Conversion/Continuation. (a) Subject to Section 2.15 and so long as no Event of Default shall have occurred and then be continuing, the Borrower shall have the option: (i) to convert at any time all or any part of any Loan equal to $5,000,000 and integral multiples of $1,000,000 in excess of that amount from one Type of Loan to another Type of Loan; provided, a SOFR Loan may only be converted on the expiration of the Interest Period applicable to such SOFR Loan unless the Borrower shall pay all amounts due under Section 2.15 in connection with any such conversion; or (ii) upon the expiration of any Interest Period applicable to any SOFR Loan, to continue all or any portion of such Loan equal to $5,000,000 and integral multiples of $1,000,000 in excess of that amount as a SOFR Loan. (b) The Borrower shall deliver a Conversion/Continuation Notice to the Agents no later than 12:00 noon (New York City time) at least one Business Day in advance of the proposed conversion date (in the case of a conversion to a Base Rate Loan) and at least three Business Days in advance of the proposed Conversion/Continuation Date (in the case of a conversion to, or a continuation of, a SOFR Loan). Except as otherwise provided herein, a Conversion/Continuation Notice for conversion to, or continuation of, any SOFR Loans shall be irrevocable on and after the related Interest Rate Determination Date, and the Borrower shall be bound to effect a conversion or continuation in accordance therewith. If on any day a Loan is outstanding with respect to which a Funding Notice or Conversion/Continuation Notice has not been delivered to the Agents in accordance with the terms hereof specifying the applicable basis for determining the rate of interest, then for that day such Loan shall be a Base Rate Loan.
Appears in 6 contracts
Sources: Credit and Guaranty Agreement (Playboy, Inc.), Amendment No. 4 to Amended and Restated Credit and Guaranty Agreement (PLBY Group, Inc.), Credit and Guaranty Agreement (PLBY Group, Inc.)
Conversion/Continuation. (a) Subject to Section 2.15 2.17 and so long as no Default or Event of Default shall have occurred and then be continuing, the Lead Borrower shall have the option:
(i) to convert at any time all or any part of any Term Loan equal to $5,000,000 and integral multiples of $1,000,000 in excess of that amount from one Type of Loan to another Type of Loan; provided, that a SOFR LIBOR Rate Loan may only be converted on the expiration of the Interest Period applicable to such SOFR LIBOR Rate Loan unless the Borrower shall Loan Parties pay all amounts due under Section 2.15 2.17 in connection with any such conversion; , or
(ii) upon the expiration of any Interest Period applicable to any SOFR LIBOR Rate Loan, to continue all or any portion of such Loan equal to $5,000,000 and integral multiples of $1,000,000 in excess of that amount as a SOFR LIBOR Rate Loan.
(b) The Lead Borrower shall deliver a Conversion/Continuation Notice to the Agents Administrative Agent no later than 12:00 noon (New York City time) at least one two Business Day Days in advance of the proposed conversion date (in the case of a conversion to a Base Rate Loan) and at least three (3) Business Days in advance of the proposed Conversionconversion/Continuation Date continuation date (in the case of a conversion to, or a continuation of, a SOFR LIBOR Rate Loan). Except as otherwise provided herein, a Conversion/Continuation Notice for conversion to, or continuation of, any SOFR LIBOR Rate Loans (or telephonic notice in lieu thereof) shall be irrevocable on and after the related Interest Rate Determination Date, and the Lead Borrower shall be bound to effect a conversion or continuation in accordance therewith. If on any day a Loan is outstanding with respect to which a Funding Notice or Conversion/Continuation Notice has not been delivered to the Agents in accordance with the terms hereof specifying the applicable basis for determining the rate of interest, then for that day such Loan shall be a Base Rate Loan.
Appears in 6 contracts
Sources: Credit Agreement (B. Riley Financial, Inc.), Abl Credit Agreement (B. Riley Financial, Inc.), Credit Agreement (Franchise Group, Inc.)
Conversion/Continuation. (ai) Subject to Section 2.15 2.6 and so long as no Potential Event of Default or Event of Default shall have occurred and then be continuing, the Borrower shall have the option:
(ia) to convert at any time all or any part of any Loan Borrowing, in an amount equal to $5,000,000 and or a higher integral multiples multiple of $1,000,000 in excess of that amount 1,000,000, from one Type of Loan to another the other Type of Loan; provided, a SOFR Loan provided that LIBOR Loans may only be converted on the expiration of the Interest Period applicable to such SOFR Loan LIBOR Loans unless the Borrower shall pay all amounts due under Section 2.15 2.6 in connection with any such conversion; or
(iib) upon the expiration of any Interest Period applicable to any SOFR LoanBorrowing of LIBOR Loans, to continue all or any portion of such Loan Borrowing in an amount equal to $5,000,000 and or a higher integral multiples multiple of $1,000,000 in excess of that amount as LIBOR Loans for a SOFR Loannew Interest Period.
(bii) The Borrower shall deliver a Conversion/Continuation Notice to the Agents Administrative Agent no later than 12:00 noon (New York City time) 11:00 a.m. at least one Business Day in advance of the proposed conversion date (in the case of a conversion to a Base Rate LoanLoans) and at least three Business Days in advance of the proposed Conversionconversion/Continuation Date continuation date (in the case of a conversion to, or a continuation of, a SOFR LoanLIBOR Loans). Except as otherwise provided herein, a Conversion/Continuation Notice for conversion to, or continuation of, any SOFR LIBOR Loans (or telephonic notice in lieu thereof) shall be irrevocable on and after the related Interest Rate Determination Date, and the Borrower shall be bound to effect a conversion or continuation in accordance therewith. If on any day a Loan is outstanding with respect to which a Funding Notice or Conversion/Continuation Notice has not been delivered to the Agents in accordance with the terms hereof specifying the applicable basis for determining the rate of interest, then for that day such Loan shall be a Base Rate Loan.
Appears in 5 contracts
Sources: Term Loan Agreement (Assurant Inc), Credit Agreement (Assurant Inc), Credit Agreement (Assurant Inc)
Conversion/Continuation. (a) Subject to Section 2.15 2.17 and so long as no Default or Event of Default shall have occurred and then be continuing, the Borrower Company shall have the option:
(i) to convert at any time all or any part of any Term Loan or Revolving Loan equal to $5,000,000 250,000 and integral multiples of $1,000,000 100,000 in excess of that amount from one Type of Loan to another Type of Loan; provided, a SOFR LIBO Rate Loan may only be converted on the expiration of the Interest Period applicable to such SOFR LIBO Rate Loan unless the Borrower Company shall pay all amounts due under Section 2.15 2.17 in connection with any such conversion; or
(ii) upon the expiration of any Interest Period applicable to any SOFR LIBO Rate Loan, to continue all or any portion of such Loan equal to $5,000,000 250,000 and integral multiples of $1,000,000 100,000 in excess of that amount as a SOFR LIBO Rate Loan.
(b) The Borrower Subject to Section 3.2(b), Company shall deliver a Conversion/Continuation Notice to the Agents Administrative Agent no later than 12:00 noon 10:00 a.m. (New York City time) at least one Business Day in advance of the proposed conversion date (in the case of a conversion to a Base Rate Loan) and at least three Business Days in advance of the proposed Conversionconversion/Continuation Date continuation date (in the case of a conversion to, or a continuation of, a SOFR LIBO Rate Loan). Except as otherwise provided herein, a Conversion/Continuation Notice for conversion to, or continuation of, any SOFR LIBO Rate Loans shall be irrevocable on and after the related Interest Rate Determination Date, and the Borrower Company shall be bound to effect a conversion or continuation in accordance therewith. If on any day a Loan is outstanding with respect to which a Funding Notice or Conversion/Continuation Notice has not been delivered to the Agents Administrative Agent in accordance with the terms hereof specifying the applicable basis for determining the rate of interest, then then, for that day day, such Loan shall be a Base Rate Loan.
Appears in 3 contracts
Sources: Credit and Guaranty Agreement (ONE Group Hospitality, Inc.), Credit and Guaranty Agreement (ONE Group Hospitality, Inc.), Credit and Guaranty Agreement (ONE Group Hospitality, Inc.)
Conversion/Continuation. (a) Subject to Section 2.15 and so So long as no Default or Event of Default shall have occurred and then be continuingcontinuing or would result therefrom, the Borrower shall have the option:
(i) to convert at any time all or any part of any Loan equal to $5,000,000 100,000 and integral multiples of $1,000,000 50,000 in excess of that amount from one Type of Loan to another Type of Loan; provided, a SOFR an Adjusted LIBOR Rate Loan may only be converted on the expiration of the Interest Period applicable to such SOFR Adjusted LIBOR Rate Loan unless the Borrower shall pay all amounts due under Section 2.15 in connection with any such conversion; or
(ii) upon the expiration of any Interest Period applicable to any SOFR Adjusted LIBOR Rate Loan, to continue all or any portion of such Loan equal to $5,000,000 and integral multiples of $1,000,000 in excess of that amount as a SOFR an Adjusted LIBOR Rate Loan.
(b) The Borrower shall deliver a Conversion/Continuation Notice to the Agents Administrative Agent no later than 12:00 noon (New York City time) at least one Business Day in advance of the proposed conversion date (in the case of a conversion to a Base Rate Loan) and 1:00 p.m. at least three (3) Business Days in advance of the proposed Conversion/Continuation Date (in the case of a conversion to, or a continuation of, a SOFR Loan)Date. Except as otherwise provided herein, a Conversion/Continuation Notice for conversion to, or continuation of, any SOFR LIBOR Loans (or telephonic notice in lieu thereof) shall be irrevocable on and after the related Interest Rate Determination Date, and the Borrower shall be bound to effect a conversion or continuation in accordance therewith. If on any day a Loan is outstanding with respect to which a Funding Notice or Conversion/Continuation Notice has not been delivered to the Agents in accordance with the terms hereof specifying the applicable basis for determining the rate of interest, then for that day such Loan shall be a Base Rate Loan.
Appears in 3 contracts
Sources: Credit Agreement (Physicians Realty Trust), Credit Agreement (Physicians Realty Trust), Credit Agreement (Physicians Realty Trust)
Conversion/Continuation. (a) Subject to Section 2.15 and so long as no Event of Default shall have occurred and then be continuing, the Borrower shall have the option:
(i) to convert at any time all or any part of any Loan equal to $5,000,000 and integral multiples of $1,000,000 in excess of that amount from one Type of Loan to another Type of Loan; provided, a SOFR Eurodollar Rate Loan may only be converted on the expiration of the Interest Period applicable to such SOFR Eurodollar Rate Loan unless the Borrower shall pay all amounts due under Section 2.15 in connection with any such conversion; or
(ii) upon the expiration of any Interest Period applicable to any SOFR Eurodollar Rate Loan, to continue all or any portion of such Loan equal to $5,000,000 and integral multiples of $1,000,000 in excess of that amount as a SOFR Eurodollar Rate Loan.
(b) The Borrower shall deliver a Conversion/Continuation Notice to the Agents no later than 12:00 noon (New York City time) at least one Business Day in advance of the proposed conversion date (in the case of a conversion to a Base Rate Loan) and at least three Business Days in advance of the proposed Conversion/Continuation Date (in the case of a conversion to, or a continuation of, a SOFR Eurodollar Rate Loan). Except as otherwise provided herein, a Conversion/Continuation Notice for conversion to, or continuation of, any SOFR Eurodollar Rate Loans shall be irrevocable on and after the related Interest Rate Determination Date, and the Borrower shall be bound to effect a conversion or continuation in accordance therewith. If on any day a Loan is outstanding with respect to which a Funding Notice or Conversion/Continuation Notice has not been delivered to the Agents in accordance with the terms hereof specifying the applicable basis for determining the rate of interest, then for that day such Loan shall be a Base Rate Loan.
Appears in 3 contracts
Sources: Credit and Guaranty Agreement (PLBY Group, Inc.), Credit and Guaranty Agreement (PLBY Group, Inc.), Credit and Guaranty Agreement (PLBY Group, Inc.)
Conversion/Continuation. (a) Subject to Section 2.15 2.17 and so long as no Default or Event of Default shall have occurred and then be continuing, the Borrower shall have the option:
(i) to convert at any time all or any part of any Term Loan equal to $5,000,000 2,000,000 and integral multiples of $1,000,000 500,000 in excess of that amount from one Type of Loan to another Type of Loan; provided, a SOFR Eurodollar Rate Loan may only be converted on the expiration of the Interest Period applicable to such SOFR Eurodollar Rate Loan unless the Borrower shall pay all amounts due under Section 2.15 2.17 in connection with any such conversion; or
(ii) upon the expiration of any Interest Period applicable to any SOFR Eurodollar Rate Loan, to continue all or any portion of such Loan equal to $5,000,000 2,000,000 and integral multiples of $1,000,000 500,000 in excess of that amount as a SOFR Eurodollar Rate Loan.
(b) The Borrower shall deliver a Conversion/Continuation Notice to the Agents Administrative Agent no later than 12:00 noon 10:00 a.m. (New York City time) at least one Business Day in advance of the proposed conversion date (in the case of a conversion to a Base Rate Loan) and at least three (3) Business Days in advance of the proposed Conversionconversion/Continuation Date continuation date (in the case of a conversion to, or a continuation of, a SOFR Eurodollar Rate Loan). Except as otherwise provided herein, a Conversion/Continuation Notice for conversion to, or continuation of, any SOFR Eurodollar Rate Loans (or telephonic notice in lieu thereof) shall be irrevocable on and after the related Interest Rate Determination Dateirrevocable, and the Borrower shall be bound to effect a conversion or continuation in accordance therewith. If on any day a Loan is outstanding with respect to which a Funding Notice or Conversion/Continuation Notice has not been delivered to the Agents in accordance with the terms hereof specifying the applicable basis for determining the rate of interest, then for that day such Loan shall be a Base Rate Loan.
Appears in 3 contracts
Sources: Credit Agreement (Douglas Dynamics, Inc), Credit Agreement (Douglas Dynamics, Inc), Credit Agreement (Douglas Dynamics, Inc)
Conversion/Continuation. (a) Subject to Section 2.15 and so So long as no Default or Event of Default shall have occurred and then be continuingcontinuing or would result therefrom, the Borrower shall have the option:
(i) to convert at any time all or any part of any Loan equal to $5,000,000 500,000 and integral multiples of $1,000,000 100,000 in excess of that amount from one Type of Loan to another Type of Loan; provided, a SOFR an Adjusted LIBOR Rate Loan may only be converted on the expiration of the Interest Period applicable to such SOFR Adjusted LIBOR Rate Loan unless the Borrower shall pay all amounts due under Section 2.15 3.1(c) in connection with any such conversion; or
(ii) upon the expiration of any Interest Period applicable to any SOFR Adjusted LIBOR Rate Loan, to continue all or any portion of such Loan equal to $5,000,000 and integral multiples of $1,000,000 in excess of that amount as a SOFR an Adjusted LIBOR Rate Loan.
(b) The Borrower shall deliver a Conversion/Continuation Notice to the Agents Administrative Agent no later than 12:00 noon (New York City time) at least one Business Day in advance of the proposed conversion date (in the case of a conversion to a Base Rate Loan) and 1:00 p.m. at least three (3) Business Days in advance of the proposed Conversion/Continuation Date (in the case of a conversion to, or a continuation of, a SOFR Loan)Date. Except as otherwise provided herein, a Conversion/Continuation Notice for conversion to, or continuation of, any SOFR Adjusted LIBOR Rate Loans (or telephonic notice in lieu thereof) shall be irrevocable on and after the related Interest Rate Determination Date, and the Borrower shall be bound to effect a conversion or continuation in accordance therewith. If on any day a Loan is outstanding with respect to which a Funding Notice or Conversion/Continuation Notice has not been delivered to the Agents in accordance with the terms hereof specifying the applicable basis for determining the rate of interest, then for that day such Loan shall be a Base Rate Loan.
Appears in 3 contracts
Sources: Credit Agreement (AdaptHealth Corp.), Credit Agreement (AdaptHealth Corp.), Credit Agreement (Neogenomics Inc)
Conversion/Continuation. (a) Subject to Section 2.15 and so So long as no Default or Event of Default shall have occurred and then be continuingcontinuing or would result therefrom, the Borrower shall have the option:
(i) to convert at any time all or any part of any Loan equal to $5,000,000 100,000 and integral multiples of $1,000,000 50,000 in excess of that amount from one Type of Loan to another Type of Loan; provided, a Term SOFR Loan may only be converted on the expiration of the Interest Period applicable to such Term SOFR Loan unless the Borrower shall pay all amounts due under Section 2.15 in connection with any such conversion; or
(ii) upon the expiration of any Interest Period applicable to any Term SOFR Loan, to continue all or any portion of such Loan equal to $5,000,000 and integral multiples of $1,000,000 in excess of that amount as a Term SOFR Loan.
