Redesignation of Loans. (a) Subject to Section 8.3, if any Eurodollar Loan is not repaid or, in the case of a Line B Loan or a Line B Term Loan, renewed on the last day of the applicable Eurodollar Period, such Eurodollar Loan automatically shall be redesignated as a Prime Rate Loan on such date. (b) Subject to the terms and conditions set forth in this Agreement, at any time and from time to time from the Closing Date until the thirty-second day preceding the Line A Maturity Date, Borrowers may request that all or a portion of outstanding Prime Rate Loans be redesignated as a Eurodollar Loan or that a maturing Eurodollar Loan be redesignated as a new Eurodollar Loan, provided that no Loan redesignated as a Eurodollar Loan shall have a Eurodollar Period expiring after the Maturity Date. (c) Each redesignation of all or a portion of outstanding Prime Rate Loans or to renew a maturing Eurodollar Loan as a Eurodollar Loan shall be made pursuant to a written Request for Redesignation of Loans. Not later than 12:00 noon, Los Angeles time, at least two (2) Eurodollar Banking Days prior to the first day of the applicable Eurodollar Period, Bank shall have received, at Bank's Office, a properly completed Request for Redesignation of Loans specifying the requested (1) date of redesignation and (2) amount of Loans to be redesignated as a Eurodollar Loan, and (3) the applicable Eurodollar Period. Bank may, in its sole and absolute discretion, permit a Request for Redesignation of Loans to be made by telephone by a Responsible Official of a Borrower, in which case such Borrower shall confirm same by mailing or faxing a written Request for Redesignation of Loans to Bank within 48 hours following the date of redesignation. If Borrowers fail to make a written Request for Redesignation of Loans, Borrowers hereby waive the right to dispute the amount, interest rate or term of any such Eurodollar Loan. (d) Unless Bank otherwise consents, the amount of Loans to be redesignated as a Eurodollar Loan shall be an integral multiple of $250,000. (e) With respect to any redesignation of a Loan as a Eurodollar Loan, at or about 10:00 a.m., Los Angeles time, two (2) Eurodollar Banking Days before the first day of the applicable Eurodollar Period, Bank shall determine the applicable Eurodollar Rate (which determination shall be conclusive in the absence of manifest error) and promptly shall give notice of the same to Borrower by telephone or telecopier. (f) Upon fulfillment of the applicable conditions set forth in Article 8, the redesignation of all or a portion of outstanding Loans as a Eurodollar Loan shall become effective on the first day of the applicable Eurodollar Period. (g) Nothing contained herein shall require Bank to fund any Eurodollar Loan resulting from redesignation of all or a portion of any of its Prime Rate Loans, in the Designated Eurodollar Market. (h) A request for Redesignation of Loans shall be irrevocable upon receipt by Bank.
Appears in 1 contract
Samples: Loan Agreement (Sports Club Co Inc)
Redesignation of Loans. (a) Subject to Section 8.38.2, if any Eurodollar Loan is not repaid or, in the case of a Line B Loan or a Line B Term Loan, renewed on the last day of the applicable Eurodollar Period, such Eurodollar Loan automatically shall be redesignated as a Prime Rate Loan on such date.
(b) Subject to the terms and conditions set forth in this Agreement, at any time and from time to time from the Closing Date until the thirty-second third day preceding the Line A Maturity Date, Borrowers may request that all or a portion of outstanding Prime Rate Loans be redesignated as a Eurodollar Loan or that a maturing Eurodollar Loan be redesignated as a new Eurodollar Loan, provided that no Loan redesignated as a Eurodollar Loan shall have a Eurodollar Period expiring after the Maturity Date.
(c) Each redesignation of all or a portion of outstanding Prime Rate Loans or to renew a maturing Eurodollar Loan as a Eurodollar Loan shall be made pursuant to a written Request for Redesignation of Loans. Not later than 12:00 noon, Los Angeles time, at least two three (23) Eurodollar Banking Days prior to the first day of the applicable Eurodollar Period, Bank Agent shall have received, at BankAgent's Office, a properly completed Request for Redesignation of Loans specifying the requested (1) date of redesignation and (2) amount of Loans to be redesignated as a Eurodollar Loan, and (3) the applicable Eurodollar Period. Bank Agent may, in its sole and absolute discretion, permit a Request for Redesignation of Loans to be made by telephone by a Responsible Official of a BorrowerBorrower on behalf of the Borrowers, in which case such Borrower shall confirm same by mailing or faxing a written Request for Redesignation of Loans to Bank Agent within 48 hours following the date of redesignation. If Borrowers fail to make a written Request for Redesignation of Loans, Borrowers hereby waive the right to dispute the amount, interest rate or term of any such Eurodollar Loan.
