Optional Prepayments and Conversions or Continuations of Loans. Subject to Sections 4.04 and 5.05 hereof, Loans may from time to time be prepaid, and Syndicated Loans may be Converted from one Type of Syndicated Loans into another Type and may be Continued as Syndicated Loans of the same Type, provided that, the Company shall give the Administrative Agent notice of each such prepayment, Conversion or Continuation as provided in Section 4.05 hereof (and, upon the date specified in any such notice of prepayment, the amount to be prepaid shall become due and payable hereunder). Notwithstanding the foregoing, and without limiting the rights and remedies of the Banks under Section 9, if any Event of Default has occurred and is continuing and the Administrative Agent (whether at its own election or at the direction of the Majority Banks) so notifies the Company, then, so long as an Event of Default is continuing (i) the right of the Company to Convert any Loan into a Eurodollar Loan, or to Continue any Loan as a Eurodollar Loan, shall be suspended and (ii) all Loans shall be Converted (on the last day(s) of the respective Interest Periods therefor) into, or Continued as, as the case may be, Base Rate Loans.
Appears in 2 contracts
Samples: Revolving Credit Agreement (Motorola Solutions, Inc.), Revolving Credit Agreement (Motorola Solutions, Inc.)
Optional Prepayments and Conversions or Continuations of Loans. Subject to Sections Section 4.04 and 5.05 hereof, the Company shall have the right to prepay Loans, to Convert Loans may of one Type into Loans of another Type or to Continue Eurodollar Loans from one Interest Period to another Interest Period, at any time or from time to time be prepaid, and Syndicated Loans may be Converted from one Type of Syndicated Loans into another Type and may be Continued as Syndicated Loans of the same Typetime, provided that, : (a) the Company shall give the Administrative Agent notice of each such prepayment, Conversion or Continuation as provided in Section 4.05 hereof (and, upon the date specified in any such notice of prepayment, the amount to be prepaid shall become due and payable hereunder); (b) upon any prepayment or Conversion of Eurodollar Loans other than on the last day of an Interest Period for such Loans, the Company shall pay any amounts owing under Section 5.05 hereof as a result of such prepayment or Conversion; and (c) any Conversion into or Continuation of Eurodollar Loans shall be subject to the provisions of Section 2.01(c) hereof. Notwithstanding the foregoing, and without limiting the rights and remedies of the Banks Lenders under Section 910 hereof, if in the event that any Event of Default has shall have occurred and is continuing and be continuing, the Administrative Agent may (whether at its own election or and at the direction request of the Majority BanksLenders shall) so notifies the Company, then, so long as an Event of Default is continuing (i) suspend the right of the Company to Convert any Loan into a Eurodollar Loan, or to Continue any Loan as a Eurodollar Loan, shall be suspended and (ii) in which event all Loans shall be Converted (on the last day(s) of the respective Interest Periods therefor) into, or Continued as, as the case may be, Base Rate Loans.. Credit Agreement
Appears in 1 contract
Samples: Credit Agreement (Advo Inc)
Optional Prepayments and Conversions or Continuations of Loans. Subject to Sections Section 4.04 and 5.05 hereof, the Company shall have the right to prepay Loans, or to Convert Loans may from time to time be prepaid, and Syndicated Loans may be Converted from of one Type into Loans of Syndicated Loans into another Type and may be Continued or Continue Loans of one Type as Syndicated Loans of the same Type, at any time or from time to time, in whole or in part, without premium or penalty, except as may be required by Section 5 hereof, provided that, : (a) the Company shall give the Administrative Agent notice of each such prepayment, Conversion or Continuation as provided in Section 4.05 hereof (and, upon the date specified in any such notice of prepayment, the amount to be prepaid shall become due and payable hereunder); and (b) a Eurodollar Loan and a Money Market Loan may be prepaid or Converted only on the last day of an Interest Period for such Loan. Notwithstanding the foregoing, and without limiting the rights and remedies of the Banks under Section 99 hereof, if in the event that any Event of Default has shall have occurred and is continuing be continuing, the Agent may (and the Administrative Agent (whether at its own election or at the direction request of the Majority BanksRequired Banks shall) so notifies the Company, then, so long as an Event of Default is continuing (i) suspend the right of the Company to Convert any Loan into a Eurodollar Loan or a Money Market Loan, or to Continue any Loan as a Eurodollar Loan or a Money Market Loan, shall be suspended in which event all Eurodollar Loans and (ii) all Money Market Loans shall be Converted (on the last day(s) of the respective Interest Periods therefor) into, or Continued asContinued, as the case may be, as Base Rate Loans.
