Common use of Conversion and Continuation Elections Clause in Contracts

Conversion and Continuation Elections. (a) The Co-Borrowers may, upon irrevocable written notice to Agent in accordance with Subsection 2.05(b): (i) elect, as of any Business Day, in the case of Base Rate Loans, or as of the last day of the applicable Interest Period, in the case of any Eurodollar Rate Loan, to convert any such Loans into Loans of any other Type (provided, however, the principal amount of each Eurodollar Rate Loan must be at least $1,000,000.00); or (ii) elect, as of the last day of the applicable Interest Period, to continue any Loans having Interest Periods expiring on such day (provided, however, the principal amount of each Eurodollar Rate Loan must be at least $1,000,000.00); provided, however, that if at any time the aggregate amount of Eurodollar Rate Loans in respect of any Borrowing is reduced, by payment, prepayment, or conversion of part thereof, to a principal amount that is less than $1,000,000.00, such Eurodollar Rate Loans shall automatically convert into Base Rate Loans, and on and after such date the right of the Co-Borrowers to continue such Loans as, and convert such Loans into, Eurodollar Rate Loans shall terminate. (b) The Co-Borrowers shall deliver a Notice of Conversion/Continuation to be received by Agent not later than 1:00 p.m. (New York City time) on the Conversion/Continuation Date if the Loans are to be converted into Base Rate Loans; and three (3) Business Day in advance of the Conversion/Continuation Date, if the Loans are to be converted into or continued as Eurodollar Rate Loans, specifying: (i) the proposed Conversion/Continuation Date; (ii) the aggregate amount of Loans to be converted or continued; (iii) the Type of Loans resulting from the proposed conversion or continuation; and (iv) other than in the case of conversions into Base Rate Loans, the duration of the requested Interest Period. (c) If upon the expiration of any Interest Period applicable to Eurodollar Rate Loans, the Co-Borrowers have failed to timely select a new Interest Period to be applicable to its Eurodollar Rate Loans, or if any Default or Event of Default then exists, the Co-Borrowers shall be deemed to have elected to convert such Eurodollar Rate Loans into Base Rate Loans effective as of the expiration date of such Interest Period. (d) Agent will promptly notify each Bank of its receipt of a Notice of Conversion/Continuation, or, if no timely notice is provided by the Co-Borrowers, Agent will promptly notify each Bank of the details of any automatic conversion. All conversions and continuations shall be made ratably according to the respective outstanding principal amounts of the Loans, with respect to which the notice was given, held by each Bank. Agent will promptly notify, in writing, each Bank of the amount of such Bank’s applicable percentage of that Conversion/Continuation. (e) Unless the Majority Banks otherwise agree, during the existence of a Default or Event of Default, the Co-Borrowers may not elect to have a Revolving Loan converted into or continued as a Eurodollar Rate Loan. (f) After giving effect to any Borrowing, conversion or continuation of Loans, there may not be more than ten (10) Interest Periods in effect.

Appears in 4 contracts

Sources: Credit Agreement (Marlin Midstream Partners, LP), Credit Agreement (Marlin Midstream Partners, LP), Credit Agreement (Marlin Midstream Partners, LP)

Conversion and Continuation Elections. (a) The Co-Borrowers A Borrower may, as to its Loans, upon irrevocable written notice or telephonic notice confirmed in writing within 24 hours to the Agent in accordance with Subsection 2.05(bSection 2.4(b): (i) elect, as of any Business Day, in the case of Base Federal Funds Rate Loans, or as of the last day of the applicable Interest Period, in the case of any Eurodollar Rate other Type of Loans (other than a Swing Loan), to convert any such Loans (or any part thereof in an amount that is not less than $1,000,000 or an integral multiple of $1,000,000 in excess thereof) into Loans of any other Type (provided, however, the principal amount of each Eurodollar Rate Loan must be at least $1,000,000.00)Type; or (ii) elect, as of the last day of the applicable Interest Period, to continue any Loans having Interest Periods expiring on such day (provided, however, the principal or any part thereof in an amount that is not less than $1,000,000 or an integral multiple of each Eurodollar Rate Loan must be at least $1,000,000.001,000,000 in excess thereof); providedprovided that, however, that if at any time the aggregate amount of Eurodollar Offshore Rate Loans in respect of any Borrowing is reduced, reduced by payment, prepayment, prepayment or conversion of part thereof, thereof to a principal amount that is be less than $1,000,000.001,000,000, such Eurodollar Offshore Rate Loans shall automatically convert into Base Federal Funds Rate Loans, and on and after such date date, the right of the Co-Borrowers Borrower to continue such Loans as, and convert such Loans into, Eurodollar Offshore Rate Loans shall terminate. Notwithstanding anything to the contrary, no Loan shall be outstanding for a period of more than sixty (60) days (including, in the case of a Loan that was initially made as a Swing Loan, the days during which such Loan was a Swing Loan) and there shall be no more than three Interest Periods in respect of an Offshore Rate Loan with respect to each Borrower. (b) The Co-Borrowers relevant Borrower shall deliver a Notice of Conversion/Continuation Notice as to its Loans to be received by the Agent not later than 1:00 p.m. 12:00 noon (New York City Eastern time) on the Conversion/Continuation Date if the Loans are to be converted into Base Rate Loans; and at least (i) three (3) Business Day Days in advance of the Conversion/Continuation Date, if the Loans are to be converted into or continued as Eurodollar Offshore Rate Loans, and (ii) on the Conversion/Continuation Date, if the Loans are to be continued or converted into Federal Funds Rate Loans, specifying: (iA) the proposed Conversion/Continuation Date; (iiB) the aggregate amount of Loans to be converted or continued; (iiiC) the Type of Loans resulting from the proposed conversion or continuation; and (ivD) other than in the case of conversions into Base Federal Funds Rate Loans, the duration of the requested Interest Period. (c) If upon the expiration of any Interest Period applicable to Eurodollar Rate Loans, the Co-Borrowers have failed to timely select a new Interest Period to be applicable to its Eurodollar Rate Loans, or if any Default or Event of Default then exists, the Co-Borrowers shall be deemed to have elected to convert such Eurodollar Rate Loans into Base Rate Loans effective as of the expiration date of such Interest Period. (d) The Agent will promptly notify each Bank of its receipt of a Notice of Conversion/Continuation, or, if no timely notice is provided by the Co-Borrowers, Agent will promptly notify each Bank of the details of any automatic conversionContinuation Notice. All conversions and continuations shall be made ratably according to the respective outstanding principal amounts of the Loans, Loans with respect to which the notice was given, given held by each Bank. Agent will promptly notify, in writing, each Bank of the amount of such Bank’s applicable percentage of that Conversion/Continuation. (ed) Unless the Majority Banks otherwise agree, during the existence of a Default or Event of Defaultwith respect to a Borrower, the Co-Borrowers such Borrower may not elect to have a Revolving Loan converted into or continued as a Eurodollar an Offshore Rate Loan. (f) After giving effect to any Borrowing, conversion or continuation of Loans, there may not be more than ten (10) Interest Periods in effect.

Appears in 3 contracts

Sources: Credit Agreement (Van Kampen Prime Rate Income Trust), Credit Agreement (Van Kampen Prime Rate Income Trust), Credit Agreement (Van Kampen Senior Floating Rate Fund)

Conversion and Continuation Elections. (a) The Co-Borrowers Borrower may, upon irrevocable written notice to the Administrative Agent in accordance with Subsection 2.05(b2.04(b): (i) elect, as of any Business Day, in the case of Base Rate Loans, or as of the last day of the applicable Interest Period, in the case of any Eurodollar Offshore Rate Loan, to convert any such Loans into Loans of any other Type (provided, however, that the principal amount Offshore Effective Amount of each Eurodollar Offshore Rate Loan must be at least $1,000,000.0015,000,000); or (ii) elect, as of the last day of the applicable Interest Period, to continue any Revolving Loans having Interest Periods expiring on such day (provided, however, that the principal amount Offshore Effective Amount of each Eurodollar Offshore Rate Loan must be at least $1,000,000.0015,000,000); provided, however, that if at any time the aggregate amount of Eurodollar Offshore Rate Loans in respect of any Borrowing is reduced, by payment, prepayment, or conversion of part thereof, to a principal amount that is have an Offshore Effective Amount of less than $1,000,000.0015,000,000, such Eurodollar Offshore Rate Loans shall automatically convert into Base Rate Loans, and on and after such date the right of the Co-Borrowers Borrower to continue such Loans as, and convert such Loans into, Eurodollar Offshore Rate Loans shall terminate. (b) The Co-Borrowers Borrower shall deliver a Notice of Conversion/Continuation to be received by the Administrative Agent not later than 1:00 p.m. (New York City time) on two (2) Business Days immediately preceding the Conversion/Continuation Date if the Loans are to be converted into Base Rate Loans; and three four (34) Business Day Days in advance of the Conversion/Continuation Date, if the Loans are to be converted into or continued as Eurodollar Offshore Rate Loans, specifying: (i) the proposed Conversion/Continuation Date; (ii) the aggregate amount of Loans to be converted or continued; (iii) the Type of Loans resulting from the proposed conversion or continuation; and; (iv) other than in the case of conversions into Base Rate Loans, the duration of the requested Interest Period; and (v) whether such Notice of Conversion/Continuation is “revocable” or “irrevocable”(by checking the applicable box on such notice). If a Notice of Conversion/Continuation is “irrevocable”, the deadlines set forth in Section 2.04(b) above shall be reduced by one (1) Business Day so that with respect to Loans to be converted to Base Rate Loans, the deadline for notice shall be not later than 1:00 p.m. (New York City time) one (1) Business Day immediately preceding the Conversion/Continuation Date, and with respect to Loans to be converted to Offshore Rate Loans, the deadline for notice shall be not later than 1:00 p.m. (New York City time) three (3) Business Days immediately preceding the Conversion/Continuation Date. With respect to any Notice of Conversion/Continuation, if such notice is delivered on the applicable Business Day after the specified time for such notice, such notice shall be deemed to have been delivered as of the start of the immediately succeeding Business Day. (c) If upon the expiration of any Interest Period applicable to Eurodollar Offshore Rate Loans, the Co-Borrowers have Borrower has failed to timely select a new Interest Period to be applicable to its Eurodollar Offshore Rate Loans, or if any Default or Event of Default then exists, the Co-Borrowers Borrower shall be deemed to have elected to convert such Eurodollar Offshore Rate Loans into Base Rate Loans effective as of the expiration date of such Interest Period. (d) The Administrative Agent will promptly notify each Bank of its receipt of a Notice of Conversion/Continuation, or, if no timely notice is provided by the Co-BorrowersBorrower, the Administrative Agent will promptly notify each Bank of the details of any automatic conversion. All conversions and continuations shall be made ratably according to the respective outstanding principal amounts of the Loans, with respect to which the notice was given, held by each Bank. Agent will promptly notify, in writing, each Bank of the amount of such Bank’s applicable percentage of that Conversion/Continuation. (e) Unless the Majority Required Banks otherwise agree, during the existence of a Default or Event of Default, the Co-Borrowers Borrower may not elect to have a Revolving Loan converted into or continued as a Eurodollar an Offshore Rate Loan. (f) After giving effect to any Borrowing, conversion or continuation of Loans, there may not be more than ten five (105) Interest Periods in effect. (g) The Administrative Agent will promptly notify, in writing, each Bank of the amount of such Bank’s Pro Rata Advance Share (or, if a Defaulting Bank exists, and without limitation to the obligations of such Defaulting Bank under this Section 2.04, with respect to any Non-Defaulting Bank, its Pro Rata Adjusted Advance Share, if applicable) of that Borrowing. To the extent that any Notice of Conversion/Continuation contemplated in the foregoing provisions of this Section 2.04 is not received as of the specified time, such notice shall be deemed to have been received as of the start of business on the immediately succeeding Business Day.

Appears in 2 contracts

Sources: Credit Agreement (Atmos Energy Corp), Credit Agreement (Atmos Energy Corp)

Conversion and Continuation Elections. (a) The Co-Borrowers Company may, upon irrevocable written notice to the Agent in accordance with Subsection 2.05(bSection 2.4(b): (i) elect, as of any Business Day, in the case of Base Rate Loans, or as of the last day of the applicable Interest Period, in the case of any Eurodollar Rate Loanother Type of Loans, to convert any such Loans (or any part thereof in an amount not less than $5,000,000, or that is in an integral multiple of $1,000,000 in excess thereof) into Loans of any other Type (provided, however, the principal amount of each Eurodollar Rate Loan must be at least $1,000,000.00)Type; or (ii) elect, as of the last day of the applicable Interest Period, to continue any Loans having Interest Periods expiring on such day (providedor any part thereof in an amount not less than $5,000,000, however, the principal amount or that is in an integral multiple of each Eurodollar Rate Loan must be at least $1,000,000.001,000,000 in excess thereof); provided, however, that if at any time the aggregate amount of Eurodollar Offshore Rate Loans in respect of any Borrowing is reduced, by payment, prepayment, or conversion of part thereof, thereof to a principal amount that is be less than $1,000,000.005,000,000, such Eurodollar Offshore Rate Loans shall automatically convert into Base Rate Loans, and on and after such date the right of the Co-Borrowers Company to continue such Loans as, and convert such Loans into, Eurodollar Offshore Rate Loans Loans, shall terminate. (b) The Co-Borrowers Company shall deliver a Notice of Conversion/Conversion/ Continuation to be received by the Agent not later than 1:00 p.m. (New York City i) 10:00 a.m. (Charlotte time) on the Conversion/Continuation Date if the Loans are to be converted into Base Rate Loans; and at least (i) three (3) Business Day Days in advance of the Conversion/Continuation Date, if the Loans are to be converted into or continued as Eurodollar Offshore Rate Loans; and (ii) one Business Day in advance of the Conversion/Continuation Date, if the Loans are to be converted into Base Rate Loans, specifying: (iA) the proposed Conversion/Continuation Date; (iiB) the aggregate amount of Loans to be converted or continuedrenewed; (iiiC) the Type of Loans resulting from the proposed conversion or continuation; and (ivD) other than in the case of conversions into Base Offshore Rate Loans, the duration of the requested Interest Period. (c) If upon the expiration of any Interest Period applicable to Eurodollar Offshore Rate Loans, the Co-Borrowers have Company has failed to select timely select a new Interest Period to be applicable to its Eurodollar such or Offshore Rate Loans, Loans or if any Default or Event of Default then exists, the Co-Borrowers Company shall be deemed to have elected to convert such Eurodollar Offshore Rate Loans into Base Rate Loans effective as of the expiration date of such Interest Period. (d) The Agent will promptly notify each Bank of its receipt of a Notice of Conversion/Continuation, or, if no timely notice is provided by the Co-BorrowersCompany, the Agent will promptly notify each Bank of the details of any automatic conversion. All conversions and continuations shall be made ratably according to the respective outstanding principal amounts of the Loans, Loans with respect to which the notice was given, given held by each Bank. Agent will promptly notify, in writing, each Bank of the amount of such Bank’s applicable percentage of that Conversion/Continuation. (e) Unless the Majority Required Banks otherwise agree, during the existence of a Default or Event of Default, the Co-Borrowers Company may not elect to have a Revolving Loan converted into or continued as a Eurodollar an Offshore Rate Loan. (f) After giving effect to any Borrowing, conversion or continuation of Loans, there may not be more than ten five (105) different Interest Periods in effect.

Appears in 2 contracts

Sources: Credit Agreement (Unumprovident Corp), 364 Day Credit Agreement (Unumprovident Corp)

Conversion and Continuation Elections. (a) The Co-Borrowers Company may, upon irrevocable (subject to Section 3.5) written notice to Agent the Bank in accordance with Subsection 2.05(bSection 2.4(b): (i) elect, as of any Business Day, in the case of Base Rate Loans, or as of the last day of the applicable Interest Period, in the case of any Eurodollar Rate Loanother Type of Loans, to convert any such Loans (or any part thereof in an amount not less than $250,000, or that is in an integral multiple of $1,000 in excess thereof) into Loans of any other Type (provided, however, the principal amount of each Eurodollar Rate Loan must be at least $1,000,000.00)Type; or (ii) elect, as of the last day of the applicable Interest Period, to continue any Loans having Interest Periods expiring on such day (providedor any part thereof in an amount not less than $250,000, however, the principal amount or that is in an integral multiple of each Eurodollar Rate Loan must be at least $1,000,000.001,000 in excess thereof); provided, however, that if at any time the aggregate amount of Eurodollar Rate Loans in respect of any Borrowing is reduced, by payment, prepayment, or conversion of part thereof, thereof to a principal amount that is be less than $1,000,000.00250,000, such Eurodollar Rate Loans shall automatically convert into Base Rate Loans, and on and after such date the right of the Co-Borrowers Company to continue such Loans as, and convert such Loans into, into Eurodollar Rate Loans shall terminate. (b) The Co-Borrowers Company shall deliver a Notice of Conversion/Continuation to be received by Agent the Bank not later than 1:00 p.m. 12:00 noon (New York City Dallas time) on the Conversion/Continuation Date if the Loans are to be converted into Base Rate Loans; and (i) at least three (3) Business Day Days in advance of the Conversion/Continuation Date, if the Loans are to be converted into or continued as Eurodollar Rate Loans and (ii) on or before the Conversion/Continuation Date, if the Loans are to be converted into Base Rate Loans, specifying: (iA) the proposed Conversion/Continuation Date; (iiB) the aggregate amount of Loans to be converted or continuedrenewed; (iiiC) the Type of Loans resulting from the proposed conversion or continuation; and (ivD) other than in the case of conversions into Base Rate Loans, the duration of the requested Interest Period. (c) If upon the expiration of any Interest Period applicable to Eurodollar Rate Loans, the Co-Borrowers have Company has failed to select timely select a new Interest Period to be applicable to its such Eurodollar Rate Loans, Loans or if any Default or Event of Default then exists, the Co-Borrowers Company shall be deemed to have elected to convert such Eurodollar Rate Loans into Base Rate Loans effective as of the expiration date of such Interest Period. (d) Agent will promptly notify each Bank of its receipt of a Notice of Conversion/Continuation, or, if no timely notice is provided by the Co-Borrowers, Agent will promptly notify each Bank of the details of any automatic conversion. All conversions and continuations shall be made ratably according to the respective outstanding principal amounts of the Loans, with respect to which the notice was given, held by each Bank. Agent will promptly notify, in writing, each Bank of the amount of such Bank’s applicable percentage of that Conversion/Continuation. (e) Unless the Majority Banks otherwise agree, during During the existence of a Default or Event of Default, the Co-Borrowers Company may not elect to have a Revolving Loan converted into or continued as a an Eurodollar Rate Loan. (fe) After giving effect to any Borrowing, conversion or continuation of Loans, there may not be more than ten (10) fifteen different Interest Periods in effect.