(d) Unless Bank the Requisite Banks otherwise consentsconsent, the amount of such Loans to be redesignated as a Eurodollar Loan shall be an integral multiple of $250,000.
(e) With respect to any redesignation of a Loan as a Eurodollar Loan, at or about 10:00 a.m., Los Angeles time, two three (23) Eurodollar Banking Days before the first day of the applicable Eurodollar Period, Bank Agent shall determine the applicable Eurodollar Rate (which determination shall be conclusive in the absence of manifest error) and promptly shall give notice of the same to Borrower Borrowers and the Banks by telephone or telecopier.
(f) Upon fulfillment of the applicable conditions set forth in Article 8, the redesignation of all or a portion of outstanding Loans as a Eurodollar Loan shall become effective on the first day of the applicable Eurodollar Period.
(g) Nothing contained herein shall require any Bank to fund any Eurodollar Loan resulting from redesignation of all or a portion of any of its Prime Rate Loans, in the Designated Eurodollar Market.
(h) A request for Redesignation of Loans shall be irrevocable upon receipt by BankAgent.
Appears in 1 contract
Samples: Loan Agreement (Sports Club Co Inc)
Redesignation of Loans. (a) Subject to Section 8.38.2, if any Eurodollar Loan is not repaid or, in the case of a Line B Loan or a Line B Term Loan, renewed on the last day of the applicable Eurodollar Period, such Eurodollar Loan automatically shall be redesignated as a Prime Rate Loan on such date.
(b) Subject to the terms and conditions set forth in this Agreement, at any time and from time to time from the Closing Date until the thirty-second third day preceding the Line A Maturity Date, Borrowers may request that all or a portion of outstanding Prime Rate Loans be redesignated as a Eurodollar Loan or that a maturing Eurodollar Loan be redesignated as a new Eurodollar Loan, provided that no Loan redesignated as a Eurodollar Loan shall have a Eurodollar Period expiring after the Maturity Date.
(c) Each redesignation of all or a portion of outstanding Prime Rate Loans or to renew a maturing Eurodollar Loan as a Eurodollar Loan shall be made pursuant to a written Request for Redesignation of Loans. Not later than 12:00 noon, Los Angeles time, at least two three (23) Eurodollar Banking Days prior to the first day of the applicable Eurodollar Period, Bank Agent shall have received, at BankAgent's Office, a properly completed Request for Redesignation of Loans specifying the requested (1) date of redesignation and (2) amount of Loans to be redesignated as a Eurodollar Loan, and (3) the applicable Eurodollar Period. Bank Agent may, in its sole and absolute discretion, permit a Request for Redesignation of Loans to be made by telephone by a Responsible Official of a BorrowerBorrower on behalf of the Borrowers, in which case such Borrower shall confirm same by mailing or faxing a written Request for Redesignation of Loans to Bank Agent within 48 hours following the date of redesignation. If Borrowers fail to make a written Request for Redesignation of Loans, Borrowers hereby waive the right to dispute the amount, interest rate or term of any such Eurodollar Loan.
(d) Unless Bank the Requisite Banks otherwise consentsconsent, the amount of such Loans to be redesignated as a Eurodollar Loan shall be an integral multiple of $250,000.
(e) With respect to any redesignation of a Loan as a Eurodollar Loan, at or about 10:00 a.m., Los Angeles time, two three (23) Eurodollar Banking Days before the first day of the applicable Eurodollar Period, Bank Agent shall determine the applicable Eurodollar Rate (which determination shall be conclusive in the absence of manifest error) and promptly shall give notice of the same to Borrower Borrowers and the Banks by telephone or telecopier.
(f) Upon fulfillment of the applicable conditions set forth in Article 8, the redesignation of all or a portion of outstanding Loans as a Eurodollar Loan shall become effective on the first day of the applicable Eurodollar Period.
(g) Nothing contained herein shall require Bank to fund any Eurodollar Loan resulting from redesignation of all or a portion of any of its Prime Rate Loans, in the Designated Eurodollar Market.
(h) A request for Redesignation of Loans shall be irrevocable upon receipt by Bank.
Appears in 1 contract
Samples: Loan Agreement (Sports Club Co Inc)
Redesignation of Loans. (a) Subject to Section 8.38.2, if any Eurodollar Loan is not repaid or, in the case of a Line B Loan or a Line B Term Loan, renewed on the last day of the applicable Eurodollar Period, such Eurodollar Loan automatically shall be redesignated as a Prime Rate Loan on such date.
