Conversion. So long as no Default or Event of Default exists, the Borrower may on any Business Day, upon the Borrower’s giving of a Notice of Conversion to the Administrative Agent by telecopy, electronic mail or other similar form of communication, Convert all or a portion of a Loan of one Type into a Loan of another Type. Each Conversion of Base Rate Loans into LIBOR Loans shall be in an aggregate minimum amount of $1,000,000 and integral multiples of $100,000 in excess of that amount, and upon Conversion of a Base Rate Loan into a LIBOR Loan, the Borrower shall pay accrued interest to the date of Conversion on the principal amount so Converted in accordance with Section 2.6. Any Conversion of a LIBOR Loan into a Base Rate Loan shall be made on, and only on, the last day of an Interest Period for such LIBOR Loan. Each such Notice of Conversion shall be given not later than 11:00 a.m. Central time three (3) Business Days prior to the date of any proposed Conversion into Base Rate or LIBOR Loans. Promptly after receipt of a Notice of Conversion, the Administrative Agent shall notify each Lender of the proposed Conversion. Subject to the restrictions specified above, each Notice of Conversion shall be by telecopy, electronic mail or other similar form of communication in the form of a Notice of Conversion specifying (a) the requested date of such Conversion, (b) the Type of Loan to be Converted, (c) the portion of such Type of Loan to be Converted, (d) the Type of Loan such Loan is to be Converted into and (e) if such Conversion is into a LIBOR Loan, the requested duration of the Interest Period of such Loan. Notwithstanding the foregoing, the Administrative Agent is authorized to rely upon the telephonic request of any of the Borrower’s Agents. The Borrower’s telephonic notices, requests and acceptances shall be directed to such officers of the Administrative Agent as the Administrative Agent may from time to time designate and shall be followed promptly by the original or a facsimile or electronic mail Notice of Conversion required pursuant to the first sentence of this Section 2.12. Each Notice of Conversion shall be irrevocable by and binding on the Borrower once given.
Appears in 4 contracts
Sources: Term Loan Agreement (Chesapeake Lodging Trust), Credit Agreement (Chesapeake Lodging Trust), Term Loan Agreement (Chesapeake Lodging Trust)
Conversion. So long as no Default or Event of Default exists, the Borrower may on any Business Day, upon the Borrower’s giving of a Notice of Conversion to the Administrative Agent by telecopy, electronic mail or other similar form of communication, Convert all or a portion of a Loan of one Type into a Loan of another Type. Each Conversion of Base Rate Loans into LIBOR Loans shall be in an aggregate minimum amount of $1,000,000 and integral multiples of $100,000 in excess of that amount, and upon Conversion of a Base Rate Loan into a LIBOR Loan, the Borrower shall pay accrued interest to the date of Conversion on the principal amount so Converted in accordance with Section 2.6. Any Conversion of a LIBOR Loan into a Base Rate Loan shall be made on, and only on, the last day of an Interest Period for such LIBOR Loan. Each such Notice of Conversion shall be given not later than 11:00 9:00 a.m. Central time three (3) Business Days prior to the date of any proposed Conversion into Base Rate or LIBOR Loans. Promptly after receipt of a Notice of Conversion, the Administrative Agent shall notify each Lender of the proposed Conversion. Subject to the restrictions specified above, each Notice of Conversion shall be by telecopy, electronic mail or other similar form of communication in the form of a Notice of Conversion specifying (a) the requested date of such Conversion, (b) the Type of Loan to be Converted, (c) the portion of such Type of Loan to be Converted, (d) the Type of Loan such Loan is to be Converted into and (e) if such Conversion is into a LIBOR Loan, the requested duration of the Interest Period of such Loan. Notwithstanding the foregoing, the Administrative Agent is authorized to rely upon the telephonic request of any of the Borrower’s Agents. The Borrower’s telephonic notices, requests and acceptances shall be directed to such officers of the Administrative Agent as the Administrative Agent may from time to time designate and shall be followed promptly by the original or a facsimile or electronic mail Notice of Conversion required pursuant to the first sentence of this Section 2.12. Each Notice of Conversion shall be irrevocable by and binding on the Borrower once given.
Appears in 4 contracts
Sources: Credit Agreement (Chesapeake Lodging Trust), Credit Agreement (Chesapeake Lodging Trust), Credit Agreement (Chesapeake Lodging Trust)
Conversion. So long as no Default or Event of Default existsThe Borrower shall have the option, the Borrower may on any Business Day, upon the Borrower’s giving of to extend existing Eurocurrency Rate Loans into a Notice of Conversion subsequent Interest Period or to the Administrative Agent by telecopy, electronic mail or other similar form of communication, Convert all or a portion of a Loan convert Revolving Loans of one Type type into a Loan Revolving Loans of another Type. Each Conversion of type; provided, however, that (i) except as provided in Section 3.7, Eurocurrency Rate Loans may be converted into Base Rate Loans into LIBOR Loans shall be in an aggregate minimum amount of $1,000,000 and integral multiples of $100,000 in excess of that amount, and upon Conversion of a Base Rate Loan into a LIBOR Loan, the Borrower shall pay accrued interest to the date of Conversion only on the principal amount so Converted in accordance with Section 2.6. Any Conversion of a LIBOR Loan into a Base Rate Loan shall be made on, and only on, the last day of an Interest Period applicable thereto, (ii) Eurocurrency Rate Loans may be extended, and Base Rate Loans may be converted into Eurocurrency Rate Loans, only if no Default or Event of Default is in existence on the date of extension or conversion, (iii) Revolving Loans extended as, or converted into, Eurocurrency Rate Loans shall be in such minimum amounts as provided in Section 2.2(b), and (iv) any request for such LIBOR Loanextension of or conversion to a Eurocurrency Rate Loan which shall fail to specify an Interest Period shall be deemed to be a request for an Interest Period of one month. Each such Notice of Conversion extension or conversion shall be given not later than 11:00 a.m. Central time three effected by the Borrower by giving written notice (3or telephone notice promptly confirmed in writing) Business Days prior to the date of any proposed Conversion into Base Rate or LIBOR Loans. Promptly after receipt of a Notice of Conversion, the Administrative Agent shall notify each Lender of the proposed Conversion. Subject to the restrictions specified above, each Notice of Conversion shall be by telecopy, electronic mail or other similar form of communication substantially in the form of Schedule 3.2 (a “Notice of Conversion specifying Extension/Conversion”) prior to 10:00 A.M. (aCharlotte, North Carolina time) on (x) the requested same Business Day of, in the case of Base Rate Loans and (y) on the second Business Day prior to, in the case of Eurocurrency Rate Loans the date of such Conversionthe proposed extension or conversion, (b) specifying the Type date of Loan the proposed extension or conversion, the Revolving Loans to be Convertedso extended or converted, (c) the portion types of Revolving Loans into which such Type of Loan Revolving Loans are to be Convertedconverted and, (d) if appropriate, the Type of applicable Interest Periods with respect thereto. Each request for extension or conversion to any Eurocurrency Rate Loan such Loan is shall be deemed to be Converted a reaffirmation by the Borrower that no Default or Event of Default then exists. In the event the Borrower fails to request extension of or conversion to any Eurocurrency Rate Loan in accordance with this Section, or any such conversion or extension is not permitted or required by this Section, then such Revolving Loans shall be automatically converted into and (e) if such Conversion is into a LIBOR Loan, Base Rate Loans at the requested duration end of the their Interest Period of such LoanPeriod. Notwithstanding the foregoing, the The Administrative Agent is authorized to rely upon the telephonic request shall give each Lender notice as promptly as practicable of any of the Borrower’s Agents. The Borrower’s telephonic notices, requests and acceptances shall be directed to such officers of the Administrative Agent as the Administrative Agent may from time to time designate and shall be followed promptly by the original or a facsimile or electronic mail Notice of Conversion required pursuant to the first sentence of this Section 2.12. Each Notice of Conversion shall be irrevocable by and binding on the Borrower once givenproposed conversion affecting any Revolving Loans.
Appears in 3 contracts
Sources: Credit Agreement (Cree, Inc.), Credit Agreement (Cree Inc), Credit Agreement (Cree Inc)
Conversion. So long as no Default or Event of Default exists and, without the prior written consent of the Administrative Agent, so long as no Default exists, the Borrower may on any Business Day, upon the Borrower’s giving of a Notice of Conversion to the Administrative Agent by telecopy, electronic mail or other similar form of communicationAgent, Convert all or a portion of a Loan of one Type into a Loan of another Type. Each Conversion of Base Rate Loans into LIBOR Loans shall be in an aggregate minimum amount of $1,000,000 and integral multiples of $100,000 in excess of that amount, and upon Conversion of a Base Rate Loan into a LIBOR Loan, the Borrower shall pay accrued interest to the date of Conversion on the principal amount so Converted in accordance with Section 2.6. Any Conversion of a LIBOR Loan into a Base Rate Loan shall be made on, and only on, the last day of an Interest Period for such LIBOR Loan and, upon Conversion of a Base Rate Loan into a LIBOR Loan, the Borrower shall pay accrued interest to the date of Conversion on the principal amount so Converted. Each such Notice of Conversion shall be given not later than 11:00 9:00 a.m. Central time one Business Day prior to the date of any proposed Conversion into Base Rate Loans and three (3) Business Days prior to the date of any proposed Conversion into Base Rate or LIBOR Loans. Promptly after receipt of a Notice of Conversion, the Administrative Agent shall notify each Lender by telecopy, electronic mail or other similar form of transmission of the proposed Conversion. Subject to the restrictions specified above, each Notice of Conversion shall be by telecopy, electronic mail or other similar form of communication telecopy in the form of a Notice of Conversion specifying (a) the requested date of such Conversion, (b) the Type of Loan to be Converted, (c) the portion of such Type of Loan to be Converted, (d) the Type of Loan such Loan is to be Converted into and (e) if such Conversion is into a LIBOR Loan, the requested duration of the Interest Period of such Loan. Notwithstanding the foregoing, the Administrative Agent is authorized to rely upon the telephonic request of any of the Borrower’s Agents. The Borrower’s telephonic notices, requests and acceptances shall be directed to such officers of the Administrative Agent as the Administrative Agent may from time to time designate and shall be followed promptly by the original or a facsimile or electronic mail Notice of Conversion required pursuant to the first sentence of this Section 2.12. Each Notice of Conversion shall be irrevocable by and binding on the Borrower once given.
Appears in 3 contracts
Sources: Credit Agreement (Washington Real Estate Investment Trust), Term Loan Agreement (Washington Real Estate Investment Trust), Credit Agreement (Washington Real Estate Investment Trust)
Conversion. So long as no Default or Event of Default exists, the The Borrower may on any Business Day, upon the Borrower’s giving of a Notice of Conversion to the Administrative Agent by telecopy, electronic mail or other similar form of communication, Convert all or a portion of a Loan of one Type into a Loan of another Type; provided, however, (i) a Base Rate Loan may not be Converted into a LIBOR Loan if a Default or Event of Default exists and (ii) no notice shall be required for a Conversion of a LIBOR Loan into a Base Rate Loan on the last day of an Interest Period. Each Conversion of Base Rate Loans into LIBOR Loans shall be in an aggregate minimum amount of $1,000,000 and integral multiples of $100,000 in excess of that amount, amount and upon Conversion of a Base Rate Loan into a LIBOR Loan, the Borrower shall pay accrued interest to the date of Conversion on the principal amount so Converted in accordance with Section 2.6. Any Conversion of a LIBOR Loan into a Base Rate Loan shall be made on, and only on, the last day of an Interest Period for such LIBOR Loan, unless the Borrower pays all applicable compensation pursuant to Section 5.4. Each such Notice of Conversion shall be given not later than 11:00 9:00 a.m. Central Pacific time three (3) Business Days prior to the date of any proposed Conversion into Base Rate or LIBOR LoansConversion. Promptly after receipt of a Notice of Conversion, the Administrative Agent shall notify each Lender of the proposed Conversion. Subject to the restrictions specified above, each Notice of Conversion shall be by telecopy, electronic mail or other similar form of communication in the form of a Notice of Conversion specifying (a) the requested date of such Conversion, (b) the Type of Loan to be Converted, (c) the portion of such Type of Loan to be Converted, (d) the Type of Loan such Loan is to be Converted into and (e) if such Conversion is into a LIBOR Loan, the requested duration of the Interest Period of such Loan. Notwithstanding the foregoing, the Administrative Agent is authorized to rely upon the telephonic request of any of the Borrower’s Agents. The Borrower’s telephonic notices, requests and acceptances shall be directed to such officers of the Administrative Agent as the Administrative Agent may from time to time designate and shall be followed promptly by the original or a facsimile or electronic mail Notice of Conversion required pursuant to the first sentence of this Section 2.12. Each Notice of Conversion shall be irrevocable by and binding on the Borrower once given.
Appears in 3 contracts
Sources: Term Loan Credit Agreement (Hudson Pacific Properties, L.P.), Credit Agreement (Hudson Pacific Properties, Inc.), Credit Agreement (Hudson Pacific Properties, Inc.)
Conversion. So long as no Default or Event of Default exists, the Borrower may on any Business Day, upon the Borrower’s giving of a Notice of Conversion to the Administrative Agent by telecopy, electronic mail or other similar form of communicationAgent, Convert all or a portion of a Revolving Loan of one Type into a Revolving Loan of another Type. Each Conversion of Base Rate Loans into LIBOR Loans shall be in an aggregate minimum amount of $1,000,000 and integral multiples of $100,000 in excess of that amount, and upon Conversion of a Base Rate Loan into a LIBOR Loan, the Borrower shall pay accrued interest to the date of Conversion on the principal amount so Converted in accordance with Section 2.6. Any Conversion of a LIBOR Eurodollar Loan into a Base Rate Loan shall be made on, and only on, the last day of an Interest Period for such LIBOR Eurodollar Loan. Each such Notice of Conversion shall be given by Borrower not later than 11:00 a.m. Central time three 12:00 noon (3a) on the Business Days Day prior to the date of any proposed Conversion into Base Rate Loans or LIBOR (b) on the second Business Day prior to the date of any proposed Conversion into Eurodollar Loans. Promptly after upon receipt of a Notice of ConversionConversion (and in any event not later than 1:00 p.m. on the date of receipt thereof), the Administrative Agent shall notify each Lender by telecopy or other similar form of transmission of the proposed Conversion. Subject to the restrictions specified above, each Notice of Conversion shall be by telecopytelephone or telecopy confirmed immediately in writing if by telephone, electronic mail or other similar form of communication in the form of a Notice of Conversion Conversion, specifying (ai) the requested date of such Conversion, (bii) the Type of Revolving Loan to be Converted, (ciii) the portion of such Type of Revolving Loan to be Converted, (div) the Type of Revolving Loan into which such Revolving Loan is to be Converted into Converted, and (ev) if such Conversion is into a LIBOR Eurodollar Loan, the requested duration of the Interest Period of such Revolving Loan. Notwithstanding the foregoing, the Administrative Agent is authorized to rely upon the telephonic request of any of the Borrower’s Agents. The Borrower’s telephonic notices, requests and acceptances shall be directed to such officers of the Administrative Agent as the Administrative Agent may from time to time designate and shall be followed promptly by the original or a facsimile or electronic mail Notice of Conversion required pursuant to the first sentence of this Section 2.12. Each Notice of Conversion shall be irrevocable by and binding on the Borrower once given. Notwithstanding the foregoing, the right to convert from a Base Rate Loan to a Eurodollar Loan, or to continue a Eurodollar Loan, shall not be available during the occurrence of a Default or an Event of Default.
Appears in 3 contracts
Sources: Credit Agreement (Allied Capital Corp), Credit Agreement (Allied Capital Corp), Credit Agreement (Allied Capital Corp)
Conversion. So long as no Default or Event of Default exists, the any Borrower may may, on any U.S. Government Securities Business Day, upon the such Borrower’s giving of a Notice of Conversion to the Administrative Agent by telecopy, electronic mail or other similar form of communication, Convert all or a portion of a Loan of one Type into a Loan of another Type; provided, however, a Base Rate Loan or Daily SOFR Loan may not be Converted into a Term SOFR Loan if a Default or Event of Default exists. Each Conversion of Base Rate Loans or Daily SOFR Loans into LIBOR Term SOFR Loans shall be in an aggregate minimum amount of $1,000,000 2,000,000 and integral multiples of $100,000 500,000 in excess of that amount, and upon Conversion of a Base Rate Loan into a LIBOR Loan, the Borrower shall pay accrued interest to the date of Conversion on the principal amount so Converted in accordance with Section 2.6. Any Conversion of a LIBOR Term SOFR Loan into a Base Rate Loan or Daily SOFR Loan shall be made on, and only on, the last day of an Interest Period for such LIBOR Term SOFR Loan. Each such Notice of Conversion shall be given not later than 11:00 a.m. Central (i) 1:00 p.m. Eastern time three 3 U.S. Government Securities Business Days prior to the date of any proposed Conversion into a Daily SOFR Loan or Term SOFR Loan and (3ii) 1:00 p.m. Eastern time two (2) Business Days prior to the date of any proposed Conversion into a Base Rate or LIBOR LoansLoan. Promptly after receipt of a Notice of Conversion, the Administrative Agent shall notify each Lender of the proposed Conversion. Subject to the restrictions specified above, each Notice of Conversion shall be by telecopy, electronic mail or other similar form of communication in the form of a Notice of Conversion specifying (a) the requested date of such Conversion, (b) the Type of Loan to be Converted, (c) the portion of such Type of Loan to be Converted, (d) the Type of Loan such Loan is to be Converted into and (e) if such Conversion is into a LIBOR Term SOFR Loan, the requested duration of the Interest Period of such Loan. Notwithstanding the foregoingIf a Borrower shall elect a conversion to Term SOFR Loans but fails to select an Interest Period for any Term SOFR Loan in accordance with this Section, the Administrative Agent is authorized to rely upon the telephonic request of any of the Borrower’s Agents. The Borrower’s telephonic notices, requests and acceptances such Borrower shall be directed deemed to such officers have selected an Interest Period of the Administrative Agent as the Administrative Agent may from time to time designate and shall be followed promptly by the original or a facsimile or electronic mail Notice of Conversion required pursuant to the first sentence of this Section 2.12one month. Each Notice of Conversion shall be irrevocable by and binding on the applicable Borrower once given.
Appears in 3 contracts
Sources: Credit Agreement (Park Hotels & Resorts Inc.), Credit Agreement (Park Hotels & Resorts Inc.), Credit Agreement (Park Hotels & Resorts Inc.)
Conversion. So long as no Default or Event of Default existsshall have occurred and be continuing, the Borrower may on any Business Day, upon the Borrower’s giving of a Notice of Conversion to the Administrative Agent by telecopy, electronic mail or other similar form of communicationAgent, Convert all or a portion of a Revolving Loan of one Type into a Revolving Loan of another Type. Each Conversion of Base Rate Loans into LIBOR Loans shall be in an aggregate minimum amount of $1,000,000 and integral multiples of $100,000 in excess of that amount, and upon Conversion of a Base Rate Loan into a LIBOR Loan, the Borrower shall pay accrued interest to the date of Conversion on the principal amount so Converted in accordance with Section 2.6. Any Conversion of a Revolving Loan that is a LIBOR Rate Loan into a Base Rate Loan shall be made on, and only on, the last day of an Interest Period for such LIBOR Rate Loan and, upon Conversion of a Base Rate Loan into a LIBOR Rate Loan, the Borrower shall pay accrued interest to the date of Conversion on the principal amount so Converted. Each such Notice of Conversion shall be given not later than 11:00 a.m. Central time three (3) on the Business Days Day prior to the date of any proposed Conversion into Base Rate or Loans and on the third (3rd) Business Day prior to the date of any proposed Conversion into LIBOR Rate Loans. Promptly after receipt of a Notice of Conversion, the Administrative Agent shall notify each applicable Lender by telecopy, or other similar form of transmission, of the proposed Conversion. Subject to the restrictions specified above, each Notice of Conversion shall be by telecopy, electronic mail telephone (confirmed immediately in writing) or other similar form of communication telecopy in the form of a Notice of Conversion specifying (a) the requested date of such Conversion, (b) the Type of Revolving Loan to be Converted, (c) the portion of such Type of Revolving Loan to be Converted, (d) the Type of Revolving Loan such Revolving Loan is to be Converted into and (e) if such Conversion is into a LIBOR Rate Loan, the requested duration of the Interest Period of such Loan. Notwithstanding the foregoing, the Administrative Agent is authorized to rely upon the telephonic request of any of the Borrower’s Agents. The Borrower’s telephonic notices, requests and acceptances shall be directed to such officers of the Administrative Agent as the Administrative Agent may from time to time designate and shall be followed promptly by the original or a facsimile or electronic mail Notice of Conversion required pursuant to the first sentence of this Section 2.12. Each Notice of Conversion shall be irrevocable by and binding on the Borrower once given.
Appears in 3 contracts
Sources: Credit Agreement (Columbia Property Trust, Inc.), Credit Agreement (Columbia Property Trust, Inc.), Credit Agreement (Wells Real Estate Investment Trust Ii Inc)
Conversion. So long as no Default or Event of Default exists, the The Borrower may on any Business Day, upon the Borrower’s giving of a Notice of Conversion to the Administrative Agent by telecopy, electronic mail or other similar form of communicationAgent, Convert all or a portion of a Loan of one Type into a Loan of another Type. Each Conversion of Base Rate Loans into LIBOR Loans shall be in an aggregate minimum amount of $1,000,000 and integral multiples of $100,000 in excess of that amount; provided, and upon Conversion of however, a Base Rate Loan into may not be Converted to a LIBOR Loan, the Borrower Loan if a Default or Event of Default shall pay accrued interest to the date of Conversion on the principal amount so Converted in accordance with Section 2.6exist. Any Conversion of a LIBOR Loan into a Base Rate Loan shall be made on, and only on, the last day of an Interest Period for such LIBOR Loan and, upon Conversion of a Base Rate Loan into a LIBOR Loan, the Borrower shall pay accrued interest to the date of Conversion on the principal amount so Converted. Each such Notice of Conversion shall be given not later than 11:00 a.m. Central time three (3) on the Business Days Day prior to the date of any proposed Conversion into Base Rate or Loans and on the third Business Day prior to the date of any proposed Conversion into LIBOR Loans. Promptly after receipt of a Notice of Conversion, the Administrative Agent shall notify each Lender by telecopy, or other similar form of transmission, of the proposed Conversion. Subject to the restrictions specified above, each Notice of Conversion shall be by telecopy, electronic mail telephone (confirmed promptly in writing) or other similar form of communication telecopy in the form of a Notice of Conversion specifying (a) the requested date of such Conversion, (b) the Type of Loan to be Converted, (c) the portion of such Type of Loan to be Converted, (d) the Type of Loan such Loan is to be Converted into and (e) if such Conversion is into a LIBOR Loan, the requested duration of the Interest Period of such Loan. Notwithstanding the foregoing, the Administrative Agent is authorized to rely upon the telephonic request of any of the Borrower’s Agents. The Borrower’s telephonic notices, requests and acceptances shall be directed to such officers of the Administrative Agent as the Administrative Agent may from time to time designate and shall be followed promptly by the original or a facsimile or electronic mail Notice of Conversion required pursuant to the first sentence of this Section 2.12. Each Notice of Conversion shall be irrevocable by and binding on the Borrower Borrowers once given.
Appears in 3 contracts
Sources: Credit Agreement (Morgans Hotel Group Co.), Credit Agreement (Morgans Hotel Group Co.), Credit Agreement (Morgans Hotel Group Co.)
Conversion. So long as no Default or Event of Default exists, the The Borrower may on any Business Day, upon the Borrower’s giving of a Notice of Conversion to the Administrative Agent by telecopy, electronic mail or other similar form of communication, Convert all or a portion of a Loan of one Type into a Loan of another Type; provided, however, (i) a Base Rate Loan may not be Converted into a LIBOR Loan if a Default or Event of Default exists and (ii) no notice shall be required for a Conversion of a LIBOR Loan into a Base Rate Loan on the last day of an Interest Period. Each Conversion of Base Rate Loans of the same Class into LIBOR Loans of the same Class shall be in an aggregate minimum amount of $1,000,000 and integral multiples of $100,000 in excess of that amount, amount and upon Conversion of a Base Rate Loan into a LIBOR Loan, the Borrower shall pay accrued interest to the date of Conversion on the principal amount so Converted in accordance with Section 2.6. Any Conversion of a LIBOR Loan into a Base Rate Loan shall be made on, and only on, the last day of an Interest Period for such LIBOR Loan, unless the Borrower pays all applicable compensation pursuant to Section 5.4. Each such Notice of Conversion shall be given not later than 11:00 9:00 a.m. Central Pacific time three (3) Business Days prior to the date of any proposed Conversion into Base Rate or LIBOR LoansConversion. Promptly after receipt of a Notice of Conversion, the Administrative Agent shall notify each Lender holding Loans being Converted of the proposed Conversion. Subject to the restrictions specified above, each Notice of Conversion shall be by telecopy, electronic mail or other similar form of communication in the form of a Notice of Conversion specifying (a) the requested date of such Conversion, (b) the Type and Class of Loan to be Converted, (c) the portion of such Type and Class of Loan to be Converted, (d) the Type of Loan such Loan is to be Converted into and (e) if such Conversion is into a LIBOR Loan, the requested duration of the Interest Period of such Loan. Notwithstanding the foregoing, the Administrative Agent is authorized to rely upon the telephonic request of any of the Borrower’s Agents. The Borrower’s telephonic notices, requests and acceptances shall be directed to such officers of the Administrative Agent as the Administrative Agent may from time to time designate and shall be followed promptly by the original or a facsimile or electronic mail Notice of Conversion required pursuant to the first sentence of this Section 2.12. Each Notice of Conversion shall be irrevocable by and binding on the Borrower once given.
Appears in 3 contracts
Sources: Credit Agreement (Hudson Pacific Properties, L.P.), Term Loan Credit Agreement (Hudson Pacific Properties, L.P.), Credit Agreement (Hudson Pacific Properties, L.P.)
Conversion. So long as no Default or Event of Default existsshall have occurred and be continuing, the Borrower may on any Business Day, upon the Borrower’s giving of a Notice of Conversion to the Administrative Agent by telecopy, electronic mail or other similar form of communicationAgent, Convert all or a portion of a Revolving Loan of one Type into a Revolving Loan of another Type. Each Any Conversion of a Revolving Loan that is a LIBOR Loan into a Base Rate Loans into LIBOR Loans Loan shall be in an aggregate minimum amount of $1,000,000 and integral multiples of $100,000 in excess of that amountmade on, and only on, the last day of an Interest Period for such LIBOR Loan and, upon Conversion of a Base Rate Loan into a LIBOR Loan, the Borrower shall pay accrued interest to the date of Conversion on the principal amount so Converted in accordance with Section 2.6. Any Conversion of a LIBOR Loan into a Base Rate Loan shall be made on, and only on, the last day of an Interest Period for such LIBOR LoanConverted. Each such Notice of Conversion shall be given not later than 11:00 a.m. Central time three (3) on the Business Days Day prior to the date of any proposed Conversion into Base Rate or Loans and on the third (3rd) Business Day prior to the date of any proposed Conversion into LIBOR Loans. Promptly after receipt of a Notice of Conversion, the Administrative Agent shall notify each applicable Lender by telecopy, or other similar form of transmission, of the proposed Conversion. Subject to the restrictions specified above, each Notice of Conversion shall be by telecopy, electronic mail telephone (confirmed immediately in writing) or other similar form of communication telecopy in the form of a Notice of Conversion specifying (a) the requested date of such Conversion, (b) the Type of Revolving Loan to be Converted, (c) the portion of such Type of Revolving Loan to be Converted, (d) the Type of Revolving Loan such Revolving Loan is to be Converted into and (e) if such Conversion is into a LIBOR Loan, the requested duration of the Interest Period of such Loan. Notwithstanding the foregoing, the Administrative Agent is authorized to rely upon the telephonic request of any of the Borrower’s Agents. The Borrower’s telephonic notices, requests and acceptances shall be directed to such officers of the Administrative Agent as the Administrative Agent may from time to time designate and shall be followed promptly by the original or a facsimile or electronic mail Notice of Conversion required pursuant to the first sentence of this Section 2.12. Each Notice of Conversion shall be irrevocable by and binding on the Borrower once given.
Appears in 3 contracts
Sources: Credit Agreement (Wells Real Estate Investment Trust Ii Inc), Credit Agreement (Wells Real Estate Investment Trust Ii Inc), Credit Agreement (NNN Apartment REIT, Inc.)
Conversion. So long as no Default or Event of Default existsshall exist, the Borrower may on any Business Day, upon the Borrower’s giving of a Notice of Conversion to the Administrative Agent by telecopy, electronic mail or other similar form of communicationAgent, Convert all or a portion of a Revolving Loan of one Type into a Revolving Loan of another Type. Each Conversion of Base Rate Loans into LIBOR Loans shall be in an aggregate minimum amount of $1,000,000 and integral multiples of $100,000 in excess of that amount, and upon Conversion of a Base Rate Loan into a LIBOR Loan, the Borrower shall pay accrued interest to the date of Conversion on the principal amount so Converted in accordance with Section 2.6. Any Conversion of a LIBOR Loan into a Base Rate Loan shall be made on, and only on, the last day of an Interest Period for such LIBOR Loan and, upon Conversion of a Base Rate Loan into a LIBOR Loan, the Borrower shall pay accrued interest to the date of Conversion on the principal amount so Converted. Each such Notice of Conversion shall be given not later than 11:00 a.m. Central time three (3) on the Business Days Day prior to the date of any proposed Conversion into Base Rate or Loans and on the third Business Day prior to the date of any proposed Conversion into LIBOR Loans. Promptly after receipt of a Notice of Conversion, the Administrative Agent shall notify each Lender by telecopy, or other similar form of transmission, of the proposed Conversion. Subject to the restrictions specified above, each Notice of Conversion shall be by telecopy, electronic mail telephone (confirmed immediately in writing) or other similar form of communication telecopy in the form of a Notice of Conversion specifying (a) the requested date of such Conversion, (b) the Type of Loan to be Converted, (c) the portion of such Type of Loan to be Converted, (d) the Type of Loan such Loan is to be Converted into and (e) if such Conversion is into a LIBOR Loan, the requested duration of the Interest Period of such Loan. Notwithstanding the foregoing, the Administrative Agent is authorized to rely upon the telephonic request of any of the Borrower’s Agents. The Borrower’s telephonic notices, requests and acceptances shall be directed to such officers of the Administrative Agent as the Administrative Agent may from time to time designate and shall be followed promptly by the original or a facsimile or electronic mail Notice of Conversion required pursuant to the first sentence of this Section 2.12. Each Notice of Conversion shall be irrevocable by and binding on the Borrower once given.
Appears in 3 contracts
Sources: Credit Agreement (Hospitality Properties Trust), Credit Agreement (Hospitality Properties Trust), Credit Agreement (Senior Housing Properties Trust)
Conversion. So long as no Default or Event of Default exists, the Borrower The Borrowers may on any Business Day, upon the Borrower’s Borrowers’ giving of a Notice of Conversion to the Administrative Agent by telecopy, electronic mail communication or other similar form of communication, Convert all or a portion of a Loan of one Type into a Loan of another Type; provided, however, a Base Rate Loan may not be Converted into a LIBOR Loan if an Event of Default exists. Each Conversion of Base Rate Loans into LIBOR Loans shall be in an aggregate minimum amount of $1,000,000 3,000,000 and integral multiples of $100,000 500,000 in excess of that amount, and upon Conversion of a Base Rate Loan into a LIBOR Loan, the Borrower shall pay accrued interest to the date of Conversion on the principal amount so Converted in accordance with Section 2.6. Any Conversion of a LIBOR Loan into a Base Rate Loan shall be made on, and only on, the last day of an Interest Period for such LIBOR Loan. Each such Notice of Conversion or telephonic notice thereof shall be given not later than 11:00 a.m. Central time three (3) Business Days prior to the date of any proposed Conversion into Base Rate or in the case of a Conversion to LIBOR LoansLoans and one (1) Business Day otherwise. Any such telephonic notice shall include all information required to be included in a Notice of Conversion and shall be promptly confirmed in writing by the Borrowers pursuant to a Notice of Conversion sent to the Administrative Agent on the same day of the giving of the telephonic notice. Promptly after receipt of a Notice of Conversion, the Administrative Agent shall notify each Lender of the proposed Conversion. Subject to the restrictions specified above, each Notice of Conversion shall be by telecopy, electronic mail or other similar form of communication in the form of a Notice of Conversion specifying specify (a) the requested date of such Conversion, (b) the Type of Loan to be Converted, (c) the portion of such Type of Loan to be Converted, (d) the Type of Loan such Loan is to be Converted into and (e) if such Conversion is into a LIBOR Loan, the requested duration of the Interest Period of such Loan. Notwithstanding the foregoingExcept as expressly provided herein, the Administrative Agent is authorized to rely upon the telephonic request of any of the Borrower’s Agents. The Borrower’s telephonic notices, requests and acceptances shall be directed to such officers of the Administrative Agent as the Administrative Agent may from time to time designate and shall be followed promptly by the original or a facsimile or electronic mail Notice of Conversion required pursuant to the first sentence of this Section 2.12. Each each Notice of Conversion shall be irrevocable by and binding on the Borrower Borrowers once given.