(b) The Borrower shall deliver a Conversion/Continuation Notice to the Agents Administrative Agent no later than 12:00 noon (New York City time) at least one Business Day in advance of the proposed conversion date (in the case of a conversion to a Base Rate Loan) and 1:00 p.m. at least three (3) Business Days in advance of the proposed Conversion/Continuation Date (in or such later time as the case of a conversion to, or a continuation of, a SOFR LoanAdministrative Agent may agree). Except as otherwise provided herein, a Conversion/Continuation Notice for conversion to, or continuation of, any Term SOFR Loans (or telephonic notice in lieu thereof) shall be irrevocable on and after the related Interest Rate Determination Date, and the Borrower shall be bound to effect a conversion or continuation in accordance therewith. If on any day a Loan is outstanding with respect to which a Funding Notice or Conversion/Continuation Notice has not been delivered to the Agents in accordance with the terms hereof specifying the applicable basis for determining the rate of interest, then for that day such Loan shall be a Base Rate Loan.
Appears in 3 contracts
Sources: Credit Agreement (Healthpeak Properties, Inc.), Credit Agreement (Healthpeak Properties, Inc.), Credit Agreement (Physicians Realty Trust)
Conversion/Continuation. (a) Subject to Section 2.15 and so So long as no Event of Default shall have occurred and then be continuingcontinuing or would result therefrom, the Borrower shall have the option:
(i) to convert at any time all or any part of any Loan equal to $5,000,000 1,000,000 and integral multiples of $1,000,000 100,000 in excess of that amount from one Type of Loan to another Type of Loan; provided, a SOFR an Adjusted LIBOR Rate Loan may only be converted on the expiration of the Interest Period applicable to such SOFR Adjusted LIBOR Rate Loan unless the Borrower shall pay all amounts due under Section 2.15 3.1(c) in connection with any such conversion; or
(ii) upon the expiration of any Interest Period applicable to any SOFR Adjusted LIBOR Rate Loan, to continue all or any portion of such Loan equal to $5,000,000 and integral multiples of $1,000,000 in excess of that amount as a SOFR an Adjusted LIBOR Rate Loan.
(b) The Borrower shall deliver a Conversion/Continuation Notice to the Agents Administrative Agent no later than 12:00 noon (New York City time) 1:00 p.m. at least one Business Day in advance of the proposed conversion date (in the case of a conversion to a Base Rate Loani) and at least three (3) Business Days in advance of the proposed Conversion/Continuation Date (in the case of a conversion to, of one or more Base Rate Loans to LIBOR Loans or a continuation of, a SOFR Loan)of one or more LIBOR Loans and (ii) one (1) Business Day in advance in the case of any other continuations or conversions. Except as otherwise provided herein, a Conversion/Continuation Notice for conversion to, or continuation of, any SOFR Adjusted LIBOR Rate Loans (or telephonic notice in lieu thereof) shall be irrevocable on and after the related Interest Rate Determination Date, and the Borrower shall be bound to effect a conversion or continuation in accordance therewith. If on any day a Loan is outstanding with respect to which a Funding Notice or Conversion/Continuation Notice has not been delivered to the Agents in accordance with the terms hereof specifying the applicable basis for determining the rate of interest, then for that day such Loan shall be a Base Rate Loan.
Appears in 3 contracts
Sources: Credit Agreement (Computer Programs & Systems Inc), Credit Agreement (Computer Programs & Systems Inc), Credit Agreement (Computer Programs & Systems Inc)
Conversion/Continuation. (a) Subject to Section 2.15 2.16 and so long as no Default or Event of Default shall have occurred and then be continuing, the Borrower Company shall have the option:
(i) to convert at any time all or any part portion of any the Term Loan equal to $5,000,000 and integral multiples of $1,000,000 in excess of that amount from one Type of Loan to another Type of Loan; provided, a SOFR LIBOR Rate Loan may only be converted on the expiration of the Interest Period applicable to such SOFR LIBOR Rate Loan unless the Borrower Company shall pay all amounts due under Section 2.15 2.16 in connection with any such conversion; or
(ii) upon the expiration of any Interest Period applicable to any SOFR LIBOR Rate Loan, to continue all or any portion of such LIBOR Rate Loan equal to $5,000,000 and integral multiples of $1,000,000 in excess of that amount as a SOFR LIBOR Rate Loan.
(b) The Borrower Company shall deliver a Conversion/Continuation Notice to the Agents Administrative Agent no later than 12:00 noon 2:00 p.m. (New York City time) at least one Business Day in advance of the proposed conversion date (in the case of a conversion to a Base Rate Loan) and at least three Business Days in advance of the proposed Conversionconversion/Continuation Date continuation date (in the case of a conversion to, or a continuation of, a SOFR LIBOR Rate Loan). Except as otherwise provided herein, a Conversion/Continuation Notice for conversion to, or continuation of, any SOFR LIBOR Rate Loans (or telephonic notice in lieu thereof) shall be irrevocable on and after the related Interest Rate Determination Date, and the Borrower Company shall be bound to effect a conversion or continuation in accordance therewith. If on any day a Loan is outstanding with respect to which a Funding Notice or Conversion/Continuation Notice has not been delivered to the Agents in accordance with the terms hereof specifying the applicable basis for determining the rate of interest, then for that day such Loan shall be a Base Rate Loan.
Appears in 2 contracts
Sources: Financing Agreement (Federal Signal Corp /De/), Financing Agreement (Federal Signal Corp /De/)
Conversion/Continuation. (a) Subject to Section 2.15 and so So long as no Default or Event of Default shall have occurred and then be continuingcontinuing or would result therefrom, the each Borrower shall have the option:
(i) to convert at any time all or any part of any Loan equal to $5,000,000 1,000,000 and integral multiples of $1,000,000 in excess of that amount from one Type of Loan to another Type of Loan; provided, a SOFR an Adjusted LIBOR Rate Loan may only be converted on the expiration of the Interest Period applicable to such SOFR Adjusted LIBOR Rate Loan unless the such Borrower shall pay all amounts due under Section 2.15 3.1(c) in connection with any such conversion; or
(ii) upon the expiration of any Interest Period applicable to any SOFR Adjusted LIBOR Rate Loan, to continue all or any portion of such Loan equal to $5,000,000 and integral multiples of $1,000,000 in excess of that amount as a SOFR an Adjusted LIBOR Rate Loan.
(b) The applicable Borrower shall deliver a Conversion/Continuation Notice to the Agents Administrative Agent no later than 12:00 noon (New York City time) at least one Business Day in advance of the proposed conversion date (in the case of a conversion to a Base Rate Loan) and 1:00 p.m. at least three (3) Business Days in advance of the proposed Conversion/Continuation Date in connection with any Adjusted LIBOR Rate Loan or one (1) Business Day in the case of a conversion to, advance if only Base Rate Loans are subject to continuation or a continuation of, a SOFR Loan)conversion. Except as otherwise provided herein, a Conversion/Continuation Notice for conversion to, or continuation of, any SOFR Adjusted LIBOR Rate Loans (or telephonic notice in lieu thereof) shall be irrevocable on and after the related Interest Rate Determination Date, and the such Borrower shall be bound to effect a conversion or continuation in accordance therewith. If on any day a Loan is outstanding with respect to which a Funding Notice or Conversion/Continuation Notice has not been delivered to the Agents in accordance with the terms hereof specifying the applicable basis for determining the rate of interest, then for that day such Loan shall be a Base Rate Loan.
Appears in 2 contracts
Sources: Credit Agreement (FutureFuel Corp.), Credit Agreement (FutureFuel Corp.)
Conversion/Continuation. (a) Subject to Section 2.15 2.17 and so long as no Default or Event of Default shall have occurred and then be continuing, the Borrower shall have the option:
(i) to convert at any time all or any part of any Loan equal to $5,000,000 and integral multiples of $1,000,000 in excess of that amount from one Type of Loan to another Type of Loan; provided, a SOFR Eurodollar Rate Loan may only be converted on the expiration of the Interest Period applicable to such SOFR Eurodollar Rate Loan unless the Borrower shall pay all amounts due under Section 2.15 2.17 in connection with any such conversion; or
(ii) upon the expiration of any Interest Period applicable to any SOFR Eurodollar Rate Loan, to continue all or any portion of such Loan equal to $5,000,000 and integral multiples of $1,000,000 in excess of that amount as a SOFR Eurodollar Rate Loan.
(b) The Borrower shall deliver a Conversion/Continuation Notice to the Agents Administrative Agent no later than 12:00 noon (New York City time) at least one Business Day in advance on the date of the proposed conversion date (in the case of a conversion to a Base Rate Loan) and at least three Business Days in advance of the proposed Conversion/Continuation Date date (in the case of a conversion to, or a continuation of, a SOFR Eurodollar Rate Loan). Except as otherwise provided herein, a Conversion/Continuation Notice for conversion to, or continuation of, any SOFR Eurodollar Rate Loans (or telephonic notice in lieu thereof) shall be irrevocable on and after the related Interest Rate Determination Date, and the Borrower shall be bound to effect a conversion or continuation in accordance therewith. If on any day a Loan is outstanding with respect to which a Funding Notice or Conversion/Continuation Notice has not been delivered .
(c) Notwithstanding anything to the Agents contrary in accordance with the terms hereof specifying the applicable basis for determining the rate of interestforegoing, then for that day such no conversion in whole or in part to a Eurodollar Rate Loan shall be permitted at any time at which (i) a Base Default or Event of Default shall have occurred and be continuing or (ii) the continuation of, or conversion into, a Eurodollar Rate LoanLoan would violate any provision of Section 2.17.
Appears in 2 contracts
Sources: Senior Subordinated Bridge Loan Agreement (Source Interlink Companies Inc), Term Loan Agreement (Source Interlink Companies Inc)
Conversion/Continuation. (a) Subject to Section 2.15 2.17 and so long as no Default or Event of Default shall have occurred and then be continuing, the Borrower shall have the option:
(i) to convert at any time all or any part of any Term Loan equal to $5,000,000 and integral multiples of $1,000,000 in excess of that amount from one Type of Loan to another Type of Loan; provided, that a SOFR LIBOR Rate Loan may only be converted on the expiration of the Interest Period applicable to such SOFR LIBOR Rate Loan unless the Borrower shall pay all amounts due under Section 2.15 2.17 in connection with any such conversion; , or
(ii) upon the expiration of any Interest Period applicable to any SOFR LIBOR Rate Loan, to continue all or any portion of such Loan equal to $5,000,000 and integral multiples of $1,000,000 in excess of that amount as a SOFR LIBOR Rate Loan.
(b) The Borrower shall deliver a Conversion/Continuation Notice to the Agents Administrative Agent no later than 12:00 noon (New York City time) at least one two Business Day Days in advance of the proposed conversion date (in the case of a conversion to a Base Rate Loan) and at least three (3) Business Days in advance of the proposed Conversionconversion/Continuation Date continuation date (in the case of a conversion to, or a continuation of, a SOFR LIBOR Rate Loan). Except as otherwise provided herein, a Conversion/Continuation Notice for conversion to, or continuation of, any SOFR LIBOR Rate Loans (or telephonic notice in lieu thereof) shall be irrevocable on and after the related Interest Rate Determination Date, and the Borrower shall be bound to effect a conversion or continuation in accordance therewith. If on any day a Loan is outstanding with respect to which a Funding Notice or Conversion/Continuation Notice has not been delivered to the Agents in accordance with the terms hereof specifying the applicable basis for determining the rate of interest, then for that day such Loan shall be a Base Rate Loan.
Appears in 2 contracts
Sources: Credit Agreement (Liberty Tax, Inc.), Credit Agreement (Franchise Group, Inc.)
Conversion/Continuation. (a) Subject to Section 2.15 2.18 and so long as no Default or Event of Default shall have occurred and then be continuingcontinuing and no demand for payment of any Obligations has been made, the Borrower shall have the option:
(i) to convert at any time all or any part of any Loan equal to $5,000,000 1,000,000 and integral multiples of $1,000,000 500,000 in excess of that amount from one Type of Loan to another Type of Loan; provided, provided that a SOFR LIBOR Rate Loan may only be converted on the expiration of the Interest Period applicable to such SOFR LIBOR Rate Loan unless the Borrower shall pay all amounts due under Section 2.15 2.18 in connection with any such conversion; or
(ii) upon the expiration of any Interest Period applicable to any SOFR LIBOR Rate Loan, to continue all or any portion of such Loan equal to $5,000,000 1,000,000 and integral multiples of $1,000,000 500,000 in excess of that amount as a SOFR LIBOR Rate Loan.
(b) The Borrower shall deliver a Conversion/Continuation Notice to the Agents Administrative Agent no later than 12:00 noon 10:00 a.m. (New York City Boston time) at least one Business Day in advance of the proposed conversion date (in the case of a conversion to a Base Rate Loan) and at least three (3) Business Days in advance of the proposed Conversion/Continuation Date (in the case of a conversion to, or a continuation of, a SOFR LIBOR Rate Loan). Except as otherwise provided herein, a Conversion/Continuation Notice for conversion to, or continuation of, any SOFR Loans LIBOR Rate Loans, shall be irrevocable on and after the related Interest Rate Determination Date, and the Borrower shall be bound to effect a conversion or continuation in accordance therewith. If on any day a Loan is outstanding with respect to which a Funding Notice or Conversion/Continuation Notice has not been delivered to the Agents in accordance with the terms hereof specifying the applicable basis for determining the rate of interest, then for that day such Loan shall be a Base Rate Loan.
Appears in 2 contracts
Sources: Revolving Loan Agreement (CURO Group Holdings Corp.), Revolving Loan Agreement (CURO Group Holdings Corp.)
Conversion/Continuation. (a) Subject to Section SECTION 2.15 and so long as no Default or Event of Default shall have occurred and then be continuing, the Borrower Company shall have the option:
(i) to convert at any time all or any part of any Term Loan equal to $5,000,000 1,000,000 and integral multiples of $1,000,000 in excess of that amount from one Type of Loan to another Type of Loan; provided, a SOFR LIBOR Rate Loan may only be converted on the expiration of the Interest Period applicable to such SOFR LIBOR Rate Loan unless the Borrower Company shall pay all amounts due under Section SECTION 2.15 in connection with any such conversion; or
(ii) upon the expiration of any Interest Period applicable to any SOFR LIBOR Rate Loan, to continue all or any portion of such Term Loan equal to $5,000,000 1,000,000 and integral multiples of $1,000,000 in excess of that amount as a SOFR LIBOR Rate Loan.
(b) The Borrower Company shall deliver a Conversion/Continuation Notice to the Agents Administrative Agent no later than 12:00 noon 10:00 a.m. (New York City time) at least one Business Day in advance of the proposed conversion date (in the case of a conversion to a Base Rate Loan) and at least three Business Days in advance of the proposed Conversionconversion/Continuation Date continuation date (in the case of a conversion to, or a continuation of, a SOFR LIBOR Rate Loan). Except as otherwise provided herein, a Conversion/Continuation Notice for conversion to, or continuation of, any SOFR LIBOR Rate Loans (or telephonic notice in lieu thereof) shall be irrevocable on and after the related Interest Rate Determination Date, and the Borrower Company shall be bound to effect a conversion or continuation in accordance therewith. If on any day a Loan is outstanding with respect to which a Funding Notice or Conversion/Continuation Notice has not been delivered to the Agents in accordance with the terms hereof specifying the applicable basis for determining the rate of interest, then for that day such Loan shall be a Base Rate Loan.
Appears in 2 contracts
Sources: Credit and Guaranty Agreement (Taleo Corp), Credit and Guaranty Agreement (Taleo Corp)
Conversion/Continuation. (a) Subject to Section 2.15 2.14 and so long as no Default or Event of Default shall have occurred and then be continuing, the applicable Borrower shall have the option:
(i) to convert at any time all or any part of any Term Loan equal to $5,000,000 500,000 and integral multiples of $1,000,000 100,000 in excess of that amount from one Type of Loan to another Type of Loan; provided, a SOFR LIBOR Rate Loan may only be converted on the expiration of the Interest Period applicable to such SOFR LIBOR Rate Loan unless the applicable Borrower shall pay all amounts due under Section 2.15 2.14 in connection with any such conversion; or
(ii) upon the expiration of any Interest Period applicable to any SOFR LIBOR Rate Loan, to continue all or any portion of such Loan equal to $5,000,000 500,000 and integral multiples of $1,000,000 100,000 in excess of that amount as a SOFR LIBOR Rate Loan.
(b) The A Borrower shall deliver a Conversion/Continuation Notice to the Agents Administrative Agent no later than 12:00 noon 10:00 a.m. (New York City time) at least one Business Day in advance of the proposed conversion date (in the case of a conversion to a Base Rate Loan) and at least three (3) Business Days in advance of the proposed Conversionconversion/Continuation Date continuation date (in the case of a conversion to, or a continuation of, a SOFR LIBOR Rate Loan). Except as otherwise provided herein, a Conversion/Continuation Notice for conversion to, or continuation of, any SOFR LIBOR Rate Loans shall be irrevocable on and after the related Interest Rate Determination Date, and the such Borrower shall be bound to effect a conversion or continuation in accordance therewith. If on any day a Loan is outstanding with respect to which a Funding Notice or Conversion/Continuation Notice has not been delivered to the Agents in accordance with the terms hereof specifying the applicable basis for determining the rate of interest, then for that day such Loan shall be a Base Rate Loan.
