Treatment of Affected Loans. (a) If the obligation of any Lender to make LIBOR Loans or to Continue, or to Convert Base Rate Loans into, LIBOR Loans shall be suspended pursuant to Section 5.1.(c), Section 5.2. or Section 5.3. then such Lender’s LIBOR Loans shall be automatically Converted into Base Rate Loans on the last day(s) of the then current Interest Period(s) for LIBOR Loans (or, in the case of a Conversion required by Section 5.1.(c), Section 5.2., or Section 5.3. on such earlier date as such Lender or the Administrative Agent, as applicable, may specify to the Borrower (with a copy to the Administrative Agent, as applicable)) and, unless and until such Lender or the Administrative Agent, as applicable, gives notice as provided below that the circumstances specified in Section 5.1., Section 5.2. or Section 5.3. that gave rise to such Conversion no longer exist: (i) to the extent that such Lender’s LIBOR Loans have been so Converted, all payments and prepayments of principal that would otherwise be applied to such Lender’s LIBOR Loans shall be applied instead to its Base Rate Loans; and (ii) all Loans that would otherwise be made or Continued by such Lender as LIBOR Loans shall be made or Continued instead as Base Rate Loans, and all Base Rate Loans of such Lender that would otherwise be Converted into LIBOR Loans shall remain as Base Rate Loans. If such Lender or the Administrative Agent, as applicable, gives notice to the Borrower (with a copy to the Administrative Agent, as applicable) that the circumstances specified in Section 5.1.(c), 5.2. or 5.3. that gave rise to the Conversion of such Lender’s LIBOR Loans pursuant to this Section no longer exist (which such Lender or the Administrative Agent, as applicable, agrees to do promptly upon such circumstances ceasing to exist) at a time when LIBOR Loans made by other Lenders are outstanding, then such Lender’s Base Rate Loans shall be automatically Converted, on the first day(s) of the next succeeding Interest Period(s) for such outstanding LIBOR Loans, to the extent necessary so that, after giving effect thereto, all Loans held by the Lenders holding LIBOR Loans and by such Lender are held pro rata (as to principal amounts, Types and Interest Periods) in accordance with their respective Commitments. (b) If the obligation of a Lender to make LIBOR Margin Loans shall be suspended pursuant to Section 5.1.(c) or 5.2., then the LIBOR Margin Loans of such Lender shall be automatically due and payable on such date as such Lender may specify to the Borrower by written notice with a copy to the Administrative Agent.
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Treatment of Affected Loans. (a) If the obligation of any Lender to make LIBOR Loans or to Continue, or to Convert Base Rate Loans into, LIBOR Loans shall be suspended pursuant to Section 5.1.(c4.1.(c), Section 5.24.2. or Section 5.34.3. then such Lender’s LIBOR Loans shall be automatically Converted into Base Rate Loans on the last day(s) of the then current Interest Period(s) for LIBOR Loans (or, in the case of a Conversion required by Section 5.1.(c4.1.(c), Section 5.24.2., or Section 5.34.3. on such earlier date as such Lender or the Administrative Agent, as applicable, may specify to the Borrower (with a copy to the Administrative Agent, as applicable)) and, unless and until such Lender or the Administrative Agent, as applicable, gives notice as provided below that the circumstances specified in Section 5.14.1., Section 5.24.2. or Section 5.34.3. that gave rise to such Conversion no longer exist:
: (ia) to the extent that such Lender’s LIBOR Loans have been so Converted, all payments and prepayments of principal that would otherwise be applied to such Lender’s LIBOR Loans shall be applied instead to its Base Rate Loans; and
and (iib) all Loans that would otherwise be made or Continued by such Lender as LIBOR Loans shall be made or Continued instead as Base Rate Loans, and all Base Rate Loans of such Lender that would otherwise be Converted into LIBOR Loans shall remain as Base Rate Loans. If such Lender or the Administrative Agent, as applicable, gives notice to the Borrower (with a copy to the Administrative Agent, as applicable) that the circumstances specified in Section 5.1.(c4.1.(c), 5.24.2. or 5.34.3. that gave rise to the Conversion of such Lender’s LIBOR Loans pursuant to this Section no longer exist (which such Lender or the Administrative Agent, as applicable, agrees to do promptly upon such circumstances ceasing to exist) at a time when LIBOR Loans made by other Lenders are outstanding, then such Lender’s Base Rate Loans shall be automatically Converted, on the first day(s) of the next succeeding Interest Period(s) for such outstanding LIBOR Loans, to the extent necessary so that, after giving effect thereto, all Loans held by the Lenders holding LIBOR Loans and by such Lender are held pro rata (as to principal amounts, Types and Interest Periods) in accordance with their respective Commitments.
(b) If the obligation of a Lender to make LIBOR Margin Loans shall be suspended pursuant to Section 5.1.(c) or 5.2., then the LIBOR Margin Loans of such Lender shall be automatically due and payable on such date as such Lender may specify to the Borrower by written notice with a copy to the Administrative Agent.circumstances
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Treatment of Affected Loans. (a) If the obligation of any Lender to make LIBOR or Continue RFR Loans or to Continue, denominated in Dollars or to Convert Base Rate Loans into, LIBOR into RFR Loans denominated in Dollars shall be suspended pursuant to Section 5.1.(c), Section 5.2. or Section 5.3. then such Lender’s LIBOR RFR Loans denominated in Dollars shall be automatically Converted into Base Rate Loans on the last day(s) of the then current Interest Period(s) for LIBOR such Term RFR Loans or the next interest payment date in the case of such Daily Simple RFR Loans (or, in each case, in the case of a Conversion required by Section 5.1.(c), Section 5.2., or Section 5.3. on such earlier date as such Lender or the Administrative Agent, as applicable, may specify to the Borrower in writing (with a copy to the Administrative Agent, as applicable)) and, unless and until such Lender or the Administrative Agent, as applicable, gives written notice as provided below that the circumstances specified in Section 5.1., Section 5.2. or Section 5.3. that gave rise to such Conversion no longer exist:
(i) to the extent that such Lender’s LIBOR RFR Loans denominated in Dollars have been so Converted, all payments and prepayments of principal that would otherwise be applied to such Lender’s LIBOR RFR Loans shall be applied instead to its Base Rate Loans; and
(ii) all Loans that would otherwise be made or Continued by such Lender as LIBOR RFR Loans denominated in Dollars shall be made or Continued instead as Base Rate Loans, and all Base Rate Loans of such Lender that would otherwise be Converted into LIBOR RFR Loans denominated in Dollars shall remain as Base Rate Loans. If such Lender or the Administrative Agent, as applicable, gives written notice to the Borrower (with a copy to the Administrative Agent, as applicable) that the circumstances specified in Section 5.1.(c), 5.2. or 5.3. that gave rise to the Conversion of such Lender’s LIBOR RFR Loans pursuant to this Section no longer exist (which such Lender or the Administrative Agent, as applicable, agrees to do promptly upon such circumstances ceasing to exist) at a time when LIBOR RFR Loans denominated in Dollars and made by other Lenders are outstanding, then such Lender’s Base Rate Loans shall be automatically Converted, on the first day(s) of the next succeeding Interest Period(s) for such outstanding LIBOR RFR Loans, to the extent necessary so that, after giving effect thereto, all Loans held by the Lenders holding LIBOR RFR Loans denominated in Dollars and by such Lender are held pro rata (as to principal amounts, Types and Interest Periods) in accordance with their respective CommitmentsPro Rata Shares of the applicable Class of Loans.
(b) If the obligation of a Lender to make LIBOR SOFR Margin Loans shall be suspended pursuant to Section 5.1.(c) or 5.2., then the LIBOR SOFR Margin Loans of such Lender shall be automatically due and payable on such date as such Lender may specify to the Borrower by written notice with a copy to the Administrative Agent.
(c) If the obligation of any Revolving Lender to make or Continue Eurocurrency Rate Loans or RFR Loans of a particular Foreign Currency shall be suspended pursuant to Section 5.1.(c), 5.2. or 5.3. then such Revolving Lender’s Eurocurrency Rate Loans or RFR Loans of such Foreign Currency so affected shall be automatically (unless otherwise determined by the Administrative Agent) exchanged to Dollars at the Spot Rate and Converted into Base Rate Loans on the last day(s) of the then current Interest Period(s) for such Loans (or, in the case required by Section 5.1.(c), 5.2. or 5.3. on such earlier date as such Revolving Lender or the Administrative Agent, as applicable, may specify to the Borrower in writing (with a copy to the Administrative Agent, as applicable)).
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Treatment of Affected Loans. (a) If the obligation of any Lender to make LIBOR Loans or to Continue, or to Convert Base Rate Loans into, LIBOR Loans shall be suspended pursuant to Section 5.1.(c), Section 5.2. ., or Section 5.3. ., then such Lender’s LIBOR Loans shall be automatically Converted into Base Rate Loans on the last day(s) of the then current Interest Period(s) for LIBOR Loans (or, in the case of a Conversion required by Section 5.1.(c), Section 5.2., or Section 5.3. ., on such earlier date as such Lender or the Administrative Agent, as applicable, may specify to the Borrower (with a copy to Representative and, if applicable, the Administrative Agent, as applicable)) and, unless and until such Lender or the Administrative Agent, as applicable, gives notice as provided below that the circumstances specified in Section 5.1.5.1.(c), Section 5.2. ., or Section 5.3. that gave rise to such Conversion no longer exist:
(i) to the extent that such LenderXxxxxx’s LIBOR Loans have been so Converted, all payments and prepayments of principal that would otherwise be applied to such Lender’s LIBOR Loans shall be applied instead to its Base Rate Loans; and
(ii) all Loans that would otherwise be made or Continued by such Lender as LIBOR Loans shall be made or Continued instead as Base Rate Loans, and all Base Rate Loans of such Lender that would otherwise be Converted into LIBOR Loans shall remain as Base Rate Loans. If such Lender or the Administrative Agent, as applicable, gives notice to the Borrower (with a copy to Representative and, if applicable, the Administrative Agent, as applicable) that the circumstances specified in Section 5.1.(c), 5.2. or 5.3. that gave rise to the Conversion of such LenderXxxxxx’s LIBOR Loans pursuant to this Section no longer exist (which such Lender or the Administrative Agent, as applicable, agrees to do promptly upon such circumstances ceasing to exist) at a time when LIBOR Loans made by other Lenders are outstanding, then such LenderXxxxxx’s Base Rate Loans shall be automatically Converted, on the first day(s) of the next succeeding Interest Period(s) for such outstanding LIBOR Loans, to the extent necessary so that, after giving effect thereto, all Loans held by the Lenders holding LIBOR Loans and by such Lender are held pro rata (as to principal amounts, Types and Interest Periods) in accordance with their respective Commitments.
(b) If the obligation of a Lender to make LIBOR Margin Loans shall be suspended pursuant to Section 5.1.(c) or 5.2., then the LIBOR Margin Loans of such Lender shall be automatically due and payable on such date as such Lender may specify to the Borrower by written notice with a copy to the Administrative Agent.
Appears in 1 contract
Samples: Delayed Draw Term Loan Agreement (Park Hotels & Resorts Inc.)