Appears in 3 contracts
Sources: Credit Agreement (General Growth Properties, Inc.), Credit Agreement (General Growth Properties, Inc.), Credit Agreement (General Growth Properties, Inc.)
Conversion. So long as no Default or Event of Default exists, the Borrower may on any Business Day, upon the Borrower’s 's giving of a Notice of Conversion to the Administrative Agent by telecopy, electronic mail or other similar form of communicationAgent, Convert all or a portion of a Loan of one Type into a Loan of another Type. Each Conversion of Base Rate Loans into LIBOR Loans shall be in an aggregate minimum amount of $1,000,000 and integral multiples of $100,000 in excess of that amount, and upon Conversion of a Base Rate Loan into a LIBOR Loan, the Borrower shall pay accrued interest to the date of Conversion on the principal amount so Converted in accordance with Section 2.6. Any Conversion of a LIBOR Loan into a Base Rate Loan shall be made on, and only on, the last day of an Interest Period for such LIBOR Loan and, upon Conversion of a Base Rate Loan into a LIBOR Loan, the Borrower shall pay accrued interest to the date of Conversion on the principal amount so Converted. Each such Notice of Conversion shall be given not later than 11:00 9:00 a.m. Central time one Business Day prior to the date of any proposed Conversion into Base Rate Loans and three (3) Business Days prior to the date of any proposed Conversion into Base Rate or LIBOR Loans. Promptly after receipt of a Notice of Conversion, the Administrative Agent shall notify each Lender by telecopy, electronic mail (but in the case of electronic mail, only to any Lender which has approved delivery of such notice by electronic mail) or other similar form of transmission of the proposed Conversion. Subject to the restrictions specified above, each Notice of Conversion shall be by telecopy, electronic mail or other similar form of communication telecopy in the form of a Notice of Conversion specifying (a) the requested date of such Conversion, (b) the Type of Loan to be Converted, (c) the portion of such Type of Loan to be Converted, (d) the Type of Loan such Loan is to be Converted into and (e) if such Conversion is into a LIBOR Loan, the requested duration of the Interest Period of such Loan. Notwithstanding the foregoing, the Administrative Agent is authorized to rely upon the telephonic request of any of the Borrower’s Agents. The Borrower’s telephonic notices, requests and acceptances shall be directed to such officers of the Administrative Agent as the Administrative Agent may from time to time designate and shall be followed promptly by the original or a facsimile or electronic mail Notice of Conversion required pursuant to the first sentence of this Section 2.12. Each Notice of Conversion shall be irrevocable by and binding on the Borrower once given.
Appears in 2 contracts
Sources: Credit Agreement (Keystone Property Trust), Term Loan Agreement (Keystone Property Trust)
Conversion. So long as no Default or Event of Default exists, the The Borrower may on any Business Day, upon the Borrower’s giving of a Notice of Conversion to the Administrative Agent by telecopy, electronic mail or other similar form of communicationAgent, Convert all or a portion of a Loan of one Type into a Loan of another Type. Each Conversion of Base Rate Loans into LIBOR Loans shall be in an aggregate minimum amount of $1,000,000 and integral multiples of $100,000 in excess of that amount; provided, and upon Conversion of however, a Base Rate Loan into may not be Converted to a LIBOR Loan, the Borrower Loan if an Event of Default shall pay accrued interest to the date of Conversion on the principal amount so Converted in accordance with Section 2.6exist. Any Conversion of a LIBOR Loan into a Base Rate Loan shall be made on, and only on, the last day of an Interest Period for such LIBOR Loan and, upon Conversion of a Base Rate Loan into a LIBOR Loan, the Borrower shall pay accrued interest to the date of Conversion on the principal amount so Converted. Each such Notice of Conversion shall be given not later than 11:00 a.m. Central time three (3) on the Business Days Day prior to the date of any proposed Conversion into Base Rate or Loans and on the third Business Day prior to the date of any proposed Conversion into LIBOR Loans. Promptly after receipt of a Notice of Conversion, the Administrative Agent shall notify each Lender holding Loans being Converted by telecopy, or other similar form of transmission, of the proposed Conversion. Subject to the restrictions specified above, each Notice of Conversion shall be by telecopytelephone (confirmed immediately in writing), electronic mail or other similar form of communication telecopy in the form of a Notice of Conversion specifying (a) the requested date of such Conversion, (b) the Type of Loan to be Converted, (c) the portion of such Type of Loan to be Converted, (d) the Type of Loan such Loan is to be Converted into and (e) if such Conversion is into a LIBOR Loan, the requested duration of the Interest Period of such Loan. Notwithstanding the foregoing, the Administrative Agent is authorized to rely upon the telephonic request of any of the Borrower’s Agents. The Borrower’s telephonic notices, requests and acceptances shall be directed to such officers of the Administrative Agent as the Administrative Agent may from time to time designate and shall be followed promptly by the original or a facsimile or electronic mail Notice of Conversion required pursuant to the first sentence of this Section 2.12. Each Notice of Conversion shall be irrevocable by and binding on the Borrower once given.
Appears in 2 contracts
Sources: Term Loan Agreement (Corporate Office Properties, L.P.), Term Loan Agreement (Corporate Office Properties, L.P.)
Conversion. So long as no Default or Event of Default existsThe Borrower shall have the option, the Borrower may on any Business Day, upon the Borrower’s giving of a Notice of Conversion to the Administrative Agent by telecopy, electronic mail or other similar form of communication, Convert all or a portion of a Loan of one Type extend existing Revolving Loans into a Loan subsequent Interest Period or to convert Revolving Loans into Revolving Loans of another Type. Each Conversion type; provided, however, that (i) except as provided in Sections 2.9(i) and (iii), Eurodollar Loans may be converted into Revolving Loans of Base Rate Loans into LIBOR Loans shall be in an aggregate minimum amount of $1,000,000 and integral multiples of $100,000 in excess of that amount, and upon Conversion of a Base Rate Loan into a LIBOR Loan, the Borrower shall pay accrued interest to the date of Conversion another type only on the principal amount so Converted in accordance with Section 2.6. Any Conversion of a LIBOR Loan into a Base Rate Loan shall be made on, and only on, the last day of an Interest Period applicable thereto, (ii) Eurodollar Loans may be extended, and Revolving Loans may be converted into Eurodollar Loans only if no Default or Event of Default is in existence on the date of extension or conversion, (iii) Revolving Loans extended as, or converted into, Eurodollar Loans shall be in such minimum amounts as provided in Section 2.1(b)(ii), and (iv) any request for such LIBOR Loanextension or conversion of a Eurodollar Loan which shall fail to specify an Interest Period shall be deemed to be a request for an Interest Period of one month. Each such extension or conversion shall be effected by the Borrower by giving written notice (or telephone notice promptly confirmed in writing) to the Agent (including requests for extensions and renewals, a "Notice of Conversion shall be given not later than 11:00 a.m. Central time three (3Conversion") Business Days prior to 11:00 A.M. (Charlotte, North Carolina time) on the Business Day of, in the case of Base Rate Loans, and on the third Business Day prior to, in the case of Eurodollar Loans, the date of the proposed extension or conversion, specifying the date of the proposed extension or conversion, the Revolving Loans to be so extended or converted, the types of Revolving Loans into which such Revolving Loans are to be converted and, if appropriate, the applicable Interest Periods with respect thereto. Each request for extension or conversion shall be deemed to be a reaffirmation by the Borrower that no Default or Event of Default then exists and is continuing. In the event the Borrower fails to request extension or conversion of any proposed Conversion Eurodollar Loan in accordance with this Section, or any such conversion or extension is not permitted or required by this Section, then such Revolving Loans shall be automatically converted into Base Rate or LIBOR LoansLoans at the end of their Interest Period. Promptly after receipt of a Notice of Conversion, the Administrative The Agent shall notify give each Lender of the proposed Conversion. Subject to the restrictions specified above, each Notice of Conversion shall be by telecopy, electronic mail or other similar form of communication in the form of a Notice of Conversion specifying (a) the requested date of such Conversion, (b) the Type of Loan to be Converted, (c) the portion of such Type of Loan to be Converted, (d) the Type of Loan such Loan is to be Converted into and (e) if such Conversion is into a LIBOR Loan, the requested duration of the Interest Period of such Loan. Notwithstanding the foregoing, the Administrative Agent is authorized to rely upon the telephonic request Bank notice as promptly as practicable of any of the Borrower’s Agents. The Borrower’s telephonic notices, requests and acceptances shall be directed to such officers of the Administrative Agent as the Administrative Agent may from time to time designate and shall be followed promptly by the original proposed conversion or a facsimile or electronic mail Notice of Conversion required pursuant to the first sentence of this Section 2.12. Each Notice of Conversion shall be irrevocable by and binding on the Borrower once givenextension affecting any Revolving Loans.
Appears in 2 contracts
Sources: Credit Agreement (Cottontops Inc), Credit Agreement (Anvil Holdings Inc)
Conversion. So long as there exists no Default or Event of Default existsDefault, the Borrower may on any Business Day, upon the Borrower’s 's giving of a Notice of Conversion to the Administrative Agent by telecopy, electronic mail or other similar form of communication, Convert all or a portion of a Loan of one Type into a Loan of another Type. Each Conversion of Base Rate Loans into LIBOR Loans shall be in an aggregate minimum amount of $1,000,000 100,000 and integral multiples of $100,000 1,000 in excess of that amount, and upon Conversion of a Base Rate Loan into a LIBOR Loan, the Borrower shall pay accrued interest to the date of Conversion on the principal amount so Converted in accordance with Section 2.62.4. Any Conversion of a LIBOR Loan into a Base Rate Loan shall be made on, and only on, the last day of an Interest Period for such LIBOR Loan. Each such Notice of Conversion shall be given not later than 11:00 a.m. Central time one Business Day prior to the date of any proposed Conversion into Base Rate Loans and three (3) Business Days prior to the date of any proposed Conversion into Base Rate or LIBOR Loans. Promptly after receipt of a Notice of Conversion, the Administrative Agent shall notify each Lender of the proposed Conversion. Subject to the restrictions specified above, each Notice of Conversion shall be by telecopy, electronic mail or other similar form of communication in the form of a Notice of Conversion specifying (a) the requested date of such Conversion, (b) the Type of Loan to be Converted, (c) the portion of such Type of Loan to be Converted, (d) the Type of Loan such Loan is to be Converted into and (e) if such Conversion is into a LIBOR Loan, the requested duration of the Interest Period of such Loan. Notwithstanding the foregoing, the Administrative Agent is authorized to rely upon the telephonic request of any of the Borrower’s Agents. The Borrower’s telephonic notices, requests and acceptances shall be directed to such officers of the Administrative Agent as the Administrative Agent may from time to time designate and shall be followed promptly by the original or a facsimile or electronic mail Notice of Conversion required pursuant to the first sentence of this Section 2.12. Each Notice of Conversion shall be irrevocable by and binding on the Borrower once given.
Appears in 2 contracts
Sources: Credit Agreement (CBL & Associates Properties Inc), Credit Agreement (CBL & Associates Properties Inc)
Conversion. So long as no Default or Event of Default existsshall have occurred and be continuing, the Borrower may on any Business DayDay subject to the terms and conditions provided herein, upon the Borrower’s 's giving of a Notice of Conversion in substantially the form attached hereto as Exhibit 3.7A (a "NOTICE OF CONVERSION") to the Administrative Agent by telecopy, electronic mail or other similar form of communicationAgent, Convert all or a portion of a Loan an Advance of one Type into a Loan of another Type. Each Conversion of Base Fixed Eurodollar Rate Loans into LIBOR Loans shall be in an aggregate minimum amount of $1,000,000 and integral multiples of $100,000 in excess of that amount, and upon Conversion of Advance or a Base Rate Loan into a LIBOR Loan, the Borrower shall pay accrued interest to the date of Conversion on the principal amount so Converted in accordance with Section 2.6Advance. Any Conversion of a LIBOR Loan Eurodollar Rate Advance or Competitive Advance into a Base Rate Loan Advance shall be made on, and only on, the last day of an the Interest Period for such LIBOR LoanEurodollar Rate Advance or Competitive Advance, as the case may be. Each such Notice of Conversion shall be given by the Borrower not later than 11:00 a.m. Central time three A.M. (3Charlotte, North Carolina time) (a) on the Business Days Day prior to the date of any proposed Conversion into Base Rate Advances or LIBOR Loans(b) on the third Business Day prior to the date of any proposed Conversion into Fixed Eurodollar Rate Advances. Promptly after upon receipt of a Notice of Conversion, the Administrative Agent shall notify each Lender by hand, telecopy or telex, of the proposed Conversion. Subject to the restrictions specified above, each Notice of Conversion shall be delivered by telecopyhand, electronic mail telecopy or other similar form of communication in the form of a Notice of Conversion specifying telex, and specify (a) the requested date of such Conversion, (b) the Type of Loan Advance to be Converted, (c) the portion of such Type of Loan Advance to be Converted, (d) the Type of Loan Advance such Loan Advance is to be Converted into into, and (e) if such Conversion is into a LIBOR LoanFixed Eurodollar Rate Advance, the requested duration of the Interest Period of such Loan. Notwithstanding the foregoing, the Administrative Agent Advance all of which will be specified in a manner as is authorized necessary to rely upon the telephonic request of any of the Borrower’s Agents. The Borrower’s telephonic notices, requests and acceptances shall be directed to such officers of the Administrative Agent as the Administrative Agent may from time to time designate and shall be followed promptly by the original or a facsimile or electronic mail Notice of Conversion required pursuant to the first sentence of this Section 2.12comply with all limitations on Advances outstanding hereunder. Each Notice of Conversion shall be irrevocable by and shall be binding on the Borrower once given. In addition to the foregoing, the Borrower may Convert any Advance on the last day of the Interest Period for such Advance into a Competitive Advance by complying with the requirements of Section 3.3 and Section 7.2.
Appears in 2 contracts
Sources: Credit Agreement (Summit Properties Inc), Credit Agreement (Summit Properties Inc)
Conversion. So long as no Default or Event of Default exists, the The Borrower may on any U.S. Government Securities Business Day, upon the Borrower’s giving of a Notice of Conversion to the Administrative Agent by telecopy, electronic mail or other similar form of communication, Convert all or a portion of a Loan of one Type into a Loan of another Type; provided, however, a Base Rate Loan or Daily SOFR Loan may not be Converted into a Term SOFR Loan if a Default or Event of Default exists. Each Conversion of Base Rate Loans or Daily SOFR Loans into LIBOR Term SOFR Loans shall be in an aggregate minimum amount of $1,000,000 and integral multiples of $100,000 250,000 in excess of that amount, and upon Conversion of a Base Rate Loan into a LIBOR Loan, the Borrower shall pay accrued interest to the date of Conversion on the principal amount so Converted in accordance with Section 2.6. Any Conversion of a LIBOR Term SOFR Loan into a Base Rate Loan or Daily SOFR Loan shall be made on, and only on, the last day of an Interest Period for such LIBOR Term SOFR Loan. Each such Notice of Conversion shall be given not later than 11:00 a.m. (i) 1:00 p.m. Central time three (3) U.S. Government Securities Business Days prior to the date of any proposed Conversion into a Daily SOFR Loan or Term SOFR Loan and (ii) 1:00 p.m. Central time three (3) Business Days prior to the date of any proposed Conversion into a Base Rate or LIBOR LoansLoan. Promptly after receipt of a Notice of Conversion, the Administrative Agent shall notify each Lender of the proposed Conversion. Subject to the restrictions specified above, each Notice of Conversion shall be by telecopy, electronic mail or other similar form of communication in the form of a Notice of Conversion specifying (a) the requested date of such Conversion, (b) the Type of Loan to be Converted, (c) the portion of such Type of Loan to be Converted, (d) the Type of Loan such Loan is to be Converted into and (e) if such Conversion is into a LIBOR Term SOFR Loan, the requested duration of the Interest Period of such Loan. Notwithstanding If the foregoingBorrower shall elect a conversion to Term SOFR Loans but fails to select an Interest Period for any Term SOFR Loan in accordance with this Section, the Administrative Agent is authorized to rely upon the telephonic request of any of the Borrower’s Agents. The Borrower’s telephonic notices, requests and acceptances Borrower shall be directed deemed to such officers have selected an Interest Period of the Administrative Agent as the Administrative Agent may from time to time designate and shall be followed promptly by the original or a facsimile or electronic mail Notice of Conversion required pursuant to the first sentence of this Section 2.12one month. Each Notice of Conversion shall be irrevocable by and binding on the Borrower once given.
Appears in 2 contracts
Sources: Credit Agreement (NETSTREIT Corp.), Credit Agreement (NETSTREIT Corp.)
Conversion. So long as no Default or Event of Default existsshall have occurred and be continuing, the Borrower may on any Business Day, upon the Borrower’s 's giving of a Notice of Conversion to the Administrative Agent by telecopy, electronic mail or other similar form of communicationAgent, Convert all or a portion of a Loan of one Type into a Loan of another Type. Each Conversion of Base Rate Loans into LIBOR Loans shall be in an aggregate minimum amount of $1,000,000 and integral multiples of $100,000 in excess of that amount, and upon Conversion of a Base Rate Loan into a LIBOR Loan, the Borrower shall pay accrued interest to the date of Conversion on the principal amount so Converted in accordance with Section 2.6. Any Conversion of a LIBOR Loan into a Base Rate Loan shall be made on, and only on, the last day of an Interest Period for such LIBOR Loan and, upon Conversion of a Base Rate Loan into a LIBOR Loan, the Borrower shall pay accrued interest to the date of Conversion on the principal amount so Converted. Each such Notice of Conversion shall be given not later than 11:00 a.m. Central time three (3) 12:00 noon on the Business Days Day prior to the date of any proposed Conversion into Base Rate or Loans and on the third Business Day prior to the date of any proposed Conversion into LIBOR Loans. Promptly after receipt of a Notice of Conversion, the Administrative Agent shall notify each Lender by telecopy or other similar form of transmission of the proposed Conversion. Subject to the restrictions specified above, each Notice of Conversion shall be by telecopy, electronic mail telephone (confirmed immediately in writing) or other similar form of communication telecopy in the form of a Notice of Conversion specifying (a) the requested date of such Conversion, (b) the Type of Loan to be Converted, (c) the portion of such Type of Loan to be Converted, (d) the Type of Loan such Loan is to be Converted into and (e) if such Conversion is into a LIBOR Loan, the requested duration of the Interest Period of such Loan. Notwithstanding the foregoing, the Administrative Agent is authorized to rely upon the telephonic request of any of the Borrower’s Agents. The Borrower’s telephonic notices, requests and acceptances shall be directed to such officers of the Administrative Agent as the Administrative Agent may from time to time designate and shall be followed promptly by the original or a facsimile or electronic mail Notice of Conversion required pursuant to the first sentence of this Section 2.12. Each Notice of Conversion shall be irrevocable by and binding on the Borrower once given.
Appears in 2 contracts
Sources: Credit Agreement (Captec Net Lease Realty Inc), Credit Agreement (Captec Net Lease Realty Inc)
Conversion. So long as no Default or Event of Default existsshall have occurred and be continuing, the Borrower Borrowers may on any Business Day, upon the Borrower’s Borrowers' giving of a Notice of Conversion to the Administrative Agent by telecopy, electronic mail or other similar form of communicationAgent, Convert all or a portion of a Revolving Loan of one Type into a Revolving Loan of another Type. Each Conversion of Base Rate Loans into LIBOR Loans shall be in an aggregate minimum amount of $1,000,000 and integral multiples of $100,000 in excess of that amount, and upon Any Conversion of a Base Rate Revolving Loan into a LIBOR Loan, the Borrower shall pay accrued interest to the date of Conversion on the principal amount so Converted in accordance with Section 2.6. Any Conversion of that is a LIBOR Loan into a Base Rate Loan shall be made on, and only on, the last day of an Interest Period for such LIBOR Loan and, upon Conversion of a Base Rate Loan into a LIBOR Loan, the Borrowers shall pay accrued interest to the date of Conversion on the principal amount so Converted. Each such Notice of Conversion shall be given not later than 11:00 a.m. Central time three (3) on the Business Days Day prior to the date of any proposed Conversion into Base Rate or Loans and on the third (3rd) Business Day prior to the date of any proposed Conversion into LIBOR Loans. Promptly after receipt of a Notice of Conversion, the Administrative Agent shall notify each Lender by telecopy, or other similar form of transmission, of the proposed Conversion. Subject to the restrictions specified above, each Notice of Conversion shall be by telecopy, electronic mail telephone (confirmed immediately in writing) or other similar form of communication telecopy in the form of a Notice of Conversion specifying (a) the requested date of such Conversion, (b) the Type of Revolving Loan to be Converted, (c) the portion of such Type of Revolving Loan to be Converted, (d) the Type of Revolving Loan such Revolving Loan is to be Converted into and (e) if such Conversion is into a LIBOR Loan, the requested duration of the Interest Period of such Loan. Notwithstanding the foregoing, the Administrative Agent is authorized to rely upon the telephonic request of any of the Borrower’s Agents. The Borrower’s telephonic notices, requests and acceptances shall be directed to such officers of the Administrative Agent as the Administrative Agent may from time to time designate and shall be followed promptly by the original or a facsimile or electronic mail Notice of Conversion required pursuant to the first sentence of this Section 2.12. Each Notice of Conversion shall be irrevocable by and binding on the Borrower Borrowers once given.
Appears in 2 contracts
Sources: Credit Agreement (Gables Residential Trust), Credit Agreement (Gables Realty Limited Partnership)
Conversion. So The Company may on any Business Day (so long as no Default or Event of Default exists, has occurred and is continuing) unless otherwise agreed to by the Borrower may on any Business DayMajority Banks, upon the Borrower’s giving of a Notice of Conversion given to the Administrative Agent by telecopyAgent, electronic mail or other similar form and subject to the provisions of communicationSection 4.07(c), Convert all convert the entire amount of or a portion of a Loan all Loans of one Type comprising the same Borrowing into a Loan Loans of another Type. Each Conversion ; provided, however, that any conversion of Base any Eurodollar Rate Loans into LIBOR Prime Rate Loans shall be in an aggregate minimum amount of $1,000,000 and integral multiples of $100,000 in excess of that amount, and upon Conversion of a Base Rate Loan into a LIBOR Loan, the Borrower shall pay accrued interest to the date of Conversion on the principal amount so Converted in accordance with Section 2.6. Any Conversion of a LIBOR Loan into a Base Rate Loan shall be made on, and only on, the last day of an Interest Period for such LIBOR LoanEurodollar Rate Loans and, upon conversion of any Prime Rate Loans into Eurodollar Rate Loans, the Company shall pay accrued interest to the date of conversions on the principal amount converted. Each such Notice of Conversion shall be given not later than 11:00 a.m. Central time three 1:00 p.m. (3New York City time), on the day of any proposed conversion into Prime Rate Loans and not later than 5:00 p.m. (New York City time) on the third Business Days Day prior to the date of any proposed Conversion conversion into Base Eurodollar Rate or LIBOR Loans. Promptly after receipt of a Notice of Conversion, the Administrative Agent shall notify each Lender of the proposed Conversion. Subject to the restrictions specified above, each Notice of Conversion shall be by telecopytelephone or facsimile transmission and, electronic mail or other similar form of communication if by telephone, promptly confirmed in the form of a Notice of Conversion writing, in each case specifying (ai) the requested date of such Conversionconversion, (bii) the Type of Loan Loans to be Convertedconverted, (ciii) the portion of such Type of Loan to be Convertedconverted, (div) the Type of Loan such Loan is Loans are to be Converted converted into and (ev) if such Conversion conversion is into a LIBOR LoanEurodollar Rate Loans, the requested duration of the Interest Period of such Loan. Notwithstanding Each conversion shall be in an aggregate amount for the foregoing, the Administrative Agent is authorized to rely upon the telephonic request Loans of any all Tranche 2 Banks of the Borrower’s Agentsnot less than $5,000,000 or in an integral multiple of $1,000,000 in excess thereof. The Borrower’s telephonic notices, requests and acceptances shall be directed Company may elect to such officers convert the entire amount of the Administrative Agent as the Administrative Agent may from time to time designate and shall be followed promptly by the original or a facsimile or electronic mail Notice portion of Conversion required pursuant to all Loans of one Type comprising more than one Borrowing into Loans of another Type by combining such Borrowings into one Borrowing consisting of Loans of another Type; provided, however, that if the first sentence Borrowings so combined consist of this Section 2.12. Each Notice of Conversion Eurodollar Rate Loans, such Loans shall be irrevocable by and binding have Interest Periods ending on the Borrower once givensame date.
Appears in 2 contracts
Sources: Credit Agreement (Premcor Inc), Credit Agreement (Premcor Refining Group Inc)
Conversion. So The Borrower may on any Business Day (so long as no Default or Event of Default exists, the Borrower may on any Business Dayhas occurred and is continuing), upon the Borrower’s giving of notice (each such notice, a "Notice of Conversion Conversion") given to the Administrative Agent by telecopyAgent, electronic mail or other similar form and subject to the provisions of communicationSection 4.8(c), Convert all convert the entire amount of or a portion of a Loan all Revolving Loans of one Type comprising the same Borrowing into a Loan Revolving Loans of another Type. Each Conversion ; provided, however, that any conversion of Base any Eurodollar Rate Loans into LIBOR Revolving Loans shall be in an aggregate minimum amount of $1,000,000 and integral multiples of $100,000 in excess of that amount, and upon Conversion of a Base Rate Loan into a LIBOR Loan, the Borrower shall pay accrued interest to the date of Conversion on the principal amount so Converted in accordance with Section 2.6. Any Conversion of a LIBOR Loan into a Base Rate Loan another Type shall be made on, and only on, the last day of an Interest Period for such LIBOR LoanEurodollar Rate Loans and, upon conversion of any Prime Rate Loans into Revolving Loans of another Type, the Borrower shall pay accrued interest to the date of conversions on the principal amount converted. Each such Notice of Conversion shall be given not later than 11:00 a.m. Central 12:00 P.M. New York City time three (3) on the Business Days Day prior to the date of any proposed Conversion conversion into Base Prime Rate or LIBOR Loans and on the third Business Day prior to the date of any proposed conversion into Eurodollar Rate Loans. Promptly after receipt of a Notice of Conversion, the Administrative Agent shall notify each Lender of the proposed Conversion. Subject to the restrictions specified above, each Notice of Conversion shall be by telecopytelephone or facsimile transmission, electronic mail or other similar form of communication and if by telephone, promptly confirmed in writing substantially in the form of a Notice of Conversion Exhibit H, in each case specifying (ai) the requested date of such Conversionconversion, (bii) the Type of Loan Revolving Loans to be Convertedconverted, (ciii) the portion of such Type of Revolving Loan to be Convertedconverted, (div) the Type of Revolving Loan such Loan is Revolving Loans are to be Converted converted into and (ev) if such Conversion conversion is into a LIBOR LoanEurodollar Rate Loans, the requested duration of the Interest Period of such Revolving Loan. Notwithstanding Each conversion shall be in an aggregate amount for the foregoing, the Administrative Agent is authorized to rely upon the telephonic request Revolving Loans of any all Lenders of the Borrower’s Agentsnot less than $5,000,000 or an integral multiple of $100,000 in excess thereof. The Borrower’s telephonic notices, requests and acceptances shall be directed Borrower may elect to such officers convert the entire amount of the Administrative Agent as the Administrative Agent may from time to time designate and shall be followed promptly by the original or a facsimile or electronic mail Notice portion of Conversion required pursuant to all Revolving Loans of one Type comprising more than one Borrowing into Revolving Loans of another Type by combining such Borrowings into one Borrowing consisting of Revolving Loans of another Type; provided, however, that if the first sentence Borrowings so combined consist of this Section 2.12. Each Notice of Conversion Eurodollar Rate Loans, such Revolving Loans shall be irrevocable by and binding have Interest Periods ending on the Borrower once givensame date.
Appears in 2 contracts
Sources: Credit Agreement (Riverside Group Inc/Fl), Credit Agreement (Wickes Lumber Co /De/)
Conversion. So long as no Default or Event of Default existsSubject to Section 2.3(a), the Borrower may on any Business Day, upon the Borrower’s giving of a Notice of Conversion to the Administrative Agent by telecopy, electronic mail or other similar form of communicationcommunication or telephonic notice of any proposed Conversion, Convert all or a portion of a Loan of one Type into a Loan of another Type. Any such telephonic notice shall include all information required to be included in a Notice of Conversion and shall be promptly confirmed in writing by the Borrower pursuant to a Notice of Conversion sent to the Administrative Agent on the same day of the giving of any such telephonic notice. Each Conversion of Base Rate Loans into LIBOR Loans shall be in an aggregate minimum amount of $1,000,000 and integral multiples of $100,000 250,000 in excess of that amount, and upon Conversion of a Base Rate Loan into a LIBOR Loanamount (or if less, the Borrower shall pay accrued interest to the date entire remaining amount of Conversion on the principal amount so Converted in accordance with Section 2.6. Any Conversion of a LIBOR Loan into a Base Rate Loan shall be made on, and only on, the last day of an Interest Period for such LIBOR Loan). Each such Notice of Conversion shall be given not later than 11:00 a.m. Central 12:00 p.m. Luxembourg time three (3) 3 Business Days prior to the date of any proposed Conversion into Base Rate or LIBOR LoansConversion. Promptly after receipt of a Notice of Conversion, the Administrative Agent shall notify each Lender of the proposed Conversion. Subject to the restrictions specified above, each Notice of Conversion shall be by telecopy, electronic mail or other similar form of communication in the form of a Notice of Conversion specifying (a) the requested date of such Conversion, (b) the Type of Loan to be Converted, (c) the portion of such Type of Loan to be Converted, (d) the Type of Loan such Loan is to be Converted into and (e) if such Conversion is into a LIBOR Loan, the requested duration of the Interest Period of such Loan. Notwithstanding ; provided that if the foregoingBorrower does not specify a duration, then the Administrative Agent is authorized Borrower will be deemed to rely upon the telephonic request have requested an Interest Period of any of the Borrower’s Agents. The Borrower’s telephonic notices, requests and acceptances shall be directed to such officers of the Administrative Agent as the Administrative Agent may from time to time designate and shall be followed promptly by the original or a facsimile or electronic mail Notice of Conversion required pursuant to the first sentence of this Section 2.12one month. Each Notice of Conversion shall be irrevocable by and binding on the Borrower once given.
Appears in 2 contracts
Sources: Subordinated Credit Agreement (Rouse Properties, Inc.), Subordinated Credit Agreement (Rouse Properties, Inc.)
Conversion. So long as no Default or Event of Default existsshall have occurred and be continuing, the Borrower may on any Business Day, upon the Borrower’s 's giving of a Notice of Conversion to the Administrative Agent by telecopy, electronic mail or other similar form of communicationAgent, Convert the entire amount of all or a portion of a Revolving Loan of one Type into a Revolving Loan of another Type. Each Conversion of Base Rate Loans into LIBOR Loans shall be in an aggregate minimum amount of $1,000,000 and integral multiples of $100,000 in excess of that amount, and upon Conversion Promptly after receipt of a Base Rate Loan into a LIBOR LoanNotice of Conversion, the Borrower Agent shall pay accrued interest to notify each Lender by telex or telecopy, or other similar form of transmission of the date of Conversion on the principal amount so Converted in accordance with Section 2.6proposed Conversion. Any Conversion of a LIBOR Loan into a Base Rate Loan shall be made on, and only on, the last day of an Interest Period for such LIBOR Loan. Each such Notice of Conversion shall be given not later than 11:00 9:00 a.m. Central time three (3) on the Business Days Day prior to the date of any proposed Conversion into Base Rate or Loans and on the third Business Day prior to the date of any proposed Conversion into LIBOR Loans. Promptly after receipt of a Notice of Conversion, the Administrative Agent shall notify each Lender of the proposed Conversion. Subject to the restrictions specified above, each Notice of Conversion shall be by telecopy, electronic mail telephone or other similar form of communication telecopy confirmed immediately in writing if by telephone in the form of a Notice of Conversion specifying (a) the requested date of such Conversion, (b) the Type of Revolving Loan to be Converted, (c) the portion of such Type of Revolving Loan to be Converted, (d) the Type of Revolving Loan such Revolving Loan is to be Converted into and (e) if such Conversion is into a LIBOR Loan, the requested duration of the Interest Period of such Revolving Loan. Notwithstanding the foregoing, the Administrative Agent is authorized to rely upon the telephonic request of any of the Borrower’s Agents. The Borrower’s telephonic notices, requests and acceptances shall be directed to such officers of the Administrative Agent as the Administrative Agent may from time to time designate and shall be followed promptly by the original or a facsimile or electronic mail Notice of Conversion required pursuant to the first sentence of this Section 2.12. Each Notice of Conversion shall be irrevocable by and binding on the Borrower once given. Each Conversion from a Base Rate Loan to a LIBOR Loan shall be in an aggregate amount for the Revolving Loans of all the Lenders of not less than $1,000,000 or integral multiples of $100,000 in excess of that amount.