Appears in 2 contracts
Sources: Credit and Guaranty Agreement (Cit Group Inc), Credit and Guaranty Agreement (Cit Group Inc)
Conversion/Continuation. (a) Subject to Section 2.15 2.17 and so long as no Default or Event of Default shall have occurred and then be continuing, the Borrower Company shall have the option:
(i) to convert at any time all or any part of any Loan equal to $5,000,000 and integral multiples of $1,000,000 in excess of that amount from one Type of Loan to another Type of Loan; provided, provided a SOFR LIBOR Rate Loan may only be converted on the expiration of the Interest Period applicable to such SOFR LIBOR Rate Loan unless the Borrower Company shall pay all amounts due under Section 2.15 2.17 in connection with any such conversion; or
(ii) upon the expiration of any Interest Period applicable to any SOFR LIBOR Rate Loan, to continue all or any portion of such Loan equal to $5,000,000 and integral multiples of $1,000,000 in excess of that amount as a SOFR LIBOR Rate Loan.
(b) The Borrower Company shall deliver a Conversion/Continuation Notice to the Agents Administrative Agent no later than 12:00 noon 10:00 a.m. (New York City time) at least one Business Day in advance of the proposed conversion date (in the case of a conversion to a Base Rate Loan) and at least three (3) Business Days in advance of the proposed Conversionconversion/Continuation Date continuation date (in the case of a conversion to, or a continuation of, a SOFR LIBOR Rate Loan). Except as otherwise provided herein, a Conversion/Continuation Notice for conversion to, or continuation of, any SOFR LIBOR Rate Loans (or telephonic notice in lieu thereof) shall be irrevocable on and after the related Interest Rate Determination Date, and the Borrower Company shall be bound to effect a conversion or continuation in accordance therewith. If on any day a Loan is outstanding with respect to which a Funding Notice or Conversion/Continuation Notice has not been delivered to the Agents in accordance with the terms hereof specifying the applicable basis for determining the rate of interest, then for that day such Loan shall be a Base Rate Loan.
Appears in 2 contracts
Sources: Financing Agreement (Global Geophysical Services Inc), Settlement Agreement
Conversion/Continuation. (a) Subject to Section 2.15 and so long as no Event of Default shall have occurred and then be continuing2.19(b), the Borrower shall have the option:
(i) to convert at any time all or any part of any Term Loan equal to $5,000,000 and integral multiples of $1,000,000 in excess of that amount from one Type of Loan to another Type of Loan; provided, a SOFR Loan may only be converted on the expiration of the Interest Period applicable to such SOFR Loan unless the Borrower shall pay all amounts due under Section 2.15 2.19(b) in connection with any such conversion; or
(ii) upon the expiration of any Interest Period applicable to any SOFR Loan, to continue all or any portion of such Loan equal to $5,000,000 and integral multiples of $1,000,000 in excess of that amount as a SOFR Loan.
(b) The Borrower shall deliver a Conversion/Continuation Notice to the Agents Administrative Agent no later than 12:00 noon p.m. (New York City time) at least one (1) Business Day in advance of the proposed conversion date (in the case of a conversion to a Base Rate Loan) and at least three (3) Business Days in advance of the proposed Conversionconversion/Continuation Date continuation date (in the case of a conversion to, or a continuation of, a SOFR Loan); provided, that, in the event Borrower fails to deliver a Conversion/Continuation Notice, the Borrower shall automatically be deemed to have delivered a Conversion/Continuation Notice for a conversion to, or continuation as, a SOFR Loan. Except as otherwise provided herein, a Conversion/Continuation Notice for conversion to, or continuation of, any SOFR Loans shall be irrevocable on and after the related Interest Rate Determination Date, and the Borrower shall be bound to effect a conversion or continuation in accordance therewith. If on any day a Loan is outstanding with respect to which a Funding Notice or Conversion/Continuation Notice has not been delivered to the Agents in accordance with the terms hereof specifying the applicable basis for determining the rate of interest, then for that day such Loan shall be a Base Rate Loan.
Appears in 2 contracts
Sources: Financing Agreement (BridgeBio Pharma, Inc.), Financing Agreement (BridgeBio Pharma, Inc.)
Conversion/Continuation. (ai) Subject to Section 2.15 2.9 and so long as no Potential Event of Default or Event of Default shall have occurred and then be continuing, the Borrower shall have the option:
(ia) to convert at any time all or any part of any Loan equal to Borrowing in an aggregate amount of $5,000,000 and or a higher integral multiples multiple of $1,000,000 in excess of that amount from one Type of Loan to another Type of Loan; provided, a SOFR provided if any LIBOR Rate Loan may only be is converted on a day other than the expiration last day of the an Interest Period applicable to such SOFR Loan unless therefor, the Borrower shall pay all amounts due under Section 2.15 2.8 in connection with any such conversion; or
(iib) upon the expiration of any Interest Period applicable to any SOFR LoanBorrowing LIBOR Rate Loans, to continue all or any portion of such Loan equal to $5,000,000 and integral multiples Borrowing for a new Interest Period in a minimum amount of $1,000,000 in excess of that amount as a SOFR Loan5,000,000.
(bii) The Borrower shall deliver a Conversion/Continuation Notice to the Agents Administrative Agent no later than 12:00 noon 11:00 a.m. (New York City time) at least one Business Day in advance of the proposed conversion date (in the case of a conversion to a Base Rate LoanLoans) and at least three Business Days in advance of the proposed Conversion/Continuation Date (in the case of a conversion to, or a continuation of, a SOFR LoanLIBOR Rate Loans). Except as otherwise provided herein, a Conversion/Continuation Notice for conversion to, or continuation of, any SOFR LIBOR Rate Loans (or telephonic notice in lieu thereof) shall be irrevocable on and after the related Interest Rate Determination Date, and the Borrower shall be bound to effect a conversion or continuation in accordance therewith. If on any day a Loan is outstanding with respect to which a Funding Notice or Conversion/Continuation Notice has not been delivered to the Agents in accordance with the terms hereof specifying the applicable basis for determining the rate of interest, then for that day such Loan shall be a Base Rate Loan.
Appears in 2 contracts
Sources: Bridge Loan Agreement (Hospira Inc), Term Loan Agreement (Hospira Inc)
Conversion/Continuation. (a) Subject to Section 2.15 and so So long as no Default or Event of Default shall have occurred and then be continuingcontinuing or would result therefrom, the Borrower shall have the option:
(i) to convert at any time all all, or any part part, of any Loan equal to One Hundred Thousand Dollars ($5,000,000 100,000) and integral multiples of Fifty Thousand Dollars ($1,000,000 50,000) in excess of that amount thereof from one Type of Loan to another Type of Loan; provided, a SOFR an Adjusted LIBOR Rate Loan may only be converted on the expiration of the Interest Period applicable to such SOFR Adjusted LIBOR Rate Loan unless the Borrower shall pay all amounts due under Section 2.15 3.1(c) in connection with any such conversion; or
(ii) upon the expiration of any Interest Period applicable to any SOFR Adjusted LIBOR Rate Loan, to continue all or any portion of such Loan equal to $5,000,000 and integral multiples of $1,000,000 in excess of that amount as a SOFR an Adjusted LIBOR Rate Loan.
(b) The Borrower shall deliver a Conversion/Continuation Notice to the Agents Administrative Agent no later than 12:00 noon (New York City time) at least one Business Day in advance of the proposed conversion date (in the case of a conversion to a Base Rate Loan) and 1:00 p.m. at least three (3) Business Days in advance of the proposed Conversion/Continuation Date (in the case of a conversion to, or a continuation of, a SOFR Loan)Date. Except as otherwise provided herein, a Conversion/Continuation Notice for conversion to, or continuation of, any SOFR Adjusted LIBOR Rate Loans (or telephonic notice in lieu thereof) shall be irrevocable on and after the related Interest Rate Determination Date, and the Borrower shall be bound to effect a conversion or continuation in accordance therewith. If on any day a Loan is outstanding with respect to which a Funding Notice or Conversion/Continuation Notice has not been delivered to the Agents in accordance with the terms hereof specifying the applicable basis for determining the rate of interest, then for that day such Loan shall be a Base Rate Loan.
Appears in 2 contracts
Sources: Credit Agreement (Heritage Insurance Holdings, Inc.), Credit Agreement (Heritage Insurance Holdings, Inc.)
Conversion/Continuation. (a) Subject to Section 2.15 2.14 and so long as no Default or Event of Default shall have occurred and then be continuing, the Borrower shall have the option:
(i) to convert at any time all or any part of any Loan equal to $5,000,000 and integral multiples of $1,000,000 in excess of that amount from one Type of Loan to another Type of Loan; provided, a SOFR LIBO Rate Loan may only be converted on the expiration of the Interest Period applicable to such SOFR LIBO Rate Loan unless the Borrower shall pay all amounts due under Section 2.15 2.14 in connection with any such conversion; or
(ii) upon the expiration of any Interest Period applicable to any SOFR LIBO Rate Loan, to continue all or any portion of such Loan equal to $5,000,000 and integral multiples of $1,000,000 in excess of that amount as a SOFR LIBO Rate Loan.
(b) The Borrower shall deliver a Conversion/Continuation Notice to the Agents Agent no later than 12:00 noon p.m. (New York City time) at least one Business Day in advance of the proposed conversion date (in the case of a conversion to a Base Rate Loan) and at least three Business Days in advance of the proposed Conversionconversion/Continuation Date continuation date (in the case of a conversion to, or a continuation of, a SOFR LIBO Rate Loan). Except as otherwise provided herein, a Conversion/Continuation Notice for conversion to, or continuation of, any SOFR LIBO Rate Loans (or telephonic notice in lieu thereof) shall be irrevocable on and after the related Interest Rate Determination Date, and the Borrower shall be bound to effect a conversion or continuation in accordance therewith. If on any day a Loan is outstanding with respect to which a Funding Notice or Conversion/Continuation Notice has not been delivered to the Agents in accordance with the terms hereof specifying the applicable basis for determining the rate of interest, then for that day such Loan shall be a Base Rate Loan.
Appears in 1 contract
Conversion/Continuation. (a) Subject to Section 2.15 2.18 and so long as no Default or Event of Default shall have occurred and then be continuing, the Borrower shall have the option:
(i) to convert at any time all or any part of any Term Loan equal to $5,000,000 and integral multiples of $1,000,000 in excess of that amount from one Type of Loan to another Type of Loan; provided, that a SOFR LIBOR Rate Loan may only be converted on the expiration of the Interest Period applicable to such SOFR LIBOR Rate Loan unless the Borrower shall pay all amounts due under Section 2.15 2.17 in connection with any such conversion; , or
(ii) upon the expiration of any Interest Period applicable to any SOFR LIBOR Rate Loan, to continue all or any portion of such Loan equal to $5,000,000 and integral multiples of $1,000,000 in excess of that amount as a SOFR LIBOR Rate Loan.
(b) The Borrower shall deliver a Conversion/Continuation Notice to the Agents Administrative Agent no later than 12:00 noon (New York City time) at least one two Business Day Days in advance of the proposed conversion date (in the case of a conversion to a Base Rate Loan) and at least three (3) Business Days in advance of the proposed Conversionconversion/Continuation Date continuation date (in the case of a conversion to, or a continuation of, a SOFR LIBOR Rate Loan). Except as otherwise provided herein, a Conversion/Continuation Notice for conversion to, or continuation of, any SOFR LIBOR Rate Loans (or telephonic notice in lieu thereof) shall be irrevocable on and after the related Interest Rate Determination Date, and the Borrower shall be bound to effect a conversion or continuation in accordance therewith. If on any day a Loan is outstanding with respect to which a Funding Notice or Conversion/Continuation Notice has not been delivered to the Agents in accordance with the terms hereof specifying the applicable basis for determining the rate of interest, then for that day such Loan shall be a Base Rate Loan.
Appears in 1 contract
Sources: Credit Agreement (Liberty Tax, Inc.)
Conversion/Continuation. (a) Subject to Section 2.15 2.17 and so long as no Default or Event of Default shall have occurred and then be continuing, the Borrower Company shall have the option:
(i) to convert at any time all or any part of any Term Loan equal to $5,000,000 and integral multiples of $1,000,000 in excess of that amount from one Type of Loan to another Type of Loan; provided, a SOFR LIBOR Rate Loan may only be converted on the expiration of the Interest Period applicable to such SOFR LIBOR Rate Loan unless the Borrower Borrowers shall pay all amounts due under Section 2.15 2.17 in connection with any such conversion; or
or (ii) upon the expiration of any Interest Period applicable to any SOFR LIBOR Rate Loan, to continue all or any portion of such Loan equal to $5,000,000 and integral multiples of $1,000,000 in excess of that amount as a SOFR LIBOR Rate Loan.
(b) The Borrower Company shall deliver a Conversion/Continuation Notice to the Agents Administrative Agent no later than 12:00 noon 10:00 a.m. (New York City time) at least one (1) Business Day in advance of the proposed conversion date (in the case of a conversion to a Base Rate Loan) and at least three (3) Business Days in advance of the proposed Conversionconversion/Continuation Date continuation date (in the case of a conversion to, or a continuation of, a SOFR LIBOR Rate Loan). Except as otherwise provided herein, a Conversion/Continuation Notice for conversion to, or continuation of, any SOFR LIBOR Rate Loans shall be irrevocable on and after the related Interest Rate Determination Date, and the Borrower Borrowers shall be bound to effect a conversion or continuation in accordance therewith. If on any day a Loan is outstanding with respect to which a Funding Notice or Conversion/Continuation Notice has not been delivered to the Agents in accordance with the terms hereof specifying the applicable basis for determining the rate of interest, then for that day such Loan shall be a Base Rate Loan.
Appears in 1 contract
Sources: Financing Agreement (Biohaven Pharmaceutical Holding Co Ltd.)
Conversion/Continuation. (a) Subject to Section 2.15 2.17 and so long as no Default or Event of Default shall have occurred and then be continuing, the Borrower Company shall have the option:
(i) to convert at any time all or any part of any Term Loan equal to $5,000,000 and integral multiples of $1,000,000 in excess of that amount from one Type of Loan to another Type of Loan; provided, a SOFR LIBORSOFR Rate Loan may only be converted on the expiration of the Interest Period applicable to such SOFR LIBORSOFR Rate Loan unless the Borrower Company shall pay all amounts due under Section 2.15 2.17 in connection with any such conversion; or
(ii) upon the expiration of any Interest Period applicable to any SOFR LIBORSOFR Rate Loan, to continue all or any portion of such Loan equal to $5,000,000 and integral multiples of $1,000,000 in excess of that amount as a SOFR LIBORSOFR Rate Loan.
(b) The Borrower Company shall deliver a Conversion/Continuation Notice to the Agents Administrative Agent no later than 12:00 noon 10:00 a.m. (New York City time) at least one Business Day in advance of the proposed conversion date (in the case of a conversion to a Base Rate Loan) and at least three Business Days in advance of the proposed Conversionconversion/Continuation Date continuation date (in the case of a conversion to, or a continuation of, a SOFR LIBORSOFR Rate Loan). Except as otherwise provided herein, a Conversion/Continuation Notice for conversion to, or continuation of, any SOFR LIBORSOFR Rate Loans shall be irrevocable on and after the related Interest Rate Determination Date, and the Borrower Company shall be bound to effect a conversion or continuation in accordance therewith. If on any day a Loan is outstanding with respect to which a Funding Notice or Conversion/Continuation Notice has not been delivered to the Agents in accordance with the terms hereof specifying the applicable basis for determining the rate of interest, then for that day such Loan shall be a Base Rate Loan.
Appears in 1 contract
Conversion/Continuation. (a) Subject to Section 2.15 2.17 and so long as no Default or Event of Default shall have occurred and then be continuing, the Borrower Borrowers shall have the option:
(i) to convert at any time all or any part of any Term Loan or Revolving Loan equal to $5,000,000 500,000 and integral multiples of $1,000,000 100,000 in excess of that amount from one Type of Loan to another Type of Loan; provided, that a SOFR LIBOR Rate Loan may only be converted on the expiration of the Interest Period applicable to such SOFR LIBOR Rate Loan unless the Borrower Borrowers shall pay all amounts due under Section 2.15 2.17 in connection with any such conversion; or
(ii) upon the expiration of any Interest Period applicable to any SOFR LIBOR Rate Loan, to continue all or any portion of such Loan equal to $5,000,000 500,000 and integral multiples of $1,000,000 100,000 in excess of that amount as a SOFR LIBOR Rate Loan.