(b) Subject to the terms and conditions set forth in this Agreement, at any time and from time to time from the Closing Date until the thirty-second third day preceding the Line A Maturity Date, Borrowers may request that all or a portion of outstanding Prime Rate Loans be redesignated as a Eurodollar Loan or that a maturing Eurodollar Loan be redesignated as a new Eurodollar Loan, provided that no Loan redesignated as a Eurodollar Loan shall have a Eurodollar Period expiring after the Maturity Date.
(c) Each redesignation of all or a portion of outstanding Prime Rate Loans or to renew a maturing Eurodollar Loan as a Eurodollar Loan shall be made pursuant to a written Request for Redesignation of Loans. Not later than 12:00 noon, Los Angeles time, at least two three (23) Eurodollar Banking Days prior to the first day of the applicable Eurodollar Period, Bank Agent shall have received, at BankAgent's Office, a properly completed Request for Redesignation of Loans specifying the requested (1) date of redesignation and (2) amount of Loans to be redesignated as a Eurodollar Loan, and (3) the applicable Eurodollar Period. Bank Agent may, in its sole and absolute discretion, permit a Request for Redesignation of Loans to be made by telephone by a Responsible Official of a Borrower, in which case such Borrower shall confirm same by mailing or faxing a written Request for Redesignation of Loans to Bank within 48 hours following the date of redesignation. If Borrowers fail to make a written Request for Redesignation of Loans, Borrowers hereby waive the right to dispute the amount, interest rate or term of any such Eurodollar Loan.
(d) Unless Bank otherwise consents, the amount of Loans to be redesignated as a Eurodollar Loan shall be an integral multiple of $250,000.
(e) With respect to any redesignation of a Loan as a Eurodollar Loan, at or about 10:00 a.m., Los Angeles time, two (2) Eurodollar Banking Days before the first day of the applicable Eurodollar Period, Bank shall determine the applicable Eurodollar Rate (which determination shall be conclusive in the absence of manifest error) and promptly shall give notice of the same to Borrower by telephone or telecopier.
(f) Upon fulfillment of the applicable conditions set forth in Article 8, the redesignation of all or a portion of outstanding Loans as a Eurodollar Loan shall become effective on the first day of the applicable Eurodollar Period.
(g) Nothing contained herein shall require Bank to fund any Eurodollar Loan resulting from redesignation of all or a portion of any of its Prime Rate Loans, in the Designated Eurodollar Market.
(h) A request for Redesignation of Loans shall be irrevocable upon receipt by Bank.
Appears in 1 contract
Samples: Loan Agreement (Sports Club Co Inc)
Redesignation of Loans. (a) Subject to Section 8.38.2, if any Eurodollar Loan is not repaid or, in the case of a Line B Loan or a Line B Term Loan, renewed on the last day of the applicable Eurodollar Period, such Eurodollar Loan automatically shall be redesignated as a Prime Rate Loan on such date.
(b) Subject to the terms and conditions set forth in this Agreement, at any time and from time to time from the Closing Date until the thirty-second day preceding the Line A Maturity Date, Borrowers may request that all or a portion of outstanding Prime Rate Loans be redesignated as a Eurodollar Loan or that a maturing Eurodollar Loan be redesignated as a new Eurodollar Loan, provided that no Loan redesignated as a Eurodollar Loan shall have a Eurodollar Period expiring after the Maturity Date.
(c) Each redesignation of all or a portion of outstanding Prime Rate Loans or to renew a maturing Eurodollar Loan as a Eurodollar Loan shall be made pursuant to a written Request for Redesignation of Loans. Not later than 12:00 noon, Los Angeles time, at least two three (23) Eurodollar Banking Days prior to the first day of the applicable Eurodollar Period, Bank Agent shall have received, at BankAgent's Office, a properly completed Request for Redesignation of Loans specifying the requested (1) date of redesignation and (2) amount of Loans to be redesignated as a Eurodollar Loan, and (3) the applicable Eurodollar Period. Bank Agent may, in its sole and absolute discretion, permit a Request for Redesignation of Loans to be made by telephone by a Responsible Official of a BorrowerBorrower on behalf of the Borrowers, in which case such Borrower shall confirm same by mailing or faxing a written Request for Redesignation of Loans to Bank Agent within 48 hours following the date of redesignation. If Borrowers fail to make a written Request for Redesignation of Loans, Borrowers hereby waive the right to dispute the amount, interest rate or term of any such Eurodollar Loan.
(d) Unless Bank the Requisite Banks otherwise consentsconsent, the amount of such Loans to be redesignated as a Eurodollar Loan shall be an integral multiple of $250,000.
