Rollovers. The Borrower may, during the term of this Agreement, Rollover all or any portion of a Bankers' Acceptance on its maturity date or all or any portion of a Libor Loan for an additional Libor Interest Period subsequent to the initial or any subsequent Libor Interest Period, upon giving the Agent at the Agent's Branch of Account prior written notice thereof, substantially in the form of Schedule E, and in accordance with the period of notice and other requirements set out in Section 3.4 applicable to Bankers' Acceptances or Libor Loans (other than delivery of a notice in the form of Schedule B), unless immediately prior to the issue of any such Bankers' Acceptances or the commencement of any subsequent Libor Interest Period, a Default or an Event of Default shall have occurred and be continuing, in which event the Borrower shall be deemed to have converted such Bankers' Acceptance into a Cdn. Prime Loan or such Libor Loan to a U.S. Base Rate Loan, in each case pursuant to Section 3.12 and the Borrower shall not be entitled to issue such Bankers' Acceptances or continue such Libor Loan subsequent to the existing Libor Interest Period. In the event notice of a Rollover of an existing Bankers' Acceptance or Libor Loan is not given pursuant to this Section 3.13 or notice of a Conversion of such existing Bankers' Acceptance or Libor Loan is not given pursuant to Section 3.12, such Bankers' Acceptance shall be converted into a Cdn. Prime Loan on the maturity date of such Bankers' Acceptance and such Libor Loan shall be converted to a U.S. Base Rate Loan on the last day of the Libor Interest Period applicable to such existing Libor Loan. The Rollover of a Libor Loan to another Libor Loan shall not constitute a repayment or prepayment hereunder.
Appears in 2 contracts
Samples: Credit Agreement (PENGROWTH ENERGY Corp), Credit Agreement (PENGROWTH ENERGY Corp)
Rollovers. The Borrower may, during the term of this Agreement, Rollover all or any portion of a Bankers' ’ Acceptance on its maturity date or all or any portion of a Libor Loan for an additional Libor Interest Period subsequent to the initial or any subsequent Libor Interest Period, upon giving the Agent at the Agent's ’s Branch of Account prior written notice thereof, substantially in the form of Schedule ED, and in accordance with the period of notice and other requirements set out in Section 3.4 applicable to Bankers' ’ Acceptances or Libor Loans (other than delivery of a notice in the form of Schedule BA), unless immediately prior to the issue of any such Bankers' ’ Acceptances or the commencement of any subsequent Libor Interest Period, a Default or an Event of Default shall have occurred and be continuing, in which event the Borrower shall be deemed to have converted such Bankers' ’ Acceptance into a Cdn. Prime Loan or such Libor Loan to a U.S. Base Rate Loan, in each case pursuant to Section 3.12 and the Borrower shall not be entitled to issue such Bankers' ’ Acceptances or continue such Libor Loan subsequent to the existing Libor Interest Period. In the event notice of a Rollover of an existing Bankers' ’ Acceptance or Libor Loan is not given pursuant to this Section 3.13 or notice of a Conversion of such existing Bankers' ’ Acceptance or Libor Loan is not given pursuant to Section 3.12, such Bankers' ’ Acceptance shall be converted into a Cdn. Prime Loan on the maturity date of such Bankers' ’ Acceptance and such Libor Loan shall be converted to a U.S. Base Rate Loan on the last day of the Libor Interest Period applicable to such existing Libor Loan. The Rollover of a Libor Loan to another Libor Loan shall not constitute a repayment or prepayment hereunder.