Appears in 1 contract
Optional Prepayments and Conversions or Continuations of Loans. Subject to Sections Section 4.04 and 5.05 hereof, the Borrower shall have the right to prepay Loans, or to Convert Loans may from time to time be prepaid, and Syndicated Loans may be Converted from of one Type into Loans of Syndicated Loans into another Type and may be Continued or Continue Loans of one Type as Syndicated Loans of the same Type, at any time or from time to time, provided that, : (a) the Company Borrower shall give the Administrative Agent notice of each such prepayment, Conversion or Continuation as provided in Section 4.05 hereof (and, upon the date specified in any such notice of prepayment, the amount to be prepaid shall become due and payable hereunder); and (b) Eurodollar Loans may be prepaid or Converted only on the last day of an Interest Period for such Loans. Notwithstanding the foregoing, and without limiting the rights and remedies of the Banks Lenders under Section 910 hereof, if in the event that any Event of Default has shall have occurred and is continuing and be continuing, the Administrative Agent may (whether at its own election or and at the direction request of the Majority BanksLenders shall) so notifies the Company, then, so long as an Event of Default is continuing (i) suspend the right of the Company Borrower to Convert any Loan into a Eurodollar Loan, or to Continue any Loan as a Eurodollar Loan, shall be suspended and (ii) in which event all Eurodollar Loans shall be Converted (on the last day(s) of the respective Interest Periods therefor) into, or Continued as, as the case may be, into Base Rate Loans.
Appears in 1 contract
Optional Prepayments and Conversions or Continuations of Loans. Subject to Sections 4.04 and 5.05 hereof, the Company shall have the right to prepay Loans, or to Convert Loans may from time to time be prepaid, and Syndicated Loans may be Converted from of one Type into Loans of Syndicated Loans into another Type and may be Continued or Continue Loans of one Type as Syndicated Loans of the same Type, provided thatat any time or from time to time, PROVIDED that the Company shall give the Administrative Agent notice of each such prepayment, Conversion or Continuation as provided in Section 4.05 hereof (and, upon the date specified in any such notice of prepayment, the amount to be prepaid shall become due and payable hereunder) and PROVIDED further that any prepayment of the principal of the Series B Loans shall be applied to reduce the then remaining installments thereof on a pro rata basis (based on the then remaining principal amount of each such installment). Notwithstanding the foregoing, and without limiting the rights and remedies of the Banks Lenders under Section 99 hereof, if in the event that any Event of Default has shall have occurred and is continuing and be continuing, the Administrative Agent may (whether at its own election or and at the direction request of the Majority BanksLenders shall) so notifies the Company, then, so long as an Event of Default is continuing (i) suspend the right of the Company to Convert any Loan into a Eurodollar Loan, or to Continue any Loan as a Eurodollar Loan, shall be suspended and (ii) in which event all Loans shall be Converted (on the last day(s) of the respective Interest Periods therefor) into, or Continued asContinued, as the case may be, as Base Rate Loans.
