business Days with respect to Eurocurrency Loans funded in Euros, Pounds or Canadian Dollars (with a copy of any such notice to be sent simultaneously to the Sub-Agent), and (C) 4:00 P.M. (London New York City time) at least four (4) Business Days with respect to Eurocurrency Loans funded in any Specified Currency (with a copy of any such notice to be sent simultaneously to the Sub-Agent), in each case before on the date of the requested continuation or conversionany conversion of Term Benchmark Loans to Base Rate Loans.

Appears in 1 contract

Samples: Senior Secured Revolving Credit Agreement (Noble Corp PLC)

Notice of Continuation or Conversion of Outstanding Borrowings. The Borrower may from time to time elect to change or continue the type of interest rate borne by each Revolving Loan Borrowing or, subject to the minimum amount requirements in Section 2.2 for each outstanding Revolving Loan Borrowing, a portion thereof, as ​ ​ ‌ ​ ‌ ​ ​ follows: (i) if such Borrowing is of Eurocurrency EurocurrencySOFR Loans, on the last day of the Interest Period applicable thereto the Borrower may continue part or all of such Borrowing as Eurocurrency EurocurrencySOFR Loans for an Interest Period specified by the Borrower or convert part or all of such Borrowing into Base Rate Loans (if such Borrowing is permitted to be outstanding in the applicable notice as Base Rate Loans under Section 2.2 hereof) on the last day of the Interest Period applicable theretoset forth below, or the Borrower may earlier convert part or all of such Borrowing into Base Rate Loans (if such Borrowing is permitted to be outstanding as Base Rate Loans under Section 2.2 hereof) so long as it pays the breakage fees costs, expenses and funding losses provided in Section 2.11; and (ii) if such Borrowing is of Base Rate Loans, the Borrower may convert all or part of such Borrowing into Eurocurrency EurocurrencySOFR Loans for an Interest Period specified by the Borrower on any Business Day, in each case pursuant to notices of continuation or conversion as set forth below. The Borrower may select multiple Interest Periods for the Eurocurrency Loans constituting any such particular BorrowingBorrowings of EurocurrencySOFR Loans, provided provided, that at no time shall the number of different Interest Periods for outstanding Eurocurrency Borrowings of EurocurrencySOFR Loans exceed twenty (20) (it being understood for such purposes that (x) Interest Periods of the same duration, but commencing on different dates, shall be counted as different Interest Periods, and (y) all Interest Periods commencing on the same date and of the same duration shall be counted as one Interest Period regardless of the number of Borrowings or Loans involved). Notices of the continuation of such Eurocurrency EurocurrencySOFR Loans for an additional Interest Period or of the conversion of part or all of such Eurocurrency EurocurrencySOFR Loans into Base Rate Loans or of such Base Rate Loans into Eurocurrency EurocurrencySOFR Loans must be given to the Administrative Agent by no later than (A) 12:00 P.M. New York time at least three (3) Business Days with respect to Eurocurrency Loans funded in U.S. Dollars, (B) 12:00 P.M. at least four (4) Business Days with respect to Eurocurrency Loans funded in Euros, Pounds or Canadian Dollars (with a copy of any such notice to be sent simultaneously to the Sub-Agent), and (C) 4:00 P.M. (London time) at least four (4) Business Days with respect to Eurocurrency Loans funded in any Specified Currency (with a copy of any such notice to be sent simultaneously to the Sub-Agent), in each case before the date of the requested continuation or conversion.

Appears in 1 contract

Samples: Credit Agreement (Transocean Ltd.)