Appears in 2 contracts

Sources: Credit Agreement (Zenith National Insurance Corp), Credit Agreement (Zenith National Insurance Corp)

Conversion and Continuation Elections. (a) The Co-Borrowers Borrower may, upon irrevocable written notice to the Administrative Agent in the form of a Notice of Conversion/Continuation in the form of Exhibit B hereto in accordance with Subsection 2.05(b): Section 2.04(b): (i) elect, as of any Business Day, in the case of Day to convert any Base Rate LoansLoans (or any part thereof in an amount not less than $5,000,000, or that is in an integral multiple of $1,000,000 in excess thereof) into Eurocurrency Rate Loans; (ii) elect, as of the last day of the applicable Interest Period, in the case of any Eurodollar Rate Loan, Period to convert any such Eurocurrency Rate Loans (or any part thereof in an amount not less than $1,000,000, or that is in an integral multiple of $100,000 in excess thereof) into Loans of any other Type Base Rate Loans; or (provided, however, the principal amount of each Eurodollar Rate Loan must be at least $1,000,000.00); or (iiiii) elect, as of the last day of the applicable Interest Period, to continue any Eurocurrency Rate Loans having Interest Periods expiring on such day (providedor any part thereof in an amount not less than $5,000,000, however, the principal amount or that is in an integral multiple of each Eurodollar Rate Loan must be at least $1,000,000.001,000,000 in excess thereof); provided, however, that if at any time the aggregate amount of Eurodollar Eurocurrency Rate Loans in respect of any Borrowing is reduced, by payment, prepayment, or conversion of part thereof, thereof to a principal amount that is be less than $1,000,000.005,000,000, such Eurodollar Eurocurrency Rate Loans shall automatically convert into Base Rate Loans, and on and after such date the right of the Co-Borrowers Borrower to continue such Loans as, and convert such Loans into, Eurodollar Eurocurrency Rate Loans shall terminate. (b) The Co-Borrowers Borrower shall deliver a Notice of Conversion/Continuation to be received by the Administrative Agent not later than 1:00 p.m. (i) noon (New York City time) on the Conversion/Continuation Date if the Loans are to be converted into Base Rate Loans; and at least three (3) Business Day Days in advance of the Conversion/Continuation Date, if the Loans are to be converted into or continued as Eurodollar Eurocurrency Rate Loans denominated in Dollars; (ii) 11:00 a.m. (New York City time) at least four Business Days in advance of the Conversion/Continuation Date, if the Loans are to be converted into or continued as Eurocurrency Rate Loans denominated in an Alternative Currency; and (iii) 11:00 a.m. (New York City time) on the Conversion/Continuation Date, if the Loans are to be converted into Base Rate Loans, specifying: : (iA) the proposed Conversion/Continuation Date; ; (iiB) the aggregate amount of Loans to be converted or continued; continued and, if an Alternative Currency Loan, the currency thereof; (iiiC) the Type of Loans resulting from the proposed conversion or continuation; and and (ivD) other than in the case of conversions into Base Rate Loans, the duration of the requested Interest Period. (c) If upon the expiration of any Interest Period applicable to Eurodollar Eurocurrency Rate Loans, Loans the Co-Borrowers have Borrower has failed to select timely select a new Interest Period to be applicable to its Eurodollar such Eurocurrency Rate Loans, or if any Default or Event of Default then existsthen: (i) with respect to such Eurocurrency Rate Loans that are Dollar Loans, the Co-Borrowers Borrower shall be deemed to have elected to convert such Eurodollar Eurocurrency Rate Loans into Base Rate Loans effective as of the expiration date of such Interest Period; and (ii) with respect to such Eurocurrency Rate Loans that are Alternative Currency Loans, such Loans shall be continued as Eurocurrency Rate Loans in their original currency with an Interest Period of one month. No Eurocurrency Rate Loan may be converted into or continued as a Eurocurrency Rate Loan denominated in a different currency, but instead must be prepaid in the original currency of such Eurocurrency Rate Loan and reborrowed in the other currency except as described in Sections 2.04(e) and 3.02(a). (d) The Administrative Agent will promptly notify each Bank of its receipt of a Notice of Conversion/Continuation, or, if no timely notice is provided by the Co-BorrowersBorrower, the Administrative Agent will promptly notify each Bank of the details of any automatic conversion. All conversions and continuations shall be made ratably according to the respective outstanding principal amounts of the Loans, Loans with respect to which the notice was given, given held by each Bank. Agent will promptly notify, in writing, each Bank of the amount of such Bank’s applicable percentage of that Conversion/Continuation. (e) Unless the Majority Banks otherwise agree, during During the existence of a Default or Event of Default, the Co-Borrowers Borrower may not not: (i) elect to have a Revolving Dollar Loan made, converted into or continued as a Eurodollar Eurocurrency Rate Loan; or (ii) elect to have an Alternative Currency Loan made or continued for an Interest Period greater than one month; provided, however, that Majority Banks may elect, on the last day of an Interest Period of any Alternative Currency Loan, to redenominate such Alternative Currency Loan into a Dollar Loan in a principal amount equal to the Dollar Equivalent of the amount of such Alternative Currency Loan and to convert such Dollar Loan into a Base Rate Loan. (f) After giving effect to any Borrowing, conversion or continuation of Loans, unless the Administrative Agent shall otherwise consent, there may not be more than ten (10) eight different Interest Periods in effect.

Appears in 2 contracts

Sources: Revolving Credit Agreement (Avery Dennison Corporation), Revolving Credit Agreement (Avery Dennison Corporation)

Conversion and Continuation Elections. (a) The Co-Borrowers Company may, upon irrevocable written notice to the Co-Administrative Agent in accordance with Subsection 2.05(bsubsection 2.04(b): (i) elect, as of any Business Day, in the case of Base Rate Loans, or as of the last day of the applicable Interest Period, in the case of any Eurodollar Offshore Rate LoanLoans, to convert any such Loans (or any part thereof in an amount not less than $500,000 or that is in an integral multiple of $100,000 in excess thereof) into Loans of any other Type (provided, however, the principal amount of each Eurodollar Rate Loan must be at least $1,000,000.00)Type; or (ii) elect, elect as of the last day of the applicable Interest Period, to continue any Loans having Interest Periods expiring on such day (providedor any part thereof in an amount not less than $500,000, however, the principal amount or that is in an integral multiple of each Eurodollar Rate Loan must be at least $1,000,000.00100,000 in excess thereof); provided, however, that if at any time the aggregate amount of Eurodollar Offshore Rate Loans denominated in Dollars in respect of any Borrowing is reduced, by payment, prepayment, or conversion of part thereof, thereof to a principal amount that is be less than $1,000,000.00, 500,000 such Eurodollar Offshore Rate Loans denominated in Dollars shall automatically convert into Base Rate Loans, and on and after such date the right of the Co-Borrowers Company to continue such Loans as, and convert such Loans into, Eurodollar Offshore Rate Loans shall terminate. (b) The Co-Borrowers Company shall deliver a Notice of Conversion/Continuation to be received by the Co-Administrative Agent not later than 1:00 12:00 p.m. (New York City Chicago time) on the Conversion/Continuation Date if the Loans are to be converted into Base Rate Loans; and at least (i) three (3) Business Day Days in advance of the Conversion/Continuation Date, if the Loans are to be converted into or continued as Eurodollar Offshore Rate Loans in Dollars, (ii) four Business Days in advance of the Conversion/Continuation Date, if the Loans are to be converted into or continued as Offshore Currency Loans, and (iii) on the Conversion/Continuation Date, if the Loans are to be converted into Base Rate Loans, specifying:: - 26 - (iA) the proposed Conversion/Continuation Date; (iiB) the aggregate amount of Loans to be converted or continued; (iiiC) the Type of Loans resulting from the proposed conversion or continuationcontinuation and in the case of an Offshore Rate Loan, the Applicable Currency; and (ivD) other than in the case of conversions into Base Rate Loans, the duration of the requested Interest Period. (c) If upon the expiration of any Interest Period applicable to Eurodollar Offshore Rate LoansLoans denominated in Dollars, the Co-Borrowers have Company has failed to select timely select a new Interest Period to be applicable to its Eurodollar such Offshore Rate Loans, or if any Default or Event of Default then exists, the Co-Borrowers Company shall be deemed to have elected to convert such Eurodollar Offshore Rate Loans into Base Rate Loans effective as of the expiration date of such Interest Period. If the Company has failed to select a new Interest Period to be applicable to Offshore Currency Loans prior to the fourth Business Day in advance of the expiration date of the current Interest Period applicable thereto as provided in subsection 2.04(b), or if any Default or Event of Default shall then exist, subject to the provisions of subsection 2.06(d), the Company shall be deemed to have elected to continue such Offshore Currency Loans on the basis of a one-month Interest Period. (d) The Co-Administrative Agent will promptly notify each Bank Lender of its receipt of a Notice of Conversion/Continuation, or, if no timely notice is provided by the Company, the Co-Borrowers, Administrative Agent will promptly notify each Bank Lender of the details of any automatic conversion. All conversions and continuations shall be made ratably according to the respective outstanding principal amounts of the Loans, with respect to which the notice was given, held by each Bank. Agent will promptly notify, in writing, each Bank of the amount of such Bank’s applicable percentage of that Conversion/ContinuationLender. (e) Unless the Majority Banks Required Lenders otherwise agreeconsent, during the existence of a Default or Event of Default, the Co-Borrowers Company may not elect to have a Revolving Loan in Dollars converted into or continued as a Eurodollar an Offshore Rate LoanLoan in Dollars, or an Offshore Currency Loan continued on the basis of an Interest Period exceeding one month. (f) After giving effect The Company hereby authorizes the Lenders and the Co-Administrative Agent to accept Notices of Conversion/Continuation based on telephonic notices made by any Borrowingperson or persons the Co-Administrative Agent or any Lender in good faith believes to be acting on behalf of the Company. The Company agrees to deliver promptly to the Co-Administrative Agent a written confirmation of each telephonic notice, conversion or continuation signed by a Responsible Officer. If the written confirmation differs in any material respect from the action taken by the Co-Administrative Agent and the Lenders, the records of Loans, there may not be more than ten (10) Interest Periods in effectthe Co-Administrative Agent and the Lenders shall govern absent manifest error.

Appears in 1 contract

Sources: Credit Agreement

Conversion and Continuation Elections. (a) The Co-Borrowers may, Borrower may upon irrevocable written notice to Agent Lender in accordance with Subsection 2.05(bSection 2.10(b): (i) elect, as of elect to convert on any Business Day, in the case all or any portion of any Base Rate Loan in an aggregate minimum amount of $500,000 or any multiple of $500,000 in excess thereof into Eurodollar Rate Loans, or as of ; or (ii) elect to convert on the last day of the applicable Interest Period, in the case Period all or any portion of any Eurodollar Rate Loan, to convert any Loans having Interest Periods maturing on such Loans into Loans of any other Type (provided, however, the principal day in an aggregate minimum amount of each Eurodollar $500,000 or any multiple of $500,000 in excess thereof into Base Rate Loan must be at least $1,000,000.00)Loans; or (iiiii) elect, as of elect to renew on the last day of the applicable Interest Period, to continue Period any Eurodollar Rate Loans having Interest Periods expiring maturing on such day (provided, however, the principal in an aggregate minimum amount of each Eurodollar Rate Loan must be at least $1,000,000.00)500,000 or any multiple of $500,000 in excess thereof; provided, however, that if at any time the aggregate amount of Eurodollar Rate Loans in respect of any Borrowing is reduced, shall have been reduced by payment, prepayment, prepayment or conversion of part thereof, thereof to a principal amount that is be less than $1,000,000.00, 500,000 such Eurodollar Rate Loans shall automatically convert into Base Rate Loans, Loans and on and after such date the right of the Co-Borrowers Borrower to continue such Loans as, and to convert such Loans into, Eurodollar Rate Loans Loans, as the case may be, shall terminate. (b) The Co-Borrowers Borrower shall either (i) deliver to Lender a Notice of Conversion/Continuation or (ii) give telephonic notice thereof to be received Lender (promptly confirmed by Agent delivering to Lender a Notice of Conversion/Continuation), not later than 1:00 12:00 p.m. (New York City Chicago time) on the Conversion/Continuation Date if the Loans are to be converted into Base Rate Loans; and three date two (32) Business Day Days in advance of the Conversion/Continuation DateConversion Date or continuation date, if the Loans are to be converted into or continued as Eurodollar Rate Loans, specifying: : (i) the proposed Conversion/Continuation Date; Conversion Date or continuation date; (ii) the aggregate amount of Loans to be converted or continued; ; and (iii) the Type of Loans resulting from the proposed conversion or continuation; and (iv) other than in the case of conversions into Base Rate Loans, the duration of the requested Interest PeriodPeriod with respect to any Loans to be converted into, or continued, as Eurodollar Rate Loans. (c) If upon the expiration of any Interest Period applicable to Eurodollar Rate Loans, the Co-Borrowers have Borrower has failed to select timely select a new Interest Period to be applicable to its such Eurodollar Rate Loans, or if any Default or Event of Default shall then existsexist, the Co-Borrowers Borrower shall be deemed to have elected to convert such Eurodollar Rate Loans into Base Rate Loans effective as of the expiration date of such current Interest Period. (d) Agent will promptly notify each Bank of its receipt of a Notice of Conversion/Continuation, or, if no timely notice is provided by the Co-Borrowers, Agent will promptly notify each Bank of the details of any automatic conversion. All conversions and continuations Unless Lender shall be made ratably according to the respective outstanding principal amounts of the Loans, with respect to which the notice was given, held by each Bank. Agent will promptly notify, in writing, each Bank of the amount of such Bank’s applicable percentage of that Conversion/Continuation. (e) Unless the Majority Banks otherwise agree, during the existence of a Default or Event of Default, the Co-Borrowers Borrower may not elect to have a Revolving Loan converted into or continued as a Eurodollar Rate Loan. (fe) After Notwithstanding any other provision contained in this Agreement, after giving effect to any Borrowing, or to any continuation or conversion or continuation of any Loans, there may shall not be more than ten five (105) different Interest Periods in effecteffect with respect to all Eurodollar Rate Loans at any one time.

Appears in 1 contract

Sources: Credit Agreement (Credentials Services International Inc)

Conversion and Continuation Elections. (a) The Co-Borrowers Company may, upon irrevocable written notice to the Agent in accordance with Subsection 2.05(bsubsection 2.04(b): (i) elect, as of any Business Day, in the case of Base Rate Loans, or as of the last day of the applicable Interest Period, in the case of any Eurodollar Offshore Rate Loan, to convert any such Loans (or any part thereof in an amount not less than $2,000,000.00, or that is in an integral multiple of $500,000.00 in excess thereof) into Loans of any other Type (provided, however, the principal amount of each Eurodollar Rate Loan must be at least $1,000,000.00)Type; or (ii) elect, elect as of the last day of the applicable Interest Period, to continue any Revolving Loans having Interest Periods expiring on such day (providedor any part thereof in an amount not less than $2,000,000.00, however, the principal amount or that is in an integral multiple of each Eurodollar Rate Loan must be at least $1,000,000.00500,000.00 in excess thereof); provided, however, that if at any time the aggregate amount of Eurodollar Offshore Rate Loans in respect of any Borrowing is reduced, by payment, prepayment, or conversion of part thereof, thereof to a principal amount that is be less than $1,000,000.002,000,000.00, such Eurodollar Offshore Rate Loans shall automatically convert into Base Rate Loans, and on and after such date the right of the Co-Borrowers Company to continue such Loans as, and convert such Loans into, Eurodollar Offshore Rate Loans shall terminate. (b) The Co-Borrowers Company shall deliver a Notice of Conversion/Continuation to be received by the Agent not later than 1:00 p.m. 12:00 noon (New York City Houston time) on the Conversion/Continuation Date if the Loans are to be converted into Base Rate Loans; and at least (i) three (3) Business Day Days in advance of the Conversion/Continuation Date, if the Loans are to be converted into or continued as Eurodollar Offshore Rate Loans; and (ii) one Business Day in advance of the Conversion/Continuation Date, if the Loans are to be converted into Base Rate Loans, specifying: (i) the proposed Conversion/Continuation Date; (ii) the aggregate amount of Loans to be converted or continued; (iii) the Type of Loans resulting from the proposed conversion or continuation; and (iv) other than in the case of conversions into Base Rate Loans, the duration of the requested Interest Period. (c) If upon the expiration of any Interest Period applicable to Eurodollar Offshore Rate Loans, the Co-Borrowers have Company has failed to select timely select a new Interest Period to be applicable to its Eurodollar such Offshore Rate Loans, or if any Default or Event of Default then exists, the Co-Borrowers Company shall be deemed to have elected to convert such Eurodollar Offshore Rate Loans into Base Rate Loans effective as of the expiration date of such Interest Period. (d) The Agent will promptly notify each Bank of its receipt of a Notice of Conversion/Continuation, or, if no timely notice is provided by the Co-BorrowersCompany, the Agent will promptly notify each Bank of the details of any automatic conversion. All conversions and continuations shall be made ratably according to the respective outstanding principal amounts of the Loans, with respect to which the notice was given, held by each Bank. Agent will promptly notify, in writing, each Bank of the amount of such Bank’s applicable percentage of that Conversion/Continuation. (e) Unless the Majority Banks otherwise agree, during the existence of a Default or Event of Default, the Co-Borrowers Company may not elect to have a Revolving Loan converted into or continued as a Eurodollar an Offshore Rate Loan. (f) After giving effect to any Borrowing, conversion or continuation of Loans, there may not be more than ten seven (107) different Interest Periods in effect. (g) The Agent will promptly notify, in writing, each Bank of the amount of such Bank's Pro Rata Share of that Borrowing.

Appears in 1 contract

Sources: Credit Agreement (Landrys Seafood Restaurants Inc)

Conversion and Continuation Elections. (a) The Co-Borrowers Borrower may, upon irrevocable written notice to the Agent in accordance with Subsection 2.05(b3.2(b): (i) elect, as of any Business Day, in the case of Base Rate Loans, or as of the last day of the applicable Interest Period, in the case of any Eurodollar Rate Loan, Loans to convert any such Loans (or any part thereof in an amount not less than $10,000,000 ($1,500,000 58 in the case of the Term Loans), or that is in an integral multiple of $1,000,000 ($500,000 in the case of the Term Loans) in excess thereof) into Loans of any other Type (provided, however, the principal amount of each Eurodollar LIBOR Rate Loan must be at least $1,000,000.00)Loans; or (ii) elect, as of the th last day of the applicable Interest Period, to continue any LIBOR Rate Loans having Interest Periods expiring on such day (providedor any part thereof in an amount not less than $10,000,000 ($1,500,000 in the case of the Term Loans), however, or that is in an integral multiple of $1,000,000 ($500,000 in the principal amount case of each Eurodollar Rate Loan must be at least $1,000,000.00the Term Loans) in excess thereof); provided, however, that if at any time the aggregate amount of Eurodollar LIBOR Rate Loans in respect of any Borrowing is reduced, by payment, prepayment, or conversion of part thereof, thereof to a principal amount that is be less than $1,000,000.0010,000,000 ($1,500,000 in the case of the Term Loans), such Eurodollar LIBOR Rate Loans shall automatically convert into Base Rate Loans, and on and after such date the right of the Co-Borrowers Borrower to continue such Loans as, and convert such Loans into, Eurodollar LIBOR Rate Loans Loans, as the case may be, shall terminate. (b) The Co-Borrowers Borrower shall deliver a Notice of Conversion/Continuation to be received by the Agent not later than 1:00 p.m. 11:00 a.m. (New York City time) on the Conversion/Continuation Date if the Loans are to be converted into Base Rate Loans; and at least three (3) Business Day Days in advance of the Conversion/Continuation Date, if the Loans are to be converted into or continued as Eurodollar LIBOR Rate Loans, Loans and specifying: (i) the proposed Conversion/Continuation Date; (ii) the aggregate amount of Loans to be converted or continuedrenewed; (iii) the Type type of Loans resulting from the proposed conversion or continuation; and (iv) other than in the case of conversions into Base Rate Loans, the duration of the requested Interest Period. (c) If upon the expiration of any Interest Period applicable to Eurodollar LIBOR Rate Loans, the Co-Borrowers have Borrower has failed to select timely select a new Interest Period to be applicable to its Eurodollar LIBOR Rate Loans, Loans or if any Default or Event of Default then exists, the Co-Borrowers Borrower shall be deemed to have elected to convert such Eurodollar LIBOR Rate Loans into Base Rate Loans effective as of the expiration date of such Interest Period. (d) The Agent will promptly notify each Bank Lender of its receipt of a Notice of Conversion/Continuation, or, if no timely notice is provided by the Co-Borrowers, Agent will promptly notify each Bank of the details of any automatic conversion. All conversions and continuations shall be made ratably according to the respective outstanding principal amounts of the Loans, Loans with respect to which the notice was given, given held by each Bank. Agent will promptly notify, in writing, each Bank of the amount of such Bank’s applicable percentage of that Conversion/ContinuationLender. (e) Unless the Majority Banks otherwise agree, during During the existence of a Default or Event of Default, the Co-Borrowers Borrower may not elect to have a Revolving Loan converted into or continued as a Eurodollar LIBOR Rate Loan. (f) After giving effect to any Borrowing, conversion or continuation of Loans, there may not be more than ten (10) seven different Interest Periods in effecteffect hereunder.