Treatment of Affected Loans. (a) If the obligation of any Lender to make LIBOR Loans or to Continue, or to Convert Base Rate Loans into, LIBOR Loans shall be suspended pursuant to Section 5.1.(c4.1.(c), Section 5.2. 4.2., or Section 5.34.3. then such Lender’s 's LIBOR Loans shall be automatically Converted into Base Rate Loans on the last day(s) of the then current Interest Period(s) for LIBOR Loans (or, in the case of a Conversion required by Section 5.1.(c4.1.(c), Section 5.24.2., or Section 5.34.3. on such earlier date as such Lender or the Administrative Agent, as applicable, may specify to the Borrower (with a copy to the Administrative Agent, as applicable)) and, unless and until such Lender or the Administrative Agent, as applicable, gives notice as provided below that the circumstances specified in Section 5.14.1., Section 5.2. 4.2., or Section 5.34.3. that gave rise to such Conversion no longer exist:
(ia) to the extent that such Lender’s 's LIBOR Loans have been so Converted, all payments and prepayments of principal that would otherwise be applied to such Lender’s 's LIBOR Loans shall be applied instead to its Base Rate Loans; and
(iib) all Revolving Loans that would otherwise be made or Continued by such Lender as LIBOR Loans shall be made or Continued instead as Base Rate Loans, and all Base Rate Loans of such Lender that would otherwise be Converted into LIBOR Loans shall remain as Base Rate Loans. If such Lender or the Administrative Agent, as applicable, gives notice to the Borrower (with a copy to the Administrative Agent, as applicable) that the circumstances specified in Section 5.1.(c), 5.24.1. or 5.34.3. that gave rise to the Conversion of such Lender’s 's LIBOR Loans pursuant to this Section no longer exist (which such Lender or the Administrative Agent, as applicable, agrees to do promptly upon such circumstances ceasing to exist) at a time when LIBOR Loans made by other Lenders are outstanding, then such Lender’s 's Base Rate Loans shall be automatically Converted, on the first day(s) of the next succeeding Interest Period(s) for such outstanding LIBOR Loans, to the extent necessary so that, after giving effect thereto, all Loans held by the Lenders holding LIBOR Loans and by such Lender are held pro rata (as to principal amounts, Types and Interest Periods) in accordance with their respective Commitments.
(b) If the obligation of a Lender to make LIBOR Margin Loans shall be suspended pursuant to Section 5.1.(c4.1.(c) or 5.24.2., then the LIBOR Margin Loans of such Lender shall be automatically due and payable on such date as such Lender may specify to the Borrower by written notice with a copy to the Administrative Agent; provided that if such notice is delivered after 10:00 a.m. Eastern time, then such LIBOR Margin Loan shall be due and payable no earlier than the first Business Day following the date such notice is delivered.
Appears in 1 contract
Samples: Credit Agreement (Washington Real Estate Investment Trust)
Treatment of Affected Loans. (a) If Subject to Section 5.2(c)., if the obligation of any Lender to make LIBOR SOFR Loans or to Continue, or to Convert Base Rate Loans into, LIBOR SOFR Loans shall be suspended pursuant to Section 5.1.(c), ) or Section 5.2. or Section 5.3. ., then such Lender’s LIBOR SOFR Loans shall be automatically Converted into Base Rate Loans on the last day(s) of the then current Interest Period(s) for LIBOR SOFR Loans (or, in the case of a Conversion required by Section 5.1.(c), ) or Section 5.2., or Section 5.3. on such earlier date as such Lender or the Administrative Agentmay be required, as applicable, may specify upon notice to the Borrower (with a copy to the Administrative Agent, as applicable)) and, unless and until such Lender or the Administrative Agent, as applicable, gives notice as provided below that the circumstances specified in Section 5.1., Section 5.2. or Section 5.3. 5.2., as applicable, that gave rise to such Conversion no longer exist:
(i) to the extent that such Lender’s LIBOR SOFR Loans have been so Converted, all payments and prepayments of principal that would otherwise be applied to such Lender’s LIBOR SOFR Loans shall be applied instead to its Base Rate Loans; and
(ii) all Loans that would otherwise be made or Continued by such Lender as LIBOR SOFR Loans shall be made or Continued instead as Base Rate Loans, and all Base Rate Loans of such Lender that would otherwise be Converted into LIBOR SOFR Loans shall remain as Base Rate Loans. If such Lender or the Administrative Agent, as applicable, gives notice to the Borrower (with a copy to the Administrative Agent, as applicable) that the circumstances specified in Section 5.1.(c), ) or 5.2. or 5.3. that gave rise to the Conversion of such Lender’s LIBOR SOFR Loans pursuant to this Section no longer exist (which such Lender or the Administrative Agent, as applicable, agrees to do promptly upon such circumstances ceasing to exist) at a time when LIBOR SOFR Loans made by other Lenders are outstanding, then such Lender’s Base Rate Loans shall be automatically Converted, on the first day(s) of the next succeeding Interest Period(s) for such outstanding LIBOR SOFR Loans, to the extent necessary so that, after giving effect thereto, all Loans held by the Lenders holding LIBOR SOFR Loans and by such Lender are held pro rata (as to principal amounts, Types and Interest Periods) in accordance with their respective Commitments.
(b) If . The Lenders and Administrative Agent may elect, if commercially reasonable and if permitted by Applicable Law, to Convert the obligation Loans which are subject to Conversion under this Article from SOFR Loans to Base Rate Loans after the expiration of all Derivative Contracts of which Administrative Agent has received written notice and copies that may affect such Loans subject to Conversion in order to avoid any breakage fees or other costs or charges associated with a Lender to make LIBOR Margin Loans shall be suspended pursuant to Section 5.1.(c) or 5.2., then the LIBOR Margin Loans premature termination of such Lender shall be automatically due and payable on such date as such Lender may specify to the Borrower by written notice with a copy to the Administrative AgentDerivatives Contracts.
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Treatment of Affected Loans. (a) If the obligation of any Lender to make LIBOR Loans or to Continue, or to Convert Base Rate Loans into, LIBOR Loans shall be suspended pursuant to Section 5.1.(c4.1.(c), Section 5.24.2. or Section 5.34.3. then such Lender’s LIBOR Loans shall be automatically Converted into Base Rate Loans on the last day(s) of the then current Interest Period(s) for LIBOR Loans (or, in the case of a Conversion required by Section 5.1.(c4.1.(c), Section 5.2., 4.2. or Section 5.34.3. on such earlier date as such Lender or the Administrative Agent, as applicable, may specify to the Borrower (with a copy to the Administrative Agent, as applicable)) and, unless and until such Lender or the Administrative Agent, as applicable, gives notice as provided below that the circumstances specified in Section 5.1.4.1.(c), Section 5.24.2. or Section 5.34.3. that gave rise to such Conversion no longer exist:
(ia) to the extent that such Lender’s LIBOR Loans have been so Converted, all payments and prepayments of principal that would otherwise be applied to such Lender’s LIBOR Loans shall be applied instead to its Base Rate Loans; and
(iib) all Loans the Loan (or portion thereof) that would otherwise be made or Continued by such Lender as a LIBOR Loans Loan shall be made or Continued instead as a Base Rate LoansLoan, and all the Base Rate Loans Loan (or portions thereof) of such Lender that would otherwise be Converted into a LIBOR Loans Loan shall remain as a Base Rate LoansLoan. If such Lender or the Administrative Agent, as applicable, gives notice to the Borrower (with a copy to the Administrative Agent, as applicable) that the circumstances specified in Section 5.1.(c), 5.2. 4.1.(c) or 5.3Section 4.3. that gave rise to the Conversion of such Lender’s LIBOR Loans pursuant to this Section no longer exist (which such Lender or the Administrative Agent, as applicable, agrees to do promptly upon such circumstances ceasing to exist) at a time when LIBOR Loans made by other Lenders are outstanding, then such Lender’s Base Rate Loans shall be automatically Converted, on the first day(s) of the next succeeding Interest Period(s) for such outstanding LIBOR Loans, to the extent necessary so that, after giving effect thereto, all Loans held by the Lenders holding LIBOR Loans and by such Lender are held pro rata (as to principal amounts, Types and Interest Periods) in accordance with their the respective CommitmentsPro Rata Share of each Lender.
(b) If the obligation of a Lender to make LIBOR Margin Loans shall be suspended pursuant to Section 5.1.(c) or 5.2., then the LIBOR Margin Loans of such Lender shall be automatically due and payable on such date as such Lender may specify to the Borrower by written notice with a copy to the Administrative Agent.
Appears in 1 contract
Treatment of Affected Loans. (a) If the obligation of any Lender to make LIBOR or Continue RFR Loans or to Continue, denominated in Dollars or to Convert Base Rate Loans into, LIBOR into RFR Loans denominated in Dollars shall be suspended pursuant to Section 5.1.(c), Section 5.2. or Section 5.3. then such Lender’s LIBOR RFR Loans denominated in Dollars shall be automatically Converted into Base Rate Loans on the last day(s) of the then current Interest Period(s) for LIBOR such Term RFR Loans or the next interest payment date in the case of such Daily Simple RFR Loans (or, in each case, in the case of a Conversion required by Section 5.1.(c), Section 5.2., or Section 5.3. on such earlier date as such Lender or the Administrative Agent, as applicable, may specify to the Borrower in writing (with a copy to the Administrative Agent, as applicable)) and, unless and until such Lender or the Administrative Agent, as applicable, gives written notice as provided below that the circumstances specified in Section 5.1., Section 5.2. or Section 5.3. that gave rise to such Conversion no longer exist:
(ib) to the extent that such LenderXxxxxx’s LIBOR RFR Loans denominated in Dollars have been so Converted, all payments and prepayments of principal that would otherwise be applied to such Lender’s LIBOR RFR Loans shall be applied instead to its Base Rate Loans; and
(iic) all Loans that would otherwise be made or Continued by such Lender as LIBOR RFR Loans denominated in Dollars shall be made or Continued instead as Base Rate Loans, and all Base Rate Loans of such Lender that would otherwise be Converted into LIBOR RFR Loans denominated in Dollars shall remain as Base Rate Loans. If such Lender or the Administrative Agent, as applicable, gives written notice to the Borrower (with a copy to the Administrative Agent, as applicable) that the circumstances specified in Section 5.1.(c), 5.2. or 5.3. that gave rise to the Conversion of such LenderXxxxxx’s LIBOR RFR Loans pursuant to this Section no longer exist (which such Lender or the Administrative Agent, as applicable, agrees to do promptly upon such circumstances ceasing to exist) at a time when LIBOR RFR Loans denominated in Dollars and made by other Lenders are outstanding, then such Lender’s Base Rate Loans shall be automatically Converted, on the first day(s) of the next succeeding Interest Period(s) for such outstanding LIBOR RFR Loans, to the extent necessary so that, after giving effect thereto, all Loans held by the Lenders holding LIBOR RFR Loans denominated in Dollars and by such Lender are held pro rata (as to principal amounts, Types and Interest Periods) in accordance with their respective CommitmentsPro Rata Shares of the applicable Class of Loans.
(b) If the obligation of a Lender to make LIBOR Margin Loans shall be suspended pursuant to Section 5.1.(c) or 5.2., then the LIBOR Margin Loans of such Lender shall be automatically due and payable on such date as such Lender may specify to the Borrower by written notice with a copy to the Administrative Agent.
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Treatment of Affected Loans. (a) If the obligation of any Lender to make LIBOR Term SOFR Loans or to Continue, or to Convert Base Rate Loans into, LIBOR Term SOFR Loans shall be suspended pursuant to Section 5.1.(c), Section 5.2. or Section 5.3. then such Lender’s LIBOR Term SOFR Loans shall be automatically Converted into Base Rate Loans on the last day(s) of the then current Interest Period(s) for LIBOR Term SOFR Loans (or, in the case of a Conversion required by Section 5.1.(c), Section 5.2., or Section 5.3. on such earlier date as such Lender or the Administrative Agent, as applicable, may specify to the Borrower (with a copy to the Administrative Agent, as applicable)) and, unless and until such Lender or the Administrative Agent, as applicable, gives notice as provided below that the circumstances specified in Section 5.1., Section 5.2. or Section 5.3. that gave rise to such Conversion no longer exist::
(ia) to the extent that such LenderXxxxxx’s LIBOR Term SOFR Loans have been so Converted, all payments and prepayments of principal that would otherwise be applied to such Lender’s LIBOR Term SOFR Loans shall be applied instead to its Base Rate Loans; andand
(iib) all Loans that would otherwise be made or Continued by such Lender as LIBOR Term SOFR Loans shall be made or Continued instead as Base Rate Loans, and all Base Rate Loans of such Lender that would otherwise be Converted into LIBOR Term SOFR Loans shall remain as Base Rate Loans. If such Lender or the Administrative Agent, as applicable, gives notice to the Borrower (with a copy to the Administrative Agent, as applicable) that the circumstances specified in Section 5.1.(c), 5.2. or 5.3. that gave rise to the Conversion of such LenderXxxxxx’s LIBOR Term SOFR Loans pursuant to this Section no longer exist (which such Lender or the Administrative Agent, as applicable, agrees to do promptly upon such circumstances ceasing to exist) at a time when LIBOR Term SOFR Loans made by other Lenders are outstanding, then such Lender’s Base Rate Loans shall be automatically Converted, on the first day(s) of the next succeeding Interest Period(s) for such outstanding LIBOR Term SOFR Loans, to the extent necessary so that, after giving effect thereto, all Loans held by the Lenders holding LIBOR Term SOFR Loans and by such Lender are held pro rata (as to principal amounts, Types and Interest Periods) in accordance with their respective Commitments.