Notice of Continuation or Conversion of Outstanding Borrowings. The Borrower Company may from time to time elect to change or continue the type of interest rate borne by each Revolving Loan Borrowing or, subject to the minimum amount requirements in Section 2.2 for each outstanding Revolving Loan Borrowing, a portion thereof, as follows: (i) if such Borrowing is of Eurocurrency Loans, the Borrower Company may continue part or all of such Borrowing as Eurocurrency Loans for an Interest Period specified by the Borrower Company or convert part or all of such Borrowing into Base Rate Loans (if such Borrowing is permitted to be outstanding as Base Rate Loans under Section 2.2 hereof) on the last day of the Interest Period applicable thereto, or the Borrower Company may earlier convert part or all of such Borrowing into Base Rate Loans (if such Borrowing is permitted to be outstanding as Base Rate Loans under Section 2.2 hereof) so long as it pays the breakage fees and funding losses provided in Section 2.11; and (ii) if such Borrowing is of Base Rate Loans, the Borrower Company may convert all or part of such Borrowing into Eurocurrency Loans for an Interest Period specified by the Borrower Company on any Business Day, in each case pursuant to notices of continuation or conversion as set forth below. The Borrower Company may select multiple Interest Periods for the Eurocurrency Loans constituting any such particular Borrowing, provided that at no time shall the number of different Interest Periods for outstanding Eurocurrency Loans exceed twenty ten (2010) (it being understood for such purposes that (x) Interest Periods of the same duration, but commencing on different dates, shall be counted as different Interest Periods, and (y) all Interest Periods commencing on the same date and of the same duration shall be counted as one Interest Period regardless of the number of Borrowings or Loans involved). Notices of the continuation of such Eurocurrency Loans for an additional Interest Period or of the conversion of part or all of such Eurocurrency Loans into Base Rate Loans or of such Base Rate Loans into Eurocurrency Loans must be given by no later than (A) 12:00 P.M. at least three (3) Business Days with respect prior to the date of such continuation of, or conversion to, Eurocurrency Loans funded in U.S. Dollars, and (B) 12:00 P.M. at least four (4) Business Days with respect to Eurocurrency Loans funded in Euros, Pounds or Canadian Dollars (with a copy of any such notice to be sent simultaneously to the Sub-Agent), and (C) 4:00 P.M. (London time) at least four (4) Business Days with respect to Eurocurrency Loans funded in any Specified Currency (with a copy of any such notice to be sent simultaneously to the Sub-Agent), in each case before on the date of the requested continuation or conversionany conversion of Eurocurrency Loans to Base Rate Loans.

Appears in 1 contract

Samples: 364 Day Revolving Credit Agreement (Noble Corp)

Notice of Continuation or Conversion of Outstanding Borrowings. The Borrower may from time to time elect to change or continue the type of interest rate borne by each Revolving Loan Borrowing or, subject to the minimum amount requirements in Section 2.2 for each outstanding Revolving Loan Borrowingset forth below, a portion thereof, as follows: (i) if such Borrowing is of Eurocurrency Eurodollar Loans, the Borrower may continue part or all of such Borrowing as Eurocurrency Eurodollar Loans for an Interest Period specified by the Borrower it or convert part or all of such Borrowing into Base Rate Loans (if such Borrowing is permitted to be outstanding as Base Rate Loans under Section 2.2 hereof) on the last day of the Interest Period applicable thereto, or the Borrower may earlier convert part or all of such Borrowing into Base Rate Loans (if such Borrowing is permitted to be outstanding as Base Rate Loans under Section 2.2 hereof) so long as it pays the breakage fees and funding losses provided in Section 2.11; and (ii) if such Borrowing is of Base Rate Loans, the Borrower may convert all or part of such Borrowing into Eurocurrency Eurodollar Loans for an Interest Period specified by the Borrower it on any Business Day, in each case pursuant to notices of continuation or conversion as set forth below. To the extent representing a portion of a Borrowing, each conversion or continuation of (x) Base Rate Loans shall be in an amount of not less than $1,000,000 and (y) Eurodollar Loans shall be in an amount of not less than $2,000,000 and, in each case, in an integral multiple of $100,000 in excess thereof. The Borrower may select multiple Interest Periods for the Eurocurrency Eurodollar Loans constituting requested in any such particular Borrowingsingle Conversion or Continuation Request, provided that that, at no time shall the number of different Interest Periods for outstanding Eurocurrency Eurodollar Loans exceed twenty five (205) (it being understood for such purposes that (x) Interest Periods of the same duration, but commencing on different dates, shall be counted as different Interest Periods, and (y) all Interest Periods commencing on the same date and of the same duration shall be counted as one Interest Period regardless of the number of Borrowings or Loans involvedPeriod). Notices of the continuation of such Eurocurrency Eurodollar Loans for an additional Interest Period or of the conversion of part or all of such Eurocurrency Eurodollar Loans into Base Rate Loans or of such Base Rate Loans into Eurocurrency Eurodollar Loans must be given by no later than (A) 12:00 P.M. at least three (3) Business Days with respect prior to Eurocurrency the date of such continuation of, or conversion to, Eurodollar Loans funded in U.S. Dollars, and (B) 12:00 P.M. at least four (4) Business Days with respect to Eurocurrency Loans funded in Euros, Pounds or Canadian Dollars (with a copy of any such notice to be sent simultaneously to the Sub-Agent), and (C) 4:00 P.M. (London time) at least four (4) Business Days with respect to Eurocurrency Loans funded in any Specified Currency (with a copy of any such notice to be sent simultaneously to the Sub-Agent), in each case before on the date of the requested continuation or conversionany conversion of Eurodollar Loans to Base Rate Loans.