Appears in 1 contract

Sources: Loan and Security Agreement (Sweetheart Holdings Inc \De\)

Conversion and Continuation Elections. (a) The Co-Borrowers may, Borrower may upon irrevocable written notice to Agent Lender in accordance with Subsection 2.05(bSection 2.10(b): (i) elect, as of elect to convert on any Business Day, in the case all or any portion of any Base Rate Loan in an aggregate minimum amount of $500,000 or any multiple of $500,000 in excess thereof into Eurodollar Rate Loans, or as of ; or (ii) elect to convert on the last day of the applicable Interest Period, in the case Period all or any portion of any Eurodollar Rate Loan, to convert any Loans having Interest Periods maturing on such Loans into Loans of any other Type (provided, however, the principal day in an aggregate minimum amount of each Eurodollar $500,000 or any multiple of $500,000 in excess thereof into Base Rate Loan must be at least $1,000,000.00)Loans; or (iiiii) elect, as of elect to renew on the last day of the applicable Interest Period, to continue Period any Eurodollar Rate Loans having Interest Periods expiring maturing on such day (provided, however, the principal in an aggregate minimum amount of each Eurodollar Rate Loan must be at least $1,000,000.00)500,000 or any multiple of $500,000 in excess thereof; provided, however, that if at any time the aggregate amount of Eurodollar Rate Loans in respect of any Borrowing is reduced, shall have been reduced by payment, prepayment, prepayment or conversion of part thereof, thereof to a principal amount that is be less than $1,000,000.00, 500,000 such Eurodollar Rate Loans shall automatically convert into Base Rate Loans, Loans and on and after such date the right of the Co-Borrowers Borrower to continue such Loans as, and to convert such Loans into, Eurodollar Rate Loans Loans, as the case may be, shall terminate. (b) The Co-Borrowers Borrower shall either (i) deliver to Lender a Notice of Conversion/Continuation or (ii) give telephonic notice thereof to be received Lender (promptly confirmed by Agent delivering to Lender a Notice of Conversion/Continuation), not later than 1:00 12:00 p.m. (New York City Chicago time) on the Conversion/Continuation Date if the Loans are to be converted into Base Rate Loans; and three date two (32) Business Day Days in advance of the Conversion/Continuation DateConversion Date or continuation date, if the Loans are to be converted into or continued as Eurodollar Rate Loans, specifying: : (i) the proposed Conversion/Continuation Date; Conversion Date or continuation date; (ii) the aggregate amount of Loans to be converted or continued; ; and (iii) the Type of Loans resulting from the proposed conversion or continuation; and (iv) other than in the case of conversions into Base Rate Loans, the duration of the requested Interest PeriodPeriod with respect to any Loans to be converted into, or continued, as Eurodollar Rate Loans. (c) If upon the expiration of any Interest Period applicable to Eurodollar Rate Loans, the Co-Borrowers have Borrower has failed to select timely select a new Interest Period to be applicable to its such Eurodollar Rate Loans, or if any Default or Event of Default shall then existsexist, the Co-Borrowers Borrower shall be deemed to have elected to convert such Eurodollar Rate Loans into Base Rate Loans effective as of the expiration date of such current Interest Period. (d) Agent will promptly notify each Bank of its receipt of a Notice of Conversion/Continuation, or, if no timely notice is provided by the Co-Borrowers, Agent will promptly notify each Bank of the details of any automatic conversion. All conversions and continuations Unless Lender shall be made ratably according to the respective outstanding principal amounts of the Loans, with respect to which the notice was given, held by each Bank. Agent will promptly notify, in writing, each Bank of the amount of such Bank’s applicable percentage of that Conversion/Continuation. (e) Unless the Majority Banks otherwise agree, during the existence of a Default or Event of Default, the Co-Borrowers Borrower may not elect to have a Revolving Loan converted into or continued as a Eurodollar Rate Loan. (fe) After Notwithstanding any other provision contained in this Agreement, after giving effect to any Borrowing, or to any continuation or conversion or continuation of any Loans, there may shall not be more than ten five (105) different Interest Periods in effecteffect with respect to all Loans at any one time.

Appears in 1 contract

Sources: Credit Agreement (Credentials Services International Inc)

Conversion and Continuation Elections. (a) The Co-Borrowers Holdings may, upon irrevocable written notice to the Agent in accordance with Subsection 2.05(bsubsection 2.04(b): (i) elect, as of any Business Day, in the case of Base Rate Loans, or as of the last day of the applicable Interest Period, in the case of any Eurodollar Offshore Rate LoanLoans, to convert any such Loans (or any part thereof in a Minimum Amount) into Loans of any other Type (provided, however, the principal amount of each Eurodollar Rate Loan must be at least $1,000,000.00)Type; or (ii) elect, as of the last day of the applicable Interest Period, to continue any Revolving Loans or Term Loans having Interest Periods expiring on such day (provided, however, the principal amount of each Eurodollar Rate Loan must be at least $1,000,000.00or any part thereof in a Minimum Amount); provided, however, provided that if at any time the aggregate amount of Eurodollar Offshore Rate Loans in respect of any Borrowing is reduced, by payment, prepayment, or conversion of part thereof, thereof to a principal amount that is be less than $1,000,000.005,000,000, such Eurodollar Offshore Rate Loans shall automatically convert into Base Rate Loans, and on and after such date the right of the Co-Borrowers Holdings to continue such Loans as, and convert such Loans into, Eurodollar Offshore Rate Loans Loans, shall terminate. (b) The Co-Borrowers Holdings shall deliver a Notice of Conversion/Continuation to be received by the Agent (i) not later than 1:00 p.m. 9:00 a.m. (New York City San Francisco time) on at least three Business Days in advance of the Conversion/Conversion/ Continuation Date Date, if the Loans are to be converted into Base or continued as Offshore Rate Loans; and three (3ii) Business Day in advance of prior to 9:00 a.m. (San Francisco time) on the Conversion/Continuation Date, if the Loans are to be converted into or continued as Eurodollar Base Rate Loans, specifying: (i) the proposed Conversion/Continuation Date; (ii) the aggregate amount of Loans to be converted or continued; (iii) the Type of Loans resulting from the proposed conversion or continuation; and (iv) other than in the case of conversions into Base Rate Loans, the duration of the requested Interest Period, subject to the provisions of the definition of "Interest Period" herein. (c) If upon the expiration of any Interest Period applicable to Eurodollar Offshore Rate Loans, the Co-Borrowers have Holdings has failed to select timely select a new Interest Period to be applicable to its Eurodollar such Offshore Rate Loans, as the case may be, or if any Default or Event of Default then exists, the Co-Borrowers Holdings shall be deemed to have elected to convert such Eurodollar Offshore Rate Loans into Base Rate Loans effective as of the expiration date of such Interest Period. (d) The Agent will promptly notify each Bank of its receipt of a Notice of Conversion/Continuation, or, if no timely notice is provided by Holdings, the Co-Borrowers, Agent will promptly notify each Bank of the details of any automatic conversion. All conversions and continuations shall be made ratably according to the respective outstanding principal amounts of the Loans, Loans with respect to which the notice was given, given held by each Bank. Agent will promptly notify, in writing, each Bank of the amount of such Bank’s applicable percentage of that Conversion/Continuation. (e) Unless the Majority Banks otherwise agreeconsent, during the existence of a Default or Event of Default, the Co-Borrowers Holdings may not elect to have a Revolving Loan converted into or continued as a Eurodollar an Offshore Rate Loan. (f) After giving effect to any Borrowing, conversion or continuation of Loans, unless the Agent shall otherwise consent, there may not be more than ten (10) eight different Interest Periods in effect.

Appears in 1 contract

Sources: Credit Agreement (Building Materials Holding Corp)

Conversion and Continuation Elections. (a) The Co-Borrowers may, upon irrevocable written notice to Agent in accordance with Subsection 2.05(b): (i) elect, as of any Business Day, in the case of Base Rate Loans or COF Rate Loans, or as of the last day of the applicable Interest Period, in the case of any Eurodollar Rate Loan, to convert any such Loans into Loans of any other Type (provided, however, the principal amount of each Eurodollar Rate Loan must be at least $1,000,000.005,000,000.00); or (ii) elect, as of the last day of the applicable Interest Period, to continue any Loans having Interest Periods expiring on such day (provided, however, the principal amount of each Eurodollar Rate Loan must be at least $1,000,000.005,000,000.00); provided, however, that if at any time the aggregate amount of Eurodollar Rate Loans in respect of any Borrowing is reduced, by payment, prepayment, or conversion of part thereof, to a principal amount that is less than $1,000,000.005,000,000.00, such Eurodollar Rate Loans shall automatically convert into Base COF Rate Loans, and on and after such date the right of the Co-Borrowers to continue such Loans as, and convert such Loans into, Eurodollar Rate Loans shall terminate. (b) The Co-Borrowers SEH shall deliver a Notice of Conversion/Continuation to be received by Agent not later than 1:00 p.m. (New York City time) on the Conversion/Continuation Date if the Loans are to be converted into Base Rate Loans or COF Rate Loans; and three (3) Business Day in advance of the Conversion/Continuation Date, if the Loans are to be converted into or continued as Eurodollar Rate Loans, specifying: (i) the proposed Conversion/Continuation Date; (ii) the aggregate amount of Loans to be converted or continued; (iii) the Type of Loans resulting from the proposed conversion or continuation; and (iv) other than in the case of conversions into Base Rate Loans or COF Rate Loans, the duration of the requested Interest Period. (c) If upon the expiration of any Interest Period applicable to Eurodollar Rate Loans, the Co-Borrowers have failed to timely select a new Interest Period to be applicable to its Eurodollar Rate Loans, or if any Default or Event of Default then exists, the Co-Borrowers shall be deemed to have elected to convert such Eurodollar Rate Loans into Base COF Rate Loans effective as of the expiration date of such Interest Period. (d) Agent will promptly notify each Bank of its receipt of a Notice of Conversion/Continuation, or, if no timely notice is provided by the Co-Borrowers, Agent will promptly notify each Bank of the details of any automatic conversion. All conversions and continuations shall be made ratably according to the respective outstanding principal amounts of the Loans, with respect to which the notice was given, held by each Bank. Agent will promptly notify, in writing, each Bank of the amount of such Bank’s applicable percentage of that Conversion/Continuation. (e) Unless the Majority Banks otherwise agree, during the existence of a Default or Event of Default, the Co-Borrowers may not elect to have a Revolving Loan converted into or continued as a Eurodollar Rate Loan. (f) After giving effect to any Borrowing, conversion or continuation of Loans, there may not be more than ten (10) Interest Periods in effect.

Appears in 1 contract

Sources: Credit Agreement (Spark Energy, Inc.)

Conversion and Continuation Elections. (a) The Co-Borrowers Company may, upon irrevocable written notice to the Agent in accordance with Subsection 2.05(bsubsection 2.04(b): (i) elect, as of any Business Day, in the case of Base Rate Loans, or as of the last day of the applicable Interest Period, in the case of any Eurodollar Offshore Rate LoanLoans, to convert any such Loans (or any part thereof in an amount not less than $5,000,000, or that is in an integral multiple of $1,000,000 in excess thereof) into Loans of any other Type (provided, however, the principal amount of each Eurodollar Rate Loan must be at least $1,000,000.00)Type; or (ii) in the case of Offshore Rate Loans, elect, as of the last day of the applicable Interest Period, to continue any Loans having Interest Periods expiring on such day (providedor any part thereof in an amount not less than $5,000,000, however, the principal amount or that is in an integral multiple of each Eurodollar Rate Loan must be at least $1,000,000.001,000,000 in excess thereof); provided, however, that if at any time the aggregate amount of Eurodollar Offshore Rate Loans in respect of any Borrowing is reduced, by payment, prepayment, or conversion of part thereof, thereof to a principal amount that is be less than $1,000,000.005,000,000, such Eurodollar Offshore Rate Loans shall automatically convert into Base Rate Loans, and on and after such date the right of the Co-Borrowers Company to continue such Loans as, and convert such Loans into, Eurodollar Offshore Rate Loans shall terminate. (b) The Co-Borrowers Company shall deliver a Notice of Conversion/Continuation to be received by the Agent not later than 1:00 p.m. (New York City 9:00 a.m. Seattle time) on the Conversion/Continuation Date if the Loans are to be converted into Base Rate Loans; and three at least (3i) four Business Day Days in advance of the Conversion/Continuation Date, if the Loans are to be converted into or continued as Eurodollar Offshore Rate Loans; and (ii) on the Conversion/Continuation Date, if the Loans are to be converted into Base Rate Loans, specifying: (iA) the proposed Conversion/Continuation Date; (iiB) the aggregate amount of Loans to be converted or continued; (iiiC) the Type of Loans resulting from the proposed conversion or continuation; and (ivD) other than in the case of conversions into Base Rate Loans, the duration of the requested Interest Period. (c) If upon the expiration of any Interest Period applicable to Eurodollar Offshore Rate Loans, the Co-Borrowers have Company has failed to timely select a new Interest Period to be applicable to its Eurodollar such Offshore Rate Loans, or if any Default or Event of Default then exists, the Co-Borrowers Company shall be deemed to have elected to convert such Eurodollar Offshore Rate Loans into Base Rate Loans effective as of the expiration date of such Interest Period. (d) The Agent will promptly notify each Bank of its receipt of a Notice of Conversion/Continuation, Continuation or, if no timely notice is provided by the Co-BorrowersCompany, the Agent will promptly notify each Bank of the details of any automatic conversion. All conversions and continuations shall be made ratably according to the respective outstanding principal amounts of the Loans, Loans with respect to which the notice was given, given held by each Bank. Agent will promptly notify, in writing, each Bank of the amount of such Bank’s applicable percentage of that Conversion/Continuation. (e) Unless the Majority Banks otherwise agreeconsent, during the existence of a Default or Event of Default, the Co-Borrowers Company may not elect to have a Revolving Loan converted into or continued as a Eurodollar an Offshore Rate Loan. (f) After giving effect to any Borrowing, conversion or continuation of Loans, unless the Agent shall otherwise consent, there may not be more than ten (10) twelve different Interest Periods in effect.

Appears in 1 contract

Sources: Credit Agreement (Longview Fibre Co)

Conversion and Continuation Elections. (a) The Co-Borrowers Company may, upon irrevocable written notice to the Agent in accordance with Subsection 2.05(bsubsection 2.4(b): (i) elect, as of any Business Day, in the case of Base Rate Loans, or as of the last day lastday of the applicable Interest Period, in the case of any Eurodollar LIBO Rate LoanLoans, to convert any such Loans (or any part thereof in an amount not less than $500,000,or that is in an integral multiple of $250,000 in excess thereof) into Loans of any other Type (provided, however, the principal amount of each Eurodollar Rate Loan must be at least $1,000,000.00)Type; or (ii) elect, as of the last day of the applicable Interest Period, to continue any Revolving Loans having Interest Periods expiring on such day (providedor any part thereof in an amount not less than $500,000, however, the principal amount or that is in an integral multiple of each Eurodollar Rate Loan must be at least $1,000,000.00250,000 in excess thereof); provided, however, that if at any time the aggregate amount of Eurodollar LIBO Rate Loans in respect of any Borrowing is reduced, by payment, prepayment, or conversion of part thereof, thereof to a principal amount that is be less than $1,000,000.001,000,000, such Eurodollar LIBO Rate Loans shall automatically convert into Base Rate Loans, and on and after such date the right of the Co-Borrowers Company to continue such Loans as, and convert such Loans into, Eurodollar LIBO Rate Loans shall terminate. (b) The Co-Borrowers Company shall deliver a Notice of Conversion/Continuation to be received by the Agent not later than 1:00 p.m. 10:30 a.m. (New York City Pacific time) on at least (i) three Business Days in advance of the Conversion/Conversion/ Continuation Date Date, if the Loans are to be converted into Base or continued as LIBO Rate Loans; , and three (3ii) on the Business Day in advance of the Conversion/Continuation Date, if the Loans are to be converted into or continued as Eurodollar Base Rate Loans, specifying: (iA) the proposed Conversion/Continuation Date; (iiB) the aggregate amount of Loans to be converted or continued; (iiiC) the Type of Loans resulting from the proposed conversion or continuation; and (ivD) other than in the case of conversions into Base Rate Loans, the duration of the requested Interest Period. (c) If upon the expiration of any Interest Period applicable to Eurodollar LIBO Rate Loans, the Co-Borrowers have Company has failed to select timely select a new Interest Period to be applicable to its Eurodollar such LIBO Rate Loans, Loans or if any Default or Event of Default then exists, the Co-Borrowers Company shall be deemed to have elected to convert such Eurodollar LIBO Rate Loans into Base Rate Loans effective as of the expiration date of such Interest Period. (d) The Agent will promptly notify each Bank of its receipt of a Notice of Conversion/Continuation, or, if no timely notice is provided by the Co-BorrowersCompany, the Agent will promptly notify each Bank of the details of any automatic conversion. All conversions and continuations shall be made ratably according to the respective outstanding principal amounts of the Loans, with respect to which the notice was given, Loans held by each Bank. Agent will promptly notify, in writing, each Bank of the amount of such Bank’s applicable percentage of that Conversion/Continuation. (e) Unless the Majority Required Banks otherwise agreeconsent, during the existence of a Default or Event of Default, the Co-Borrowers Company may not elect to have a Revolving Loan converted into or continued as a Eurodollar LIBO Rate Loan. (f) After giving effect to any Borrowing, conversion or continuation of Loans, unless the Agent shall otherwise consent, there may not be more than ten (10) seven different Interest Periods in effect.

Appears in 1 contract

Sources: Credit Agreement (New Horizons Worldwide Inc)

Conversion and Continuation Elections. (a) The Co-Borrowers Company may, upon irrevocable written notice to the Agent in accordance with Subsection 2.05(bsubsection 2.4(b): (i) elect, as of any Business Day, in the case of Base Rate Loans, or as of the last day of the applicable Interest Period, in the case of any Eurodollar LIBO Rate LoanLoans, to convert any such Loans (or any part thereof in an amount not less than $500,000, or that is in an integral multiple of $250,000 in excess thereof) into Loans of any other Type (provided, however, the principal amount of each Eurodollar Rate Loan must be at least $1,000,000.00)Type; or (ii) elect, as of the last day of the applicable Interest Period, to continue any Revolving Loans having Interest Periods expiring on such day (providedor any part thereof in an amount not less than $500,000, however, the principal amount or that is in an integral multiple of each Eurodollar Rate Loan must be at least $1,000,000.00250,000 in excess thereof); provided, however, that if at any time the aggregate amount of Eurodollar LIBO Rate Loans in respect of any Borrowing is reduced, by payment, prepayment, or conversion of part thereof, thereof to a principal amount that is be less than $1,000,000.00500,000, such Eurodollar LIBO Rate Loans shall automatically convert into Base Rate Loans, and on and after such date the right of the Co-Borrowers Company to continue such Loans as, and convert such Loans into, Eurodollar LIBO Rate Loans shall terminate. (b) The Co-Borrowers Company shall deliver a Notice of Conversion/Continuation to be received by the Agent not later than 1:00 p.m. 10:30 a.m. (New York City timeApplicable Time) on at least (i) two Business Days in advance of the Conversion/Conversion/ Continuation Date Date, if the Loans are to be converted into Base or continued as LIBO Rate Loans; , and three (3ii) on the Business Day in advance of the Conversion/Continuation Date, if the Loans are to be converted into or continued as Eurodollar Base Rate Loans, specifying: (iA) the proposed Conversion/Continuation Date; (iiB) the aggregate amount of Loans to be converted or continued; (iiiC) the Type of Loans resulting from the proposed conversion or continuation; and (ivD) other than in the case of conversions into Base Rate Loans, the duration of the requested Interest Period. (c) If upon the expiration of any Interest Period applicable to Eurodollar LIBO Rate Loans, the Co-Borrowers have Company has failed to select timely select a new Interest Period to be applicable to its Eurodollar such LIBO Rate Loans, Loans or if any Default or Event of Default then exists, the Co-Borrowers Company shall be deemed to have elected to convert such Eurodollar LIBO Rate Loans into Base Rate Loans effective as of the expiration date of such Interest Period. (d) The Agent will promptly notify each Bank of its receipt of a Notice of Conversion/Continuation, or, if no timely notice is provided by the Co-BorrowersCompany, the Agent will promptly notify each Bank of the details of any automatic conversion. All conversions and continuations shall be made ratably according to the respective outstanding principal amounts of the Loans, Loans with respect to which the notice was given, given held by each Bank. Agent will promptly notify, in writing, each Bank of the amount of such Bank’s applicable percentage of that Conversion/Continuation. (e) Unless the Majority Required Banks otherwise agreeconsent, during the existence of a Default or Event of Default, the Co-Borrowers Company may not elect to have a Revolving Loan converted into or continued as a Eurodollar an LIBO Rate Loan. (f) After giving effect to any Borrowing, conversion or continuation of Loans, unless the Agent shall otherwise consent, there may not be more than ten (10) seven different Interest Periods in effect.