(b) The Borrower Representative shall deliver a Conversion/Continuation Notice to the Agents Administrative Agent no later than 12:00 noon 10:00 a.m. (New York City time) at least one Business Day in advance of the proposed conversion date (in the case of a conversion to a Base Rate Loan) and at least three (3) Business Days in advance of the proposed Conversionconversion/Continuation Date continuation date (in the case of a conversion to, or a continuation of, a SOFR LIBOR Rate Loan). Except as otherwise provided herein, a Conversion/Continuation Notice for conversion to, or continuation of, any SOFR LIBOR Rate Loans shall be irrevocable on and after the related Interest Rate Determination Date, and the Borrower Borrowers shall be bound to effect a conversion or continuation in accordance therewith. If on any day a Loan is outstanding with respect to which a Funding Notice or Conversion/Continuation Notice has not been delivered to the Agents in accordance with the terms hereof specifying the applicable basis for determining the rate of interest, then for that day such Loan shall be a Base Rate Loan.
Appears in 1 contract
Conversion/Continuation. (a) Subject to Section 2.15 2.17 and so long as no Default or Event of Default shall have occurred and then be continuing, the Borrower Company shall have the option:
(i) to convert at any time all or any part of any Term Loan or Revolving Loan equal to $5,000,000 100,000 and integral multiples of $1,000,000 100,000 in excess of that amount from one Type of Loan to another Type of Loan; provided, a SOFR LIBOR Rate Loan may only be converted on the expiration of the Interest Period applicable to such SOFR LIBOR Rate Loan unless the Borrower Company shall pay all amounts due under Section 2.15 2.17 in connection with any such conversion; or
(ii) upon the expiration of any Interest Period applicable to any SOFR LIBOR Rate Loan, to continue all or any portion of such Loan equal to $5,000,000 100,000 and integral multiples of $1,000,000 100,000 in excess of that amount as a SOFR LIBOR Rate Loan.
(b) The Borrower Company shall deliver a Conversion/Continuation Notice to the Agents Administrative Agent no later than 12:00 noon p.m. (New York City time) at least one (1) Business Day in advance of the proposed conversion date (in the case of a conversion to a Base Rate Loan) and at least three (3) Business Days in advance of the proposed Conversionconversion/Continuation Date continuation date (in the case of a conversion to, or a continuation of, a SOFR LIBOR Rate Loan). Except as otherwise provided herein, a Conversion/Continuation Notice for conversion to, or continuation of, any SOFR LIBOR Rate Loans (or telephonic notice in lieu thereof) shall be irrevocable on and after the related Interest Rate Determination Date, and the Borrower Company shall be bound to effect a conversion or continuation in accordance therewith. If on any day a Loan is outstanding with respect to which a Funding Notice or Conversion/Continuation Notice has not been delivered to the Agents in accordance with the terms hereof specifying the applicable basis for determining the rate of interest, then for that day such Loan shall be a Base Rate Loan.
Appears in 1 contract
Sources: Credit and Guaranty Agreement (Mortons Restaurant Group Inc)
Conversion/Continuation. (a) Subject to Section 2.15 and so long as no Default or Event of Default shall have occurred and then be continuing, the Borrower shall have the option:
(i) to convert at any time all or any part of any Loan equal to $5,000,000 and integral multiples of $1,000,000 in excess of that amount from one Type of Loan to another Type of Loan; provided, a SOFR Eurodollar Rate Loan may only be converted on the expiration of the Interest Period applicable to such SOFR Eurodollar Rate Loan unless the Borrower shall pay all amounts due under Section 2.15 in connection with any such conversion; or
(ii) upon the expiration of any Interest Period applicable to any SOFR Eurodollar Rate Loan, to continue all or any portion of such Loan equal to $5,000,000 and integral multiples of $1,000,000 in excess of that amount as a SOFR Eurodollar Rate Loan.
(b) The Borrower shall deliver a Conversion/Continuation Notice to the Agents no later than 12:00 noon 10:00 a.m. (New York City time) at least one Business Day in advance of the proposed conversion date (in the case of a conversion to a Base Rate Loan) and at least three Business Days in advance of the proposed Conversionconversion/Continuation Date continuation date (in the case of a conversion to, or a continuation of, a SOFR Eurodollar Rate Loan). Except as otherwise provided herein, a Conversion/Continuation Notice for conversion to, or continuation of, any SOFR Eurodollar Rate Loans shall be irrevocable on and after the related Interest Rate Determination Date, and the Borrower shall be bound to effect a conversion or continuation in accordance therewith. If on any day a Loan is outstanding with respect to which a Funding Notice or Conversion/Continuation Notice has not been delivered to the Agents in accordance with the terms hereof specifying the applicable basis for determining the rate of interest, then for that day such Loan shall be a Base Rate Loan.
Appears in 1 contract
Sources: Credit and Guaranty Agreement (BlueLinx Holdings Inc.)
Conversion/Continuation. (a) Subject to Section 2.15 and so So long as no Default or Event of Default shall have occurred and then be continuingcontinuing or would result therefrom, the Borrower shall have the option:
(i) to convert at any time all all, or any part part, of any Loan equal to One-Hundred Thousand Dollars ($5,000,000 and 100,000) and, if greater, in an integral multiples multiple of Fifty Thousand Dollars ($1,000,000 50,000) in excess of that amount thereof from one Type of Loan to another Type of Loan; provided, that, a SOFR Loan may only be converted on the expiration of the Interest Period applicable to such SOFR Loan unless the Borrower shall pay all amounts due under Section 2.15 3.1(c) in connection with any such conversion; or
(ii) upon the expiration of any Interest Period applicable to any SOFR Loan, to continue all all, or any portion portion, of such Loan equal to $5,000,000 and integral multiples of $1,000,000 in excess of that amount as a SOFR Loan.
(b) The Borrower shall deliver a Conversion/Conversion / Continuation Notice to the Agents Administrative Agent by no later than 12:00 noon (New York City time) at least one Business Day in advance of the proposed conversion date (in the case of a conversion to a Base Rate Loan) and 1:00 p.m. at least three (3) Business Days in advance of the proposed Conversion/Conversion / Continuation Date (in the case of a conversion to, or a continuation of, a SOFR Loan)Date. Except as otherwise provided herein, a Conversion/Conversion / Continuation Notice for conversion to, or continuation of, any SOFR Loans (or telephonic notice in lieu thereof) shall be irrevocable on and after the related Interest Rate Determination Date, and the Borrower shall be bound to effect a conversion or continuation in accordance therewith. If on any day a Loan is outstanding with respect to which a Funding Notice or Conversion/Continuation Notice has not been delivered to the Agents in accordance with the terms hereof specifying the applicable basis for determining the rate of interest, then for that day such Loan shall be a Base Rate Loan.
Appears in 1 contract
Sources: Credit Agreement (Heritage Insurance Holdings, Inc.)
Conversion/Continuation. (a) Subject to Section 2.15 and so long as no Default or Event of Default shall have occurred and then be continuing, the Borrower Company shall have the option:
(i) to convert at any time all or any part of any Loan the Loans equal to $5,000,000 1,000,000 and integral multiples of $1,000,000 500,000 in excess of that amount from one Type of Loan to another Type of LoanLoan (or such lesser amount as shall be agreed to by Company and Administrative Agent or as shall constitute the aggregate amount of the Type of Loans to be converted); provided, a SOFR Eurodollar Rate Loan may only be converted on the expiration of the Interest Period applicable to such SOFR Eurodollar Rate Loan unless the Borrower Company shall pay all amounts due under Section 2.15 in connection with any such conversion; or
(ii) upon the expiration of any Interest Period applicable to any SOFR Eurodollar Rate Loan, to continue all or any portion of such Loan equal to $5,000,000 1,000,000 and integral multiples of $1,000,000 500,000 in excess of that amount as a SOFR LoanEurodollar Rate Loan (or such lesser amount as shall be agreed to by Company and Administrative Agent or as shall constitute the aggregate amount of the Type of Loans to be continued).
(b) The Borrower Company shall deliver a Conversion/Continuation Notice to the Agents Administrative Agent no later than 12:00 noon (New York City time) at least one Business Day in advance of the proposed conversion date (in the case of a conversion to a Base Rate Loan) and at least three Business Days in advance of the proposed Conversionconversion/Continuation Date continuation date (in the case of a conversion to, or a continuation of, a SOFR Eurodollar Rate Loan). Except as otherwise provided herein, a Conversion/Continuation Notice for conversion to, or continuation of, any SOFR Eurodollar Rate Loans (or telephonic notice in lieu thereof) shall be irrevocable on and after the related Interest Rate Determination Date, and the Borrower Company shall be bound to effect a conversion or continuation in accordance therewith. If on any day a Loan is outstanding with respect to which a Funding Notice or Conversion/Continuation Notice has not been delivered to the Agents in accordance with the terms hereof specifying the applicable basis for determining the rate of interest, then for that day such Loan shall be a Base Rate Loan.
Appears in 1 contract
Sources: Credit and Guaranty Agreement (Energy Transfer Partners, L.P.)
Conversion/Continuation. (a) Subject to Section 2.15 and so So long as no Default or Event of Default shall have occurred and then be continuingexist immediately before or immediately after giving effect thereto, the Borrower shall have the option:
(i) to convert at any time all or any part of any Loan equal to $5,000,000 100,000 and integral multiples of $1,000,000 50,000 in excess of that amount from one Type of Loan to another Type of Loan; provided, a SOFR an Adjusted LIBOR Rate Loan may only be converted on the expiration of the Interest Period applicable to such SOFR Adjusted LIBOR Rate Loan unless the Borrower shall pay all amounts Breakage Costs due under Section 2.15 3.1(c) in connection with any such conversion; or
(ii) upon the expiration of any Interest Period applicable to any SOFR Adjusted LIBOR Rate Loan, to continue all or any portion of such Loan equal to $5,000,000 and integral multiples of $1,000,000 in excess of that amount as a SOFR an Adjusted LIBOR Rate Loan.
(b) The Borrower shall deliver a Conversion/Continuation Notice to the Agents Administrative Agent no later than 12:00 noon (New York City time) at least one Business Day in advance of the proposed conversion date (in the case of a conversion to a Base Rate Loan) and 10:00 a.m. at least three (3) Business Days in advance of the proposed Conversion/Continuation Date (in the case of a conversion to, into an Adjusted LIBOR Rate Loan or a continuation of, a SOFR Loan)thereof. Except as otherwise provided herein, a Conversion/Continuation Notice for conversion to, or continuation of, any SOFR an Adjusted LIBOR Rate Loans (or telephonic notice in lieu thereof) shall be irrevocable on and after the related Interest Rate Determination Date, and the Borrower shall be bound to effect a conversion or continuation in accordance therewith. If on any day a Loan is outstanding with respect to which a Funding Notice or Conversion/Continuation Notice has not been delivered to the Agents in accordance with the terms hereof specifying the applicable basis for determining the rate of interest, then for that day such Loan shall be a Base Rate Loanirrevocable.
Appears in 1 contract
Sources: Credit Agreement (Pfsweb Inc)
Conversion/Continuation. (a) Subject to Section 2.15 2.18 and so long as no Default or Event of Default shall have occurred and then be continuing, the Borrower shall have the option:
(i) to convert at any time all or any part of any Loan equal to $5,000,000 2,500,000 and integral multiples of $1,000,000 500,000 in excess of that amount from one Type of Loan to another Type of Loan; provided, a SOFR Eurodollar Rate Loan may only be converted on the expiration of the Interest Period applicable to such SOFR Eurodollar Rate Loan unless the Borrower shall pay all amounts due under Section 2.15 2.18 in connection with any such conversion; or
(ii) upon the expiration of any Interest Period applicable to any SOFR Eurodollar Rate Loan, to continue all or any portion of such Loan equal to $5,000,000 2,500,000 and integral multiples of $1,000,000 500,000 in excess of that amount as a SOFR Eurodollar Rate Loan.
(b) The Borrower shall deliver a Conversion/Continuation Notice to the Agents Administrative Agent no later than 12:00 noon (New York City time) at least one Business Day in advance of the proposed conversion date (in the case of a conversion to a Base Rate Loan) and at least three Business Days in advance of the proposed Conversionconversion/Continuation Date continuation date (in the case of a conversion to, or a continuation of, a SOFR Eurodollar Rate Loan). Except as otherwise provided herein, a Conversion/Continuation Notice for conversion to, or continuation of, any SOFR Eurodollar Rate Loans (or telephonic notice in lieu thereof to be confirmed in writing) shall be irrevocable on and after the related Interest Rate Determination Date, and the Borrower shall be bound to effect a conversion or continuation in accordance therewith. If on any day a Loan is outstanding with respect to which a Funding Notice or Conversion/Continuation Notice has not been delivered to the Agents in accordance with the terms hereof specifying the applicable basis for determining the rate of interest, then for that day such Loan shall be a Base Rate Loan.
Appears in 1 contract
Sources: Credit and Guaranty Agreement (Och-Ziff Capital Management Group LLC)
Conversion/Continuation. (a) Subject to Section 2.15 and so long as no Event of Default shall have occurred and then be continuing2.14 (Making or Maintaining LIBOR Advance), the a Borrower shall have the option:
(i) to convert at any time all or any part of any Loan Advance equal to $5,000,000 100,000 and integral multiples of $1,000,000 100,000 in excess of that amount from one Type of Loan Advance to another Type of LoanAdvance; provided, a SOFR Loan LIBOR Advance may only be converted on the expiration of the Interest Period applicable to such SOFR Loan LIBOR Advance unless the applicable Borrower shall pay all amounts due under Section 2.15 2.14 (Making or Maintaining LIBOR Advance) in connection with any such conversion; or
(ii) upon the expiration of any Interest Period applicable to any SOFR LoanLIBOR Advance, to continue all or any portion of such Loan Advance equal to $5,000,000 100,000 and integral multiples of $1,000,000 100,000 in excess of that amount as a SOFR LoanLIBOR Advance.
(b) The A Borrower shall deliver a Conversion/Continuation Notice to the Agents Lenders no later than 12:00 noon 10:00 a.m. (New York City time) at least one Business Day in advance of the proposed conversion date (in the case of a conversion to a Base Rate LoanAdvance) and at least three Business Days in advance of the proposed Conversionconversion/Continuation Date continuation date (in the case of a conversion to, or a continuation of, a SOFR LoanLIBOR Advance). Except as otherwise provided herein, a Conversion/Continuation Notice for conversion to, or continuation of, any SOFR Loans LIBOR Advances (or telephonic notice in lieu thereof) shall be irrevocable on and after the related Interest Rate Determination Date, and the Borrower Borrowers shall be bound to effect a conversion or continuation in accordance therewith. If on any day a Loan is outstanding with respect to which a Funding Notice or Conversion/Continuation Notice has not been delivered to the Agents in accordance with the terms hereof specifying the applicable basis for determining the rate of interest, then for that day such Loan shall be a Base Rate Loan.
Appears in 1 contract
Conversion/Continuation. (a) Subject to Section 2.15 2.17 and so long as no Default or Event of Default shall have occurred and then be continuing, the Borrower Company shall have the option:
(i) to convert at any time all or any part of any Term Loan equal to $5,000,000 and integral multiples of $1,000,000 5,000,000 in excess of that amount from one Type of Loan to another Type of Loan; provided, a SOFR Loan may only be converted on the expiration of the Interest Period applicable to such SOFR Loan unless the Borrower Company shall pay all amounts due under Section 2.15 2.17 in connection with any such conversion; or
(ii) upon the expiration of any Interest Period applicable to any SOFR Loan, to continue all or any portion of such Loan equal to $5,000,000 and integral multiples of $1,000,000 5,000,000 in excess of that amount as a SOFR Loan.
(b) The Borrower Company shall deliver a Conversion/Continuation Notice to the Agents Administrative Agent no later than 12:00 noon p.m. (New York City time) at least one (1) Business Day in advance of the proposed conversion date (in the case of a conversion to a Base Rate Loan) and at least three (3) Business Days in advance of the proposed Conversionconversion/Continuation Date continuation date (in the case of a conversion to, or a continuation of, a SOFR Loan). Except as otherwise provided herein, a Conversion/Continuation Notice for conversion to, or continuation of, any SOFR Loans shall be irrevocable on and after the related Interest Rate Determination Date, and the Borrower Company shall be bound to effect a conversion or continuation in accordance therewith. If on any day a Loan is outstanding with respect to which a Funding Notice or no Conversion/Continuation Notice has not been is delivered to at the Agents in accordance with the terms hereof specifying the applicable basis end of an Interest Period for determining the rate of interestany Loan, then for that day such Loan shall be continued as a Base Rate LoanSOFR Loan with an Interest Period of three months.
Appears in 1 contract
Sources: Financing Agreement (Apellis Pharmaceuticals, Inc.)
Conversion/Continuation. (a) Subject to Section 2.15 and so So long as no Default or Event of Default shall have occurred and then be continuingcontinuing or would result therefrom, the Borrower shall have the option:
(i) to convert at any time all all, or any part part, of any Loan equal to One Hundred Thousand Dollars ($5,000,000 100,000) and integral multiples of Fifty Thousand Dollars ($1,000,000 50,000) in excess of that amount thereof from one Type of Loan to another Type of Loan; provided, a SOFR that, an Adjusted LIBOR Rate Loan may only be converted on the expiration of the Interest Period applicable to such SOFR Adjusted LIBOR Rate Loan unless the Borrower shall pay all amounts due under Section 2.15 3.1(c) in connection with any such conversion; or
(ii) upon the expiration of any Interest Period applicable to any SOFR Adjusted LIBOR Rate Loan, to continue all or any portion of such Loan equal to $5,000,000 and integral multiples of $1,000,000 in excess of that amount as a SOFR an Adjusted LIBOR Rate Loan.