(b) If the obligation of a Lender to make LIBOR Margin Loans shall be suspended pursuant to Section 5.1.(c) or 5.2., then the LIBOR Margin Loans of such Lender shall be automatically due and payable on such date as such Lender may specify to the Borrower by written notice with a copy to the Administrative Agent..
Appears in 1 contract
Samples: Term Loan Agreement (Sunstone Hotel Investors, Inc.)
Treatment of Affected Loans. (a) If the obligation of any Lender to make LIBOR Loans or to Continue, or to Convert Base Rate Loans into, LIBOR Loans shall be suspended pursuant to Section 5.1.(c4.1.(c), Section 5.24.2. or Section 5.34.3. then such Lender’s LIBOR Loans shall be automatically Converted into Base Rate Loans on the last day(s) of the then current Interest Period(s) for LIBOR Loans (or, in the case of a Conversion required by Section 5.1.(c4.1.(c), Section 5.24.2., or Section 5.34.3. on such earlier date as such Lender or the Administrative Agent, as applicable, may specify to the Borrower (with a copy to the Administrative Agent, as applicable)) and, unless and until such Lender or the Administrative Agent, as applicable, gives notice as provided below that the circumstances specified in Section 5.14.1., Section 5.24.2. or Section 5.34.3. that gave rise to such Conversion no longer exist:
: (i) to the extent that such Lender’s LIBOR Loans have been so Converted, all payments and prepayments of principal that would otherwise be applied to such Lender’s LIBOR Loans shall be applied instead to its Base Rate Loans; and
and (ii) all Loans that would otherwise be made or Continued by such Lender as LIBOR Loans shall be made or Continued instead as Base Rate Loans, and all Base Rate Loans of such Lender that would otherwise be Converted into LIBOR Loans shall remain as Base Rate Loans. If such Lender or the Administrative Agent, as applicable, gives notice to the Borrower (with a copy to the Administrative Agent, as applicable) that the circumstances specified in Section 5.1.(c4.1.(c), 5.24.2. or 5.34.3. that gave rise to the Conversion of such Lender’s LIBOR Loans pursuant to this Section no longer exist (which such Lender or the Administrative Agent, as applicable, agrees to do promptly upon such circumstances ceasing to exist) at a time when LIBOR Loans made by other Lenders are outstanding, then such Lender’s Base Rate Loans shall be automatically Converted, on the first day(s) of the next succeeding Interest Period(s) for such outstanding LIBOR Loans, to the extent necessary so that, after giving effect thereto, all Loans of the applicable Class held by the Lenders holding LIBOR Loans and by such Lender are held pro rata (as to principal amounts, Types and Interest Periods) in accordance with their respective Commitments.
(b) If the obligation of a Revolving Lender to make LIBOR Margin Loans shall be suspended pursuant to Section 5.1.(c4.1.(c) or 5.24.2., then the LIBOR Margin Loans of such Lender shall be automatically due and payable on such date as such Lender may specify to the Borrower by written notice with a copy to the Administrative Agent; provided that if such notice is delivered after 10:00 a.m. Eastern time, then such LIBOR Margin Loan shall be due and payable no earlier than the first Business Day following the date such notice is delivered.
Appears in 1 contract
Samples: Credit Agreement (Washington Real Estate Investment Trust)
Treatment of Affected Loans. (a) If the obligation of any Lender to make LIBOR SOFR Loans or to Continue, or to Convert Base Rate Loans into, LIBOR SOFR Loans shall be suspended pursuant to Section 5.1.(c4.1.(c), Section 5.24.2. or Section 5.34.3. then such Lender’s LIBOR SOFR Loans shall be automatically Converted into Base Rate Loans (I) with respect to any Daily Simple SOFR Loans, immediately and (II) with respect to any Term SOFR Loans, on the last day(s) of the then current Interest Period(s) for LIBOR SOFR Loans (or, in the case of a Conversion required by Section 5.1.(c4.1.(c), Section 5.24.2., or Section 5.34.3. on such earlier date as such Lender or the Administrative Agent, as applicable, may specify to the Borrower (with a copy to the Administrative Agent, as applicable)) and, unless and until such Lender or the Administrative Agent, as applicable, Xxxxxx gives notice as provided below that the circumstances specified in Section 5.14.1., Section 5.24.2. or Section 5.34.3. that gave rise to such Conversion no longer exist:
(i) to the extent that such LenderXxxxxx’s LIBOR SOFR Loans have been so Converted, all payments and prepayments of principal that would otherwise be applied to such Lender’s LIBOR SOFR Loans shall be applied instead to its Base Rate Loans; and
(ii) all Loans that would otherwise be made or Continued by such Lender as LIBOR SOFR Loans shall be made or Continued instead as Base Rate Loans, and all Base Rate Loans of such Lender that would otherwise be Converted into LIBOR SOFR Loans shall remain as Base Rate Loans. If such Lender or the Administrative Agent, as applicable, gives notice to the Borrower (with a copy to the Administrative Agent, as applicable) that the circumstances specified in Section 5.1.(c), 5.2. 4.1.(c) or 5.34.3. that gave rise to the Conversion of such LenderXxxxxx’s LIBOR SOFR Loans pursuant to this Section no longer exist (which such Lender or the Administrative Agent, as applicable, Xxxxxx agrees to do promptly upon such circumstances ceasing to exist) at a time when LIBOR SOFR Loans made by other Lenders are outstanding, then such Lender’s Base Rate Loans shall be automatically Converted, (I) with respect to any Daily Simple SOFR Loans, immediately and (II) with respect to any Term SOFR Loans, on the first day(s) of the next succeeding Interest Period(s) for such outstanding LIBOR Term SOFR Loans, to the extent necessary so that, after giving effect thereto, all Loans held by the Lenders holding LIBOR SOFR Loans and by such Lender are held pro rata (as to principal amounts, Types and Interest Periods) in accordance with their respective Commitments.
(b) If the obligation of a Lender to make LIBOR SOFR Margin Loans shall be suspended pursuant to Section 5.1.(c4.1.(c) or 5.24.2., then the LIBOR SOFR Margin Loans of such Lender shall be automatically due and payable on such date as such Lender may specify to the Borrower by written notice with a copy to the Administrative Agent.
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Treatment of Affected Loans. (a) If the obligation of any Lender to make LIBOR Loans or to Continue, or to Convert Base Rate Loans into, LIBOR Loans shall be suspended pursuant to Section 5.1.(c4.1.(c), Section 5.24.2. or Section 5.34.3. then such Lender’s LIBOR Loans shall be automatically Converted into Base Rate Loans on the last day(s) of the then current Interest Period(s) for LIBOR Loans (or, in the case of a Conversion required by Section 5.1.(c4.1.(c), Section 5.24.2., or Section 5.34.3. on such earlier date as such Lender or the Administrative Agent, as applicable, may specify to the Borrower (with a copy to the Administrative Agent, as applicable)) and, unless and until such Lender or the Administrative Agent, as applicable, gives notice as provided below that the circumstances specified in Section 5.14.1., Section 5.24.2. or Section 5.34.3. that gave rise to such Conversion no longer exist:
(i) to the extent that such Lender’s LIBOR Loans have been so Converted, all payments and prepayments of principal that would otherwise be applied to such Lender’s LIBOR Loans shall be applied instead to its Base Rate Loans; and
(ii) all Loans that would otherwise be made or Continued by such Lender as LIBOR Loans shall be made or Continued instead as Base Rate Loans, and all Base Rate Loans of such Lender that would otherwise be Converted into LIBOR Loans shall remain as Base Rate Loans. If such Lender or the Administrative Agent, as applicable, gives notice to the Borrower (with a copy to the Administrative Agent, as applicable) that the circumstances specified in Section 5.1.(c4.1.(c), 5.24.2. or 5.34.3. that gave rise to the Conversion of such Lender’s LIBOR Loans pursuant to this Section no longer exist (which such Lender or the Administrative Agent, as applicable, agrees to do promptly upon such circumstances ceasing to exist) at a time when LIBOR Loans made by other Lenders are outstanding, then such Lender’s Base Rate Loans shall be automatically Converted, on the first day(s) of the next succeeding Interest Period(s) for such outstanding LIBOR Loans, to the extent necessary so that, after giving effect thereto, all Loans held by the Lenders holding LIBOR Loans and by such Lender are held pro rata (as to principal amounts, Types and Interest Periods) in accordance with their respective Commitments.
(b) If the obligation of a Lender to make LIBOR Margin Loans shall be suspended pursuant to Section 5.1.(c4.1.(c) or 5.24.2., then the LIBOR Margin Loans of such Lender shall be automatically due and payable on such date as such Lender may specify to the Borrower by written notice with a copy to the Administrative Agent; provided that if such notice is delivered after 10:00 a.m. Eastern time, then such LIBOR Margin Loan shall be due and payable no earlier than the first Business Day following the date such notice is delivered.
Appears in 1 contract
Samples: Credit Agreement (Washington Real Estate Investment Trust)
Treatment of Affected Loans. (a) If the obligation of any Lender to make LIBOR Loans or to Continue, or to Convert Base Rate Loans into, LIBOR Loans shall be suspended pursuant to Section 5.1.(c), Section 5.2. 5.2.(a) or Section 5.3. then such Lender’s LIBOR Loans shall be automatically Converted into Base Rate Loans on the last day(s) of the then current Interest Period(s) for LIBOR Loans (or, in the case of a Conversion required by Section 5.1.(c), Section 5.2.5.2.(a), or Section 5.3. on such earlier date as such Lender or the Administrative Agent, as applicable, may specify to the Borrower (with a copy to the Administrative Agent, as applicable)) and, unless and until such Lender or the Administrative Agent, as applicable, gives notice as provided below that the circumstances specified in Section 5.1., Section 5.2. 5.2.(a) or Section 5.3. that gave rise to such Conversion no longer exist:
(ia) to the extent that such Lender’s LIBOR Loans have been so Converted, all payments and prepayments of principal that would otherwise be applied to such Lender’s LIBOR Loans shall be applied instead to its Base Rate Loans; and
(iib) all Loans that would otherwise be made or Continued by such Lender as LIBOR Loans shall be made or Continued instead as Base Rate Loans, and all Base Rate Loans of such Lender that would otherwise be Converted into LIBOR Loans shall remain as Base Rate Loans. If such Lender or the Administrative Agent, as applicable, gives notice to the Borrower (with a copy to the Administrative Agent, as applicable) that the circumstances specified in Section 5.1.(c), 5.2. 5.2.(a) or 5.3. that gave rise to the Conversion of such Lender’s LIBOR Loans pursuant to this Section no longer exist (which such Lender or the Administrative Agent, as applicable, agrees to do promptly upon such circumstances ceasing to exist) at a time when LIBOR Loans made by other Lenders are outstanding, then such Lender’s Base Rate Loans shall be automatically Converted, on the first day(s) of the next succeeding Interest Period(s) for such outstanding LIBOR Loans, to the extent necessary so that, after giving effect thereto, all Loans held by the Lenders holding LIBOR Loans and by such Lender are held pro rata (as to principal amounts, Types and Interest Periods) in accordance with their respective Commitments.
(b) If the obligation of a Lender to make LIBOR Margin Loans shall be suspended pursuant to Section 5.1.(c) or 5.2., then the LIBOR Margin Loans of such Lender shall be automatically due and payable on such date as such Lender may specify to the Borrower by written notice with a copy to the Administrative Agent.
