Extension and Conversion. The Borrower shall have the option, on any Business Day, to extend existing Loans into a subsequent permissible Interest Period or to convert Loans into Loans of another Type; provided, however, that (i) except as provided in Section 3.7, Eurodollar Loans may be converted into Prime Rate Loans only on the last day of the Interest Period applicable thereto, (ii) Eurodollar Loans may be extended, and Prime Rate 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) Loans extended as, or converted into, Eurodollar Loans shall be subject to the terms of the definition of "Interest Period" set forth in Section 1.1 and shall be in such minimum amounts as provided in Section 2.l(b)(ii) and (iv) any request for extension 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 a Notice of Extension/Conversion in the form of Exhibit 3.2 (or telephone notice promptly confirmed in writing) to the Agent prior to 10:30 A.M. (Milwaukee, Wisconsin time) on the Business Day of, in the case of the conversion of a Eurodollar Loan into a Prime Rate Loan and on the third Business Day prior to, in the case of the extension of a Eurodollar Loan as, or conversion of a Prime Rate Loan into, a Eurodollar Loan, the date of the proposed extension or conversion, specifying the date of the proposed extension or conversion, the Loans to be so extended or converted, the Types of Loans into which such Loans are to be converted and, if appropriate, the applicable Interest Periods with respect thereto. Each request for extension or conversion shall constitute a representation and warranty by the Borrower of the matters specified in paragraphs (a) and (b), and in (c) or (d), of Section 5.
Appears in 3 contracts
Sources: Credit Agreement (C2 Inc), Credit Agreement (C2 Inc), Credit Agreement (Oshkosh Truck Corp)
Extension and Conversion. The Borrower Borrowers shall have the option, option on any Business Day, to extend existing Loans into a subsequent permissible Interest Period or to convert Loans into Loans of another Type; provided, however, that (ia) except as provided in Section 3.7, Eurodollar Loans may be converted into Prime Base Rate Loans only on the last day of the Interest Period applicable thereto, (iib) Eurodollar Loans may be extended, and Prime Base Rate 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, (iiic) Loans extended as, or converted into, Eurodollar Loans shall be subject to the terms of the definition of "“Interest Period" ” set forth in Section 1.1 and shall be in such minimum amounts as provided in Section 2.l(b)(ii2, (d) no more than six separate Eurodollar Loans shall be outstanding hereunder at any time with respect to the Revolving Loans and no more than six separate Eurodollar Loans shall be outstanding hereunder at any time with respect to any Term Loan, if applicable, and (ive) any request for extension 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 (1) month. Each such extension or conversion shall be effected by the Borrower Borrowers by giving a Notice of Extension/Conversion in the form of Exhibit 3.2 (or telephone notice promptly confirmed in writing) to the Administrative Agent prior to 10:30 A.M. (Milwaukee, Wisconsin time) 11:00 a.m. on the Business Day of, in the case of the conversion of a Eurodollar Loan into a Prime Base Rate Loan and on the third Business Day prior to, in the case of the extension of a Eurodollar Loan as, or conversion of a Prime Base Rate Loan into, a Eurodollar Loan, the date of the proposed extension or conversion, specifying the date of the proposed extension or conversion, the Loans to be so extended or converted, the Types of Loans into which such Loans are to be converted and, if appropriate, the applicable Interest Periods with respect thereto. Each request for extension or conversion shall constitute a representation and warranty by the Borrower Borrowers of the matters specified in paragraphs (a) and clauses (b), and in (c) or ), (d), (e) and (f) of Section 55.2. In the event the Borrowers fail to request extension or conversion of any Eurodollar Loan in accordance with this Section 3.1, or any such conversion or extension is not permitted or required by this Section 3.1, then such Loan shall be automatically converted into a Base Rate Loan at the end of the Interest Period applicable thereto. The Administrative Agent shall give each applicable Lender notice as promptly as practicable of any such proposed extension or conversion affecting any Loan.
