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 Term Loan Borrowing or, subject to the minimum amount requirements in Section 2.2 for each outstanding Term Loan Borrowing, a portion thereof, as follows: (i) if such Borrowing is of Eurodollar Term Loans, the Borrower may continue part or all of such Borrowing as Eurodollar Term Loans for an Interest Period specified by it or convert part or all of such Borrowing into Base Rate Term Loans 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 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 Eurodollar Term Loans for an Interest Period specified by 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 Eurodollar Term Loans requested in any single Borrowing Request, provided that at no time shall the number of different Interest Periods for outstanding 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 Eurodollar Term Loans for an additional Interest Period or of the conversion of part or all of such Eurodollar Term Loans into Base Rate Term Loans or of such Base Rate Term Loans into Eurodollar Term Loans must be given by no later than (A) 12:00 P.M. at least three (3) Business Days prior to the date of such continuation of, or conversion to, Eurodollar Term Loans and (B) 12:00 P.M. on the date of any conversion of Eurodollar Term Loans to Base Rate Term Loans.
Appears in 2 contracts
Samples: Senior Secured Term Loan Agreement (Paragon Offshore PLC), Senior Secured 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 Term Revolving Loan Borrowing or, subject to the minimum amount requirements in Section 2.2 for each outstanding Term Revolving Loan Borrowing, a portion thereof, as follows: (i) if such Borrowing is of Eurodollar Term Revolving Loans, the such Borrower may continue part or all of such Borrowing as Eurodollar Term Revolving Loans for an Interest Period specified by it or convert part or all of such Borrowing into Base Rate Term Revolving Loans 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 Term Revolving Loans 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 Revolving Loans, the applicable Borrower may convert all or part of such Borrowing into Eurodollar Term Revolving Loans for an Interest Period specified by 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 Eurodollar Term Revolving Loans requested in any single Borrowing Request, provided that at no time shall the number of different Interest Periods for outstanding Eurodollar Term 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 Eurodollar Term Revolving Loans for an additional Interest Period or of the conversion of part or all of such Eurodollar Term Revolving Loans into Base Rate Term Revolving Loans or of such Base Rate Term Revolving Loans into Eurodollar Term Revolving Loans must be given by no later than (A) 12:00 P.M. at least three (3) Business Days prior to the date of such continuation of, or conversion to, Eurodollar Term Revolving Loans and (B) 12:00 P.M. on the date of any conversion of Eurodollar Term Revolving Loans to Base Rate Term 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 Term Loan Borrowing or, subject to the minimum amount requirements in Section 2.2 for each outstanding Term Loan Borrowing, a portion thereof, as follows: (i) if such Borrowing is of Eurodollar Term Eurocurrency Loans, on the last day of the Interest Period applicable thereto the Borrower may continue part or all of such Borrowing as Eurodollar Term Eurocurrency Loans in the same currency for an Interest Period specified by it the Borrower in the applicable notice as set forth below, or convert part or all of if such Borrowing into Base Rate Term Loans on the last day of the Interest Period applicable theretois denominated in Dollars, or the Borrower may earlier convert part or all of such Borrowing into Base Rate Term Loans 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 Term Loans, the Borrower may convert all or part of such Borrowing into Eurodollar Term Eurocurrency Loans denominated in Dollars for an Interest Period specified by it 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 Eurodollar Term Loans requested in any single Borrowing RequestBorrowings of Eurocurrency Loans, provided provided, that at no time shall the number of different Interest Periods for outstanding Eurodollar Term 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 Eurodollar Term Eurocurrency Loans for an additional Interest Period or of the conversion of part or all of such Eurodollar Term Eurocurrency Loans into Base Rate Term Loans or of such Base Rate Term Loans into Eurodollar Term 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 prior before such continuation or conversion with respect to Eurocurrency Loans to be so continued or converted, in each case before the date of such the requested continuation of, or conversion to, Eurodollar Term Loans and (B) 12:00 P.M. on the date of any conversion of Eurodollar Term Loans to Base Rate Term Loansconversion.