Appears in 2 contracts
Sources: Credit Agreement (Regency Realty Corp), Credit Agreement (Regency Realty Corp)
Conversion. So long as no Default or Event of Default existsshall have occurred and be continuing, the Borrower may on any Business Day, upon the Borrower’s giving of a Notice of Conversion to the Administrative Agent by telecopy, electronic mail or other similar form of communicationAgent, Convert all or a portion of a Revolving Loan of one Type into a Revolving Loan of another Type. Each Conversion of Base Rate Loans into LIBOR Loans shall be in an aggregate minimum amount of $1,000,000 and integral multiples of $100,000 in excess of that amount, and upon Conversion of a Base Rate Loan into a LIBOR Loan, the Borrower shall pay accrued interest to the date of Conversion on the principal amount so Converted in accordance with Section 2.6. Any Conversion of a Revolving Loan that is a LIBOR Rate Loan into a Base Rate Loan shall be made on, and only on, the last day of an Interest Period for such LIBOR Rate Loan and, upon Conversion of a Base Rate Loan into a LIBOR Rate Loan, the Borrower shall pay accrued interest to the date of Conversion on the principal amount so Converted. Each such Notice of Conversion shall be given not later than 11:00 a.m. Central time three (3) on the Business Days Day prior to the date of any proposed Conversion into Base Rate or Loans and on the third (3rd ) Business Day prior to the date of any proposed Conversion into LIBOR Rate Loans. Promptly after receipt of a Notice of Conversion, the Administrative Agent shall notify each applicable Lender by telecopy, or other similar form of transmission, of the proposed Conversion. Subject to the restrictions specified above, each Notice of Conversion shall be by telecopy, electronic mail telephone (confirmed immediately in writing) or other similar form of communication telecopy in the form of a Notice of Conversion specifying (a) the requested date of such Conversion, (b) the Type of Revolving Loan to be Converted, (c) the portion of such Type of Revolving Loan to be Converted, (d) the Type of Revolving Loan such Revolving Loan is to be Converted into and (e) if such Conversion is into a LIBOR Rate Loan, the requested duration of the Interest Period of such Loan. Notwithstanding the foregoing, the Administrative Agent is authorized to rely upon the telephonic request of any of the Borrower’s Agents. The Borrower’s telephonic notices, requests and acceptances shall be directed to such officers of the Administrative Agent as the Administrative Agent may from time to time designate and shall be followed promptly by the original or a facsimile or electronic mail Notice of Conversion required pursuant to the first sentence of this Section 2.12. Each Notice of Conversion shall be irrevocable by and binding on the Borrower once given.
Appears in 2 contracts
Sources: Credit Agreement (Wells Core Office Income Reit Inc), Credit Agreement (Wells Core Office Income Reit Inc)
Conversion. So long as no Default or Event of Default existsshall have occurred and be continuing, the Borrower may on any Business Day, upon the Borrower’s 's giving of a Notice of Conversion to the Administrative Agent by telecopy, electronic mail or other similar form of communicationAgent, Convert the entire amount of all or a portion of a Revolving Loan of one Type into a Revolving Loan of another Type. Each Conversion of Base Rate Loans into LIBOR Loans shall be in an aggregate minimum amount of $1,000,000 and integral multiples of $100,000 in excess of that amount; provided, and upon Conversion of a Base Rate Loan into a LIBOR Loanhowever, the Borrower shall pay accrued interest to the date of Conversion on the principal amount so Converted in accordance with Section 2.6. Any any Conversion of a LIBOR Loan into a Base Rate Loan shall be made on, and only on, the last day of an Interest Period for such LIBOR Loan. Promptly after receipt of a Notice of Conversion, the Agent shall notify each Lender by telex or telecopy, or other similar form of transmission of the proposed Conversion. Each such Notice of Conversion shall be given not later than 11:00 9:00 a.m. Central time three (3) on the Business Days Day prior to the date of any proposed Conversion into Base Rate or Loans and on the third Business Day prior to the date of any proposed Conversion into LIBOR Loans. Promptly after receipt of a Notice of Conversion, the Administrative Agent shall notify each Lender of the proposed Conversion. Subject to the restrictions specified above, each Notice of Conversion shall be by telecopy, electronic mail telephone or other similar form of communication telecopy confirmed immediately in writing if by telephone in the form of a Notice of Conversion specifying (a) the requested date of such Conversion, (b) the Type of Revolving Loan to be Converted, (c) the portion of such Type of Revolving Loan to be Converted, (d) the Type of Revolving Loan such Revolving Loan is to be Converted into and (e) if such Conversion is into a LIBOR Loan, the requested duration of the Interest Period of such Revolving Loan. Notwithstanding the foregoing, the Administrative Agent is authorized to rely upon the telephonic request of any of the Borrower’s Agents. The Borrower’s telephonic notices, requests and acceptances shall be directed to such officers of the Administrative Agent as the Administrative Agent may from time to time designate and shall be followed promptly by the original or a facsimile or electronic mail Notice of Conversion required pursuant to the first sentence of this Section 2.12. Each Notice of Conversion shall be irrevocable by and binding on the Borrower once given. Each Conversion from a Base Rate Loan to a LIBOR Loan shall be in an aggregate amount for the Revolving Loans of all the Lenders of not less than $1,000,000 or integral multiples of $100,000 in excess of that amount.
Appears in 2 contracts
Sources: Credit Agreement (Regency Centers Corp), Credit Agreement (Regency Centers Corp)
Conversion. So long as no Default or Event of Default existsshall have occurred and be continuing, the Borrower may on any Business Day, upon the Borrower’s giving of a Notice of Conversion to the Administrative Agent by telecopy, electronic mail or other similar form of communicationAgent, Convert all or a portion of a Revolving Loan of one Type into a Revolving Loan of another Type. Each Conversion of Base Rate Loans into LIBOR Loans shall be in an aggregate minimum amount of $1,000,000 and integral multiples of $100,000 in excess of that amount, and upon Conversion of a Base Rate Loan into a LIBOR Loan, the Borrower shall pay accrued interest to the date of Conversion on the principal amount so Converted in accordance with Section 2.6. Any Conversion of a LIBOR Loan into a Base Rate Loan shall be made on, and only on, the last day of an Interest Period for such LIBOR Loan and, upon Conversion of a Base Rate Loan into a LIBOR Loan, the Borrower shall pay accrued interest to the date of Conversion on the principal amount so Converted. Each such Notice of Conversion shall be given not later than 11:00 a.m. Central time three (3) on the Business Days Day prior to the date of any proposed Conversion into Base Rate or Loans, and on the third Business Day prior to the date of any proposed Conversion into LIBOR Loans. Promptly after receipt of a Notice of Conversion, the Administrative Agent shall notify each Lender by telecopy, or other similar form of transmission, of the proposed Conversion. Subject to the restrictions specified above, each Notice of Conversion shall be by telecopy, electronic mail telephone (confirmed immediately in writing) or other similar form of communication telecopy in the form of a Notice of Conversion specifying (a) the requested date of such Conversion, (b) the Type of Loan to be Converted, (c) the portion of such Type of Loan to be Converted, (d) the Type of Loan such Loan is to be Converted into and (e) if such Conversion is into a LIBOR Loan, the requested duration of the Interest Period of such Loan. Notwithstanding the foregoing, the Administrative Agent is authorized to rely upon the telephonic request of any of the Borrower’s Agents. The Borrower’s telephonic notices, requests and acceptances shall be directed to such officers of the Administrative Agent as the Administrative Agent may from time to time designate and shall be followed promptly by the original or a facsimile or electronic mail Notice of Conversion required pursuant to the first sentence of this Section 2.12. Each Notice of Conversion shall be irrevocable by and binding on the Borrower once given.
Appears in 2 contracts
Sources: Credit Agreement (HRPT Properties Trust), Credit Agreement (Technology Investment Capital Corp)
Conversion. So long as no Default or Event of Default existsshall have occurred and be continuing, the Borrower may on any Business Day, upon the Borrower’s giving of a Notice of Conversion to the Administrative Agent by telecopy, electronic mail or other similar form of communicationAgent, Convert all or a portion of a Loan of one Type into a Loan of another Type. Each Conversion of Base Rate Loans into LIBOR Loans shall be in an aggregate minimum amount of $1,000,000 and integral multiples of $100,000 in excess of that amount, and upon Conversion of a Base Rate Loan into a LIBOR Loan, the Borrower shall pay accrued interest to the date of Conversion on the principal amount so Converted in accordance with Section 2.6. Any Conversion of a LIBOR Loan into a Base Rate Loan shall be made on, and only on, the last day of an Interest Period for such LIBOR Loan and, upon Conversion of a Base Rate Loan into a LIBOR Loan, the Borrower shall pay accrued interest to the date of Conversion on the principal amount so Converted. Each such Notice of Conversion shall be given not later than 11:00 a.m. Central time three (3) on the Business Days Day prior to the date of any proposed Conversion into Base Rate or Loans and on the third Business Day prior to the date of any proposed Conversion into LIBOR Loans. Promptly after receipt of a Notice of Conversion, the Administrative Agent shall notify each Lender by telecopy, or other similar form of transmission, of the proposed Conversion. Subject to the restrictions specified above, each Notice of Conversion shall be by telecopy, electronic mail telephone (confirmed immediately in writing) or other similar form of communication telecopy in the form of a Notice of Conversion specifying (a) the requested date of such Conversion, (b) the Type of Loan to be Converted, (c) the portion of such Type of Loan to be Converted, (d) the Type of Loan such Loan is to be Converted into and (e) if such Conversion is into a LIBOR Loan, the requested duration of the Interest Period of such Loan. Notwithstanding the foregoing, the Administrative Agent is authorized to rely upon the telephonic request of any of the Borrower’s Agents. The Borrower’s telephonic notices, requests and acceptances shall be directed to such officers of the Administrative Agent as the Administrative Agent may from time to time designate and shall be followed promptly by the original or a facsimile or electronic mail Notice of Conversion required pursuant to the first sentence of this Section 2.12. Each Notice of Conversion shall be irrevocable by and binding on the Borrower once given.
Appears in 2 contracts
Sources: Credit Agreement (United Dominion Realty Trust Inc), Term Loan Agreement (HRPT Properties Trust)
Conversion. So long as no Default or Event of Default exists, the The Borrower may on any Business Day, upon the Borrower’s giving of a Notice of Conversion to the Administrative Agent by telecopy, electronic mail or other similar form of communication, Convert all or a portion of a Loan of one Type into a Loan of another Type; provided, however, no Loan may be Converted into a SOFR Loan if an Event of Default exists, but shall be automatically converted to a Base Rate Loan on (a) the last day of the Interest Period relating thereto for a Term SOFR Loan ending during the continuance of any Event of Default or (b) the date of any such Event of Default for a Daily Simple SOFR Loan. Each Conversion of Base Rate Loans of the same Class into LIBOR SOFR Loans of the same Class shall be in an aggregate minimum amount of $1,000,000 and integral multiples of $100,000 250,000 in excess of that amount, and upon Conversion of a Base Rate Loan into a LIBOR Loan, the Borrower shall pay accrued interest to the date of Conversion on the principal amount so Converted in accordance with Section 2.6. Any Conversion of a LIBOR Loan into a Base Rate Loan shall be made on, and only on, the last day of an Interest Period for such LIBOR Loan. Each such Notice of Conversion shall be given not later than 11:00 a.m. Central 2:00 p.m. Eastern time three (3) 3 Business Days prior to the date of any proposed Conversion into Base Rate and such Conversion shall only be made on (a) the last day of the Interest Period with respect to any such Loan that is a Term SOFR Loan, or LIBOR Loans(b) the applicable interest payment date with respect to any such Loan that is a Daily Simple SOFR Loan. Promptly after receipt of a Notice of Conversion, the Administrative Agent shall notify each Lender holding Loans being Converted of the proposed Conversion. Subject to the restrictions specified above, each Notice of Conversion shall be by telecopy, electronic mail or other similar form of communication in the form of a Notice of Conversion specifying (a) the requested date of such Conversion, (b) the Type and Class of Loan to be Converted, (c) the portion of such Type of Loan to be Converted, (d) the Type of Loan such Loan is to be Converted into and (e) if such Conversion is into a LIBOR Term SOFR Loan, the requested duration of the Interest Period of such Loan. Notwithstanding the foregoing, the Administrative Agent is authorized to rely upon the telephonic request of any of the Borrower’s Agents. The Borrower’s telephonic notices, requests and acceptances shall be directed to such officers of the Administrative Agent as the Administrative Agent may from time to time designate and shall be followed promptly by the original or a facsimile or electronic mail Notice of Conversion required pursuant to the first sentence of this Section 2.12. Each Notice of Conversion shall be irrevocable by and binding on the Borrower once given.
Appears in 2 contracts
Sources: Credit Agreement (Store Capital LLC), Credit Agreement (STORE CAPITAL Corp)
Conversion. So long as no Default or Event of Default existsshall have occurred and be continuing, the Borrower may on any Business Day, upon the Borrower’s 's giving of a Notice of Conversion to the Administrative Agent by telecopy, electronic mail or other similar form of communicationAgent, Convert all or a portion of a Loan of one Type into a Loan of another Type. Each Conversion of Base Rate Loans into LIBOR Loans shall be in an aggregate minimum amount of $1,000,000 and integral multiples of $100,000 in excess of that amount, and upon Conversion of a Base Rate Loan into a LIBOR Loan, the Borrower shall pay accrued interest to the date of Conversion on the principal amount so Converted in accordance with Section 2.6. Any Conversion of a LIBOR Loan into a Base Rate Loan shall be made on, and only on, the last day of an Interest Period for such LIBOR Loan and, upon Conversion of a Base Rate Loan into a LIBOR Loan, the Borrower shall pay accrued interest to the date of Conversion on the principal amount so Converted. Each such Notice of Conversion shall be given not later than 11:00 9:00 a.m. Central time one Business Day prior to the date of any proposed Conversion into Base Rate Loans and three (3) Business Days prior to the date of any proposed Conversion into Base Rate or LIBOR Loans. Promptly after receipt of a Notice of Conversion, the Administrative Agent shall notify each Lender by telex or telecopy, or other similar form of transmission of the proposed Conversion. Subject to the restrictions specified above, each Notice of Conversion shall be by telecopy, electronic mail telephone (confirmed immediately in writing) or other similar form of communication telecopy in the form of a Notice of Conversion specifying (a) the requested date of such Conversion, (b) the Type of Loan to be Converted, (c) the portion of such Type of Loan to be Converted, (d) the Type of Loan such Loan is to be Converted into and (e) if such Conversion is into a LIBOR Loan, the requested duration of the Interest Period of such Loan. Notwithstanding the foregoing, the Administrative Agent is authorized to rely upon the telephonic request of any of the Borrower’s Agents. The Borrower’s telephonic notices, requests and acceptances shall be directed to such officers of the Administrative Agent as the Administrative Agent may from time to time designate and shall be followed promptly by the original or a facsimile or electronic mail Notice of Conversion required pursuant to the first sentence of this Section 2.12. Each Notice of Conversion shall be irrevocable by and binding on the Borrower once given.
Appears in 2 contracts
Sources: Credit Agreement (Pennsylvania Real Estate Investment Trust), Credit Agreement (Pennsylvania Real Estate Investment Trust)
Conversion. So long as no Default or Event of Default exists, the Borrower may on any Business Day, upon the Borrower’s giving of a Notice of Conversion to the Administrative Agent by telecopy, electronic mail or other similar form of communicationAgent, Convert all or a portion of a Loan of one Type into a Loan of another Type. Each Conversion of Base Rate Loans into LIBOR Loans shall be in an aggregate minimum amount of $1,000,000 and integral multiples of $100,000 in excess of that amount, and upon Conversion of a Base Rate Loan into a LIBOR Loan, the Borrower shall pay accrued interest to the date of Conversion on the principal amount so Converted in accordance with Section 2.6. Any Conversion of a LIBOR Loan into a Base Rate Loan shall be made on, and only on, the last day of an Interest Period for such LIBOR Loan and, upon Conversion of a Base Rate Loan into a LIBOR Loan, the Borrower shall pay accrued interest to the date of Conversion on the principal amount so Converted. Each such Notice of Conversion shall be given not later than 11:00 9:00 a.m. Central San Francisco time one Business Day prior to the date of any proposed Conversion into Base Rate Loans and three (3) Business Days prior to the date of any proposed Conversion into Base Rate or LIBOR Loans. Promptly after receipt of a Notice of Conversion, the Administrative Agent shall notify each Lender by telecopy, electronic mail or other similar form of transmission of the proposed Conversion. Subject to the restrictions specified above, each Notice of Conversion shall be by telecopy, electronic mail or other similar form of communication telecopy in the form of a Notice of Conversion specifying (a) the requested date of such Conversion, (b) the Type of Loan to be Converted, (c) the portion of such Type of Loan to be Converted, (d) the Type of Loan such Loan is to be Converted into and (e) if such Conversion is into a LIBOR Loan, the requested duration of the Interest Period of such Loan. Notwithstanding the foregoing, the Administrative Agent is authorized to rely upon the telephonic request of any of the Borrower’s Agents. The Borrower’s telephonic notices, requests and acceptances shall be directed to such officers of the Administrative Agent as the Administrative Agent may from time to time designate and shall be followed promptly by the original or a facsimile or electronic mail Notice of Conversion required pursuant to the first sentence of this Section 2.12. Each Notice of Conversion shall be irrevocable by and binding on the Borrower once given.
Appears in 2 contracts
Sources: Credit Agreement (Realty Income Corp), Credit Agreement (Realty Income Corp)
Conversion. So long as no Default or Event of Default existsshall have occurred and be continuing, the Borrower may on any Business Day, upon the Borrower’s 's giving of a Notice of Conversion to the Administrative Agent by telecopy, electronic mail or other similar form of communicationAgent, Convert all or a portion of a Loan of one Type into a Loan of another Type. Each Conversion of Base Rate Loans into LIBOR Loans shall be in an aggregate minimum amount of $1,000,000 and integral multiples of $100,000 in excess of that amount, and upon Conversion of a Base Rate Loan into a LIBOR Loan, the Borrower shall pay accrued interest to the date of Conversion on the principal amount so Converted in accordance with Section 2.6. Any Conversion of a LIBOR Loan into a Base Rate Loan shall be made on, and only on, the last day of an Interest Period for such LIBOR Loan and, upon Conversion of a Base Rate Loan into a LIBOR Loan, the Borrower shall pay accrued interest to the date of Conversion on the principal amount so Converted. Each such Notice of Conversion shall be given not later than 11:00 a.m. Central time three (3) 12:00 noon on the Business Days Day prior to the date of any proposed Conversion into Base Rate or Loans and on the third Business Day prior to the date of any proposed Conversion into LIBOR Loans. Promptly after receipt of a Notice of Conversion, the Administrative Agent shall notify each Lender by telecopy or other similar form of transmission of the proposed Conversion. Subject to the restrictions specified above, each Notice of Conversion shall be by telecopy, electronic mail telephone (confirmed immediately in writing) or other similar form of communication telecopy in the form of a Notice of Conversion specifying (a) the requested date of such Conversion, (b) the Type of Loan to be Converted, (c) the portion of such Type of Loan to be Converted, (d) the Type of Loan such Loan is to be Converted into and (e) if such Conversion is into a LIBOR Loan, the requested duration of the Interest Period of such Loan. Notwithstanding the foregoing, the Administrative Agent is authorized to rely upon the telephonic request of any of the Borrower’s Agents. The Borrower’s telephonic notices, requests and acceptances shall be directed to such officers of the Administrative Agent as the Administrative Agent may from time to time designate and shall be followed promptly by the original or a facsimile or electronic mail Notice of Conversion required pursuant to the first sentence of this Section 2.12. Each Notice of Conversion shall be irrevocable by and binding on the Borrower once given.
Appears in 2 contracts
Sources: Credit Agreement (CNL American Properties Fund Inc), Credit Agreement (CNL American Properties Fund Inc)
Conversion. So long as no Default or Event of Default existsshall have occurred and be continuing, the Borrower may on any Business Day, upon the Borrower’s 's giving of a Loan Notice of Conversion to the Administrative Agent by telecopy, electronic mail or other similar form of communicationAgent, Convert all or a portion of a Loan of one Type into a Loan of another Type. Each Conversion of Base Rate Loans into LIBOR Loans shall be in an aggregate minimum amount of $1,000,000 and integral multiples of $100,000 in excess of that amount, and upon Conversion of a Base Rate Loan into a LIBOR Loan, the Borrower shall pay accrued interest to the date of Conversion on the principal amount so Converted in accordance with Section 2.6. Any Conversion of a LIBOR Eurodollar Loan into a Base Rate Loan shall be made on, and only on, the last day of an Interest Period for such LIBOR Eurodollar Loan and, upon Conversion of a Base Rate Loan into a Eurodollar Loan, the Borrower shall pay accrued interest to the date of Conversion on the principal amount so Converted. Each such Loan Notice of Conversion shall be given not later than 11:00 a.m. Central time three (3) 12:00 noon on the Business Days Day prior to the date of any proposed Conversion into Base Rate or LIBOR Loans and on the third Business Day prior to the date of any proposed Conversion into Eurodollar Loans. Promptly after receipt of a Notice of ConversionLoan Notice, the Administrative Agent shall notify each Lender by telecopy or other similar form of transmission of the proposed Conversion. Subject to the restrictions specified above, each Loan Notice of Conversion shall be by telecopy, electronic mail telephone (confirmed immediately in writing) or other similar form of communication telecopy in the form of a Loan Notice of Conversion (a) specifying (ai) the requested date of such Conversion, (bii) the Type of Loan to be Converted, (ciii) the portion of such Type of Loan to be Converted, (div) the Type of Loan such Loan is to be Converted into and (ev) if such Conversion is into a LIBOR Eurodollar Loan, the requested duration of the Interest Period of such Loan. Notwithstanding the foregoing, the Administrative Agent is authorized to rely upon the telephonic request of any and (b) containing certifications of the Borrower’s Agents. The Borrower’s telephonic notices, requests and acceptances shall be directed to such officers of the Administrative Agent as the Administrative Agent may from time to time designate and shall be followed promptly by the original or a facsimile or electronic mail Notice of Conversion required pursuant Borrower with respect to the first sentence of this conditions set forth in Section 2.12. 5.2 clauses (b) through (d) as set forth in Exhibit C. Each Loan Notice of Conversion shall be irrevocable by and binding on the Borrower once given.
Appears in 2 contracts
Sources: Credit Agreement (CNL Retirement Properties Inc), Credit Agreement (CNL Retirement Properties Inc)
Conversion. So long as no Default or Event of Default exists, the Borrower may on any Business Day, upon the Borrower’s giving of a Notice of Conversion to the Administrative Agent by telecopy, electronic mail or other similar form of communication, Convert all or a portion of a Loan of one Type into a Loan of another Type. Each Conversion of Base Rate Loans into LIBOR Loans shall be in an aggregate minimum amount of One Million Dollars ($1,000,000 1,000,000) and integral multiples of One Hundred Thousand Dollars ($100,000 100,000) in excess of that amount, and upon Conversion of a Base Rate Loan into a LIBOR Loan, the Borrower shall pay accrued interest to the date of Conversion on the principal amount so Converted in accordance with Section 2.62.2. Any Conversion of a LIBOR Loan into a Base Rate Loan shall be made on, and only on, the last day of an Interest Period for such LIBOR Loan. Each such Notice of Conversion shall be given not later than 11:00 a.m. Central time 12:00 noon three (3) Business Days prior to the date of any proposed Conversion into Base Rate or LIBOR Loans. Promptly after receipt of a Notice of Conversion, the Administrative Agent shall notify each Lender of the proposed Conversion. Subject to the restrictions specified above, each Notice of Conversion shall be by telecopy, electronic mail or other similar form of communication in the form of a Notice of Conversion specifying specifying: (a) the requested date of such Conversion, ; (b) the Type of Loan to be Converted, ; (c) the portion of such Type of Loan to be Converted, ; (d) the Type of Loan such Loan is to be Converted into into; and (e) if such Conversion is into a LIBOR Loan, the requested duration of the Interest Period of such Loan. Notwithstanding the foregoing, the Administrative Agent is authorized to rely upon the telephonic request of any of the Borrower’s Agents. The Borrower’s telephonic notices, requests and acceptances shall be directed to such officers of the Administrative Agent as the Administrative Agent may from time to time designate and shall be followed promptly by the original or a facsimile or electronic mail Notice of Conversion required pursuant to the first sentence of this Section 2.12. Each Notice of Conversion shall be irrevocable by and binding on the Borrower once given.
Appears in 2 contracts
Sources: Revolving Loan Agreement (RREEF Property Trust, Inc.), Revolving Loan Agreement (RREEF Property Trust, Inc.)
Conversion. So The Borrowers may on any Business Day (so long as no Default or Event of Default exists, the Borrower may on any Business Dayhas occurred and is continuing), upon notice substantially in the Borrower’s giving form of Exhibit E (each such notice, a Notice of Conversion "NOTICE OF CONVERSION") given to the Administrative Agent by telecopyAgent, electronic mail or other similar form and subject to the provisions of communicationSection 4.8(c), Convert all convert the entire amount of or a portion of a Loan all Loans of one Type comprising the same Borrowing into a Loan Loans of another Type. Each Conversion ; PROVIDED, HOWEVER, that any conversion of Base any Eurodollar Rate Loans into LIBOR Loans shall be in an aggregate minimum amount of $1,000,000 and integral multiples of $100,000 in excess of that amount, and upon Conversion of a Base Rate Loan into a LIBOR Loan, the Borrower shall pay accrued interest to the date of Conversion on the principal amount so Converted in accordance with Section 2.6. Any Conversion of a LIBOR Loan into a Base Rate Loan another Type shall be made on, and only on, the last day of an Interest Period for such LIBOR LoanEurodollar Rate Loans and, upon conversion of any Prime Rate Loans into Loans of another Type, the Borrowers shall pay accrued interest to the date of conversion on the principal amount converted. Each such Notice of Conversion shall be given not later than 11:00 10:00 a.m. Central time three (3New York City time) on the Business Days Day prior to the date of any proposed Conversion conversion into Base Prime Rate or LIBOR Loans and on the third Business Day prior to the date of any proposed conversion into Eurodollar Rate Loans. Promptly after receipt of a Notice of Conversion, the Administrative Agent shall notify each Lender of the proposed Conversion. Subject to the restrictions specified above, each Notice of Conversion shall be by telecopytelephone or facsimile transmission, electronic mail or other similar form of communication and if by telephone, promptly confirmed by a writing, in the form of a Notice of Conversion each case specifying (ai) the requested date of such Conversionconversion, (bii) the Type of Loan Loans to be Convertedconverted, (ciii) the portion of such Type of Loan to be Convertedconverted, (div) the Type of Loan such Loan is Loans are to be Converted converted into and (ev) if such Conversion is Loans are converted into a LIBOR LoanEurodollar Rate Loans, the requested duration length of the Interest Period with respect thereto. Each conversion shall be in an aggregate amount for the Loans of such Loan. Notwithstanding the foregoing, the Administrative Agent is authorized to rely upon the telephonic request all Lenders of any not less than $1,000,000 or an integral multiple of the Borrower’s Agents$100,000 in excess thereof. The Borrower’s telephonic notices, requests and acceptances shall be directed Borrowers may elect to such officers convert the entire amount of the Administrative Agent as the Administrative Agent may from time to time designate and shall be followed promptly by the original or a facsimile or electronic mail Notice portion of Conversion required pursuant to all Loans of one Type comprising more than one Borrowing into Loans of another Type by combining such Borrowings into one Borrowing; PROVIDED, HOWEVER, that if the first sentence Borrowings so combined consist of this Section 2.12. Each Notice of Conversion Eurodollar Rate Loans, such Loans shall be irrevocable by and binding have Interest Periods ending on the Borrower once givensame date.
Appears in 2 contracts
Sources: Credit Agreement (Spinnaker Industries Inc), Credit Agreement (Spinnaker Industries Inc)
Conversion. So long as no Default or Event of Default exists, the Borrower Representative may on any Business Day, upon the BorrowerBorrower Representative’s giving of a Notice of Conversion to the Administrative Agent by telecopy, electronic mail or other similar form of written communication, Convert all or a portion of a Loan of one Type into a Loan of another Type; provided, however, that a Base Rate Loan may not be Converted into a LIBOR Loan if a Default or Event of Default exists. Each Conversion of Base Rate Loans into LIBOR Loans shall be in an aggregate minimum amount of $5,000,000 and integral multiples of $1,000,000 in excess of that amount. Each Conversion of LIBOR Loans into Base Rate Loans shall be in an aggregate minimum amount of $500,000 and integral multiples of $100,000 in excess of that amount, and upon Conversion of a Base Rate Loan into a LIBOR Loan, the Borrower shall pay accrued interest to the date of Conversion on the principal amount so Converted in accordance with Section 2.6. Any Conversion of a LIBOR Loan into a Base Rate Loan shall be made on, and only on, the last day of an Interest Period for such LIBOR Loan. Each such Notice of Conversion shall be given not later than 11:00 a.m. Central New York City time three (3) Business Days prior to the date of any proposed Conversion of Base Rate Loans into LIBOR Loans or of any proposed Conversion of LIBOR Loans into Base Rate or LIBOR Loans. Promptly after receipt of a Notice of Conversion, the Administrative Agent shall notify each Lender of the proposed Conversion. Subject to the restrictions specified above, each Notice of Conversion shall be by telecopy, electronic mail or other similar form of written communication in the form of a Notice of Conversion specifying (a) the requested date of such Conversion, (b) the Type of Loan to be Converted, (c) the portion of such Type of Loan to be Converted, (d) the Type of Loan such Loan is to be Converted into and (e) if such Conversion is into a LIBOR Loan, the requested duration of the Interest Period of such Loan. Notwithstanding If the foregoingBorrower Representative shall elect a conversion to LIBOR Loans but fail to select an Interest Period for any LIBOR Loan in accordance with this Section, the Administrative Agent is authorized to rely upon the telephonic request of any of the Borrower’s Agents. The Borrower’s telephonic notices, requests and acceptances Borrower Representative shall be directed deemed to such officers have selected an Interest Period of one month and if the Administrative Agent as Borrower Representative fails to give a timely notice requesting a Conversion to LIBOR Loans, then the Administrative Agent may from time to time designate and applicable Loans shall be followed promptly by the original or a facsimile or electronic mail Notice of Conversion required pursuant to the first sentence of this Section 2.12Continued as Base Rate Loans. Each Notice of Conversion shall be irrevocable by and binding on the Borrower Borrowers once given.
Appears in 2 contracts
Sources: Loan Agreement (Park Hotels & Resorts Inc.), Delayed Draw Term Loan Agreement (Park Hotels & Resorts Inc.)
Conversion. So long as no Default or Event of Default exists, the Borrower The Borrowers may on any Business Day, upon the Borrower’s giving of a Notice of Conversion to the Administrative Agent by telecopy, electronic mail or other similar form of communicationAgent, Convert all or a portion of a Loan of one Type into a Loan of another Type. Each Conversion of Base Rate Loans into LIBOR Loans shall be in an aggregate minimum amount of $1,000,000 and integral multiples of $100,000 in excess of that amount; provided, and upon Conversion of however, a Base Rate Loan into may not be Converted to a LIBOR Loan, the Borrower Loan if a Default or Event of Default shall pay accrued interest to the date of Conversion on the principal amount so Converted in accordance with Section 2.6exist. Any Conversion of a LIBOR Loan into a Base Rate Loan shall be made on, and only on, the last day of an Interest Period for such LIBOR Loan and, upon Conversion of a Base Rate Loan into a LIBOR Loan, the Borrowers shall pay accrued interest to the date of Conversion on the principal amount so Converted. Each such Notice of Conversion shall be given not later than 11:00 a.m. Central time three (3) on the Business Days Day prior to the date of any proposed Conversion into Base Rate or Loans and on the third Business Day prior to the date of any proposed Conversion into LIBOR Loans. Promptly after receipt of a Notice of Conversion, the Administrative Agent shall notify each Lender by telecopy, or other similar form of transmission, of the proposed Conversion. Subject to the restrictions specified above, each Notice of Conversion shall be by telecopy, electronic mail telephone (confirmed immediately in writing) or other similar form of communication telecopy in the form of a Notice of Conversion specifying (a) the requested date of such Conversion, (b) the Type of Loan to be Converted, (c) the portion of such Type of Loan to be Converted, (d) the Type of Loan such Loan is to be Converted into and (e) if such Conversion is into a LIBOR Loan, the requested duration of the Interest Period of such Loan. Notwithstanding the foregoing, the Administrative Agent is authorized to rely upon the telephonic request of any of the Borrower’s Agents. The Borrower’s telephonic notices, requests and acceptances shall be directed to such officers of the Administrative Agent as the Administrative Agent may from time to time designate and shall be followed promptly by the original or a facsimile or electronic mail Notice of Conversion required pursuant to the first sentence of this Section 2.12. Each Notice of Conversion shall be irrevocable by and binding on the Borrower Borrowers once given.