Appears in 1 contract
Samples: Credit Agreement (Be Aerospace Inc)
Optional Prepayments and Conversions or Continuations of Loans. Subject to Sections 4.04 and 5.05 hereof, Term Loans may from time to time be prepaid, and Syndicated Loans may be Converted from one Type of Syndicated Term Loans into another Type and may be Continued as Syndicated Term Loans of the same Type, provided that, the Company shall give the Administrative Agent notice of each such prepayment, Conversion or Continuation as provided in Section 4.05 hereof (and, upon the date specified in any such notice of prepayment, the amount to be prepaid shall become due and payable hereunder). Notwithstanding the foregoing, and without limiting the rights and remedies of the Banks under Section 9, if any Event of Default has occurred and is continuing and the Administrative Agent (whether at its own election or at the direction of the Majority Banks) so notifies the Company, then, so long as an Event of Default is continuing (i) the right of the Company to Convert any Loan into a Eurodollar Loan, or to Continue any Loan as a Eurodollar Loan, shall be suspended and (ii) all Loans shall be Converted (on the last day(s) of the respective Interest Periods therefor) into, or Continued as, as the case may be, Base Rate Loans.
Appears in 1 contract
Samples: Term Loan Credit Agreement (Motorola Solutions, Inc.)
Optional Prepayments and Conversions or Continuations of Loans. Subject to Sections 4.04 and 5.05 hereof, the Company shall have the right to prepay Loans, or to Convert Loans may from time to time be prepaid, and Syndicated Loans may be Converted from of one Type into Loans of Syndicated Loans into another Type and may be Continued or Continue Loans of one Type as Syndicated Loans of the same Type, at any time or from time to time, provided that, that the Company shall give the Administrative Agent notice of each such prepayment, Conversion or Continuation as provided in Section 4.05 hereof (and, upon the date specified in any such notice of prepayment, the amount to be prepaid shall become due and payable hereunder) and provided further that any prepayment of the principal of the Series B Loans shall be applied to reduce the then remaining installments thereof on a pro rata basis (based on the then remaining principal amount of each such installment). Notwithstanding the foregoing, and without limiting the rights and remedies of the Banks Lenders under Section 99 hereof, if in the event that any Event of Default has shall have occurred and is continuing and be continuing, the Administrative Agent may (whether at its own election or and at the direction request of the Majority BanksLenders shall) so notifies the Company, then, so long as an Event of Default is continuing (i) suspend the right of the Company to Convert any Loan into a Eurodollar Loan, or to Continue any Loan as a Eurodollar Loan, shall be suspended and (ii) in which event all Loans shall be Converted (on the last day(s) of the respective Interest Periods therefor) into, or Continued asContinued, as the case may be, as Base Rate Loans.
Appears in 1 contract
Samples: Credit Agreement (Be Aerospace Inc)
Optional Prepayments and Conversions or Continuations of Loans. Subject to Sections 4.04 and 5.05 hereofSection 4.04, the Borrower shall have the right to prepay Loans, or to Convert Loans may from time to time be prepaid, and Syndicated Loans may be Converted from of one Type into Loans of Syndicated Loans into another Type and may be Continued or Continue Loans of one Type as Syndicated Loans of the same Type, at any time or from time to time, provided that, :
(a) the Company Borrower shall give the Administrative Agent notice of each such prepayment, Conversion or Continuation as provided in Section 4.05 hereof (and, upon the date specified in any such notice of prepayment, the amount to be prepaid shall become due and payable hereunder);
(b) upon any prepayment of Eurodollar Loans other than on the last day of an Interest Period for such Loans, the Borrower shall pay any amounts owing under Section 5.05 as a result of such prepayment; and
(c) any Conversion into or Continuation of Eurodollar Loans shall be subject to the provisions of Section 2.01(c). Notwithstanding the foregoing, and without limiting the rights and remedies of the Banks Lenders under Section 910, if in the event that any Event of Default has shall have occurred and is continuing and be continuing, the Administrative Agent may (whether at its own election or and at the direction request of the Majority BanksLenders shall) so notifies the Company, then, so long as an Event of Default is continuing (i) suspend the right of the Company Borrower to Convert any Loan into a Eurodollar Loan, or to Continue any Loan as a Eurodollar Loan, shall be suspended and (ii) in which event all Loans shall be Converted (on the last day(s) of the respective Interest Periods therefor) into, or Continued as, as the case may be, Base Rate Loans.