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 Company may from time to time elect to change or continue the type of interest rate borne by each Term Revolving Loan Borrowing or, subject to the minimum amount requirements in Section 2.2 for each outstanding Term Revolving Loan Borrowing, a portion thereof, as follows: (i) if such Borrowing is of Eurodollar Term Eurocurrency Loans, the Borrower Company may continue part or all of such Borrowing as Eurodollar Term Eurocurrency Loans for an Interest Period specified by it the Company or convert part or all of such Borrowing into Base Rate Term Loans 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 Term Loans 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 Company may convert all or part of such Borrowing into Eurodollar Term Eurocurrency Loans for an Interest Period specified by it the 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 Eurodollar Term Eurocurrency Loans requested in constituting any single Borrowing Requestsuch particular Borrowing, provided that at no time shall the number of different Interest Periods for outstanding Eurodollar Term 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 Eurodollar Term Eurocurrency Loans for an additional Interest Period or of the conversion of part or all of such Eurodollar Term Eurocurrency Loans into Base Rate Term Loans or of such Base Rate Term Loans into Eurodollar Term Eurocurrency Loans must be given by no later than (A) 12:00 P.M. at least three (3) Business Days prior to the date of such continuation of, or conversion to, Eurodollar Term Eurocurrency Loans funded in U.S. Dollars, (B) 12:00 P.M. at least four (4) Business Days prior to the date of such continuation of, or conversion to, Eurocurrency Loans funded in Euros, Pounds or Canadian Dollars, (C) 4:00 P.M. (London time) at least four (4) Business Days prior to the date of such continuation of, or conversion to, Eurocurrency Loans funded in any Specified Currency and (BD) 12:00 P.M. on the date of any conversion of Eurodollar Term Eurocurrency Loans to Base Rate Term Loans.
Appears in 2 contracts
Samples: Revolving Credit Agreement (Noble Corp / Switzerland), 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 Term Loan Borrowing or, subject to the minimum amount requirements in Section 2.2 for each outstanding Term Loan Borrowing, a portion thereof, as follows: (i) if such Borrowing is of Eurodollar Term Eurocurrency Loans, on the last day of the Interest Period applicable thereto the Borrower may continue part or all of such Borrowing as Eurodollar Term Eurocurrency Loans in the same currency for an Interest Period specified by it the Borrower in the applicable notice as set forth below, or convert part or all of if such Borrowing into Base Rate Term Loans on the last day of the Interest Period applicable theretois denominated in Dollars, or the Borrower may earlier convert part or all of such Borrowing into Base Rate Term Loans 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 Eurodollar Term Eurocurrency Loans denominated in Dollars for an Interest Period specified by it 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 Eurodollar Term Loans requested in any single Borrowing RequestBorrowings of Eurocurrency Loans, provided that at no time shall the number of different Interest Periods for outstanding Eurodollar Term 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 Eurodollar Term Eurocurrency Loans for an additional Interest Period or of the conversion of part or all of such Eurodollar Term Eurocurrency Loans into Base Rate Term Loans or of such Base Rate Term Loans into Eurodollar Term 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 prior to the date of before such continuation of, or conversion towith respect to Eurocurrency Loans denominated in Dollars to be so continued or converted, Eurodollar Term Loans and (B) to the Sub-Agent by no later than 12:00 P.M. on London time at least four (4) Business Days before such continuation with respect to Eurocurrency Loans denominated in any Alternative Currency to be so continued (with a copy of any such notice to be sent simultaneously to the Administrative Agent), in each case before the date of any conversion of Eurodollar Term Loans to Base Rate Term Loansthe 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 Term Loan Borrowing or, subject to the minimum amount requirements in Section 2.2 for each outstanding Term Loan Borrowing, a portion thereof, as follows: (i) if such Borrowing is of Eurodollar Term Eurocurrency Loans, on the last day of the Interest Period applicable thereto the Borrower may continue part or all of such Borrowing as Eurodollar Term Eurocurrency Loans for an Interest Period specified by it or convert part or all of such Borrowing into Base Rate Term Loans on the last day of Borrower in the Interest Period applicable theretonotice as set forth below, or the Borrower may earlier convert part or all of such Borrowing into Base Rate Term Loans 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 Term Loans, the Borrower may convert all or part of such Borrowing into Eurodollar Term Eurocurrency Loans for an Interest Period specified by it 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 Eurodollar Term Loans requested in any single Borrowing RequestBorrowings of Eurocurrency Loans, provided provided, that at no time shall the number of different Interest Periods for outstanding Eurodollar Term 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 Eurodollar Term Eurocurrency Loans for an additional Interest Period or of the conversion of part or all of such Eurodollar Term Eurocurrency Loans into Base Rate Term Loans or of such Base Rate Term Loans into Eurodollar Term 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 prior to before the date of such the requested continuation of, or conversion to, Eurodollar Term Loans and (B) 12:00 P.M. on the date of any conversion of Eurodollar Term Loans to Base Rate Term Loansconversion.