Appears in 1 contract

Sources: Credit Agreement (Midway Games Inc)

Conversion and Continuation Elections. (a) The Co-Borrowers may, upon irrevocable written notice to Agent in accordance with Subsection 2.05(b): (i) elect, as of any Business Day, in the case of Base Rate Loans, or as of the last day of the applicable Interest Period, in the case of any Eurodollar Rate Loan, to convert any such Loans into Loans of any other Type (provided, however, the principal amount of each Eurodollar Rate Loan and Daily Eurodollar Rate Loan must be at least $1,000,000.002,000,000); or (ii) elect, as of the last day of the applicable Interest Period, to continue any Loans having Interest Periods expiring on such day (provided, however, the principal amount of each Eurodollar Rate Loan must be at least $1,000,000.002,000,000); provided, however, that if at any time the aggregate amount of Eurodollar Rate Loans in respect of any Borrowing is reduced, by payment, prepayment, or conversion of part thereof, to a principal amount that is less than $1,000,000.002,000,000, such Eurodollar Rate Loans shall automatically convert into Base Rate Loans, and on and after such date the right of the Co-Borrowers to continue such Loans as, and convert such Loans into, Eurodollar Rate Loans shall terminate. (b) The Co-Borrowers HoldCo shall deliver a Notice of Conversion/Continuation to be received by Agent not later than 1:00 p.m. (New York City time) on the Conversion/Continuation Date if the Loans are to be converted into Base Rate Loans; and three (3) Business Day in advance of the Conversion/Continuation Date, if the Loans are to be converted into or continued as Eurodollar Rate Loans (other than Daily Eurodollar Rate Loans); not later than 12:00 p.m. (New York City time) on the Conversion/Continuation Date if the Loans are to be converted into Daily Eurodollar Rate Loans, specifying: (i) the proposed Conversion/Continuation Date; (ii) the aggregate amount of Loans to be converted or continued; (iii) the Type of Loans resulting from the proposed conversion or continuation; and (iv) other than in if the case of conversions into Base resulting Borrowing is a Eurodollar Rate LoansLoan, the duration of the requested Interest Period. If any such Interest Election Request requests a Eurodollar Borrowing (other than Daily Eurodollar Rate Loans) but does not specify an Interest Period, then the Co-Borrowers shall be deemed to have selected an Interest Period of one month’s duration. If any such Interest Election Request requests a Daily Eurodollar Rate Loan but does not specify an Interest Period, then the Co-Borrowers shall be deemed to have selected an Interest Period of one week’s duration. (c) If upon the expiration of any Interest Period applicable to Eurodollar Rate Loans, the Co-Borrowers have failed to timely select a new Interest Period to be applicable to its Eurodollar Rate Loans, or if any Default or Event of Default then exists, the Co-Borrowers shall be deemed to have elected to convert such Eurodollar Rate Loans into Base Rate Loans effective as of the expiration date of such Interest Period. (d) Agent will promptly notify each Bank of its receipt of a Notice of Conversion/Continuation, or, if no timely notice is provided by the Co-Borrowers, Agent will promptly notify each Bank of the details of any automatic conversion. All conversions and continuations shall be made ratably according to the respective outstanding principal amounts of the Loans, with respect to which the notice was given, held by each Bank. Agent will promptly notify, in writing, each Bank of the amount of such Bank’s applicable percentage of that Conversion/Continuation. (e) Unless the Majority Banks otherwise agree, during the existence of a Default or Event of Default, the Co-Borrowers (i) no outstanding Loan may not elect be converted to have a Revolving Loan converted into or continued as a Eurodollar Rate LoanLoan and (ii) unless repaid, each Eurodollar Rate Loan shall be converted to a Base Rate Loan at the end of the Interest Period applicable thereto. (f) After giving effect to any Borrowing, conversion or continuation of Loans, there may not be more than ten (10) 10 Interest Periods in effect.

Appears in 1 contract

Sources: Credit Agreement (Spark Energy, Inc.)

Conversion and Continuation Elections. (a) The Co-Borrowers may, upon irrevocable written notice to Agent in accordance with Subsection 2.05(b): (i) elect, as of any Business Day, in the case of Base Rate Loans or COF Rate Loans, or as of the last day of the applicable Interest Period, in the case of any Eurodollar Rate Loan, to convert any such Loans into Loans of any other Type (provided, however, the principal amount of each Eurodollar Rate Loan must be at least $1,000,000.002,000,000.00); or (ii) elect, as of the last day of the applicable Interest Period, to continue any Loans having Interest Periods expiring on such day (provided, however, the principal amount of each Eurodollar Rate Loan must be at least $1,000,000.002,000,000.00); provided, however, that if at any time the aggregate amount of Eurodollar Rate Loans in respect of any Borrowing is reduced, by payment, prepayment, or conversion of part thereof, to a principal amount that is less than $1,000,000.002,000,000.00, such Eurodollar Rate Loans shall automatically convert into Base Rate Loans, and on and after such date the right of the Co-Borrowers to continue such Loans as, and convert such Loans into, Eurodollar Rate Loans shall terminate. (b) The Co-Borrowers HoldCo shall deliver a Notice of Conversion/Continuation to be received by Agent not later than 1:00 p.m. (New York City time) on the Conversion/Continuation Date if the Loans are to be converted into Base Rate Loans or COF Rate Loans; and three (3) Business Day in advance of the Conversion/Continuation Date, if the Loans are to be converted into or continued as Eurodollar Rate Loans, specifying: (i) the proposed Conversion/Continuation Date; (ii) the aggregate amount of Loans to be converted or continued; (iii) the Type of Loans resulting from the proposed conversion or continuation; and (iv) other than in the case of conversions into Base Rate Loans or COF Rate Loans, the duration of the requested Interest Period. (c) If upon the expiration of any Interest Period applicable to Eurodollar Rate Loans, the Co-Borrowers have failed to timely select a new Interest Period to be applicable to its Eurodollar Rate Loans, or if any Default or Event of Default then exists, the Co-Borrowers shall be deemed to have elected to convert such Eurodollar Rate Loans into Base Rate Loans effective as of the expiration date of such Interest Period. (d) Agent will promptly notify each Bank of its receipt of a Notice of Conversion/Continuation, or, if no timely notice is provided by the Co-Borrowers, Agent will promptly notify each Bank of the details of any automatic conversion. All conversions and continuations shall be made ratably according to the respective outstanding principal amounts of the Loans, with respect to which the notice was given, held by each Bank. Agent will promptly notify, in writing, each Bank of the amount of such Bank’s applicable percentage of that Conversion/Continuation. (e) Unless the Working Capital Majority Banks or Revolving Majority Banks otherwise agree, during the existence of a Default or Event of Default, the Co-Borrowers may not elect to have a Working Capital Loan or Revolving Loan converted into or continued as a Eurodollar Rate Loan. (f) After giving effect to any Borrowing, conversion or continuation of Loans, there may not be more than ten (10) Interest Periods in effect.

Appears in 1 contract

Sources: Credit Agreement (Spark Energy, Inc.)

Conversion and Continuation Elections. (a) The Co-Borrowers Company may, upon irrevocable written notice to the Administrative Agent in accordance with Subsection 2.05(bsubsection 2.04(b): (i) elect, as of any Business Day, in the case of Base Rate Loans, or as of the last day of the applicable Interest Period, in the case of any Eurodollar Offshore Rate LoanLoans, to convert Loans (or any such Loans part thereof in an amount not less than $500,000 or that is in an integral multiple of $100,000 in excess thereof) into Loans of any other Type (provided, however, the principal amount of each Eurodollar Rate Loan must be at least $1,000,000.00)Type; or (ii) elect, elect as of the last day of the applicable Interest Period, to continue any Offshore Rate Loans having Interest Periods expiring on such day (providedor any part thereof in an amount not less than $500,000, however, the principal amount or that is in an integral multiple of each Eurodollar Rate Loan must be at least $1,000,000.00100,000 in excess thereof); provided, however, provided that if at any time the aggregate amount of Eurodollar Offshore Rate Loans denominated in Dollars in respect of any Borrowing is reduced, by payment, prepayment, or conversion of part thereof, thereof to a principal amount that is be less than $1,000,000.00500,000, such Eurodollar Offshore Rate Loans denominated in Dollars shall automatically convert into Base Rate Loans, and on and after such date the right of the Co-Borrowers Company to continue such Loans as, and convert such Loans into, Eurodollar Offshore Rate Loans shall terminate. (b) The Co-Borrowers Company shall deliver a Notice of Conversion/Continuation Borrowing to be received by the Administrative Agent not later than 1:00 p.m. 12:00 noon at least (New York City timei) on three Business Days in advance of the applicable Conversion/Continuation Date Date, if the relevant Loans are to be converted into Base or continued as Offshore Rate Loans; and three Loans in Dollars, (3ii) four Business Day Days in advance of the Conversion/Continuation Date, if the relevant Loans are to be converted into or continued as Eurodollar Offshore Currency Loans, and (iii) on the Conversion/Continuation Date, if the relevant Loans are to be converted into Base Rate Loans, specifying: (iA) the proposed Conversion/Continuation Date; (iiB) the aggregate amount of Loans to be converted or continued; (iiiC) the Type of Loans resulting from the proposed conversion or continuationcontinuation and in the case of an Offshore Rate Loan, the Applicable Currency; and (ivD) other than in the case of conversions into Base Rate Loans, the duration of the requested Interest Period. (c) If upon the expiration of any Interest Period applicable to Eurodollar Offshore Rate LoansLoans denominated in Dollars, the Co-Borrowers have Company has failed to timely select a new Interest Period to be applicable to its Eurodollar such Offshore Rate Loans, or if any Default or Event of Default then exists, the Co-Borrowers Company shall be deemed to have elected to convert such Eurodollar Offshore Rate Loans into Base Rate Loans effective as of the expiration date of such Interest Period. If the Company has failed to select a new Interest Period to be applicable to Offshore Currency Loans prior to the fourth Business Day in advance of the expiration date of the current Interest Period applicable thereto as provided in subsection 2.04(b), or if any Default or Event of Default shall then exist, subject to the provisions of subsection 2.06(d), the Company shall be deemed to have elected to continue such Offshore Currency Loans for a one-month Interest Period. (d) The Administrative Agent will promptly notify each Bank Lender of its receipt of a Notice of Conversion/ContinuationBorrowing, or, if no timely notice is provided by the Co-BorrowersCompany, the Administrative Agent will promptly notify each Bank Lender of the details of any automatic conversion. All conversions and continuations shall be made ratably according to the respective outstanding principal amounts of the Loans, with respect to which the notice was given, held by each Bank. Agent will promptly notify, in writing, each Bank of the amount of such Bank’s applicable percentage of that Conversion/ContinuationLender. (e) Unless the Majority Banks Required Lenders otherwise agreeconsent, during the existence of a Default or Event of Default, the Co-Borrowers Company may not elect to have a Revolving Loan in Dollars converted into or continued as a Eurodollar an Offshore Rate LoanLoan in Dollars, or an Offshore Currency Loan continued on the basis of an Interest Period exceeding one month. (f) After giving effect The Company hereby authorizes the Lenders and the Administrative Agent to accept Notices of Conversion/Continuation based on telephonic notices made by any BorrowingPerson the Administrative Agent or any Lender in good faith believes to be acting on behalf of the Company. The Company agrees to deliver promptly to the Administrative Agent a written confirmation of each telephonic notice, conversion or continuation signed by a Responsible Officer. If the written confirmation differs in any material respect from the action taken by the Administrative Agent and the Lenders, the records of Loans, there may not be more than ten (10) Interest Periods in effectthe Administrative Agent and the Lenders shall govern absent manifest error.

Appears in 1 contract

Sources: Credit Agreement (Regis Corp)

Conversion and Continuation Elections. (a) The Co-Borrowers Company may, upon irrevocable written notice to the Co-Administrative Agent in accordance with Subsection 2.05(bsubsection 2.04(b): (i) elect, as of any Business Day, in the case of Base Rate Loans, or as of the last day of the applicable Interest Period, in the case of any Eurodollar Offshore Rate LoanLoans, to convert any such Loans (or any part thereof in an amount not less than $500,000 or that is in an integral multiple of $100,000 in excess thereof) into Loans of any other Type (provided, however, the principal amount of each Eurodollar Rate Loan must be at least $1,000,000.00)Type; or (ii) elect, elect as of the last day of the applicable Interest Period, to continue any Loans having Interest Periods expiring on such day (providedor any part thereof in an amount not less than $500,000, however, the principal amount or that is in an integral multiple of each Eurodollar Rate Loan must be at least $1,000,000.00100,000 in excess thereof); provided, however, that if at any time the aggregate amount of Eurodollar Offshore Rate Loans denominated in Dollars in respect of any Borrowing is reduced, by payment, prepayment, or conversion of part thereof, thereof to a principal amount that is be less than $1,000,000.00, 500,000 such Eurodollar Offshore Rate Loans denominated in Dollars shall automatically convert into Base Rate Loans, and on and after such date the right of the Co-Borrowers Company to continue such Loans as, and convert such Loans into, Eurodollar Offshore Rate Loans shall terminate. (b) The Co-Borrowers Company shall deliver a Notice of Conversion/Continuation to be received by the Co-Administrative Agent not later than 1:00 12:00 p.m. (New York City Chicago time) on the Conversion/Continuation Date if the Loans are to be converted into Base Rate Loans; and at least (i) three (3) Business Day Days in advance of the Conversion/Continuation Date, if the Loans are to be converted into or continued as Eurodollar Offshore Rate Loans in Dollars, (ii) four Business Days in advance of the Conversion/Continuation Date, if the Loans are to be converted into or continued as Offshore Currency Loans, and (iii) on the Conversion/Continuation Date, if the Loans are to be converted into Base Rate Loans, specifying: (iA) the proposed Conversion/Continuation Date; (iiB) the aggregate amount of Loans to be converted or continued; (iiiC) the Type of Loans resulting from the proposed conversion or continuationcontinuation and in the case of an Offshore Rate Loan, the Applicable Currency; and (ivD) other than in the case of conversions into Base Rate Loans, the duration of the requested Interest Period. (c) If upon the expiration of any Interest Period applicable to Eurodollar Offshore Rate LoansLoans denominated in Dollars, the Co-Borrowers have Company has failed to select timely select a new Interest Period to be applicable to its Eurodollar such Offshore Rate Loans, or if any Default or Event of Default then exists, the Co-Borrowers Company shall be deemed to have elected to convert such Eurodollar Offshore Rate Loans into Base Rate Loans effective as of the expiration date of such Interest Period. If the Company has failed to select a new Interest Period to be applicable to Offshore Currency Loans prior to the fourth Business Day in advance of the expiration date of the current Interest Period applicable thereto as provided in subsection 2.04(b), or if any Default or Event of Default shall then exist, subject to the provisions of subsection 2.06(d), the Company shall be deemed to have elected to continue such Offshore Currency Loans on the basis of a one-month Interest Period. (d) The Co-Administrative Agent will promptly notify each Bank Lender of its receipt of a Notice of Conversion/Continuation, or, if no timely notice is provided by the Company, the Co-Borrowers, Administrative Agent will promptly notify each Bank Lender of the details of any automatic conversion. All conversions and continuations shall be made ratably according to the respective outstanding principal amounts of the Loans, with respect to which the notice was given, held by each Bank. Agent will promptly notify, in writing, each Bank of the amount of such Bank’s applicable percentage of that Conversion/ContinuationLender. (e) Unless the Majority Banks Required Lenders otherwise agreeconsent, during the existence of a Default or Event of Default, the Co-Borrowers Company may not elect to have a Revolving Loan in Dollars converted into or continued as a Eurodollar an Offshore Rate LoanLoan in Dollars, or an Offshore Currency Loan continued on the basis of an Interest Period exceeding one month. (f) After giving effect The Company hereby authorizes the Lenders and the Co-Administrative Agent to accept Notices of Conversion/Continuation based on telephonic notices made by any Borrowingperson or persons the Co-Administrative Agent or any Lender in good faith believes to be acting on behalf of the Company. The Company agrees to deliver promptly to the Co-Administrative Agent a written confirmation of each telephonic notice, conversion or continuation signed by a Responsible Officer. If the written confirmation differs in any material respect from the action taken by the Co-Administrative Agent and the Lenders, the records of Loans, there may not be more than ten (10) Interest Periods in effectthe Co-Administrative Agent and the Lenders shall govern absent manifest error.

Appears in 1 contract

Sources: Credit Agreement (Regis Corp)

Conversion and Continuation Elections. (a) The Co-Borrowers Borrower may, upon irrevocable written notice to the Administrative Agent in accordance with Subsection 2.05(b2.04(b): (i) elect, as of any Business Day, in the case of Base Rate Loans, or as of the last day of the applicable Interest Period, in the case of any Eurodollar Offshore Rate Loan, to convert any such Loans into Loans of any other Type (provided, however, that the principal amount Offshore Effective Amount of each Eurodollar Offshore Rate Loan must be at least $1,000,000.0015,000,000); or (ii) elect, as of the last day of the applicable Interest Period, to continue any Revolving Loans having Interest Periods expiring on such day (provided, however, that the principal amount Offshore Effective Amount of each Eurodollar Offshore Rate Loan must be at least $1,000,000.0015,000,000); provided, however, that if at any time the aggregate amount of Eurodollar Offshore Rate Loans in respect of any Borrowing is reduced, by payment, prepayment, or conversion of part thereof, to a principal amount that is have an Offshore Effective Amount of less than $1,000,000.0015,000,000, such Eurodollar Offshore Rate Loans shall automatically convert into Base Rate Loans, and on and after such date the right of the Co-Borrowers Borrower to continue such Loans as, and convert such Loans into, Eurodollar Offshore Rate Loans shall terminate. (b) The Co-Borrowers Borrower shall deliver a Notice of Conversion/Continuation to be received by the Administrative Agent not later than 1:00 12:00 p.m. noon (New York City time) on the Conversion/Continuation Date if the Loans are to be converted into Base Rate Loans; and three four (34) Business Day Days in advance of the Conversion/Continuation Date, if the Loans are to be converted into or continued as Eurodollar Offshore Rate Loans, specifying: (i) the proposed Conversion/Continuation Date; (ii) the aggregate amount of Loans to be converted or continued; (iii) the Type of Loans resulting from the proposed conversion or continuation; and (iv) other than in the case of conversions into Base Rate Loans, the duration of the requested Interest Period. (c) If upon the expiration of any Interest Period applicable to Eurodollar Offshore Rate Loans, the Co-Borrowers have Borrower has failed to timely select a new Interest Period to be applicable to its Eurodollar Offshore Rate Loans, or if any Default or Event of Default then exists, the Co-Borrowers Borrower shall be deemed to have elected to convert such Eurodollar Offshore Rate Loans into Base Rate Loans effective as of the expiration date of such Interest Period. (d) The Administrative Agent will promptly notify each Bank of its receipt of a Notice of Conversion/Continuation, or, if no timely notice is provided by the Co-BorrowersBorrower, the Administrative Agent will promptly notify each Bank of the details of any automatic conversion. All conversions and continuations shall be made ratably according to the respective outstanding principal amounts of the Loans, with respect to which the notice was given, held by each Bank. Agent will promptly notify, in writing, each Bank of the amount of such Bank’s applicable percentage of that Conversion/Continuation. (e) Unless the Majority Required Banks otherwise agree, during the existence of a Default or Event of Default, the Co-Borrowers Borrower may not elect to have a Revolving Loan converted into or continued as a Eurodollar an Offshore Rate Loan. (f) After giving effect to any Borrowing, conversion or continuation of Loans, there may not be more than ten five (105) Interest Periods in effect. (g) The Administrative Agent will promptly notify, in writing, each Bank of the amount of such Bank's Pro Rata Share of that Borrowing. (h) If any Bank has provided the Administrative Agent with, and the Administrative Agent has actually received, a written notice in the form of Exhibit H by 5:00 p.m. (New York City time) one Business Day immediately prior to the requested Conversion/Continuation Date, then the Administrative Agent shall notify the Borrower and the other Banks by no later than 6:00 p.m. (New York City time) that one or more of the Banks has (have) elected not to convert/continue such Loan and whether Bank(s) has (have) elected to become the Approving Bank(s) thereby triggering the Conversion to Reduced Funding Banks Date.