Appears in 1 contract
Samples: Credit Agreement (Premier Parks Inc)
Optional Prepayments and Conversions or Continuations of Loans. Subject to Sections 4.04 and 5.05 hereof, Syndicated Loans may from time to time be prepaid, and Syndicated Loans may be Converted from one Type of Syndicated Loans into another Type and may be Continued as Syndicated Loans of the same Type, provided that, the Company shall give the Administrative Agent notice of each such prepayment, Conversion or Continuation as provided in Section 4.05 hereof (and, upon the date specified in any such notice of prepayment, the amount to be prepaid shall become due and payable hereunder). Money Market Loans may not be prepaid. Notwithstanding the foregoing, and without limiting the rights and remedies of the Banks under Section 9, if any Event of Default has occurred and is continuing and the Administrative Agent (whether at its own election or at the direction of the Majority Banks) so notifies the Company, then, so long as an Event of Default is continuing (i) the right of the Company to Convert any Loan into a Eurodollar Loan, or to Continue any Loan as a Eurodollar Loan, shall be suspended and (ii) all Loans shall be Converted (on the last day(s) of the respective Interest Periods therefor) into, or Continued as, as the case may be, Base Rate Loans.
Appears in 1 contract
Samples: Revolving Credit Agreement (Motorola Solutions, Inc.)
Optional Prepayments and Conversions or Continuations of Loans. Subject to Sections Section 4.04 and 5.05 hereof, the Company has the right to prepay Loans, or to Convert Loans may from time to time be prepaid, and Syndicated Loans may be Converted from of one Type into Loans of Syndicated Loans into another Type and may be Continued or Continue Loans of one Type as Syndicated Loans of the same Type, at any time or from time to time, in whole or in part, without premium or penalty, except as may be required by Section 5 hereof, provided that, : (a) the Company shall give the Administrative Agent notice of each such prepayment, Conversion or Continuation pursuant to a Notice of Prepayment, Conversion or Continuation substantially in the form of Exhibit J hereto and as provided in Section 4.05 hereof (and, upon the date specified in any such notice of prepayment, the amount to be prepaid shall become due and payable hereunder); and (b) a Eurodollar Loan and a Money Market Loan may be prepaid or Converted only on the last day of an Interest Period for such Loan. Notwithstanding the foregoing, and without limiting the rights and remedies of the Banks under Section 99 hereof, if in the event that any Event of Default has occurred exists, the Agent may (and is continuing and the Administrative Agent (whether at its own election or at the direction request of the Majority BanksRequired Banks shall) so notifies the Company, then, so long as an Event of Default is continuing (i) suspend the right of the Company to Convert any Loan into a Eurodollar Loan or a Money Market Loan, or to Continue any Loan as a Eurodollar Loan or a Money Market Loan, shall be suspended in which event all Eurodollar Loans and (ii) all Money Market Loans shall be Converted (on the last day(s) of the respective Interest Periods therefor) into, or Continued as, as the case may be, to Base Rate Loans.
Appears in 1 contract
Optional Prepayments and Conversions or Continuations of Loans. (a) Subject to Sections 4.04 and 5.05 5.04 hereof, the Borrower shall have the right to prepay Loans may from time or to time be prepaid, and Syndicated Convert Loans may be Converted from of one Type into Loans of Syndicated Loans into another Type and may be Continued or Continue Loans of one Type as Syndicated Loans of the same Type, at any time or from time to time, provided that, : the Company Borrower shall give the Administrative Agent notice of each such prepayment, prepayment or Conversion or Continuation as provided in Section 4.05 hereof (and, upon the date specified in any such notice of prepayment, the amount to be prepaid shall become due and payable hereunder). .