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Treatment of Affected Loans. (a) If the obligation of any Lender to make LIBOR Term SOFR Loans or Daily SOFR Loans or to Continue, or to Convert Base Rate Loans into, LIBOR Term SOFR Loans or Daily SOFR Loans shall be suspended pursuant to Section 5.1.(c), Section 5.2. 4.1.(c) or Section 5.3. 4.2., then such LenderXxxxxx’s LIBOR Term SOFR Loans or Daily SOFR Loans shall be automatically Converted into Base Rate Loans on such date of suspension with respect to an Daily SOFR Loans and on the last day(s) of the then current Interest Period(s) for LIBOR Term SOFR Loans (or, in the case of a Conversion required by Section 5.1.(c), 4.1.(c) or Section 5.24.2., or Section 5.3. on such earlier date as such Lender or the Administrative Agent, as applicable, may specify to the relevant Borrower (with a copy to the Administrative AgentAgent and, in the case of a Borrower other than the Company, the Company, as applicable)) and, unless and until such Lender or the Administrative Agent, as applicable, gives notice as provided below that the circumstances specified in Section 5.1., Section 5.24.1. or Section 5.34.2. that gave rise to such Conversion no longer exist:
: (i) to the extent that such Lender’s LIBOR Term SOFR Loans or Daily SOFR Loans have been so Converted, all payments and prepayments of principal that would otherwise be applied to such Lender’s LIBOR Term SOFR Loans or Daily SOFR Loans shall be applied instead to its Base Rate LoansLoan (or to its Daily SOFR Loans bearing interest at the converted rate); and
and (ii) all Loans that would otherwise be made or Continued by such Lender as LIBOR Term SOFR Loans or Daily SOFR Loans shall be made or Continued instead as (x) Daily SOFR Loans so long as Adjusted Daily Simple SOFR is not the subject of such unavailability, or (y) Base Rate LoansLoans if Adjusted Daily Simple SOFR is the subject of such unavailability, and all Base Rate Loans of such Lender that would otherwise be Converted into LIBOR Term SOFR Loans or Daily SOFR Loans shall remain as Base Rate Loans. If such Lender or the Administrative Agent, as applicable, gives notice to the such Borrower (with a copy to the Administrative AgentAgent and the Company, as applicable) that the circumstances specified in Section 5.1.(c), 5.2. 4.1.(c) or 5.3Section 4.2. that gave rise to the Conversion of such LenderXxxxxx’s LIBOR Term SOFR Loans or Daily SOFR Loans pursuant to this Section no longer exist (which such Lender or the Administrative Agent, as applicable, agrees to do promptly upon such circumstances ceasing to exist) at a time when LIBOR Term SOFR Loans or Daily SOFR Loans made by other Lenders are outstanding, then such Lender’s Base Rate Loans shall be automatically Converted, on the first day(s) of the next succeeding Interest Period(s) for such outstanding LIBOR Loans, to the extent necessary so that, after giving effect thereto, all Loans held by the Lenders holding LIBOR Loans and by such Lender are held pro rata (as to principal amounts, Types and Interest Periods) in accordance with their respective Commitments.such
(b) If the obligation of a Lender to make LIBOR SOFR Margin Loans shall be suspended pursuant to Section 5.1.(c4.1.(c) or 5.24.2., then the LIBOR SOFR Margin Loans of such Lender shall be automatically due and payable on such date as such Lender may specify to the Borrower Company by written notice with a copy to the Administrative Agent; provided that if such notice is delivered after 10:00 a.m. Eastern time, then such SOFR Margin Loan shall be due and payable no earlier than the first Business Day following the date such notice is delivered.
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Treatment of Affected Loans. (a) If the obligation of any Lender to make LIBOR Loans or to Continue, or to Convert Base Rate Loans into, LIBOR Loans Loans, shall be suspended pursuant to Section 5.1.(c4.1.(c), Section 5.24.2. or Section 5.3. 4.3., then such Lender’s LIBOR Loans shall be automatically Converted into Base Rate Loans on the last day(s) of the then current Interest Period(s) for LIBOR Loans (or, in the case of a Conversion required by Section 5.1.(c4.1.(c), Section 5.24.2., or Section 5.34.3. on such earlier date as such Lender or the Administrative Agent, as applicable, may specify to the Borrower (with a copy to the Administrative Agent, as applicable)) and, unless and until such Lender or the Administrative Agent, as applicable, gives notice as provided below that the circumstances specified in Section 5.14.1., Section 5.24.2. or Section 5.34.3. that gave rise to such Conversion no longer exist:
(ia) to the extent that such LenderXxxxxx’s LIBOR Loans have been so Converted, all payments and prepayments of principal that would otherwise be applied to such Lender’s LIBOR Loans shall be applied instead to its Base Rate Loans; and
(iib) all Loans that would otherwise be made or Continued by such Lender as LIBOR Loans shall be made or Continued instead as Base Rate Loans, and all Base Rate Loans of such Lender that would otherwise be Converted into LIBOR Loans shall remain as Base Rate Loans. If such Lender or the Administrative Agent, as applicable, gives notice to the Borrower (with a copy to the Administrative Agent, as applicable) that the circumstances specified in Section 5.1.(c), 5.2. 4.1.(c) or 5.34.3. that gave rise to the Conversion of such LenderXxxxxx’s LIBOR Loans pursuant to this Section no longer exist (which such Lender or the Administrative Agent, as applicable, agrees to do promptly upon such circumstances ceasing to exist) at a time when LIBOR Loans made by other Lenders are outstanding, then such Lender’s Base Rate Loans shall be automatically Converted, on the first day(s) of the next succeeding Interest Period(s) for such outstanding LIBOR Loans, to the extent necessary so that, after giving effect thereto, all Loans held by the Lenders holding LIBOR Loans and by such Lender are held pro rata (as to principal amounts, Types and Interest Periods) in accordance with their respective CommitmentsRevolving Commitment Percentages or Term Loan Percentages, as applicable.
(b) If the obligation of a Lender to make LIBOR Margin Loans shall be suspended pursuant to Section 5.1.(c) or 5.2., then the LIBOR Margin Loans of such Lender shall be automatically due and payable on such date as such Lender may specify to the Borrower by written notice with a copy to the Administrative Agent.
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Treatment of Affected Loans. (a) If the obligation of any Lender to make LIBOR LIBORSOFR Loans or to Continue, or to Convert Base Rate Loans into, LIBOR LIBORSOFR Loans shall be suspended pursuant to Section 5.1.(c4.1.(c), Section 5.2. 4.2.(a) or (b)(v), or Section 5.34.3. then such Lender’s LIBOR LIBORSOFR Loans shall be automatically Converted into Base Rate Loans on the last day(s) of the then current Interest Period(s) for LIBOR LIBORSOFR Loans (or, in the case of a Conversion required by Section 5.1.(c4.1.(c), Section 5.2.4.2.(a) or (b)(v), or Section 5.34.3. on such earlier date as such Lender or the Administrative Agent, as applicable, may specify to the Borrower (with a copy to the Administrative Agent, as applicable)) and, unless and until such Lender or the Administrative Agent, as applicable, gives notice as provided below that the circumstances specified in Section 5.14.1., Section 5.2. 4.2.(a) or Section 5.34.3. that gave rise to such Conversion no longer exist:exist (or until a Benchmark Replacement is implemented in accordance with Section 4.2.(b)):
(ia) to the extent that such LenderLxxxxx’s LIBOR LIBORSOFR Loans have been so Converted, all payments and prepayments of principal that would otherwise be applied to such Lender’s LIBOR LIBORSOFR Loans shall be applied instead to its Base Rate Loans; and
(iib) all Loans that would otherwise be made or Continued by such Lender as LIBOR LIBORSOFR Loans shall be made or Continued instead as Base Rate Loans, and all Base Rate Loans of such Lender that would otherwise be Converted into LIBOR LIBORSOFR Loans shall remain as Base Rate Loans. If such Lender or the Administrative Agent, as applicable, gives notice to the Borrower (with a copy to the Administrative Agent, as applicable) that the circumstances specified in Section 5.1.(c), 5.2. 4.1.(c) or 5.34.3. that gave rise to the Conversion of such LenderLxxxxx’s LIBOR LIBORSOFR Loans pursuant to this Section no longer exist (which such Lender or the Administrative Agent, as applicable, agrees to do promptly upon such circumstances ceasing to exist) at a time when LIBOR LIBORSOFR Loans made by other Lenders are outstanding, then such Lender’s Base Rate Loans shall be automatically Converted, on the first day(s) of the next succeeding Interest Period(s) for such outstanding LIBOR LIBORSOFR Loans, to the extent necessary so that, after giving effect thereto, all Loans held by the Lenders holding LIBOR LIBORSOFR Loans and by such Lender are held pro rata (as to principal amounts, Types and Interest Periods) in accordance with their respective Commitments.
(b) If the obligation of a Lender to make LIBOR Margin Loans shall be suspended pursuant to Section 5.1.(c) or 5.2., then the LIBOR Margin Loans of such Lender shall be automatically due and payable on such date as such Lender may specify to the Borrower by written notice with a copy to the Administrative Agent.
Appears in 1 contract
Treatment of Affected Loans. (a) If the obligation of any Lender to make LIBOR Loans or to Continue, or to Convert Base Rate Loans into, LIBOR Loans shall be suspended pursuant to Section 5.1.(c4.1.(c), Section 5.24.2. or Section 5.34.3. then such Lender’s LIBOR Loans shall be automatically Converted into Base Rate Loans on the last day(s) of the then current Interest Period(s) for LIBOR Loans (or, in the case of a Conversion required by Section 5.1.(c4.1.(c), Section 5.24.2., or Section 5.34.3. on such earlier date as such Lender or the Administrative Agent, as applicable, may specify to the Borrower (Representative with a copy to the Administrative Agent, as applicable)) and, unless and until such Lender or the Administrative Agent, as applicable, gives notice as provided below that the circumstances specified in Section 5.14.1., Section 5.24.2. or Section 5.34.3. that gave rise to such Conversion no longer exist:
(i) to the extent that such Lender’s LIBOR Loans have been so Converted, all payments and prepayments of principal that would otherwise be applied to such Lender’s LIBOR Loans shall be applied instead to its Base Rate Loans; and
(ii) all Loans that would otherwise be made or Continued by such Lender as LIBOR Loans shall be made or Continued instead as Base Rate Loans, and all Base Rate Loans of such Lender that would otherwise be Converted into LIBOR Loans shall remain as Base Rate Loans. If such Lender or the Administrative Agent, as applicable, gives notice to the Borrower Representative (with a copy to the Administrative Agent, as applicable) that the circumstances specified in Section 5.1.(c), 5.2. 4.1.(c) or 5.34.3. that gave rise to the Conversion of such Lender’s LIBOR Loans pursuant to this Section no longer exist (which such Lender or the Administrative Agent, as applicable, agrees to do promptly upon such circumstances ceasing to exist) at a time when LIBOR Loans made by other Lenders are outstanding, then such Lender’s Base Rate Loans shall be automatically Converted, on the first day(s) of the next succeeding Interest Period(s) for such outstanding LIBOR Loans, to the extent necessary so that, after giving effect thereto, all Loans held by the Lenders holding LIBOR Loans and by such Lender are held pro rata (as to principal amounts, Types and Interest Periods) in accordance with their respective Commitments.
(b) If the obligation of a Lender to make LIBOR Margin Loans shall be suspended pursuant to Section 5.1.(c4.1.(c) or 5.24.2., then the LIBOR Margin Loans of such Lender shall be automatically due and payable on such date as such Lender may specify to the Borrower Representative by written notice with a copy to the Administrative Agent.
Appears in 1 contract
Samples: Credit Agreement (Sl Green Operating Partnership, L.P.)