Appears in 1 contract

Sources: Credit Agreement (Atmos Energy Corp)

Conversion and Continuation Elections. (a) The Co-Borrowers Company may, upon irrevocable written notice to the Agent in accordance with Subsection 2.05(bsubsection 2.4(b): (i) elect, as of any Business Day, in the case of Base Rate Loans, or as of the last day of the applicable Interest Period, in the case of any Eurodollar LIBO Rate LoanLoans, to convert any such Loans (or any part thereof in an amount not less than $500,000, or that is in an integral multiple of $250,000 in excess thereof) into Loans of any other Type (provided, however, the principal amount of each Eurodollar Rate Loan must be at least $1,000,000.00)Type; or (ii) elect, as of the last day of the applicable Interest Period, to continue any Revolving Loans having Interest Periods expiring on such day (providedor any part thereof in an amount not less than $500,000, however, the principal amount or that is in an integral multiple of each Eurodollar Rate Loan must be at least $1,000,000.00250,000 in excess thereof); provided, howeverPROVIDED, that if at any time the aggregate amount of Eurodollar LIBO Rate Loans in respect of any Borrowing is reduced, by payment, prepayment, or conversion of part thereof, thereof to a principal amount that is be less than $1,000,000.00500,000, such Eurodollar LIBO Rate Loans shall automatically convert into Base Rate Loans, and on and after such date the right of the Co-Borrowers Company to continue such Loans as, and convert such Loans into, Eurodollar LIBO Rate Loans shall terminate. (b) The Co-Borrowers Company shall deliver a Notice of Conversion/Continuation to be received by the Agent not later than 1:00 p.m. 10:30 a.m. (New York City timeApplicable Time) on at least (i) two Business Days in advance of the Conversion/Conversion/ Continuation Date Date, if the Loans are to be converted into Base or continued as LIBO Rate Loans; , and three (3ii) on the Business Day in advance of the Conversion/Continuation Date, if the Loans are to be converted into or continued as Eurodollar Base Rate Loans, specifying: (iA) the proposed Conversion/Continuation Date; (iiB) the aggregate amount of Loans to be converted or continued; (iiiC) the Type of Loans resulting from the proposed conversion or continuation; and (ivD) other than in the case of conversions into Base Rate Loans, the duration of the requested Interest Period. (c) If upon the expiration of any Interest Period applicable to Eurodollar LIBO Rate Loans, the Co-Borrowers have Company has failed to select timely select a new Interest Period to be applicable to its Eurodollar such LIBO Rate Loans, Loans or if any Default or Event of Default then exists, the Co-Borrowers Company shall be deemed to have elected to convert such Eurodollar LIBO Rate Loans into Base Rate Loans effective as of the expiration date of such Interest Period. (d) The Agent will promptly notify each Bank of its receipt of a Notice of Conversion/Continuation, or, if no timely notice is provided by the Co-BorrowersCompany, the Agent will promptly notify each Bank of the details of any automatic conversion. All conversions and continuations shall be made ratably according to the respective outstanding principal amounts of the Loans, Loans with respect to which the notice was given, given held by each Bank. Agent will promptly notify, in writing, each Bank of the amount of such Bank’s applicable percentage of that Conversion/Continuation. (e) Unless the Majority Banks otherwise agreeconsent, during the existence of a Default or Event of Default, the Co-Borrowers Company may not elect to have a Revolving Loan converted into or continued as a Eurodollar an LIBO Rate Loan. (f) After giving effect to any Borrowing, conversion or continuation of Loans, unless the Agent shall otherwise consent, there may not be more than ten (10) seven different Interest Periods in effect.

Appears in 1 contract

Sources: Credit Agreement (Midway Games Inc)

Conversion and Continuation Elections. (a) The Co-Borrowers may, upon irrevocable written notice to Agent in accordance with Subsection 2.05(b): Company may (i) elect, as of elect to convert on any Business Day, in the case of any Base Rate Loans (or any part thereof in an amount not less than $10,000,000 or an integral multiple of $1,000,000 in excess thereof) into LIBOR Rate Loans, or as of ; (ii) elect to convert on the last day of the applicable Interest PeriodPeriod therefor, any LIBOR Rate Loans (or any part thereof in the case an amount not less than $10,000,000 or an integral multiple of any Eurodollar $1,000,000 in excess thereof) into Base Rate LoanLoans; or (iii) elect to continue, to convert any such Loans into Loans of any other Type (provided, however, the principal amount of each Eurodollar Rate Loan must be at least $1,000,000.00); or (ii) elect, as of on the last day of the applicable Interest PeriodPeriod therefor, to continue any LIBOR Rate Loans having Interest Periods expiring on such day (provided, however, the principal or any part thereof in an amount not less than $10,000,000 or an integral multiple of each Eurodollar Rate Loan must be at least $1,000,000.001,000,000 in excess thereof); provided, however, that if at any time the aggregate amount of Eurodollar LIBOR Rate Loans in respect of any Borrowing is shall have been reduced, by payment, prepayment, or conversion of part thereof, thereof to a principal amount that is be less than $1,000,000.0010,000,000, such Eurodollar LIBOR Rate Loans shall automatically convert into Base Rate Loans, and on and after such date the right of the Co-Borrowers Company to continue such Loans as, and convert such Loans into, Eurodollar LIBOR Rate Loans shall terminate. (b) The Co-Borrowers Each conversion or continuation shall deliver be made upon irrevocable written notice in the form of a Notice of Conversion/Continuation to Continuation, which notice must be received by the Administrative Agent not later than 1:00 p.m. prior to 9:00 a.m. (New York City San Francisco time) on the Conversion/Continuation Date if the Loans are to be converted into Base Rate Loans; and (i) three (3) Business Day Days in advance of the Conversion/Continuation Conversion Date, if the Loans are to be converted into or continued as Eurodollar LIBOR Rate Loans; and (ii) on the Conversion Date, if the Loans are to be converted into Base Rate Loans, specifying: : (iA) the proposed Conversion/Continuation Conversion Date; ; (iiB) the aggregate amount of Loans to be converted or continued; (iii) the Type of Loans resulting from the proposed conversion or continuation; and (iv) other than in the case of conversions into Base Rate Loans, the duration of the requested Interest Period. (c) If upon the expiration of any Interest Period applicable to Eurodollar Rate Loans, the Co-Borrowers have failed to timely select a new Interest Period to be applicable to its Eurodollar Rate Loans, or if any Default or Event of Default then exists, the Co-Borrowers shall be deemed to have elected to convert such Eurodollar Rate Loans into Base Rate Loans effective as of the expiration date of such Interest Period. (d) Agent will promptly notify each Bank of its receipt of a Notice of Conversion/Continuation, or, if no timely notice is provided by the Co-Borrowers, Agent will promptly notify each Bank of the details of any automatic conversion. All conversions and continuations shall be made ratably according to the respective outstanding principal amounts of the Loans, with respect to which the notice was given, held by each Bank. Agent will promptly notify, in writing, each Bank of the amount of such Bank’s applicable percentage of that Conversion/Continuation. (e) Unless the Majority Banks otherwise agree, during the existence of a Default or Event of Default, the Co-Borrowers may not elect to have a Revolving Loan converted into or continued as a Eurodollar Rate Loan. (f) After giving effect to any Borrowing, conversion or continuation of Loans, there may not be more than ten (10) Interest Periods in effect.

Appears in 1 contract

Sources: Subordinated Term Loan Agreement (Wellpoint Health Networks Inc /Ca/)

Conversion and Continuation Elections. (a) The Co-Borrowers Borrower may, upon irrevocable written notice to the Administrative Agent in accordance with Subsection 2.05(bsubsection 2.4(b): (i) elect, as of any Business Day, in the case of Base Rate Loans, or as of the last day of the applicable Interest Period, in the case of any Eurodollar Offshore Rate LoanLoans, to convert any such Loans (or any part thereof in an amount not less than $5,000,000, or that is in an integral multiple of $1,000,000 in excess thereof) into Loans of any other Type (provided, however, the principal amount of each Eurodollar Rate Loan must be at least $1,000,000.00)Type; or (ii) elect, as of the last day of the applicable Interest Period, to continue any Loans having Interest Periods expiring on such day (providedor any part thereof in an amount not less than $5,000,000, however, the principal amount or that is in an integral multiple of each Eurodollar Rate Loan must be at least $1,000,000.001,000,000 in excess thereof); provided, however, that if at any time the aggregate amount of Eurodollar Offshore Rate Loans in respect of any Borrowing is reduced, by payment, prepayment, or conversion of part thereof, thereof to a principal amount that is be less than $1,000,000.005,000,000, such Eurodollar Offshore Rate Loans shall automatically convert into Base Rate Loans, and on and after such date the right of the Co-Borrowers Borrower to continue such Loans as, and convert such Loans into, Eurodollar Offshore Rate Loans shall terminate. (b) The Co-Borrowers Borrower shall deliver a Notice of Conversion/Conversion/ Continuation to be received by the Administrative Agent not later than 1:00 p.m. 10:00 a.m. (New York City Chicago time) on at least (i) three Business Days in advance of the Conversion/Conversion/ Continuation Date Date, if the Loans are to be converted into Base or continued as Offshore Rate Loans; Loans and three (3ii) Business Day in advance of on the Conversion/Continuation Date, if the Loans are to be converted into or continued as Eurodollar Base Rate Loans, specifying: (iA) the proposed Conversion/Continuation Date; (iiB) the aggregate amount of Loans to be converted or continued; (iiiC) the Type of Loans resulting from the proposed conversion or continuation; and (ivD) other than in the case of conversions into Base Rate Loans, the duration of the requested Interest Period. (c) If upon the expiration of any Interest Period applicable to Eurodollar for Offshore Rate Loans, the Co-Borrowers have Borrower has failed to select timely select a new Interest Period to be applicable to its Eurodollar such Offshore Rate Loans, as the case may be, or if any Default or Event of Default then exists, the Co-Borrowers Borrower shall be deemed to have elected to convert such Eurodollar Offshore Rate Loans into Base Rate Loans effective as of the expiration date of such Interest Period. (d) The Administrative Agent will promptly notify each Bank Lender of its receipt of a Notice of Conversion/Conversion/ Continuation, or, if no timely notice is provided by the Co-BorrowersBorrower, the Administrative Agent will promptly notify each Bank Lender of the details of any automatic conversion. All conversions and continuations shall be made ratably according to the respective outstanding principal amounts of the Loans, Loans with respect to which the notice was given, given held by each Bank. Agent will promptly notify, in writing, each Bank of the amount of such Bank’s applicable percentage of that Conversion/ContinuationLender. (e) Unless the Majority Banks Required Lenders otherwise agreeconsent, during the existence of a Default or Event of Default, the Co-Borrowers Borrower may not elect to have a Revolving Loan converted into or continued as a Eurodollar an Offshore Rate Loan. (f) After giving effect to any Borrowing, conversion or continuation of Loans, unless the Administrative Agent shall otherwise consent, there may not be more than ten (10) four different Interest Periods in effect.

Appears in 1 contract

Sources: Credit Agreement (Pma Capital Corp)

Conversion and Continuation Elections. (a) The Co-Borrowers Borrower may, upon irrevocable written notice to the Administrative Agent in accordance with Subsection 2.05(b2.04(b): (i) elect, as of any Business Day, in the case of Base Rate Loans, or as of the last day of the applicable Interest Period, in the case of any Eurodollar Offshore Rate Loan, to convert any such Loans into Loans of any other Type (provided, however, that the principal amount Offshore Effective Amount of each Eurodollar Offshore Rate Loan must be at least $1,000,000.0015,000,000); or (ii) elect, as of the last day of the applicable Interest Period, to continue any Revolving Loans having Interest Periods expiring on such day (provided, however, that the principal amount Offshore Effective Amount of each Eurodollar Offshore Rate Loan must be at least $1,000,000.0015,000,000); provided, however, that if at any time the aggregate amount of Eurodollar Offshore Rate Loans in respect of any Borrowing is reduced, by payment, prepayment, or conversion of part thereof, to a principal amount that is have an Offshore Effective Amount of less than $1,000,000.0015,000,000, such Eurodollar Offshore Rate Loans shall automatically convert into Base Rate Loans, and on and after such date the right of the Co-Borrowers Borrower to continue such Loans as, and convert such Loans into, Eurodollar Offshore Rate Loans shall terminate. (b) The Co-Borrowers Borrower shall deliver a Notice of Conversion/Continuation to be received by the Administrative Agent not later than 1:00 12:00 p.m. noon (New York City time) on two (2) Business Days immediately preceding the Conversion/Continuation Date if the Loans are to be converted into Base Rate Loans; and three four (34) Business Day Days in advance of the Conversion/Continuation Date, if the Loans are to be converted into or continued as Eurodollar Offshore Rate Loans, specifying: (i) the proposed Conversion/Continuation Date; (ii) the aggregate amount of Loans to be converted or continued; (iii) the Type of Loans resulting from the proposed conversion or continuation; and; (iv) other than in the case of conversions into Base Rate Loans, the duration of the requested Interest Period; and (v) whether such Notice of Conversion/Continuation is “revocable” or “irrevocable”(by checking the applicable box on such notice). If a Notice of Conversion/Continuation is “irrevocable”, the deadlines set forth in Section 2.04(b) above shall be reduced by one (1) Business Day so that with respect to Loans to be converted to Base Rate Loans, the deadline for notice shall be not later than 12:00 p.m. noon (New York City time) one (1) Business Day immediately preceding the Conversion/Continuation Date, and with respect to Loans to be converted to Offshore Rate Loans, the deadline for notice shall be not later than 12:00 p.m. noon (New York City time) three (3) Business Days immediately preceding the Conversion/Continuation Date. With respect to any Notice of Conversion/Continuation, if such notice is delivered on the applicable Business Day after the specified time for such notice, such notice shall be deemed to have been delivered as of the start of the immediately succeeding Business Day. (c) If upon the expiration of any Interest Period applicable to Eurodollar Offshore Rate Loans, the Co-Borrowers have Borrower has failed to timely select a new Interest Period to be applicable to its Eurodollar Offshore Rate Loans, or if any Default or Event of Default then exists, the Co-Borrowers Borrower shall be deemed to have elected to convert such Eurodollar Offshore Rate Loans into Base Rate Loans effective as of the expiration date of such Interest Period. (d) The Administrative Agent will promptly notify each Bank of its receipt of a Notice of Conversion/Continuation, or, if no timely notice is provided by the Co-BorrowersBorrower, the Administrative Agent will promptly notify each Bank of the details of any automatic conversion. All conversions and continuations shall be made ratably according to the respective outstanding principal amounts of the Loans, with respect to which the notice was given, held by each Bank. Agent will promptly notify, in writing, each Bank of the amount of such Bank’s applicable percentage of that Conversion/Continuation. (e) Unless the Majority Required Banks otherwise agree, during the existence of a Default or Event of Default, the Co-Borrowers Borrower may not elect to have a Revolving Loan converted into or continued as a Eurodollar an Offshore Rate Loan. (f) After giving effect to any Borrowing, conversion or continuation of Loans, there may not be more than ten five (105) Interest Periods in effect. (g) The Administrative Agent will promptly notify, in writing, each Bank of the amount of such Bank’s Pro Rata Advance Share (or, if a Defaulting Bank exists, and without limitation to the obligations of such Defaulting Bank under this Section 2.04, with respect to any Non-Defaulting Bank, its Pro Rata Adjusted Advance Share, if applicable) of that Borrowing. To the extent that any Notice of Conversion/Continuation contemplated in the foregoing provisions of this Section 2.04 is not received as of the specified time, such notice shall be deemed to have been received as of the start of business on the immediately succeeding Business Day.

Appears in 1 contract

Sources: Credit Agreement (Atmos Energy Corp)

Conversion and Continuation Elections. (a) 2.4.1 The Co-Borrowers Borrower may, upon irrevocable written notice to the Administrative Agent in accordance with Subsection 2.05(b):Section 2.4.2: ------------- (ia) elect, as of any Business Day, in the case of Base Reference Rate Loans, or as of the last day of the applicable Interest Period, in the case of any Eurodollar Rate LoanLIBOR Loans, to convert any such Loans (or any part thereof in an amount not less than $5,000,000.00, or that is in an integral multiple of $100,000 in excess thereof) into Loans of any other Type (provided, however, the principal amount of each Eurodollar Rate Loan must be at least $1,000,000.00)Type; or (iia) elect, as of the last day of the applicable Interest Period, to continue any Loans having Interest Periods expiring on such day (providedor any part thereof in an amount not less than $5,000,000.00, however, the principal amount or that is in an integral multiple of each Eurodollar Rate Loan must be at least $1,000,000.00100,000 in excess thereof); provided, however, that if at any time the aggregate amount of Eurodollar Rate LIBOR Loans in respect of -------- any Borrowing is reduced, by payment, prepayment, or conversion of part thereof, thereof to a principal amount that is be less than $1,000,000.005,000,000, such Eurodollar Rate LIBOR Loans shall automatically convert into Base Reference Rate Loans, and on and after such date the right of the Co-Borrowers Borrower to continue such Loans as, and convert such Loans into, Eurodollar Rate LIBOR Loans shall terminate. (b) 2.4.2 The Co-Borrowers Borrower shall deliver a Notice of Conversion/Continuation by facsimile, immediately confirmed in writing, to be received by the Administrative Agent not later than 1:00 p.m. 11:00 a.m. San Francisco time at least (New York City timei) on the Conversion/Continuation Date if the Loans are to be converted into Base Rate Loans; and three four (34) Business Day Days in advance of the Conversion/Continuation Date, if the Loans are to be converted into or continued as Eurodollar LIBOR Loans; and (ii) one (1) Business Day in advance of the Conversion/ Continuation Date, if the Loans are to be converted into Reference Rate LoansLoans (provided, however, that the Administrative Agent may, in its discretion, permit the Borrower's chief financial officer, treasurer or controller to give such notice by telephone, to be followed by a written Notice of Conversion/Continuation within forty-eight (48) hours), specifying: (ia) the proposed Conversion/Continuation Date; (iib) the aggregate amount of Loans to be converted or continuedrenewed; (iiic) the Type of Loans resulting from the proposed conversion or continuation; and (ivd) other than in the case of conversions into Base Reference Rate Loans, the duration of the requested Interest Period. (c) 2.4.3 If upon the expiration of any Interest Period applicable to Eurodollar Rate Loans, LIBOR Loans the Co-Borrowers have Borrower has failed to select timely select a new Interest Period to be applicable to its Eurodollar Rate such LIBOR Loans, or if any Default or Event of Default then exists, the Co-Borrowers Borrower shall be deemed to have elected to convert such Eurodollar Rate LIBOR Loans into Base Reference Rate Loans effective as of the expiration date of such Interest Period. (d) 2.4.4 The Administrative Agent will promptly notify each Bank of within one (1) Business Day after its receipt of a Notice of Conversion/Continuation, or, if no timely notice is provided by the Co-BorrowersBorrower, the Administrative Agent will promptly notify each Bank of the details of any automatic conversion. All conversions and continuations shall be made ratably according to the respective outstanding principal amounts of the Loans, Loans with respect to which the notice was given, held by each Bank. Agent will promptly notify, in writing, each Bank of the amount of such Bank’s applicable percentage of that Conversion/Continuation. (e) 2.4.5 Unless the Majority Banks otherwise agree, (a) during the existence of a Default or Event of Monetary Default, the Co-Borrowers Borrower may not elect to have a Revolving Loan converted into or continued as a Eurodollar Rate LIBOR Loan having an Interest Period longer than one (1) month, and (b) during the existence of an Event of Default, the Borrower may not elect to have a Loan converted into or continued as a LIBOR Loan. (f) 2.4.6 After giving effect to any Borrowing, conversion or continuation of Loans, there may not be more than ten eight (10) 8) different Interest Periods in effect.

