Type; Interest Elections. (a) Each Borrowing initially shall be of the Type specified in the applicable Borrowing Request and, in the case of a LIBO Rate Borrowing, shall have an initial Interest Period as specified in such Borrowing Request. Thereafter, the Borrower may elect to convert such Borrowing to a different Type or to continue such Borrowing and, in the case of a LIBO Rate Borrowing, may elect Interest Periods therefor, all as provided in this Section. The Borrower may elect different options with respect to different portions of the affected Borrowing, in which case each such portion shall be allocated ratably among the Tranche A Lenders (with respect to Tranche A Loans) and the Tranche A-1 Lenders (with respect to Tranche A-1 Loans), based upon their Tranche A Applicable Percentages and Tranche A-1 Applicable Percentages, respectively, and the Loans comprising each such portion shall be considered a separate Borrowing. This Section shall not apply to Swingline Borrowings or Protective Advances, which may not be converted or continued.
Appears in 3 contracts
Samples: Assignment and Assumption (TMS International Corp.), Abl Credit Agreement (TMS International Corp.), Abl Credit Agreement (Tube City IMS CORP)
Type; Interest Elections. (a) Each Borrowing initially shall be of the Type specified in the applicable Borrowing Request and, in the case of a LIBO Rate Borrowing or CDOR Borrowing, shall have an the initial Interest Period as specified in such Borrowing Request. Thereafter, the applicable Borrower may elect to convert such any Borrowing to a Borrowing of a different Type or to continue such Borrowing and, in the case of a LIBO Rate Borrowing or CDOR Borrowing, may elect Interest Periods therefor, all as provided in this SectionSection 2.08; provided that Revolving Loans denominated in Euros, Sterling or any Alternate Currency shall be LIBO Rate Borrowings at all times. The applicable Borrower may elect different options with respect to different portions of the affected Borrowing, in which case each such portion shall be allocated ratably among the Tranche A Lenders (with respect to Tranche A Loans) and the Tranche A-1 Lenders (with respect to Tranche A-1 Loans), based upon their Tranche A Applicable Percentages and Tranche A-1 Applicable Percentages, respectively, and the Revolving Loans comprising each such portion shall be considered a separate Borrowing. This Section shall not apply to Swingline Borrowings or Protective Advances, which may not be converted or continued.
Appears in 3 contracts
Samples: Patent Security Agreement (PQ Group Holdings Inc.), First Amendment Agreement (PQ Group Holdings Inc.), Trademark Security Agreement (PQ Group Holdings Inc.)
Type; Interest Elections. (a) Each Borrowing initially shall be of the Type specified in the applicable Borrowing Request and, in the case of a LIBO Rate Borrowing or CDOR Borrowing, shall have an initial Interest Period as specified in such Borrowing Request. Thereafter, the applicable Borrower may elect to convert such any Borrowing to a Borrowing of a different Type or to continue such Borrowing and, in the case of a LIBO Rate Borrowing or CDOR Borrowing, may elect Interest Periods therefor, all as provided in this SectionSection 2.08; provided that Revolving Loans denominated in any Alternate Currency shall be LIBO Rate Borrowings at all times. The applicable Borrower may elect different options with respect to different portions of the affected Borrowing, in which case each such portion shall be allocated ratably among the Tranche A Lenders (with respect to Tranche A Loans) and for the Tranche A-1 Lenders (with respect to Tranche A-1 Loans), relevant Class based upon their Tranche A Applicable Percentages and Tranche A-1 Applicable Percentages, respectively, for such Class and the Revolving Loans of such Class comprising each such portion shall be considered a separate Borrowing. This Section shall not apply to Swingline Borrowings or Protective AdvancesLoans, which may not be converted or continued.
Appears in 2 contracts
Samples: Security Agreement (Hayward Holdings, Inc.), Security Agreement (Hayward Holdings, Inc.)