Treatment of Affected Loans. (a) If the obligation of any Lender to make LIBOR SOFR Loans or to Continue, or to Convert Base Rate Loans into, LIBOR SOFR Loans shall be suspended pursuant to Section 5.1.(c4.1.(c), Section 5.24.2. or Section 5.34.3. then such Lender’s LIBOR SOFR Loans shall be automatically Converted into Base Rate Loans (I) with respect to any Daily Simple SOFR Loans, immediately and (II) with respect to any Term SOFR Loans, on the last day(s) of the then current Interest Period(s) for LIBOR SOFR Loans (or, in the case of a Conversion required by Section 5.1.(c4.1.(c), Section 5.24.2., or Section 5.34.3. on such earlier date as such Lender or the Administrative Agent, as applicable, may specify to the Borrower (with a copy to the Administrative Agent, as applicable)) and, unless and until such Lender or the Administrative Agent, as applicable, gives notice as provided below that the circumstances specified in Section 5.14.1., Section 5.24.2. or Section 5.34.3. that gave rise to such Conversion no longer exist:
(i) to the extent that such LenderXxxxxx’s LIBOR SOFR Loans have been so Converted, all payments and prepayments of principal that would otherwise be applied to such Lender’s LIBOR SOFR Loans shall be applied instead to its Base Rate Loans; and
(ii) all Loans that would otherwise be made or Continued by such Lender as LIBOR SOFR Loans shall be made or Continued instead as Base Rate Loans, and all Base Rate Loans of such Lender that would otherwise be Converted into LIBOR SOFR Loans shall remain as Base Rate Loans. If such Lender or the Administrative Agent, as applicable, gives notice to the Borrower (with a copy to the Administrative Agent, as applicable) that the circumstances specified in Section 5.1.(c), 5.2. 4.1.(c) or 5.34.3. that gave rise to the Conversion of such LenderXxxxxx’s LIBOR SOFR Loans pursuant to this Section no longer exist (which such Lender or the Administrative Agent, as applicable, Xxxxxx agrees to do promptly upon such circumstances ceasing to exist) at a time when LIBOR SOFR Loans made by other Lenders are outstanding, then such Lender’s Base Rate Loans shall be automatically Converted, (I) with respect to any Daily Simple SOFR Loans, immediately and (II) with respect to any Term SOFR Loans, on the first day(s) of the next succeeding Interest Period(s) for such outstanding LIBOR Term SOFR Loans, to the extent necessary so that, after giving effect thereto, all Loans held by the Lenders holding LIBOR SOFR Loans and by such Lender are held pro rata (as to principal amounts, Types and Interest Periods) in accordance with their respective Commitments.
(b) If the obligation of a Lender to make LIBOR SOFR Margin Loans shall be suspended pursuant to Section 5.1.(c4.1.(c) or 5.24.2., then the LIBOR SOFR Margin Loans of such Lender shall be automatically due and payable on such date as such Lender may specify to the Borrower by written notice with a copy to the Administrative Agent.
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Treatment of Affected Loans. (a) If the obligation of any Lender to make LIBOR SOFR Loans or to Continue, or to Convert Base Rate Loans into, LIBOR SOFR Loans shall be suspended pursuant to Section 5.1.(c), Section 5.2. 4.1.(c) or Section 5.34.3. then such LenderXxxxxx’s LIBOR SOFR Loans shall be automatically Converted into Base Rate Loans on (I) with respect to any Daily Simple SOFR Loans, immediately and (II) with respect to any Term SOFR Loans, the last day(s) of the then current Interest Period(s) for LIBOR such Term SOFR Loans (or, in the case of a Conversion required by Section 5.1.(c), Section 5.2., 4.1.(c) or Section 5.34.3. on such earlier date as such Lender or the Administrative Agent, as applicable, may specify to the Borrower (with a copy to the Administrative Agent, as applicable)) and, in each case unless and until such Lender or the Administrative Agent, as applicable, Xxxxxx gives notice as provided below that the circumstances specified in Section 5.1., Section 5.2. 4.1.(c) or Section 5.34.3. that gave rise to such Conversion no longer exist:
(i) to the extent that such LenderXxxxxx’s LIBOR SOFR Loans have been so Converted, all payments and prepayments of principal that would otherwise be applied to such Lender’s LIBOR SOFR Loans shall be applied instead to its Base Rate Loans; and
(ii) all Loans that would otherwise be made or Continued by such Lender as LIBOR SOFR Loans shall be made or Continued instead as Base Rate Loans, and all Base Rate Loans of such Lender that would otherwise be Converted into LIBOR SOFR Loans shall remain as Base Rate Loans. If such Lender or the Administrative Agent, as applicable, gives notice to the Borrower (with a copy to the Administrative Agent, as applicable) that the circumstances specified in Section 5.1.(c), 5.2. 4.1.(c) or 5.34.3. that gave rise to the Conversion of such LenderXxxxxx’s LIBOR SOFR Loans pursuant to this Section no longer exist (which such Lender or the Administrative Agent, as applicable, Xxxxxx agrees to do promptly upon such circumstances ceasing to exist) at a time when LIBOR SOFR Loans made by other Lenders are outstanding, then such LenderXxxxxx’s Base Rate Loans shall be automatically Converted, (I) with respect to any Daily Simple SOFR Loans, immediately and (II) with respect to any Term SOFR Loans, on the first day(s) of the next succeeding Interest Period(s) for such outstanding LIBOR Term SOFR Loans, in each case to the extent necessary so that, after giving effect thereto, all Loans held by the Lenders holding LIBOR SOFR Loans and by such Lender are held pro rata (as to principal amounts, Types and Interest Periods) in accordance with their respective Commitments.
(b) If the obligation of a Lender to make LIBOR Margin Loans shall be suspended pursuant to Section 5.1.(c) or 5.2., then the LIBOR Margin Loans of such Lender shall be automatically due and payable on such date as such Lender may specify to the Borrower by written notice with a copy to the Administrative Agent.
Appears in 1 contract
Samples: Credit Agreement (NNN Reit, Inc.)
Treatment of Affected Loans. (a) If the obligation of any Lender to make LIBOR LIBORSOFR Loans or to Continue, or to Convert Base Rate Loans into, LIBOR LIBORSOFR Loans shall be suspended pursuant to Section 5.1.(c4.1.(c), Section 5.24.2. or Section 5.34.3. then such Lender’s LIBOR LIBORSOFR Loans shall be automatically Converted into Base Rate Loans on (I) with respect to any Daily Simple SOFR Loans, immediately and (II) with respect to any Term SOFR Loans, on the last day(s) of the then current Interest Period(s) for LIBOR LIBORsuch Term SOFR Loans (or, in the case of a Conversion required by Section 5.1.(c4.1.(c), Section 5.24.2., or Section 5.34.3. on such earlier date as such Lender or the Administrative Agent, as applicable, may specify to the Borrower (with a copy to the Administrative Agent, as applicable)) and, in each case, unless and until such Lender or the Administrative Agent, as applicable, gives notice as provided below that the circumstances specified in Section 5.14.1., Section 5.24.2. or Section 5.34.3. that gave rise to such Conversion no longer exist:
: (ia) to the extent that such LenderXxxxxx’s LIBOR LIBORSOFR Loans have been so Converted, all payments and prepayments of principal that would otherwise be applied to such Lender’s LIBOR LIBORSOFR Loans shall be applied instead to its Base Rate Loans; and
and (iib) all Loans that would otherwise be made or Continued by such Lender as LIBOR LIBORSOFR Loans shall be made or Continued instead as Base Rate Loans, and all Base Rate Loans of such Lender that would otherwise be Converted into LIBOR LIBORSOFR Loans shall remain as Base Rate Loans. If such Lender or the Administrative Agent, as applicable, gives notice to the Borrower (with a copy to the Administrative Agent, as applicable) that the circumstances specified in Section 5.1.(c4.1.(c), 5.24.2. or 5.34.3. that gave rise to the Conversion of such LenderXxxxxx’s LIBOR LIBORSOFR Loans pursuant to this Section no longer exist (which such Lender or the Administrative Agent, as applicable, agrees to do promptly upon such circumstances ceasing to exist) at a time when LIBOR Loans made by other Lenders are outstanding, then such Lender’s Base Rate Loans shall be automatically Converted, on the first day(s) of the next succeeding Interest Period(s) for such outstanding LIBOR Loans, to the extent necessary so that, after giving effect thereto, all Loans held by the Lenders holding LIBOR Loans and by such Lender are held pro rata (as to principal amounts, Types and Interest Periods) in accordance with their respective Commitments.
(b) If the obligation of a Lender to make LIBOR Margin Loans shall be suspended pursuant to Section 5.1.(c) or 5.2., then the LIBOR Margin Loans of such Lender shall be automatically due and payable on such date as such Lender may specify to the Borrower by written notice with a copy to the Administrative Agent.- 71 - LEGAL02\42427047.v4
Appears in 1 contract
Treatment of Affected Loans. (a) If the obligation of any Lender to make LIBOR SOFR Loans of any Type or to ContinueContinue Term SOFR Loans, or to Convert Base Rate Loans of any other Type into, LIBOR Daily Simple SOFR Loans or Term SOFR Loans shall be suspended pursuant to Section 5.1.(c), Section 5.2. or Section 5.3. then such Lender’s LIBOR affected SOFR Loans shall be automatically Converted into Base Rate Loans (1) in the case of affected Daily Simple SOFR Loans, immediately or (2) in the case of affected Term SOFR Loans, on the last day(s) of the then current Interest Period(s) for LIBOR Term SOFR Loans (or, in the case of a Conversion required by Section 5.1.(c), Section 5.2., or Section 5.3. on such earlier date as such Lender or the Administrative Agent, as applicable, may specify to the Borrower (with a copy to the Administrative Agent, as applicable)) and, unless and until such Lender or the Administrative Agent, as applicable, gives notice as provided below that the circumstances specified in Section 5.1., Section 5.2. or Section 5.3. that gave rise to such Conversion no longer exist:
(i) to the extent that such Lender’s LIBOR affected SOFR Loans have been so Converted, all payments and prepayments of principal that would otherwise be applied to such Lender’s LIBOR affected SOFR Loans shall be applied instead to its Base Rate Loans; and
(ii) all affected Loans that would otherwise be made or Continued by such Lender as LIBOR SOFR Loans shall be made or Continued instead as Base Rate Loans, and all Base Rate Loans of such Lender that would otherwise be Converted into LIBOR affected SOFR Loans shall remain as Base Rate Loans. If such Lender or the Administrative Agent, as applicable, gives notice to the Borrower (with a copy to the Administrative Agent, as applicable) that the circumstances specified in Section 5.1.(c), 5.2. or 5.3. that gave rise to the Conversion of such Lender’s LIBOR affected SOFR Loans pursuant to this Section no longer exist (which such Lender or the Administrative Agent, as applicable, agrees to do promptly upon such circumstances ceasing to exist) at a time when LIBOR affected SOFR Loans made by other Lenders are outstanding, then such Lender’s Base Rate Loans shall be automatically Converted, (1) in the case of Daily Simple SOFR Loans, immediately and (2) in the case of Term SOFR Loans, on the first day(s) of the next succeeding Interest Period(s) for such outstanding LIBOR Term SOFR Loans, to the extent necessary so that, after giving effect thereto, all Loans held by the Lenders holding LIBOR such SOFR Loans and by such Lender are held pro rata (as to principal amounts, Types and Interest Periods) in accordance with their respective Commitments.
(b) If . The Lenders and Administrative Agent may elect, if commercially reasonable and if permitted by Applicable Law, to Convert the obligation of a Lender Loans which are subject to make LIBOR Margin Loans shall be suspended pursuant to Section 5.1.(c) or 5.2., then the LIBOR Margin Conversion under this Article from SOFR Loans of such Lender shall be automatically due and payable on such date as such Lender may specify the applicable Type to Base Rate Loans after the Borrower by expiration of all Derivative Contracts of which Administrative Agent has received written notice and copies that may affect such Loans subject to Conversion in order to avoid any breakage fees or other costs or charges associated with a copy to the Administrative Agentpremature termination of such Derivatives Contracts.
Appears in 1 contract
Samples: Credit Agreement (NETSTREIT Corp.)