(b) Notwithstanding the foregoingforegoing provisions of this Section 2.08, and without limiting the rights and remedies of the Banks under Section 99 hereof, if in the event that any Event of Default has shall have occurred and is continuing and be continuing, the Administrative Agent may (whether at its own election or and at the direction request of the Majority Banks) so notifies the Company, then, so long as an Event of Default is continuing shall)
(i) suspend the right of the Company Borrower to Convert any Loan into a Eurodollar Eurocurrency Loan, or to Continue any Loan as a Eurodollar Eurocurrency Loan, shall be suspended and (ii) in which event all Loans denominated in Dollars shall be Converted (on the last day(s) day of the respective Interest Periods Period therefor) into, or Continued asContinued, as the case may be, as Base Rate LoansLoans and/or (ii) suspend the right of the Borrower to have any Loan have an Interest Period of more than one month’s duration. Section 3.
Appears in 1 contract
Optional Prepayments and Conversions or Continuations of Loans. Subject to Sections 4.04 and 5.05 hereof, Loans may from time to time be prepaid, and Syndicated Loans may be Converted from one Type of Syndicated Loans into another Type and may be Continued as Syndicated Loans of the same Type, provided that, the Company shall give the Administrative Agent notice of each such prepayment, Conversion or Continuation as provided in Section 4.05 hereof (and, upon the date specified in any such notice of prepayment, the amount to be prepaid shall become due and payable hereunder). Notwithstanding the foregoing, and without limiting the rights and remedies of the Banks under Section 9, if any Event of Default has occurred and is continuing and the Administrative Agent (whether at its own election or at the direction of the Majority Banks) so notifies the Company, then, so long as an Event of Default is continuing (i) the right of the Company to Convert any Loan into a Eurodollar EurodollarTerm Benchmark Loan or an RFR Loan, as applicable, or to Continue any Loan as a Eurodollar EurodollarTerm Benchmark Loan or an RFR Loan, as applicable, shall be suspended and (ii) all Loans shall be Converted (on the last day(s) of the respective Interest Periods therefor) into, or Continued as, as the case may be, Base Rate Loans.
Appears in 1 contract
Optional Prepayments and Conversions or Continuations of Loans. Subject to Sections Section 4.04 and 5.05 hereof, the Company shall have the right to prepay Loans, or to Convert Loans may from time to time be prepaid, and Syndicated Loans may be Converted from of one Type into Loans of Syndicated the other Type or Continue Loans into another of one Type and may be Continued as Syndicated Loans of the same Type, at any time or from time to time, provided that, that the Company shall give the Administrative Agent notice of each such prepayment, Conversion or Continuation as provided in Section 4.05 hereof (and, upon the prepayment date specified in any such notice of prepayment, the amount to be prepaid shall become due and payable hereunder). Notwithstanding the foregoing, and without limiting the rights and remedies of the Banks Lenders under Section 910 hereof, if in the event that any Event of Default has shall have occurred and is continuing and be continuing, the Administrative Agent may (whether at its own election or and at the direction request of the Majority BanksLenders shall) so notifies the Company, then, so long as an Event of Default is continuing (i) suspend the right of the Company to borrow any Loan as a Eurodollar Loan, to Convert any Loan into a Eurodollar Loan, Loan or to Continue any Loan as a Eurodollar Loan, shall be suspended and (ii) in which event all Eurodollar Loans then outstanding shall be Converted (on the last day(s) of the respective Interest Periods therefor) into, or Continued as, as the case may be, into Base Rate Loans.
Appears in 1 contract
Optional Prepayments and Conversions or Continuations of Loans. Subject to Sections 4.04 and 5.05 hereof, Syndicated Loans may from time to time be prepaid, and Syndicated Loans may be Converted from one Type of Syndicated Loans into another Type and may be Continued as Syndicated Loans of the same Type, provided that, the Company shall give the Administrative Agent notice of each such prepayment, Conversion or Continuation as provided in Section 4.05 hereof (and, upon the date specified in any such notice of prepayment, the amount to be prepaid shall become due and payable hereunder). Money Market Loans may not be prepaid. Notwithstanding the foregoing, and without limiting the rights and remedies of the Banks under Section 9, if any Event of Default has occurred and is continuing and the Administrative Agent (whether at its own election or at the direction of the Majority Banks) so notifies the Company, then, so long as an Event of Default is continuing (i) the right of the Company to Convert any Loan into a Eurodollar Loan, or to Continue any Loan as a Eurodollar Loan, shall be suspended and (ii) all Loans shall be Converted (on the last day(s) of the respective Interest Periods therefor) into, or Continued as, as the case may be, Base Rate Loans.