Appears in 2 contracts
Sources: Credit Agreement (Lexington Realty Trust), Credit Agreement (Lexington Realty Trust)
Conversion. So The Borrowers may on any Business Day (so long as no Default or Event of Default exists, the Borrower may on any Business Dayhas occurred and is continuing), upon the Borrower’s giving of notice (each such notice, a "Notice of Conversion Conversion") given to the Administrative Agent by telecopyAgent, electronic mail or other similar form and subject to the provisions of communicationSection 4.14.3, Convert all convert the entire amount of or a portion of a Loan all Revolving Loans of one Type comprising the same Borrowing into a Loan Revolving Loans of another the other Type. Each Conversion ; provided, that any conversion of any LIBOR Rate Loans into Base Rate Loans into LIBOR Loans shall be in an aggregate minimum amount of $1,000,000 and integral multiples of $100,000 in excess of that amount, and upon Conversion of a Base Rate Loan into a LIBOR Loan, the Borrower shall pay accrued interest to the date of Conversion on the principal amount so Converted in accordance with Section 2.6. Any Conversion of a LIBOR Loan into a Base Rate Loan shall be made on, and only on, the last day of an Interest Period for such LIBOR LoanRate Loans and, upon conversion of any Base Rate Loans into LIBOR Rate Loans, the Borrowers shall pay accrued interest to the date of conversion on the principal amount converted. Each such Notice of Conversion shall be given not later than 11:00 a.m. Central noon Chicago time three (3) on the Business Days Day prior to the date of any proposed Conversion conversion into Base Rate or Loans and on the third Business Day prior to the date of any proposed conversion into LIBOR Rate Loans. Promptly after receipt of a Notice of Conversion, the Administrative Agent shall notify each Lender of the proposed Conversion. Subject to the restrictions specified above, each Notice of Conversion shall be by telecopytelephone or facsimile transmission, electronic mail or other similar form of communication and if by telephone, promptly confirmed in writing, substantially in the form of a Notice of Conversion Exhibit D-1, in each case specifying (ai) the requested date of such Conversionconversion, (bii) the Type of Loan Revolving Loans to be Convertedconverted, (ciii) the portion of such Type of Revolving Loan to be Convertedconverted, (div) the Type of Loan Revolving Loans such Loan is Revolving Loans are to be Converted converted into and (ev) if such Conversion conversion is into a LIBOR LoanRate Loans, the requested duration of the Interest Period of such Revolving Loan. Notwithstanding the foregoing, the Administrative Agent is authorized to rely upon the telephonic request Each conversion shall be in an aggregate amount of any not less than $5,000,000 or an integral multiple of the Borrower’s Agents$1,000,000 in excess thereof. The Borrower’s telephonic notices, requests and acceptances shall be directed Borrowers may elect to such officers convert the entire amount of the Administrative Agent as the Administrative Agent may from time to time designate and shall be followed promptly by the original or a facsimile or electronic mail Notice portion of Conversion required pursuant to all Revolving Loans of one Type comprising more than one Borrowing into Revolving Loans of another Type by combining such Borrowings into one Borrowing; provided, that if the first sentence Borrowings so combined consist of this Section 2.12. Each Notice of Conversion LIBOR Rate Loans, such Loans shall be irrevocable by and binding have Interest Periods ending on the Borrower once givensame date.
Appears in 2 contracts
Sources: Credit Agreement (Metal Management Inc), Credit Agreement (Metal Management Inc)
Conversion. So long as no Default or Event of Default existsSubject to Section 2.5.(a), the Borrower may on any Business Day, upon the Borrower’s giving of a Notice of Conversion to the Administrative Agent by telecopy, electronic mail or other similar form of communicationcommunication or telephonic notice of any proposed Conversion, Convert all or a portion of a Loan of one Type into a Loan of another Type. Any such telephonic notice shall include all information required to be included in a Notice of Conversion and shall be promptly confirmed in writing by the Borrower pursuant to a Notice of Conversion sent to the Administrative Agent on the same day of the giving of any such telephonic notice. Each Conversion of Base Rate Loans into LIBOR Loans shall be in an aggregate minimum amount of $1,000,000 and integral multiples of $100,000 250,000 in excess of that amount, and upon Conversion of a Base Rate Loan into a LIBOR Loan, the Borrower shall pay accrued interest to the date of Conversion on the principal amount so Converted in accordance with Section 2.6. Any Conversion of a LIBOR Loan into a Base Rate Loan shall be made on, and only on, the last day of an Interest Period for such LIBOR Loan. Each such Notice of Conversion shall be given not later than 11:00 a.m. 12:00 p.m. Central time three (3) 3 Business Days prior to the date of any proposed Conversion into Base Rate or LIBOR LoansConversion. Promptly after receipt of a Notice of Conversion, the Administrative Agent shall notify each Lender of the proposed Conversion. Subject to the restrictions specified above, each Notice of Conversion shall be by telecopy, electronic mail or other similar form of communication in the form of a Notice of Conversion specifying (a) the requested date of such Conversion, (b) the Type of Loan to be Converted, (c) the portion of such Type of Loan to be Converted, (d) the Type of Loan such Loan is to be Converted into and (e) if such Conversion is into a LIBOR Loan, the requested duration of the Interest Period of such Loan. Notwithstanding ; provided that if the foregoingBorrower does not specify a duration, then the Administrative Agent is authorized Borrower will be deemed to rely upon the telephonic request have requested an Interest Period of any of the Borrower’s Agents. The Borrower’s telephonic notices, requests and acceptances shall be directed to such officers of the Administrative Agent as the Administrative Agent may from time to time designate and shall be followed promptly by the original or a facsimile or electronic mail Notice of Conversion required pursuant to the first sentence of this Section 2.12one month. Each Notice of Conversion shall be irrevocable by and binding on the Borrower once given.
Appears in 2 contracts
Sources: Credit Agreement (Rouse Properties, Inc.), Credit Agreement (Rouse Properties, Inc.)
Conversion. So long as no Default or Event of Default exists, the The Borrower may on any Business Day, upon the Borrower’s giving of a Notice of Conversion to the Administrative Agent by telecopy, electronic mail or other similar form of communicationAgent, Convert all or a portion of a Loan of one Type into a Loan of another Type. Each Conversion of Base Rate Loans into LIBOR Loans shall be in an aggregate minimum amount of $1,000,000 and integral multiples of $100,000 in excess of that amount; provided, and upon Conversion of however, a Base Rate Loan into may not be Converted to a LIBOR Loan, the Borrower Loan if an Event of Default shall pay accrued interest to the date of Conversion on the principal amount so Converted in accordance with Section 2.6exist. Any Conversion of a LIBOR Loan into a Base Rate Loan shall be made on, and only on, the last day of an Interest Period for such LIBOR Loan and, upon Conversion of a Base Rate Loan into a LIBOR Loan, the Borrower shall pay accrued interest to the date of Conversion on the principal amount so Converted. Each such Notice of Conversion shall be given not later than 11:00 a.m. Central time three (3) on the Business Days Day prior to the date of any proposed Conversion into Base Rate or Loans and on the third Business Day prior to the date of any proposed Conversion into LIBOR Loans. Promptly after receipt of a Notice of Conversion, the Administrative Agent shall notify each Lender holding Loans being Converted by telecopy, or other similar form of transmission, of the proposed Conversion. Subject to the restrictions specified above, each Notice of Conversion shall be by telecopytelephone (confirmed immediately in writing), electronic mail or other similar form of communication telecopy in the form of a Notice of Conversion specifying (a) the requested date of such Conversion, (b) the Type of Loan to be Converted, (c) the portion of such Type of Loan to be Converted, (d) the Type and Class of Loan such Loan is to be Converted into and (e) if such Conversion is into a LIBOR Loan, the requested duration of the Interest Period of such Loan. Notwithstanding the foregoing, the Administrative Agent is authorized to rely upon the telephonic request of any of the Borrower’s Agents. The Borrower’s telephonic notices, requests and acceptances shall be directed to such officers of the Administrative Agent as the Administrative Agent may from time to time designate and shall be followed promptly by the original or a facsimile or electronic mail Notice of Conversion required pursuant to the first sentence of this Section 2.12. Each Notice of Conversion shall be irrevocable by and binding on the Borrower once given.
Appears in 2 contracts
Sources: Credit Agreement (Corporate Office Properties, L.P.), Credit Agreement (Corporate Office Properties, L.P.)
Conversion. So long as no Default or Event of Default exists, the Borrower may on any Business Day, upon the Borrower’s giving of a Notice of Conversion to the Administrative Agent by telecopy, electronic mail or other similar form of communication, Convert all or a portion of a Loan of one Type into a Loan of another Type. Each Conversion of Base Rate Loans into LIBOR Loans shall be in an aggregate minimum amount of $1,000,000 and integral multiples of $100,000 in excess of that amount, and upon Conversion of a Base Rate Loan into a LIBOR Loan, the Borrower shall pay accrued interest to the date of Conversion on the principal amount so Converted in accordance with Section 2.62.2. Any Conversion of a LIBOR Loan into a Base Rate Loan shall be made on, and only on, the last day of an Interest Period for such LIBOR Loan. Each such Notice of Conversion shall be given not later than 11:00 9:00 a.m. Central time three (3) Business Days prior to the date of any proposed Conversion into Base Rate or LIBOR Loans. Promptly after receipt of a Notice of Conversion, the Administrative Agent shall notify each Lender of the proposed Conversion. Subject to the restrictions specified above, each Notice of Conversion shall be by telecopy, electronic mail or other similar form of communication in the form of a Notice of Conversion specifying (a) the requested date of such Conversion, (b) the Type of Loan to be Converted, (c) the portion of such Type of Loan to be Converted, (d) the Type of Loan such Loan is to be Converted into and (e) if such Conversion is into a LIBOR Loan, the requested duration of the Interest Period of such Loan. Notwithstanding the foregoing, the Administrative Agent is authorized to rely upon the telephonic request of any of the Borrower’s Agents. The Borrower’s telephonic notices, requests and acceptances shall be directed to such officers of the Administrative Agent as the Administrative Agent may from time to time designate and shall be followed promptly by the original or a facsimile or electronic mail Notice of Conversion required pursuant to the first sentence of this Section 2.122.8. Each Notice of Conversion shall be irrevocable by and binding on the Borrower once given.
Appears in 1 contract
Conversion. So The Borrowers may on any Business Day (so long as no Default or Event of Default exists, the Borrower may on any Business Dayhas occurred and is continuing), upon the Borrower’s giving of notice (each such notice, a Notice of Conversion "NOTICE OF CONVERSION") given to the Administrative Agent by telecopyAgent, electronic mail or other similar form and subject to the provisions of communicationSECTION 4.13(C), Convert all convert the entire amount of or a portion of a Loan all Revolving Loans of one Type comprising the same Borrowing into a Loan Revolving Loans of another Type. Each Conversion ; PROVIDED, THAT any conversion of Base any LIBOR Rate Loans into LIBOR Revolving Loans shall be in an aggregate minimum amount of $1,000,000 and integral multiples of $100,000 in excess of that amount, and upon Conversion of a Base Rate Loan into a LIBOR Loan, the Borrower shall pay accrued interest to the date of Conversion on the principal amount so Converted in accordance with Section 2.6. Any Conversion of a LIBOR Loan into a Base Rate Loan another Type shall be made on, and only on, the last day of an Interest Period for such LIBOR LoanRate Loans and, upon conversion of any Prime Rate Loans into Revolving Loans of another Type, the Borrowers shall pay accrued interest to the date of conversion on the principal amount converted. Each such Notice of Conversion shall be given not later than 11:00 a.m. Central Noon Chicago time three (3) on the Business Days Day prior to the date of any proposed Conversion conversion into Base Prime Rate or Loans and on the third Business Day prior to the date of any proposed conversion into LIBOR Rate Loans. Promptly after receipt of a Notice of Conversion, the Administrative Agent shall notify each Lender of the proposed Conversion. Subject to the restrictions specified above, each Notice of Conversion shall be by telecopytelephone or facsimile transmission, electronic mail or other similar form of communication and if by telephone, promptly confirmed in writing, substantially in the form of a Notice of Conversion EXHIBIT E, in each case specifying (aI) the requested date of such Conversionconversion, (bII) the Type of Loan Revolving Loans to be Converted, converted (cIII) the portion of such Type of Revolving Loan to be Convertedconverted, (dIV) the Type of Loan Revolving Loans such Loan is Revolving Loans are to be Converted converted into and (eV) if such Conversion conversion is into a LIBOR LoanRate Loans, the requested duration of the Interest Period of such Revolving Loan. Notwithstanding the foregoing, the Administrative Agent is authorized to rely upon the telephonic request Each conversion shall be in an aggregate amount of any not less than $5,000,000 or an integral multiple of the Borrower’s Agents$500,000 in excess thereof. The Borrower’s telephonic notices, requests and acceptances shall be directed Borrowers may elect to such officers convert the entire amount of the Administrative Agent as the Administrative Agent may from time to time designate and shall be followed promptly by the original or a facsimile or electronic mail Notice portion of Conversion required pursuant to all Revolving Loans of one Type comprising more than one Borrowing into Revolving Loans of another Type by combining such Borrowings into one Borrowing; PROVIDED, THAT if the first sentence Borrowings so combined consist of this Section 2.12. Each Notice of Conversion LIBOR Rate Loans, such Loans shall be irrevocable by and binding have Interest Periods ending on the Borrower once givensame date.
Appears in 1 contract
Conversion. So long as no Default or Event of Default exists, the The Borrower may on any Business Day, upon the Borrower’s 's giving of a Notice of Conversion to the Administrative Agent by telecopy, electronic mail or other similar form of communicationAgent, Convert all or a portion of a Loan (including a Base Rate Loan made pursuant to Section 2.2.(e)) of one Type into a Loan of another Type. Each Conversion of Base Rate Loans into LIBOR Loans shall be in an aggregate minimum amount of $1,000,000 and integral multiples of $100,000 in excess of that amount; provided, and upon Conversion of however, a Base Rate Loan into may not be Converted to a LIBOR Loan, the Borrower Loan if a Default or Event of Default shall pay accrued interest to the date of Conversion on the principal amount so Converted in accordance with Section 2.6exist. Any Conversion of a LIBOR Loan into a Base Rate Loan shall be made on, and only on, the last day of an Interest Period for such LIBOR Loan and, upon Conversion of a Base Rate Loan into a LIBOR Loan, the Borrower shall pay accrued interest to the date of Conversion on the principal amount so Converted. Each such Notice of Conversion shall be given not later than 11:00 a.m. Central time three (3) on the Business Days Day prior to the date of any proposed Conversion into Base Rate or Loans and on the third Business Day prior to the date of any proposed Conversion into LIBOR Loans. Promptly after receipt of a Notice of Conversion, the Administrative Agent shall notify each Lender by telecopy, or other similar form of transmission, of the proposed Conversion. Subject to the restrictions specified above, each Notice of Conversion shall be by telecopy, electronic mail telephone (confirmed immediately in writing) or other similar form of communication telecopy in the form of a Notice of Conversion specifying (a) the requested date of such Conversion, (b) the Type of Loan to be Converted, (c) the portion of such Type of Loan to be Converted, (d) the Type of Loan such Loan is to be Converted into and (e) if such Conversion is into a LIBOR Loan, the requested duration of the Interest Period of such Loan. Notwithstanding the foregoing, the Administrative Agent is authorized to rely upon the telephonic request of any of the Borrower’s Agents. The Borrower’s telephonic notices, requests and acceptances shall be directed to such officers of the Administrative Agent as the Administrative Agent may from time to time designate and shall be followed promptly by the original or a facsimile or electronic mail Notice of Conversion required pursuant to the first sentence of this Section 2.12. Each Notice of Conversion shall be irrevocable by and binding on the Borrower once given.
Appears in 1 contract
Sources: Credit Agreement (U-Store-It Trust)
Conversion. So long as no Default or Event of Default exists, the Borrower may on any Business Day, upon the Borrower’s 's giving of a Notice of Conversion to the Administrative Agent by telecopy, electronic mail or other similar form of communicationAgent, Convert all or a portion of a Loan of one Type into a Loan of another Type. Each Conversion of Base Rate Loans into LIBOR Loans shall be in an aggregate minimum amount of $1,000,000 and integral multiples of $100,000 in excess of that amount, and upon Conversion of a Base Rate Loan into a LIBOR Loan, the Borrower shall pay accrued interest to the date of Conversion on the principal amount so Converted in accordance with Section 2.6. Any Conversion of a LIBOR Loan into a Base Rate Loan shall be made on, and only on, the last day of an Interest Period for such LIBOR Loan and, upon Conversion of a Base Rate Loan into a LIBOR Loan, the Borrower shall pay accrued interest to the date of Conversion on the principal amount so Converted. Each such Notice of Conversion shall be given not later than 11:00 9:00 a.m. Central San Francisco time one Business Day prior to the date of any proposed Conversion into Base Rate Loans and three (3) Business Days prior to the date of any proposed Conversion into Base Rate or LIBOR Loans. Promptly after receipt of a Notice of Conversion, the Administrative Agent shall notify each Lender by telecopy, electronic mail or other similar form of transmission of the proposed Conversion. Subject to the restrictions specified above, each Notice of Conversion shall be by telecopy, electronic mail or other similar form of communication telecopy in the form of a Notice of Conversion specifying (a) the requested date of such Conversion, (b) the Type of Loan to be Converted, (c) the portion of such Type of Loan to be Converted, (d) the Type of Loan such Loan is to be Converted into and (e) if such Conversion is into a LIBOR Loan, the requested duration of the Interest Period of such Loan. Notwithstanding the foregoing, the Administrative Agent is authorized to rely upon the telephonic request of any of the Borrower’s Agents. The Borrower’s telephonic notices, requests and acceptances shall be directed to such officers of the Administrative Agent as the Administrative Agent may from time to time designate and shall be followed promptly by the original or a facsimile or electronic mail Notice of Conversion required pursuant to the first sentence of this Section 2.12. Each Notice of Conversion shall be irrevocable by and binding on the Borrower once given.
Appears in 1 contract
Conversion. So long as no Default or Event of Default existsshall have occurred and be continuing, the Borrower may on any Business Day, upon the Borrower’s 's giving of a Notice of Conversion to the Administrative Agent by telecopy, electronic mail or other similar form of communicationAgent, Convert all or a portion of a the Loan of one Type into a Loan of another Type. Each Subject to Section 4.4. hereof, any Conversion of a LIBOR Loan into a Base Rate Loans into LIBOR Loans shall Loan may be in an aggregate minimum amount of $1,000,000 and integral multiples of $100,000 in excess of that amount, and upon made by the Borrower at any time. Upon Conversion of a Base Rate Loan into a LIBOR Loan, the Borrower shall pay accrued interest to the date of Conversion on the principal amount so Converted in accordance with Section 2.6. Any Conversion of a LIBOR Loan into a Base Rate Loan shall be made on, and only on, the last day of an Interest Period for such LIBOR LoanConverted. Each such Notice of Conversion shall be given not later than 11:00 a.m. Central time three (3) on the Business Days Day prior to the date of any proposed Conversion into Base Rate or Loans and on the third Business Day prior to the date of any proposed Conversion into LIBOR Loans. Promptly after receipt of a Notice of Conversion, the Administrative Agent shall notify each Lender by telecopy, or other similar form of transmission, of the proposed Conversion. Subject to the restrictions specified above, each Notice of Conversion shall be by telecopy, electronic mail telephone (confirmed promptly thereafter in writing) or other similar form of communication telecopy in the form of a Notice of Conversion specifying (a) the requested date of such Conversion, (b) the Type of Loan to be Converted, (c) the portion of such Type of Loan to be Converted, (d) the Type of Loan such Loan is to be Converted into and (e) if such Conversion is into a LIBOR Loan, the requested duration of the Interest Period of such LIBOR Loan. Notwithstanding the foregoing, the Administrative Agent is authorized to rely upon the telephonic request of any of the Borrower’s Agents. The Borrower’s telephonic notices, requests and acceptances shall be directed to such officers of the Administrative Agent as the Administrative Agent may from time to time designate and shall be followed promptly by the original or a facsimile or electronic mail Notice of Conversion required pursuant to the first sentence of this Section 2.12. Each Notice of Conversion shall be irrevocable by and binding on the Borrower once given.
Appears in 1 contract
Sources: Credit Agreement (Chartermac)
Conversion. So long as no Default or Event of Default exists, the Each Borrower may on any Business DayDay (so long as no Default under Section 9.1(a) or Event of Default has occurred and is continuing), upon the Borrower’s giving of notice (each such notice, a "Notice of Conversion Conversion") given to the Administrative Agent by telecopyAgent, electronic mail or other similar form and subject to the provisions of communicationSection 4.13(c), Convert all convert the entire amount of or a portion of a Loan all Loans of one Type owing by such Borrower and comprising the same Borrowing into a Loan Loans of another Type. Each Conversion ; PROVIDED, HOWEVER, that any conversion of Base any Eurodollar Rate Loans into LIBOR Loans shall be in an aggregate minimum amount of $1,000,000 and integral multiples of $100,000 in excess of that amount, and upon Conversion of a Base Rate Loan into a LIBOR Loan, the Borrower shall pay accrued interest to the date of Conversion on the principal amount so Converted in accordance with Section 2.6. Any Conversion of a LIBOR Loan into a Base Rate Loan another Type shall be made on, and only on, the last day of an Interest Period for such LIBOR LoanEurodollar Rate Loans and, upon conversion of any Prime Rate Loans owing by such Borrower into Loans of another Type, such Borrower shall pay accrued interest to the date of conversion on the principal amount converted. Each such Notice of Conversion shall be given not later than 11:00 a.m. Central 1:00 P.M. New York City time three (3) on the Business Days Day prior to the date of any proposed Conversion conversion into Base Prime Rate or LIBOR Loans and on the third Business Day prior to the date of any proposed conversion into Eurodollar Rate Loans. Promptly after receipt of a Notice of Conversion, the Administrative Agent shall notify each Lender of the proposed Conversion. Subject to the restrictions specified above, each Notice of Conversion shall be by telecopytelephone or facsimile transmission, electronic mail or other similar form of communication and if by telephone, promptly confirmed in writing substantially in the form of a Notice of Conversion Exhibit L, in each case specifying (ai) the requested date of such Conversionconversion, (bii) the Type of Loan Loans (including whether Revolving Loans or Term Loans) to be Convertedconverted, (ciii) the portion of such Type of Loan to be Convertedconverted, (div) the Type of Loan such Loan is Loans are to be Converted converted into and (ev) if such Conversion conversion is into a LIBOR LoanEurodollar Rate Loans, the requested duration of the Interest Period of such Loan. Notwithstanding Each conversion shall be in an aggregate amount for the foregoingLoans of all Lenders of not less than $1,000,000 or an integral multiple of $100,000 in excess thereof. Each Borrower may elect to convert the entire amount of or a portion of all Loans of one Type owing by such Borrower and comprising more than one Borrowing into Loans of another Type by combining such Borrowings into one Borrowing consisting of Revolving Loans or Term Loans of another Type; PROVIDED, HOWEVER, that if the Administrative Agent Borrowings so combined consist of Eurodollar Rate Loans, such Loans, once combined, shall have Interest Periods ending on the same date. In the event any Borrowing is authorized to rely upon converted by a Borrower into a Eurodollar Rate Loan while a Default exists and such Default matures into an Event of Default, then, at such time, such Borrowing, at the telephonic request of any option of the Borrower’s Agents. The Borrower’s telephonic noticesAgent, requests shall immediately convert into a Prime Rate Loan and acceptances such Borrower shall be directed obligated to such officers of the Administrative Agent as the Administrative Agent may from time to time designate and shall be followed promptly by the original or a facsimile or electronic mail Notice of Conversion pay all amounts required pursuant to the first sentence of under this Section 2.12. Each Notice of Conversion shall be irrevocable by and binding on the Borrower once given4.13 resulting from such conversion.
Appears in 1 contract
Sources: Credit Agreement (Perry-Judds Inc)
Conversion. So The Borrower may on any Business Day (so ---------- long as no Default or Event of Default exists, the Borrower may on any Business Dayhas occurred and is continuing), upon the Borrower’s giving of notice (each such notice, a "Notice of Conversion Conversion") given to the Administrative Agent by telecopyAgent, electronic mail or other similar form and subject to the provisions of communicationSection 4.12(c), Convert all convert the entire amount of or a portion of a Loan all Revolving Loans of one Type comprising the same Borrowing into a Loan Revolving Loans of another Type. Each Conversion ; provided, that any conversion of Base any LIBOR Rate Loans into LIBOR Revolving Loans shall be in an aggregate minimum amount of $1,000,000 and integral multiples of $100,000 in excess of that amount, and upon Conversion of a Base Rate Loan into a LIBOR Loan, the Borrower shall pay accrued interest to the date of Conversion on the principal amount so Converted in accordance with Section 2.6. Any Conversion of a LIBOR Loan into a Base Rate Loan another Type shall be made on, and only on, the last day of an Interest Period for such LIBOR LoanRate Loans and, upon conversion of any Prime Rate Loans into Revolving Loans of another Type, the Borrower shall pay accrued interest to the date of conversion on the principal amount converted. Each such Notice of Conversion shall be given not later than 11:00 a.m. Central Noon Chicago time three (3) on the Business Days Day prior to the date of any proposed Conversion conversion into Base Prime Rate or Loans and on the third Business Day prior to the date of any proposed conversion into LIBOR Rate Loans. Promptly after receipt of a Notice of Conversion, the Administrative Agent shall notify each Lender of the proposed Conversion. Subject to the restrictions specified above, each Notice of Conversion shall be by telecopytelephone or facsimile transmission, electronic mail or other similar form of communication and if by telephone, promptly confirmed in writing, substantially in the form of a Notice of Conversion Exhibit F, in each case specifying (ai) the requested date of such Conversionconversion, (bii) the Type of Loan Revolving Loans to be Converted, converted (ciii) the portion of such Type of Revolving Loan to be Convertedconverted, (div) the Type of Loan Revolving Loans such Loan is Revolving Loans are to be Converted converted into and (ev) if such Conversion conversion is into a LIBOR LoanRate Loans, the requested duration of the Interest Period of such Loan. Notwithstanding Each conversion shall be in an aggregate amount for the foregoing, the Administrative Agent is authorized to rely upon the telephonic request Revolving Loans of any not less than $[_____] or an integral multiple of the Borrower’s Agents$[_____] in excess thereof. The Borrower’s telephonic notices, requests and acceptances shall be directed Borrower may elect to such officers convert the entire amount of the Administrative Agent as the Administrative Agent may from time to time designate and shall be followed promptly by the original or a facsimile or electronic mail Notice portion of Conversion required pursuant to all Revolving Loans of one Type comprising more than one Borrowing into Revolving Loans of another Type by combining such Borrowings into one Borrowing; provided, that if the first sentence Borrowings so combined consist of this Section 2.12. Each Notice of Conversion LIBOR Rate Loans, such Loans shall be irrevocable by and binding have Interest Periods ending on the Borrower once givensame date.
Appears in 1 contract
Conversion. So long as no Default or Event of Default existsshall have occurred and be continuing, the Borrower may on any Business Day, upon the Borrower’s giving of a Notice of Conversion to the Administrative Agent by telecopy, electronic mail or other similar form of communicationAgent, Convert all or a portion of a Loan of one Type into a such Loan of another Type. Each Conversion of Base Rate Loans into LIBOR Loans shall be in an aggregate minimum amount of $1,000,000 and integral multiples of $100,000 in excess of that amount, and upon Conversion of a Base Rate Loan into a LIBOR Loan, the Borrower shall pay accrued interest to the date of Conversion on the principal amount so Converted in accordance with Section 2.6. Any Conversion of a LIBOR Loan into a Base Rate Loan shall be made on, and only on, the last day of an Interest Period for such LIBOR Loan and, upon Conversion of a Base Rate Loan into a LIBOR Loan, the Borrower shall pay accrued interest to the date of Conversion on the principal amount so Converted. Each such Notice of Conversion shall be given not later than 11:00 a.m. Central time three (3) on the Business Days Day prior to the date of any proposed Conversion into Base Rate or Loans and on the third (3rd) Business Day prior to the date of any proposed Conversion into LIBOR Loans. Promptly after receipt of a Notice of Conversion, the Administrative Agent shall notify each applicable Lender by telecopy, or other similar form of transmission, of the proposed Conversion. Subject to the restrictions specified above, each Notice of Conversion shall be by telecopy, electronic mail telephone (confirmed immediately in writing) or other similar form of communication telecopy in the form of a Notice of Conversion specifying (a) the requested date of such Conversion, (b) the Type of Loan to be Converted, (c) the portion of such Type of Loan to be Converted, (d) the Type of Loan into which such Loan is to be Converted into and Converted, (e) if such Conversion is into a LIBOR Loan, the requested duration of the Interest Period of such Loan and (f) if such Conversion is into a LIBOR Loan. Notwithstanding the foregoing, the Administrative Agent amount of such LIBOR Loan, or portion thereof, that the Borrower has elected to have subject to a Derivatives Contract that provides a hedge against interest rate risk and the Derivatives Contract(s) to which such amount is authorized to rely upon the telephonic request of any of the Borrower’s Agents. The Borrower’s telephonic notices, requests and acceptances shall be directed to such officers of the Administrative Agent as the Administrative Agent may from time to time designate and shall be followed promptly by the original or a facsimile or electronic mail Notice of Conversion required pursuant to the first sentence of this Section 2.12subject. Each Notice of Conversion shall be irrevocable by and binding on the Borrower once given.
Appears in 1 contract
Sources: Term Loan Agreement (Columbia Property Trust, Inc.)
Conversion. So long as no Default or Event of Default exists, the The Borrower may on any Business Day, upon the Borrower’s giving of a Notice of Conversion to the Administrative Agent by telecopy, electronic mail or other similar form of communicationAgent, Convert all or a portion of a Revolving Loan or a Term Loan (including a Base Rate Loan made pursuant to Section 2.3.(e)) of one Type into a Loan of another Type. Each Conversion of Base Rate Loans into LIBOR Loans shall be in an aggregate minimum amount of $1,000,000 and integral multiples of $100,000 in excess of that amount; provided, and upon Conversion of however, a Base Rate Loan into may not be Converted to a LIBOR Loan, the Borrower Loan if a Default or Event of Default shall pay accrued interest to the date of Conversion on the principal amount so Converted in accordance with Section 2.6exist. Any Conversion of a LIBOR Loan into a Base Rate Loan shall be made on, and only on, the last day of an Interest Period for such LIBOR Loan and, upon Conversion of a Base Rate Loan into a LIBOR Loan, the Borrower shall pay accrued interest to the date of Conversion on the principal amount so Converted. Each such Notice of Conversion shall be given not later than 11:00 a.m. Central time three (3) on the Business Days Day prior to the date of any proposed Conversion into Base Rate or Loans and on the third Business Day prior to the date of any proposed Conversion into LIBOR Loans. Promptly after receipt of a Notice of Conversion, the Administrative Agent shall notify each Lender of the proposed Conversion. Subject to the restrictions specified above, each Notice of Conversion shall be by telecopy, electronic mail telephone (confirmed immediately in writing) or other similar form of communication telecopy in the form of a Notice of Conversion specifying (a) the requested date of such Conversion, (b) the Type of Loan to be Converted, (c) the portion of such Type of Loan to be Converted, (d) the Type of Loan such Loan is to be Converted into and (e) if such Conversion is into a LIBOR Loan, the requested duration of the Interest Period of such Loan. Notwithstanding the foregoing, the Administrative Agent is authorized to rely upon the telephonic request of any of the Borrower’s Agents. The Borrower’s telephonic notices, requests and acceptances shall be directed to such officers of the Administrative Agent as the Administrative Agent may from time to time designate and shall be followed promptly by the original or a facsimile or electronic mail Notice of Conversion required pursuant to the first sentence of this Section 2.12. Each Notice of Conversion shall be irrevocable by and binding on the Borrower once given.