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 Type of interest rate borne by each Term Loan Borrowing or, subject to the minimum amount requirements in Section 2.2 for each outstanding Term 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 Eurodollar Term Loans, the Borrower may continue part or all of such Borrowing as Eurodollar Term Loans for an Interest Period specified by it the Borrower or convert part or all of such Borrowing into Base Rate Term Loans 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 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 Term Loans, the Borrower may convert all or part of such Borrowing into Eurodollar Term Loans for an Interest Period specified by it 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 comprised of Eurodollar Term Loans requested in any single Borrowing RequestLoans, provided that at no time shall the number of different Interest Periods for outstanding Borrowings comprised of Eurodollar Term 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 Eurodollar Term Loans for an additional Interest Period or of the conversion of part or all of such Eurodollar Term Loans into Base Rate Term Loans or of such Base Rate Term Loans into Eurodollar Term Loans must be given by no later than (A) 12:00 P.M. at least three (3) Business Days prior to before the date of such the requested continuation of, or conversion to, Eurodollar Term Loans and (B) 12:00 P.M. on the date of any conversion of Eurodollar Term Loans to Base Rate Term Loansconversion.
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 Term Loan Borrowing or, subject to the minimum amount requirements in Section 2.2 2.1(c) for each outstanding Term Loan Borrowing, a portion thereof, as follows: (i) if such Borrowing is of Eurodollar Term Loans, the Borrower may continue part or all of such Borrowing as Eurodollar Term Loans for an Interest Period specified by it or convert part or all of such Borrowing into Base Rate Term Loans 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 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 Eurodollar Term Loans for an Interest Period specified by 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 Eurodollar Term Loans requested in any single Borrowing Request, provided that at no time shall the number of different Interest Periods for outstanding 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 Eurodollar Term Loans for an additional Interest Period or of the conversion of part or all of such Eurodollar Term Loans into Base Rate Term Loans or of such Base Rate Term Loans into Eurodollar Term Loans must be given by no later than (A) 12:00 P.M. at least three (3) Business Days prior to the date of such continuation of, or conversion to, Eurodollar Term Loans and (B) 12:00 P.M. on the date of any conversion of Eurodollar Term Loans to Base Rate Term 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 Term Loan Borrowing all or, subject to the minimum amount requirements in Section 2.2 for each outstanding Term Loan Borrowing2.2, a any portion thereofof, any Borrowing of Revolving Loans of the Borrower as follows: (i) if such Borrowing is of Eurodollar Term Benchmark Loans, the Borrower may continue part or all of such Borrowing as Eurodollar Term Benchmark Loans for an Interest Period specified by it the Borrower or convert part or all of such Borrowing into Base Rate Term RFR Loans 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 RFR Loans 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 RFR Loans, the Borrower may convert all or part of such Borrowing into Eurodollar Term Benchmark Loans for an Interest Period specified by it 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 Eurodollar Term Benchmark Loans requested in constituting any single particular Borrowing Requestof the Borrower, provided that at no time shall the number of different Interest Periods for outstanding Eurodollar 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 Eurodollar Term Benchmark Loans for an additional Interest Period or of the conversion of part or all of such Eurodollar Term Benchmark Loans into Base Rate Term RFR Loans or of such Base Rate Term RFR Loans into Eurodollar 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 prior to the date of such continuation of, or conversion to, Eurodollar Term Benchmark Loans and (B) 12:00 P.M. p.m. (London time) on the date of any conversion of Eurodollar Term Benchmark Loans to Base Rate Term LoansRFR.
Appears in 2 contracts
Samples: Senior Secured Revolving Credit Agreement (Seadrill LTD), Senior 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 Term Revolving Loan Borrowing or, subject to the minimum amount requirements in Section 2.2 for each outstanding Term Revolving Loan Borrowing, a portion thereof, as follows: (i) if such Borrowing is of Eurodollar Term Eurocurrency Loans, the Borrower may continue part or all of such Borrowing as Eurodollar Term Eurocurrency Loans for an Interest Period specified by it the Borrower 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 Eurodollar Term Eurocurrency Loans for an Interest Period specified by it 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 Eurodollar Term Eurocurrency Loans requested in constituting any single Borrowing Requestsuch particular Borrowing, provided that at no time shall the number of different Interest Periods for outstanding Eurodollar Term 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 Eurodollar Term Eurocurrency Loans for an additional Interest Period or of the conversion of part or all of such Eurodollar Term Eurocurrency Loans into Base Rate Term Loans or of such Base Rate Term Loans into Eurodollar Term Eurocurrency Loans must be given by no later than (A) 12:00 P.M. at least three (3) Business Days prior with respect to the date of such continuation ofEurocurrency Loans funded in U.S. Dollars, or conversion to, Eurodollar Term Loans and (B) 12:00 P.M. on 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 any conversion of Eurodollar Term Loans to Base Rate Term Loansthe requested continuation or conversion.
