Selection, Conversion or Continuation of Loans; LIBOR Availability. Provided that no Default or Event of Default has occurred and is then continuing, Borrower shall have the option to (i) select all or any part of a new borrowing to be a LIBOR Loan (a) under either of the Term Loan Facilities, in a principal amount equal to $5,000,000 or any whole multiple of $1,000,000 in excess thereof, and (b) under the Revolving Loan Facility, in a principal amount equal to $1,000,000 or any whole multiple of $500,000 in excess thereof, (ii) convert at any time all or any portion of a Base Rate Loan (a) under either of the Term Loan Facilities, in a principal amount equal to $5,000,000 or any whole multiple of $1,000,000 in excess thereof into a LIBOR Loan, and (b) under the Revolving Loan Facility, in a principal amount equal to $1,000,000 or any whole multiple of $500,000 in excess thereof, (iii) upon the expiration of its Interest Period, convert all or any part of any LIBOR Loan into a Base Rate Loan, and (iv) upon the expiration of its Interest Period, continue any LIBOR Loan (a) under either of the Term Loan Facilities, in a principal amount of $5,000,000 or any whole multiple of $1,000,000 in excess thereof into one or more LIBOR Loans in a principal amount of $5,000,000 or any whole multiple of $1,000,000 in excess thereof and (b) under the Revolving Loan Facility, in a principal amount equal to $1,000,000 or any whole multiple of $500,000 in excess thereof into one or more LIBOR Loans in a principal amount of $1,000,000 or any whole multiple of $500,000 in excess thereof, for such new Interest Period(s) as selected by Xxxxxxxx. Each LIBOR Loan may be made under either one of the Term Loan Facilities or the Revolving Loan Facility, but may not be made under more than one Facility concurrently. During any period in which any Default or Event of Default is continuing, as the Interest Periods for LIBOR Loans then in effect expire, such Loans shall be converted into a Base Rate Loan and the LIBOR option will not be available to Borrower until all Defaults and Events of Default are cured or waived. In the event Borrower fails to elect a LIBOR Loan upon any advance hereunder or upon the termination of any Interest Period, Borrower shall be deemed to have elected to have such amount constitute a Base Rate Loan. Notwithstanding the foregoing, there may be no more than an aggregate of five (5) LIBOR Loans outstanding under the Term Loan Facilities at any one time and no more than an aggregate of three (3) LIBOR Loans outstanding under t...
Selection, Conversion or Continuation of Loans; LIBOR Availability. Provided that no Event of Default has occurred and is then continuing, Borrower shall have the option to (i) select all or any part of a new borrowing under the Revolver Facility or the Term Loan A Facility to be a Base Rate Loan or a LIBOR Loan, in the case of a Base Rate Loan in a principal amount equal to at least $100,000, in the case of a LIBOR Loan in a principal amount equal to $1,000,000 or any whole multiple of $500,000 in excess thereof, (ii) convert at any time all or any portion of a Base Rate Loan in a principal amount equal to $1,000,000 or any whole multiple of $500,000 in excess thereof into a LIBOR Loan, (iii) upon the expiration of its LIBOR Interest Period, convert all or any part of any LIBOR Loan into a Base Rate Loan, and (iv) upon the expiration of its LIBOR Interest Period, continue any LIBOR Loan into one or more LIBOR Loans in a principal amount of $1,000,000 or any whole multiple of $500,000 in excess thereof for such new LIBOR Interest Period(s) as selected by Borrower. Each LIBOR Loan shall be made under any one of the Revolver Facility, the Fixed Term Loan Facility after the Fixed Term Loan Termination Date, or any other Term Loan Facility, but may not be made under more than one Facility concurrently. During any period in which any Event of Default is continuing, as the LIBOR Interest Periods for LIBOR Loans then in effect expire, such Loans shall be converted into a Base Rate Loan and the LIBOR option will not be available to Borrower until all Events of Default are cured or waived. In the event Borrower fails to elect a LIBOR Loan upon any advance hereunder or upon the termination of any LIBOR Interest Period, Borrower shall be deemed to have elected to have such amount constitute a Base Rate Loan. There shall be no more than six (6) LIBOR Loans outstanding at any one time in the aggregate under all of the Facilities. Credit Agreement/Shenandoah Telecommunications Company