Appears in 1 contract
Samples: Revolving Credit Agreement (Motorola Solutions, Inc.)
Optional Prepayments and Conversions or Continuations of Loans. Subject to Sections 4.04 and 5.05 hereofSection 4.04, the Company shall have the right to prepay Loans, or to Convert Loans may from time to time be prepaid, and Syndicated Loans may be Converted from of one Type into Loans of Syndicated Loans into another Type and may be Continued or to Continue Loans of one Type as Syndicated Loans of the same Type, at any time or from time to time, provided that, : (a) the Company shall give the Administrative 36 Agent notice of each such prepayment, Conversion or Continuation as provided in Section 4.05 hereof (and, upon the date specified in any such notice of prepayment, the amount to be prepaid shall become due and payable hereunderunder this Agreement); (b) Eurodollar Loans may be prepaid or Converted only on the last day of an Interest Period for such Loans; and (c) no Loan may be Converted into a Eurodollar Loan until December 26, 1995. Notwithstanding the foregoing, and without limiting the rights and remedies of the Banks Lenders under Section 9, if in the event that any Event of Default has shall have occurred and is continuing and be continuing, the Administrative Agent may (whether at its own election or and at the direction request of the Majority BanksLenders shall) so notifies the Company, then, so long as an Event of Default is continuing (i) suspend the right of the Company to Convert any Loan into a Eurodollar Loan, or to Continue any Loan as a Eurodollar Loan, shall be suspended and (ii) in which event all Loans shall be Converted into (on the last day(s)) of the their respective Interest Periods thereforPeriods) into, or Continued as, as the case may be, Base Prime Rate Loans.
Appears in 1 contract
Optional Prepayments and Conversions or Continuations of Loans. Subject to Sections Section 4.04 and 5.05 hereof, the Company shall have the right to prepay Loans, or to Convert Loans may of one Type into Loans of the other Type or Continue Eurodollar Loans, at any time or from time to time be prepaidtime, and Syndicated Loans may be Converted from one Type of Syndicated Loans into another Type and may be Continued as Syndicated Loans of the same Type, provided PROVIDED that, : (a) the Company shall give the Administrative Agent notice of each such prepayment, Conversion or Continuation as provided in Section 4.05 hereof (and, upon the date specified in any such notice of prepayment, the amount to be prepaid shall become due and payable hereunder); (b) prepayments of the Term Loans shall be applied to the installments of the Term Loans in the inverse order of their maturities; and (c) Swingline Loans may only be Base Rate Loans. Notwithstanding the foregoing, and without limiting the rights and remedies of the Banks Lenders under Section 910 hereof, if in the event that any Event of Default has shall have occurred and is continuing be continuing, the Agent may (and the Administrative Agent (whether at its own election or at the direction request of the Majority BanksLenders shall) so notifies the Company, then, so long as an Event of Default is continuing (i) suspend the right of the Company to Convert any Loan into a Eurodollar Loan, or to Continue any Loan as a Eurodollar Loan, shall be suspended and (ii) in which event all Loans shall be Converted (on the last day(s) of the respective Interest Periods therefor) into, or Continued asContinued, as the case may be, as Base Rate Loans.