Appears in 1 contract

Sources: Line of Credit Loan Agreement (Catellus Development Corp)

Conversion and Continuation Elections. (a) The Co-Borrowers Borrower may, upon irrevocable written notice to the Administrative Agent in accordance with Subsection 2.05(b2.04(b): (i) elect, as of any Business Day, in the case of Base Rate Loans, or as of the last day of the applicable Interest Period, in the case of any Eurodollar Offshore Rate Loan, to convert any such Loans into Loans of any other Type (provided, however, that the principal amount Offshore Effective Amount of each Eurodollar Offshore Rate Loan must be at least $1,000,000.0015,000,000); or (ii) elect, as of the last day of the applicable Interest Period, to continue any Revolving Loans having Interest Periods expiring on such day (provided, however, that the principal amount Offshore Effective Amount of each Eurodollar Offshore Rate Loan must be at least $1,000,000.0015,000,000); provided, however, that if at any time the aggregate amount of Eurodollar Offshore Rate Loans in respect of any Borrowing is reduced, by payment, prepayment, or conversion of part thereof, to a principal amount that is have an Offshore Effective Amount of less than $1,000,000.0015,000,000, such Eurodollar Offshore Rate Loans shall automatically convert into Base Rate Loans, and on and after such date the right of the Co-Borrowers Borrower to continue such Loans as, and convert such Loans into, Eurodollar Offshore Rate Loans shall terminate. (b) The Co-Borrowers Borrower shall deliver a Notice of Conversion/Continuation to be received by the Administrative Agent not later than 1:00 12:00 p.m. noon (New York City time) on the Conversion/Continuation Date if the Loans are to be converted into Base Rate Loans; and three four (34) Business Day Days in advance of the Conversion/Continuation Date, if the Loans are to be converted into or continued as Eurodollar Offshore Rate Loans, specifying: (i) the proposed Conversion/Continuation Date; (ii) the aggregate amount of Loans to be converted or continued; (iii) the Type of Loans resulting from the proposed conversion or continuation; and (iv) other than in the case of conversions into Base Rate Loans, the duration of the requested Interest Period. (c) If upon the expiration of any Interest Period applicable to Eurodollar Offshore Rate Loans, the Co-Borrowers have Borrower has failed to timely select a new Interest Period to be applicable to its Eurodollar Offshore Rate Loans, or if any Default or Event of Default then exists, the Co-Borrowers Borrower shall be deemed to have elected to convert such Eurodollar Offshore Rate Loans into Base Rate Loans effective as of the expiration date of such Interest Period. (d) The Administrative Agent will promptly notify each Bank of its receipt of a Notice of Conversion/Continuation, or, if no timely notice is provided by the Co-BorrowersBorrower, the Administrative Agent will promptly notify each Bank of the details of any automatic conversion. All conversions and continuations shall be made ratably according to the respective outstanding principal amounts of the Loans, with respect to which the notice was given, held by each Bank. Agent will promptly notify, in writing, each Bank of the amount of such Bank’s applicable percentage of that Conversion/Continuation. (e) Unless the Majority Required Banks otherwise agree, during the existence of a Default or Event of Default, the Co-Borrowers Borrower may not elect to have a Revolving Loan converted into or continued as a Eurodollar an Offshore Rate Loan. (f) After giving effect to any Borrowing, conversion or continuation of Loans, there may not be more than ten five (105) Interest Periods in effect. (g) The Administrative Agent will promptly notify, in writing, each Bank of the amount of such Bank’s Pro Rata Share of that Borrowing. (h) If any Bank has provided the Administrative Agent with, and the Administrative Agent has actually received, a written notice in the form of Exhibit H by 5:00 p.m. (New York City time) one Business Day immediately prior to the requested Conversion/Continuation Date, then the Administrative Agent shall notify the Borrower and the other Banks by no later than 6:00 p.m. (New York City time) that one or more of the Banks has (have) elected not to convert/continue such Loan and whether Bank(s) has (have) elected to become the Approving Bank(s) thereby triggering the Conversion to Reduced Funding Banks Date.

Appears in 1 contract

Sources: Credit Agreement (Atmos Energy Corp)

Conversion and Continuation Elections. (a) The Co-Borrowers Company may, upon irrevocable written notice to the Agent in accordance with Subsection 2.05(bsubsection 2.4(b): (i) elect, as of any Business Day, in the case of Base Rate Loans, or as of the last day of the applicable Interest Period, in the case of any Eurodollar Offshore Rate LoanLoans, to convert any such Loans (or any part thereof in an amount not less than $2,000,000, or that is in an integral multiple of $500,000 in excess thereof) into Loans of any other Type (provided, however, the principal amount of each Eurodollar Rate Loan must be at least $1,000,000.00)Type; or (ii) elect, as of the last day of the applicable Interest Period, to continue any Offshore Rate Loans having Interest Periods expiring on such day (providedor any part thereof in an amount not less than $2,000,000, however, the principal amount or that is in an integral multiple of each Eurodollar Rate Loan must be at least $1,000,000.00500,000 in excess thereof); provided, however, provided that if at any time the aggregate amount of Eurodollar Offshore Rate Loans in -------- ---- respect of any Borrowing is reduced, by payment, prepayment, or conversion of part thereof, thereof to a principal amount that is be less than $1,000,000.002,000,000, such Eurodollar Offshore Rate Loans shall automatically convert into Base Rate Loans, and on and after such date the right of the Co-Borrowers Company to continue such Loans as, and convert such Loans into, Eurodollar Offshore Rate Loans Loans, as the case may be, shall terminate. (b) The Co-Borrowers Company shall deliver a Notice of Conversion/Continuation to be received by the Agent not later than 1:00 p.m. (New York City i) 9:00 a.m. (San Francisco time) on the Conversion/Continuation Date if the Loans are to be converted into Base Rate Loans; and at least three (3) Business Day Days in advance of the Conversion/Continuation Date, if the Loans are to be converted into or continued as Eurodollar Offshore Rate Loans; and (ii) 8:30 a.m. (San Francisco time) on the Conversion/Continuation Date, if the Loans are to be converted into Base Rate Loans, specifying: (iA) the proposed Conversion/Continuation Date; (iiB) the aggregate amount of Loans to be converted or continued; (iiiC) the Type of Loans resulting from the proposed conversion or continuation; and (ivD) other than in the case of conversions into Base Rate Loans, the duration of the requested Interest Period. (c) If upon the expiration of any Interest Period applicable to Eurodollar Offshore Rate Loans, the Co-Borrowers have Company has failed to select timely select a new Interest Period to be applicable to its Eurodollar such Offshore Rate Loans, Loans or if any Default or Event of Default then exists, the Co-Borrowers Company shall be deemed to have elected to convert such Eurodollar Offshore Rate Loans into Base Rate Loans effective as of the expiration date of such Interest Period. (d) The Agent will promptly notify each Bank of its receipt of a Notice of Conversion/ContinuationContinuation for Loans, or, if no timely notice is provided by the Co-BorrowersCompany, the Agent will promptly notify each Bank of the details of any automatic conversion. All conversions and continuations shall be made ratably according to the respective outstanding principal amounts of the Loans, Loans with respect to which the notice was given, given held by each Bank. Agent will promptly notify, in writing, each Bank of the amount of such Bank’s applicable percentage of that Conversion/Continuation. (e) Unless the Majority Banks otherwise agreeconsent, during the existence of a Default or Event of Default, the Co-Borrowers Company may not elect to have a Revolving Loan converted into or continued as a Eurodollar Offshore Rate Loan. (f) After giving effect to any Borrowing, conversion or continuation of Loans, unless the Agent shall otherwise consent, there may not be more than ten five (105) different Interest Periods in effecteffect with respect to Loans.

Appears in 1 contract

Sources: Credit Agreement (U S Timberlands Finance Corp)

Conversion and Continuation Elections. (a) The Co-Borrowers may, Borrower may upon irrevocable written notice from the Borrower to Agent in accordance with Subsection 2.05(b):the Agent: (i) elect, as of elect to convert on any Business Day, in the case of Base Rate Loans in an amount equal to One Million Dollars ($1,000,000) or any integral multiple of One Hundred Thousand Dollars ($100,000) in excess thereof, into LIBOR Loans, or as of the last day of the applicable Interest Period, in the case of any Eurodollar Rate Loan, to convert any such Loans into Loans of any other Type (provided, however, the principal amount of each Eurodollar Rate Loan must be at least $1,000,000.00); or (ii) elect, as of the last day of the applicable elect to convert on any Interest Period, to continue Payment Date any LIBOR Loans having Interest Periods expiring maturing on such day (provided, however, the principal amount of each Eurodollar Rate Loan must be at least $1,000,000.00); provided, however, that if at any time the aggregate amount of Eurodollar Rate Loans in respect of any Borrowing is reduced, by payment, prepayment, or conversion of part thereof, to a principal amount that is less than $1,000,000.00, such Eurodollar Rate Loans shall automatically convert Interest Payment Date into Base Rate Loans, and on and after such date the right of the Co-Borrowers ; or (iii) elect to continue on any Interest Payment Date any LIBOR Loans maturing on such Loans as, and convert such Loans into, Eurodollar Rate Loans shall terminateInterest Payment Date (or any part thereof in an amount equal to One Million Dollars ($1,000,000) or any integral multiple of One Hundred Thousand Dollars ($100,000) in excess thereof). (b) The Co-Borrowers Borrower shall deliver a Notice of Conversion/Continuation Notice in accordance with SECTION 12.6 of this Agreement to be received by the Agent not later than 1:00 p.m. (New York City i) prior to 10:00 a.m., San Francisco, California time, at least three (3) Business Days in advance of the conversion date or continuation date, if any Loans are to be converted into or continued as LIBOR Loans; and (ii) prior to 10:00 a.m., San Francisco, California time on the Conversion/Continuation Date conversion date, if the any Loans are to be converted into Base Rate Loans; and three (3) Business Day in advance of the Conversion/Continuation Date, if the Loans are to be converted into or continued as Eurodollar Rate Loans, specifying: (i) the proposed Conversion/Conversion Date or Continuation Date; (ii) the aggregate amount of Loans to be converted or continued; (iii) the Type nature of Loans resulting from the proposed conversion or continuation; and (iv) other than in the case of conversions into Base Rate Loans, the duration of the requested Interest Period. (c) If upon the expiration of any Interest Period applicable to Eurodollar Rate any LIBOR Loans, the Co-Borrowers Borrower shall have failed to timely select have given due notice to the Agent of the Borrower's selection of a new Interest Period to be applicable to its Eurodollar Rate such LIBOR Loans, or if any Default or Event of Default then exists, the Co-Borrowers Borrower shall be deemed to have elected to convert such Eurodollar Rate LIBOR Loans into Base Rate Loans effective as of the expiration date of such Interest PeriodLoans. (d) Upon receipt of a Conversion/Continuation Notice, the Agent will promptly notify each Bank of its receipt of a Notice of Conversion/ContinuationLender thereof, or, if no timely notice is provided by the Co-BorrowersBorrower, the Agent will promptly notify each Bank Lender of the details of any automatic conversion. All conversions and continuations shall be made ratably according to each Lender's applicable Pro Rata Share of the respective outstanding principal amounts of the Loans, Loans with respect to which the notice was given, held by each Bank. Agent will promptly notify, in writing, each Bank of the amount of such Bank’s applicable percentage of that Conversion/Continuation. (e) Unless the Majority Banks all Lenders shall otherwise agreeconsent, during the existence of a Potential Event of Default or an Event of Default, the Co-Borrowers Borrower may not elect to have a Revolving Loan converted into or continued as a Eurodollar Rate LIBOR Loan. (f) After giving effect to any Borrowing, conversion or continuation of Loans, there may not be more than ten (10) Interest Periods in effect.

Appears in 1 contract

Sources: Revolving Credit Agreement (Certified Grocers of California LTD)

Conversion and Continuation Elections. (a) The Co-Borrowers Borrower may, upon irrevocable written notice to Agent in accordance with Subsection 2.05(b2.04(b): (i) elect, as of any Business Day, in the case of Base Rate Loans, or as of the last day of the applicable Interest Period, in the case of any Eurodollar Offshore Rate Loan, to convert any such Loans into Loans of any other Type (provided, however, that the principal amount Offshore Effective Amount of each Eurodollar Offshore Rate Loan must be at least $1,000,000.0015,000,000); or (ii) elect, as of the last day of the applicable Interest Period, to continue any Revolving Loans having Interest Periods expiring on such day (provided, however, that the principal amount Offshore Effective Amount of each Eurodollar Offshore Rate Loan must be at least $1,000,000.0015,000,000); provided, however, that if at any time the aggregate amount of Eurodollar Offshore Rate Loans in respect of any Borrowing is reduced, by payment, prepayment, or conversion of part thereof, to a principal amount that is have an Offshore Effective Amount of less than $1,000,000.0015,000,000, such Eurodollar Offshore Rate Loans shall automatically convert into Base Rate Loans, and on and after such date the right of the Co-Borrowers Borrower to continue such Loans as, and convert such Loans into, Eurodollar Offshore Rate Loans shall terminate. (b) The Co-Borrowers Borrower shall deliver a Notice of Conversion/Continuation to be received by Agent not later than 1:00 p.m. (New York City time) on the Conversion/Continuation Date if the Loans are to be converted into Base Rate Loans; and three (3) Business Day in advance of the Conversion/Continuation Date, if the Loans are to be converted into or continued as Eurodollar Offshore Rate Loans, specifying: (i) the proposed Conversion/Continuation Date; (ii) the aggregate amount of Loans to be converted or continued; (iii) the Type of Loans resulting from the proposed conversion or continuation; and (iv) other than in the case of conversions into Base Rate Loans, the duration of the requested Interest Period. (c) If upon the expiration of any Interest Period applicable to Eurodollar Offshore Rate Loans, the Co-Borrowers have Borrower has failed to timely select a new Interest Period to be applicable to its Eurodollar Offshore Rate Loans, or if any Default or Event of Default then exists, the Co-Borrowers Borrower shall be deemed to have elected to convert such Eurodollar Offshore Rate Loans into Base Rate Loans effective as of the expiration date of such Interest Period. (d) Agent will promptly notify each Bank of its receipt of a Notice of Conversion/Continuation, or, if no timely notice is provided by the Co-BorrowersBorrower, Agent will promptly notify each Bank of the details of any automatic conversion. All conversions and continuations shall be made ratably according to the respective outstanding principal amounts of the Loans, with respect to which the notice was given, held by each Bank. Agent will promptly notify, in writing, each Bank of the amount of such Bank’s applicable percentage of that Conversion/Continuation. (e) Unless the Majority Banks otherwise agree, during the existence of a Default or Event of Default, the Co-Borrowers Borrower may not elect to have a Revolving Loan converted into or continued as a Eurodollar an Offshore Rate Loan. (f) After giving effect to any Borrowing, conversion or continuation of Loans, there may not be more than ten five (105) Interest Periods in effect. (g) Agent will promptly notify, in writing, each Bank of the amount of such Bank's Pro Rata Share of that Borrowing. (h) The Banks will advise Agent by 2:00 p.m. (New York City time) on the requested Conversion/Continuation Date whether the Banks approve the conversion/continuation. If any Bank gives Agent notice of its disapproval of such conversion/continuation by 2:00 p.m. (New York City time) then Agent shall notify the Borrower no later than 4:30 p.m. (New York City time) that one or more of the Banks have elected not to convert/continue such Loan and whether Bank(s) has (have) elected to become the Approving Bank(s) thereby triggering the Conversion to Single Funding Bank Date.

Appears in 1 contract

Sources: Credit Agreement (Atmos Energy Corp)

Conversion and Continuation Elections. (a) The Co-Borrowers Fund may, upon irrevocable written notice or telephonic notice confirmed in writing within 24 hours to the Administrative Agent in accordance with Subsection 2.05(bSECTION 2.4(b): (i) elect, as of any Business Day, in the case of Base Rate Loans, or as of the last day of the applicable Interest Period, in the case of any Eurodollar Offshore Rate LoanLoans, to convert any such Loans (or any part thereof in an amount that is not less than $1,000,000 or an integral multiple of $1,000,000 in excess thereof) into Loans of any the other Type (provided, however, the principal amount of each Eurodollar Rate Loan must be at least $1,000,000.00)Type; or (ii) elect, as of the last day of the applicable Interest Period, to continue any Loans having Interest Periods expiring on such day (provided, however, the principal or any part thereof in an amount that is not less than $1,000,000 or an integral multiple of each Eurodollar Rate Loan must be at least $1,000,000.001,000,000 in excess thereof); providedPROVIDED that, however, that if at any time the aggregate amount of Eurodollar Offshore Rate Loans in respect of any Borrowing is reduced, reduced by payment, prepayment, prepayment or conversion of part thereof, thereof to a principal amount that is be less than $1,000,000.001,000,000, such Eurodollar Offshore Rate Loans shall automatically convert into Base Rate LoansLoans and, and on and after such date date, the right of the Co-Borrowers Fund to continue such Loans as, and convert such Loans into, Eurodollar Offshore Rate Loans shall terminate. (b) The Co-Borrowers Fund shall deliver a Notice of Conversion/Continuation Notice to be received by the Administrative Agent not later than 1:00 p.m. (New York City i) 11:00 a.m. (Eastern time) on the Conversion/Continuation Date if the Loans are to be converted into Base Rate Loans; and three (3) at least two Business Day Days in advance of the Conversion/Continuation Date, if the Loans are to be converted into or continued as Eurodollar Offshore Rate Loans and (ii) 8:30 a.m. on the Conversion/Continuation Date, if the Loans are to be continued or converted into Base Rate Loans, specifying: (iA) the proposed Conversion/Continuation Date; (iiB) the aggregate amount of Loans to be converted or continued; (iiiC) the Type of Loans resulting from the proposed conversion or continuation; and (ivD) other than in the case of conversions into Base Rate Loans, the duration of the requested Interest Period. (c) If upon the expiration of any Interest Period applicable to Eurodollar Rate Loans, the Co-Borrowers have failed to timely select a new Interest Period to be applicable to its Eurodollar Rate Loans, or if any Default or Event of Default then exists, the Co-Borrowers shall be deemed to have elected to convert such Eurodollar Rate Loans into Base Rate Loans effective as of the expiration date of such Interest Period. (d) The Administrative Agent will promptly notify each Bank of its receipt of a Notice of Conversion/Continuation, or, if no timely notice is provided by the Co-Borrowers, Agent will promptly notify each Bank of the details of any automatic conversionContinuation Notice. All conversions and continuations shall be made ratably according to the respective outstanding principal amounts of the Loans, Loans held by each Bank with respect to which the notice was given, held by each Bank. Agent will promptly notify, in writing, each Bank of the amount of such Bank’s applicable percentage of that Conversion/Continuation. (ed) Unless the Majority Banks otherwise agree, during the existence of a Default or Event of Default, the Co-Borrowers Fund may not elect to have a Revolving Loan converted into or continued as a Eurodollar an Offshore Rate Loan. (f) After giving effect to any Borrowing, conversion or continuation of Loans, there may not be more than ten (10) Interest Periods in effect.