Appears in 1 contract
Sources: Credit Agreement (U-Store-It Trust)
Conversion. So long as no Default or Event of Default exists, the Borrower may on any Business Day, upon the Borrower’s giving of a Notice of Conversion to the Administrative Agent by telecopy, electronic mail or other similar form of communication, Convert all or a portion of a Loan of one Type into a Loan of another Type. Each Conversion of Base Rate Loans into LIBOR Loans shall be in an aggregate minimum amount of $1,000,000 and integral multiples of $100,000 in excess of that amount, and upon Conversion of a Base Rate Loan into a LIBOR Loan, the Borrower shall pay accrued interest to the date of Conversion on the principal amount so Converted in accordance with Section 2.6. Any Conversion of a LIBOR LIBORTerm SOFR Loan into a Base Rate Loan shall be made on, and only on, the last day of an Interest Period for such LIBOR LIBORTerm SOFR Loan and, upon Conversion of a Base Rate Loan into a LIBORTerm SOFR Loan, the Borrower shall pay accrued interest to the date of Conversion on the principal amount so Converted in accordance with Section 2.4. Each such Notice of Conversion shall be given not later than 11:00 9:00 a.m. Central time three (i) one Business Day prior to the date of any proposed Conversion into Base Rate Loans and 3, (ii) on the date (which shall be a U.S. Government Securities Business Day) of any proposed Conversion into Daily Simple SOFR Loans and (iii) 3 U.S. Government Securities Business Days prior to the date of any proposed Conversion into Base Rate or LIBOR LIBORSOFR Loans. Promptly after receipt of a Notice of Conversion, the Administrative Agent shall notify each Lender of the proposed Conversion. Subject to the restrictions specified above, each Notice of Conversion shall be by telecopy, electronic mail or other similar form of communication in the form of a Notice of Conversion specifying (a) the requested date of such Conversion, (b) the Type of Loan to be Converted, (c) the portion of such Type of Loan to be Converted, (d) the Type of Loan such Loan is to be Converted into and (e) if such Conversion is into a LIBOR LIBORTerm SOFR Loan, the requested duration of the Interest Period of such Loan. Notwithstanding the foregoing, the Administrative Agent is authorized to rely upon the telephonic request of any of the Borrower’s Agents. The Borrower’s telephonic notices, requests and acceptances shall be directed to such officers of the Administrative Agent as the Administrative Agent may from time to time designate and shall be followed promptly by the original or a facsimile or electronic mail Notice of Conversion required pursuant to the first sentence of this Section 2.12. Each Notice of Conversion shall be irrevocable by and binding on the Borrower once given.
Appears in 1 contract
Sources: Credit Agreement (National Retail Properties, Inc.)
Conversion. So long as no Default or Event of Default exists, the The Borrower may on any Business Day, upon the Borrower’s giving of a Notice of Conversion to the Administrative Agent by telecopy, electronic mail or other similar form of communicationAgent, Convert all or a portion of a Loan of one Type into a Loan of another Type. Each Conversion of Base Rate Loans into LIBOR Loans shall be in an aggregate minimum amount of $1,000,000 and integral multiples of $100,000 in excess of that amount; provided, and upon Conversion of however, a Base Rate Loan into may not be Converted to a LIBOR Loan if an Event of Default shall exist and no Alternative Currency Loan may be converted to a Base Rate Loan, the Borrower shall pay accrued interest to the date of Conversion on the principal amount so Converted in accordance with Section 2.6. Any Conversion of a LIBOR Loan into a Base Rate Loan shall be made on, and only on, the last day of an Interest Period for such LIBOR Loan and, upon Conversion of a Base Rate Loan into a LIBOR Loan, the Borrower shall pay accrued interest to the date of Conversion on the principal amount so Converted (with such interest being payable at the time provided in Section 2.3(b)). Each such Notice of Conversion shall be given not later than 11:00 a.m. Central time three (3) on the Business Days Day prior to the date of any proposed Conversion into Base Rate or Loans and on the third Business Day prior to the date of any proposed Conversion into LIBOR Loans. Promptly after receipt of a Notice of Conversion, the Administrative Agent shall notify each Lender by telecopy, or other similar form of transmission, of the proposed Conversion. Subject to the restrictions specified above, each Notice of Conversion shall be by telecopy, electronic mail telephone (confirmed immediately in writing) or other similar form of communication telecopy in the form of a Notice of Conversion specifying (a) the requested date of such Conversion, (b) the Type of Loan to be Converted, (c) the portion of such Type of Loan to be Converted, (d) the Type of Loan such Loan is to be Converted into and (e) if such Conversion is into a LIBOR Loan, the requested duration of the Interest Period of such Loan. Notwithstanding the foregoing, the Administrative Agent is authorized to rely upon the telephonic request of any of the Borrower’s Agents. The Borrower’s telephonic notices, requests and acceptances shall be directed to such officers of the Administrative Agent as the Administrative Agent may from time to time designate and shall be followed promptly by the original or a facsimile or electronic mail Notice of Conversion required pursuant to the first sentence of this Section 2.12. Each Notice of Conversion shall be irrevocable by and binding on the Borrower once given. Notwithstanding anything in this Agreement to the contrary, if a Default exists at the time of a Conversion of a Base Rate Loan to a LIBOR Loan, the Interest Period for such Libor Loan shall not exceed one month.
Appears in 1 contract
Sources: Credit Agreement (Epr Properties)
Conversion. So long as no Default or Event of Default exists, the The Borrower may on any Business Day, upon the Borrower’s giving of a Notice of Conversion to the Administrative Agent by telecopy, electronic mail or other similar form of communicationAgent, Convert all or a portion of a Loan of one Type into a Loan of another Type. Each Conversion of Base Rate Loans into LIBOR Loans shall be in an aggregate minimum amount of $1,000,000 and integral multiples of $100,000 in excess of that amount; provided, and upon Conversion of however, a Base Rate Loan into or an RFR Loan may not be Converted to a LIBOR Loan, the Borrower Term Benchmark Loan if a Default or Event of Default shall pay accrued interest to the date of Conversion on the principal amount so Converted in accordance with Section 2.6exist. Any Conversion of a LIBOR Term Benchmark Loan into a Base Rate Loan or an RFR Loan shall be made on, and only on, the last day of an Interest Period for such LIBOR Term Benchmark Loan. Each such Notice of Conversion shall be given not later than 11:00 a.m. Central time three (3) on the Business Days Day prior to the date of any proposed Conversion into Base Rate Loans or LIBOR RFR Loans and on the third Business Day prior to the date of any proposed Conversion into Term Benchmark Loans. Promptly after receipt of a Notice of Conversion, the Administrative Agent shall notify each Lender by telecopy, or other similar form of transmission, of the proposed Conversion. Subject to the restrictions specified above, each Notice of Conversion shall be by telecopy, electronic mail telephone (confirmed immediately in writing) or other similar form of communication telecopy in the form of a Notice of Conversion specifying (a) the requested date of such Conversion, (b) the Type of Loan to be Converted, (c) the portion of such Type of Loan to be Converted, (d) the Type of Loan such Loan is to be Converted into and (e) if such Conversion is into a LIBOR Term Benchmark Loan, the requested duration of the Interest Period of such Loan. Notwithstanding the foregoing, the Administrative Agent is authorized to rely upon the telephonic request of any of the Borrower’s Agents. The Borrower’s telephonic notices, requests and acceptances shall be directed to such officers of the Administrative Agent as the Administrative Agent may from time to time designate and shall be followed promptly by the original or a facsimile or electronic mail Notice of Conversion required pursuant to the first sentence of this Section 2.12. Each Notice of Conversion shall be irrevocable by and binding on the Borrower once givengiven and shall be signed by a Responsible Officer of the Borrower; provided that, if such Notice of Conversion is submitted through an Approved Borrower Portal, the foregoing signature requirement may be waived at the sole discretion of the Agent.
Appears in 1 contract
Sources: Revolving Credit Agreement (Piedmont Office Realty Trust, Inc.)
Conversion. So long as no Default or Event of Default existsshall have occurred and be continuing, the Borrower may on any Business Day, upon the Borrower’s giving of a Notice of Conversion to the Administrative Agent by telecopy, electronic mail or other similar form of communicationAgent, Convert all or a portion of a Loan of one Type into a such Loan of another Type. Each Conversion of Base Rate Loans into LIBOR Loans shall be in an aggregate minimum amount of $1,000,000 and integral multiples of $100,000 in excess of that amount, and upon Conversion of a Base Rate Loan into a LIBOR Loan, the Borrower shall pay accrued interest to the date of Conversion on the principal amount so Converted in accordance with Section 2.6. Any Conversion of a LIBOR Rate Loan into a Base Rate Loan shall be made on, and only on, the last day of an Interest Period for such LIBOR Rate Loan and, upon Conversion of a Base Rate Loan into a LIBOR Rate Loan, the Borrower shall pay accrued interest to the date of Conversion on the principal amount so Converted. Each such Notice of Conversion shall be given not later than 11:00 a.m. Central time three (3) on the Business Days Day prior to the date of any proposed Conversion into Base Rate or Loans and on the third (3rd) Business Day prior to the date of any proposed Conversion into LIBOR Rate Loans. Promptly after receipt of a Notice of Conversion, the Administrative Agent shall notify each applicable Lender by telecopy, or other similar form of transmission, of the proposed Conversion. Subject to the restrictions specified above, each Notice of Conversion shall be by telecopy, electronic mail telephone (confirmed immediately in writing) or other similar form of communication telecopy in the form of a Notice of Conversion specifying (a) the requested date of such Conversion, (b) the Type and Class of Loan to be Converted, (c) the portion of such Type and Class of Loan to be Converted, (d) the Type and Class of Loan into which such Loan is to be Converted into and (e) if such Conversion is into a LIBOR Rate Loan, the requested duration of the Interest Period of such Loan. Notwithstanding the foregoing, the Administrative Agent is authorized to rely upon the telephonic request of any of the Borrower’s Agents. The Borrower’s telephonic notices, requests and acceptances shall be directed to such officers of the Administrative Agent as the Administrative Agent may from time to time designate and shall be followed promptly by the original or a facsimile or electronic mail Notice of Conversion required pursuant to the first sentence of this Section 2.12. Each Notice of Conversion shall be irrevocable by and binding on the Borrower once given.
Appears in 1 contract
Sources: Revolving Credit and Term Loan Agreement (Columbia Property Trust, Inc.)
Conversion. So long as no Default or Event of Default exists, the The Borrower may on any Business Day, upon the Borrower’s 's giving of a Notice of Conversion to the Administrative Agent by telecopy, electronic mail or other similar form of communication, Convert all or a portion of a Loan of one Type into a Loan of another Type; provided, however, a Base Rate Loan may not be Converted into a LIBOR Loan if a Default or Event of Default exists. Each Any Conversion of a Loan that is a LIBOR Loan into a Base Rate Loans into LIBOR Loans Loan shall be in an aggregate minimum amount of $1,000,000 and integral multiples of $100,000 in excess of that amountmade on, and only on, the last day of an Interest Period for such LIBOR Loan and, upon Conversion of a Base Rate Loan into a LIBOR Loan, the Borrower shall pay accrued interest to the date of Conversion on the principal amount so Converted in accordance with Section 2.6. Any Conversion of a LIBOR Loan into a Base Rate Loan shall be made on, and only on, the last day of an Interest Period for such LIBOR LoanConverted. Each such Notice of Conversion shall be given not later than 11:00 10:00 a.m. Central time three two (32) Business Days prior to the date of any proposed Conversion into Base Rate or LIBOR LoansConversion. Promptly after receipt of a Notice of Conversion, the Administrative Agent shall notify each Lender of the proposed Conversion. Subject to the restrictions specified above, each Notice of Conversion shall be by telecopy, electronic mail or other similar form of communication in the form of a Notice of Conversion specifying (a) the requested date of such Conversion, (b) the Type of Loan to be Converted, (c) the portion of such Type of Loan to be Converted, (d) the Type of Loan such Loan is to be Converted into and (e) if such Conversion is into a LIBOR Loan, the requested duration of the Interest Period of such Loan. Notwithstanding the foregoing, the Administrative Agent is authorized to rely upon the telephonic request of any of the Borrower’s Agents. The Borrower’s telephonic notices, requests and acceptances shall be directed to such officers of the Administrative Agent as the Administrative Agent may from time to time designate and shall be followed promptly by the original or a facsimile or electronic mail Notice of Conversion required pursuant to the first sentence of this Section 2.12. Each Notice of Conversion shall be irrevocable by and binding on the Borrower once given.
Appears in 1 contract
Sources: Term Loan Agreement (Colonial Realty Limited Partnership)
Conversion. So long as no Default or Event of Default exists, the Borrower may on any Business Day, upon the Borrower’s 's giving of a Notice of Conversion to the Administrative Agent by telecopy, electronic mail or other similar form of communicationAgent, Convert all or a portion of a Revolving Loan of one Type into a Revolving Loan of another Type. Each Conversion of Base Rate Loans into LIBOR Loans shall be in an aggregate minimum amount of $1,000,000 and integral multiples of $100,000 in excess of that amount, and upon Conversion of a Base Rate Loan into a LIBOR Loan, the Borrower shall pay accrued interest to the date of Conversion on the principal amount so Converted in accordance with Section 2.6. Any Conversion of a LIBOR Eurodollar Loan into a Base Rate Loan shall be made on, and only on, the last day of an Interest Period for such LIBOR Eurodollar Loan. Each such Notice of Conversion shall be given by Borrower not later than 11:00 a.m. Central time three 12:00 noon (3a) on the Business Days Day prior to the date of any proposed Conversion into Base Rate Loans or LIBOR (b) on the second Business Day prior to the date of any proposed Conversion into Eurodollar Loans. Promptly after upon receipt of a Notice of ConversionConversion (and in any event not later than 1:00 p.m. on the date of receipt thereof), the Administrative Agent shall notify each Lender by telecopy or other similar form of transmission of the proposed Conversion. Subject to the restrictions specified above, each Notice of Conversion shall be by telecopytelephone or telecopy confirmed immediately in writing if by telephone, electronic mail or other similar form of communication in the form of a Notice of Conversion Conversion, specifying (a1) the requested date of such Conversion, (b2) the Type of Revolving Loan to be Converted, (c3) the portion of such Type of Revolving Loan to be Converted, (d4) the Type of Revolving CREDIT AGREEMENT Loan into which such Revolving Loan is to be Converted into Converted, and (e5) if such Conversion is into a LIBOR Eurodollar Loan, the requested duration of the Interest Period of such Revolving Loan. Notwithstanding the foregoing, the Administrative Agent is authorized to rely upon the telephonic request of any of the Borrower’s Agents. The Borrower’s telephonic notices, requests and acceptances shall be directed to such officers of the Administrative Agent as the Administrative Agent may from time to time designate and shall be followed promptly by the original or a facsimile or electronic mail Notice of Conversion required pursuant to the first sentence of this Section 2.12. Each Notice of Conversion shall be irrevocable by and binding on the Borrower once given. Notwithstanding the foregoing, the right to convert from a Base Rate Loan to a Eurodollar Loan, or to continue a Eurodollar Loan, shall not be available during the occurrence of a Default or an Event of Default.
Appears in 1 contract
Conversion. So long as no Default or Event of Default exists, the The Borrower may on any Business Day, upon the Borrower’s giving of a Notice of Conversion to the Administrative Agent by telecopyfacsimile, electronic mail or other similar form of communication, Convert all or a portion of a Loan of one Type into a Loan of another Type; provided, however, (i) a Base Rate Loan may not be Converted into a LIBOR Loan if an Event of Default exists, (ii) no notice shall be required for a Conversion of a LIBOR Loan into a Base Rate Loan on the last day of an Interest Period, (iii) Loans of other Types may not be Converted into Multicurrency Loans or, except as expressly set forth herein with respect to conversions of Multicurrency Loans into a Base Rate Loan, vice versa and (iv) Loans of one Class may not be Converted into Loans of another Class. Each Conversion of Base Rate Loans of the same Class into LIBOR Loans of the same Class shall be in an aggregate minimum amount of $1,000,000 and integral multiples of $100,000 in excess of that amount, amount and upon Conversion of a Base Rate Loan into a LIBOR Loan, the Borrower shall pay accrued interest to the date of Conversion on the principal amount so Converted in accordance with Section 2.6. Any Conversion of a LIBOR Loan into a Base Rate Loan shall be made on, and only on, the last day of an Interest Period for such LIBOR Loan, unless the Borrower pays all applicable compensation pursuant to Section 5.4. Each such Notice of Conversion shall be given not later than 11:00 9:00 a.m. Central Pacific time three (3) Business Days prior to the date of any proposed Conversion into Base Rate or LIBOR LoansConversion. Promptly after receipt of a Notice of Conversion, the Administrative Agent shall notify each Lender holding Loans being Converted of the proposed Conversion. Subject to the restrictions specified above, each Notice of Conversion shall be by telecopyfacsimile, electronic mail or other similar form of communication in the form of a Notice of Conversion specifying (a) the requested date of such Conversion, (b) the Type and Class of Loan to be Converted, (c) the portion of such Type and Class of Loan to be Converted, (d) the Type of Loan such Loan is to be Converted into and (e) if such Conversion is into a LIBOR Loan, the requested duration of the Interest Period of such Loan. Notwithstanding the foregoing, the Administrative Agent is authorized to rely upon the telephonic request of any of the Borrower’s Agents. The Borrower’s telephonic notices, requests and acceptances shall be directed to such officers of the Administrative Agent as the Administrative Agent may from time to time designate and shall be followed promptly by the original or a facsimile or electronic mail Notice of Conversion required pursuant to the first sentence of this Section 2.12. Each Notice of Conversion shall be irrevocable by and binding on the Borrower once given.
Appears in 1 contract
Conversion. So long as no Default or Event of Default exists, the Borrower The Borrowers may on any Business Day, upon the Borrower’s 's giving of a Notice of Conversion to the Administrative Agent by telecopy, electronic mail or other similar form of communicationAgent, Convert all or a portion of a Loan of one Type into a Loan of another Type. Each Conversion of Base Rate Loans into LIBOR Loans shall be in an aggregate minimum amount of $1,000,000 and integral multiples of $100,000 in excess of that amount; provided, and upon Conversion of however, a Base Rate Loan into may not be Converted to a LIBOR Loan, the Borrower Loan if a Default or Event of Default shall pay accrued interest to the date of Conversion on the principal amount so Converted in accordance with Section 2.6exist. Any Conversion of a LIBOR Loan into a Base Rate Loan shall be made on, and only on, the last day of an Interest Period for such LIBOR Loan and, upon Conversion of a Base Rate Loan into a LIBOR Loan, the Borrowers shall pay accrued interest to the date of Conversion on the principal amount so Converted. Each such Notice of Conversion shall be given not later than 11:00 a.m. Central time three (3) on the Business Days Day prior to the date of any proposed Conversion into Base Rate or Loans and on the third Business Day prior to the date of any proposed Conversion into LIBOR Loans. Promptly after receipt of a Notice of Conversion, the Administrative Agent shall notify each Lender by telecopy, or other similar form of transmission, of the proposed Conversion. Subject to the restrictions specified above, each Notice of Conversion shall be by telecopy, electronic mail telephone (confirmed immediately in writing) or other similar form of communication telecopy in the form of a Notice of Conversion specifying (a) the requested date of such Conversion, (b) the Type of Loan to be Converted, (c) the portion of such Type of Loan to be Converted, (d) the Type of Loan such Loan is to be Converted into and (e) if such Conversion is into a LIBOR Loan, the requested duration of the Interest Period of such Loan. Notwithstanding the foregoing, the Administrative Agent is authorized to rely upon the telephonic request of any of the Borrower’s Agents. The Borrower’s telephonic notices, requests and acceptances shall be directed to such officers of the Administrative Agent as the Administrative Agent may from time to time designate and shall be followed promptly by the original or a facsimile or electronic mail Notice of Conversion required pursuant to the first sentence of this Section 2.12. Each Notice of Conversion shall be irrevocable by and binding on the Borrower Borrowers once given.
Appears in 1 contract
Sources: Credit Agreement (Lexington Master Limited Partnership)
Conversion. So The Company may on any Business Day (so long as no ---------- Default or Event of Default exists, has occurred and is continuing unless otherwise agreed to by the Borrower may on any Business DayMajority Banks), upon the Borrower’s giving of a Notice of Conversion given to the Administrative Agent by telecopyAgent, electronic mail or other similar form and subject to the provisions of communicationSection 4.07(c), Convert all convert the entire amount of or a portion of a Loan all Loans of one Type comprising the same Borrowing into a Loan Loans of another Type. Each Conversion ; provided, however, -------- ------- that any conversion of Base any Eurodollar Rate Loans into LIBOR Prime Rate Loans shall be in an aggregate minimum amount of $1,000,000 and integral multiples of $100,000 in excess of that amount, and upon Conversion of a Base Rate Loan into a LIBOR Loan, the Borrower shall pay accrued interest to the date of Conversion on the principal amount so Converted in accordance with Section 2.6. Any Conversion of a LIBOR Loan into a Base Rate Loan shall be made on, and only on, the last day of an Interest Period for such LIBOR LoanEurodollar Rate Loans and, upon conversion of any Prime Rate Loans into Eurodollar Rate Loans, the Company shall pay accrued interest to the date of conversions on the principal amount converted. Each such Notice of Conversion shall be given not later than 11:00 a.m. Central time three (3) 1:00 P.M., New York City time, on the day of any proposed conversion into Prime Rate Loans and not later than 5:00 P.M. on the third Business Days Day prior to the date of any proposed Conversion conversion into Base Eurodollar Rate or LIBOR Loans. Promptly after receipt of a Notice of Conversion, the Administrative Agent shall notify each Lender of the proposed Conversion. Subject to the restrictions specified above, each Notice of Conversion shall be by telecopytelephone or facsimile transmission and, electronic mail or other similar form of communication if by telephone, promptly confirmed in the form of a Notice of Conversion writing, in each case specifying (ai) the requested date of such Conversionconversion, (bii) the Type of Loan Loans to be Convertedconverted, (ciii) the portion of such Type of Loan to be Convertedconverted, (div) the Type of Loan such Loan is Loans are to be Converted converted into and (ev) if such Conversion conversion is into a LIBOR LoanEurodollar Rate Loans, the requested duration of the Interest Period of such Loan. Notwithstanding Each conversion shall be in an aggregate amount for the foregoing, the Administrative Agent is authorized to rely upon the telephonic request Loans of any all Banks of the Borrower’s Agentsnot less than $5,000,000 or in an integral multiple of $1,000,000 in excess thereof. The Borrower’s telephonic notices, requests and acceptances shall be directed Company may elect to such officers convert the entire amount of the Administrative Agent as the Administrative Agent may from time to time designate and shall be followed promptly by the original or a facsimile or electronic mail Notice portion of Conversion required pursuant to all Loans of one Type comprising more than one Borrowing into Loans of another Type by combining such Borrowings into one Borrowing consisting of Loans of another Type; provided, however, that if the first sentence Borrowings so combined -------- ------- consist of this Section 2.12. Each Notice of Conversion Eurodollar Rate Loans, such Loans shall be irrevocable by and binding have Interest Periods ending on the Borrower once givensame date.
Appears in 1 contract
Conversion. So long as no Default or Event of Default exists, the The Borrower may on any Business Day, upon the Borrower’s giving of a Notice of Conversion to the Administrative Agent by telecopy, electronic mail or other similar form of communication, Convert all or a portion of a Loan of one Type into a Loan of another Type; provided, however, a Base Rate Loan may not be Converted into a LIBORSOFR Loan if an Event of Default exists. Each Conversion of Base Rate Loans into LIBOR LIBORSOFR Loans shall be in an aggregate minimum amount of $1,000,000 and integral multiples of $100,000 1,000,000 in excess of that amount, and upon Conversion of a Base Rate Loan into a LIBOR Loan, the Borrower shall pay accrued interest to the date of Conversion on the principal amount so Converted in accordance with Section 2.6. Any Conversion of a LIBOR Loan into a Base Rate Loan shall be made on, and only on, the last day of an Interest Period for such LIBOR Loan. Each such Notice of Conversion shall be given not later than 11:00 a.m. Central 12:00 p.m. noon Eastern time three (3) U.S. Government Securities Business Days prior to the date of any proposed Conversion into Base Rate or LIBOR LoansConversion. Promptly after receipt of a Notice of Conversion, the Administrative Agent shall notify each Lender of the proposed Conversion. Subject to the restrictions specified above, each Notice of Conversion shall be by telecopytelephone, (confirmed promptly in writing on the same Business Day or U.S. Government Securities Business Day, as applicable), electronic mail or other similar form of communication in the form of a Notice of Conversion specifying (a) the requested date of such Conversion, (b) the Type of Loan to be Converted, (c) the portion of such Type of Loan to be Converted, (d) the Type of Loan such Loan is to be Converted into and (e) if such Conversion is into a LIBOR LIBORSOFR Loan, the requested duration of the Interest Period of such Loan. Notwithstanding the foregoing, the Administrative Agent is authorized to rely upon the telephonic request of any of the Borrower’s Agents. The Borrower’s telephonic notices, requests and acceptances shall be directed to such officers of the Administrative Agent as the Administrative Agent may from time to time designate and shall be followed promptly by the original or a facsimile or electronic mail Notice of Conversion required pursuant to the first sentence of this Section 2.12. Each Notice of Conversion shall be irrevocable by and binding on the Borrower once given. If the Borrower requests a Conversion to a SOFR Loan, but fails to specify an Interest Period, it will be deemed to have specified an Interest Period of one month.
Appears in 1 contract
Conversion. So long as no Default or Event of Default exists, the The Borrower may on any Business Day, upon the Borrower’s giving of a Notice of Conversion to the Administrative Agent by telecopy, electronic mail or other similar form of communicationAgent, Convert all or a portion of a Loan of one Type into a Loan of another Type. Each Conversion of Base Rate Loans into LIBOR Loans shall be in an aggregate minimum amount of $1,000,000 and integral multiples of $100,000 in excess of that amount; provided, and upon Conversion of however, (i) a Base Rate Loan into may not be Converted to a LIBOR LIBORSOFR Loan if a Default or Event of Default shall exist, and (ii) a Daily Simple SOFR Loan may not be Converted to a Term SOFR Loan, the Borrower or vice versa, if a Default or Event of Default shall pay accrued interest to the date of Conversion on the principal amount so Converted in accordance with Section 2.6exist. Any Conversion of a LIBOR LIBORTerm SOFR Loan into a Base Rate Loan or a Daily Simple SOFR Loan shall be made on, and only on, the last day of an Interest Period for such LIBOR LIBORTerm SOFR Loan. Each such Notice of Conversion shall be given not later than 11:00 a.m. Central time three (3) on the Business Days Day prior to the date of any proposed Conversion into Base Rate or LIBOR Loans and on the third Business Day prior to the date of any proposed Conversion into LIBORSOFR Loans. Promptly after receipt of a Notice of Conversion, the Administrative Agent shall notify each applicable Lender by telecopy, or other similar form of transmission, of the proposed Conversion. Subject to the restrictions specified above, each Notice of Conversion shall be by telecopy, electronic mail telephone (confirmed immediately in writing) or other similar form of communication telecopy in the form of a Notice of Conversion specifying (a) the requested date of such Conversion, (b) the Type of Loan to be Converted, (c) the portion of such Type of Loan to be Converted, (d) the Type of Loan such Loan is to be Converted into and (e) if such Conversion is into a LIBOR LIBORTerm SOFR Loan, the requested duration of the Interest Period of such Loan. Notwithstanding the foregoing, the Administrative Agent is authorized to rely upon the telephonic request of any of the Borrower’s Agents. The Borrower’s telephonic notices, requests and acceptances shall be directed to such officers of the Administrative Agent as the Administrative Agent may from time to time designate and shall be followed promptly by the original or a facsimile or electronic mail Notice of Conversion required pursuant to the first sentence of this Section 2.12. Each Notice of Conversion shall be irrevocable by and binding on the Borrower once given.
Appears in 1 contract
Conversion. So long as there exists no Default or Event of Default existsDefault, the Borrower may on any Business Day, upon the Borrower’s giving of a Notice of Conversion to the Administrative Agent by telecopy, electronic mail or other similar form of communication, Convert all or a portion of a Loan of one Type into a Loan of another Type. Each Conversion of Base Rate Loans into LIBOR Loans shall be in an aggregate minimum amount of $1,000,000 100,000 and integral multiples of $100,000 1,000 in excess of that amount, and upon Conversion of a Base Rate Loan into a LIBOR Loan, the Borrower shall pay accrued interest to the date 29 of Conversion on the principal amount so Converted in accordance with Section 2.62.2. Any Conversion of a LIBOR Loan into a Base Rate Loan shall be made on, and only on, the last day of an Interest Period for such LIBOR Loan. Each such Notice of Conversion shall be given not later than 11:00 a.m. Central time one Business Day prior to the date of any proposed Conversion into Base Rate Loans and three (3) Business Days prior to the date of any proposed Conversion into Base Rate or LIBOR Loans. Promptly after receipt of a Notice of Conversion, the Administrative Agent shall notify each Lender of the proposed Conversion. Subject to the restrictions specified above, each Notice of Conversion shall be by telecopy, electronic mail or other similar form of communication in the form of a Notice of Conversion specifying (a) the requested date of such Conversion, (b) the Type of Loan to be Converted, (c) the portion of such Type of Loan to be Converted, (d) the Type of Loan such Loan is to be Converted into and (e) if such Conversion is into a LIBOR Loan, the requested duration of the Interest Period of such Loan. Notwithstanding the foregoing, the Administrative Agent is authorized to rely upon the telephonic request of any of the Borrower’s Agents. The Borrower’s telephonic notices, requests and acceptances shall be directed to such officers of the Administrative Agent as the Administrative Agent may from time to time designate and shall be followed promptly by the original or a facsimile or electronic mail Notice of Conversion required pursuant to the first sentence of this Section 2.12. Each Notice of Conversion shall be irrevocable by and binding on the Borrower once given.
Appears in 1 contract
Sources: Term Loan Agreement (CBL & Associates Properties Inc)
Conversion. So long as no Default or Event of Default existsshall have occurred, the Borrower may on any Business Day, upon the Borrower’s 's giving of a Notice of Conversion to the Administrative Agent by telecopy, electronic mail or other similar form of communicationAgent, Convert all or a portion of a Loan of one Type into a Loan of another Type. Each Conversion of Base Rate Loans into LIBOR Loans shall be in an aggregate minimum amount of $1,000,000 and integral multiples of $100,000 in excess of that amount, and upon Conversion of a Base Rate Loan into a LIBOR Loan, the Borrower shall pay accrued interest to the date of Conversion on the principal amount so Converted in accordance with Section 2.6. Any Conversion of a LIBOR Loan into a Base Rate Loan shall be made on, and only on, the last day of an Interest Period for such LIBOR Loan and, upon Conversion of a Base Rate Loan into a LIBOR Loan, the Borrower shall pay accrued interest to the date of Conversion on the principal amount so Converted. Each such Notice of Conversion shall be given not later than 11:00 a.m. Central time three (3) 12:00 noon on the Business Days Day prior to the date of any proposed Conversion into Base Rate or Loans and on the third Business Day prior to the date of any proposed Conversion into LIBOR Loans. Promptly after receipt of a Notice of Conversion, the Administrative Agent shall notify each Lender by telex or telecopy, or other similar form of transmission of the proposed Conversion. Subject to the restrictions specified above, each Notice of Conversion shall be by telephone or telecopy, electronic mail or other similar form of communication confirmed promptly in writing if by telephone, in the form of a Notice of Conversion specifying (a) the requested date of such Conversion, (b) the Type of Loan to be Converted, (c) the portion of such Type of Loan to be Converted, (d) the Type of Loan such Loan is to be Converted into and (e) if such Conversion is into a LIBOR Loan, the requested duration of the Interest Period of such Loan. Notwithstanding the foregoing, the Administrative Agent is authorized to rely upon the telephonic request of any of the Borrower’s Agents. The Borrower’s telephonic notices, requests and acceptances shall be directed to such officers of the Administrative Agent as the Administrative Agent may from time to time designate and shall be followed promptly by the original or a facsimile or electronic mail Notice of Conversion required pursuant to the first sentence of this Section 2.12. Each Notice of Conversion shall be irrevocable by and binding on the Borrower once given.