Appears in 1 contract
Optional Prepayments and Conversions or Continuations of Loans. Subject to Sections 4.04 and 5.05 5 hereof, the Borrower shall have the right to prepay Loans, or to Convert Loans may from time to time be prepaid, and Syndicated Loans may be Converted from of one Type into Loans of Syndicated Loans into another Type and may be Continued or Continue Loans of one Type as Syndicated Loans of the same Type, at any time or from time to time, provided that, that the Company Borrower shall give the Administrative Agent notice of each such prepayment, Conversion or Continuation as provided in Section 4.05 hereof (and, upon the date specified in any such notice of prepayment, the amount to be prepaid shall become due and payable hereunder). Notwithstanding the foregoing, and without limiting the rights and remedies of the Banks under Section 910 hereof, if in the event that any Event of Default has shall have occurred and is continuing and be continuing, the Administrative Agent may (whether at its own election or and at the direction request of the Majority BanksBanks shall) so notifies the Company, then, so long as an Event of Default is continuing (i) suspend the right of the Company Borrower to Convert any Loan into a Eurodollar Loan, or to Continue any Loan as a Eurodollar Loan, shall be suspended and (ii) in which event all Loans shall be Converted (on the last day(s) of the respective Interest Periods therefor) into, or Continued asContinued, as the case may be, as Base Rate Loans.
Appears in 1 contract
Optional Prepayments and Conversions or Continuations of Loans. Subject to Sections Section 4.04 and 5.05 hereof, the Company shall have the right to prepay Loans, or to Convert Loans may from time to time be prepaid, and Syndicated Loans may be Converted from of one Type into Loans of Syndicated Loans into another Type and may be Continued or Continue Loans of one Type as Syndicated Loans of the same Type, at any time or from time to time, provided that, : (a) the Company shall give the Administrative Agent notice of each such -------- prepayment, Conversion or Continuation as provided in Section 4.05 hereof (and, upon the date specified in any such notice of prepayment, the amount to be prepaid shall become due and payable hereunder). Notwithstanding the foregoing, and without limiting the rights and remedies of the Banks Lenders under Section 910 hereof, if in the event that any Event of Default has shall have occurred and is continuing be continuing, the Agent may (and the Administrative Agent (whether at its own election or at the direction request of the Majority BanksLenders shall) so notifies the Company, then, so long as an Event of Default is continuing (i) suspend the right of the Company to Convert any Loan into a Eurodollar Loan, or to Continue any Loan as a Eurodollar Loan, shall be suspended and (ii) in which event all Loans shall be Converted (on the last day(s) of the respective Interest Periods therefor) into, or Continued asContinued, as the case may be, as Base Rate Loans.
Appears in 1 contract
Optional Prepayments and Conversions or Continuations of Loans. Subject to Sections 4.04 and 5.05 Section 5 hereof, the Borrower shall have the right to prepay Loans, or to Convert Loans may from time to time be prepaid, and Syndicated Loans may be Converted from of one Type into Loans of Syndicated Loans into another Type and may be Continued or Continue Loans of one Type as Syndicated Loans of the same Type, at any time or from time to time, provided that, that the Company Borrower shall give the Administrative Agent notice of each such prepayment, Conversion or Continuation as provided in Section 4.05 hereof (and, upon the date specified in any such notice of prepayment, the amount to be prepaid shall become due and payable hereunder). No Eurodollar Loan, LC Loan or BA Loan, may be prepaid without the prior consent of the Bank holding such Loan. Notwithstanding the foregoing, and without limiting the rights and remedies of the Banks under Section 910 hereof, if in the event that any Event of Default has shall have occurred and is continuing and be continuing, the Administrative Agent may (whether at its own election or and at the direction request of the Majority BanksBanks shall) so notifies the Company, then, so long as an Event of Default is continuing (i) suspend the right of the Company to Convert any Loan into a Eurodollar Loan, LC Loan or BA Loan, or to Continue any Loan as a Eurodollar Loan, shall be suspended and (ii) a LC Loan or BA Loan, in which event all Loans shall be Converted (on the last day(s) of the respective Interest Periods thereforApplicable Periods) into, or Continued asContinued, as the case may be, as US Base Rate Loans, in the case of Loans outstanding in US Dollars, and as Cdn Prime Rate Loans in the case of Loans outstanding as BA Loans.
Appears in 1 contract
Samples: Credit Agreement (Bowater Inc)