Treatment of Affected Loans. (a) If the obligation of any Lender to make LIBOR SOFR Loans of any Type or to ContinueContinue Term SOFR Loans, or to Convert Base Rate Loans of any other Type into, LIBOR Daily Simple SOFR Loans or Term SOFR Loans shall be suspended pursuant to Section 5.1.(c), Section 5.2. or Section 5.3. then such Lender’s LIBOR affected SOFR Loans shall be automatically Converted into Base Rate Loans (1) in the case of affected Daily Simple SOFR Loans, immediately or (2) in the case of affected Term SOFR Loans, on the last day(s) of the then current Interest Period(s) for LIBOR Term SOFR Loans (or, in the case of a Conversion required by Section 5.1.(c), Section 5.2., or Section 5.3. on such earlier date as such Lender or the Administrative Agent, as applicable, may specify to the Borrower (with a copy to the Administrative Agent, as applicable)) and, unless and until such Lender or the Administrative Agent, as applicable, gives notice as provided below that the circumstances specified in Section 5.1., Section 5.2. or Section 5.3. that gave rise to such Conversion no longer exist:
(i) to the extent that such Lender’s LIBOR affected SOFR Loans have been so Converted, all payments and prepayments of principal that would otherwise be applied to such Lender’s LIBOR affected SOFR Loans shall be applied instead to its Base Rate Loans; and
(ii) all affected Loans that would otherwise be made or Continued by such Lender as LIBOR SOFR Loans shall be made or Continued instead as Base Rate Loans, and all Base Rate Loans of such Lender that would otherwise be Converted into LIBOR affected SOFR Loans shall remain as Base Rate Loans. If such Lender or the Administrative Agent, as applicable, gives notice to the Borrower (with a copy to the Administrative Agent, as applicable) that the circumstances specified in Section 5.1.(c), 5.2. or 5.3. that gave rise to the Conversion of such LenderXxxxxx’s LIBOR affected SOFR Loans pursuant to this Section no longer exist (which such Lender or the Administrative Agent, as applicable, agrees to do promptly upon such circumstances ceasing to exist) at a time when LIBOR affected SOFR Loans made by other Lenders are outstanding, then such Lender’s Base Rate Loans shall be automatically Converted, (1) in the case of Daily Simple SOFR Loans, immediately and (2) in the case of Term SOFR Loans, on the first day(s) of the next succeeding Interest Period(s) for such outstanding LIBOR Term SOFR Loans, to the extent necessary so that, after giving effect thereto, all Loans held by the Lenders holding LIBOR such SOFR Loans and by such Lender are held pro rata (as to principal amounts, Types and Interest Periods) in accordance with their respective Commitments.
(b) If . The Lenders and Administrative Agent may elect, if commercially reasonable and if permitted by Applicable Law, to Convert the obligation of a Lender Loans which are subject to make LIBOR Margin Loans shall be suspended pursuant to Section 5.1.(c) or 5.2., then the LIBOR Margin Conversion under this Article from SOFR Loans of such Lender shall be automatically due and payable on such date as such Lender may specify the applicable Type to Base Rate Loans after the Borrower by expiration of all Derivative Contracts of which Administrative Agent has received written notice and copies that may affect such Loans subject to Conversion in order to avoid any breakage fees or other costs or charges associated with a copy to the Administrative Agentpremature termination of such Derivatives Contracts.
Appears in 1 contract
Treatment of Affected Loans. (a) If the obligation of any Lender to make LIBOR SOFR Loans or to ContinueContinue Term SOFR Loans, or to Convert Base Rate Loans intoor Adjusted Daily Simple SOFR Loans into Term SOFR Loans, LIBOR or to Convert Base Rate Loans or Term SOFR Loans in Daily Simple SOFR Loans shall be suspended pursuant to Section 5.1.(c4.1.(c), Section 5.24.2. or Section 5.3. 4.3., then such Lender’s LIBOR SOFR Loans shall be automatically Converted into Base Rate Loans Loans, with respect to any Adjusted Daily Simple SOFR Loan, immediately, and, with respect to Term SOFR Loans, on the last day(s) of the then current Interest Period(s) for LIBOR Term SOFR Loans (or, in the case of a Conversion required by Section 5.1.(c4.1.(c), Section 5.24.2. or 4.3., or Section 5.3. on such earlier date as such Lender or the Administrative Agent, as applicable, may specify to the Borrower (with a copy to the Administrative Agent, as applicable)) and, unless and until such Lender or the Administrative Agent, as applicable, gives notice as provided below that the circumstances specified in Section 5.1., Section 5.24.1. 4.2. or Section 5.34.3. that gave rise to such Conversion no longer exist:
(i) to the extent that such LenderXxxxxx’s LIBOR SOFR Loans have been so Converted, all payments and prepayments of principal that would otherwise be applied to such Lender’s LIBOR SOFR Loans shall be applied instead to its Base Rate Loans; and
(ii) all Loans that would otherwise be made or Continued by such Lender as LIBOR SOFR Loans shall be made or Continued instead as Base Rate Loans, and all Base Rate Loans of such Lender that would otherwise be Converted into LIBOR SOFR Loans shall remain as Base Rate Loans. If such Lender or the Administrative Agent, as applicable, gives notice to the Borrower (with a copy to the Administrative Agent, as applicable) that the circumstances specified in Section 5.1.(c), 5.24.1. 4.2. or 5.34.3. that gave rise to the Conversion of such LenderXxxxxx’s LIBOR SOFR Loans pursuant to this Section no longer exist (which such Lender or the Administrative Agent, as applicable, agrees to do promptly upon such circumstances ceasing to exist) at a time when LIBOR SOFR Loans made by other Lenders are outstanding, then such LenderXxxxxx’s Base Rate Loans shall be automatically 4889-7534-3155, v. 14 Converted, on the first day(s) of the next succeeding Interest Period(s) for such outstanding LIBOR SOFR Loans, to the extent necessary so that, after giving effect thereto, all Loans held by the Lenders holding LIBOR SOFR Loans and by such Lender are held pro rata (as to principal amounts, Types and Interest Periods) in accordance with their respective Commitments.
(b) If the obligation of a Lender to make LIBOR SOFR Margin Loans shall be suspended pursuant to Section 5.1.(c4.1.(c) 4.2. or 5.24.3., then the LIBOR SOFR Margin Loans of such Lender shall be automatically due and payable on such date as such Lender may specify to the Borrower by written notice with a copy to the Administrative Agent, which date shall not be earlier than 3 Business Days after the Borrower’s receipt of such written notice.
Appears in 1 contract
Samples: Credit Agreement (Corporate Office Properties Trust)
Treatment of Affected Loans. (a) If the obligation of any Lender to make LIBOR Loans any SOFR Loan or to Continuecontinue, or to Convert convert Base Rate Loans into, LIBOR SOFR Loans shall be suspended pursuant to Section 5.1.(c)3.8 or 3.9 hereof, Section 5.2. or Section 5.3. then such Lender’s LIBOR SOFR Loans shall be automatically Converted converted into Base Rate Loans on the last day(s) of the then current Interest Period(s) for LIBOR such SOFR Loans (or, in the case of a Conversion conversion required by Section 5.1.(c)3.8 hereof, Section 5.2., or Section 5.3. on such earlier date as such Lender or the Administrative Agent, as applicable, may specify to the Borrower (with a copy to the Administrative Agent, as applicable)) and, unless and until such Lender or the Administrative Agent, as applicable, gives notice as provided below that the circumstances specified in Section 5.1., Section 5.2. 3.8 or Section 5.3. 3.9 hereof that gave rise to such Conversion conversion no longer exist:
(ia) to the extent that such Lender’s LIBOR SOFR Loans have been so Convertedconverted, all payments and prepayments of principal that would otherwise be applied to such Lender’s LIBOR SOFR Loans shall be applied instead to its Base Rate Loans; and
(iib) all Loans that would otherwise be made or Continued continued by such Lender as LIBOR SOFR Loans shall be made or Continued continued instead as Base Rate Loans, and all Base Rate Loans of such Lender that would otherwise be Converted converted into LIBOR SOFR Loans shall remain as Base Rate Loans. If such Lender or the Administrative Agent, as applicable, gives notice to the Borrower (with a copy to the Administrative Agent, as applicable) that the circumstances specified in Section 5.1.(c), 5.2. 3.8 or 5.3. 3.9 hereof that gave rise to the Conversion conversion of such Lender’s LIBOR SOFR Loans pursuant to this Section 3.10 no longer exist (which such Lender or the Administrative Agent, as applicable, agrees to do promptly upon such circumstances ceasing to exist) at a time when LIBOR SOFR Loans made by other Lenders are outstanding, then such Lender’s Base Rate Loans shall be automatically Convertedconverted, on the first day(s) of the next succeeding Interest Period(s) for such outstanding LIBOR SOFR Loans, to the extent necessary so that, after giving effect thereto, all Loans held by the Lenders holding LIBOR SOFR Loans and by such Lender are held pro rata (as to principal amounts, Types interest rate basis, and Interest Periods) in accordance with their respective Commitments.
(b) If the obligation of a Lender to make LIBOR Margin Loans shall be suspended pursuant to Section 5.1.(c) or 5.2., then the LIBOR Margin Loans of such Lender shall be automatically due and payable on such date as such Lender may specify to the Borrower by written notice with a copy to the Administrative Agent.
Appears in 1 contract
Samples: Credit Agreement (Wolfspeed, Inc.)
Treatment of Affected Loans. (a) If the obligation of any Lender to make LIBOR Term SOFR Loans or to Continue, or to Convert Base Rate Loans into, LIBOR Term SOFR Loans shall be suspended pursuant to Section 5.1.(c), Section 5.2. or Section 5.3. then such Lender’s LIBOR Term SOFR Loans shall be automatically Converted into Base Rate Loans on the last day(s) of the then current Interest Period(s) for LIBOR Term SOFR Loans (or, in the case of a Conversion required by Section 5.1.(c), Section 5.2., or Section 5.3. on such earlier date as such Lender or the Administrative Agent, as applicable, may specify to the Borrower (with a copy to the Administrative Agent, as applicable)) and, unless and until such Lender or the Administrative Agent, as applicable, gives notice as provided below that the circumstances specified in Section 5.1., Section 5.2. or Section 5.3. that gave rise to such Conversion no longer exist::
(ia) to the extent that such Lender’s LIBOR Term SOFR Loans have been so Converted, all payments and prepayments of principal that would otherwise be applied to such Lender’s LIBOR Term SOFR Loans shall be applied instead to its Base Rate Loans; andand
(iib) all Loans that would otherwise be made or Continued by such Lender as LIBOR Term SOFR Loans shall be made or Continued instead as Base Rate Loans, and all Base Rate Loans of such Lender that would otherwise be Converted into LIBOR Term SOFR Loans shall remain as Base Rate Loans. If such Lender or the Administrative Agent, as applicable, gives notice to the Borrower (with a copy to the Administrative Agent, as applicable) that the circumstances specified in Section 5.1.(c), 5.2. or 5.3. that gave rise to the Conversion of such Lender’s LIBOR Term SOFR Loans pursuant to this Section no longer exist (which such Lender or the Administrative Agent, as applicable, agrees to do promptly upon such circumstances ceasing to exist) at a time when LIBOR Term SOFR Loans made by other Lenders are outstanding, then such Lender’s Base Rate Loans shall be automatically Converted, on the first day(s) of the next succeeding Interest Period(s) for such outstanding LIBOR Term SOFR Loans, to the extent necessary so that, after giving effect thereto, all Loans held by the Lenders holding LIBOR Term SOFR Loans and by such Lender are held pro rata (as to principal amounts, Types and Interest Periods) in accordance with their respective Commitments.
(b) If the obligation of a Lender to make LIBOR Margin Loans shall be suspended pursuant to Section 5.1.(c) or 5.2., then the LIBOR Margin Loans of such Lender shall be automatically due and payable on such date as such Lender may specify to the Borrower by written notice with a copy to the Administrative Agent.