Appears in 1 contract

Samples: Senior Secured Term Loan Agreement (Paragon Offshore PLC)

Notice of Continuation or Conversion of Outstanding Borrowings. The Borrower may from time to time elect to change or continue the type Type of interest rate borne by each Revolving Term Loan Borrowing or, subject to the minimum Borrowing amount requirements in Section 2.2 for each outstanding Revolving Term Loan Borrowing, a portion thereof, as follows: (i) if such Borrowing is of Eurocurrency Eurodollar Loans, the Borrower may continue part or all of such Borrowing as Eurocurrency Eurodollar Loans for an Interest Period specified by the Borrower or convert part or all of such Borrowing into Base Rate Loans (if such Borrowing is permitted to be outstanding as Base Rate Loans under Section 2.2 hereof) on the last day of the Interest Period applicable thereto, or the Borrower may earlier convert part or all of such Borrowing into Base Rate Loans (if such Borrowing is permitted to be outstanding as Base Rate Loans under Section 2.2 hereof) so long as it pays the breakage fees and funding losses provided in Section 2.112.13; and (ii) if such Borrowing is of Base Rate Loans, the Borrower may convert all or part of such Borrowing into Eurocurrency Eurodollar Loans for an Interest Period specified by the Borrower on any Business Day, in each case pursuant to notices of continuation or conversion as set forth below. The Borrower may select multiple Interest Periods for the Eurocurrency Eurodollar Loans constituting any such particular Borrowingthe outstanding Borrowings, provided that at no time shall the number of different Interest Periods for all outstanding Eurocurrency Eurodollar Loans exceed twenty (20) (it being understood for such purposes that (x) Interest Periods of the same duration, but commencing on different dates, shall be counted as different Interest Periods, and (y) all Interest Periods commencing on the same date and of the same duration shall be counted as one Interest Period regardless of the number of Borrowings or Term Loans involved. Notices of the continuation of such Eurocurrency Eurodollar Loans for an additional Interest Period or of the conversion of part or all of such Eurocurrency Eurodollar Loans into Base Rate Loans or of such Base Rate Loans into Eurocurrency Eurodollar Loans must be given by no later than (A) 12:00 P.M. at least three (3) Business Days with respect to Eurocurrency Loans funded in U.S. Dollars, (B) 12:00 P.M. at least four (4) Business Days with respect to Eurocurrency Loans funded in Euros, Pounds or Canadian Dollars (with a copy of any such notice to be sent simultaneously to the Sub-Agent), and (C) 4:00 P.M. (London time) at least four (4) Business Days with respect to Eurocurrency Loans funded in any Specified Currency (with a copy of any such notice to be sent simultaneously to the Sub-Agent), in each case before the date of the requested continuation or conversion.

Appears in 1 contract

Samples: Term Credit Agreement (Transocean Inc)