Appears in 2 contracts
Samples: Credit Agreement (Pengrowth Energy Trust), Credit Agreement (Pengrowth Energy Trust)
Rollovers. (a) The Borrower may, during the term of this Agreement, Rollover all or may roll over any portion of a Bankers' Acceptance on its maturity date or all or any portion of a Libor Loan for an additional Libor Interest Period subsequent to the initial or any subsequent Libor Interest Period, upon giving the Agent at the Agent's Branch of Account prior written notice thereof, substantially in the form of Schedule E, and in accordance with the period of notice and other requirements set out in Section 3.4 applicable to Bankers' Acceptances or Libor Loans Drawdown (other than delivery of a notice in the form of Schedule B), unless immediately prior to the issue of any such Bankers' Acceptances or the commencement of any subsequent Libor Interest Period, a Default or an Event of Default shall have occurred and be continuing, in which event the Borrower shall be deemed to have converted such Bankers' Acceptance into a Cdn. Prime Loan or such Libor Loan to a U.S. Base Rate Loan, in each case pursuant to Section 3.12 and the Borrower shall not be entitled to issue such Bankers' Acceptances or continue such Libor Loan subsequent to the existing Libor Interest Period. In the event notice of a Rollover of an existing Bankers' Acceptance or Libor Loan is not given pursuant to this Section 3.13 or notice of a Conversion of such existing Bankers' Acceptance or Libor Loan is not given pursuant to Section 3.12, such Bankers' Acceptance shall be converted into a Cdn. Prime Loan on the maturity date of such Bankers' Acceptance and such Libor Loan shall be converted to a U.S. Base Rate Loan on the last day of the applicable Libor Interest Period) into another Libor Drawdown or Bankers' Acceptance Drawdown (on the maturity of the applicable Bankers' Acceptance) into another Bankers' Acceptance Drawdown, by giving the Agent the appropriate Drawdown Notice pursuant to Section 2.4.
(b) The Bankers' Acceptance Proceeds of the new Bankers' Acceptance shall be retained by the Agent to be applied by it to the principal amount of the maturing Bankers' Acceptance and the Borrower shall pay to the Agent, on the maturity date of the maturing Bankers' Acceptance an amount equal to the difference between the principal amount at maturity of the maturing Bankers' Acceptance and the Bankers' Acceptance Proceeds of the replacement Bankers' Acceptance.
(c) Notwithstanding any other provision of this Agreement, if the Borrower fails to deliver such a Drawdown Notice to the Agent in respect of a Libor Drawdown (or pay to the Agent an amount equal to such Libor Drawdown on or before the expiration of such Libor Interest Period applicable as applicable) or in any case, during the continuance of an Event of Default, then the relevant amount of the Libor Drawdown shall, at the expiration of such Libor Interest Period, be deemed to be converted into a Base Rate Drawdown, in an amount equal to the principal amount of such existing Libor Loan. The Rollover Drawdown.
(d) Notwithstanding any other provision of this Agreement, if the Borrower fails to deliver such a Drawdown Notice to the Agent in respect of a Libor Loan Bankers' Acceptance Drawdown (or pay to another Libor Loan the Agent an amount equal to the principal amount of the maturing Bankers' Acceptance on or before the maturity date thereof), then the maturing Bankers' Acceptance paid by the Agent shall not constitute be deemed, upon such payment, to be converted into a repayment or prepayment hereunderPrime Rate Drawdown in an amount equal to the face amount of such maturing Bankers' Acceptance.
Appears in 2 contracts
Samples: Loan Agreement (Gulf Canada Resources LTD), Loan Agreement (Gulf Canada Resources LTD)
Rollovers. The Borrower may, during the term of this Agreement, Rollover all or any portion of a Bankers' Acceptance on its maturity date or all or any portion of a Libor Loan for an additional Libor Interest Period subsequent to the initial or any subsequent Libor Interest Period, upon giving the Agent at the Agent's Branch of Account prior written notice thereof, substantially (a) If elected in the form of Schedule E, Adoption Agreement and in accordance with the period consent of notice and other requirements set out in Section 3.4 applicable to Bankers' Acceptances the Administrator, the Plan may accept a "rollover," provided the "rollover" will not jeopardize the tax-exempt status of the Plan or Libor Loans (other than delivery of a notice in create adverse tax consequences for the form of Schedule B), unless immediately prior to the issue of any such Bankers' Acceptances or the commencement of any subsequent Libor Interest Period, a Default or an Event of Default shall have occurred and be continuing, in which event the Borrower Employer. The amounts rolled over shall be deemed set up in a separate account herein referred to have converted such Bankers' Acceptance into as a Cdn. Prime Loan or such Libor Loan to a U.S. Base Rate Loan, in each case pursuant to Section 3.12 "Participant's Rollover Account." Such account shall be fully Vested at all times and the Borrower shall not be subject to forfeiture for any reason. For purposes of this Section, the term Participant shall include any Eligible Employee who is not yet a Participant, if, pursuant to the Adoption Agreement, "rollovers" are permitted to be accepted from Eligible Employees. In addition, for purposes of this Section the term Participant shall also include former Employees if the Employer and Administrator consent to accept "rollovers" of distributions made to former Employees from any plan of the Employer.