Appears in 1 contract

Sources: Credit Agreement (Liberty Floating Rate Advantage Fund)

Conversion and Continuation Elections. (a) The Co-Borrowers Company may, upon irrevocable written notice to the Administrative Agent in accordance with Subsection 2.05(bsubsection 2.4(b): (i) elect, as of any Business Day, in the case of Base Rate Loans, or as of the last day of the applicable Interest Period, in the case of any Eurodollar Rate LoanLoans, to convert any such Loans (or any part thereof in an amount not less than $5,000,000, or that is in an integral multiple of $1,000,000 in excess thereof) into Loans of any the other Type (provided, however, the principal amount of each Eurodollar Rate Loan must be at least $1,000,000.00)Type; or (ii) elect, as of the last day of the applicable Interest Period, to continue as Eurodollar Loans for another Interest Period any Eurodollar Loans having Interest Periods expiring on such day (providedor any part thereof in an amount not less than $5,000,000, however, the principal amount or that is in an integral multiple of each Eurodollar Rate Loan must be at least $1,000,000.001,000,000 in excess thereof); provided, however, that if at any time the aggregate amount of Eurodollar Rate Loans in respect of any Borrowing is reduced, by payment, prepayment, or conversion of part thereof, thereof to a principal amount that is less than $1,000,000.001,000,000, such Eurodollar Rate Loans shall automatically convert into Base Rate Loans, and on and after such date the right of the Co-Borrowers Company to continue such Loans as, and convert such Loans into, Eurodollar Rate Loans Loans, as the case may be, shall terminate. (b) The Co-Borrowers Company shall deliver a Notice of Conversion/Continuation to be received by the Administrative Agent not later than 1:00 p.m. 9:00 a.m. (New York City San Francisco time) on the Conversion/Continuation Date if the Loans are to be converted into Base Rate Loans; and at least (i) three (3) Business Day Days in advance of the Conversion/Continuation Date, if the Loans are to be converted into or continued as Eurodollar Loans; and (ii) on the Conversion/Continuation Date, if the Loans are to be converted into Base Rate Loans, specifying: (iA) the proposed Conversion/Continuation Date; (iiB) the aggregate amount of Loans to be converted or continuedcontinued (and the respective portions, if any, thereof comprised of Revolving Loans or Term Out Loans); (iiiC) the Type of Loans resulting from the proposed conversion or continuation; and (ivD) other than in the case of conversions into Base Rate Loans, the duration of the requested Interest Period. (c) If upon the expiration of any Interest Period applicable to Eurodollar Rate Loans, the Co-Borrowers have Company has failed to select timely select a new Interest Period to be applicable to its Eurodollar Rate such Loans, or if any Default or Event of Default then exists, the Co-Borrowers Company shall be deemed to have elected to convert such Eurodollar Rate Loans into Base Rate Loans effective as of the expiration date of such Interest Period. (d) The Administrative Agent will promptly notify each Bank of its receipt of a Notice of Conversion/Continuation, or, if no timely notice is provided by the Co-BorrowersCompany, the Administrative Agent will promptly notify each Bank of the details of any automatic conversion. All conversions and continuations shall be made ratably according to the respective outstanding principal amounts of the Loans, Loans held by each Bank with respect to which the notice was given, held by each Bank. Agent will promptly notify, in writing, each Bank of the amount of such Bank’s applicable percentage of that Conversion/Continuation. (e) Unless the Majority Banks otherwise agree, during the existence of a Default or Event of Default, the Co-Borrowers Company may not elect to have a Revolving Loan converted into or continued as a Eurodollar Rate Loan. (f) After giving effect to any Borrowing, conversion or continuation of Loans, there may not be more than ten (10) different Interest Periods in effect.

Appears in 1 contract

Sources: Credit Agreement (Xtra Corp /De/)

Conversion and Continuation Elections. (a) The Co-Borrowers A Borrower may, upon irrevocable written notice to Agent the Bank in accordance with Subsection 2.05(bsubsection 2.4(b): (i) elect, as of any Business Day, in the case of Base Rate Loans, or as of the last day of the applicable Interest Period, in the case of any Eurodollar Rate Loanother Type of Loans denominated in Dollars, to convert any such Loans to such Borrower (or any part thereof in an amount not less than the Minimum Tranche) into Loans in Dollars of any other Type (provided, however, the principal amount of each Eurodollar Rate Loan must be at least $1,000,000.00)Type; or (ii) elect, as of the last day of the applicable Interest Period, to continue any Loans to such Borrower having Interest Periods expiring on such day (provided, however, or any part thereof in an amount not less than the principal amount of each Eurodollar Rate Loan must be at least $1,000,000.00Minimum Tranche); provided, however, that if at any time the aggregate amount of Eurodollar Offshore Rate Loans of any Borrower denominated in Dollars in respect of any Borrowing is reduced, by payment, prepayment, or conversion of part thereof, thereof to a principal amount that is be less than $1,000,000.00250,000, such Eurodollar Offshore Rate Loans denominated in Dollars shall automatically convert into Base Rate Loans, and on and after such date the right of the Co-Borrowers such Borrower to continue such Loans as, and convert such Loans into, Eurodollar into Offshore Rate Loans shall terminate. (b) The Co-Borrowers A Borrower shall deliver a Notice of Conversion/Continuation to be received by Agent the Bank not later than 1:00 p.m. 10:30 a.m. (New York City Chicago time) on the Conversion/Continuation Date if the Loans are to be converted into Base Rate Loans; and three (3i) at least two (2) Business Day Days in advance of the Conversion/Continuation Date, if the Loans to such Borrower are to be converted into or continued as Eurodollar Offshore Rate Loans denominated in Dollars; (ii) at least three (3) Business Days in advance of the continuation date, if Loans are to be continued as Offshore Currency Loans; and (iii) on the Conversion/Continuation Date, if Loans are to be converted into Base Rate Loans, specifying: (iA) the name of such Borrower; (B) the proposed Conversion/Continuation Date; (iiC) the aggregate amount of Loans to be converted or continued; (iiiD) the Type of Loans resulting from the proposed conversion or continuation; and; (ivE) other than in the case of conversions into Base Rate Loans, the duration of the requested Interest Period; and (F) in the case of conversions into Offshore Currency Loans, the Applicable Currency. (c) If upon the expiration of any Interest Period applicable to Eurodollar Offshore Rate LoansLoans in Dollars, the Co-Borrowers have a Borrower has failed to select timely select a new Interest Period to be applicable to its Eurodollar such Offshore Rate Loans, or if any Default or Event of Default then exists, the Co-Borrowers such Borrower shall be deemed to have elected to convert such Eurodollar Offshore Rate Loans into Base Rate Loans effective as of the expiration date of such Interest Period. If a Borrower has failed to select a new Interest Period to be applicable to Offshore Currency Loans prior to the fourth Business Day in advance of the expiration date of the current Interest Period applicable thereto as provided in subsection 2.4(b), or if any Default or Event of Default shall then exist, subject to the provisions of subsection 2.5(d), such Borrower shall be deemed to have elected to continue such Offshore Currency Loans on the basis of a one month Interest Period. The Bank shall give the applicable Borrower(s) prompt written notice of any such conversion or continuation. (d) Agent will promptly notify each Bank of its receipt of a Notice of Conversion/Continuation, or, if no timely notice is provided by the Co-Borrowers, Agent will promptly notify each Bank of the details of any automatic conversion. All conversions and continuations shall be made ratably according to the respective outstanding principal amounts of the Loans, with respect to which the notice was given, held by each Bank. Agent will promptly notify, in writing, each Bank of the amount of such Bank’s applicable percentage of that Conversion/Continuation. (e) Unless the Majority Banks otherwise agree, during During the existence of a Default or Event of Default, the Co-Borrowers no Borrower may not elect to have a Revolving Loan in Dollars converted into or continued as a Eurodollar an Offshore Rate LoanLoan in Dollars or an Offshore Currency Loan continued on the basis of an Interest Period exceeding one month. (fe) After giving effect to any Borrowing, conversion or continuation of Loans, there may not be more than ten eight (10) 8) different Interest Periods in effect.

Appears in 1 contract

Sources: Multicurrency Credit Agreement (Middleby Corp)

Conversion and Continuation Elections. (a) The A Co-Borrowers Borrower may, upon irrevocable written notice to the Administrative Agent in accordance with Subsection 2.05(b2.04(b): (i) elect, as of any Business Day, in the case of Base Rate Loans, or as of the last day of the applicable Interest Period, in the case of any Eurodollar Rate Loan, to convert any such Loans into Loans of any other Type (provided, however, the principal amount Eurodollar Effective Amount of each Eurodollar Rate Loan must be at least $1,000,000.0015,000,000.00); or (ii) elect, elect as of the last day of the applicable Interest Period, to continue any Revolving Loans having Interest Periods expiring on such day (provided, however, the principal amount Eurodollar Effective Amount of each Eurodollar Rate Loan must be at least $1,000,000.0015,000,000.00); provided, however, that if at any time the aggregate amount of Eurodollar Rate Loans in respect of any Borrowing is reduced, by payment, prepayment, or conversion of part thereof, to a principal amount that is have an Eurodollar Effective Amount of less than $1,000,000.0015,000,000.00, such Eurodollar Rate Loans shall automatically convert into Base Rate Loans, and on and after such date the right of the such Co-Borrowers Borrower to continue such Loans as, and convert such Loans into, Eurodollar Rate Loans shall terminate. (b) The A Co-Borrowers Borrower shall deliver a Notice of Conversion/Continuation to be received by the Administrative Agent not later than 1:00 p.m. (New York City time) on the Conversion/Continuation Date if the Loans are to be converted into Base Rate Loans; and three (3) Business Day Days in advance of the Conversion/Continuation Date, if the Loans are to be converted into or continued as Eurodollar Rate Loans, specifying: (i) the proposed Conversion/Continuation Date; (ii) the aggregate amount of Loans to be converted or continued; (iii) the Type of Loans resulting from the proposed conversion or continuation; and (iv) other than in the case of conversions into Base Rate Loans, the duration of the requested Interest Period. (c) If upon the expiration of any Interest Period applicable to Eurodollar Rate Loans, the a Co-Borrowers have Borrower has failed to timely select a new Interest Period to be applicable to its Eurodollar Rate Loans, or if any Default or Event of Default then exists, the such Co-Borrowers Borrower shall be deemed to have elected to convert such Eurodollar Rate Loans into Base Rate Loans effective as of the expiration date of such Interest Period. (d) The Administrative Agent will promptly notify each Bank of its receipt and the contents of a Notice of Conversion/Continuation, or, if no timely notice is provided by the a Co-BorrowersBorrower, the Administrative Agent will promptly notify each Bank of the details of any automatic conversion. All conversions and continuations shall be made ratably according to the respective outstanding principal amounts of the Loans, with respect to which the notice was given, held by each Bank. Agent will promptly notify, in writing, each Bank of the amount of such Bank’s applicable percentage of that Conversion/Continuation. (e) Unless the Majority Banks otherwise agree, during the existence of a Default or Event of Default, the Co-Borrowers may not elect to have a Revolving Loan converted into or continued as a an Eurodollar Rate Loan. (f) After giving effect to any Borrowing, conversion or continuation of Loans, there may not be more than ten seven (107) Interest Periods in effect. (g) The Administrative Agent will promptly notify, in writing, each Bank of the amount of such Bank’s Pro Rata Share of that Borrowing.

Appears in 1 contract

Sources: Credit Agreement (Avista Corp)

Conversion and Continuation Elections. (a) The Co-Borrowers may, Company may upon irrevocable written notice to the Administrative Agent in accordance with Subsection 2.05(bsubsection 2.4(b): (i) elect, as of elect to convert on any Business Day, in the case of any Base Rate LoansLoans (or any part thereof in an amount not less than One Million Dollars ($1,000,000), or as that is in an integral multiple of Five Hundred Thousand Dollars ($500,000) in excess thereof) into IBOR Loans; or (ii) elect to convert on the last day of the applicable Interest PeriodPeriod any IBOR Loans having Interest Periods maturing on such day (or any part thereof in an amount not less than One Million Dollars ($1,000,000), or that is in the case an integral multiple of any Eurodollar Five Hundred Thousand Dollars ($500,000) in excess thereof) into Base Rate Loan, to convert any such Loans into Loans of any other Type (provided, however, the principal amount of each Eurodollar Rate Loan must be at least $1,000,000.00)Loans; or (iiiii) elect, as of elect to continue on the last day of the applicable Interest Period, to continue Period any IBOR Loans having Interest Periods expiring maturing on such day (providedor any part thereof in an amount not less than One Million Dollars ($1,000,000), however, the principal amount or that is in an integral multiple of each Eurodollar Rate Loan must be at least Five Hundred Thousand Dollars ($1,000,000.00500,000) in excess thereof); provided, howeverPROVIDED, that if at any time the aggregate amount of Eurodollar Rate IBOR Loans in respect of any Borrowing is shall have been reduced, by payment, prepayment, or conversion of part thereof, thereof to a principal amount that is be less than One Million Dollars ($1,000,000.001,000,000), such Eurodollar Rate IBOR Loans shall automatically convert (on the last day of the applicable Interest Period) into Base Rate Loans, and on and after such date the right of the Co-Borrowers Company to continue such Loans as, and convert such Loans into, Eurodollar Rate Loans IBOR Loans, as the case may be, shall terminate. (b) The Co-Borrowers Company shall deliver a Notice of Conversion/Continuation in accordance with Section 10.2 to be received by the Administrative Agent not later than 1:00 p.m. 11:00 a.m. (New York City Chicago time) at least (i) two Business Days in advance of the Conversion Date or continuation date, if the Loans are to be converted into or continued as IBOR Loans; and (ii) on the Conversion/Continuation Date Conversion Date, if the Loans are to be converted into Base Rate Loans; and three (3) Business Day in advance of the Conversion/Continuation Date, if the Loans are to be converted into or continued as Eurodollar Rate Loans, specifying: (iA) the proposed Conversion/Continuation DateConversion Date or continuation date; (iiB) the aggregate amount of Loans to be converted or continued; (iiiC) the Type nature of Loans resulting from the proposed conversion or continuation; and (ivD) other than in the case of conversions Loans to be continued as or converted into Base Rate IBOR Loans, the duration of the requested Interest Period. (c) If upon the expiration of any Interest Period applicable to Eurodollar Rate IBOR Loans, the Co-Borrowers have Company has failed to timely select a new Interest Period to be applicable to its Eurodollar Rate such IBOR Loans, as the case may be, or if any Default or Event of Default shall then existsexist, the Co-Borrowers Company shall be deemed to have elected to convert such Eurodollar Rate IBOR Loans into Base Rate Loans effective as of the expiration date of such current Interest Period. (d) Agent will promptly notify each Bank of its Upon receipt of a Notice of Conversion/Continuation, the Administrative Agent will promptly notify each Lender thereof, or, if no timely notice is provided by the Co-BorrowersCompany, the Administrative Agent will promptly notify each Bank Lender of the details of any automatic conversion. All conversions and continuations shall be made ratably pro rata according to the respective outstanding principal amounts of the Loans, with respect to which the notice was given, held by each Bank. Agent will promptly notify, in writing, each Bank of the amount of such Bank’s applicable percentage of that Conversion/ContinuationLender. (e) Unless the Majority Banks otherwise agree, during During the existence of a Default or Event of Default, the Co-Borrowers Company may not elect to have a Revolving Loan converted into or continued as a Eurodollar Rate an IBOR Loan. (f) After Notwithstanding any other provision contained in this Agreement, after giving effect to any Borrowing, conversion or continuation of any Loans, there may shall not be more than ten (10) eight different Interest Periods in effect.

Appears in 1 contract

Sources: Credit Agreement (LKQ Corp)

Conversion and Continuation Elections. (a) The Co-Borrowers Company may, upon irrevocable written notice to the Agent in accordance with Subsection 2.05(b): 2.04(b): (i) elect, as of any Business Day, in the case of Base Rate Loans, or as of the last day of the applicable Interest Period, in the case of any Eurodollar Offshore Rate LoanLoans, to convert any such Loans (or any part thereof in an amount not less than $2,000,000, or that is in an integral multiple of $1,000,000 in excess thereof) into Loans of any other Type (provided, however, the principal amount of each Eurodollar Interest Rate Loan must be at least $1,000,000.00)Type; or or (ii) elect, elect as of the last day of the applicable Interest Period, to continue any Revolving Loans having Interest Periods expiring on such day (providedor any part thereof in an amount not less than $2,000,000, however, the principal amount or that is in an integral multiple of each Eurodollar Rate Loan must be at least $1,000,000.001,000,000 in excess thereof); provided, however, that if at any time the aggregate amount of Eurodollar Offshore Rate Loans in respect of any Borrowing is reduced, by payment, prepayment, or conversion of part thereof, thereof to a principal amount that is be less than $1,000,000.002,000,000, such Eurodollar Offshore Rate Loans shall automatically convert into Base Rate Loans, and on and after such date the right of the Co-Borrowers Company to continue such Loans as, and convert such Loans into, Eurodollar Offshore Rate Loans shall terminate. (b) The Co-Borrowers Company shall deliver a Notice of Conversion/Conversion/ Continuation to be received by the Agent not later than 1:00 p.m. 9:00 a.m. (New York City San Francisco, California time) on the Conversion/Continuation Date if the Loans are to be converted into Base Rate Loans; and at least (i) three (3) Business Day Days in advance of the Conversion/Continuation Date, if the Loans are to be converted into or continued as Eurodollar Offshore Rate Loans; and (ii) one Business Day in advance of the Conversion/Continuation Date, if the Loans are to be converted into Base Rate Loans, specifying: : (iA) the proposed Conversion/Conversion/ Continuation Date; ; (iiB) the aggregate amount of Loans to be converted or continued; renewed; (iiiC) the Interest Rate Type of Loans resulting from the proposed conversion or continuation; and and (ivD) other than in the case of conversions into Base Rate Loans, the duration of the requested Interest Period. (c) If upon the expiration of any Interest Period applicable to Eurodollar Offshore Rate Loans, the Co-Borrowers have Company has failed to select timely select a new Interest Period to be applicable to its Eurodollar Offshore Rate Loans, or if any Default or Event of Default then exists, the Co-Borrowers Company shall be deemed to have elected to convert such Eurodollar Offshore Rate Loans into Base Rate Loans effective as of the expiration date of such Interest Period. (d) The Agent will promptly notify each Bank of its receipt of a Notice of Conversion/Continuation, or, if no timely notice is provided by the Co-BorrowersCompany, the Agent will promptly notify each Bank of the details of any automatic conversion. All conversions and continuations shall be made ratably according to the respective outstanding principal amounts of the Loans, Loans with respect to which the notice was given, given held by each Bank. Agent will promptly notify, in writing, each Bank of the amount of such Bank’s applicable percentage of that Conversion/Continuation. (e) Unless the Majority Banks otherwise agree, during the existence of a Default or Event of Default, the Co-Borrowers Company may not elect to have a Revolving Loan converted into or continued as a Eurodollar an Offshore Rate Loan. (f) After giving effect to any Borrowing, conversion or continuation of Loans, there may not be more than ten seven (107) different Interest Periods in effect.