Appears in 2 contracts
Samples: Five Year Revolving Credit Agreement (Transocean Inc), Five Year 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 of interest rate borne by each Term Revolving Loan Borrowing or, subject to the minimum amount requirements in Section 2.2 for each outstanding Term Revolving Loan Borrowing, a portion thereof, as follows: (i) if such Borrowing is of Eurodollar Term Loans, the Borrower may continue part or all of such Borrowing as Eurodollar Term Loans for an Interest Period specified by it the Borrower or convert part or all of such Borrowing into Base Rate Term Loans 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 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 Eurodollar Term Loans for an Interest Period specified by it 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 Eurodollar Term Loans requested in constituting any single Borrowing Requestsuch particular Borrowing, provided that at no time shall the number of different Interest Periods for outstanding 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 Eurodollar Term Loans for an additional Interest Period or of the conversion of part or all of such Eurodollar Term Loans into Base Rate Term Loans or of such Base Rate Term Loans into Eurodollar Term Loans must be given by no later than (A) 12:00 P.M. at least three (3) Business Days prior with respect to Eurodollar Loans before the date of such the requested continuation of, or conversion to, Eurodollar Term Loans and (B) 12:00 P.M. on the date of any conversion of Eurodollar Term Loans to Base Rate Term Loansconversion.
Appears in 2 contracts
Samples: 364 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 of interest rate borne by each Revolving Loan Borrowing or Term Loan Borrowing 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 Eurodollar Term Eurocurrency Loans, the Borrower may continue part or all of such Borrowing as Eurodollar Term Eurocurrency Loans for an Interest Period specified by it the Borrower or convert part or all of such Borrowing into Base Rate Term Loans 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 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 Term Loans, the Borrower may convert all or part of such Borrowing into Eurodollar Term Eurocurrency Loans for an Interest Period specified by it 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 Eurodollar Term Eurocurrency Loans requested in constituting any single Borrowing Requestsuch particular Borrowing, provided that at no time shall the number of different Interest Periods for outstanding Eurodollar Term 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 Eurodollar Term Eurocurrency Loans for an additional Interest Period or of the conversion of part or all of such Eurodollar Term Eurocurrency Loans into Base Rate Term Loans or of such Base Rate Term Loans into Eurodollar Term Eurocurrency Loans must be given by no later than (A) 12:00 P.M. p.m. at least three (3) Business Days prior to before the date of such the requested continuation of, or conversion to, Eurodollar Term Loans and (B) 12:00 P.M. on the date of any conversion of Eurodollar Term Loans to Base Rate Term Loansconversion.
Appears in 2 contracts
Samples: 364 Day Credit Agreement (Transocean Sedco Forex Inc), 364 Day 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 Term Loan Borrowing or, subject to the minimum amount requirements in Section 2.2 for each outstanding Term Loan Borrowingset forth below, a portion thereof, as follows: (i) if such Borrowing is of Eurodollar Term Loans, the Borrower may continue part or all of such Borrowing as Eurodollar Term Loans for an Interest Period specified by it or convert part or all of such Borrowing into Base Rate Term Loans 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 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 Eurodollar Term Loans for an Interest Period specified by 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 Eurodollar Term Loans requested in any single Borrowing Conversion or Continuation Request, provided that that, at no time shall the number of different Interest Periods for outstanding Eurodollar Term 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 Eurodollar Term Loans for an additional Interest Period or of the conversion of part or all of such Eurodollar Term Loans into Base Rate Term Loans or of such Base Rate Term Loans into Eurodollar Term Loans must be given by no later than (A) 12:00 P.M. at least three (3) Business Days prior to the date of such continuation of, or conversion to, Eurodollar Term Loans and (B) 12:00 P.M. on the date of any conversion of Eurodollar Term Loans to Base Rate Term Loans.