(b) The Borrower shall deliver a Conversion/Continuation Notice to the Agents Administrative Agent no later than 12:00 noon (New York City time) at least one Business Day in advance of the proposed conversion date (in the case of a conversion to a Base Rate Loan) and 1:00 p.m. at least three (3) Business Days in advance of the proposed Conversion/Continuation Date (in the case of a conversion to, or a continuation of, a SOFR Loan)Date. Except as otherwise provided herein, a Conversion/Continuation Notice for conversion to, or continuation of, any SOFR Adjusted LIBOR Rate Loans (or telephonic notice in lieu thereof) shall be irrevocable on and after the related Interest Rate Determination Date, and the Borrower shall be bound to effect a conversion or continuation in accordance therewith. If on any day a Loan is outstanding with respect to which a Funding Notice or Conversion/Continuation Notice has not been delivered to the Agents in accordance with the terms hereof specifying the applicable basis for determining the rate of interest, then for that day such Loan shall be a Base Rate Loan.
Appears in 1 contract
Sources: Credit Agreement (Heritage Insurance Holdings, Inc.)
Conversion/Continuation. (a) Subject to Section 2.15 2.17 and so long as no Event of Default shall have occurred and then be continuing, the Borrower Company shall have the option:
(i) to convert at any time all or any part of any Term Loan or Revolving Loan equal to $5,000,000 100,000 and integral multiples of $1,000,000 50,000 in excess of that amount from one Type of Loan to another Type of Loan; provided, a SOFR LIBOR Rate Loan may only be converted on the expiration of the Interest Period applicable to such SOFR LIBOR Rate Loan unless the Borrower Company shall pay all amounts due under Section 2.15 2.17(c) in connection with any such conversion; or
(ii) upon the expiration of any Interest Period applicable to any SOFR LIBOR Rate Loan, to continue all or any portion of such Loan equal to $5,000,000 100,000 and integral multiples of $1,000,000 50,000 in excess of that amount as a SOFR LIBOR Rate Loan.
(b) The Borrower Company shall deliver a Conversion/Continuation Notice to the Agents Administrative Agent no later than 12:00 noon 10:00 a.m. (New York City time) at least one (1) Business Day in advance of the proposed conversion date (in the case of a conversion to a Base Rate Loan) and at least three (3) Business Days in advance of the proposed Conversionconversion/Continuation Date continuation date (in the case of a conversion to, or a continuation of, a SOFR LIBOR Rate Loan). Except as otherwise provided herein, a Conversion/Continuation Notice for conversion to, or continuation of, any SOFR LIBOR Rate Loans (or telephonic notice in lieu thereof) shall be irrevocable on and after the related Interest Rate Determination Date, and the Borrower Company shall be bound to effect a conversion or continuation in accordance therewith unless Company shall pay all amounts due under Section 2.17(c) in connection therewith. If on any day a Loan is outstanding with respect .
(c) This Section 2.08 shall not apply to Protective Advances, which a Funding Notice may not be converted or Conversion/Continuation Notice has not been delivered to the Agents in accordance with the terms hereof specifying the applicable basis for determining the rate of interest, then for that day such Loan shall be a Base Rate Loancontinued.
Appears in 1 contract
Sources: Credit and Guaranty Agreement (Madison Square Garden Co)
Conversion/Continuation. (a) Subject to Section 2.15 and so long as no Default or Event of Default shall have occurred and then be continuing, the Borrower Company shall have the option:
(i) to convert at any time all or any part of any Term Loan equal to $5,000,000 500,000 and integral multiples of $1,000,000 100,000 in excess of that amount from one Type of Loan to another Type of Loan; provided, a SOFR LIBOR Rate Loan may only be converted on the expiration of the Interest Period applicable to such SOFR LIBOR Rate Loan unless the Borrower Company shall pay all amounts due under Section 2.15 in connection with any such conversion; or
(ii) upon the expiration of any Interest Period applicable to any SOFR LIBOR Rate Loan, to continue all or any portion of such Loan equal to $5,000,000 500,000 and integral multiples of $1,000,000 100,000 in excess of that amount as a SOFR LIBOR Rate Loan.
(b) The Borrower Company shall deliver a Conversion/Continuation Notice to the Agents Administrative Agent no later than 12:00 noon 10:00 a.m. (New York City time) at least one Business Day in advance of the proposed conversion date (in the case of a conversion to a Base Rate Loan) and at least three (3) Business Days in advance of the proposed Conversionconversion/Continuation Date continuation date (in the case of a conversion to, or a continuation of, a SOFR LIBOR Rate Loan). Except as otherwise provided herein, a Conversion/Continuation Notice for conversion to, or continuation of, any SOFR LIBOR Rate Loans (or telephonic notice in lieu thereof) shall be irrevocable on and after the related Interest Rate Determination Date, and the Borrower Company shall be bound to effect a conversion or continuation in accordance therewith. If on any day a Loan is outstanding with respect to which a Funding Notice or Conversion/Continuation Notice has not been delivered to the Agents in accordance with the terms hereof specifying the applicable basis for determining the rate of interest, then for that day such Loan shall be a Base Rate Loan.
Appears in 1 contract
Sources: Credit and Guaranty Agreement (U S Energy Systems Inc)
Conversion/Continuation. (a) Subject to Section 2.15 2.17 and so long as no Default or Event of Default shall have occurred and then be continuing, the Applicable Borrower shall have the option:
(i) to convert at any time all or any part of any Term Loan or Revolving Loan equal to $5,000,000 1,000,000 and integral multiples of $1,000,000 500,000 in excess of that amount from one Type of Loan to another Type of Loan; provided, that a SOFR LIBOR Rate Loan may only be converted on the expiration of the Interest Period applicable to such SOFR LIBOR Rate Loan unless the Applicable Borrower shall pay all amounts due under Section 2.15 2.17 in connection with any such conversion; or
(ii) upon the expiration of any Interest Period applicable to any SOFR LIBOR Rate Loan, to continue all or any portion of such Loan equal to $5,000,000 1,000,000 and integral multiples of $1,000,000 500,000 in excess of that amount as a SOFR LIBOR Rate Loan.
(b) The Applicable Borrower shall deliver a Conversion/Continuation Notice to the Agents Borrowing Base Agent and Administrative Agent no later than 12:00 noon 10:00 a.m. (New York City time) at least one Business Day in advance of the proposed conversion date (in the case of a conversion to a Base Rate Loan) and at least three (3) Business Days in advance of the proposed Conversionconversion/Continuation Date continuation date (in the case of a conversion to, or a continuation of, a SOFR LIBOR Rate Loan). Except as otherwise provided herein, a Conversion/Continuation Notice for conversion to, or continuation of, any SOFR LIBOR Rate Loans (or telephonic notice in lieu thereof) shall be irrevocable on and after the related Interest Rate Determination Date, and the Applicable Borrower shall be bound to effect a conversion or continuation in accordance therewith. If on any day a Loan is outstanding with respect to which a Funding Notice or Conversion/Continuation Notice has not been delivered to the Agents in accordance with the terms hereof specifying the applicable basis for determining the rate of interest, then for that day such Loan shall be a Base Rate Loan.
Appears in 1 contract
Sources: Credit and Guaranty Agreement (Syntax-Brillian Corp)
Conversion/Continuation. (a) Subject to Section 2.15 2.16 and so long as no Default or Event of Default shall have occurred and then be continuing, the Borrower Company shall have the option:
(i) to convert at any time all or any part of any Loan equal to $5,000,000 1,000,000 and integral multiples of $1,000,000 250,000 in excess of that amount from one Type of Loan to another Type of Loan; provided, a SOFR Eurodollar Rate Loan may only be converted on the expiration of the Interest Period applicable to such SOFR Eurodollar Rate Loan unless the Borrower Company shall pay all amounts due under Section 2.15 2.16 in connection with any such conversion; or
(ii) upon the expiration of any Interest Period applicable to any SOFR Eurodollar Rate Loan, to continue all or any portion of such Loan equal to $5,000,000 1,000,000 and integral multiples of $1,000,000 250,000 in excess of that amount as a SOFR Eurodollar Rate Loan.
(b) The Borrower Company shall deliver a Conversion/Continuation Notice to the Agents Administrative Agent no later than 12:00 noon 10:00 a.m. (New York City time) at least one Business Day in advance of the proposed conversion date (in the case of a conversion to a Base Rate Loan) and at least three Business Days in advance of the proposed Conversionconversion/Continuation Date continuation date (in the case of a conversion to, or a continuation of, a SOFR Eurodollar Rate Loan). Except as otherwise provided herein, a Conversion/Continuation Notice for conversion to, or continuation of, any SOFR Eurodollar Rate Loans (or telephonic notice in lieu thereof) shall be irrevocable on and after the related Interest Rate Determination Date, and the Borrower Company shall be bound to effect a conversion or continuation in accordance therewith. If on any day a Loan is outstanding with respect to which a Funding Notice or Conversion/Continuation Notice has not been delivered to the Agents in accordance with the terms hereof specifying the applicable basis for determining the rate of interest, then for that day such Loan shall be a Base Rate Loan.
Appears in 1 contract
Sources: Credit and Guaranty Agreement (Carmike Cinemas Inc)
Conversion/Continuation. (a) Subject to Section 2.15 2.17 and so long as no Default or Event of Default shall have occurred and then be continuing, the Borrower Company shall have the option:
(i) to convert at any time all or any part of any Term Loan or Revolving Loan equal to $5,000,000 1,000,000 and integral multiples of $1,000,000 500,000 in excess of that amount from one Type of Loan to another Type of Loan; provided, a SOFR LIBOR Rate Loan may only be converted on the expiration of the Interest Period applicable to such SOFR LIBOR Rate Loan unless the Borrower Company shall pay all amounts due under Section 2.15 2.17 in connection with any such conversion; or
(ii) upon the expiration of any Interest Period applicable to any SOFR LIBOR Rate Loan, to continue all or any portion of such Loan equal to $5,000,000 1,000,000 and integral multiples of $1,000,000 500,000 in excess of that amount as a SOFR LIBOR Rate Loan.
(b) The Borrower Company shall deliver a Conversion/Continuation Notice to the Agents Administrative Agent no later than 12:00 noon 10:00 a.m. (New York City time) at least one (1) Business Day in advance of the proposed conversion date (in the case of a conversion to a Base Rate Loan) and at least three (3) Business Days in advance of the proposed Conversionconversion/Continuation Date continuation date (in the case of a conversion to, or a continuation of, a SOFR LIBOR Rate Loan). Except as otherwise provided herein, a Conversion/Continuation Notice for conversion to, or continuation of, any SOFR LIBOR Rate Loans (or telephonic notice in lieu thereof) shall be irrevocable on and after the related Interest Rate Determination Date, and the Borrower Company shall be bound to effect a conversion or continuation in accordance therewith. If on any day a Loan is outstanding with respect to which a Funding Notice or Conversion/Continuation Notice has not been delivered to the Agents in accordance with the terms hereof specifying the applicable basis for determining the rate of interest, then for that day such Loan shall be a Base Rate Loan.
Appears in 1 contract
Conversion/Continuation. (a) Subject to Section 2.15 2.17 and so long as no Default or Event of Default shall have occurred and then be continuing, the Borrower Company shall have the option:
(i) to convert at any time all or any part of any the Term Loan equal to $5,000,000 500,000 and integral multiples of $1,000,000 100,000 in excess of that amount from one Type of Term Loan to another Type of Loan; provided, a SOFR LIBOR Rate Loan may only be converted on the expiration of the Interest Period applicable to such SOFR LIBOR Rate Loan unless the Borrower Company shall pay all amounts due under Section 2.15 2.17 in connection with any such conversion; or
(ii) upon the expiration of any Interest Period applicable to any SOFR LIBOR Rate Loan, to continue all or any portion of such Term Loan equal to $5,000,000 500,000 and integral multiples of $1,000,000 100,000 in excess of that amount as a SOFR LIBOR Rate Loan.
(b) The Borrower Company shall deliver a Conversion/Continuation Notice to the Agents Administrative Agent no later than 12:00 noon 10:00 a.m. (New York City time) at least one Business Day in advance of the proposed conversion date (in the case of a conversion to a Base Rate Loan) and at least three Business Days in advance of the proposed Conversionconversion/Continuation Date continuation date (in the case of a conversion to, or a continuation of, a SOFR LIBOR Rate Loan). Except as otherwise provided herein, a Conversion/Continuation Notice for conversion to, or continuation of, any SOFR LIBOR Rate Loans (or telephonic notice in lieu thereof) shall be irrevocable on and after the related Interest Rate Determination Date, and the Borrower Company shall be bound to effect a conversion or continuation in accordance therewith. If on any day a Loan is outstanding with respect to which a Funding Notice or Conversion/Continuation Notice has not been delivered to the Agents in accordance with the terms hereof specifying the applicable basis for determining the rate of interest, then for that day such Loan shall be a Base Rate Loan.
Appears in 1 contract
Conversion/Continuation. (a) Subject to Section 2.15 2.17, and so long as no Event of Default shall have has occurred and then be is continuing, and notice has not been given to the Borrower by the Administrative Agent in writing pursuant to Section 2.7(c), the Borrower shall have the option:
(i) to convert at any time all or any part of any Loan equal to $5,000,000 1,000,000, and integral multiples of $1,000,000 500,000 in excess of that amount from one Type of Loan to another Type of Loan; provided, provided that a SOFR Loan may only be converted on the expiration of the Interest Period applicable to such SOFR Loan unless the Borrower shall pay all any amounts due under Section 2.15 2.17 in connection with any such conversion; or
(ii) upon the expiration of any Interest Period applicable to any SOFR Loan, to continue all or any portion of such Loan equal to $5,000,000 and integral multiples of $1,000,000 in excess of that amount as a SOFR Loan.
(b) The Borrower shall deliver a Conversion/Continuation Notice to the Agents Administrative Agent no later than 12:00 noon (New York City time) at least one Business Day in advance of the proposed conversion date (in the case of a conversion to a Base Rate Loan) and at least three Business Days in advance of the proposed Conversionconversion/Continuation Date continuation date (in the case of a conversion to, or a continuation of, a SOFR Loan) (or, in each case, such shorter period in advance of such conversion/continuation date as the Administrative Agent may agree in its sole discretion). Except as otherwise provided herein, a Conversion/Continuation Notice for conversion to, or continuation of, any SOFR Loans shall be irrevocable on and after the related Interest Rate Determination Date, and the Borrower shall be bound to effect a conversion or continuation in accordance therewith. If on any day a Loan is outstanding with respect to which a Funding Notice or Conversion/Continuation Notice has not been delivered to the Agents in accordance with the terms hereof specifying the applicable basis for determining the rate of interest, then for that day such Loan shall be a Base Rate Loan.
Appears in 1 contract
Sources: Credit Agreement (Keypath Education International, Inc.)
Conversion/Continuation. (a) Subject to Section 2.15 2.33 and so long as no Default or Event of Default shall have occurred and then be continuing, the Borrower shall have the option:
(i) to convert at any time all or any part of any Loan equal to $5,000,000 and integral multiples of $1,000,000 in excess of that amount from one Type of Loan to another Type of Loan; provided, provided a SOFR Eurodollar Rate Loan may only be converted on the expiration of the Interest Period applicable to such SOFR Eurodollar Rate Loan unless the Borrower shall pay all amounts due under Section 2.15 2.33 in connection with any such conversion; or
(ii) upon the expiration of any Interest Period applicable to any SOFR Eurodollar Rate Loan, to continue all or any portion of such Loan Loan, equal to $5,000,000 and integral multiples of $1,000,000 in excess of that amount amount, as a SOFR Eurodollar Rate Loan.
(b) The Borrower shall deliver a Conversion/Continuation Notice to the Agents Administrative Agent no later than 12:00 noon 10:00 a.m. (New York City time) at least one three Business Day Days in advance of the proposed conversion date (in the case of a conversion to a Base Rate Loan) and at least three Business Days in advance of the proposed Conversionconversion/Continuation Date continuation date (in the case of a conversion to, or a continuation of, a SOFR Eurodollar Rate Loan). Except as otherwise provided herein, a Conversion/Continuation Notice for conversion to, or continuation of, any SOFR Eurodollar Rate Loans shall be irrevocable on and after the related Interest Rate Determination Date, and the Borrower shall be bound to effect a conversion or continuation in accordance therewith. If on any day a Loan is outstanding with respect to which a Funding Notice or Conversion/Continuation Notice has not been delivered to the Agents in accordance with the terms hereof specifying the applicable basis for determining the rate of interest, then for that day such Loan shall be a Base Rate Loan.