Notice of Continuation or Conversion of Outstanding Borrowings. The Company on behalf of the applicable Borrower may from time to time elect to change or continue the type of interest rate borne by each Revolving Loan Borrowing all or, subject to the minimum amount requirements in Section 2.2 for each outstanding 2.2, any portion of, any Revolving Loan Borrowing, a portion thereof, Borrowing of such Borrower as follows: (i) if such Borrowing is of Eurocurrency Eurodollar Loans, the Borrower Company may continue part or all of such Borrowing as Eurocurrency Eurodollar Loans for an Interest Period specified by the Borrower Company or convert part or all of such Borrowing into Base Rate Loans (if such Borrowing is permitted to be outstanding as Base Rate Loans under Section 2.2 hereof) on the last day of the Interest Period applicable thereto, or the Borrower Company may earlier convert part or all of such Borrowing into Base Rate Loans (if such Borrowing is permitted to be outstanding as Base Rate Loans under Section 2.2 hereof) so long as it pays the breakage fees and funding losses provided in Section 2.11; and (ii) if such Borrowing is of Base Rate Loans, the Borrower Company may convert all or part of such Borrowing into Eurocurrency Eurodollar Loans for an Interest Period specified by the Borrower Company on any Business Day, in each case pursuant to notices of continuation or conversion as set forth below. The Company on behalf of the applicable Borrower may select multiple Interest Periods for the Eurocurrency Eurodollar Loans constituting any particular Borrowing of such particular BorrowingBorrower, provided that at no time shall the number of different Interest Periods for outstanding Eurocurrency Eurodollar Loans exceed twenty fifteen (2015) (it being understood for such purposes that (x) Interest Periods of the same duration, but commencing on different dates, shall be counted as different Interest Periods, and (y) all Interest Periods commencing on the same date and of the same duration shall be counted as one Interest Period regardless of the number of Borrowings or Loans involved). Notices of the continuation of such Eurocurrency Eurodollar Loans for an additional Interest Period or of the conversion of part or all of such Eurocurrency Eurodollar Loans into Base Rate Loans or of such Base Rate Loans into Eurocurrency Eurodollar Loans must be given by no later than (A) 12:00 P.M. p.m. at least three (3) Business Days with respect prior to Eurocurrency the date of such continuation of, or conversion to, Eurodollar Loans funded in U.S. Dollars, and (B) 12:00 P.M. at least four (4) Business Days with respect to Eurocurrency Loans funded in Euros, Pounds or Canadian Dollars (with a copy of any such notice to be sent simultaneously to the Sub-Agent), and (C) 4:00 P.M. (London time) at least four (4) Business Days with respect to Eurocurrency Loans funded in any Specified Currency (with a copy of any such notice to be sent simultaneously to the Sub-Agent), in each case before p.m. on the date of the requested continuation or conversionany conversion of Eurodollar Loans to Base Rate Loans.

Appears in 1 contract

Samples: Revolving Credit Agreement (Noble Corp)

Notice of Continuation or Conversion of Outstanding Borrowings. The Company on behalf of the applicable Borrower may from time to time elect to change or continue the type of interest rate borne by each Revolving Loan Borrowing all or, subject to the minimum amount requirements in Section 2.2 for each outstanding 2.2, any portion of, any Revolving Loan Borrowing, a portion thereof, Borrowing of such Borrower as follows: (i) if such Borrowing is of Eurocurrency Eurodollar Loans, the Borrower Company may continue part or all of such Borrowing as Eurocurrency Eurodollar Loans for an Interest Period specified by the Borrower Company or convert part or all of such Borrowing into Base Rate Loans (if such Borrowing is permitted to be outstanding as Base Rate Loans under Section 2.2 hereof) on the last day of the Interest Period applicable thereto, or the Borrower Company may earlier convert part or all of such Borrowing into Base Rate Loans (if such Borrowing is permitted to be outstanding as Base Rate Loans under Section 2.2 hereof) so long as it pays the breakage fees and funding losses provided in Section 2.11; and (ii) if such Borrowing is of Base Rate Loans, the Borrower Company may convert all or part of such Borrowing into Eurocurrency Eurodollar Loans for an Interest Period specified by the Borrower Company on any Business Day, in each case pursuant to notices of continuation or conversion as set forth below. The Company on behalf of the applicable Borrower may select multiple Interest Periods for the Eurocurrency Eurodollar Loans constituting any particular Borrowing of such particular BorrowingBorrower, provided that at no time shall the number of different Interest Periods for outstanding Eurocurrency Eurodollar Loans exceed twenty (20) (it being understood for such purposes that (x) Interest Periods of the same duration, but commencing on different dates, shall be counted as different Interest Periods, and (y) all Interest Periods commencing on the same date and of the same duration shall be counted as one Interest Period regardless of the number of Borrowings or Loans involved). Notices of the continuation of such Eurocurrency Eurodollar Loans for an additional Interest Period or of the conversion of part or all of such Eurocurrency Eurodollar Loans into Base Rate Loans or of such Base Rate Loans into Eurocurrency Eurodollar Loans must be given by no later than (A) 12:00 P.M. p.m. at least three (3) Business Days with respect prior to Eurocurrency the date of such continuation of, or conversion to, Eurodollar Loans funded in U.S. Dollars, and (B) 12:00 P.M. at least four (4) Business Days with respect to Eurocurrency Loans funded in Euros, Pounds or Canadian Dollars (with a copy of any such notice to be sent simultaneously to the Sub-Agent), and (C) 4:00 P.M. (London time) at least four (4) Business Days with respect to Eurocurrency Loans funded in any Specified Currency (with a copy of any such notice to be sent simultaneously to the Sub-Agent), in each case before p.m. on the date of the requested continuation or conversionany conversion of Eurodollar Loans to Base Rate Loans.