Appears in 1 contract
Conversion. So The Borrowers may on any Business Day (so long as no Default or Event of Default exists, the Borrower may on any Business Dayhas occurred and is continuing), upon notice substantially in the Borrower’s giving form of Exhibit E (each such notice, a Notice of Conversion "NOTICE OF CONVERSION") given to the Administrative Agent by telecopyAgent, electronic mail or other similar form and subject to the provisions of communicationSection 4.8(c), Convert all convert the entire amount of or a portion of a Loan all Loans of one Type comprising the same Borrowing into a Loan Loans of another Type. Each Conversion ; PROVIDED, HOWEVER, that any conversion of Base any Eurodollar Rate Loans into LIBOR Loans shall be in an aggregate minimum amount of $1,000,000 and integral multiples of $100,000 in excess of that amount, and upon Conversion of a Base Rate Loan into a LIBOR Loan, the Borrower shall pay accrued interest to the date of Conversion on the principal amount so Converted in accordance with Section 2.6. Any Conversion of a LIBOR Loan into a Base Rate Loan another Type shall be made on, and only on, the last day of an Interest Period for such LIBOR LoanEurodollar Rate Loans and, upon conversion of any Prime Rate Loans into Loans of another Type, the Borrowers shall pay accrued interest to the date of conversion on the principal amount converted. Each such Notice of Conversion shall be given not later than 11:00 10:00 a.m. Central time three (3New York City time) on the Business Days Day prior to the date of any proposed Conversion conversion into Base Prime Rate or LIBOR Loans and on the third Business Day prior to the date of any proposed conversion into Eurodollar Rate Loans. Promptly after receipt of a Notice of Conversion, the Administrative Agent shall notify each Lender of the proposed Conversion. Subject to the restrictions specified above, each Notice of Conversion shall be by telecopytelephone or facsimile transmission, electronic mail or other similar form of communication and if by telephone, promptly confirmed by a writing, in the form of a Notice of Conversion each case specifying (ai) the requested date of such Conversionconversion, (bii) the Type of Loan Loans to be Convertedconverted, (ciii) the portion of such Type of Loan to be Convertedconverted, (div) the Type of Loan such Loan is Loans are to be Converted converted into and (ev) if such Conversion conversion is into a LIBOR LoanEurodollar Rate Loans, the requested duration of the Interest Period of such Loan. Notwithstanding Each conversion shall be in an aggregate amount for the foregoing, the Administrative Agent is authorized to rely upon the telephonic request Loans of any all Lenders of the Borrower’s Agentsnot less than $1,000,000 or an integral multiple of $100,000 in excess thereof. The Borrower’s telephonic notices, requests and acceptances shall be directed Borrowers may elect to such officers convert the entire amount of the Administrative Agent as the Administrative Agent may from time to time designate and shall be followed promptly by the original or a facsimile or electronic mail Notice portion of Conversion required pursuant to all Loans of one Type comprising more than one Borrowing into Loans of another Type by combining such Borrowings into one Borrowing; PROVIDED, HOWEVER, that if the first sentence Borrowings so combined consist of this Section 2.12. Each Notice of Conversion Eurodollar Rate Loans, such Loans shall be irrevocable by and binding have Interest Periods ending on the Borrower once givensame date.
Appears in 1 contract
Sources: Credit Agreement (Lynch Corp)
Conversion. So long as no Default or Event of Default exists, the The Borrower may on any Business Day, upon the Borrower’s giving of a Notice of Conversion to the Administrative Agent by telecopy, electronic mail or other similar form of communicationAgent, Convert all or a portion of a Loan of one Type into a Loan of another Type. Each Conversion of Base Rate Loans into LIBOR Loans shall be in an aggregate minimum amount of $1,000,000 and integral multiples of $100,000 in excess of that amount; provided, and upon Conversion of however, a Base Rate Loan into or an RFR Loan may not be Converted to a LIBOR Loan, the Borrower LIBORTerm Benchmark Loan if a Default or Event of Default shall pay accrued interest to the date of Conversion on the principal amount so Converted in accordance with Section 2.6exist. Any Conversion of a LIBOR LIBORTerm Benchmark Loan into a Base Rate Loan or an RFR Loan shall be made on, and only on, the last day of an Interest Period for such LIBOR LIBORTerm Benchmark Loan. Each such Notice of Conversion shall be given not later than 11:00 a.m. Central time three (3) on the Business Days Day prior to the date of any proposed Conversion into Base Rate Loans or LIBOR an RFR Loans and on the third Business Day prior to the date of any proposed Conversion into LIBORTerm Benchmark Loans. Promptly after receipt of a Notice of Conversion, the Administrative Agent shall notify each Lender by telecopy, or other similar form of transmission, of the proposed Conversion. Subject to the restrictions specified above, each Notice of Conversion shall be by telecopy, electronic mail telephone (confirmed immediately in writing) or other similar form of communication telecopy in the form of a Notice of Conversion specifying (a) the requested date of such Conversion, (b) the Type of Loan to be Converted, (c) the portion of such Type of Loan to be Converted, (d) the Type of Loan such Loan is to be Converted into and (e) if such Conversion is into a LIBOR LIBORTerm Benchmark Loan, the requested duration of the Interest Period of such Loan. Notwithstanding the foregoing, the Administrative Agent is authorized to rely upon the telephonic request of any of the Borrower’s Agents. The Borrower’s telephonic notices, requests and acceptances shall be directed to such officers of the Administrative Agent as the Administrative Agent may from time to time designate and shall be followed promptly by the original or a facsimile or electronic mail Notice of Conversion required pursuant to the first sentence of this Section 2.12. Each Notice of Conversion shall be irrevocable by and binding on the Borrower once given.
Appears in 1 contract
Sources: Term Loan Agreement (Piedmont Office Realty Trust, Inc.)
Conversion. So long as no Default or Event of Default exists, the The Borrower may on any Business Day, upon the Borrower’s giving of a Notice of Conversion to the Administrative Agent by telecopy, electronic mail or other similar form of communication, Convert all or a portion of a Loan of one Type into a Loan of another Type; provided, however, a Base Rate Loan may not be Converted into a SOFR Loan and a Daily Simple SOFR Loan may not be converted into a Term SOFR Loan if a Default or Event of Default exists. Each Conversion of Base Rate Loans or Daily Simple SOFR Loans into LIBOR Term SOFR Loans shall be in an aggregate minimum amount of $1,000,000 and integral multiples of $100,000 250,000 in excess of that amount, and upon Conversion of a Base Rate Loan into a LIBOR Loan, the Borrower shall pay accrued interest to the date of Conversion on the principal amount so Converted in accordance with Section 2.6. Any Conversion of a LIBOR Term SOFR Loan into a Base Rate Loan or Daily Simple SOFR Loan shall be made on, and only on, the last day of an Interest Period for such LIBOR Term SOFR Loan. Each such Notice of Conversion shall be given not later than 11:00 a.m. 1:00 p.m. Central time three (3) Business Days prior to the date of any proposed Conversion into Base Rate or LIBOR LoansConversion. Promptly after receipt of a Notice of Conversion, the Administrative Agent shall notify each Lender of the proposed Conversion. Subject to the restrictions specified above, each Notice of Conversion shall be by telecopy, electronic mail or other similar form of communication in the form of a Notice of Conversion specifying (a) the requested date of such Conversion, (b) the Type of Loan to be Converted, (c) the portion of such Type of Loan to be Converted, (d) the Type of Loan such Loan is to be Converted into and (e) if such Conversion is into a LIBOR Term SOFR Loan, the requested duration of the Interest Period of such Loan. Notwithstanding A Notice of Conversion submitted through the foregoingCredit Management Module of PNC Bank’s PINACLE® system, in accordance with the applicable security procedures therefor, shall be deemed delivered to the Administrative Agent is authorized to rely upon in the telephonic request of any of the Borrower’s Agents. The Borrower’s telephonic notices, requests form required by this Agreement and acceptances shall be directed deemed delivered to such officers of the Administrative Agent as on the Administrative Agent may from date and time to time designate and shall be followed promptly by the original or a facsimile or electronic mail such Notice of Conversion required pursuant was submitted through the Credit Management Module of PNC Bank’s PINACLE® system, in accordance with the applicable security procedures therefor. If the Borrower shall elect a conversion to Term SOFR Loans but fails to select an Interest Period for any Term SOFR Loan in accordance with this Section, the first sentence Borrower shall be deemed to have selected an Interest Period of this Section 2.12one month. Each Notice of Conversion shall be irrevocable by and binding on the Borrower once given.
Appears in 1 contract
Conversion. So long as no Default or Event of Default existsshall have occurred and be continuing, the Borrower may on any Business Day, upon the Borrower’s 's giving of a Notice of Conversion to the Administrative Agent by telecopy, electronic mail or other similar form of communicationAgent, Convert all or a portion of a Revolving Loan or Term Loan of one Type into a Revolving Loan or Term Loan, respectively, of another Type. Each Any Conversion of a Revolving Loan or Term Loan that is a LIBOR Loan into a Base Rate Loans into LIBOR Loans Loan shall be in an aggregate minimum amount of $1,000,000 and integral multiples of $100,000 in excess of that amountmade on, and only on, the last day of an Interest Period for such LIBOR Loan and, upon Conversion of a Base Rate Loan into a LIBOR Loan, the Borrower shall pay accrued interest to the date of Conversion on the principal amount so Converted in accordance with Section 2.6. Any Conversion of a LIBOR Loan into a Base Rate Loan shall be made on, and only on, the last day of an Interest Period for such LIBOR LoanConverted. Each such Notice of Conversion shall be given not later than 11:00 a.m. Central time three (3) on the Business Days Day prior to the date of any proposed Conversion into Base Rate or Loans and on the third (3rd) Business Day prior to the date of any proposed Conversion into LIBOR Loans. Promptly after receipt of a Notice of Conversion, the Administrative Agent shall notify each applicable Lender by telecopy, or other similar form of transmission, of the proposed Conversion. Subject to the restrictions specified above, each Notice of Conversion shall be by telecopy, electronic mail telephone (confirmed immediately in writing) or other similar form of communication telecopy in the form of a Notice of Conversion specifying (a) the requested date of such Conversion, (b) the Type of Revolving Loan or Term Loan to be Converted, (c) the portion of such Type of Revolving Loan or Term Loan to be Converted, (d) the Type of Revolving Loan such Revolving Loan, or Type of Term Loan such Term Loan, is to be Converted into and (e) if such Conversion is into a LIBOR Loan, the requested duration of the Interest Period of such Loan. Notwithstanding the foregoing, the Administrative Agent is authorized to rely upon the telephonic request of any of the Borrower’s Agents. The Borrower’s telephonic notices, requests and acceptances shall be directed to such officers of the Administrative Agent as the Administrative Agent may from time to time designate and shall be followed promptly by the original or a facsimile or electronic mail Notice of Conversion required pursuant to the first sentence of this Section 2.12. Each Notice of Conversion shall be irrevocable by and binding on the Borrower once given.
Appears in 1 contract
Conversion. So long as no Default or Event of Default exists, the The Borrower may on any Business Day, upon the Borrower’s giving of a Notice of Conversion to the Administrative Agent by telecopy, electronic mail or other similar form of communicationAgent, Convert all or a portion of a Loan of one Type into a Loan of another Type; provided, however, a Base Rate Loan may not be Converted to a Eurocurrency Loan or another Type if an Event of Default shall exist and no Alternative Currency Loan may be converted to a Base Rate Loan. Each Any Conversion of a Eurocurrencyan RFR Loan (other than a Daily Simple SOFR Loan or any other daily rate RFR Loan) into a Base Rate Loans into LIBOR Loans Loan or Daily Simple SOFR Loan shall be in an aggregate minimum amount of $1,000,000 and integral multiples of $100,000 in excess of that amountmade on, and only on, the last day of an Interest Period for such Loan and, upon Conversion of a Base Rate Loan into a LIBOR Eurocurrencyan RFR Loan or of a daily rate RFR Loan into a fixed rate RFR Loan or Base Rate Loan, the Borrower shall pay accrued interest to the date of Conversion on the principal amount so Converted (with such interest being payable at the time provided in accordance with Section 2.6. Any Conversion of a LIBOR Loan into a Base Rate Loan shall be made on, and only on, the last day of an Interest Period for such LIBOR Loan2.3(b)). Each such Notice of Conversion shall be given not later than 11:00 a.m. Central time three (3i) on the Business Days Day prior to the date of any proposed Conversion into Base Rate Loans or LIBOR daily rate RFR Loans, and (ii) on the third Business Day prior to the date of any proposed Conversion into Eurocurrencyfixed rate RFR Loans. Promptly after receipt of a Notice of Conversion, the Administrative Agent shall notify each Lender by telecopy, or other similar form of transmission, of the proposed Conversion. Subject to the restrictions specified above, each Notice of Conversion shall be by telecopy, electronic mail telephone (confirmed immediately in writing) or other similar form of communication telecopy in the form of a Notice of Conversion specifying (a) the requested date of such Conversion, (b) the Type of Loan to be Converted, (c) the portion of such Type of Loan to be Converted, (d) the Type of Loan such Loan is to be Converted into and (e) if such Conversion is into a LIBOR Eurocurrencyfixed rate RFR Loan, the requested duration of the Interest Period of such Loan. Notwithstanding the foregoing, the Administrative Agent is authorized to rely upon the telephonic request of any of the Borrower’s Agents. The Borrower’s telephonic notices, requests and acceptances shall be directed to such officers of the Administrative Agent as the Administrative Agent may from time to time designate and shall be followed promptly by the original or a facsimile or electronic mail Notice of Conversion required pursuant to the first sentence of this Section 2.12. Each Notice of Conversion shall be irrevocable by and binding on the Borrower once given. Notwithstanding anything in this Agreement to the contrary, if a Default exists at the time of a Conversion of a Base Rate Loan to a Eurocurrencyfixed rate RFR Loan, the Interest Period for such Loan shall not exceed one month.
Appears in 1 contract
Sources: Credit Agreement (Epr Properties)
Conversion. So long as no Default or Event of Default exists, the The MG Borrower may on any Business Day, upon the MG Borrower’s giving of a Notice of Conversion to the Administrative Agent by telecopy, electronic mail or other similar form of communicationAgent, Convert all or a portion of a Loan of one Type into a Loan of another Type. Each Conversion of Base Rate Loans into LIBOR Loans shall be in an aggregate minimum amount of $1,000,000 and integral multiples of $100,000 in excess of that amount; provided, and upon Conversion of however, a Base Rate Loan into may not be Converted to a LIBOR Loan, the Borrower Loan if a Default or Event of Default shall pay accrued interest to the date of Conversion on the principal amount so Converted in accordance with Section 2.6exist. Any Conversion of a LIBOR Loan into a Base Rate Loan shall be made on, and only on, the last day of an Interest Period for such LIBOR Loan and, upon Conversion of a Base Rate Loan into a LIBOR Loan, the Borrowers shall pay accrued interest to the date of Conversion on the principal amount so Converted. Each such Notice of Conversion shall be given not later than 11:00 a.m. Central time three (3) on the Business Days Day prior to the date of any proposed Conversion into Base Rate or Loans and on the third Business Day prior to the date of any proposed Conversion into LIBOR Loans. Promptly after receipt of a Notice of Conversion, the Administrative Agent shall notify each Lender by telecopy, or other similar form of transmission, of the proposed Conversion. Subject to the restrictions specified above, each Notice of Conversion shall be by telecopy, electronic mail telephone (confirmed promptly in writing) or other similar form of communication telecopy in the form of a Notice of Conversion specifying (a) the requested date of such Conversion, (b) the Type of Loan to be Converted, (c) the portion of such Type of Loan to be Converted, (d) the Type of Loan such Loan is to be Converted into and (e) if such Conversion is into a LIBOR Loan, the requested duration of the Interest Period of such Loan. Notwithstanding the foregoing, the Administrative Agent is authorized to rely upon the telephonic request of any of the Borrower’s Agents. The Borrower’s telephonic notices, requests and acceptances shall be directed to such officers of the Administrative Agent as the Administrative Agent may from time to time designate and shall be followed promptly by the original or a facsimile or electronic mail Notice of Conversion required pursuant to the first sentence of this Section 2.12. Each Notice of Conversion shall be irrevocable by and binding on the Borrower Borrowers once given.
Appears in 1 contract
Conversion. So long as no Default or Event of Default existsshall have occurred and be continuing, the Borrower may on any Business Day, upon the Borrower’s 's giving of a Notice of Conversion Borrowing to the Administrative Agent by telecopy, electronic mail or other similar form of communicationAgent, Convert all or a portion of a Revolving Loan of one Type into a Revolving Loan of another Type. Each Any Conversion of a Revolving Loan that is a LIBOR Loan into a Base Rate Loans into LIBOR Loans Loan shall be in an aggregate minimum amount of $1,000,000 and integral multiples of $100,000 in excess of that amountmade on, and only on, the last day of an Interest Period for such LIBOR Loan and, upon Conversion of a Base Rate Loan into a LIBOR Loan, the Borrower shall pay accrued interest to the date of Conversion on the principal amount so Converted in accordance with Section 2.6. Any Conversion of a LIBOR Loan into a Base Rate Loan shall be made on, and only on, the last day of an Interest Period for such LIBOR LoanConverted. Each such Notice of Conversion Borrowing shall be given not later than 11:00 a.m. Central time three (3) on the Business Days Day prior to the date of any proposed Conversion into Base Rate or Loans and on the third (3rd) Business Day prior to the date of any proposed Conversion into LIBOR Loans. Promptly after receipt of a Notice of ConversionBorrowing, the Administrative Agent shall notify each Lender by telecopy, or other similar form of transmission, of the proposed Conversion. Subject to the restrictions specified above, each Notice of Conversion Borrowing shall be by telecopy, electronic mail telephone (confirmed immediately in writing) or other similar form of communication telecopy in the form of a Notice of Conversion Borrowing specifying (a) the requested date of such Conversion, (b) the Type of Revolving Loan to be Converted, (c) the portion of such Type of Revolving Loan to be Converted, (d) the Type of Revolving Loan such Revolving Loan is to be Converted into and (e) if such Conversion is into a LIBOR Loan, the requested duration of the Interest Period of such Loan. Notwithstanding the foregoing, the Administrative Agent is authorized to rely upon the telephonic request of any of the Borrower’s Agents. The Borrower’s telephonic notices, requests and acceptances shall be directed to such officers of the Administrative Agent as the Administrative Agent may from time to time designate and shall be followed promptly by the original or a facsimile or electronic mail Notice of Conversion required pursuant to the first sentence of this Section 2.12. Each Notice of Conversion Borrowing shall be irrevocable by and binding on the Borrower once given.
Appears in 1 contract
Conversion. So The Borrowers may on any Business Day (so long as no Default or Event of Default exists, the Borrower may on any Business Dayhas occurred and is continuing), upon the Borrower’s giving of notice (each such notice, a Notice of Conversion "NOTICE OF CONVERSION") given to the Administrative Agent by telecopyAgent, electronic mail or other similar form and subject to the provisions of communicationSECTION 4.13(C), Convert all convert the entire amount of or a portion of a Loan all Revolving Loans of one Type comprising the same Borrowing into a Loan Revolving Loans of another Type. Each Conversion ; PROVIDED, THAT any conversion of Base any LIBOR Rate Loans into LIBOR Revolving Loans shall be in an aggregate minimum amount of $1,000,000 and integral multiples of $100,000 in excess of that amount, and upon Conversion of a Base Rate Loan into a LIBOR Loan, the Borrower shall pay accrued interest to the date of Conversion on the principal amount so Converted in accordance with Section 2.6. Any Conversion of a LIBOR Loan into a Base Rate Loan another Type shall be made on, and only on, the last day of an Interest Period for such LIBOR LoanRate Loans and, upon conversion of any Prime Rate Loans into Revolving Loans of another Type, the Borrowers shall pay accrued interest to the date of conversion on the principal amount converted. Each such Notice of Conversion shall be given not later than 11:00 a.m. Central Noon Chicago time three (3) on the Business Days Day prior to the date of any proposed Conversion conversion into Base Prime Rate or Loans and on the third Business Day prior to the date of any proposed conversion into LIBOR Rate Loans. Promptly after receipt of a Notice of Conversion, the Administrative Agent shall notify each Lender of the proposed Conversion. Subject to the restrictions specified above, each Notice of Conversion shall be by telecopytelephone or facsimile transmission, electronic mail or other similar form of communication and if by telephone, promptly confirmed in writing, substantially in the form of a Notice of Conversion EXHIBIT E, in each case specifying (aI) the requested date of such Conversionconversion, (bII) the Type of Loan Revolving Loans to be Converted, converted (cIII) the portion of such Type of Revolving Loan to be Convertedconverted, (dIV) the Type of Loan Revolving Loans such Loan is Revolving Loans are to be Converted converted into and (eV) if such Conversion conversion is into a LIBOR LoanRate Loans, the requested duration of the Interest Period of such Revolving Loan. Notwithstanding the foregoing, the Administrative Agent is authorized to rely upon the telephonic request Each conversion shall be in an aggregate amount of any not less than $5,000,000 or an integral multiple of the Borrower’s Agents$1,000,000 in excess thereof. The Borrower’s telephonic notices, requests and acceptances shall be directed Borrowers may elect to such officers convert the entire amount of the Administrative Agent as the Administrative Agent may from time to time designate and shall be followed promptly by the original or a facsimile or electronic mail Notice portion of Conversion required pursuant to all Revolving Loans of one Type comprising more than one Borrowing into Revolving Loans of another Type by combining such Borrowings into one Borrowing; PROVIDED, THAT if the first sentence Borrowings so combined consist of this Section 2.12. Each Notice of Conversion LIBOR Rate Loans, such Loans shall be irrevocable by and binding have Interest Periods ending on the Borrower once givensame date.
Appears in 1 contract
Conversion. So long as no Default or Event of Default existsshall have occurred and be continuing, the Borrower may on any Business Day, upon the Borrower’s 's giving of a Notice of Conversion Borrowing to the Administrative Agent by telecopy, electronic mail or other similar form of communicationAgent, Convert all or a portion of a Revolving Loan or a Term Loan of one Type into a Revolving Loan or Term Loan, respectively, of another Type. Each Any Conversion of a Revolving Loan or a Term Loan that is a LIBOR Loan into a Base Rate Loans into LIBOR Loans Loan shall be in an aggregate minimum amount of $1,000,000 and integral multiples of $100,000 in excess of that amountmade on, and only on, the last day of an Interest Period for such LIBOR Loan and, upon Conversion of a Base Rate Loan into a LIBOR Loan, the Borrower shall pay accrued interest to the date of Conversion on the principal amount so Converted in accordance with Section 2.6. Any Conversion of a LIBOR Loan into a Base Rate Loan shall be made on, and only on, the last day of an Interest Period for such LIBOR LoanConverted. Each such Notice of Conversion Borrowing shall be given not later than 11:00 a.m. Central time three (3) on the Business Days Day prior to the date of any proposed Conversion into Base Rate or Loans and on the third (3rd) Business Day prior to the date of any proposed Conversion into LIBOR Loans. Promptly after receipt of a Notice of ConversionBorrowing, the Administrative Agent shall notify each applicable Lender by telecopy, or other similar form of transmission, of the proposed Conversion. Subject to the restrictions specified above, each Notice of Conversion Borrowing shall be by telecopy, electronic mail telephone (confirmed immediately in writing) or other similar form of communication telecopy in the form of a Notice of Conversion Borrowing specifying (a) the requested date of such Conversion, (b) the Type of Revolving Loan or Term Loan to be Converted, (c) the portion of such Type of Revolving Loan or Term Loan to be Converted, (d) the Type of Revolving Loan such Revolving Loan, or the Type of Term Loan such Term Loan, is to be Converted into and (e) if such Conversion is into a LIBOR Loan, the requested duration of the Interest Period of such Loan. Notwithstanding the foregoing, the Administrative Agent is authorized to rely upon the telephonic request of any of the Borrower’s Agents. The Borrower’s telephonic notices, requests and acceptances shall be directed to such officers of the Administrative Agent as the Administrative Agent may from time to time designate and shall be followed promptly by the original or a facsimile or electronic mail Notice of Conversion required pursuant to the first sentence of this Section 2.12. Each Notice of Conversion Borrowing shall be irrevocable by and binding on the Borrower once given.
Appears in 1 contract
Conversion. So long as no Default or Event of Default existsshall have occurred and be continuing, the Borrower may on any Business Day, upon the Borrower’s 's giving of a Notice of Conversion to the Administrative Agent by telecopy, electronic mail or other similar form of communicationAgent, Convert all or a portion of a Revolving Loan of one Type into a Revolving Loan of another Type. Each Conversion of Base Rate Loans into LIBOR Loans shall be in an aggregate minimum amount of $1,000,000 and integral multiples of $100,000 in excess of that amount, and upon Conversion of a Base Rate Loan into a LIBOR Loan, the Borrower shall pay accrued interest to the date of Conversion on the principal amount so Converted in accordance with Section 2.6. Any Conversion of a LIBOR Loan into a Base Rate Loan shall be made on, and only on, the last day of an Interest Period for such LIBOR Loan and, upon Conversion of a Base Rate Loan into a LIBOR Loan, the Borrower shall pay accrued interest to the date of Conversion on the principal amount so Converted. Each such Notice of Conversion shall be given not later than 11:00 a.m. Central time three (3) 12:00 noon on the Business Days Day prior to the date of any proposed Conversion into Base Rate or Loans and not later than 12:00 noon on the third Business Day prior to the date of any proposed Conversion into LIBOR Loans. Promptly after receipt of a Notice of Conversion, the Administrative Agent shall notify each Lender by telecopy or other similar form of transmission of the proposed Conversion. Subject to the restrictions specified above, each Notice of Conversion shall be by telecopytelephone or telecopy confirmed immediately in writing if by telephone, electronic mail or other similar form of communication in the form of a Notice of Conversion specifying (a) the requested date of such Conversion, (b) the Type of Revolving Loan to be Converted, (c) the portion of such Type of Revolving Loan to be Converted, (d) the Type of Revolving Loan such Revolving Loan is to be Converted into and (e) if such Conversion is into a LIBOR Loan, the requested duration of the Interest Period of such Loan. Notwithstanding the foregoing, the Administrative Agent is authorized to rely upon the telephonic request of any of the Borrower’s Agents. The Borrower’s telephonic notices, requests and acceptances shall be directed to such officers of the Administrative Agent as the Administrative Agent may from time to time designate and shall be followed promptly by the original or a facsimile or electronic mail Notice of Conversion required pursuant to the first sentence of this Section 2.12. Each Notice of Conversion shall be irrevocable by and binding on the Borrower once given.
Appears in 1 contract
Conversion. So long as no Default or Event of Default exists, the Borrower may on any Business Day, upon the Borrower’s giving of a Notice of Conversion to the Administrative Agent by telecopy, electronic mail or other similar form of communication, Convert all or a portion of a Loan of one Type into a Loan of another Type. Each Conversion of Base Rate Loans into LIBOR Loans shall be in an aggregate minimum amount of $1,000,000 200,000 and integral multiples of $100,000 in excess of that amount, and upon Conversion of a Base Rate Loan into a LIBOR Loan, the Borrower shall pay accrued interest to the date of Conversion on the principal amount so Converted in accordance with Section 2.62.4. Any Conversion of a LIBOR Loan into a Base Rate Loan shall be made on, and only on, the last day of an Interest Period for such LIBOR Loan. Each such Notice of Conversion shall be given not later than 11:00 9:00 a.m. Central time one (1) Business Day prior to the date of any proposed Conversion into Base Rate Loans and three (3) Business Days prior to the date of any proposed Conversion into Base Rate or LIBOR Loans. Promptly after receipt of a Notice of Conversion, the Administrative Agent shall notify each Lender of the proposed Conversion. Subject to the restrictions specified above, each Notice of Conversion shall be by telecopy, electronic mail or other similar form of communication in the form of a Notice of Conversion specifying (a) the requested date of such Conversion, (b) the Type of Loan to be Converted, (c) the portion of such Type of Loan to be Converted, (d) the Type of Loan such Loan is to be Converted into and (e) if such Conversion is into a LIBOR Loan, the requested duration of the Interest Period of such Loan. Notwithstanding the foregoing, the Administrative Agent is authorized to rely upon the telephonic request of any of the Borrower’s Agents. The Borrower’s telephonic notices, requests and acceptances shall be directed to such officers of the Administrative Agent as the Administrative Agent may from time to time designate and shall be followed promptly by the original or a facsimile or electronic mail Notice of Conversion required pursuant to the first sentence of this Section 2.12. Each Notice of Conversion shall be irrevocable by and binding on the Borrower once given.
Appears in 1 contract
Conversion. So long as no Default or Event of Default exists, the The Borrower may on any Business Day, upon the Borrower’s giving of a Notice of Conversion to the Administrative Agent by telecopy, electronic mail or other similar form of communicationAgent, Convert all or a portion of a Loan of one Type into a Loan of another Type. Each Conversion of Base Rate Loans into LIBOR Loans shall be in an aggregate minimum amount of $1,000,000 and integral multiples of $100,000 in excess of that amount; provided, and upon Conversion of however, a Base Rate Loan into may not be Converted to a LIBOR Loan, the Borrower Loan if a Default or Event of Default shall pay accrued interest to the date of Conversion on the principal amount so Converted in accordance with Section 2.6exist. Any Conversion of a LIBOR Loan into a Base Rate Loan shall be made on, and only on, the last day of an Interest Period for such LIBOR Loan and, upon Conversion of a Base Rate Loan into a LIBOR Loan, the Borrower shall pay accrued interest to the date of Conversion on the principal amount so Converted. Each such Notice of Conversion shall be given not later than 11:00 a.m. Central time three (3) on the Business Days Day prior to the date of any proposed Conversion into Base Rate or Loans and on the third Business Day prior to the date of any proposed Conversion into LIBOR Loans. Promptly after receipt of a Notice of Conversion, the Administrative Agent shall notify each Lender holding a Loan being Converted by telecopy, or other similar form of transmission, of the proposed Conversion. Subject to the restrictions specified above, each Notice of Conversion shall be by telecopy, electronic mail telephone (confirmed immediately in writing) or other similar form of communication telecopy in the form of a Notice of Conversion specifying (a) the requested date of such Conversion, (b) the Type of Loan to be Converted, (c) the portion of such Type of Loan to be Converted, (d) the Type of Loan such Loan is to be Converted into and (e) if such Conversion is into a LIBOR Loan, the requested duration of the Interest Period of such Loan. Notwithstanding the foregoing, the Administrative Agent is authorized to rely upon the telephonic request of any of the Borrower’s Agents. The Borrower’s telephonic notices, requests and acceptances shall be directed to such officers of the Administrative Agent as the Administrative Agent may from time to time designate and shall be followed promptly by the original or a facsimile or electronic mail Notice of Conversion required pursuant to the first sentence of this Section 2.12. Each Notice of Conversion shall be irrevocable by and binding on the Borrower once given.
Appears in 1 contract
Conversion. So The Borrowers may on any Business Day (so long as no Default or Event of Default existshas occurred and is continuing), upon notice (each such notice, a "Notice of Conversion") given to the Agent by the Borrower may on any Business DayRepresentative, upon the Borrower’s giving of a Notice of Conversion and subject to the Administrative Agent by telecopyprovisions of Section 4.14(c), electronic mail or other similar form convert the entire amount of communication, Convert all or a portion of a Loan all Revolving Loans of one Type comprising the same Borrowing into a Loan Revolving Loans of another Type. Each Conversion ; provided, that any conversion of Base any LIBOR Rate Loans into LIBOR Revolving Loans shall be in an aggregate minimum amount of $1,000,000 and integral multiples of $100,000 in excess of that amount, and upon Conversion of a Base Rate Loan into a LIBOR Loan, the Borrower shall pay accrued interest to the date of Conversion on the principal amount so Converted in accordance with Section 2.6. Any Conversion of a LIBOR Loan into a Base Rate Loan another Type shall be made on, and only on, the last day of an Interest Period for such LIBOR LoanRate Loans and, upon conversion of any Prime Rate Loans into Revolving Loans of another Type, the Borrowers shall pay accrued interest to the date of conversion on the principal amount converted. Each such Notice of Conversion shall be given not later than 11:00 a.m. Central Noon Chicago time three (3) on the Business Days Day prior to the date of any proposed Conversion conversion into Base Prime Rate or Loans and on the third Business Day prior to the date of any proposed conversion into LIBOR Rate Loans. Promptly after receipt of a Notice of Conversion, the Administrative Agent shall notify each Lender of the proposed Conversion. Subject to the restrictions specified above, each Notice of Conversion shall be by telecopytelephone or facsimile transmission, electronic mail or other similar form of communication and if by telephone, promptly confirmed in writing, substantially in the form of a Notice of Conversion Exhibit J hereto, in each case specifying (ai) the requested date of such Conversionconversion, (bii) the Type of Loan Revolving Loans to be Converted, converted (ciii) the portion of such Type of Revolving Loan to be Convertedconverted, (div) the Type of Loan Revolving Loans such Loan is Revolving Loans are to be Converted converted into and (ev) if such Conversion conversion is into a LIBOR LoanRate Loans, the requested duration of the Interest Period of such Loan. Notwithstanding Each conversion shall be in an aggregate amount for the foregoing, the Administrative Agent is authorized to rely upon the telephonic request Revolving Loans of any not less than $5,000,000 or an integral multiple of the Borrower’s Agents$1,000,000 in excess thereof. The Borrower’s telephonic notices, requests and acceptances shall be directed Borrowers may elect to such officers convert the entire amount of the Administrative Agent as the Administrative Agent may from time to time designate and shall be followed promptly by the original or a facsimile or electronic mail Notice portion of Conversion required pursuant to all Revolving Loans of one Type comprising more than one Borrowing into Revolving Loans of another Type by combining such Borrowings into one Borrowing; provided, that if the first sentence Borrowings so combined consist of this Section 2.12. Each Notice of Conversion LIBOR Rate Loans, such Loans shall be irrevocable by and binding have Interest Periods ending on the Borrower once givensame date.