Appears in 1 contract
Samples: Senior Secured Term Loan Agreement (Paragon Offshore PLC)
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 Term Revolving Loan Borrowing or, subject to the minimum amount requirements in Section 2.2 for each outstanding Term Revolving Loan Borrowing, a portion thereof, as follows: (i) if such Borrowing is of Eurodollar Term Eurocurrency Loans, the Borrower Company may continue part or all of such Borrowing as Eurodollar Term Eurocurrency Loans for an Interest Period specified by it the Company or convert part or all of such Borrowing into Base Rate Term Loans 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 Term Loans 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 Company may convert all or part of such Borrowing into Eurodollar Term Eurocurrency Loans for an Interest Period specified by it the 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 Eurodollar Term Eurocurrency Loans requested in constituting any single Borrowing Requestsuch particular Borrowing, provided that at no time shall the number of different Interest Periods for outstanding Eurodollar Term 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 Eurodollar Term Eurocurrency Loans for an additional Interest Period or of the conversion of part or all of such Eurodollar Term Eurocurrency Loans into Base Rate Term Loans or of such Base Rate Term Loans into Eurodollar Term Eurocurrency Loans must be given by no later than (A) 12:00 P.M. at least three (3) Business Days prior with respect to the date of such continuation ofEurocurrency Loans funded in U.S. Dollars, or conversion to, Eurodollar Term Loans and (B) 12:00 P.M. on at least four (4) Business Days with respect to Eurocurrency Loans funded in Euros, Pounds or Canadian 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 any conversion of Eurodollar Term Loans to Base Rate Term Loansthe requested continuation or conversion.
Appears in 1 contract
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 Term Loan Borrowing all or, subject to the minimum amount requirements in Section 2.2 for each outstanding Term Loan Borrowing2.2, a any portion thereofof, any Borrowing of Revolving Loans of such Borrower as follows: (i) if such Borrowing is of Eurodollar Term Benchmark Loans, the Borrower Company may continue part or all of such Borrowing as Eurodollar Term Benchmark Loans for an Interest Period specified by it the Company or convert part or all of such Borrowing into Base Rate Term Loans 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 Term Loans 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 Company may convert all or part of such Borrowing into Eurodollar Term Benchmark Loans for an Interest Period specified by it the 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 Eurodollar Term Benchmark Loans requested in constituting any single particular Borrowing Requestof such Borrower, provided that at no time shall the number of different Interest Periods for outstanding Eurodollar 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 Eurodollar Term Benchmark Loans for an additional Interest Period or of the conversion of part or all of such Eurodollar Term Benchmark Loans into Base Rate Term Loans or of such Base Rate Term Loans into Eurodollar 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 prior to the date of such continuation of, or conversion to, Eurodollar Term Benchmark Loans and (B) 12:00 P.M. p.m. (New York City time) on the date of any conversion of Eurodollar Term Benchmark Loans to Base Rate Term 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 Term Loan Borrowing or, subject to the minimum amount requirements in Section 2.2 for each outstanding Term Loan Borrowing, a portion thereof, as follows: (i) if such Borrowing is of Eurodollar Term EurocurrencySOFR Loans, on the last day of the Interest Period applicable thereto the Borrower may continue part or all of such Borrowing as Eurodollar Term EurocurrencySOFR Loans for an Interest Period specified by it or convert part or all of such Borrowing into Base Rate Term Loans on the last day of Borrower in the Interest Period applicable theretonotice as set forth below, or the Borrower may earlier convert part or all of such Borrowing into Base Rate Term Loans 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 Term Loans, the Borrower may convert all or part of such Borrowing into Eurodollar Term EurocurrencySOFR Loans for an Interest Period specified by it 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 Eurodollar Term Loans requested in any single Borrowing RequestBorrowings of EurocurrencySOFR Loans, provided provided, that at no time shall the number of different Interest Periods for outstanding Eurodollar Term 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 Eurodollar Term EurocurrencySOFR Loans for an additional Interest Period or of the conversion of part or all of such Eurodollar Term EurocurrencySOFR Loans into Base Rate Term Loans or of such Base Rate Term Loans into Eurodollar Term 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 prior to before the date of such the requested continuation of, or conversion to, Eurodollar Term Loans and (B) 12:00 P.M. on the date of any conversion of Eurodollar Term Loans to Base Rate Term Loansconversion.
Appears in 1 contract
Samples: Credit Agreement (Transocean Ltd.)
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 Term Loan Borrowing all or, subject to the minimum amount requirements in Section 2.2 for each outstanding Term 2.2, any portion of, any Revolving Loan Borrowing, a portion thereof, Borrowing of such Borrower as follows: (i) if such Borrowing is of Eurodollar Term Loans, the Borrower Company may continue part or all of such Borrowing as Eurodollar Term Loans for an Interest Period specified by it the Company or convert part or all of such Borrowing into Base Rate Term Loans 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 Term Loans 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 Company may convert all or part of such Borrowing into Eurodollar Term Loans for an Interest Period specified by it the 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 Eurodollar Term Loans requested in constituting any single particular Borrowing Requestof such Borrower, provided that at no time shall the number of different Interest Periods for outstanding Eurodollar Term 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 Eurodollar Term Loans for an additional Interest Period or of the conversion of part or all of such Eurodollar Term Loans into Base Rate Term Loans or of such Base Rate Term Loans into Eurodollar Term Loans must be given by no later than (A) 12:00 P.M. p.m. at least three (3) Business Days prior to the date of such continuation of, or conversion to, Eurodollar Term Loans and (B) 12:00 P.M. p.m. on the date of any conversion of Eurodollar Term Loans to Base Rate Term Loans.