Appears in 1 contract

Samples: Revolving Credit Agreement (Noble Corp)

Notice of Continuation or Conversion of Outstanding Borrowings. The Company on behalf of the applicable Borrower may from time to time elect to change or continue the type of interest rate borne by each Revolving Loan Borrowing all or, subject to the minimum amount requirements in Section 2.2 for each outstanding Revolving Loan Borrowing2.2, a any portion thereofof, any Borrowing of such Borrower as follows: (i) if such Borrowing is of Eurocurrency Eurodollar Loans, the Borrower Company may continue part or all of such Borrowing as Eurocurrency Eurodollar Loans for an Interest Period specified by the Borrower Company or convert part or all of such Borrowing into Base Rate Loans (if such Borrowing is permitted to be outstanding as Base Rate Loans under Section 2.2 hereof) on the last day of the Interest Period applicable thereto, or the Borrower Company [364-Day Revolving Credit Agreement] may earlier convert part or all of such Borrowing into Base Rate Loans (if such Borrowing is permitted to be outstanding as Base Rate Loans under Section 2.2 hereof) so long as it pays the breakage fees and funding losses provided in Section 2.11; and (ii) if such Borrowing is of Base Rate Loans, the Borrower Company may convert all or part of such Borrowing into Eurocurrency Eurodollar Loans for an Interest Period specified by the Borrower Company on any Business Day, in each case pursuant to notices of continuation or conversion as set forth below. The Company on behalf of the applicable Borrower may select multiple Interest Periods for the Eurocurrency Eurodollar Loans constituting any particular Borrowing of such particular BorrowingBorrower, provided that at no time shall the number of different Interest Periods for outstanding Eurocurrency Eurodollar Loans exceed twenty (20) (it being understood for such purposes that (x) Interest Periods of the same duration, but commencing on different dates, shall be counted as different Interest Periods, and (y) all Interest Periods commencing on the same date and of the same duration shall be counted as one Interest Period regardless of the number of Borrowings or Loans involved). Notices of the continuation of such Eurocurrency Eurodollar Loans for an additional Interest Period or of the conversion of part or all of such Eurocurrency Eurodollar Loans into Base Rate Loans or of such Base Rate Loans into Eurocurrency Eurodollar Loans must be given by no later than (A) 12:00 P.M. p.m. at least three (3) Business Days with respect prior to Eurocurrency the date of such continuation of, or conversion to, Eurodollar Loans funded in U.S. Dollars, and (B) 12:00 P.M. at least four (4) Business Days with respect to Eurocurrency Loans funded in Euros, Pounds or Canadian Dollars (with a copy of any such notice to be sent simultaneously to the Sub-Agent), and (C) 4:00 P.M. (London time) at least four (4) Business Days with respect to Eurocurrency Loans funded in any Specified Currency (with a copy of any such notice to be sent simultaneously to the Sub-Agent), in each case before p.m. on the date of the requested continuation or conversionany conversion of Eurodollar Loans to Base Rate Loans.

Appears in 1 contract

Samples: Day Revolving Credit Agreement (Noble Corp)