(b) Amounts in a Participant's Rollover Account shall be held by the Trustee pursuant to the provisions of this Plan and may not be withdrawn by, or distributed to the Participant, in whole or in part, except as elected in the Adoption Agreement and subsection (c) below. The Trustee shall have no duty or responsibility to inquire as to the propriety of the amount, value or type of assets transferred, nor to conduct any due diligence with respect to such assets; provided, however, that such assets are otherwise eligible to be held by the Trustee under the terms of this Plan.
(c) At Normal Retirement Date, or such other date when the Participant or Eligible Employee or such Participant's or Eligible Employee's Beneficiary shall be entitled to issue such Bankers' Acceptances or continue such Libor Loan subsequent receive benefits, the Participant's Rollover Account shall be used to provide additional benefits to the existing Libor Interest PeriodParticipant or the Participant's Beneficiary. In Any distribution of amounts held in a Participant's Rollover Account shall be made in a manner which is consistent with and satisfies the event provisions of Sections 6.5 and 6.6, including, but not limited to, all notice and consent requirements of Code Sections 411(a)(11) and 417 and the Regulations thereunder. Furthermore, such amounts shall be considered to be part of a Rollover Participant's benefit in determining whether an involuntary cash-out of an existing Bankers' Acceptance or Libor Loan is not given benefits may be made without Participant consent.
(d) The Administrator may direct that rollovers made after a Valuation Date be segregated into a separate account for each Participant until such time as the allocations pursuant to this Plan have been made, at which time they may remain segregated, invested as part of the general Trust Fund or, if elected in the Adoption Agreement, directed by the Participant.
(e) For purposes of this Section, the term "qualified plan" shall mean any tax qualified plan under Code Section 3.13 401(a), or notice of a Conversion of such existing Bankers' Acceptance or Libor Loan is not given any other plans from which distributions are eligible to be rolled over into this Plan pursuant to the Code. The term "rollover" means: (i) amounts transferred to this Plan in a direct rollover made pursuant to Code Section 3.12, such Bankers' Acceptance shall be converted into a Cdn. Prime Loan on the maturity date of such Bankers' Acceptance and such Libor Loan shall be converted 401(a)(31) from another "qualified plan"; (ii) distributions received by an Employee from other "qualified plans" which are eligible for tax-free rollover to a U.S. Base Rate Loan on "qualified plan" and which are transferred by the last day Employee to this Plan within sixty (60) days following receipt thereof; (iii) amounts transferred to this Plan from a conduit individual retirement account provided that the conduit individual retirement account has no assets other than assets which (A) were previously distributed to the Employee by another "qualified plan" (B) were eligible for tax-free rollover to a "qualified plan" and (C) were deposited in such conduit individual retirement account within sixty (60) days of receipt thereof; (iv) amounts distributed to the Libor Interest Period applicable Employee from a conduit individual retirement account meeting the requirements of clause (iii) above, and transferred by the Employee to this Plan within sixty (60) days of receipt thereof from such existing Libor Loan. The Rollover of a Libor Loan conduit individual retirement account; and (v) any other amounts which are eligible to another Libor Loan shall not constitute a repayment or prepayment hereunderbe rolled over to this Plan pursuant to the Code.