Appears in 1 contract
Sources: Second Lien Credit and Guaranty Agreement (Paramount Acquisition Corp)
Conversion/Continuation. (a) Subject to Section 2.15 and so long as no Default or Event of Default shall have occurred and then be continuing, the Borrower shall have the option:
(i) to convert at any time all or any part of any Loan equal to $5,000,000 and integral multiples of $1,000,000 in excess of that amount from one Type of Loan to another Type of Loan; provided, a SOFR Eurodollar Rate Loan may only be converted on the expiration of the Interest Period applicable to such SOFR Eurodollar Rate Loan unless the Borrower shall pay all amounts due under Section 2.15 in connection with any such conversion; or
(ii) upon the expiration of any Interest Period applicable to any SOFR Eurodollar Rate Loan, to continue all or any portion of such Loan equal to $5,000,000 and integral multiples of $1,000,000 in excess of that amount as a SOFR Eurodollar Rate Loan.
(b) The . Borrower shall deliver a Conversion/Continuation Notice to the Agents Administrative Agent no later than 12:00 noon 10:00 a.m. (New York City time) at least one Business Day in advance of the proposed conversion date (in the case of a conversion to a Base Rate Loan) and at least three Business Days in advance of the proposed Conversionconversion/Continuation Date continuation date (in the case of a conversion to, or a continuation of, a SOFR Eurodollar Rate Loan). Except as otherwise provided herein, a Conversion/Continuation Notice for conversion to, or continuation of, any SOFR Eurodollar Rate Loans (or telephonic notice in lieu thereof) shall be irrevocable on and after the related Interest Rate Determination Date, and the Borrower shall be bound to effect a conversion or continuation in accordance therewith. If on any day a Loan is outstanding with respect to which a Funding Notice or Conversion/Continuation Notice has not been delivered to the Agents in accordance with the terms hereof specifying the applicable basis for determining the rate of interest, then for that day such Loan shall be a Base Rate Loan.
Appears in 1 contract
Sources: Second Lien Credit and Guaranty Agreement (Movie Gallery Inc)
Conversion/Continuation. (a) Subject to Section 2.15 2.17 and so long as no Default or Event of Default shall have occurred and then be continuing, the Borrower shall have the option:
(i) to convert at any time all or any part of any Revolving Loan equal to $5,000,000 and integral multiples of $1,000,000 in excess of that amount from one Type of Loan to another Type of Loan; provided, a SOFR Eurodollar Rate Loan may only be converted on the expiration of the Interest Period applicable to such SOFR Eurodollar Rate Loan unless the Borrower shall pay all amounts due under Section 2.15 2.17 in connection with any such conversion; or
(ii) upon the expiration of any Interest Period applicable to any SOFR Eurodollar Rate Loan, to continue all or any portion of such Loan equal to $5,000,000 and integral multiples of $1,000,000 in excess of that amount as a SOFR Eurodollar Rate Loan.
(b) The Borrower shall deliver a Conversion/Continuation Notice to the Agents Administrative Agent no later than 12:00 noon (New York City time) at least one Business Day in advance on the date of the proposed conversion date (in the case of a conversion to a Base Rate Loan) and at least three Business Days in advance of the proposed Conversion/Continuation Date (in the case of a conversion to, or a continuation of, a SOFR Eurodollar Rate Loan). Except as otherwise provided herein, a Conversion/Continuation Notice for conversion to, or continuation of, any SOFR Eurodollar Rate Loans (or telephonic notice in lieu thereof) shall be irrevocable on and after the related Interest Rate Determination Date, and the Borrower shall be bound to effect a conversion or continuation in accordance therewith. If on any day a Loan is outstanding with respect to which a Funding Notice or Conversion/Continuation Notice has not been delivered .
(c) Notwithstanding anything to the Agents contrary in accordance with the terms hereof specifying the applicable basis for determining the rate of interestforegoing, then for that day such no conversion in whole or in part to a Eurodollar Rate Loan shall be permitted at any time at which (i) a Base Default or Event of Default shall have occurred and be continuing or (ii) the continuation of, or conversion into, a Eurodollar Rate LoanLoan would violate any provision of Sections 2.17 or 2.18. Protective Advances may not be converted to Eurodollar Rate Loans under any circumstances.
Appears in 1 contract
Sources: Revolving Credit Agreement (Source Interlink Companies Inc)
Conversion/Continuation. (a) Subject to Section 2.15 2.18 and so long as no Default or Event of Default shall have occurred and then be continuing, the Borrower Company shall have the option:
(i) to convert at any time all or any part of any Term Loan equal to $5,000,000 1,000,000 and integral multiples of $1,000,000 in excess of that amount from one Type of Loan to another Type of Loan; provided, a SOFR Eurodollar Rate Loan may only be converted on the expiration of the Interest Period applicable to such SOFR Eurodollar Rate Loan unless the Borrower Company shall pay all amounts due under Section 2.15 2.18 in connection with any such conversion; or
(ii) upon the expiration of any Interest Period applicable to any SOFR Eurodollar Rate Loan, to continue all or any portion of such Loan equal to $5,000,000 1,000,000 and integral multiples of $1,000,000 in excess of that amount as a SOFR Eurodollar Rate Loan.
(b) The Borrower Company shall deliver a Conversion/Continuation Notice to the Agents Administrative Agent no later than 12:00 noon 10:00 a.m. (New York City time) at least one Business Day in advance of the proposed conversion date (in the case of a conversion to a Base Rate Loan) and at least three Business Days in advance of the proposed Conversionconversion/Continuation Date continuation date (in the case of a conversion to, or a continuation of, a SOFR Eurodollar Rate Loan). Except as otherwise provided herein, a Conversion/Continuation Notice for conversion to, or continuation of, any SOFR Eurodollar Rate Loans (or telephonic notice in lieu thereof) shall be irrevocable on and after the related Interest Rate Determination Date, and the Borrower Company shall be bound to effect a conversion or continuation in accordance therewith. If on any day a Loan is outstanding with respect to which a Funding Notice or Conversion/Continuation Notice has not been delivered to the Agents in accordance with the terms hereof specifying the applicable basis for determining the rate of interest, then for that day such Loan shall be a Base Rate Loan.
Appears in 1 contract
Sources: Unsecured Credit and Guaranty Agreement (CVR Energy Inc)
Conversion/Continuation. (a) Subject to Section 2.15 2.17 and so long as no Default or Event of Default shall have occurred and then be continuing, the Borrower shall have the option:
(i) to convert at any time all or any part of any Term Loan equal to $5,000,000 2,000,000 and integral multiples of $1,000,000 500,000 in excess of that amount from one Type of Loan to another Type of Loan; provided, a SOFR Eurodollar Rate Loan may only be converted on the expiration of the Interest Period applicable to such SOFR Eurodollar Rate Loan unless the Borrower shall pay all amounts due under Section 2.15 2.17 in connection with any such conversion; or
(ii) upon the expiration of any Interest Period applicable to any SOFR Eurodollar Rate Loan, to continue all or any portion of such Loan equal to $5,000,000 2,000,000 and integral multiples of $1,000,000 500,000 in excess of that amount as a SOFR Eurodollar Rate Loan.
(b) The Borrower shall deliver a Conversion/Continuation Notice to the Agents Administrative Agent no later than 12:00 noon 10:00 a.m. (New York City time) at least one Business Day in advance of the proposed conversion date (in the case of a conversion to a Base Rate an ABR Loan) and at least three (3) Business Days in advance of the proposed Conversionconversion/Continuation Date continuation date (in the case of a conversion to, or a continuation of, a SOFR Eurodollar Rate Loan). Except as otherwise provided herein, a Conversion/Continuation Notice for conversion to, or continuation of, any SOFR Eurodollar Rate Loans (or telephonic notice in lieu thereof) shall be irrevocable on and after the related Interest Rate Determination Dateirrevocable, and the Borrower shall be bound to effect a conversion or continuation in accordance therewith. If on any day a Loan is outstanding with respect to which a Funding Notice or Conversion/Continuation Notice has not been delivered to the Agents in accordance with the terms hereof specifying the applicable basis for determining the rate of interest, then for that day such Loan shall be a Base Rate Loan.
Appears in 1 contract
Sources: Credit and Guaranty Agreement (Douglas Dynamics, Inc)
Conversion/Continuation. (a) Subject to Section 2.15 2.17 and so long as no Default or Event of Default shall have occurred and then be continuing, the Borrower Borrowers shall have the option:
(i) to convert at any time all or any part of any Loan equal to $5,000,000 250,000 and integral multiples of $1,000,000 50,000 in excess of that amount from one Type of Loan to another Type of Loan; provided, that a SOFR LIBOR Rate Loan may only be converted on the expiration of the Interest Period applicable to such SOFR LIBOR Rate Loan unless the Borrower Borrowers shall pay all amounts due under Section 2.15 2.17 in connection with any such conversion; or
(ii) upon the expiration of any Interest Period applicable to any SOFR LIBOR Rate Loan, to continue all or any portion of such Loan equal to $5,000,000 250,000 and integral multiples of $1,000,000 50,000 in excess of that amount as a SOFR LIBOR Rate Loan.
(b) The Administrative Borrower shall deliver a Conversion/Continuation Notice to the Agents Administrative Agent no later than 12:00 noon 10:00 a.m. (New York City time) at least one Business Day in advance of the proposed conversion date (in the case of a conversion to a Base Rate Loan) and at least three (3) Business Days in advance of the proposed Conversionconversion/Continuation Date continuation date (in the case of a conversion to, or a continuation of, a SOFR LIBOR Rate Loan). Except as otherwise provided herein, a Conversion/Continuation Notice for conversion to, or continuation of, any SOFR LIBOR Rate Loans (or telephonic notice in lieu thereof) shall be irrevocable on and after the related Interest Rate Determination Date, and the Borrower Borrowers shall be bound to effect a conversion or continuation in accordance therewith. If on any day a Loan is outstanding with respect to which a Funding Notice or Conversion/Continuation Notice has not been delivered to the Agents in accordance with the terms hereof specifying the applicable basis for determining the rate of interest, then for that day such Loan shall be a Base Rate Loan.
Appears in 1 contract
Sources: Debtor in Possession Credit and Guaranty Agreement (Syntax-Brillian Corp)
Conversion/Continuation. (a) Subject to Section 2.15 2.17 and so long as no Default or Event of Default shall have occurred and then be continuing, the Borrower shall have the option:
(i) to convert at any time all or any part of any Term Loan equal to $5,000,000 2,000,000 and integral multiples of $1,000,000 500,000 in excess of that amount from one Type of Loan to another Type of Loan; provided, a SOFR Eurodollar Rate Loan may only be converted on the expiration of the Interest Period applicable to such SOFR Eurodollar Rate Loan unless the Borrower shall pay all amounts due under Section 2.15 2.17 in connection with any such conversion; or
(ii) upon the expiration of any Interest Period applicable to any SOFR Eurodollar Rate Loan, to continue all or any portion of such Loan equal to $5,000,000 2,000,000 and integral multiples of $1,000,000 500,000 in excess of that amount as a SOFR Eurodollar Rate Loan.
(b) The Borrower shall deliver a Conversion/Continuation Notice to the Agents Administrative Agent no later than 12:00 noon 10:00 a.m. (New York City time) at least one Business Day in advance of the proposed conversion date (in the case of a conversion to a Base Rate an ABR Loan) and at least three Business Days in advance of the proposed Conversionconversion/Continuation Date continuation date (in the case of a conversion to, or a continuation of, a SOFR Eurodollar Rate Loan). Except as otherwise provided herein, a Conversion/Continuation Notice for conversion to, or continuation of, any SOFR Eurodollar Rate Loans (or telephonic notice in lieu thereof) shall be irrevocable on and after the related Interest Rate Determination Dateirrevocable, and the Borrower shall be bound to effect a conversion or continuation in accordance therewith. If on any day a Loan is outstanding with respect to which a Funding Notice or Conversion/Continuation Notice has not been delivered to the Agents in accordance with the terms hereof specifying the applicable basis for determining the rate of interest, then for that day such Loan shall be a Base Rate Loan.
Appears in 1 contract
Sources: Credit and Guaranty Agreement (Douglas Dynamics, Inc)
Conversion/Continuation. (a) Subject to Section 2.15 3.1 and so long as no Default or Event of Default shall have occurred and then be continuingcontinuing or would result therefrom, the Borrower shall have the option:
(i) to convert at any time all or any part of any Loan equal to $5,000,000 100,000 and integral multiples of $1,000,000 50,000 in excess of that amount from one Type of Loan to another Type of Loan; provided, a SOFR an Adjusted LIBOR Rate Loan may only be converted on the expiration of the Interest Period applicable to such SOFR Adjusted LIBOR Rate Loan unless the Borrower shall pay all amounts due under Section 2.15 3.1(c) in connection with any such conversion; or
(ii) upon the expiration of any Interest Period applicable to any SOFR Adjusted LIBOR Rate Loan, to continue all or any portion of such Loan equal to $5,000,000 and integral multiples of $1,000,000 in excess of that amount as a SOFR an Adjusted LIBOR Rate Loan.
(b) The Borrower shall deliver a Conversion/Continuation Notice to the Agents Administrative Agent no later than 12:00 noon (New York City time) 10:00 a.m. at least one three (3) Business Day Days in advance of the proposed conversion date (in the case of a conversion to a Base Rate Loan) and at least three (3) Business Days in advance of the proposed Conversion/Continuation Date (in the case of a conversion to, or a continuation of, a SOFR an Adjusted LIBOR Rate Loan). Except as otherwise provided herein, a Conversion/Continuation Notice for conversion to, or continuation of, any SOFR LIBOR Loans (or telephonic notice in lieu thereof) shall be irrevocable on and after the related Interest Rate Determination Date, and the Borrower shall be bound to effect a conversion or continuation in accordance therewith. If on any day a Loan is outstanding with respect to which a Funding Notice or Conversion/Continuation Notice has not been delivered to the Agents in accordance with the terms hereof specifying the applicable basis for determining the rate of interest, then for that day such Loan shall be a Base Rate Loan.
Appears in 1 contract
Conversion/Continuation. (a) Subject to Section 2.15 1.4 and Section 2.18 and so long as no Default or Event of Default shall have occurred and then be continuing, the Borrower shall have the option:
(i) to convert at any time all or any part of any Loan equal to $5,000,000 500,000 and integral multiples of $1,000,000 100,000 in excess of that amount from one Type of Loan to another Type of Loan; provided, that a SOFR LIBOR Rate Loan may only be converted on the expiration of the Interest Period applicable to such SOFR LIBOR Rate Loan unless the Borrower shall pay all amounts due under Section 2.15 2.18 in connection with any such conversionconversion (if any); or
(ii) upon the expiration of any Interest Period applicable to any SOFR LIBOR Rate Loan, to continue all or any portion of such Loan equal to $5,000,000 500,000 and integral multiples of $1,000,000 100,000 in excess of that amount as a SOFR LIBOR Rate Loan.
(b) The Borrower shall deliver a Conversion/Continuation Notice to the Agents Administrative Agent no later than 12:00 noon 10:00 a.m. (New York City time) at least one Business Day in advance of the proposed conversion date (in the case of a conversion to a Base Rate Loan) and at least three Business Days in advance of the proposed Conversion/Continuation Date (in the case of a conversion to, or a continuation of, a SOFR LIBOR Rate Loan). Except as otherwise provided herein, a Conversion/Continuation Notice for conversion to, or continuation of, any SOFR LIBOR Rate Loans shall be irrevocable on and after the related Interest Rate Determination Date, and the Borrower shall be bound to effect a conversion or continuation in accordance therewith. If on any day a Loan is outstanding with respect to which a Funding Notice or Conversion/Continuation Notice has not been delivered to the Agents in accordance with the terms hereof specifying the applicable basis for determining the rate of interest, then for that day such Loan shall be a Base Rate Loan.
Appears in 1 contract
Sources: Credit and Guaranty Agreement (GPB Holdings II, LP)
Conversion/Continuation. (a) Subject to Section 2.15 3.1 and so long as no Default or Event of Default shall have occurred and then be continuingcontinuing or would result therefrom, the applicable Borrower shall have the option:
(i) to convert at any time all or any part of any Loan equal to $5,000,000 100,000 and integral multiples of $1,000,000 50,000 in excess of that amount from one Type of Loan to another Type of Loan; provided, a SOFR an Adjusted LIBOR Rate Loan may only be converted on the expiration of the Interest Period applicable to such SOFR Adjusted LIBOR Rate Loan unless the such Borrower shall pay all amounts due under Section 2.15 in connection with any such conversion; or
(ii) upon the expiration of any Interest Period applicable to any SOFR Adjusted LIBOR Rate Loan, to continue all or any portion of such Loan equal to $5,000,000 and integral multiples of $1,000,000 in excess of that amount as a SOFR Adjusted LIBOR Rate Loan.