Notice of Continuation or Conversion of Outstanding Borrowings. The Borrower may from time to time elect to change or continue the type of interest rate borne by each Revolving Loan Borrowing or, subject to the minimum amount requirements in Section 2.2 for each outstanding Revolving Loan Borrowing, a portion thereof, as follows: (i) if such Borrowing is of Eurocurrency Loans, the Borrower may continue part or all of such Borrowing as Eurocurrency Loans for an Interest Period specified by the Borrower or convert part or all of such Borrowing into Base Rate Loans (if such Borrowing is permitted to be outstanding as Base Rate Loans under Section 2.2 hereof) on the last day of the Interest Period applicable thereto, or the Borrower may earlier convert part or all of such Borrowing into Base Rate Loans (if such Borrowing is permitted to be outstanding as Base Rate Loans under Section 2.2 hereof) so long as it pays the breakage fees and funding losses provided in Section 2.11; and (ii) if such Borrowing is of Base Rate Loans, the Borrower may convert all or part of such Borrowing into Eurocurrency Loans for an Interest Period specified by the Borrower on any Business Day, in each case pursuant to notices of continuation or conversion as set forth below. The Borrower may select multiple Interest Periods for the Eurocurrency Loans constituting any such particular Borrowing, provided that at no time shall the number of different Interest Periods for outstanding Eurocurrency Loans exceed twenty ten (2010) (it being understood for such purposes that (x) Interest Periods of the same duration, but commencing on different dates, shall be counted as different Interest Periods, and (y) all Interest Periods commencing on the same date and of the same duration shall be counted as one Interest Period regardless of the number of Borrowings or Loans involved). Notices of the continuation of such Eurocurrency Loans for an additional Interest Period or of the conversion of part or all of such Eurocurrency Loans into Base Rate Loans or of such Base Rate Loans into Eurocurrency Loans must be given by no later than (A) 12:00 P.M. at least three (3) Business Days with respect to Eurocurrency Loans funded in U.S. Dollars, (B) 12:00 P.M. at least four (4) Business Days with respect to Eurocurrency Loans funded in Euros, Pounds or Canadian Dollars (with a copy of any such notice to be sent simultaneously to the Sub-Agent), and (C) 4:00 P.M. (London time) at least four (4) Business Days with respect to Eurocurrency Loans funded in any Specified Currency (with a copy of any such notice to be sent simultaneously to the Sub-Agent), in each case before the date of the requested continuation or conversion. If on any day a Loan is outstanding with respect to which a Borrowing Request has not been delivered to the Administrative Agent in accordance with the terms hereof specifying the applicable basis for determining the rate of interest, then for that day such Loan shall be a Base Rate Loan.

Appears in 1 contract

Samples: Credit Agreement (Transocean Inc)

Notice of Continuation or Conversion of Outstanding Borrowings. The Borrower Company may from time to time elect to change or continue the type of interest rate borne by each Revolving Loan Borrowing or, subject to the minimum amount requirements in Section 2.2 for each outstanding Revolving Loan Borrowing, a portion thereof, as follows: (i) if such Borrowing is of Eurocurrency Loans, the Borrower Company may continue part or all of such Borrowing as Eurocurrency Loans for an Interest Period specified by the Borrower Company or convert part or all of such Borrowing into Base Rate Loans (if such Borrowing is permitted to be outstanding as Base Rate Loans under Section 2.2 hereof) on the last day of the Interest Period applicable thereto, or the Borrower Company may earlier convert part or all of such Borrowing into Base Rate Loans (if such Borrowing is permitted to be outstanding as Base Rate Loans under Section 2.2 hereof) so long as it pays the breakage fees and funding losses provided in Section 2.11; and (ii) if such Borrowing is of Base Rate Loans, the Borrower Company may convert all or part of such Borrowing into Eurocurrency Loans for an Interest Period specified by the Borrower Company on any Business Day, in each case pursuant to notices of continuation or conversion as set forth below. The Borrower Company may select multiple Interest Periods for the Eurocurrency Loans constituting any such particular Borrowing, provided that at no time shall the number of different Interest Periods for outstanding Eurocurrency Loans exceed twenty (20) (it being understood for such purposes that (x) Interest Periods of the same duration, but commencing on different dates, shall be counted as different Interest Periods, and (y) all Interest Periods commencing on the same date and of the same duration shall be counted as one Interest Period regardless of the number of Borrowings or Loans involved). Notices of the continuation of such Eurocurrency Loans for an additional Interest Period or of the conversion of part or all of such Eurocurrency Loans into Base Rate Loans or of such Base Rate Loans into Eurocurrency Loans must be given by no later than (A) 12:00 P.M. at least three (3) Business Days with respect to Eurocurrency Loans funded in U.S. Dollars, (B) 12:00 P.M. at least four (4) Business Days with respect to Eurocurrency Loans funded in Euros, Pounds or Canadian Dollars (with a copy of any such notice to be sent simultaneously to the Sub-Agent)Dollars, and (C) 4:00 P.M. (London time) at least four (4) Business Days with respect to Eurocurrency Loans funded in any Specified Currency (with a copy of any such notice to be sent simultaneously to the Sub-Agent), in each case before the date of the requested continuation or conversion.

Appears in 1 contract

Samples: Revolving Credit Agreement (Noble Corp)

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