Appears in 1 contract

Sources: Credit Agreement (Giant Industries Inc)

Conversion and Continuation Elections. (a) The Co-Borrowers Company may, upon irrevocable written notice to the Administrative Agent in accordance with Subsection 2.05(bsubsection 2.4(b): (i) elect, as of any Business Day, in the case of Base Rate Loans, or as of the last day of the applicable Interest Period, in the case of any Eurodollar Rate LoanLoans, to convert any such Loans (or any part thereof in an amount not less than $5,000,000, or that is in an integral multiple of $1,000,000 in excess thereof) into Loans of any the other Type (provided, however, the principal amount of each Eurodollar Rate Loan must be at least $1,000,000.00)Type; or (ii) elect, as of the last day of the applicable Interest Period, to continue as Eurodollar Loans for another Interest Period any Eurodollar Loans having Interest Periods expiring on such day (providedor any part thereof in an amount not less than $5,000,000, however, the principal amount or that is in an integral multiple of each Eurodollar Rate Loan must be at least $1,000,000.001,000,000 in excess thereof); provided, however, that if at any time the aggregate amount of Eurodollar Rate Loans in respect of any Borrowing is reduced, by payment, prepayment, or conversion of part thereof, thereof to a principal amount that is less than $1,000,000.001,000,000, such Eurodollar Rate Loans shall automatically convert into Base Rate Loans, and on and after such date the right of the Co-Borrowers Company to continue such Loans as, and convert such Loans into, Eurodollar Rate Loans Loans, as the case may be, shall terminate. (b) The Co-Borrowers Company shall deliver a Notice of Conversion/Continuation to be received by the Administrative Agent not later than 1:00 p.m. 11:00 a.m. (New York City Dallas time) on the Conversion/Continuation Date if the Loans are to be converted into Base Rate Loans; and at least (i) three (3) Business Day Days in advance of the Conversion/Continuation Date, if the Loans are to be converted into or continued as Eurodollar Loans; and (ii) on the Conversion/Continuation Date, if the Loans are to be converted into Base Rate Loans, specifying: (iA) the proposed Conversion/Continuation Date; (iiB) the aggregate amount of Loans to be converted or continuedcontinued (and the respective portions, if any, thereof comprised of Revolving Loans or Term Out Loans); (iiiC) the Type of Loans resulting from the proposed conversion or continuation; and (ivD) other than in the case of conversions into Base Rate Loans, the duration of the requested Interest Period. (c) If upon the expiration of any Interest Period applicable to Eurodollar Rate Loans, the Co-Borrowers have Company has failed to select timely select a new Interest Period to be applicable to its Eurodollar Rate such Loans, or if any Default or Event of Default then exists, the Co-Borrowers Company shall be deemed to have elected to convert such Eurodollar Rate Loans into Base Rate Loans effective as of the expiration date of such Interest Period. (d) The Administrative Agent will promptly notify each Bank of its receipt of a Notice of Conversion/Continuation, or, if no timely notice is provided by the Co-BorrowersCompany, the Administrative Agent will promptly notify each Bank of the details of any automatic conversion. All conversions and continuations shall be made ratably according to the respective outstanding principal amounts of the Loans, Loans held by each Bank with respect to which the notice was given, held by each Bank. Agent will promptly notify, in writing, each Bank of the amount of such Bank’s applicable percentage of that Conversion/Continuation. (e) Unless the Majority Banks otherwise agree, during the existence of a Default or Event of Default, the Co-Borrowers Company may not elect to have a Revolving Loan converted into or continued as a Eurodollar Rate Loan. (f) After giving effect to any Borrowing, conversion or continuation of Loans, there may not be more than ten (10) different Interest Periods in effect.

Appears in 1 contract

Sources: Credit Agreement (Xtra Corp /De/)

Conversion and Continuation Elections. (a) 2.4.1 The Co-Borrowers Borrower may, upon irrevocable written notice to the Administrative Agent in accordance with Subsection 2.05(b):Section 2.4.2: ------------- (ia) elect, as of any Business Day, in the case of Base Rate Loans, or as of the last day of the applicable Interest Period, in the case of any Eurodollar Rate LoanLIBOR Loans, to convert any such Loans (or any part thereof in an amount not less than $5,000,000.00, or that is in an integral multiple of $100,000 in excess thereof) into Loans of any other Type (provided, however, the principal amount of each Eurodollar Rate Loan must be at least $1,000,000.00)Type; or (iib) elect, as of the last day of the applicable Interest Period, to continue any Loans having Interest Periods expiring on such day (providedor any part thereof in an amount not less than $5,000,000.00, however, the principal amount or that is in an integral multiple of each Eurodollar Rate Loan must be at least $1,000,000.00100,000 in excess thereof); provided, however, that if at any time the aggregate amount of Eurodollar Rate LIBOR Loans in respect of -------- any Borrowing is reduced, by payment, prepayment, or conversion of part thereof, thereof to a principal amount that is be less than $1,000,000.005,000,000, such Eurodollar Rate LIBOR Loans shall automatically convert into Base Rate Loans, and on and after such date the right of the Co-Borrowers Borrower to continue such Loans as, and convert such Loans into, Eurodollar Rate LIBOR Loans shall terminate. (b) 2.4.2 The Co-Borrowers Borrower shall deliver a Notice of Conversion/Continuation by facsimile, immediately confirmed in writing, to be received by the Administrative Agent not later than 1:00 p.m. 11:00 a.m. San Francisco time at least (New York City timei) on the Conversion/Continuation Date if the Loans are to be converted into Base Rate Loans; and three four (34) Business Day Days in advance of the Conversion/Continuation Date, if the Loans are to be converted into or continued as Eurodollar LIBOR Loans; and (ii) one (1) Business Day in advance of the Conversion/ Continuation Date, if the Loans are to be converted into Base Rate LoansLoans (provided, however, that the Administrative -------- Agent may, in its discretion, permit the Borrower's chief financial officer, treasurer or controller to give such notice by telephone, to be followed by a written Notice of Conversion/Continuation within forty-eight (48) hours), specifying: (ia) the proposed Conversion/Continuation Date; (iib) the aggregate amount of Loans to be converted or continuedrenewed; (iiic) the Type of Loans resulting from the proposed conversion or continuation; and (ivd) other than in the case of conversions into Base Rate Loans, the duration of the requested Interest Period. (c) 2.4.3 If upon the expiration of any Interest Period applicable to Eurodollar Rate Loans, LIBOR Loans the Co-Borrowers have Borrower has failed to select timely select a new Interest Period to be applicable to its Eurodollar Rate such LIBOR Loans, or if any Default or Event of Default then exists, the Co-Borrowers Borrower shall be deemed to have elected to convert such Eurodollar Rate LIBOR Loans into Base Rate Loans effective as of the expiration date of such Interest Period. (d) 2.4.4 The Administrative Agent will promptly notify each Bank of within one (1) Business Day after its receipt of a Notice of Conversion/Continuation, or, if no timely notice is provided by the Co-BorrowersBorrower, the Administrative Agent will promptly notify each Bank of the details of any automatic conversion. All conversions and continuations shall be made ratably according to the respective outstanding principal amounts of the Loans, Loans with respect to which the notice was given, held by each Bank. Agent will promptly notify, in writing, each Bank of the amount of such Bank’s applicable percentage of that Conversion/Continuation. (e) 2.4.5 Unless the Majority Banks otherwise agree, (a) during the existence of a Default or Event of Monetary Default, the Co-Borrowers Borrower may not elect to have a Revolving Loan converted into or continued as a Eurodollar Rate LIBOR Loan having an Interest Period longer than one (1) month, and (b) during the existence of an Event of Default, the Borrower may not elect to have a Loan converted into or continued as a LIBOR Loan. (f) 2.4.6 After giving effect to any Borrowing, conversion or continuation of Loans, there may not be more than ten eight (10) 8) different Interest Periods in effect.

Appears in 1 contract

Sources: Line of Credit Loan Agreement (Catellus Development Corp)

Conversion and Continuation Elections. (a) The Co-Borrowers Company may, upon irrevocable written notice to the Administrative Agent in accordance with Subsection 2.05(b): Section 2.2.4(b): (i) elect, as of any Business Day, in the case of a Base Rate LoansAdvance, or as of the last day of the applicable Interest Period, in the case of any Eurodollar Rate Loana Term SOFR, to convert any such Loans Advance into Loans of any other Type (provided, however, the principal amount of each Eurodollar an Advance bearing interest based on another Rate Loan must be at least $1,000,000.00)Option; or or (ii) elect, as of the last day of the applicable Interest Period, to continue any Loans a Term Rate Advance having an Interest Periods Period expiring on such day (providedday; except, howeverthat during the existence of a Default, the Company may not elect to have any Advance converted into a Term SOFR Advance or continued as a Term SOFR Advance, Alternative Currency Daily Rate Advance or Alternative Currency Term Rate Advance unless the Majority Banks consent thereto. All conversions and 201380721_5 continuations of Advances shall be made ratably according to the respective outstanding principal amount of each Eurodollar Rate Loan must be at least $1,000,000.00); provided, however, that if at any time the aggregate amount of Eurodollar Rate Loans in respect of any Borrowing is reduced, by payment, prepayment, or conversion of part thereof, to a principal amount that is less than $1,000,000.00, such Eurodollar Rate Loans shall automatically convert into Base Rate Loans, and on and after such date the right amounts of the Co-Borrowers Loans with respect to continue such Loans as, and convert such Loans into, Eurodollar Rate Loans shall terminatewhich the notice was given held by each Bank. (b) The Co-Borrowers Company shall deliver a notice of conversion/continuation appropriately completed and signed by a Responsible Officer in the form attached hereto as Exhibit G (a “Notice of Conversion/Continuation Continuation”) or such other form as may be approved by the Administrative Agent (including any form on an electronic platform or electronic transmission system as shall be approved by the Administrative Agent) to be received by the Administrative Agent not later than 1:00 p.m. 9:00 a.m. (New York City San Francisco time) (i) on the Business Day preceding the Conversion/Continuation Date if the Loans are to be converted into Base Rate Loans; Advance is denominated in Dollars and three (3) Business Day in advance of the Conversion/Continuation Date, if the Loans are is to be converted into or continued as Eurodollar a Base Rate LoansAdvance, (ii) three (3) Business Days before the Conversion/Continuation Date if the Advance is denominated in Dollars and is to be converted into or continued as a Term SOFR Advance or (iii) three (3) Business Days before the Conversion/Continuation Date if the Advance is denominated in an Alternative Currency (or four (4) Business Days in the case of a Special Notice Currency) and is to be continued as an Alternative Currency Term Rate Advance; specifying: (i) the proposed Conversion/Continuation Date, which shall be a Business Day, of such Advance; (ii) the aggregate amount of Loans such Advance to be converted or continued; (iii) the Type of Loans Rate Option for such Advance resulting from the proposed conversion or continuation; and (iv) other than in the case of conversions into Base each Term Rate LoansAdvance, the duration Interest Period applicable thereto (which may not end after the Termination Date). provided that the Company may give the Administrative Agent a telephonic notice of such request on or before the requested Interest Perioddeadline set forth above so long as any telephonic notice is confirmed promptly by delivery to the Administrative Agent of a written notice. The Administrative Agent at all times shall be entitled to rely on such telephonic notice with respect to such continuation or conversion, regardless of whether any written confirmation is received. (c) If upon the expiration of any Interest Period applicable to Eurodollar Rate Loansa Term SOFR Advance, the Co-Borrowers have Company has failed to timely select a new Interest Period to be applicable to its Eurodollar Rate Loanssuch Advance, or if any Default or Event of Unmatured Default then exists, the Co-Borrowers Company shall be deemed to have elected to convert such Eurodollar Rate Loans Advance into a Base Rate Loans Advance effective as of the expiration date of such Interest Period. (d) Agent will promptly notify each Bank of its receipt of a Notice of Conversion/Continuation, or, if no timely notice is provided by If upon the Co-Borrowers, Agent will promptly notify each Bank of the details expiration of any automatic conversion. All conversions and continuations Interest Period applicable to an Alternative Currency Term Rate Advance, the Company has failed to select timely a new Interest Period to be applicable to such Advance, such Advance shall be made ratably according to the respective outstanding principal amounts continued as an Alternative Currency Term Rate Advance in its original currency with an Interest Period of the Loans, with respect to which the notice was given, held by each Bankone (1) month. Agent will promptly notify, in writing, each Bank of the amount of such Bank’s applicable percentage of that Conversion/Continuation.201380721_5 (e) Unless the Majority Banks otherwise agree, during the existence of a Default or Event of Default, the Co-Borrowers No Advance may not elect to have a Revolving Loan be converted into or continued as a Eurodollar Rate LoanAdvance denominated in a different currency, but instead must be prepaid in the original currency of such Advance and reborrowed in the other currency. (f) After giving effect to any Borrowing, conversion or continuation of Loans, there may not be more than ten (10) Interest Periods in effect.

Appears in 1 contract

Sources: 364 Day Credit Agreement (NIKE, Inc.)

Conversion and Continuation Elections. (a) The Co-Borrowers may, upon irrevocable written notice to the Administrative Agent in accordance with Subsection 2.05(b): subsection 2.04(b): (i) elect, as of any Business Day, in the case of Base Rate Loans, or as of the last day of the applicable Interest Period, in the case of any Eurodollar Rate LoanLoans, to convert any such Loans (or any part thereof in an amount not less than $5,000,000, or that is in an integral multiple of $1,000,000 in excess thereof) into Loans of any other Type (provided, however, the principal amount of each Eurodollar Interest Rate Loan must be at least $1,000,000.00)Type; or or (ii) elect, elect as of the last day of the applicable Interest Period, to continue as Eurodollar Rate Loans any Revolving Loans or Term Loans having Interest Periods expiring on such day (providedor any part thereof in an amount not less than $5,000,000, however, the principal amount or that is in an integral multiple of each Eurodollar Rate Loan must be at least $1,000,000.001,000,000 in excess thereof); provided, however, that if at any time the aggregate amount of Eurodollar Rate Loans in respect of any Borrowing is reduced, by payment, prepayment, or conversion of part thereof, thereof to a principal amount that is be less than $1,000,000.001,000,000, such Eurodollar Rate Loans shall automatically convert into Base Rate Loans, and on and after such date the right of the Co-applicable Borrowers to continue such Loans as, and convert such Loans into, Eurodollar Rate Loans shall terminate. (b) The Co-applicable Borrowers shall deliver a Notice of Conversion/Conversion/ Continuation to be received by the Administrative Agent not later than 1:00 p.m. 9:00 a.m. (New York City Houston, Texas time) on the Conversion/Continuation Date if the Loans are to be converted into Base Rate Loans; and at least (i) three (3) Business Day Days in advance of the Conversion/Continuation Date, if the Loans are to be converted into or continued as Eurodollar Rate Loans; and (ii) one (1) Business Day in advance of the Conversion/Continuation Date, if the Loans are to be converted into Base Rate Loans, specifying: : (iA) the proposed Conversion/Continuation Date; ; (iiB) the identity of the applicable Borrower or Borrowers, the Interest Rate Type of Loans to be converted or continued and whether such Loans are Revolving Loans or Term Loans; (C) the aggregate amount of Loans to be converted or continued; ; (iiiD) the Interest Rate Type of Loans resulting from the proposed conversion or continuation; and and (ivE) other than in the case of conversions into Base Rate Loans, the duration of the requested Interest PeriodPeriod(s). If the Notice of Conversion/Continuation fails to specify the duration of the Interest Period for any Borrowing comprised of Eurodollar Rate Loans, such Interest Period shall be three (3) months. (c) If upon the expiration of any Interest Period applicable to Eurodollar Rate Loans, the Co-Borrowers have Company has failed to select timely select a new Interest Period to be applicable to its such Eurodollar Rate Loans, or if any Default or Event of Default then exists, the Co-applicable Borrowers shall be deemed to have elected to convert such Eurodollar Rate Loans into Base Rate Loans effective as of the expiration date of such Interest Period. (d) The Administrative Agent will promptly notify each Bank of its receipt of a Notice of Conversion/Continuation, or, if no timely notice is provided by the Co-applicable Borrowers, the Administrative Agent will promptly notify each Bank of the details of any automatic conversion. All conversions and continuations shall be made ratably according to the respective outstanding principal amounts of the Loans, Loans with respect to which the notice was given, given held by each Bank. Agent will promptly notify, in writing, each Bank of the amount of such Bank’s applicable percentage of that Conversion/Continuation. (e) Unless the Majority Banks otherwise agree, during the existence of a Default or Event of Default, the Co-applicable Borrowers may not elect to have a Revolving Loan converted into or continued as a Eurodollar Rate Loan. (f) After giving effect to any Borrowing, conversion or continuation of Loans, there may not be more than ten eight (10) 8) different Interest Periods in effect.

Appears in 1 contract

Sources: Credit Agreement (Weatherford Enterra Inc)

Conversion and Continuation Elections. (a) The Co-Borrowers may, upon irrevocable written notice to Agent in accordance with Subsection 2.05(b): (i) elect, as of any Business Day, in the case of Base Rate Loans, or as of the last day of the applicable Interest Period, in the case of any Eurodollar Rate Loan, to convert any such Loans into Loans of any other Type (provided, however, the principal amount of each Eurodollar Rate Loan and Daily Eurodollar Rate Loan must be at least $1,000,000.002,000,000); or (ii) elect, as of the last day of the applicable Interest Period, to continue any Loans having Interest Periods expiring on such day (provided, however, the principal amount of each Eurodollar Rate Loan must be at least $1,000,000.002,000,000); provided, however, that if at any time the aggregate amount of Eurodollar Rate Loans in respect of any Borrowing is reduced, by payment, prepayment, or conversion of part thereof, to a principal amount that is less than $1,000,000.002,000,000, such Eurodollar Rate Loans shall automatically convert into Base Rate Loans, and on and after such date the right of the Co-Borrowers to continue such Loans as, and convert such Loans into, Eurodollar Rate Loans shall terminate. (b) The Co-Borrowers HoldCo shall deliver a Notice of Conversion/Continuation to be received by Agent not later than 1:00 p.m. (New York City time) on the Conversion/Continuation Date if the Loans are to be converted into Base Rate Loans; and three (3) Business Day in 4812-0911-1547, v. 7 advance of the Conversion/Continuation Date, if the Loans are to be converted into or continued as Eurodollar Rate Loans (other than Daily Eurodollar Rate Loans); not later than 12:00 p.m. (New York City time) on the Conversion/Continuation Date if the Loans are to be converted into Daily Eurodollar Rate Loans, specifying: (i) the proposed Conversion/Continuation Date; (ii) the aggregate amount of Loans to be converted or continued; (iii) the Type of Loans resulting from the proposed conversion or continuation; and (iv) other than in if the case of conversions into Base resulting Borrowing is a Eurodollar Rate LoansLoan, the duration of the requested Interest Period. If any such Interest Election Request requests a Eurodollar Borrowing (other than Daily Eurodollar Rate Loans) but does not specify an Interest Period, then the Co-Borrowers shall be deemed to have selected an Interest Period of one month’s duration. If any such Interest Election Request requests a Daily Eurodollar Rate Loan but does not specify an Interest Period, then the Co-Borrowers shall be deemed to have selected an Interest Period of one month’s duration. (c) If upon the expiration of any Interest Period applicable to Eurodollar Rate Loans, the Co-Borrowers have failed to timely select a new Interest Period to be applicable to its Eurodollar Rate Loans, or if any Default or Event of Default then exists, the Co-Borrowers shall be deemed to have elected to convert such Eurodollar Rate Loans into Base Rate Loans effective as of the expiration date of such Interest Period. (d) Agent will promptly notify each Bank of its receipt of a Notice of Conversion/Continuation, or, if no timely notice is provided by the Co-Borrowers, Agent will promptly notify each Bank of the details of any automatic conversion. All conversions and continuations shall be made ratably according to the respective outstanding principal amounts of the Loans, with respect to which the notice was given, held by each Bank. Agent will promptly notify, in writing, each Bank of the amount of such Bank’s applicable percentage of that Conversion/Continuation. (e) Unless the Majority Banks otherwise agree, during the existence of a Default or Event of Default, the Co-Borrowers (i) no outstanding Loan may not elect be converted to have a Revolving Loan converted into or continued as a Eurodollar Rate LoanLoan and (ii) unless repaid, each Eurodollar Rate Loan shall be converted to a Base Rate Loan at the end of the Interest Period applicable thereto. (f) After giving effect to any Borrowing, conversion or continuation of Loans, there may not be more than ten (10) 10 Interest Periods in effect.

Appears in 1 contract

Sources: Amendment No. 5 (Via Renewables, Inc.)