Appears in 1 contract
Treatment of Affected Loans. (a) If the obligation of any Lender to make LIBOR Term SOFR Loans or Daily SOFR Loans or to Continue, or to Convert Base Rate Loans into, LIBOR Term SOFR Loans or Daily SOFR Loans shall be suspended pursuant to Section 5.1.(c), Section 5.2. 4.1.(c) or Section 5.3. 4.2., then such Lender’s LIBOR Term SOFR Loans or Daily SOFR Loans shall be automatically Converted into Base Rate Loans on such date of suspension with respect to an Daily SOFR Loans and on the last day(s) of the then current Interest Period(s) for LIBOR Term SOFR Loans (or, in the case of a Conversion required by Section 5.1.(c), 4.1.(c) or Section 5.24.2., or Section 5.3. on such earlier date as such Lender or the Administrative Agent, as applicable, may specify to the relevant Borrower (with a copy to the Administrative AgentAgent and, in the case of a Borrower other than the Company, the Company, as applicable)) and, unless and until such Lender or the Administrative Agent, as applicable, gives notice as provided below that the circumstances specified in Section 5.1., Section 5.24.1. or Section 5.34.2. that gave rise to such Conversion no longer exist:
(i) to the extent that such LenderLxxxxx’s LIBOR Term SOFR Loans or Daily SOFR Loans have been so Converted, all payments and prepayments of principal that would otherwise be applied to such Lender’s LIBOR Term SOFR Loans or Daily SOFR Loans shall be applied instead to its Base Rate LoansLoan (or to its Daily SOFR Loans bearing interest at the converted rate); and
(ii) all Loans that would otherwise be made or Continued by such Lender as LIBOR Term SOFR Loans or Daily SOFR Loans shall be made or Continued instead as (x) Daily SOFR Loans so long as Adjusted Daily Simple SOFR is not the subject of such unavailability, or (y) Base Rate LoansLoans if Adjusted Daily Simple SOFR is the subject of such unavailability, and all Base Rate Loans of such Lender that would otherwise be Converted into LIBOR Term SOFR Loans or Daily SOFR Loans shall remain as Base Rate Loans. If such Lender or the Administrative Agent, as applicable, gives notice to the such Borrower (with a copy to the Administrative AgentAgent and the Company, as applicable) that the circumstances specified in Section 5.1.(c), 5.2. 4.1.(c) or 5.3Section 4.2. that gave rise to the Conversion of such LenderLxxxxx’s LIBOR Term SOFR Loans or Daily SOFR Loans pursuant to this Section no longer exist (which such Lender or the Administrative Agent, as applicable, agrees to do promptly upon such circumstances ceasing to exist) at a time when LIBOR Term SOFR Loans or Daily SOFR Loans made by other Lenders are outstanding, then such LenderLxxxxx’s Base Rate Loans shall be automatically Converted, on the first day(s) of the next succeeding Interest Period(s) for such outstanding LIBOR Term SOFR Loans or Daily SOFR Loans, to the extent necessary so that, after giving effect thereto, all Loans held by the Lenders holding LIBOR Term SOFR Loans or Daily SOFR Loans and by such Lender are held pro rata (as to principal amounts, Types and Interest Periods) in accordance with their respective Revolving Commitments.
(b) If the obligation of a Lender to make LIBOR SOFR Margin Loans shall be suspended pursuant to Section 5.1.(c4.1.(c) or 5.24.2., then the LIBOR SOFR Margin Loans of such Lender shall be automatically due and payable on such date as such Lender may specify to the Borrower Company by written notice with a copy to the Administrative Agent; provided that if such notice is delivered after 10:00 a.m. Eastern time, then such SOFR Margin Loan shall be due and payable no earlier than the first Business Day following the date such notice is delivered.
Appears in 1 contract
Treatment of Affected Loans. (a) If the obligation of any Lender to make LIBOR Loans or to Continue, or to Convert Base Rate Loans into, LIBOR Loans shall be suspended pursuant to Section 5.1.(c4.1.(c), Section 5.24.2. or Section 5.34.3. then such Lender’s LIBOR Loans shall be automatically Converted into Base Rate Loans on the last day(s) of the then current Interest Period(s) for LIBOR Loans (or, in the case of a Conversion required by Section 5.1.(c4.1.(c), Section 5.24.2., or Section 5.34.3. on such earlier date as such Lender or the Administrative Agent, as applicable, may specify to the Borrower (with a copy to the Administrative Agent, as applicable)) and, unless and until such Lender or the Administrative Agent, as applicable, gives notice as provided below that the circumstances specified in Section 5.14.1., Section 5.24.2. or Section 5.34.3. that gave rise to such Conversion no longer exist:
(i) to the extent that such Lender’s LIBOR Loans have been so Converted, all payments and prepayments of principal that would otherwise be applied to such Lender’s LIBOR Loans shall be applied instead to its Base Rate Loans; and
(ii) all Loans that would otherwise be made or Continued by such Lender as LIBOR Loans shall be made or Continued instead as Base Rate Loans, and all Base Rate Loans of such Lender that would otherwise be Converted into LIBOR Loans shall remain as Base Rate Loans. If such Lender or the Administrative Agent, as applicable, gives notice to the Borrower (with a copy to the Administrative Agent, as applicable) that the circumstances specified in Section 5.1.(c4.1.(c), 5.24.2. or 5.34.3. that gave rise to the Conversion of such Lender’s LIBOR Loans pursuant to this Section no longer exist (which such Lender or the Administrative Agent, as applicable, agrees to do promptly upon such circumstances ceasing to exist) at a time when LIBOR Loans made by other Lenders are outstanding, then such Lender’s Base Rate Loans shall be automatically Converted, on the first day(s) of the next succeeding Interest Period(s) for such outstanding LIBOR Loans, to the extent necessary so that, after giving effect thereto, all Loans held by the Lenders holding LIBOR Loans and by such Lender are held pro rata (as to principal amounts, Types and Interest Periods) in accordance with their respective Commitments.
(b) If the obligation of a Lender to make LIBOR Margin Loans shall be suspended pursuant to Section 5.1.(c4.1.(c) or 5.24.2., then the LIBOR Margin Loans of such Lender shall be automatically due and payable on such date as such Lender may specify to the Borrower by written notice with a copy to the Administrative Agent
(c) Notwithstanding anything to the contrary in Section 4.5.(a) above, if the Administrative Agent has made the determination (such determination to be conclusive absent manifest error) that (i) the circumstances described in Section 4.1.(c), 4.2. or 4.3. have arisen and that such circumstances are unlikely to be temporary, (ii) any applicable interest rate specified herein is no longer a widely recognized benchmark rate for newly originated loans in the U.S. syndicated loan market in the applicable currency or (iii) the applicable supervisor or administrator (if any) of any applicable interest rate specified herein or any Governmental Authority having, or purporting to have, jurisdiction over the Administrative Agent has made a public statement identifying a specific date after which any applicable interest rate specified herein shall no longer be used for determining interest rates for loans in the U.S. syndicated loan market in the applicable currency, then the Administrative Agent may, to the extent practicable (in consultation with the Borrower and as determined by the Administrative Agent to be generally in accordance with similar situations in other transactions in which it is serving as administrative agent or otherwise consistent with market practice generally), establish a replacement benchmark interest rate (the “Replacement Rate”), in which case, the Replacement Rate shall, subject to the next two sentences, replace such applicable interest rate for all purposes under the Loan Documents unless and until (A) an event described in Section 4.5.(c)(i), (c)(ii) or (c)(iii) occurs with respect to the Replacement Rate or (B) the Administrative Agent (or the Requisite Lenders through the Administrative Agent) notifies the Borrower that the Replacement Rate does not adequately and fairly reflect the cost to the Lenders of funding the Loans bearing interest at the Replacement Rate. In connection with the establishment and application of the Replacement Rate, this Agreement and the other Loan Documents shall be amended solely with the consent of the Administrative Agent and the Borrower, as may be necessary or appropriate, in the opinion of the Administrative Agent and the Borrower, to effect the provisions of this Section 4.5.(c) (including, without limitation, adjustments to the interest rate margins or interest rate benchmark floors to equalize (to the extent practicable), as of the effective date of such amendment, the sum of the Replacement Rate and any applicable interest rate margin with respect thereto (taking into account applicable currencies and/or interest periods) with the sum of the applicable interest rate being replaced with such Replacement Rate and the interest rate margin applicable thereto). Notwithstanding anything to the contrary in this Agreement or the other Loan Documents (including, without limitation, Section 12.6.), such amendment shall become effective without any further action or consent of any other party to this Agreement so long as the Administrative Agent shall not have received, within five (5) Business Days of the delivery of such amendment to the Lenders, written notices from such Lenders that in the aggregate constitute Requisite Lenders, with each such notice stating that such Lender objects to such amendment (which such notice shall note with specificity the particular provisions of the amendment to which such Lender objects). To the extent the Replacement Rate is approved in connection with this clause (c), the Replacement Rate shall be applied in a manner consistent with market practice; provided that, in each case, to the extent such market practice is not administratively feasible for the Administrative Agent, such Replacement Rate shall be applied as otherwise reasonably determined by the Administrative Agent (it being understood that any such modification by the Administrative Agent shall not require the consent of, or consultation with, any of the Lenders).
Appears in 1 contract
Treatment of Affected Loans. (a) If the obligation of any Lender to make LIBOR Loans or to Continue, or to Convert Base Rate Loans into, LIBOR Loans shall be suspended pursuant to Section 5.1.(c4.1.(c), Section 5.24.2. or Section 5.34.3. then such Lender’s 's LIBOR Loans shall be automatically Converted into Base Rate Loans on the last day(s) of the then current Interest Period(s) for LIBOR Loans (or, in the case of a Conversion required by Section 5.1.(c4.1.(c), Section 5.24.2., or Section 5.34.3. on such earlier date as such Lender or the Administrative Agent, as applicable, may specify to the Borrower (with a copy to the Administrative Agent, as applicable)) and, unless and until such Lender or the Administrative Agent, as applicable, gives notice as provided below that the circumstances specified in Section 5.14.1., Section 5.24.2. or Section 5.34.3. that gave rise to such Conversion no longer exist:
(i) to the extent that such Lender’s 's LIBOR Loans have been so Converted, all payments and prepayments of principal that would otherwise be applied to such Lender’s 's LIBOR Loans shall be applied instead to its Base Rate Loans; and
(ii) all Loans that would otherwise be made or Continued by such Lender as LIBOR Loans shall be made or Continued instead as Base Rate Loans, and all Base Rate Loans of such Lender that would otherwise be Converted into LIBOR Loans shall remain as Base Rate Loans. If such Lender or the Administrative Agent, as applicable, gives notice to the Borrower (with a copy to the Administrative Agent, as applicable) that the circumstances specified in Section 5.1.(c4.1.(c), 5.24.2. or 5.34.3. that gave rise to the Conversion of such Lender’s 's LIBOR Loans pursuant to this Section no longer exist (which such Lender or the Administrative Agent, as applicable, agrees to do promptly upon such circumstances ceasing to exist) at a time when LIBOR Loans made by other Lenders are outstanding, then such Lender’s 's Base Rate Loans shall be automatically Converted, on the first day(s) of the next succeeding Interest Period(s) for such outstanding LIBOR Loans, to the extent necessary so that, after giving effect thereto, all Loans held by the Lenders holding LIBOR Loans and by such Lender are held pro rata (as to principal amounts, Types and Interest Periods) in accordance with their respective Commitments.
(b) If the obligation of a Lender to make LIBOR Margin Loans shall be suspended pursuant to Section 5.1.(c4.1.(c) or 5.24.2., then the LIBOR Margin Loans of such Lender shall be automatically due and payable on such date as such Lender may specify to the Borrower by written notice with a copy to the Administrative Agent.