Appears in 1 contract
Conversion. So long as no Default or Event of Default exists, the The Borrower may on any Business Day, upon the Borrower’s giving of a Notice of Conversion to the Administrative Agent by telecopy, electronic mail or other similar form of communicationAgent, Convert all or a portion of a Loan of one Type into a Loan of another Type. Each Conversion of Base Rate Loans into LIBOR Loans shall be in an aggregate minimum amount of $1,000,000 and integral multiples of $100,000 in excess of that amount; provided, and upon Conversion of however, a Base Rate Loan into may not be Converted to a LIBOR Loan, the Borrower Loan if an Event of Default shall pay accrued interest to the date of Conversion on the principal amount so Converted in accordance with Section 2.6exist. Any Conversion of a LIBOR Loan into a Base Rate Loan shall be made on, and only on, the last day of an Interest Period for such LIBOR Loan and, upon Conversion of a Base Rate Loan into a LIBOR Loan, the Borrower shall pay accrued interest to the date of Conversion on the principal amount so Converted. Each such Notice of Conversion shall be given not later than 11:00 a.m. Central time three (3) on the Business Days Day prior to the LEGAL02/38482536v6 date of any proposed Conversion into Base Rate Loans and on the third Business Day prior to the date of any proposed Conversion into Base Rate or LIBOR Loans. Promptly after receipt of a Notice of Conversion, the Administrative Agent shall notify each Lender holding Loans being Converted by telecopy, or other similar form of transmission, of the proposed Conversion. Subject to the restrictions specified above, each Notice of Conversion shall be by telecopytelephone (confirmed immediately in writing), electronic mail or other similar form of communication telecopy in the form of a Notice of Conversion specifying (a) the requested date of such Conversion, (b) the Type of Loan to be Converted, (c) the portion of such Type of Loan to be Converted, (d) the Type of Loan such Loan is to be Converted into and (e) if such Conversion is into a LIBOR Loan, the requested duration of the Interest Period of such Loan. Notwithstanding the foregoing, the Administrative Agent is authorized to rely upon the telephonic request of any of the Borrower’s Agents. The Borrower’s telephonic notices, requests and acceptances shall be directed to such officers of the Administrative Agent as the Administrative Agent may from time to time designate and shall be followed promptly by the original or a facsimile or electronic mail Notice of Conversion required pursuant to the first sentence of this Section 2.12. Each Notice of Conversion shall be irrevocable by and binding on the Borrower once given.
Appears in 1 contract
Sources: Term Loan Agreement (Corporate Office Properties, L.P.)
Conversion. So long as no Default or Event of Default existsshall exist, the Borrower may on any Business Day, upon the Borrower’s giving of a Notice of Conversion to the Administrative Agent by telecopy, electronic mail or other similar form of communicationAgent, Convert all or a portion of a Loan of one Type into a Loan of another Type. Each Conversion of Base Rate Loans into LIBOR Loans shall be in an aggregate minimum amount of $1,000,000 and integral multiples of $100,000 in excess of that amount, and upon Conversion of a Base Rate Loan into a LIBOR Loan, the Borrower shall pay accrued interest to the date of Conversion on the principal amount so Converted in accordance with Section 2.6. Any Conversion of a LIBOR Loan into a Base Rate Loan shall be made on, and only on, the last day of an Interest Period for such LIBOR Loan and, upon Conversion of a Base Rate Loan into a LIBOR Loan, the Borrower shall pay accrued interest to the date of Conversion on the principal amount so Converted. Each such Notice of Conversion shall be given not later than 11:00 10:00 a.m. Central time three (3) on the Business Days Day prior to the date of any proposed Conversion into Base Rate or Loans and on the third Business Day prior to the date of any proposed Conversion into LIBOR Loans. Promptly after receipt of a Notice of Conversion, the Administrative Agent shall notify each Lender by telecopy, or other similar form of transmission, of the proposed Conversion. Subject to the restrictions specified above, each Notice of Conversion shall be by telecopy, electronic mail telephone (confirmed immediately in writing) or other similar form of communication telecopy in the form of a Notice of Conversion specifying (a) the requested date of such Conversion, (b) the Type of Loan to be Converted, (c) the portion of such Type of Loan to be Converted, (d) the Type of Loan such Loan is to be Converted into and (e) if such Conversion is into a LIBOR Loan, the requested duration of the Interest Period of such Loan. Notwithstanding the foregoing, the Administrative Agent is authorized to rely upon the telephonic request of any of the Borrower’s Agents. The Borrower’s telephonic notices, requests and acceptances shall be directed to such officers of the Administrative Agent as the Administrative Agent may from time to time designate and shall be followed promptly by the original or a facsimile or electronic mail Notice of Conversion required pursuant to the first sentence of this Section 2.12. Each Notice of Conversion shall be irrevocable by and binding on the Borrower once given.
Appears in 1 contract
Conversion. So long as no Default or Event of Default exists, the The Borrower may on any Business Day, upon the Borrower’s giving of a Notice of Conversion to the Administrative Agent by telecopy, electronic mail or other similar form of communicationAgent, Convert all or a portion of a Revolving Loan or a Term Loan (including a Base Rate Loan made pursuant to Section 2.4.(e)) of one Type into a Loan of another Type. Each Conversion of Base Rate Loans into LIBOR Loans shall be in an aggregate minimum amount of $1,000,000 and integral multiples of $100,000 in excess of that amount; provided, and upon Conversion of however, a Base Rate Loan into may not be Converted to a LIBOR Loan, the Borrower Loan if a Default or Event of Default shall pay accrued interest to the date of Conversion on the principal amount so Converted in accordance with Section 2.6exist. Any Conversion of a LIBOR Loan into a Base Rate Loan shall be made on, and only on, the last day of an Interest Period for such LIBOR Loan and, upon Conversion of a Base Rate Loan into a LIBOR Loan, the Borrower shall pay accrued interest to the date of Conversion on the principal amount so Converted. Each such Notice of Conversion shall be given not later than 11:00 a.m. Central time three (3) on the Business Days Day prior to the date of any proposed Conversion into Base Rate or Loans and on the third Business Day prior to the date of any proposed Conversion into LIBOR Loans. Promptly after receipt of a Notice of Conversion, the Administrative Agent shall notify each Lender by telecopy, or other similar form of transmission, of the proposed Conversion. Subject to the restrictions specified above, each Notice of Conversion shall be by telecopy, electronic mail telephone (confirmed immediately in writing) or other similar form of communication telecopy in the form of a Notice of Conversion specifying (a) the requested date of such Conversion, (b) the Type of Loan to be Converted, (c) the portion of such Type of Loan to be Converted, (d) the Type of Loan such Loan is to be Converted into and (e) if such Conversion is into a LIBOR Loan, the requested duration of the Interest Period of such Loan. Notwithstanding the foregoing, the Administrative Agent is authorized to rely upon the telephonic request of any of the Borrower’s Agents. The Borrower’s telephonic notices, requests and acceptances shall be directed to such officers of the Administrative Agent as the Administrative Agent may from time to time designate and shall be followed promptly by the original or a facsimile or electronic mail Notice of Conversion required pursuant to the first sentence of this Section 2.12. Each Notice of Conversion shall be irrevocable by and binding on the Borrower once given.
Appears in 1 contract
Sources: Credit Agreement (U-Store-It Trust)
Conversion. So long as no Default or Event of Default exists, the Borrower The Borrowers may on any Business Day, upon the Borrower’s Borrower Representative's giving of a Notice of Conversion to the Administrative Agent by telecopy, electronic mail or other similar form of communicationAgent, Convert all or a portion of a Loan of one Type into a Loan of another Type. Each Conversion of Base Rate Loans into LIBOR Loans shall be in an aggregate minimum amount of $1,000,000 and integral multiples of $100,000 in excess of that amount; provided, and upon Conversion of however, a Base Rate Loan into may not be Converted to a LIBOR Loan, the Borrower Loan if a Default or Event of Default shall pay accrued interest to the date of Conversion on the principal amount so Converted in accordance with Section 2.6exist. Any Conversion of a LIBOR Loan into a Base Rate Loan shall be made on, and only on, the last day of an Interest Period for such LIBOR Loan and, upon Conversion of a Base Rate Loan into a LIBOR Loan, the Borrowers shall pay accrued interest to the date of Conversion on the principal amount so Converted. Each such Notice of Conversion shall be given not later than 11:00 a.m. Central time three (3) on the Business Days Day prior to the date of any proposed Conversion into Base Rate or Loans and on the third Business Day prior to the date of any proposed Conversion into LIBOR Loans. Promptly after receipt of a Notice of Conversion, the Administrative Agent shall notify each Lender by telecopy, or other similar form of transmission, of the proposed Conversion. Subject to the restrictions specified above, each Notice of Conversion shall be by telecopy, electronic mail telephone (confirmed immediately in writing) or other similar form of communication telecopy in the form of a Notice of Conversion specifying (a) the requested date of such Conversion, (b) the Type of Loan to be Converted, (c) the portion of such Type of Loan to be Converted, (d) the Type of Loan such Loan is to be Converted into and (e) if such Conversion is into a LIBOR Loan, the requested duration of the Interest Period of such Loan. Notwithstanding the foregoing, the Administrative Agent is authorized to rely upon the telephonic request of any of the Borrower’s Agents. The Borrower’s telephonic notices, requests and acceptances shall be directed to such officers of the Administrative Agent as the Administrative Agent may from time to time designate and shall be followed promptly by the original or a facsimile or electronic mail Notice of Conversion required pursuant to the first sentence of this Section 2.12. Each Notice of Conversion shall be irrevocable by and binding on the Borrower Borrowers once given.
Appears in 1 contract
Conversion. So long as no Default or Event of Default exists, the The Borrower may on any Business Day, upon the Borrower’s giving of a Notice of Conversion to the Administrative Agent by telecopy, electronic mail or other similar form of communicationAgent, Convert all or a portion of a Loan of one Type into a Loan of another Type; provided, however, a Base Rate Loan may not be Converted to a Loan or another Type if an Event of Default shall exist and no Alternative Currency Loan may be converted to a Base Rate Loan. Each Any Conversion of a Term Rate Loan into a Base Rate Loans into LIBOR Loans Loan or Daily RFR Loan shall be in an aggregate minimum amount of $1,000,000 and integral multiples of $100,000 in excess of that amountmade on, and only on, the last day of an Interest Period for such Loan and, upon Conversion of a Base Rate Loan into an RFR Loan or of a LIBOR Daily RFR Loan into a Term Rate Loan or Base Rate Loan, the Borrower shall pay accrued interest to the date of Conversion on the principal amount so Converted (with such interest being payable at the time provided in accordance with Section 2.6. Any Conversion of a LIBOR Loan into a Base Rate Loan shall be made on, and only on, the last day of an Interest Period for such LIBOR Loan2.3(b)). Each such Notice of Conversion shall be given not later than 11:00 a.m. Central time three a.m.
(3i) on the Business Days Day prior to the date of any proposed Conversion into Base Rate Loans or LIBOR Daily RFR Loans, and (ii) on the third Business Day prior to the date of any proposed Conversion into Term Rate Loans. Promptly after receipt of a Notice of Conversion, the Administrative Agent shall notify each Lender by telecopy, or other similar form of transmission, of the proposed Conversion. Subject to the restrictions specified above, each Notice of Conversion shall be by telecopy, electronic mail telephone (confirmed immediately in writing) or other similar form of communication telecopy in the form of a Notice of Conversion specifying (a) the requested date of such Conversion, (b) the Type of Loan to be Converted, (c) the portion of such Type of Loan to be Converted, (d) the Type of Loan such Loan is to be Converted into and (e) if such Conversion is into a LIBOR Term Rate Loan, the requested duration of the Interest Period of such Loan. Notwithstanding the foregoing, the Administrative Agent is authorized to rely upon the telephonic request of any of the Borrower’s Agents. The Borrower’s telephonic notices, requests and acceptances shall be directed to such officers of the Administrative Agent as the Administrative Agent may from time to time designate and shall be followed promptly by the original or a facsimile or electronic mail Notice of Conversion required pursuant to the first sentence of this Section 2.12. Each Notice of Conversion shall be irrevocable by and binding on the Borrower once given. Notwithstanding anything in this Agreement to the contrary, if a Default exists at the time of a Conversion of a Base Rate Loan to a Term Rate Loan, the Interest Period for such Loan shall not exceed one month.
Appears in 1 contract
Sources: Credit Agreement (Epr Properties)
Conversion. So long as no Default or Event of Default existsshall have occurred and be continuing, the Borrower may on any Business Day, upon the Borrower’s 's giving of a Notice of Conversion to the Administrative Agent by telecopy, electronic mail or other similar form of communicationAgent, Convert all or a portion of a any Loan of one Type into a Loan of another Type. Each Conversion of Base Rate Loans into LIBOR Loans shall be in an aggregate minimum amount of $1,000,000 and integral multiples of $100,000 in excess of that amount, and upon Conversion of a Base Rate Loan into a LIBOR Loan, the Borrower shall pay accrued interest to the date of Conversion on the principal amount so Converted in accordance with Section 2.6. Any Conversion of a Loan that is a LIBOR Rate Loan into a Base Rate Loan shall be made on, and only on, the last day of an Interest Period for such LIBOR Rate Loan and, upon Conversion of a Base Rate Loan into a LIBOR Rate Loan, the Borrower shall pay accrued interest to the date of Conversion on the principal amount so Converted. Each such Notice of Conversion shall be given not later than 11:00 a.m. Central time three (3) on the Business Days Day prior to the date of any proposed Conversion into Base Rate or Loans and on the third (3rd ) Business Day prior to the date of any proposed Conversion into LIBOR Rate Loans. Promptly after receipt of a Notice of Conversion, the Administrative Agent shall notify each applicable Lender by telecopy, or other similar form of transmission, of the proposed Conversion. Subject to the restrictions specified above, each Notice of Conversion shall be by telecopy, electronic mail telephone (confirmed immediately in writing) or other similar form of communication telecopy in the form of a Notice of Conversion specifying (a) the requested date of such Conversion, (b) the Type of Loan to be Converted, (c) the portion of such Type of Loan to be Converted, (d) the Type of Loan such Loan is to be Converted into and (e) if such Conversion is into a LIBOR Rate Loan, the requested duration of the Interest Period of such Loan. Notwithstanding the foregoing, the Administrative Agent is authorized to rely upon the telephonic request of any of the Borrower’s Agents. The Borrower’s telephonic notices, requests and acceptances shall be directed to such officers of the Administrative Agent as the Administrative Agent may from time to time designate and shall be followed promptly by the original or a facsimile or electronic mail Notice of Conversion required pursuant to the first sentence of this Section 2.12. Each Notice of Conversion shall be irrevocable by and binding on the Borrower once given.
Appears in 1 contract
Sources: Credit Agreement (Wells Core Office Income Reit Inc)
Conversion. So The Borrowers may on any Business Day (so long as no Default or Event of Default exists, the Borrower may on any Business Dayhas occurred and is continuing), upon the Borrower’s giving of notice (each such notice, a Notice of Conversion "NOTICE OF CONVERSION") given to the Administrative Agent by telecopyAgent, electronic mail or other similar form and subject to the provisions of communicationSECTION 4.13(c), Convert all convert the entire amount of or a portion of a Loan all Revolving Loans of one Type comprising the same Borrowing into a Loan Revolving Loans of another Type. Each Conversion ; PROVIDED, THAT any conversion of Base any LIBOR Rate Loans into LIBOR Revolving Loans shall be in an aggregate minimum amount of $1,000,000 and integral multiples of $100,000 in excess of that amount, and upon Conversion of a Base Rate Loan into a LIBOR Loan, the Borrower shall pay accrued interest to the date of Conversion on the principal amount so Converted in accordance with Section 2.6. Any Conversion of a LIBOR Loan into a Base Rate Loan another Type shall be made on, and only on, the last day of an Interest Period for such LIBOR LoanRate Loans and, upon conversion of any Prime Rate Loans into Revolving Loans of another Type, the Borrowers shall pay accrued interest to the date of conversion on the principal amount converted. Each such Notice of Conversion shall be given not later than 11:00 a.m. Central Noon Chicago time three (3) on the Business Days Day prior to the date of any proposed Conversion conversion into Base Prime Rate or Loans and on the third Business Day prior to the date of any proposed conversion into LIBOR Rate Loans. Promptly after receipt of a Notice of Conversion, the Administrative Agent shall notify each Lender of the proposed Conversion. Subject to the restrictions specified above, each Notice of Conversion shall be by telecopytelephone or facsimile transmission, electronic mail or other similar form of communication and if by telephone, promptly confirmed in writing, substantially in the form of a Notice of Conversion EXHIBIT E, in each case specifying (ai) the requested date of such Conversionconversion, (bii) the Type of Loan Revolving Loans to be Converted, converted (ciii) the portion of such Type of Revolving Loan to be Convertedconverted, (div) the Type of Loan Revolving Loans such Loan is Revolving Loans are to be Converted converted into and (ev) if such Conversion conversion is into a LIBOR LoanRate Loans, the requested duration of the Interest Period of such Revolving Loan. Notwithstanding the foregoing, the Administrative Agent is authorized to rely upon the telephonic request Each conversion shall be in an aggregate amount of any not less than $5,000,000 or an integral multiple of the Borrower’s Agents$1,000,000 in excess thereof. The Borrower’s telephonic notices, requests and acceptances shall be directed Borrowers may elect to such officers convert the entire amount of the Administrative Agent as the Administrative Agent may from time to time designate and shall be followed promptly by the original or a facsimile or electronic mail Notice portion of Conversion required pursuant to all Revolving Loans of one Type comprising more than one Borrowing into Revolving Loans of another Type by combining such Borrowings into one Borrowing; PROVIDED, THAT if the first sentence Borrowings so combined consist of this Section 2.12. Each Notice of Conversion LIBOR Rate Loans, such Loans shall be irrevocable by and binding have Interest Periods ending on the Borrower once givensame date.
Appears in 1 contract
Conversion. So long as no Default or Event of Default exists, the The Borrower may on any Business Day, upon the Borrower’s giving of a Notice of Conversion to the Administrative Agent by telecopy, electronic mail or other similar form of communication, Convert all or a portion of a Loan of one Type into a Loan of another Type; provided, however, no Loan may be Converted into a SOFR Loan if an Event of Default exists, but shall be automatically converted to a Base Rate Loan on (a) the last day of the Interest Period relating thereto for a Term SOFR Loan ending during the continuance of any Event of Default or (b) the date of any such Event or Default for a Daily Simple SOFR Loan. Each Conversion of Base Rate Loans of the same Class into LIBOR SOFR Loans of the same Class shall be in an aggregate minimum amount of $1,000,000 and integral multiples of $100,000 250,000 in excess of that amount, and upon Conversion of a Base Rate Loan into a LIBOR Loan, the Borrower shall pay accrued interest to the date of Conversion on the principal amount so Converted in accordance with Section 2.6. Any Conversion of a LIBOR Loan into a Base Rate Loan shall be made on, and only on, the last day of an Interest Period for such LIBOR Loan. Each such Notice of Conversion shall be given not later than 11:00 a.m. Central 2:00 p.m. Eastern time three (3) 3 Business Days prior to the date of any proposed Conversion into Base Rate and such Conversion shall only be made on (a) the last day of the Interest Period with respect to any such Loan that is a Term SOFR Loan, or LIBOR Loans(b) the applicable interest payment date with respect to any such Loan that is a Daily Simple SOFR Loan. Promptly after receipt of a Notice of Conversion, the Administrative Agent shall notify each Lender holding Loans being Converted of the proposed Conversion. Subject to the restrictions specified above, each Notice of Conversion shall be by telecopy, electronic mail or other similar form of communication in the form of a Notice of Conversion specifying (a) the requested date of such Conversion, (b) the Type and Class of Loan to be Converted, (c) the portion of such Type of Loan to be Converted, (d) the Type of Loan such Loan is to be Converted into and (e) if such Conversion is into a LIBOR Term SOFR Loan, the requested duration of the Interest Period of such Loan. Notwithstanding the foregoing, the Administrative Agent is authorized to rely upon the telephonic request of any of the Borrower’s Agents. The Borrower’s telephonic notices, requests and acceptances shall be directed to such officers of the Administrative Agent as the Administrative Agent may from time to time designate and shall be followed promptly by the original or a facsimile or electronic mail Notice of Conversion required pursuant to the first sentence of this Section 2.12. Each Notice of Conversion shall be irrevocable by and binding on the Borrower once given.
Appears in 1 contract
Conversion. So long as no Default or Event of Default exists, the Borrower may on any Business Day, upon the Borrower’s giving of a Notice of Conversion to the Administrative Agent by telecopy, electronic mail or other similar form of communication, Convert all or a portion of a Loan of one Type into a Loan of another Type. Each Conversion of Base Rate Loans into LIBOR Loans shall be in an aggregate minimum amount of $1,000,000 and integral multiples of $100,000 in excess of that amount, and upon Conversion of a Base Rate Loan into a LIBOR Loan, the Borrower shall pay accrued interest to the date of Conversion on the principal amount so Converted in accordance with Section 2.62.7. Any Conversion of a LIBOR Loan into a Base Rate Loan shall be made on, and only on, the last day of an Interest Period for such LIBOR Loan. Each such Notice of Conversion shall be given not later than 11:00 a.m. Central time three (3) Business Days prior to the date of any proposed Conversion into Base Rate or LIBOR Loans. Promptly after receipt of a Notice of Conversion, the Administrative Agent shall notify each Lender of the proposed Conversion. Subject to the restrictions specified above, each Notice of Conversion shall be by telecopy, electronic mail or other similar form of communication in the form of a Notice of Conversion specifying (a) the requested date of such Conversion, (b) the Type of Loan to be Converted, (c) the portion of such Type of Loan to be Converted, (d) the Type of Loan such Loan is to be Converted into and (e) if such Conversion is into a LIBOR Loan, the requested duration of the Interest Period of such Loan. Notwithstanding the foregoing, the Administrative Agent is authorized to rely upon the telephonic request of any of the Borrower’s Agents. The Borrower’s telephonic notices, requests and acceptances shall be directed to such officers of the Administrative Agent as the Administrative Agent may from time to time designate and shall be followed promptly by the original or a facsimile or electronic mail Notice of Conversion required pursuant to the first sentence of this Section 2.122.13. Each Notice of Conversion shall be irrevocable by and binding on the Borrower once given.
Appears in 1 contract
Conversion. So long as no Default or Event of Default exists, the The Borrower may on any Business Day, upon the Borrower’s giving of a Notice of Conversion to the Administrative Agent by telecopy, electronic mail or other similar form of communicationAgent, Convert all or a portion of a Loan of one Type into a Loan of another TypeType but of the same Class; provided, however, a Base Rate Loan may not be Converted to a SOFR Loan if a Default or Event of Default shall exist. Each Any Conversion of a Term SOFR Loan of a Class into a Base Rate Loans into LIBOR Loans Loan or Daily Simple SOFR Loan of such Class shall be in an aggregate minimum amount of $1,000,000 and integral multiples of $100,000 in excess of that amountmade on, and only on, the last day of an Interest Period for such Term SOFR Loan and, upon Conversion of a Base Rate Loan into a LIBOR SOFR Loan or of a Daily Simple SOFR Loan into a Term SOFR Loan or Base Rate Loan, the Borrower shall pay accrued interest to the date of Conversion on the principal amount so Converted in accordance with Section 2.6. Any Conversion of a LIBOR Loan into a Base Rate Loan shall be made on, and only on, the last day of an Interest Period for such LIBOR LoanConverted. Each such Notice of Conversion shall be given not later than 11:00 a.m. Central time three (3) on the Business Days Day prior to the date of any proposed Conversion into Base Rate Loans or LIBOR Daily Simple SOFR Loans and on the third Business Day prior to the date of any proposed Conversion into Term SOFR Loans. Promptly after receipt of a Notice of Conversion, the Administrative Agent shall notify each Lender holding Loans being Converted by telecopy, or other similar form of transmission, of the proposed Conversion. Subject to the restrictions specified above, each Notice of Conversion shall be by telecopy, electronic mail telephone (confirmed immediately in writing) or other similar form of communication telecopy in the form of a Notice of Conversion specifying (a) the requested date of such Conversion, (b) the Type and Class of Loan to be Converted, (c) the portion of such Type of Loan to be Converted, (d) the Type of Loan such Loan is to be Converted into and (e) if such Conversion is into a LIBOR Term SOFR Loan, the requested duration of the Interest Period of such Loan and the amount of such Term SOFR Loan. Notwithstanding , if any, that the foregoing, Borrower has elected to have subject to a Derivatives Contract that provides a hedge against interest rate risk and the Administrative Agent Derivatives Contract(s) to which such amount is authorized to rely upon the telephonic request of any of the Borrower’s Agents. The Borrower’s telephonic notices, requests and acceptances shall be directed to such officers of the Administrative Agent as the Administrative Agent may from time to time designate and shall be followed promptly by the original or a facsimile or electronic mail Notice of Conversion required pursuant to the first sentence of this Section 2.12subject. Each Notice of Conversion shall be irrevocable by and binding on the Borrower once given.
Appears in 1 contract
Conversion. So long as no Default or Event of Default exists, the Borrower may on any Business Day, upon the Borrower’s giving of a Notice of Conversion to the Administrative Agent by telecopy, electronic mail or other similar form of communication, Convert all or a portion of a Loan of one Type into a Loan of another Type. Each Conversion of Base Rate Loans into LIBOR Loans shall be in an aggregate minimum amount of $1,000,000 and integral multiples of $100,000 in excess of that amount, and upon Conversion of a Base Rate Loan into a LIBOR Loan, the Borrower shall pay accrued interest to the date of Conversion on the principal amount so Converted in accordance with Section 2.6. Any Conversion of a LIBOR Term SOFR Loan into a Base Rate Loan shall be made on, and only on, the last day of an Interest Period for such LIBOR Term SOFR Loan and, upon Conversion of a Base Rate Loan into a Term SOFR Loan, the Borrower shall pay accrued interest to the date of Conversion on the principal amount so Converted in accordance with Section 2.4. Each such Notice of Conversion shall be given not later than 11:00 9:00 a.m. Central time three (3i) one Business Day prior to the date of any proposed Conversion into Base Rate Loans, (ii) on the date (which shall be a U.S. Government Securities Business Day) of any proposed Conversion into Daily Simple SOFR Loans and (iii) 3 U.S. Government Securities Business Days prior to the date of any proposed Conversion into Base Rate or LIBOR SOFR Loans. Promptly after receipt of a Notice of Conversion, the Administrative Agent shall notify each Lender of the proposed Conversion. Subject to the restrictions specified above, each Notice of Conversion shall be by telecopy, electronic mail or other similar form of communication in the form of a Notice of Conversion specifying (a) the requested date of such Conversion, (b) the Type of Loan to be Converted, (c) the portion of such Type of Loan to be Converted, (d) the Type of Loan such Loan is to be Converted into and (e) if such Conversion is into a LIBOR Term SOFR Loan, the requested duration of the Interest Period of such Loan. Notwithstanding the foregoing, the Administrative Agent is authorized to rely upon the telephonic request of any of the Borrower’s Agents. The Borrower’s telephonic notices, requests and acceptances shall be directed to such officers of the Administrative Agent as the Administrative Agent may from time to time designate and shall be followed promptly by the original or a facsimile or electronic mail Notice of Conversion required pursuant to the first sentence of this Section 2.12. Each Notice of Conversion shall be irrevocable by and binding on the Borrower once given.
Appears in 1 contract
Sources: Credit Agreement (NNN Reit, Inc.)
Conversion. So long as no Default or Event of Default exists, the The Borrower may on any Business Day, upon the Borrower’s giving of a Notice of Conversion to the Administrative Agent by telecopy, electronic mail or other similar form of communication, Convert all or a portion of a Loan of one Type into a Loan of another Type; provided, however, a Base Rate Loan may not be Converted into a SOFR Loan if an Event of Default exists. Each Conversion of Base Rate Loans into LIBOR Term SOFR Loans or Daily Simple SOFR Loans, as applicable, shall be in an aggregate minimum amount of $1,000,000 and integral multiples of $100,000 1,000,000 in excess of that amount, and upon Conversion of a Base Rate Loan into a LIBOR Loan, the Borrower shall pay accrued interest to the date of Conversion on the principal amount so Converted in accordance with Section 2.6. Any Conversion of a LIBOR Loan into a Base Rate Loan shall be made on, and only on, the last day of an Interest Period for such LIBOR Loan. Each such Notice of Conversion shall be given not later than 11:00 9:00 a.m. Central Pacific time (x) with respect to Loans that are to be Converted to Base Rate Loans, one (1) Business Day, (y) with respect to Loans that are to be converted to Daily Simple SOFR Loans, one (1) U.S. Government Securities Business Day and (z) with respect to Loans that are to be converted to Term SOFR Loans, three (3) U.S. Government Securities Business Days Days, in each case prior to the date of any proposed Conversion into Base Rate or LIBOR LoansConversion. Promptly after receipt of a Notice of Conversion, the Administrative Agent shall notify each Lender of the proposed Conversion. Subject to the restrictions specified above, each Notice of Conversion shall be by telecopytelephone, (confirmed promptly in writing on the same Business Day or U.S. Government Securities Business Day, as applicable), electronic mail or other similar form of communication in the form of a Notice of Conversion specifying (a) the requested date of such Conversion, (b) the Type of Loan to be Converted, (c) the portion of such Type of Loan to be Converted, (d) the Type of Loan such Loan is to be Converted into and (e) if such Conversion is into a LIBOR Term SOFR Loan, the requested duration of the Interest Period of such Loan. Notwithstanding the foregoing, the Administrative Agent is authorized to rely upon the telephonic request of any of the Borrower’s Agents. The Borrower’s telephonic notices, requests and acceptances shall be directed to such officers of the Administrative Agent as the Administrative Agent may from time to time designate and shall be followed promptly by the original or a facsimile or electronic mail Notice of Conversion required pursuant to the first sentence of this Section 2.12. Each Notice of Conversion shall be irrevocable by and binding on the Borrower once given. If the Borrower requests a Conversion to a Term SOFR Loan, but fails to specify an Interest Period, it will be deemed to have specified an Interest Period of one month. Notwithstanding anything to the contrary herein, a Swingline Loan may not be converted to a SOFR Loan.
Appears in 1 contract
Conversion. So long as no Default or Event of Default exists, the The Borrower may on any U.S. Government Securities Business Day, upon the Borrower’s giving of a Notice of Conversion to the Administrative Agent by telecopy, electronic mail or other similar form of communication, Convert all or a portion of a Loan of one Type into a Loan of another Type; provided, however, a Base Rate Loan or Daily SOFR Loan may not be Converted into a LIBORTerm SOFR Loan if a Default or Event of Default exists. Each Conversion of Base Rate Loans or Daily SOFR Loans into LIBOR LIBORTerm SOFR Loans shall be in an aggregate minimum amount of $1,000,000 and integral multiples of $100,000 250,000 in excess of that amount, and upon Conversion of a Base Rate Loan into a LIBOR Loan, the Borrower shall pay accrued interest to the date of Conversion on the principal amount so Converted in accordance with Section 2.6. Any Conversion of a LIBOR Term SOFR Loan into a Base Rate Loan or Daily SOFR Loan shall be made on, and only on, the last day of an Interest Period for such LIBOR Term SOFR Loan. Each such Notice of Conversion shall be given not later than 11:00 a.m. (i) 1:00 p.m. Central time three (3) U.S. Government Securities Business Days prior to the date of any proposed Conversion into a Daily SOFR Loan or Term SOFR Loan and (ii) 1:00 p.m. Central time three (3) Business Days prior to the date of any proposed Conversion into a Base Rate or LIBOR LoansLoan. Promptly after receipt of a Notice of Conversion, the Administrative Agent shall notify each Lender of the proposed Conversion. Subject to the restrictions specified above, each Notice of Conversion shall be by telecopy, electronic mail or other similar form of communication in the form of a Notice of Conversion specifying (a) the requested date of such Conversion, (b) the Type of Loan to be Converted, (c) the portion of such Type of Loan to be Converted, (d) the Type of Loan such Loan is to be Converted into and (e) if such Conversion is into a LIBOR LIBORTerm SOFR Loan, the requested duration of the Interest Period of such Loan. Notwithstanding If the foregoingBorrower shall elect a conversion to Term SOFR Loans but fails to select an Interest Period for any Term SOFR Loan in accordance with this Section, the Administrative Agent is authorized to rely upon the telephonic request of any of the Borrower’s Agents. The Borrower’s telephonic notices, requests and acceptances Borrower shall be directed deemed to such officers have selected an Interest Period of the Administrative Agent as the Administrative Agent may from time to time designate and shall be followed promptly by the original or a facsimile or electronic mail Notice of Conversion required pursuant to the first sentence of this Section 2.12one month. Each Notice of Conversion shall be irrevocable by and binding on the Borrower once given.