Appears in 1 contract
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 Term Loan Borrowing all or, subject to the minimum amount requirements in Section 2.2 for each outstanding Term Loan Borrowing2.2, a any portion thereofof, any Borrowing of such Borrower as follows: (i) if such Borrowing is of Eurodollar Term Loans, the Borrower Company may continue part or all of such Borrowing as Eurodollar Term Loans for an Interest Period specified by it the Company or convert part or all of such Borrowing into Base Rate Term Loans 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 Term Loans 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 Company may convert all or part of such Borrowing into Eurodollar Term Loans for an Interest Period specified by it the 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 Eurodollar Term Loans requested in constituting any single particular Borrowing Requestof such Borrower, provided that at no time shall the number of different Interest Periods for outstanding 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 Eurodollar Term Loans for an additional Interest Period or of the conversion of part or all of such Eurodollar Term Loans into Base Rate Term Loans or of such Base Rate Term Loans into Eurodollar Term Loans must be given by no later than (A) 12:00 P.M. p.m. at least three (3) Business Days prior to the date of such continuation of, or conversion to, Eurodollar Term Loans and (B) 12:00 P.M. p.m. on the date of any conversion of Eurodollar Term Loans to Base Rate Term Loans.
Appears in 1 contract
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 Term Loan Borrowing or, subject to the minimum amount requirements in Section 2.2 for each outstanding Term Loan Borrowing, a portion thereof, as follows: (i) if such Borrowing is of Eurodollar Term Eurocurrency Loans, on the last day of the Interest Period applicable thereto the Borrower may continue part or all of such Borrowing as Eurodollar Term Eurocurrency Loans in the same currency for an Interest Period specified by it the Borrower in the applicable notice as set forth below, or convert part or all of if such Borrowing into Base Rate Term Loans on the last day of the Interest Period applicable theretois denominated in Dollars, or the Borrower may earlier convert part or all of such Borrowing into Base Rate Term Loans 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 Term Loans, the Borrower may convert all or part of such Borrowing into Eurodollar Term Eurocurrency Loans denominated in Dollars for an Interest Period specified by it 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 Eurodollar Term Loans requested in any single Borrowing RequestBorrowings of Eurocurrency Loans, provided provided, that at no time shall the number of different Interest Periods for outstanding Eurodollar Term 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 Eurodollar Term Eurocurrency Loans for an additional Interest Period or of the conversion of part or all of such Eurodollar Term Eurocurrency Loans into Base Rate Term Loans or of such Base Rate Term Loans into Eurodollar Term 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 prior to the date of before such continuation of, or conversion towith respect to Eurocurrency Loans denominated in Dollars to be so continued or converted, Eurodollar Term Loans and (B) to the Sub-Agent by no later than 12:00 P.M. on London time at least four (4) Business Days before such continuation with respect to Eurocurrency Loans denominated in any Alternative Currency to be so continued (with a copy of any such notice to be sent simultaneously to the Administrative Agent), in each case before the date of any conversion of Eurodollar Term Loans to Base Rate Term Loansthe 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 Term Revolving Loan Borrowing or, subject to the minimum amount requirements in Section 2.2 for each outstanding Term Revolving Loan Borrowing, a portion thereof, as follows: (i) if such Borrowing is of Eurodollar Term Eurocurrency Loans, the Borrower may continue part or all of such Borrowing as Eurodollar Term Eurocurrency Loans for an Interest Period specified by it the Borrower or convert part or all of such Borrowing into Base Rate Term Loans 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 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 Eurodollar Term Eurocurrency Loans for an Interest Period specified by it 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 Eurodollar Term Eurocurrency Loans requested in constituting any single Borrowing Requestsuch particular Borrowing, provided that at no time shall the number of different Interest Periods for outstanding Eurodollar Term 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 Eurodollar Term Eurocurrency Loans for an additional Interest Period or of the conversion of part or all of such Eurodollar Term Eurocurrency Loans into Base Rate Term Loans or of such Base Rate Term Loans into Eurodollar Term Eurocurrency Loans must be given by no later than (A) 12:00 P.M. at least three (3) Business Days prior with respect to the date of such continuation ofEurocurrency Loans funded in U.S. Dollars, or conversion to, Eurodollar Term Loans and (B) 12:00 P.M. on at least four (4) Business Days with respect to Eurocurrency Loans funded in Euros, Pounds or Canadian 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 any conversion of Eurodollar Term Loans to Base Rate Term Loansthe requested continuation or conversion.