Appears in 2 contracts
Samples: Adoption Agreement (MSC Software Corp), Non Standardized 401(k) Profit Sharing Plan (Aceto Corp)
Rollovers. The Borrower mayA qualified Rollover (“Rollover”) is a transfer of funds by any of the following methods: • Rollovers into the Plan. A Rollover into the Plan is: a withdrawal of funds from your STABLE account in another qualified ABLE program, followed within 60 days of that withdrawal by a contribution of those funds to your STABLE account (provided that you have not made a similar transfer to your STABLE account or your account in another qualified ABLE program within the previous 12 months) or to the account of a person who is an Eligible Individual and a Sibling of the Beneficiary. To initiate a Rollover from another qualified ABLE program to the Plan you must first open a STABLE account. • Rollovers out of the Plan. A Rollover out of the Plan is a withdrawal of funds from your STABLE account, followed within 60 days of that withdrawal by a contribution of those funds to an account in another qualified ABLE program for you as Using Your Account Beneficiary (provided that you have not made a similar transfer to any qualified ABLE program within the previous 12 months) or for a person who is an Eligible Individual and a Sibling of the Beneficiary. Rollovers may only be made during the term lifetime of this Agreement, Rollover all or any portion of a Bankers' Acceptance on its maturity date or all or any portion of a Libor Loan for an additional Libor Interest Period subsequent to the initial or any subsequent Libor Interest Period, upon giving the Agent at the Agent's Branch of Account prior written notice thereof, substantially in the form of Schedule E, and in accordance with the period of notice and other requirements set out in Section 3.4 applicable to Bankers' Acceptances or Libor Loans (other than delivery of a notice in the form of Schedule B), unless immediately prior to the issue of any such Bankers' Acceptances or the commencement of any subsequent Libor Interest Period, a Default or an Event of Default shall have occurred and be continuing, in which event the Borrower shall be deemed to have converted such Bankers' Acceptance into a Cdn. Prime Loan or such Libor Loan to a U.S. Base Rate Loan, in each case pursuant to Section 3.12 and the Borrower shall not be entitled to issue such Bankers' Acceptances or continue such Libor Loan subsequent to the existing Libor Interest PeriodBeneficiary. In the event notice case of a Rollover, the ABLE account from which amounts were rolled, or taken from, must be closed as of the 60th day after the amount was distributed from the ABLE account in order for the account that received the Rollover of to be treated as an existing Bankers' Acceptance or Libor Loan ABLE account. If the account that receives the transfer is not given pursuant treated as an ABLE account, the account will not be eligible for the benefits of ABLE accounts. For example, the account will not be disregarded for determining eligibility under federal means- tested programs, such as SSI, and could result in the imposition of federal taxes and penalties. A transfer of funds that does not meet the conditions stated above for Rollovers will constitute a Non-Qualified Withdrawal subject to this Section 3.13 or notice of federal tax on earnings and the Additional 10% Tax. In addition, a Conversion of such existing Bankers' Acceptance or Libor Loan transfer to a person who is not given pursuant to Section 3.12, such Bankers' Acceptance shall be converted into a Cdn. Prime Loan on the maturity date of such Bankers' Acceptance and such Libor Loan shall be converted to a U.S. Base Rate Loan on the last day Sibling of the Libor Interest Period applicable Beneficiary may subject the Beneficiary to such existing Libor Loanfederal gift and generation-skipping transfer (“GST”) tax. The Plan Manager will assume that the entire amount of any contribution that is a Rollover contribution from another qualified ABLE program is earnings in the STABLE account receiving the contribution unless the Plan Manager receives appropriate documentation showing the actual earnings portion of the Rollover contribution. If you are attempting to contribute to the Plan via a Libor Loan to another Libor Loan shall not constitute Rollover, the qualified ABLE program from which you are transferring funds may restrict or prohibit such transfer Using Your Account or impose charges, so you should investigate this change thoroughly before requesting such a repayment or prepayment hereundertransfer.
Appears in 1 contract
Samples: Plan Disclosure Statement and Participation Agreement
Rollovers. (a) An Employee may make a rollover contribution, including a direct rollover contribution from another Xxxx Account, as permitted under section 402(c) of the Code, into an option or options selected by such Employee in an amount not exceeding the total amount of taxable and/or nontaxable proceeds distributed by another Eligible Retirement Plan. A rollover from another designated Xxxx Account must be accomplished through a direct rollover. An Eligible Retirement Plan shall be determined under section 402(c)(8)(B) of the Code. Additionally, cash proceeds received by an Employee under a Qualified Domestic Relations Order from an Eligible Retirement Plan as described above may be rolled over to the Plan. The Borrower mayrollover contribution, during including an eligible lump sum payment from the term General Motors Hourly- Rate Employees Pension Plan or the General Motors Personal Retirement Plan for Hourly-Rate Employees in the United States, must be made by the Employee, or a former Employee who is eligible to receive a distribution, (a) within 60 days following the receipt of this Agreementsuch distribution, or (b) as a direct trustee-to-trustee transfer from the former employer’s plan as permitted under section 401(a)(31) of the Code.