Appears in 1 contract
Sources: Credit Agreement (NETSTREIT Corp.)
Conversion. So The Borrower may on any Business Day (so long as no ---------- Default or Event of Default exists, the Borrower may on any Business Dayhas occurred and is continuing), upon the Borrower’s giving of notice (each such notice, a "Notice of Conversion Conversion") given to the Administrative Agent by telecopyAgent, electronic mail or other similar form and subject to the provisions of communicationSection 4.7(c), Convert all convert the entire amount of or a portion of a Loan all Revolving Loans of one Type comprising the same Borrow- ing into a Loan Revolving Loans of another Type. Each Conversion ; provided, however, that any con- -------- ------- version of Base any Eurodollar Rate Loans into LIBOR Revolving Loans shall be in an aggregate minimum amount of $1,000,000 and integral multiples of $100,000 in excess of that amount, and upon Conversion of a Base Rate Loan into a LIBOR Loan, the Borrower shall pay accrued interest to the date of Conversion on the principal amount so Converted in accordance with Section 2.6. Any Conversion of a LIBOR Loan into a Base Rate Loan another Type shall be made on, and only on, the last day of an Interest Period for such LIBOR LoanEurodollar Rate Loans and, upon conversion of any Base Rate Loans into Revolving Loans of another Type, the Borrower shall pay accrued interest to the date of conversions on the principal amount converted. Each such Notice of Conversion shall be given not later than 11:00 a.m. Central 12:00 P.M. Boston time three (3) on the Business Days Day prior to the date of any proposed Conversion conversion into Base Rate or LIBOR Loans and on the third Business Day prior to the date of any proposed conversion into Eurodollar Rate Loans. Promptly after receipt of a Notice of Conversion, the Administrative Agent shall notify each Lender of the proposed Conversion. Subject to the restrictions specified above, each Notice of Conversion shall be by telecopytelephone or facsimile transmission, electronic mail or other similar form of communication and if by telephone, promptly confirmed in writing substantially in the form of a Notice of Conversion Exhibit H, in each case specifying (ai) the requested date of such Conversionconversion, (bii) the Type of Loan Revolving Loans to be Convertedconverted, (ciii) the portion of such Type of Revolving Loan to be Convertedconverted, (div) the Type of Revolving Loan such Loan is Revolving Loans are to be Converted converted into and (ev) if such Conversion conversion is into a LIBOR LoanEurodollar Rate Loans, the requested duration of the Interest Period of such Revolving Loan. Notwithstanding Each conversion shall be in an aggregate amount for the foregoing, the Administrative Agent is authorized to rely upon the telephonic request Revolving Loans of any all Lenders of the Borrower’s Agentsnot less than $1,000,000 or an integral multiple of $100,000 in excess thereof. The Borrower’s telephonic notices, requests and acceptances shall be directed Borrower may elect to such officers convert the entire amount of the Administrative Agent as the Administrative Agent may from time to time designate and shall be followed promptly by the original or a facsimile or electronic mail Notice portion of Conversion required pursuant to all Revolving Loans of one Type comprising more than one Borrowing into Revolving Loans of another Type by combining such Borrowings into one Borrowing consisting of Revolving Loans of another Type; provided, -------- however, that if the first sentence Borrowings so combined consist of this Section 2.12. Each Notice of Conversion Eurodollar Rate ------- Loans, such Revolving Loans shall be irrevocable by and binding have Interest Periods ending on the Borrower once givensame date.
Appears in 1 contract
Sources: Credit Agreement (Wickes Inc)
Conversion. So long as no Default or Event of Default exists, the Borrower The Borrowers may on any Business Day, upon the BorrowerBorrower Representative’s giving of a Notice of Conversion to the Administrative Agent by telecopy, electronic mail or other similar form of communicationAgent, Convert all or a portion of a Loan of one Type into a Loan of another Type. Each Conversion Type but of Base Rate Loans into LIBOR Loans shall be in an aggregate minimum amount of $1,000,000 and integral multiples of $100,000 in excess of that amountthe same Class; provided, and upon Conversion of however, a Base Rate Loan into may not be Converted to a LIBOR Loan, the Borrower Loan if a Default or Event of Default shall pay accrued interest to the date of Conversion on the principal amount so Converted in accordance with Section 2.6exist. Any Conversion of a LIBOR Loan of a Class into a Base Rate Loan of such Class shall be made on, and only on, the last day of an Interest Period for such LIBOR Loan and, upon Conversion of a Base Rate Loan into a LIBOR Loan, the Borrowers shall pay accrued interest to the date of Conversion on the principal amount so Converted. Each such Notice of Conversion shall be given not later than 11:00 a.m. Central time three (3) on the Business Days Day prior to the date of any proposed Conversion into Base Rate or Loans and on the third Business Day prior to the date of any proposed Conversion into LIBOR Loans. Promptly after receipt of a Notice of Conversion, the Administrative Agent shall notify each Lender holding Loans being Converted by telecopy, or other similar form of transmission, of the proposed Conversion. Subject to the restrictions specified above, each Notice of Conversion shall be by telecopy, electronic mail telephone (confirmed immediately in writing) or other similar form of communication telecopy in the form of a Notice of Conversion specifying (a) the requested date of such Conversion, (b) the Type and Class of Loan to be Converted, (c) the portion of such Type of Loan to be Converted, (d) the Type of Loan such Loan is to be Converted into and (e) if such Conversion is into a LIBOR Loan, the requested duration of the Interest Period of such Loan and the amount of such LIBOR Loan. Notwithstanding , if any, that the foregoing, Borrowers have elected to have subject to a Derivatives Contract that provides a hedge against interest rate risk and the Administrative Agent Derivatives Contract(s) to which such amount is authorized to rely upon the telephonic request of any of the Borrower’s Agents. The Borrower’s telephonic notices, requests and acceptances shall be directed to such officers of the Administrative Agent as the Administrative Agent may from time to time designate and shall be followed promptly by the original or a facsimile or electronic mail Notice of Conversion required pursuant to the first sentence of this Section 2.12subject. Each Notice of Conversion shall be irrevocable by and binding on the Borrower Borrowers once given.
Appears in 1 contract
Sources: Credit Agreement (Lepercq Corporate Income Fund L P)
Conversion. So long as no Default or Event of Default exists, the The Borrower may from time to time elect to Convert any Advance (or portion thereof) of any Type to one or more Advances of the same or any other Type on any Business Day, upon the Borrower’s giving of a Notice of Conversion following terms and subject to the Administrative Agent by telecopy, electronic mail or other similar form of communication, Convert all or a portion of a Loan of one Type into a Loan of another Type. following conditions: Each such Conversion of Base Rate Loans into LIBOR Loans shall be in an aggregate minimum amount of $1,000,000 and integral multiples of $100,000 in excess of that amount, and upon Conversion of a Base Rate Loan into a LIBOR Loan, the Borrower shall pay accrued interest to the date of Conversion on the principal amount so Converted in accordance with Section 2.6. Any Conversion of a LIBOR Loan into a Base Rate Loan shall be made onas to all Advances comprising a single Borrowing, and only on, the last day of an Interest Period for such LIBOR Loan. Each such Notice of Conversion shall be on notice given not later than 11:00 a.m. Central time three A.M. (3New York City time) on the third Business Days Day prior to the date of the proposed Conversion, in the case of any such Conversion into LIBOR Rate Advances, or on the Business Day of the proposed Conversion, in the case of any such Conversion into Base Rate or LIBOR LoansAdvances, by the Borrower to the Administrative Agent, who shall give each Lender prompt notice thereof. Promptly after receipt Each such notice of Conversion (a "Notice of Conversion, the Administrative Agent shall notify each Lender of the proposed Conversion. Subject to the restrictions specified above, each Notice of Conversion ") shall be by telecopy, electronic mail or other similar form of communication in substantially the form of a Notice of Conversion Exhibit 2.03(b)(i), specifying (a) therein the requested (1) date of such Conversion, (b2) Type of, and, with respect to LIBOR Rate Advances, Interest Period applicable to, the Type of Loan Advances (or portions thereof) proposed to be Converted, (c3) except in the portion case of such a Conversion described in subsection (iv), below, Type of Loan Advances to which such Advances (or portions thereof) are proposed to be Converted, (d4) in the Type case of Loan such Loan is a Conversion to LIBOR Rate Advances, initial Interest Period to be Converted into applicable to the Advances resulting from such Conversion and (e5) if aggregate amount of Advances (or portions thereof) proposed to be Converted. In the case of a proposed Conversion into LIBOR Rate Advances, the Administrative Agent shall promptly notify each Lender of the interest rate to be applicable to the Advances resulting from such Conversion is into pursuant to Section 2.03(b)(ii) promptly after determination thereof. LIBOR Rate Advances may not be Converted on a LIBOR Loan, date other than the requested duration last day of the Interest Period of then applicable thereto, unless (i) the corresponding amounts, if any, payable to the Lenders pursuant to Section 4.07 are paid contemporaneously with such Loan. Notwithstanding Conversion and (ii) such corresponding amounts, if any, required to be so paid, are paid only from cash contributions to the foregoing, the Administrative Agent is authorized to rely upon the telephonic request of any equity of the Borrower’s AgentsBorrower made for such purpose at such time. The Borrower’s telephonic notices, requests and acceptances No Conversion may be requested by the Borrower hereunder unless made in compliance with this Section 2.03. Any selection by the Borrower of a longer or shorter Interest Period to be applicable to any LIBOR Rate Advance shall be directed deemed a Conversion pursuant to such officers of this Section 2.03, shall be governed by the terms and conditions hereof and shall be notified to the Administrative Agent as herein provided. If no Notice of Conversion in respect of an Advance is received by the Administrative Agent may from time prior to time designate and the end of any Interest Period as provided in subsection (a)(i), above, such Advance shall be followed promptly by Converted to a Base Rate Advance. No Conversion to a LIBOR Rate Advance shall be made (i) so long as an Borrower Event of Default has occurred and is continuing and the original Administrative Agent has determined that such Conversion is not appropriate or (ii) after the date that is one month prior to the Maturity Date. Anything in Section 2.01 or 2.02 to the contrary notwithstanding: at no time shall more than four different Interest Periods be in effect as to outstanding Borrowings hereunder; each Borrowing hereunder (whether from the making or Conversion of Advances hereunder, or both) which is to be comprised of LIBOR Rate Advances shall be in a facsimile or electronic mail minimum aggregate principal amount no less than $1,000,000; and no Lender having a Working Capital Commitment shall be obligated to make a Working Capital Advance if, on and after the first anniversary of the Second Completion Date, on the date of any such requested Advance, there shall not have been, during the immediately preceding twelve month period, at least one thirty (30) consecutive day period during which no Working Capital Advances were outstanding. Each Notice of Conversion required pursuant to the first sentence of this Section 2.12. Each Borrowing and Notice of Conversion shall be irrevocable by and binding on the Borrower once givenafter delivery thereof. In the case of any Borrowing which the related Notice of Borrowing or Notice of Conversion specifies is to be comprised of LIBOR Rate Advances, the Borrower shall indemnify each Lender against any loss, cost or expense incurred by such Lender as a result of any failure to fulfill on or before the date specified in such Notice of Borrowing or Notice of Conversion for such Borrowing the applicable conditions (if any) set forth in this Article II (other than failure pursuant to the provisions of Section 2.03(b) or (c)) or in Article V, including any such loss (including loss of anticipated profits where such failure shall not have been beyond the reasonable control of the Borrower), cost or expense incurred by reason of the liquidation or re-employment of deposits or other funds acquired by such Lender to fund the Advance to be made by such Lender as part of such Borrowing when such Advance, as a result of such failure, is not made on such date. So long as any Swap Agreement is in effect with respect to any Advances, the Borrower shall maintain as LIBOR Rate Advances having Interest Periods corresponding to the payment dates under such Swap Agreement an aggregate amount of Advances at least equal to the notional amount then in effect under such Swap Agreement, except to the extent that the Borrower would be prevented from complying with this Section 2.03(c)(iii) by operation of Section 2.01, subsections (i) or (ii) of this Section 2.03(c) or Section 4.02(b).
Appears in 1 contract
Sources: Credit and Reimbursement Agreement (Commonwealth Edison Co)
Conversion. So long as no Default or Event of Default exists, the Borrower may on any Business Day, upon the Borrower’s giving of a Notice of Conversion to the Administrative Agent by telecopy, electronic mail or other similar form of communicationAgent, Convert all or a portion of a Loan of one Type into a Loan of another Type. Each Conversion of Base Rate Loans into LIBOR Loans shall be in an aggregate minimum amount of $1,000,000 and integral multiples of $100,000 in excess of that amount, and upon Conversion of a Base Rate Loan into a LIBOR Loan, the Borrower shall pay accrued interest to the date of Conversion on the principal amount so Converted in accordance with Section 2.6. Any Conversion of a LIBOR Loan into a Base Rate Loan shall be made on, and only on, the last day of an Interest Period for such LIBOR Loan. Each Conversion of Base Rate Loans into LIBOR Loans shall be in an aggregate minimum amount of $1,000,000 and integral multiples of $250,000 in excess of that amount. Each such Notice of Conversion shall be given not later than 11:00 a.m. (Central time time) one Business Day prior to the date of any proposed Conversion into Base Rate Loans and three (3) Business Days prior to the date of any proposed Conversion into Base Rate or LIBOR Loans. Promptly after receipt of a Notice of Conversion, the Administrative Agent shall notify each Lender by telecopy, or other similar form of transmission of the proposed Conversion. Subject to the restrictions specified above, each Notice of Conversion shall be by telephone (confirmed immediately in writing), telecopy, electronic mail or other similar form of communication in the form of a Notice of Conversion specifying (a) the requested date of such Conversion, (b) the Type of Loan to be Converted, (c) the portion of such Type of Loan to be Converted, (d) the Type of Loan such Loan is to be Converted into into, and (e) if such Conversion is into a LIBOR Loan, the requested duration of the Interest Period of such Loan and the amount of such LIBOR Loan. Notwithstanding , if any, that the foregoing, Borrower has elected to have subject to a Specified Derivatives Contract that provides a hedge against interest rate risk and the Administrative Agent Specified Derivatives Contract(s) to which such amount is authorized to rely upon the telephonic request of any of the Borrower’s Agents. The Borrower’s telephonic notices, requests and acceptances shall be directed to such officers of the Administrative Agent as the Administrative Agent may from time to time designate and shall be followed promptly by the original or a facsimile or electronic mail Notice of Conversion required pursuant to the first sentence of this Section 2.12subject. Each Notice of Conversion shall be irrevocable by and binding on the Borrower once given.
Appears in 1 contract
Sources: Credit Agreement (Pennsylvania Real Estate Investment Trust)
Conversion. So long as no Default or Event of Default existsshall have occurred and be continuing, the Borrower may on any Business Day, upon the Borrower’s giving of a Notice of Conversion to the Administrative Agent by telecopy, electronic mail or other similar form of communicationAgent, Convert all or a portion of a Loan of one Type into a such Loan of another Type. Each Conversion of Base Rate Loans into LIBOR Loans shall be in an aggregate minimum amount of $1,000,000 and integral multiples of $100,000 in excess of that amount, and upon Conversion of a Base Rate Loan into a LIBOR Loan, the Borrower shall pay accrued interest to the date of Conversion on the principal amount so Converted in accordance with Section 2.6. Any Conversion of a LIBOR Rate Loan into a LIBOR Daily Loan or a Base Rate Loan shall be made on, and only on, the last day of an Interest Period for such LIBOR Rate Loan and, upon Conversion of a LIBOR Daily Loan or a Base Rate Loan into a LIBOR Rate Loan, the Borrower shall pay accrued interest to the date of Conversion on the principal amount so Converted. Each such Notice of Conversion shall be given not later than 11:00 a.m. Central time three (3) on the Business Days Day prior to the date of any proposed Conversion into LIBOR Daily Loans or Base Rate or Loans and on the third (3rd) Business Day prior to the date of any proposed Conversion into LIBOR Rate Loans. Promptly after receipt of a Notice of Conversion, the Administrative Agent shall notify each applicable Lender by telecopy, or other similar form of transmission, of the proposed Conversion. Subject to the restrictions specified above, each Notice of Conversion shall be by telecopy, electronic mail telephone (confirmed immediately in writing) or other similar form of communication telecopy in the form of a Notice of Conversion specifying (a) the requested date of such Conversion, (b) the Type and Class of Loan to be Converted, (c) the portion of such Type and Class of Loan to be Converted, (d) the Type and Class of Loan into which such Loan is to be Converted into and (e) if such Conversion is into a LIBOR Rate Loan, the requested duration of the Interest Period of such Loan. Notwithstanding the foregoing, the Administrative Agent is authorized to rely upon the telephonic request of any of the Borrower’s Agents. The Borrower’s telephonic notices, requests and acceptances shall be directed to such officers of the Administrative Agent as the Administrative Agent may from time to time designate and shall be followed promptly by the original or a facsimile or electronic mail Notice of Conversion required pursuant to the first sentence of this Section 2.12. Each Notice of Conversion shall be irrevocable by and binding on the Borrower once given.
Appears in 1 contract
Sources: Revolving Credit and Term Loan Agreement (Columbia Property Trust, Inc.)
Conversion. So long as no Default or Event of Default existsshall have occurred and be continuing, the each Borrower may on any Business Day, upon the such Borrower’s 's giving of a Notice of Conversion to the Administrative Agent by telecopy, electronic mail or other similar form of communicationAgent, Convert the entire amount of all or a portion of a Revolving Loan borrowed by it of one Type into a Revolving Loan of another Type. Each Conversion of Base Rate Loans into LIBOR Loans shall be in an aggregate minimum amount of $1,000,000 and integral multiples of $100,000 in excess of that amount, and upon Conversion Promptly after receipt of a Base Rate Loan into a LIBOR LoanNotice of Conversion, the Borrower Agent shall pay accrued interest to notify each Lender by telex or telecopy, or other similar form of transmission of the date of Conversion on the principal amount so Converted in accordance with Section 2.6proposed Conversion. Any Conversion of a LIBOR Loan into a Base Rate Loan shall be made on, and only on, the last day of an Interest Period for such LIBOR Loan. Each such Notice of Conversion shall be given not later than 11:00 9:00 a.m. Central time three (3) on the Business Days Day prior to the date of any proposed Conversion into Base Rate or Loans and on the third Business Day prior to the date of any proposed Conversion into LIBOR Loans. Promptly after receipt of a Notice of Conversion, the Administrative Agent shall notify each Lender of the proposed Conversion. Subject to the restrictions specified above, each Notice of Conversion shall be by telecopy, electronic mail telephone or other similar form of communication telecopy confirmed immediately in writing if by telephone in the form of a Notice of Conversion specifying specifying, in addition to the identity of the Borrower, (a) the requested date of such Conversion, (b) the Type of Revolving Loan to be Converted, (c) the portion of such Type of Revolving Loan to be Converted, (d) the Type of Revolving Loan such Revolving Loan is to be Converted into and (e) if such Conversion is into a LIBOR Loan, the requested duration of the Interest Period of such Revolving Loan. Notwithstanding the foregoing, the Administrative Agent is authorized to rely upon the telephonic request of any of the Borrower’s Agents. The Borrower’s telephonic notices, requests and acceptances shall be directed to such officers of the Administrative Agent as the Administrative Agent may from time to time designate and shall be followed promptly by the original or a facsimile or electronic mail Notice of Conversion required pursuant to the first sentence of this Section 2.12. Each Notice of Conversion shall be irrevocable by and binding on the Borrower Borrowers once given. Each Conversion from a Base Rate Loan to a LIBOR Loan shall be in an aggregate amount for the Revolving Loans of all the Lenders of not less than $1,000,000 or integral multiples of $100,000 in excess of that amount.
Appears in 1 contract
Conversion. So long as no Default or Event of Default existsshall have occurred and be continuing, the Borrower may on any Business Day, upon the Borrower’s 's giving of a Notice of Conversion to the Administrative Agent by telecopy, electronic mail or other similar form of communicationAgent, Convert all or a portion of a Loan of one Type into a Loan of another Type. Each Conversion of Base Rate Loans into LIBOR Loans shall be in an aggregate minimum amount of $1,000,000 and integral multiples of $100,000 in excess of that amount, and upon Conversion of a Base Rate Loan into a LIBOR Loan, the Borrower shall pay accrued interest to the date of Conversion on the principal amount so Converted in accordance with Section 2.6. Any Conversion of a Loan that is a LIBOR Rate Loan into a Base Rate Loan shall be made on, and only on, the last day of an Interest Period for such LIBOR Rate Loan and, upon Conversion of a Base Rate Loan into a LIBOR Rate Loan, the Borrower shall pay accrued interest to the date of Conversion on the principal amount so Converted. Each such Notice of Conversion shall be given not later than 11:00 a.m. Central time three (3) on the Business Days Day prior to the date of any proposed Conversion into Base Rate or Loans and on the third (3rd) Business Day prior to the date of any proposed Conversion into LIBOR Rate Loans. Promptly after receipt of a Notice of Conversion, the Administrative Agent shall notify each applicable Lender by telecopy, or other similar form of transmission, of the proposed Conversion. Subject to the restrictions specified above, each Notice of Conversion shall be by telecopy, electronic mail telephone (confirmed immediately in writing) or other similar form of communication telecopy in the form of a Notice of Conversion specifying (a) the requested date of such Conversion, (b) the Type of Loan to be Converted, (c) the portion of such Type of Loan to be Converted, (d) the Type of Loan such Loan is to be Converted into and (e) if such Conversion is into a LIBOR Rate Loan, the requested duration of the Interest Period of such Loan. Notwithstanding the foregoing, the Administrative Agent is authorized to rely upon the telephonic request of any of the Borrower’s Agents. The Borrower’s telephonic notices, requests and acceptances shall be directed to such officers of the Administrative Agent as the Administrative Agent may from time to time designate and shall be followed promptly by the original or a facsimile or electronic mail Notice of Conversion required pursuant to the first sentence of this Section 2.12. Each Notice of Conversion shall be irrevocable by and binding on the Borrower once given.
Appears in 1 contract
Sources: Credit Agreement (Wells Real Estate Investment Trust Ii Inc)
Conversion. So long as no Default or Event of Default exists, the The Borrower may on any applicable RFR Business Day, upon the Borrower’s giving of a Notice of Conversion to the Administrative Agent by telecopyfacsimile, electronic mail or other similar form of communication, Convert all or a portion of a Loan of one Type into a Loan of another Type; provided, however, (i) a Base Rate Loan may not be Converted into a SOFR Loan if an Event of Default exists, (ii) no notice shall be required for a Conversion of a Term SOFR Loan into a Base Rate Loan on the last day of an Interest Period, (iii) Loans of other Types may not be Converted into Multicurrency Loans or, except as expressly set forth herein with respect to conversions of Multicurrency Loans into a Base Rate Loan, vice versa and (iv) Loans of one Class may not be Converted into Loans of another Class. Each Conversion of Base Rate Loans of the same Class into LIBOR SOFR Loans of the same Class shall be in an aggregate minimum amount of $1,000,000 and integral multiples of $100,000 in excess of that amount, amount and upon Conversion of a Base Rate Loan into a LIBOR SOFR Loan, the Borrower shall pay accrued interest to the date of Conversion on the principal amount so Converted in accordance with Section 2.6. Any Conversion of a LIBOR Term SOFR Loan into a Base Rate Loan shall be made on, and only on, the last day of an Interest Period for such LIBOR Term SOFR Loan, unless the Borrower pays all applicable compensation pursuant to Section 5.4. Each such Notice of Conversion shall be given not later than 11:00 9:00 a.m. Central Pacific time three (3) Business Days prior to the date of any proposed Conversion into (or, in the case of any Conversion of a Base Rate or LIBOR LoansLoan into a SOFR Loan, three (3) RFR Business Days). Promptly after receipt of a Notice of Conversion, the Administrative Agent shall notify each Lender holding Loans being Converted of the proposed Conversion. Subject to the restrictions specified above, each Notice of Conversion shall be by telecopyfacsimile, electronic mail or other similar form of communication in the form of a Notice of Conversion specifying (a) the requested date of such Conversion, (b) the Type and Class of Loan to be Converted, (c) the portion of such Type and Class of Loan to be Converted, (d) the Type of Loan such Loan is to be Converted into and (e) if such Conversion is into a LIBOR Term SOFR Loan, the requested duration of the Interest Period of such Loan. Notwithstanding the foregoing, the Administrative Agent is authorized to rely upon the telephonic request of any of the Borrower’s Agents. The Borrower’s telephonic notices, requests and acceptances shall be directed to such officers of the Administrative Agent as the Administrative Agent may from time to time designate and shall be followed promptly by the original or a facsimile or electronic mail Notice of Conversion required pursuant to the first sentence of this Section 2.12. Each Notice of Conversion shall be irrevocable by and binding on the Borrower once given.
Appears in 1 contract
Conversion. So long as no Default or Event of Default exists, the The Borrower may on any Business Day, upon the Borrower’s giving of a Notice of Conversion to the Administrative Agent by telecopy, electronic mail or other similar form of communicationAgent, Convert all or a portion of a Loan of one Type into a Loan of another TypeType but of the same Class; provided, however, a Base Rate Loan may not be Converted to a LIBOR Loan if a Default or Event of Default shall exist. Each Any Conversion of a LIBOR Loan of a Class into a Base Rate Loans into LIBOR Loans Loan of such Class shall be in an aggregate minimum amount of $1,000,000 and integral multiples of $100,000 in excess of that amountmade on, and only on, the last day of an Interest Period for such LIBOR Loan and, upon Conversion of a Base Rate Loan into a LIBOR Loan, the Borrower shall pay accrued interest to the date of Conversion on the principal amount so Converted in accordance with Section 2.6. Any Conversion of a LIBOR Loan into a Base Rate Loan shall be made on, and only on, the last day of an Interest Period for such LIBOR LoanConverted. Each such Notice of Conversion shall be given not later than 11:00 a.m. Central time three (3) on the Business Days Day prior to the date of any proposed Conversion into Base Rate or Loans and on the third Business Day prior to the date of any proposed Conversion into LIBOR Loans. Promptly after receipt of a Notice of Conversion, the Administrative Agent shall notify each Lender holding Loans being Converted by telecopy, or other similar form of transmission, of the proposed Conversion. Subject to the restrictions specified above, each Notice of Conversion shall be by telecopy, electronic mail telephone (confirmed immediately in writing) or other similar form of communication telecopy in the form of a Notice of Conversion specifying (a) the requested date of such Conversion, (b) the Type and Class of Loan to be Converted, (c) the portion of such Type of Loan to be Converted, (d) the Type of Loan such Loan is to be Converted into and (e) if such Conversion is into a LIBOR Loan, the requested duration of the Interest Period of such Loan and the amount of such LIBOR Loan. Notwithstanding , if any, that the foregoing, Borrower has elected to have subject to a Derivatives Contract that provides a hedge against interest rate risk and the Administrative Agent Derivatives Contract(s) to which such amount is authorized to rely upon the telephonic request of any of the Borrower’s Agents. The Borrower’s telephonic notices, requests and acceptances shall be directed to such officers of the Administrative Agent as the Administrative Agent may from time to time designate and shall be followed promptly by the original or a facsimile or electronic mail Notice of Conversion required pursuant to the first sentence of this Section 2.12subject. Each Notice of Conversion shall be irrevocable by and binding on the Borrower once given.
Appears in 1 contract
Conversion. So long as no Default or Event of Default exists, the Borrower The Borrowers may on any Business Day, upon the BorrowerBorrower Representative’s giving of a Notice of Conversion to the Administrative Agent by telecopy, electronic mail or other similar form of communicationAgent, Convert all or a portion of a Loan of one Type into a Loan of another Type. Each Conversion of Base Rate Loans into LIBOR Loans shall be in an aggregate minimum amount of $1,000,000 and integral multiples of $100,000 in excess of that amount; provided, and upon Conversion of however, a Base Rate Loan into may not be Converted to a LIBOR Loan, the Borrower Loan if a Default or Event of Default shall pay accrued interest to the date of Conversion on the principal amount so Converted in accordance with Section 2.6exist. Any Conversion of a LIBOR Loan into a Base Rate Loan shall be made on, and only on, the last day of an Interest Period for such LIBOR Loan and, upon Conversion of a Base Rate Loan into a LIBOR Loan, the Borrowers shall pay accrued interest to the date of Conversion on the principal amount so Converted. Each such Notice of Conversion shall be given not later than 11:00 a.m. Central time three (3) on the Business Days Day prior to the date of any proposed Conversion into Base Rate or Loans and on the third Business Day prior to the date of any proposed Conversion into LIBOR Loans. Promptly after receipt of a Notice of Conversion, the Administrative Agent shall notify each Lender by telecopy, or other similar form of transmission, of the proposed Conversion. Subject to the restrictions specified above, each Notice of Conversion shall be by telecopy, electronic mail telephone (confirmed immediately in writing) or other similar form of communication telecopy in the form of a Notice of Conversion specifying (a) the requested date of such Conversion, (b) the Type of Loan to be Converted, (c) the portion of such Type of Loan to be Converted, (d) the Type of Loan such Loan is to be Converted into and (e) if such Conversion is into a LIBOR Loan, the requested duration of the Interest Period of such Loan. Notwithstanding the foregoing, the Administrative Agent is authorized to rely upon the telephonic request of any of the Borrower’s Agents. The Borrower’s telephonic notices, requests and acceptances shall be directed to such officers of the Administrative Agent as the Administrative Agent may from time to time designate and shall be followed promptly by the original or a facsimile or electronic mail Notice of Conversion required pursuant to the first sentence of this Section 2.12. Each Notice of Conversion shall be irrevocable by and binding on the Borrower Borrowers once given.
Appears in 1 contract
Conversion. So long as no Default or Event of Default exists, the The Borrower may on any Business Day, upon the Borrower’s 's giving of a Notice of Conversion to the Administrative Agent by telecopy, electronic mail or other similar form of communicationAgent, Convert all or a portion of a Loan of one Type into a Loan of another Type. Each Conversion of Base Rate Loans into LIBOR Loans shall be in an aggregate minimum amount of $1,000,000 and integral multiples of $100,000 in excess of that amount; provided, and upon Conversion of however, a Base Rate Loan into may not be Converted to a LIBOR Loan, the Borrower Loan if a Default or Event of Default shall pay accrued interest to the date of Conversion on the principal amount so Converted in accordance with Section 2.6exist. Any Conversion of a LIBOR Loan into a Base Rate Loan shall be made on, and only on, the last day of an Interest Period for such LIBOR Loan and, upon Conversion of a Base Rate Loan into a LIBOR Loan, the Borrower shall pay accrued interest to the date of Conversion on the principal amount so Converted. Each such Notice of Conversion shall be given not later than 11:00 a.m. Central time three (3) on the Business Days Day prior to the date of any proposed Conversion into Base Rate or Loans and on the third Business Day prior to the date of any proposed Conversion into LIBOR Loans. Promptly after receipt of a Notice of Conversion, the Administrative Agent shall notify each Lender by telecopy, or other similar form of transmission, of the proposed Conversion. Subject to the restrictions specified above, each Notice of Conversion shall be by telecopy, electronic mail telephone (confirmed immediately in writing) or other similar form of communication telecopy in the form of a Notice of Conversion specifying (a) the requested date of such Conversion, (b) the Type of Loan to be Converted, (c) the portion of such Type of Loan to be Converted, (d) the Type of Loan such Loan is to be Converted into and (e) if such Conversion is into a LIBOR Loan, the requested duration of the Interest Period of such Loan. Notwithstanding the foregoing, the Administrative Agent is authorized to rely upon the telephonic request of any of the Borrower’s Agents. The Borrower’s telephonic notices, requests and acceptances shall be directed to such officers of the Administrative Agent as the Administrative Agent may from time to time designate and shall be followed promptly by the original or a facsimile or electronic mail Notice of Conversion required pursuant to the first sentence of this Section 2.12. Each Notice of Conversion shall be irrevocable by and binding on the Borrower once given.
Appears in 1 contract
Sources: Credit Agreement (St Joe Co)