Appears in 1 contract
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 Term Loan Borrowing all or, subject to the minimum amount requirements in Section 2.2 for each outstanding Term 2.2, any portion of, any Revolving Loan Borrowing, a portion thereof, Borrowing of such Borrower as follows: (i) if such Borrowing is of Eurodollar Term Loans, the Borrower Company may continue part or all of such Borrowing as Eurodollar Term Loans for an Interest Period specified by it the Company or convert part or all of such Borrowing into Base Rate Term Loans 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 Term Loans 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 Company may convert all or part of such Borrowing into Eurodollar Term Loans for an Interest Period specified by it the 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 Eurodollar Term Loans requested in constituting any single particular Borrowing Requestof such Borrower, provided that at no time shall the number of different Interest Periods for outstanding 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 Eurodollar Term Loans for an additional Interest Period or of the conversion of part or all of such Eurodollar Term Loans into Base Rate Term Loans or of such Base Rate Term Loans into Eurodollar Term Loans must be given by no later than (A) 12:00 P.M. p.m. at least three (3) Business Days prior to the date of such continuation of, or conversion to, Eurodollar Term Loans and (B) 12:00 P.M. p.m. on the date of any conversion of Eurodollar Term Loans to Base Rate Term Loans.
Appears in 1 contract
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 Term Loan Borrowing or, subject to the minimum amount requirements in Section 2.2 for each outstanding Term Loan Borrowing, a portion thereof, as follows: (i) if such Borrowing is of Eurodollar Term Eurocurrency Loans, the Borrower may continue part or all of such Borrowing as Eurodollar Term Eurocurrency Loans for an Interest Period specified by it the Borrower or convert part or all of such Borrowing into Base Rate Term Loans 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 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 Eurodollar Term Eurocurrency Loans for an Interest Period specified by it 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 Eurodollar Term Eurocurrency Loans requested in constituting any single Borrowing Requestsuch particular Borrowing, provided that at no time shall the number of different Interest Periods for outstanding Eurodollar Term 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 Eurodollar Term Eurocurrency Loans for an additional Interest Period or of the conversion of part or all of such Eurodollar Term Eurocurrency Loans into Base Rate Term Loans or of such Base Rate Term Loans into Eurodollar Term Eurocurrency Loans must be given by no later than (A) 12:00 P.M. at least three (3) Business Days prior with respect to Eurocurrency Loans 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 continuation of, or conversion to, Eurodollar Term Loans and (B) 12:00 P.M. on the date of any conversion of Eurodollar Term Loans to Loan shall be a Base Rate Term LoansLoan.
Appears in 1 contract
Samples: 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 Term Loan Borrowing or, subject to the minimum amount requirements in Section 2.2 for each outstanding Term Loan Borrowing, a portion thereof, as follows: (i) if such Borrowing is of Eurodollar Term Eurocurrency Loans, on the last day of the Interest Period applicable thereto the Borrower may continue part or all of such Borrowing as Eurodollar Term Eurocurrency Loans for an Interest Period specified by it or convert part or all of such Borrowing into Base Rate Term Loans on the last day of Borrower in the Interest Period applicable theretonotice as set forth below, or the Borrower may earlier convert part or all of such Borrowing into Base Rate Term Loans 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 Eurodollar Term Eurocurrency Loans denominated in Dollars for an Interest Period specified by it 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 Eurodollar Term Loans requested in any single Borrowing RequestBorrowings of Eurocurrency Loans, provided that at no time shall the number of different Interest Periods for outstanding Eurodollar Term 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 Eurodollar Term Eurocurrency Loans for an additional Interest Period or of the conversion of part or all of such Eurodollar Term Eurocurrency Loans into Base Rate Term Loans or of such Base Rate Term Loans into Eurodollar Term 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 prior before such continuation or conversion with respect to Eurocurrency Loans to be so continued or converted before the date of such the requested continuation of, or conversion to, Eurodollar Term Loans and (B) 12:00 P.M. on the date of any conversion of Eurodollar Term Loans to Base Rate Term Loansconversion.