Appears in 1 contract
Samples: Credit Agreement (Colonial Realty Limited Partnership)
Treatment of Affected Loans. (a) If the obligation of any Lender to make LIBOR LIBORSOFR Loans or to ContinueContinue Term SOFR Loans, or to Convert Base Rate Loans or Daily Simple SOFR Loans into, LIBOR LIBORTerm SOFR Loans, or to Converted Base Rate Loans or Term SOFR Loans into Daily Simple SOFR Loans shall be suspended pursuant to Section 5.1.(c4.1(c), Section 5.2. 4.2(a) or Section 5.3. 4.3, then such Lender’s LIBOR LIBORSOFR Loans shall be automatically Converted into Base Rate Loans Loans, with respect to any Daily Simple SOFR Loans, immediately, and, with respect to Term SOFR Loans, on the last day(s) of the then current Interest Period(s) for LIBOR LIBORTerm SOFR Loans (or, in the case of a Conversion required by Section 5.1.(c)4.1(c) or 4.3, Section 5.2., or Section 5.3. on such earlier date as such Lender or the Administrative Agent, as applicable, may specify to the Borrower (with a copy to the Administrative Agent, as applicable)) and, unless and until such Lender or the Administrative Agent, as applicable, Xxxxxx gives notice as provided below that the circumstances specified in Section 5.1.4.1, Section 5.2. 4.2(a) or Section 5.3. 4.3 that gave rise to such Conversion no longer exist:
(ia) to the extent that such LenderXxxxxx’s LIBOR LIBORSOFR Loans have been so Converted, all payments and prepayments of principal that would otherwise be applied to such Lender’s LIBOR LIBORSOFR Loans shall be applied instead to its Base Rate Loans; and
(iib) all Loans that would otherwise be made or Continued by such Lender as LIBOR LIBORSOFR Loans shall be made or Continued instead as Base Rate Loans, and all Base Rate Loans of such Lender that would otherwise be Converted into LIBOR LIBORSOFR Loans shall remain as Base Rate Loans. If such Lender or the Administrative Agent, as applicable, gives notice to the Borrower (with a copy to the Administrative Agent, as applicable) that the circumstances specified in Section 5.1.(c)4.1, 5.2. 4.2(a) or 5.3. 4.3 that gave rise to the Conversion of such LenderXxxxxx’s LIBOR LIBORSOFR Loans pursuant to this Section no longer exist (which such Lender or the Administrative Agent, as applicable, Xxxxxx agrees to do promptly upon such circumstances ceasing to exist) at a time when LIBOR LIBORSOFR Loans made by other Lenders are outstanding, then such Lender’s Base Rate Loans shall be automatically Converted, on the first day(s) of the next succeeding Interest Period(s) for such outstanding LIBOR LIBORSOFR Loans, to the extent necessary so that, after giving effect thereto, all Loans held by the Lenders holding LIBOR LIBORSOFR Loans and by such Lender are held pro rata (as to principal amounts, Types and Interest Periods) in accordance with their respective Revolving Commitments.
(b) If the obligation of a Lender to make LIBOR Margin Loans shall be suspended pursuant to Section 5.1.(c) or 5.2., then the LIBOR Margin Loans of such Lender shall be automatically due and payable on such date as such Lender may specify to the Borrower by written notice with a copy to the Administrative Agent.
Appears in 1 contract
Samples: Credit Agreement (HC Government Realty Trust, Inc.)
Treatment of Affected Loans. (a) If the obligation of any Lender to make LIBOR LIBORTerm SOFR Loans or Daily Simple SOFR Loans or to Continue, or to Convert Base Rate Loans into, LIBOR LIBORTerm SOFR Loans or Daily Simple Loans shall be suspended pursuant to Section 5.1.(c4.1.(c), Section 5.24.2. or Section 5.34.3. then then, to the extent affected, such Lender’s LIBOR LIBOR(x) Daily Simple SOFR Loans shall be automatically Converted into Base Rate Loans as of such date or (y) Term SOFR Loans shall be automatically Converted into (x) Daily Simple SOFR Loans so long as Adjusted Daily Simple SOFR is not affected, or (y) Base Rate Loans if Adjusted Daily Simple SOFR is affected, in each case, on the last day(s) of the then current Interest Period(s) for LIBOR LIBORTerm SOFR Loans (or, in the case of a Conversion required by Section 5.1.(c4.1.(c), Section 5.24.2., or Section 5.34.3. on such earlier date as such Lender or the Administrative Agent, as applicable, may specify to the Borrower (with a copy to the Administrative Agent, as applicable)) and, unless and until such Lender or the Administrative Agent, as applicable, gives notice as provided below that the circumstances specified in Section 5.14.1., Section 5.24.2. or Section 5.34.3. that gave rise to such Conversion no longer exist:
(i) to the extent that such LenderXxxxxx’s LIBOR LIBORTerm SOFR Loans or Daily Simple SOFR Loans have been so Converted, all payments and prepayments of principal that would otherwise be applied to such Lender’s LIBOR LIBORTerm SOFR Loans or Daily Simple SOFR Loans shall be applied instead to its Base Rate LoansLoans (or to its Daily Simple SOFR Loans bearing interest at the converted rate); and
(ii) all Loans that would otherwise be made or Continued by such Lender as LIBOR LIBORTerm SOFR Loans or Daily Simple SOFR Loans shall be made or Continued instead as (x) Daily Simple SOFR Loans so long as Adjusted Daily Simple SOFR is not the subject of such unavailability, or (y) Base Rate LoansLoans if Adjusted Daily Simple SOFR is the subject of such unavailability, and all Base Rate Loans of such Lender that would otherwise be Converted into LIBOR LIBORSOFR Loans shall remain as Base Rate Loans. If such Lender or the Administrative Agent, as applicable, gives notice to the Borrower (with a copy to the Administrative Agent, as applicable) that the circumstances specified in Section 5.1.(c4.1.(c), 5.24.2. or 5.34.3. that gave rise to the Conversion of such LenderXxxxxx’s LIBOR LIBORSOFR Loans pursuant to this Section no longer exist (which such Lender or the Administrative Agent, as applicable, agrees to do promptly upon such circumstances ceasing to exist) at a time when LIBOR LIBORSOFR Loans made by other Lenders are outstanding, then such LenderXxxxxx’s Base Rate Loans shall be automatically Converted, on the first day(s) of the next succeeding (x) interest payment date for such outstanding Daily Simple SOFR Loans and (y) Interest Period(s) for such outstanding LIBOR LIBORTerm SOFR Loans, to the extent necessary so that, after giving effect thereto, all Loans of the applicable Class held by the Lenders holding LIBOR LoansDaily Simple SOFR Loans and/or Term SOFR Loans, as applicable, and by such Lender are held pro rata (as to principal amounts, Types and Interest Periods) in accordance with their respective Commitments.
(b) If the obligation of a Revolving Lender to make LIBOR LIBORSOFR Margin Loans shall be suspended pursuant to Section 5.1.(c4.1.(c) or 5.24.2., then the LIBOR LIBORSOFR Margin Loans of such Lender shall be automatically due and payable on such date as such Lender may specify to the Borrower by written notice with a copy to the Administrative Agent; provided that if such notice is delivered after 10:00 a.m. Eastern time, then such LIBORSOFR Margin Loan shall be due and payable no earlier than the first Business Day following the date such notice is delivered.
Appears in 1 contract
Samples: Credit Agreement (Elme Communities)
Treatment of Affected Loans. (a) If the obligation of any Lender to make LIBOR Loans or to Continue, or to Convert Base Rate Loans into, LIBOR Loans shall be suspended pursuant to Section 5.1.(c), Section 5.2. or Section 5.3. then such Lender’s LIBOR Loans shall be automatically Converted into Base Rate Loans on the last day(s) of the then current Interest Period(s) for LIBOR Loans (or, in the case of a Conversion required by Section 5.1.(c), Section 5.2., or Section 5.3. on such earlier date as such Lender or the Administrative Agent, as applicable, may specify to the Borrower in writing (with a copy to the Administrative Agent, as applicable)) and, unless and until such Lender or the Administrative Agent, as applicable, gives written notice as provided below that the circumstances specified in Section 5.1., Section 5.2. or Section 5.3. that gave rise to such Conversion no longer exist:
(i) to the extent that such Lender’s LIBOR Loans have been so Converted, all payments and prepayments of principal that would otherwise be applied to such Lender’s LIBOR Loans shall be applied instead to its Base Rate Loans; and
(ii) all Loans that would otherwise be made or Continued by such Lender as LIBOR Loans shall be made or Continued instead as Base Rate Loans, and all Base Rate Loans of such Lender that would otherwise be Converted into LIBOR Loans shall remain as Base Rate Loans. If such Lender or the Administrative Agent, as applicable, gives written notice to the Borrower (with a copy to the Administrative Agent, as applicable) that the circumstances specified in Section 5.1.(c), 5.2. or 5.3. that gave rise to the Conversion of such Lender’s LIBOR Loans pursuant to this Section no longer exist (which such Lender or the Administrative Agent, as applicable, agrees to do promptly upon such circumstances ceasing to exist) at a time when LIBOR Loans made by other Lenders are outstanding, then such Lender’s Base Rate Loans shall be automatically Converted, on the first day(s) of the next succeeding Interest Period(s) for such outstanding LIBOR Loans, to the extent necessary so that, after giving effect thereto, all Loans held by the Lenders holding LIBOR Loans and by such Lender are held pro rata (as to principal amounts, Types and Interest Periods) in accordance with their respective Commitments.
(b) If the obligation of a Lender to make LIBOR Margin Loans shall be suspended pursuant to Section 5.1.(c) or 5.2., then the LIBOR Margin Loans of such Lender shall be automatically due and payable on such date as such Lender may specify to the Borrower by written notice with a copy to the Administrative Agent.
Appears in 1 contract
Treatment of Affected Loans. (a) If the obligation of any Lender to make LIBOR Loans or to Continue, or to Convert Base Rate Loans into, LIBOR Loans shall be suspended pursuant to Section 5.1.(c), Section 5.2. or Section 5.3. then such Lender’s LIBOR Loans shall be automatically Converted into Base Rate Loans on the last day(s) of the then current Interest Period(s) for LIBOR Loans (or, in the case of a Conversion required by Section 5.1.(c), Section 5.2., or Section 5.3. on such earlier date as such Lender or the Administrative Agent, as applicable, may specify to the Borrower (with a copy to the Administrative Agent, as applicable)) and, unless and until such Lender or the Administrative Agent, as applicable, gives notice as provided below that the circumstances specified in Section 5.1., Section 5.2. or Section 5.3. that gave rise to such Conversion no longer exist:
(i) to the extent that such LenderLxxxxx’s LIBOR Loans have been so Converted, all payments and prepayments of principal that would otherwise be applied to such Lender’s LIBOR Loans shall be applied instead to its Base Rate Loans; and
(ii) all Loans that would otherwise be made or Continued by such Lender as LIBOR Loans shall be made or Continued instead as Base Rate Loans, and all Base Rate Loans of such Lender that would otherwise be Converted into LIBOR Loans shall remain as Base Rate Loans. If such Lender or the Administrative Agent, as applicable, gives notice to the Borrower (with a copy to the Administrative Agent, as applicable) that the circumstances specified in Section 5.1.(c), 5.2. or 5.3. that gave rise to the Conversion of such LenderLxxxxx’s LIBOR Loans pursuant to this Section no longer exist (which such Lender or the Administrative Agent, as applicable, agrees to do promptly upon such circumstances ceasing to exist) at a time when LIBOR Loans made by other Lenders are outstanding, then such Lender’s Base Rate Loans shall be automatically Converted, on the first day(s) of the next succeeding Interest Period(s) for such outstanding LIBOR Loans, to the extent necessary so that, after giving effect thereto, all Loans held by the Lenders holding LIBOR Loans and by such Lender are held pro rata (as to principal amounts, Types and Interest Periods) in accordance with their respective Commitments.
(b) If . The Lenders and Administrative Agent may elect, if commercially reasonable and if permitted by Applicable Law, to Convert the obligation Loans which are subject to Conversion under this Article from LIBOR Loans to Base Rate Loans after the expiration of all Derivative Contracts of which Administrative Agent has received written notice and copies that may affect such Loans subject to Conversion in order to avoid any breakage fees or other costs or charges associated with a Lender to make LIBOR Margin Loans shall be suspended pursuant to Section 5.1.(c) or 5.2., then the LIBOR Margin Loans premature termination of such Lender shall be automatically due and payable on such date as such Lender may specify to the Borrower by written notice with a copy to the Administrative AgentDerivatives Contracts.
Appears in 1 contract
Samples: Credit Agreement (NETSTREIT Corp.)