(e) With respect to any redesignation of a Loan as a Eurodollar Loan, at or about 10:00 a.m., Los Angeles time, two three (23) Eurodollar Banking Days before the first day of the applicable Eurodollar Period, Bank Agent shall determine the applicable Eurodollar Rate (which determination shall be conclusive in the absence of manifest error) and promptly shall give notice of the same to Borrower Borrowers and the Banks by telephone or telecopier.
(f) Upon fulfillment of the applicable conditions set forth in Article 8, the redesignation of all or a portion of outstanding Loans as a Eurodollar Loan shall become effective on the first day of the applicable Eurodollar Period.
(g) Nothing contained herein shall require any Bank to fund any Eurodollar Loan resulting from redesignation of all or a portion of any of its Prime Rate Loans, in the Designated Eurodollar Market.
(h) A request for Redesignation of Loans shall be irrevocable upon receipt by BankAgent.
Appears in 1 contract
Samples: Loan Agreement (Sports Club Co Inc)
Redesignation of Loans. (a) Subject to Section 8.310.2, if any Eurodollar Offshore Rate Loan is not repaid oron, in or redesignated as an Offshore Rate Loan prior to, the case last day of the applicable Interest Period, such Loan automatically shall be redesignated as a Line B Reference Rate Loan on such date. Any Offshore Rate Loan that is not repaid, redesignated or a Line B Term Loan, renewed automatically redesignated on the last day of the applicable Eurodollar Period, such Eurodollar Loan automatically Interest Period shall be redesignated as a Prime Rate Loan on such datebear interest at the rate specified in clause (i) of Section 5.7.
(b) Subject to the terms and conditions set forth in this Agreement, at any time and from time to time from the Closing Date until the thirty-second thirtieth day preceding the Line A Maturity Termination Date, Borrowers the Borrower may request that all or a portion of outstanding Prime Reference Rate Loans be redesignated as a Eurodollar Loan or that a maturing Eurodollar Loan be redesignated as a new Eurodollar an Offshore Rate Loan, provided that no Loan redesignated as a Eurodollar Loan shall have a Eurodollar Period expiring after the Maturity Date.
(c) Each redesignation of all or a portion of outstanding Prime Reference Rate Loans or to renew a maturing Eurodollar Loan Offshore Rate Loans as a Eurodollar an Offshore Rate Loan shall be made pursuant to a written Request for Redesignation of Loans. Not later than 12:00 noon9:00 a.m., Los Angeles time, at least two (2) Eurodollar three Banking Days prior to the first day Banking Day of the applicable Eurodollar requested Interest Period, Bank the Agent shall have received, at Bankthe Agent's Office, a properly completed Request for Redesignation of Loans specifying the requested (1i) date of redesignation and redesignation, (2ii) amount of Reference Rate Loans or Offshore Rate Loans to be redesignated as a Eurodollar an Offshore Rate Loan, and (3iii) the applicable Eurodollar Interest Period. Bank The Agent may, in its sole and absolute discretion, permit a Request for Redesignation of Loans to be made by telephone (confirmed immediately by telecopier), telecopier or telex by a Responsible Official of a the Borrower, in which case such the Borrower shall confirm same by mailing or faxing a written Request for Redesignation of Loans to Bank the Agent within 48 hours following the date of redesignation. If Borrowers fail to make a written Request for Redesignation of Loans, Borrowers hereby waive the right to dispute the amount, interest rate or term of any such Eurodollar Loan.
(d) Unless Bank the Majority Lenders otherwise consentsconsent, the amount of Reference Rate Loans to be redesignated as a Eurodollar an Offshore Rate Loan shall be at least $1,000,000 and an integral multiple of $250,000100,000 for amounts in excess thereof.
(e) With respect to any redesignation of a Loan Reference Rate Loans as a Eurodollar an Offshore Rate Loan, at or about 10:00 8:00 a.m., Los Angeles time, two (2) Eurodollar Banking Days before prior to the first day commencement of the applicable Eurodollar Interest Period, Bank the Agent shall determine the applicable Eurodollar Offshore Rate (which determination shall be conclusive in the absence of manifest error) and promptly shall give notice of the same to Borrower and the Lenders by telephone telephone, telecopier or telecopiertelex.
(f) Upon fulfillment of the applicable conditions set forth in Article 810, the redesignation of all or a portion of outstanding Loans as a Eurodollar Loan shall become effective on the first day of the applicable Eurodollar Period.
(g) Nothing contained herein shall require Bank to fund any Eurodollar Loan resulting from redesignation of all or a portion of any of its Prime Rate Loans, in the Designated Eurodollar Market.
(h) A request for Redesignation of Loans shall be irrevocable upon receipt by Bank.Reference Rate
Appears in 1 contract