Type; Interest Elections. (a) Each Borrowing initially shall be of the Type specified in the applicable Borrowing Request and, in the case of a LIBO Rate Borrowing or BA Borrowing, shall have an initial Interest Period as specified in such Borrowing Request. Thereafter, the applicable Borrower may elect to convert such any Borrowing to a Borrowing of a different Type or to continue such Borrowing and, in the case of a LIBO Rate Borrowing or BA Borrowing, may elect Interest Periods therefor, all as provided in this SectionSection 2.08; provided that Revolving Loans denominated in any Alternate Currency shall be LIBO Rate Borrowings at all times. The applicable Borrower may elect different options with respect to different portions of the affected Borrowing, in which case each such portion shall be allocated ratably among the Tranche A Lenders (with respect to Tranche A Loans) and for the Tranche A-1 Lenders (with respect to Tranche A-1 Loans), relevant Class based upon their Tranche A Applicable Percentages and Tranche A-1 Applicable Percentages, respectively, for such Class and the Revolving Loans of such Class comprising each such portion shall be considered a separate Borrowing. This Section shall not apply to Swingline Borrowings or Protective AdvancesLoans, which may not be converted or continued.
Appears in 1 contract
Type; Interest Elections. (a) Each Borrowing initially shall be of the Type specified in the applicable Borrowing Request and, in the case of a LIBO Rate Borrowing or BA Borrowing, shall have an initial Interest Period as specified in such Borrowing Request. Thereafter, the applicable Borrower may elect to convert such any Borrowing to a Borrowing of a different Type or to continue such Borrowing and, in the case of a LIBO Rate Borrowing or BA Borrowing, may elect Interest Periods -106- therefor, all as provided in this SectionSection 2.08; provided that Revolving Loans denominated in any Alternate Currency shall be LIBO Rate Borrowings at all times. The applicable Borrower may elect different options with respect to different portions of the affected Borrowing, in which case each such portion shall be allocated ratably among the Tranche A Lenders (with respect to Tranche A Loans) and for the Tranche A-1 Lenders (with respect to Tranche A-1 Loans), relevant Class based upon their Tranche A Applicable Percentages and Tranche A-1 Applicable Percentages, respectively, for such Class and the Revolving Loans of such Class comprising each such portion shall be considered a separate Borrowing. This Section shall not apply to Swingline Borrowings or Protective AdvancesLoans, which may not be converted or continued.
Appears in 1 contract
Type; Interest Elections. (af) Each Borrowing initially shall be of the Type specified in the applicable Borrowing Request and, in the case of a LIBO SOFR Borrowing or CDOR Rate Borrowing, shall have an initial Interest Period as specified in such Borrowing Request. Thereafter, the applicable Borrower may elect to convert such any Borrowing to a Borrowing of a different Type or to continue such Borrowing and, in the case of a LIBO SOFR Borrowing or CDOR Rate Borrowing, may elect Interest Periods therefor, all as provided in this SectionSection 2.08; provided that Revolving Loans denominated in any Alternate Currency shall be SOFR Borrowings at all times. The applicable Borrower may elect different options with respect to different portions of the affected Borrowing, in which case each such portion shall be allocated ratably among the Tranche A Lenders (with respect to Tranche A Loans) and for the Tranche A-1 Lenders (with respect to Tranche A-1 Loans), relevant Class based upon their Tranche A Applicable Percentages and Tranche A-1 Applicable Percentages, respectively, for such Class and the Revolving Loans of such Class comprising each such portion shall be considered a separate Borrowing. This Section shall not apply to Swingline Borrowings or Protective AdvancesLoans, which may not be converted or continued.
Appears in 1 contract
Type; Interest Elections. (a) Each Borrowing initially shall be of the Type specified in the applicable Borrowing Request and, in the case of a LIBO Rate Borrowing or SOFR Borrowing, shall have an the initial Interest Period as specified in such Borrowing Request. Thereafter, the applicable Borrower may elect to convert such any Borrowing to a Borrowing of a different Type or to continue such Borrowing and, in the case of a LIBO Rate Borrowing or SOFR Borrowing, may elect Interest Periods therefor, all as provided in this SectionSection 2.08; provided that Revolving Loans denominated in Euros, Sterling or any Alternate Currency shall be LIBO Rate Borrowings at all times. The applicable Borrower may elect different options with respect to different portions of the affected Borrowing, in which case each such portion shall be allocated ratably among the Tranche A Lenders (with respect to Tranche A Loans) and the Tranche A-1 Lenders (with respect to Tranche A-1 Loans), based upon their Tranche A Applicable Percentages and Tranche A-1 Applicable Percentages, respectively, and the Revolving Loans comprising each such portion shall be considered a separate Borrowing. This Section shall not apply to Swingline Borrowings or Protective Advances, which may not be converted or continued.
Appears in 1 contract