(b) The applicable Borrower shall deliver a Conversion/Continuation Notice to the Agents Administrative Agent no later than 12:00 noon (New York City time) 10:00 a.m. at least one three (3) Business Day Days in advance of the proposed conversion date (in the case of a conversion to a Base Rate Loan) and at least three (3) Business Days in advance of the proposed Conversion/Continuation Date (in the case of a conversion to, or a continuation of, a SOFR an Adjusted LIBOR Rate Loan). Except as otherwise provided herein, a Conversion/Continuation Notice for conversion to, or continuation of, any SOFR LIBOR Loans (or telephonic notice in lieu thereof) shall be irrevocable on and after the related Interest Rate Determination Date, and the such Borrower shall be bound to effect a conversion or continuation in accordance therewith. If on any day a Loan is outstanding with respect to which a Funding Notice or Conversion/Continuation Notice has not been delivered to the Agents in accordance with the terms hereof specifying the applicable basis for determining the rate of interest, then for that day such Loan shall be a Base Rate Loan.
Appears in 1 contract
Sources: Credit Agreement (Earthlink Inc)
Conversion/Continuation. (a) Subject to Section 2.15 Section 2.17 and Section 2.23 and so long as no Default or Event of Default shall have occurred and then be continuing, the Borrower shall have the option:
(i) to convert at any time all or any part of any Term Loan equal to $5,000,000 and integral multiples of $1,000,000 in excess of that amount from one Type of Loan to another Type of Loan; provided, that a SOFR LIBOR Rate Loan may only be converted on the expiration of the Interest Period applicable to such SOFR LIBOR Rate Loan unless the Borrower shall pay all amounts due under Section 2.15 Section 2.17 in connection with any such conversion; , or
(ii) upon the expiration of any Interest Period applicable to any SOFR LIBOR Rate Loan, to continue all or any portion of such Loan equal to $5,000,000 and integral multiples of $1,000,000 in excess of that amount as a SOFR LIBOR Rate Loan.
(b) The Borrower shall deliver a Conversion/Continuation Notice to the Agents Administrative Agent no later than 12:00 noon (New York City time) at least one two (2) Business Day Days in advance of the proposed conversion date (in the case of a conversion to a Base Rate Loan) and at least three (3) Business Days in advance of the proposed Conversionconversion/Continuation Date continuation date (in the case of a conversion to, or a continuation of, a SOFR LIBOR Rate Loan). Except as otherwise provided herein, a Conversion/Continuation Notice for conversion to, or continuation of, any SOFR LIBOR Rate Loans (or telephonic notice in lieu thereof) shall be irrevocable on and after the related Interest Rate Determination Date, and the Borrower shall be bound to effect a conversion or continuation in accordance therewith. If on any day a Loan is outstanding with respect to which a Funding Notice or Conversion/Continuation Notice has not been delivered to the Agents in accordance with the terms hereof specifying the applicable basis for determining the rate of interest, then for that day such Loan shall be a Base Rate Loan.
Appears in 1 contract
Conversion/Continuation. (a) Subject to Section 2.15 2.16 and so long as no Default or Event of Default shall have occurred and then be continuing, the Borrower Company shall have the option:
(i) to convert at any time all or any part of any Term Loan or Revolving Loan equal to $5,000,000 500,000 and integral multiples of $1,000,000 100,000 in excess of that amount from one Type of Loan to another Type of Loan; provided, a SOFR LIBOR Rate Loan may only be converted on the expiration of the Interest Period applicable to such SOFR LIBOR Rate Loan unless the Borrower Company shall pay all amounts due under Section 2.15 2.16(c) in connection with any such conversion; or
(ii) upon the expiration of any Interest Period applicable to any SOFR LIBOR Rate Loan, to continue all or any portion of such Loan equal to $5,000,000 500,000 and integral multiples of $1,000,000 100,000 in excess of that amount as a SOFR LIBOR Rate Loan.
(b) The Borrower Company shall deliver a Conversion/Continuation Notice to the Agents Administrative Agent no later than 12:00 noon 10:00 a.m. (New York City time) at least one Business Day in advance of the proposed conversion date (in the case of a conversion to a Base Index Rate Loan) and at least three Business Days in advance of the proposed Conversionconversion/Continuation Date continuation date (in the case of a conversion to, or a continuation of, a SOFR LIBOR Rate Loan). Except as otherwise provided herein, a Conversion/Continuation Notice for conversion to, or continuation of, any SOFR LIBOR Rate Loans (or telephonic notice in lieu thereof) shall be irrevocable on and after the related Interest Rate Determination Date, and the Borrower Company shall be bound to effect a conversion or continuation in accordance therewith. If on any day a Loan is outstanding with respect to which a Funding Notice or Conversion/Continuation Notice has not been delivered to the Agents in accordance with the terms hereof specifying the applicable basis for determining the rate of interest, then for that day such Loan shall be a Base Rate Loan.
Appears in 1 contract
Sources: Credit and Guaranty Agreement (Ipc Acquisition Corp)
Conversion/Continuation. (a) Subject to Section 2.15 2.17 and so long as no Default or Event of Default shall have occurred and then be continuing, the Borrower Company shall have the option:
(i) to convert at any time all or any part of any Term Loan or Revolving Loan equal to $5,000,000 250,000 and integral multiples of $1,000,000 100,000 in excess of that amount from one Type of Loan to another Type of Loan; provided, a SOFR Loan may only be converted on the expiration of the Interest Period applicable to such SOFR Loan unless the Borrower Company shall pay all amounts due under Section 2.15 2.17 in connection with any such conversion; or
(ii) upon the expiration of any Interest Period applicable to any SOFR Loan, to continue all or any portion of such Loan equal to $5,000,000 250,000 and integral multiples of $1,000,000 100,000 in excess of that amount as a SOFR Loan.
(b) The Borrower Subject to Section 3.2(b), Company shall deliver a Conversion/Continuation Notice to the Agents Administrative Agent no later than 12:00 noon 10:00 a.m. (New York City time) at least one Business Day in advance of the proposed conversion date (in the case of a conversion to a Base Rate Loan) and at least three U.S. Government Securities Business Days in advance of the proposed Conversionconversion/Continuation Date continuation date (in the case of a conversion to, or a continuation of, a SOFR Loan). Except as otherwise provided herein, a Conversion/Continuation Notice for conversion to, or continuation of, any SOFR Loans shall be irrevocable on and after the related Interest Rate Determination Date, and the Borrower Company shall be bound to effect a conversion or continuation in accordance therewith. If on any day a Loan is outstanding with respect to which a Funding Notice or Conversion/Continuation Notice has not been delivered to the Agents Administrative Agent in accordance with the terms hereof specifying the applicable basis for determining the rate of interest, then then, for that day day, such Loan shall be a Base Rate Loan.
Appears in 1 contract
Sources: Credit and Guaranty Agreement (ONE Group Hospitality, Inc.)
Conversion/Continuation. (a) Subject to Section 2.15 2.17 and so long as no Default or Event of Default shall have occurred and then be continuing, the Borrower Companies shall have the option:
(i) to convert at any time all or any part of any Term Loan equal to $5,000,000 500,000 and integral multiples of $1,000,000 100,000 in excess of that amount from one Type of Loan to another Type of Loan; provided, a SOFR LIBOR Rate Loan may only be converted on the expiration of the Interest Period applicable to such SOFR LIBOR Rate Loan unless the Borrower Companies shall pay all amounts due under Section 2.15 2.17 in connection with any such conversion; or
(ii) upon the expiration of any Interest Period applicable to any SOFR LIBOR Rate Loan, to continue all or any portion of such Loan equal to $5,000,000 500,000 and integral multiples of $1,000,000 100,000 in excess of that amount as a SOFR LIBOR Rate Loan.
(b) The Borrower Company Representative shall deliver a Conversion/Continuation Notice to the Agents Administrative Agent no later than 12:00 noon 10:00 a.m. (New York City time) at least one Business Day in advance of the proposed conversion date (in the case of a conversion to a Base Rate Loan) and at least three Business Days in advance of the proposed Conversion/Continuation Date (in the case of a conversion to, or a continuation of, a SOFR LIBOR Rate Loan). Except as otherwise provided herein, a Conversion/Continuation Notice for conversion to, or continuation of, any SOFR LIBOR Rate Loans (or telephonic notice in lieu thereof) shall be irrevocable on and after the related Interest Rate Determination Date, and the Borrower Companies shall be bound to effect a conversion or continuation in accordance therewith. If on any day a Loan is outstanding with respect to which a Funding Notice or Conversion/Continuation Notice has not been delivered to the Agents in accordance with the terms hereof specifying the applicable basis for determining the rate of interest, then for that day such Loan shall be a Base Rate Loan.
Appears in 1 contract
Sources: Credit and Guaranty Agreement (Meridian Waste Solutions, Inc.)
Conversion/Continuation. (a) Subject to Section 2.15 2.14 and so long as no Default or Event of Default shall have occurred and then be continuing, the Borrower shall have the option:
(i) to convert at any time all or any part of any Loan equal to $5,000,000 1,000,000 and integral multiples of $1,000,000 500,000 in excess of that amount from one Type of Loan to another Type of LoanType; provided, a SOFR Eurodollar RateSOFR Loan may only be converted on the expiration of the Interest Period applicable to such SOFR Eurodollar RateSOFR Loan unless the Borrower shall pay all amounts due under Section 2.15 2.14 in connection with any such conversion; or
(ii) upon the expiration of any Interest Period applicable to any SOFR Eurodollar RateSOFR Loan, to continue all or any portion of such Loan equal to $5,000,000 1,000,000 and integral multiples of $1,000,000 500,000 in excess of that amount as a SOFR Eurodollar RateSOFR Loan.
(b) The Borrower shall deliver a Conversion/Continuation Notice to the Agents Administrative Agent no later than 12:00 noon (New York City time) at least one Business Day in advance of on the proposed conversion date (in the case of a conversion to a Base Rate Loan) and at least three Business Days in advance of the proposed Conversionconversion/Continuation Date continuation date (in the case of a conversion to, or a continuation of, a SOFR Eurodollar RateSOFR Loan). Except as otherwise provided herein, a Conversion/Continuation Notice for conversion to, or continuation of, any SOFR Eurodollar RateSOFR Loans (or telephonic notice in lieu thereof to be confirmed in writing) shall be irrevocable on and after the related Interest Rate Determination Date, and the Borrower shall be bound to effect a conversion or continuation in accordance therewith. If on any day a Loan is outstanding with respect to which a Funding Notice or ConversionAny conversion/Continuation Notice has not been delivered to the Agents in accordance with the terms hereof specifying the applicable basis for determining the rate of interest, then for that day such Loan continuation date shall be a Base Rate LoanBusiness Day.
Appears in 1 contract
Sources: Credit Agreement (Sculptor Capital Management, Inc.)
Conversion/Continuation. (a) Subject to Section 2.15 2.18 and so long as no Default or Event of Default shall have occurred and then be continuing, the Borrower shall have the option:
(i) to convert at any time all or any part of any Loan equal to $5,000,000 and integral multiples of $1,000,000 in excess of that amount from one Type of Loan to another Type of Loan; provided, that a Term SOFR Loan may only be converted on the expiration of the Interest Period applicable to such Term SOFR Loan unless the Borrower shall pay all amounts due under Section 2.15 2.18 in connection with any such conversion; or
(ii) upon the expiration of any Interest Period applicable to any Term SOFR Loan, to continue all or any portion of such Loan equal to $5,000,000 and integral multiples of $1,000,000 in excess of that amount as a Term SOFR Loan; provided that, for the avoidance of doubt, no conversion or continuation of any Loan pursuant to this Section 2.09 shall affect the currency in which such Loan is denominated prior to any such conversion or continuation and each such Loan shall remain outstanding denominated in the currency originally issued.
(b) The Borrower shall deliver a Conversion/Continuation Notice to the Agents Administrative Agent no later than 12:00 noon 11:00 a.m. (New York City time) at least one Business Day in advance of the proposed conversion date (in the case of a conversion to a Base Rate Loan) ), and at least three Business Days in advance of the proposed Conversion/Continuation Date (in the case of a conversion to, or a continuation of, a Term SOFR Loan). Except as otherwise provided herein, a Conversion/Continuation Notice for conversion to, or continuation of, any Term SOFR Loans Loans, shall be irrevocable on and after the related Interest Rate Determination Date, and the Borrower shall be bound to effect a conversion or continuation in accordance therewith. If on any day a Loan is outstanding with respect to which a Funding Notice or Conversion/Continuation Notice has not been delivered to the Agents in accordance with the terms hereof specifying the applicable basis for determining the rate of interest, then for that day such Loan shall be a Base Rate Loan.
Appears in 1 contract
Sources: Credit Agreement (PVH Corp. /De/)
Conversion/Continuation. (a) Subject to Section 2.15 2.33 and so long as no Default or Event of Default shall have occurred and then be continuing, the Borrower shall have the option:
(i) to convert at any time all or any part of any (x) Term Loan equal to $5,000,000 and integral multiples of $1,000,000 in excess of that amount or (y) Revolving Loan equal to $500,000 and integral multiples of $250,000 in excess of that amount from one Type of Loan to another Type of Loan; provided, provided a SOFR Eurodollar Rate Loan may only be converted on the expiration of the Interest Period applicable to such SOFR Eurodollar Rate Loan unless the Borrower shall pay all amounts due under Section 2.15 2.33 in connection with any such conversion; or
(ii) upon the expiration of any Interest Period applicable to any SOFR Eurodollar Rate Loan, to continue all or any portion of such Loan Loan, if (x) a Term Loan, equal to $5,000,000 and integral multiples of $1,000,000 in excess of that amount and, if (y) a Revolving Loan, equal to $500,000 and integral multiples of $250,000 in excess of that amount, as a SOFR Eurodollar Rate Loan.
(b) The Borrower shall deliver a Conversion/Continuation Notice to the Agents Administrative Agent no later than 12:00 noon 10:00 a.m. (New York City time) at least one three Business Day Days in advance of the proposed conversion date (in the case of a conversion to a Base Rate Loan) and at least three Business Days in advance of the proposed Conversionconversion/Continuation Date continuation date (in the case of a conversion to, or a continuation of, a SOFR Eurodollar Rate Loan). Except as otherwise provided herein, a Conversion/Continuation Notice for conversion to, or continuation of, any SOFR Eurodollar Rate Loans shall be irrevocable on and after the related Interest Rate Determination Date, and the Borrower shall be bound to effect a conversion or continuation in accordance therewith. If on any day a Loan is outstanding with respect to which a Funding Notice or Conversion/Continuation Notice has not been delivered to the Agents in accordance with the terms hereof specifying the applicable basis for determining the rate of interest, then for that day such Loan shall be a Base Rate Loan.
Appears in 1 contract
Sources: First Lien Credit and Guaranty Agreement (Paramount Acquisition Corp)
Conversion/Continuation. (a) Subject to Section 2.15 2.21 and so long as no Default or Event of Default shall have occurred and then be continuing, the Borrower shall have the option:
(i) to convert at any time all or any part of any Loan equal to $5,000,000 1,000,000 and integral multiples of $1,000,000 in excess of that amount from one Type of Loan to another Type of Loan; provided, a SOFR Eurodollar Rate Loan may only be converted on the expiration of the Interest Period applicable to such SOFR Eurodollar Rate Loan unless the Borrower shall pay all amounts due under Section 2.15 2.21 in connection with any such conversion; or
(ii) upon the expiration of any Interest Period applicable to any SOFR Eurodollar Rate Loan, to continue all or any portion of such Loan equal to $5,000,000 1,000,000 and integral multiples of $1,000,000 in excess of that amount as a SOFR Eurodollar Rate Loan.
(b) The Borrower shall deliver a Conversion/Continuation Notice to the Agents Administrative Agent no later than 12:00 noon 11:00 a.m. (New York City time) at least one Business Day in advance of the proposed conversion date (in the case of a conversion to a Base Rate Loan) and at least three Business Days in advance of the proposed Conversionconversion/Continuation Date continuation date (in the case of a conversion to, or a continuation of, a SOFR Eurodollar Rate Loan). Except as otherwise provided herein, a Conversion/Continuation Notice for conversion to, or continuation of, any SOFR Eurodollar Rate Loans (or telephonic notice in lieu thereof) shall be irrevocable on and after the related Interest Rate Determination Dateirrevocable, and the Borrower shall be bound to effect a conversion or continuation in accordance therewith. If on any day a Loan is outstanding with respect to which a Funding Notice or Conversion/Continuation Notice has not been delivered to the Agents in accordance with the terms hereof specifying the applicable basis for determining the rate of interest, then for that day such Loan shall be a Base Rate Loan.
Appears in 1 contract
Sources: Senior Secured Superpriority Debtor in Possession Credit Agreement (Lehman Brothers Holdings Inc)
Conversion/Continuation. (a) Subject to Section 2.15 2.18 and so long as no Default or Event of Default shall have occurred and then be continuing, the Borrower shall have the option:
(i) : to convert at any time all or any part of any Loan equal to $5,000,000 1,000,000 and integral multiples of $1,000,000 250,000 in excess of that amount from one Type of Loan to another Type of Loan; provided, a SOFR Eurodollar Rate Loan may only be converted on the expiration of the Interest Period applicable to such SOFR Eurodollar Rate Loan unless the Borrower shall pay all amounts due under Section 2.15 2.18 in connection with any such conversion; or
(ii) or upon the expiration of any Interest Period applicable to any SOFR Eurodollar Rate Loan, to continue all or any portion of such Loan equal to $5,000,000 1,000,000 and integral multiples of $1,000,000 250,000 in excess of that amount as a SOFR Eurodollar Rate Loan.