(b) An Employee who receives an Eligible Rollover Distribution may elect to have the Trustee transfer directly to an IRA of the Employee, or to another employer’s plan in which the Employee is a participant, all or any part of the assets included in the distribution. The Employee shall designate the IRA or other employer’s plan to which assets are to be transferred, and the transfer shall be made subject to acceptance by the transferee plan or IRA. Any such direct transfer shall be subject to section 401(a)(31) of the Code.
(c) Notwithstanding anything else in this section 4.03, an Employee may make and the Trustee shall accept a rollover contribution to the Employee’s Xxxx Savings portion of their Account only if it is a Bankers' Acceptance on its maturity date or all or any portion direct rollover from another Xxxx elective deferral account under an applicable retirement plan as described in section 402A(e)(1) of a Libor Loan for an additional Libor Interest Period subsequent the Code, and only to the initial or any subsequent Libor Interest Period, upon giving extent the Agent at rollover is permitted under the Agent's Branch rules of Account prior written notice thereof, substantially in the form of Schedule E, and in accordance with the period of notice and other requirements set out in Section 3.4 applicable to Bankers' Acceptances or Libor Loans (other than delivery of a notice in the form of Schedule B), unless immediately prior to the issue of any such Bankers' Acceptances or the commencement of any subsequent Libor Interest Period, a Default or an Event of Default shall have occurred and be continuing, in which event the Borrower shall be deemed to have converted such Bankers' Acceptance into a Cdn. Prime Loan or such Libor Loan to a U.S. Base Rate Loan, in each case pursuant to Section 3.12 and the Borrower shall not be entitled to issue such Bankers' Acceptances or continue such Libor Loan subsequent to the existing Libor Interest Period. In the event notice of a Rollover of an existing Bankers' Acceptance or Libor Loan is not given pursuant to this Section 3.13 or notice of a Conversion of such existing Bankers' Acceptance or Libor Loan is not given pursuant to Section 3.12, such Bankers' Acceptance shall be converted into a Cdn. Prime Loan on the maturity date of such Bankers' Acceptance and such Libor Loan shall be converted to a U.S. Base Rate Loan on the last day section 402(c) of the Libor Interest Period applicable to such existing Libor Loan. The Rollover of a Libor Loan to another Libor Loan shall not constitute a repayment or prepayment hereunderCode.
Appears in 1 contract
Samples: Supplemental Agreement
Rollovers. The Borrower (a) Notwithstanding anything to the contrary contained herein or in any other Loan Document, in connection with any extension, replacement, renewal or refinancing of any Class of Loans hereunder, any Lender may, during with the term consent of the Borrower, elect to accept any other Indebtedness permitted by the terms of this Agreement in lieu of all or any part of such Lender’s applicable share of any payment hereunder with respect to such Loans, it being agreed that (i) such acceptance shall not be subject to any requirement hereunder or under any other Loan Document that such payment be made “in dollars”, “in immediately available funds”, “in cash” or any other similar requirement and (ii) notice of such acceptance shall be provided to the Administrative Agent and, if such other Indebtedness is in the form of Loans, the mechanics of the cashless settlement thereof shall be reasonably acceptable to the Administrative Agent.