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 Term Revolving Loan Borrowing or, subject to the minimum amount requirements in Section 2.2 for each outstanding Term Revolving Loan Borrowing, a portion thereof, as follows: (i) if such Borrowing is of Eurodollar Term Eurocurrency Loans, the Borrower Company may continue part or all of such Borrowing as Eurodollar Term Eurocurrency Loans for an Interest Period specified by it the Company or convert part or all of such Borrowing into Base Rate Term Loans 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 Term Loans 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 Company may convert all or part of such Borrowing into Eurodollar Term Eurocurrency Loans for an Interest Period specified by it the 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 Eurodollar Term Eurocurrency Loans requested in constituting any single Borrowing Requestsuch particular Borrowing, provided that at no time shall the number of different Interest Periods for outstanding Eurodollar Term 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 Eurodollar Term Eurocurrency Loans for an additional Interest Period or of the conversion of part or all of such Eurodollar Term Eurocurrency Loans into Base Rate Term Loans or of such Base Rate Term Loans into Eurodollar Term Eurocurrency Loans must be given by no later than (A) 12:00 P.M. at least three (3) Business Days prior to the date of such continuation of, or conversion to, Eurodollar Term Eurocurrency Loans and (B) 12:00 P.M. on the date of any conversion of Eurodollar Term Eurocurrency Loans to Base Rate Term Loans.
Appears in 1 contract
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 Term Loan Borrowing or, subject to the minimum Borrowing amount requirements in Section 2.2 for each outstanding Term Loan Borrowing, a portion thereof, as follows: (i) if such Borrowing is of Eurodollar Term Loans, the Borrower may continue part or all of such Borrowing as Eurodollar Term Loans for an Interest Period specified by it the Borrower or convert part or all of such Borrowing into Base Rate Term Loans 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 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 Term Loans, the Borrower may convert all or part of such Borrowing into Eurodollar Term Loans for an Interest Period specified by it 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 Eurodollar Term Loans requested in any single Borrowing Requestthe outstanding Borrowings, provided that at no time shall the number of different Interest Periods for all outstanding 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 Term Loans involved). Notices of the continuation of such Eurodollar Term Loans for an additional Interest Period or of the conversion of part or all of such Eurodollar Term Loans into Base Rate Term Loans or of such Base Rate Term Loans into Eurodollar Term Loans must be given by no later than (A) 12:00 P.M. at least three (3) Business Days prior to before the date of such the requested continuation of, or conversion to, Eurodollar Term Loans and (B) 12:00 P.M. on the date of any conversion of Eurodollar Term Loans to Base Rate Term Loansconversion.
Appears in 1 contract
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 Term Loan Borrowing oror for each outstanding Loan Borrowing, or subject to the minimum amount requirements set forth in Section 2.2 for each outstanding Term Loan Borrowing2.2, a portion thereof, as follows: (i) if such Borrowing is of Eurodollar Term Loans, the Borrower may continue part or all of such Borrowing as Eurodollar Term Loans for an Interest Period specified by it or convert part or all of such Borrowing into Base Rate Term Loans 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 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 Eurodollar Term Loans for an Interest Period specified by 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 Eurodollar Term Loans requested in any single Borrowing Request, provided that at no time shall the number of different Interest Periods for outstanding 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 Eurodollar Term Loans for an additional Interest Period or of the conversion of part or all of such Eurodollar Term Loans into Base Rate Term Loans or of such Base Rate Term Loans into Eurodollar Term Loans must be given by no later than (A) 12:00 P.M. at least three (3) Business Days prior to the date of such continuation of, or conversion to, Eurodollar Term Loans and (B) 12:00 P.M. on the date of any conversion of Eurodollar Term Loans to Base Rate Term Loans.
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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 Term Revolving Loan Borrowing or, subject to the minimum amount requirements in Section 2.2 for each outstanding Term Revolving Loan Borrowing, a portion thereof, as follows: (i) if such Borrowing is of Eurodollar Term Eurocurrency Loans, the Borrower may continue part or all of such Borrowing as Eurodollar Term Eurocurrency Loans for an Interest Period specified by it the Borrower or convert part or all of such Borrowing into Base Rate Term Loans 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 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 Eurodollar Term Eurocurrency Loans for an Interest Period specified by it 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 Eurodollar Term Eurocurrency Loans requested in constituting any single Borrowing Requestsuch particular Borrowing, provided that at no time shall the number of different Interest Periods for outstanding Eurodollar Term 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 Eurodollar Term Eurocurrency Loans for an additional Interest Period or of the conversion of part or all of such Eurodollar Term Eurocurrency Loans into Base Rate Term Loans or of such Base Rate Term Loans into Eurodollar Term Eurocurrency Loans must be given by no later than (A) 12:00 P.M. noon at least three (3) Business Days prior to before the date of such the requested continuation of, or conversion to, Eurodollar Term Loans and (B) 12:00 P.M. on the date of any conversion of Eurodollar Term Loans to Base Rate Term Loansconversion.
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