(b) The Borrower shall deliver a Conversion/Continuation Notice to the Agents Administrative Agent no later than 12:00 noon 1:00 p.m. (New York City time) at least one Business Day in advance of the proposed conversion date (in the case of a conversion to a Base Rate Loan) and at least three Business Days in advance of the proposed Conversionconversion/Continuation Date continuation date (in the case of a conversion to, or a continuation of, a SOFR Eurodollar Rate Loan). Except as otherwise provided herein, a Conversion/Continuation Notice for conversion to, or continuation of, any SOFR Eurodollar Rate Loans (or telephonic notice in lieu thereof) shall be irrevocable on and after the related Interest Rate Determination Date, and the Borrower shall be bound to effect a conversion or continuation in accordance therewith. If on any day a Loan is outstanding with respect to which a Funding Notice or Conversion/Continuation Notice has not been delivered to the Agents in accordance with the terms hereof specifying the applicable basis for determining the rate of interest, then for that day such Loan shall be a Base Rate Loan.
Appears in 1 contract
Sources: Second Lien Credit and Guaranty Agreement (X Rite Inc)
Conversion/Continuation. (a) Subject to Section 2.15 2.18 and so long as no Default or Event of Default shall have occurred and then be continuing, the Borrower Company shall have the option:
(i) to convert at any time all or any part of any Term Loan equal to $5,000,000 1,000,000 and integral multiples of $1,000,000 250,000 in excess of that amount from one Type of Loan to another Type of Loan; provided, a SOFR Eurodollar Rate Loan may only be converted on the expiration of the Interest Period applicable to such SOFR Eurodollar Rate Loan unless the Borrower Company shall pay all amounts due under Section 2.15 2.18 in connection with any such conversion; or
(ii) upon the expiration of any Interest Period applicable to any SOFR Eurodollar Rate Loan, to continue all or any portion of such Loan equal to $5,000,000 1,000,000 and integral multiples of $1,000,000 250,000 in excess of that amount as a SOFR Eurodollar Rate Loan.
(b) The Borrower Company shall deliver a Conversion/Continuation Notice to the Agents Administrative Agent no later than 12:00 noon 10:00 a.m. (New York City time) at least one Business Day in advance of the proposed conversion date (in the case of a conversion to a Base Rate Loan) and at least three Business Days in advance of the proposed Conversionconversion/Continuation Date continuation date (in the case of a conversion to, or a continuation of, a SOFR Eurodollar Rate Loan). Except as otherwise provided herein, a Conversion/Continuation Notice for conversion to, or continuation of, any SOFR Eurodollar Rate Loans (or telephonic notice in lieu thereof) shall be irrevocable on and after the related Interest Rate Determination Date, and the Borrower Company shall be bound to effect a conversion or continuation in accordance therewith. If on any day a Loan is outstanding with respect to which a Funding Notice or Conversion/Continuation Notice has not been delivered to the Agents in accordance with the terms hereof specifying the applicable basis for determining the rate of interest, then for that day such Loan shall be a Base Rate Loan.
Appears in 1 contract
Sources: Credit and Guaranty Agreement (American Reprographics CO)
Conversion/Continuation. (a) Subject to Section 2.15 2.17 and so long as no Event of Default shall have occurred and then be continuing, the Borrower shall have the option:
(i) to convert at any time all or any part of any Term Loan equal to $5,000,000 and integral multiples of $1,000,000 5,000,000 in excess of that amount from one Type of Loan to another Type of Loan; provided, a SOFR Loan may only be converted on the expiration of the Interest Period applicable to such SOFR Loan unless the Borrower shall pay all amounts due under Section 2.15 2.17 in connection with any such conversion; or
(ii) upon the expiration of any Interest Period applicable to any SOFR Loan, to continue all or any portion of such Loan equal to $5,000,000 and integral multiples of $1,000,000 5,000,000 in excess of that amount as a SOFR Loan.
(b) The Borrower shall deliver a Conversion/Continuation Notice to the Agents Administrative Agent no later than 12:00 noon 1:00 p.m. (New York City time) at least one (1) Business Day in advance of the proposed conversion date (in the case of a conversion to a Base Rate Loan) and at least three (3) Business Days in advance of the proposed Conversionconversion/Continuation Date continuation date (in the case of a conversion to, or a continuation of, a SOFR Loan). Except as otherwise provided herein, a Conversion/Continuation Notice for conversion to, or continuation of, any SOFR Loans shall be irrevocable on and after the related Interest Rate Determination Date, and the Borrower shall be bound to effect a conversion or continuation in accordance therewith. If on any day a Loan is outstanding with respect to which a Funding Notice or Conversion/Continuation Notice has not been delivered to the Agents in accordance with the terms hereof specifying the applicable basis for determining the rate of interest, then for that day such Loan shall be a Base Rate Loan.
Appears in 1 contract
Conversion/Continuation. (a) Subject to Section 2.15 2.18 and so long as no Default or Event of Default shall have occurred and then be continuing, the Borrower Company shall have the option:
(i) to convert at any time all or any part of any Loan equal to $5,000,000 1,000,000 and integral multiples of $1,000,000 250,000 in excess of that amount from one Type of Loan to another Type of Loan; provided, a SOFR Eurodollar Rate Loan may only be converted on the expiration of the Interest Period applicable to such SOFR Eurodollar Rate Loan unless the Borrower Company shall pay all amounts due under Section 2.15 2.18 in connection with any such conversion; or
(ii) upon the expiration of any Interest Period applicable to any SOFR Eurodollar Rate Loan, to continue all or any portion of such Loan equal to $5,000,000 1,000,000 and integral multiples of $1,000,000 250,000 in excess of that amount as a SOFR Eurodollar Rate Loan.
(b) The Borrower Company shall deliver a Conversion/Continuation Notice to the Agents Administrative Agent no later than 12:00 noon 1:00 p.m. (New York City time) at least one Business Day in advance of the proposed conversion date (in the case of a conversion to a Base Rate Loan) and at least three Business Days in advance of the proposed Conversionconversion/Continuation Date continuation date (in the case of a conversion to, or a continuation of, a SOFR Eurodollar Rate Loan). Except as otherwise provided herein, a Conversion/Continuation Notice for conversion to, or continuation of, any SOFR Eurodollar Rate Loans (or telephonic notice in lieu thereof) shall be irrevocable on and after the related Interest Rate Determination Date, and the Borrower Company shall be bound to effect a conversion or continuation in accordance therewith. If on any day a Loan is outstanding with respect to which a Funding Notice or Conversion/Continuation Notice has not been delivered to the Agents in accordance with the terms hereof specifying the applicable basis for determining the rate of interest, then for that day such Loan shall be a Base Rate Loan.
Appears in 1 contract
Sources: Second Lien Credit and Guaranty Agreement (X Rite Inc)
Conversion/Continuation. (a) Subject to Section 2.15 3.04 and so long as no Default or Event of Default shall have occurred and then be continuing, the Borrower shall have the option:
(i) to convert at any time all or any part of any Loan of the applicable Class equal to $5,000,000 500,000 and integral multiples of $1,000,000 50,000 in excess of that amount from one Type of Loan to another Type of Loan; provided, that a SOFR LIBOR Rate Loan may only be converted on the expiration of the Interest Period applicable to such SOFR LIBOR Rate Loan unless the Borrower shall pay all amounts due under Section 2.15 3.04 in connection with any such conversion; or
(ii) upon the expiration of any Interest Period applicable to any SOFR LIBOR Rate Loan, to continue all or any portion of such Loan of such Class equal to $5,000,000 500,000 and integral multiples of $1,000,000 50,000 in excess of that amount as a SOFR LIBOR Rate Loan.
(b) The Borrower shall deliver a Conversion/Continuation Notice to the Agents Administrative Agent no later than 12:00 noon 10:00 a.m. (New York City Pacific time) at least one (1) Business Day in advance of the proposed conversion date (in the case of a conversion to a Base Rate Loan) and at least three (3) Business Days in advance of the proposed Conversionconversion/Continuation Date continuation date (in the case of a conversion to, or a continuation of, a SOFR LIBOR Rate Loan). Except as otherwise provided herein, a Conversion/Continuation Notice for conversion to, or continuation of, any SOFR LIBOR Rate Loans (or telephonic notice in lieu thereof) shall be irrevocable on and after the related Interest Rate Determination Date, and the Borrower shall be bound to effect a conversion or continuation in accordance therewith. If on any day a Loan is outstanding with respect to which a Funding Notice or Conversion/Continuation Notice has not been delivered to the Agents in accordance with the terms hereof specifying the applicable basis for determining the rate of interest, then for that day such Loan shall be a Base Rate Loan.
Appears in 1 contract
Sources: Credit Agreement (Fusion Telecommunications International Inc)
Conversion/Continuation. (a) Subject to Section 2.15 2.14 and so long as no Default or Event of Default shall have occurred and then be continuing, the Borrower Company shall have the option:
(i) to convert at any time all or any part of any Term Loan equal to $5,000,000 1,000,000 and integral multiples of $1,000,000 in excess of that amount from one Type of Loan to another Type of Loan; provided, a SOFR Eurodollar Rate Loan may only be converted on the expiration of the Interest Period applicable to such SOFR Eurodollar Rate Loan unless the Borrower Company shall pay all amounts due under Section 2.15 2.14 in connection with any such conversion; or
(ii) upon the expiration of any Interest Period applicable to any SOFR Eurodollar Rate Loan, to continue all or any portion of such Loan equal to $5,000,000 1,000,000 and integral multiples of $1,000,000 in excess of that amount as a SOFR Eurodollar Rate Loan.
(b) The Borrower Company shall deliver a Conversion/Continuation Notice to the Agents Administrative Agent no later than 12:00 noon 10:00 a.m. (New York City time) at least one Business Day in advance of the proposed conversion date (in the case of a conversion to a Base Rate Loan) and at least three Business Days in advance of the proposed Conversionconversion/Continuation Date continuation date (in the case of a conversion to, or a continuation of, a SOFR Eurodollar Rate Loan). Except as otherwise provided herein, a Conversion/Continuation Notice for conversion to, or continuation of, any SOFR Eurodollar Rate Loans (or telephonic notice in lieu thereof) shall be irrevocable on and after the related Interest Rate Determination Date, and the Borrower Company shall be bound to effect a conversion or continuation in accordance therewith. If on any day a Loan is outstanding with respect to which a Funding Notice or Conversion/Continuation Notice has not been delivered to the Agents in accordance with the terms hereof specifying the applicable basis for determining the rate of interest, then for that day such Loan shall be a Base Rate Loan.
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Conversion/Continuation. (a) Subject to Section 2.15 and so long as no 2.18 (and, if a Default or Event of Default shall have occurred and then be continuing, the Borrower Administrative Agent has not provided notice to the contrary), Borrowers shall have the option:
(i) to convert at any time all or any part of any Domestic Tranche C Term Loan equal to $5,000,000 1,000,000 and integral multiples of $1,000,000 500,000 in excess of that amount from one Type of Loan to another Type of Loan; provided, a SOFR Eurodollar Rate Loan may only be converted on the expiration of the Interest Period applicable to such SOFR Eurodollar Rate Loan unless the applicable Borrower shall pay all amounts due under Section 2.15 2.18 in connection with any such conversion; or
(ii) upon the expiration of any Interest Period applicable to any SOFR Eurodollar Rate Loan, to continue all or any portion of such Loan equal to $5,000,000 1,000,000 and integral multiples of $1,000,000 500,000 in excess of each applicable amount as a Eurodollar Rate Loan in excess of that amount as a SOFR Eurodollar Rate Loan.
(b) The U.S. Borrower shall deliver a Conversion/Continuation Notice to the Agents Administrative Agent no later than 12:00 noon 10:00 a.m. (New York City timeLocal Time) at least one Business Day in advance of the proposed conversion date (in the case of a conversion to a Base Rate Loan) and at least three Business Days in advance of the proposed Conversionconversion/Continuation Date continuation date (in the case of a conversion to, or a continuation of, a SOFR Eurodollar Rate Loan); provided that, European Term Loans and European Revolving Loans may only be continued as Eurodollar Rate Loans. Except as otherwise provided herein, a Conversion/Continuation Notice for conversion toto (solely with respect to Domestic Loans), or continuation of, any SOFR Eurodollar Rate Loans (or telephonic notice in lieu thereof) shall be irrevocable on and after the related Interest Rate Determination Date, and the Borrower Borrowers shall be bound to effect a conversion or continuation in accordance therewith. If on any day a Loan is outstanding with respect to which a Funding Notice or Conversion/Continuation Notice has not been delivered to the Agents in accordance with the terms hereof specifying the applicable basis for determining the rate of interest, then for that day such Loan shall be a Base Rate Loan.
Appears in 1 contract
Sources: First Lien Credit and Guaranty Agreement (Solera Holdings LLC)
Conversion/Continuation. (a) Subject to Section 2.15 2.16 and so long as no Default or Event of Default shall have occurred and then be continuing, the Borrower Company shall have the option:
(i) to convert at any time all or any part of any Term Loan or Revolving Loan equal to $5,000,000 1,000,000 and integral multiples of $1,000,000 100,000 in excess of that amount from one Type of Loan to another Type of Loan; provided, a SOFR LIBO Rate Loan may only be converted on the expiration of the Interest Period applicable to such SOFR LIBO Rate Loan unless the Borrower Company shall pay all amounts due under Section 2.15 2.16 in connection with any such conversion; or
(ii) upon the expiration of any Interest Period applicable to any SOFR LIBO Rate Loan, to continue all or any portion of such Loan equal to $5,000,000 1,000,000 and integral multiples of $1,000,000 100,000 in excess of that amount as a SOFR LIBO Rate Loan.
(b) The Borrower Subject to Section 3.2(b), Company shall deliver a Conversion/Continuation Notice to the Agents Administrative Agent no later than 12:00 noon 10:00 a.m. (New York City time) at least one Business Day in advance of the proposed conversion date (in the case of a conversion to a Base Rate Loan) and at least three Business Days in advance of the proposed Conversionconversion/Continuation Date continuation date (in the case of a conversion to, or a continuation of, a SOFR LIBO Rate Loan). Except as otherwise provided herein, a Conversion/Continuation Notice for conversion to, or continuation of, any SOFR LIBO Rate Loans shall be irrevocable on and after the related Interest Rate Determination Date, and the Borrower Company shall be bound to effect a conversion or continuation in accordance therewith. If on any day a Loan is outstanding with respect to which a Funding Notice or Conversion/Continuation Notice has not been delivered to the Agents Administrative Agent in accordance with the terms hereof specifying the applicable basis for determining the rate of interest, then then, for that day day, such Loan shall be a Base Rate Loan.
Appears in 1 contract
Conversion/Continuation. (a) Subject to Section 2.15 2.18 and so long as no Default or Event of Default shall have occurred and then be continuingcontinuing (which the Requisite Lenders have notified Company of to prevent the following), the Borrower Company shall have the option:
(i) to convert at any time all or any part of any Tranche B Term Loan or Revolving Loan equal to $5,000,000 500,000 and integral multiples of $1,000,000 100,000 in excess of that amount from one Type of Loan to another Type of Loan; providedPROVIDED, a SOFR Eurodollar Rate Loan may only be converted on the expiration of the Interest Period applicable to such SOFR Eurodollar Rate Loan unless the Borrower Company shall pay all amounts due under Section 2.15 2.18 in connection with any such conversion; or
(ii) upon the expiration of any Interest Period applicable to any SOFR Eurodollar Rate Loan, to continue all or any portion of such Loan equal to $5,000,000 1,000,000 and integral multiples of $1,000,000 100,000 in excess of that amount as a SOFR Eurodollar Rate Loan.
(b) The Borrower Company shall deliver a Conversion/Continuation Notice to Administrative Agent (which shall promptly give notice by telefacsimile or telephone (promptly confirmed by telefacsimile to the Agents Lenders)) no later than 12:00 noon 2:00 p.m. (New York City time) at least one Business Day in advance of the proposed conversion date (in the case of a conversion to a 45 Base Rate Loan) and at least three Business Days in advance of the proposed Conversionconversion/Continuation Date continuation date (in the case of a conversion to, or a continuation of, a SOFR Eurodollar Rate Loan). Except as otherwise provided herein, a Conversion/Continuation Notice for conversion to, or continuation of, any SOFR Eurodollar Rate Loans (or telephonic notice in lieu thereof) shall be irrevocable on and after the related Interest Rate Determination Date, and the Borrower Company shall be bound to effect a conversion or continuation in accordance therewith. If on any day a Loan is outstanding with respect to which a Funding Notice or Conversion/Continuation Notice has not been delivered to the Agents in accordance with the terms hereof specifying the applicable basis for determining the rate of interest, then for that day such Loan shall be a Base Rate Loan.
Appears in 1 contract
Sources: Credit and Guaranty Agreement (Carters Imagination Inc)