(b) Notwithstanding anything to the contrary in Section 2.06 or any other provision of this Agreement, Rollover all or any portion of a Bankers' Acceptance on its maturity date or all or any portion of a Libor Loan for an additional Libor Interest Period subsequent pursuant to the initial or any subsequent Libor Interest Period, upon giving the Agent at the Agent's Branch of Account prior written notice thereof, substantially in the form of Schedule E, and in accordance with the period terms of notice the Cashless Exchange Letter, each lender party to the Existing Credit Agreement and other requirements set out holding term loans outstanding thereunder as of the Effective Date that has selected the “cashless exchange election” pursuant to the Cashless Exchange Letter and has delivered an executed signature page to the Cashless Exchange Letter (each such lender, an “Exchanging Lender”) shall, upon the Administrative Agent marking the Register as contemplated by the Cashless Exchange Letter, become a party to this Agreement as a Lender in respect of, and shall hold, Initial Term Loans in an aggregate principal amount equal to its Exchanged Amount (as defined in the Cashless Exchange Letter) (such Initial Term Loans acquired by each such Exchanging Lender pursuant to this Section 1.05(b) and the Cashless Exchange Letter, the “Received Loans”). For the avoidance of doubt, it is acknowledged and agreed that (i) each Received Loan shall be initially made by Xxxxxxx Xxxxx Bank USA on the Effective Date, (ii) notwithstanding anything to the contrary in Section 3.4 applicable 2.06 or any other provision of this Agreement, neither Xxxxxxx Xxxxx Bank USA nor the Administrative Agent shall be required to Bankers' Acceptances wire transfer, pay or Libor Loans (other than delivery of a notice in the form of Schedule B), unless immediately prior remit any amount with respect to the issue of any such Bankers' Acceptances or Received Loans made by Xxxxxxx Xxxxx Bank USA, but the commencement of any subsequent Libor Interest Period, a Default or an Event of Default shall have occurred and be continuing, in which event the Borrower Received Loans shall be deemed to have converted such Bankers' Acceptance into a Cdn. Prime Loan or such Libor Loan to a U.S. Base Rate Loan, been funded by Xxxxxxx Xxxxx Bank USA in each case pursuant to Section 3.12 satisfaction of the corresponding amount of its Initial Term Commitment and shall be outstanding (for the full principal amount thereof) as of the Effective Date for all purposes of this Agreement and the Borrower other Loan Documents and shall be transferred to each Exchanging Lender by marking the Register as contemplated by the Cashless Exchange Letter and (iii) each Exchanging Lender shall only become a Lender hereunder after, and not be entitled to issue such Bankers' Acceptances or continue such Libor Loan subsequent upon, the effectiveness of this Agreement. Upon the occurrence of the Effective Date, the funding (including deemed funding of the Exchanged Amounts (as defined in the Cashless Exchange Letter) by cashless exchange as contemplated by this Section 1.05(b) and the Cashless Exchange Letter) of the Initial Term Loans and the payment of the Additional Amounts (as defined in the Cashless Exchange Letter), and notwithstanding anything to the existing Libor Interest Period. In contrary contained in the event notice Existing Credit Agreement or this Agreement, the Borrower’s obligation to pay in cash the Exchanged Amounts (as defined in the Cashless Exchange Letter) to or for the account of a Rollover each Exchanging Lender in respect of an existing Bankers' Acceptance or Libor Loan is not given pursuant to this Section 3.13 or notice of a Conversion of the term loans held by such existing Bankers' Acceptance or Libor Loan is not given pursuant to Section 3.12, such Bankers' Acceptance Exchanging Lender outstanding under the Existing Credit Agreement shall be converted into a Cdn. Prime Loan on the maturity date of such Bankers' Acceptance deemed to have been, and such Libor Loan shall be converted to a U.S. Base Rate Loan on the last day of the Libor Interest Period applicable to such existing Libor Loan. The Rollover of a Libor Loan to another Libor Loan shall not constitute a repayment or prepayment hereunderbe, satisfied and discharged in full.
Appears in 1 contract
Rollovers. The Borrower may, during the term of this Agreement, Rollover rollover all or any portion of a Bankers' Acceptance on its maturity date or all or any portion of a Libor Loan for an additional Libor Interest Period subsequent to the initial or any subsequent Libor Interest PeriodPeriod or extend the expiry date of a Letter of Credit, upon giving the Agent at the Agent's Branch of Account prior written notice thereof, substantially in the form of Schedule E, and a Rollover Notice in accordance with the period of notice and other requirements set out in Section 3.4 3.5 applicable to Bankers' Acceptances or Libor Loans or Letters of Credit (other than delivery of a notice in the form of Schedule BA), unless immediately prior to the issue issuance of any such Bankers' Acceptances or Letter of Credit or the commencement of any subsequent Libor Interest Period, a Default or an Event of Default shall have occurred and be continuing, in which event the Borrower shall not be entitled to Rollover such Letter of Credit and, in the case of a Default, shall only be entitled to request a Bankers' Acceptance with a term to maturity of one (1) month or less as provided for herein or a Libor Interest Period of one (1) month unless the Agent, in its discretion acting reasonably, otherwise permits and, in the case of an Event of Default, shall be deemed to have converted such any Bankers' Acceptance into to a Cdn. Prime Loan or and any such Libor Loan which is denominated in Canadian Dollars, Euros or Pounds Sterling to a Cdn. Prime Loan and any such Libor Loan which is denominated in U.S. Dollars to U.S. Base Rate Loan, in each case pursuant to Section 3.12 and 3.18 on the Borrower shall not be entitled to issue such maturity date of the Bankers' Acceptances Acceptance or continue such Libor Loan subsequent to the existing last day of the Libor Interest PeriodPeriod applicable thereto, in each case unless the Agent in its discretion acting reasonably, otherwise permits. In the event notice of a Rollover Notice in respect of an existing Bankers' Acceptance or Libor Loan is not given pursuant to this Section 3.13 3.19 or notice of a Conversion Notice in respect of such existing Bankers' Acceptance or Libor Loan is not given pursuant to Section 3.123.18, any such Bankers' Acceptance shall be converted into to a Cdn. Prime Loan on the maturity date of such Bankers' Acceptance and any such Libor Loan which is denominated in Canadian Dollars, Euros or Pounds Sterling shall be converted to a Cdn. Prime Loan and any such Libor Loan which is denominated in U.S. Dollars shall be converted to a U.S. Base Rate Loan Loan, in each case on the last day of the Libor Interest Period applicable to such existing Libor Loan. The Rollover Loan and the provisions of a Libor Loan the last sentence of Section 3.10 shall apply to another Libor Loan shall not constitute a repayment or prepayment hereunderany such conversion.
Appears in 1 contract
Samples: Credit Agreement (Prima Energy Corp)
Rollovers. The Borrower may, during the term of this Agreement, Rollover all or any portion of a Bankers' Acceptance on its maturity date or all or any portion of a Libor Loan for an additional Libor Interest Period subsequent to the initial or any subsequent Libor Interest PeriodPeriod or extend the expiry date of a Letter of Credit, upon giving the Agent at the Agent's Branch of Account prior written notice thereof, substantially in the form of Schedule E, and Lender a Rollover Notice in accordance with the period of notice and other requirements set out in Section 3.4 3.1 applicable to Bankers' Acceptances or Libor Loans (other than delivery of a notice in the form Notice of Schedule BBorrowing), unless immediately prior to the issue issuance of any such Bankers' Acceptances or Letter of Credit or the commencement of any subsequent Libor Interest Period, a Default or an Event of Default shall have occurred and be continuing, in which event the Borrower shall not be entitled to Rollover such Letter of Credit and, in the case of a Default, shall only be entitled to request a Bankers' Acceptance with a term to maturity of one month or less as provided for herein or a Libor Interest Period of one (1) month and, in the case of an Event of Default, (i) shall be deemed to have converted such any Bankers' Acceptance into to a Cdn. Prime Rate Loan or and any such Libor Loan to a U.S. Base Rate Loan, in each case pursuant to Section 3.12 and 3.2 on the Borrower shall not be entitled to issue such maturity date of the Bankers' Acceptances Acceptance or continue such Libor Loan subsequent to the existing last day of the Libor Interest PeriodPeriod applicable thereto, and (ii) shall be deemed to have notified the Lender to cancel any automatic renewal of a Letter of Credit. In the event notice of a Rollover Notice in respect of an existing Bankers' Acceptance or Libor Loan is not given pursuant to this Section 3.13 3.3 or notice of a Conversion Notice in respect of such existing Bankers' Acceptance or Libor Loan is not given pursuant to Section 3.123.2, any such Bankers' Acceptance shall be converted into to a Cdn. Prime Rate Loan on the maturity date of such Bankers' Acceptance and any such Libor Loan shall be converted to a U.S. Base Rate Loan on the last day of the Libor Interest Period applicable to such existing Libor Loan. The Rollover Loan and the provisions of a Libor Loan the last sentence of Section 3.2 shall apply to another Libor Loan shall not constitute a repayment or prepayment hereunderany such conversion.
Appears in 1 contract
Samples: Credit Agreement (High Tide Inc.)