Appears in 3 contracts
Sources: Credit Agreement (Speedway Motorsports LLC), Credit Agreement (Speedway Motorsports LLC), Credit Agreement (Speedway Motorsports Inc)
Extension and Conversion. The Borrower shall have the option, on any Business Day, to extend existing Revolving Loans into a subsequent permissible Interest Period or to convert Revolving Loans into Revolving Loans of another Typeinterest rate type; provided, however, that (i) except as provided in Section 3.74.07, Eurodollar LIBOR Loans may be converted into Prime Base Rate Loans only on the last day of the Interest Period applicable theretothereto unless the Borrower agrees to pay all Funding Losses, (ii) Eurodollar LIBOR Loans may be extended, and Prime Base Rate Loans may be converted into Eurodollar LIBOR Loans, only if no Default or Event of Default is the conditions in existence on the date of extension or conversionSection 5.02 have been satisfied, (iii) Loans extended as, or converted into, Eurodollar LIBOR Loans shall be subject to the terms of the definition of "“Interest Period" ” set forth in Section 1.1 1.01 and shall be in such minimum amounts as provided in Section 2.l(b)(ii) 2.01(c)(ii), and (iv) any request for extension or conversion of a Eurodollar LIBOR Loan which that 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 a Notice of Extension/Conversion in the form of Exhibit 3.2 written notice (or telephone notice promptly confirmed in writing) (a “Notice of Extension/Conversion”) to the Administrative Agent prior to 10:30 A.M. (Milwaukee10:00 a.m., Wisconsin New York City time) , on the LIBOR Business Day of, in the case of the conversion of a Eurodollar LIBOR Loan into a Prime Base Rate Loan Loan, and on the third LIBOR Business Day prior to, in the case of the extension of a Eurodollar LIBOR Loan as, or conversion of a Prime Base Rate Loan into, a Eurodollar LIBOR Loan, the date of the proposed extension or conversion, substantially in the form of Exhibit C hereto, specifying (A) the date of the proposed extension or conversion, (B) the Loans to be so extended or converted, (C) the Types types of Revolving Loans into which such Loans are to be converted converted, and, if appropriate, (D) the applicable Interest Periods with respect thereto. Each request for extension or conversion Notice of Extension/Conversion shall be irrevocable and shall constitute a representation and warranty by the Borrower of the matters specified in paragraphs Sections 5.02(a) through (ae). So long as there is no Default or Event of Default, in the event the Borrower does not request extension or conversion of any LIBOR Loan in accordance with this Section, or any such conversion or extension is not required by this Section, then such LIBOR Loan shall be continued as a Base Rate Loan at the end of each Interest Period applicable thereto, until the Borrower selects an alternate Interest Period or converts such Loans to LIBOR Loans. It is hereby understood and agreed that such failure by the Borrower to request such extension or conversion resulting in the automatic conversion of a LIBOR Loan into a Base Rate Loan shall also constitute a representation and warranty by the Borrower of the matters specified in Sections 5.02(a) and through (be). In the event any LIBOR Loans are not permitted to be converted into another LIBOR Loan hereunder, and in (c) such LIBOR Loans shall automatically be converted to Base Rate Loans at the end of the applicable Interest Period with respect thereto. The Administrative Agent shall give each Lender notice as promptly as practicable of any such proposed extension or (d), of Section 5conversion affecting any Loan.
Appears in 2 contracts
Sources: Credit Agreement (Cemex Sa De Cv), Credit Agreement (Cemex Sa De Cv)
Extension and Conversion. The Borrower shall have the option, on any Business Day, to extend existing Loans into a subsequent permissible Interest Period or to convert Loans into Loans of another Type; provided, however, that (i) except as provided in Section Sections 3.6 and 3.7, Eurodollar Loans may be converted into Prime Rate Loans only on the last day of the Interest Period applicable thereto, (ii) Eurodollar Loans may be extended, and Prime Rate 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) Loans extended as, or converted into, Eurodollar Loans shall be subject to the terms of the definition of "“Interest Period" ” set forth in Section 1.1 and shall be in such minimum amounts as provided in Section 2.l(b)(ii) and (iv) any request for extension 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 a Notice of Extension/Conversion in the form of Exhibit 3.2 (or telephone notice promptly confirmed in writing) to the Agent prior to 10:30 A.M. (Milwaukee, Wisconsin time) on the Business Day of, in the case of the conversion of a Eurodollar Loan into a Prime Rate Loan and on the third second Business Day prior to, in the case of the extension of a Eurodollar Loan as, or conversion of a Prime Rate Loan into, a Eurodollar Loan, the date of the proposed extension or conversion, specifying the date of the proposed extension or conversion, the Loans to be so extended or converted, the Types of Loans into which such Loans are to be converted and, if appropriate, the applicable Interest Periods with respect thereto. Each request for extension or conversion shall constitute a representation and warranty by the Borrower of the matters specified in paragraphs (a) and (b), and in (c) or (d), of Section 5.
Appears in 2 contracts
Sources: Credit Agreement (Journal Communications Inc), Credit Agreement (Journal Communications Inc)
Extension and Conversion. The Borrower Borrowers shall have the option, option on any Business Day, to extend existing Loans into a subsequent permissible Interest Period or to convert Loans into Loans of another Typetype; provided, however, that (i) except as provided in Section 3.73.8, Eurodollar Loans may be converted into Prime Base Rate Loans only on the last day of the Interest Period applicable thereto, (ii) Eurodollar Loans may be extended, and Prime Base Rate 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) Loans extended as, or converted into, Eurodollar Loans shall be subject to the terms of the definition of "“Interest Period" ” set forth in Section 1.1 and shall be in such minimum amounts as provided in Section 2.l(b)(ii2, (iv) no more than six separate Eurodollar Loans shall be outstanding hereunder at any time with respect to the Revolving Loans and no more than six separate Eurodollar Loans shall be outstanding hereunder at any time with respect to any Term Loan, if applicable, and (ivv) any request for extension 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 Borrowers by giving a Notice of Extension/Conversion in the form of Exhibit 3.2 (or telephone notice promptly confirmed in writing) to the Administrative Agent prior to 10:30 A.M. (Milwaukee, Wisconsin time) 11:00 a.m. on the Business Day of, in the case of the conversion of a Eurodollar Loan into a Prime Base Rate Loan and on the third Business Day prior to, in the case of the extension of a Eurodollar Loan as, or conversion of a Prime Base Rate Loan into, a Eurodollar Loan, the date of the proposed extension or conversion, specifying the date of the proposed extension or conversion, the Loans to be so extended or converted, the Types types of Loans into which such Loans are to be converted and, if appropriate, the applicable Interest Periods with respect thereto. Each request for extension or conversion shall constitute a representation and warranty by the Borrower Borrowers of the matters specified in paragraphs subsections (aii), (iii), (iv), (v) and (b), and in (cvi) or (d), of Section 55.2. In the event the Borrowers fail to request extension or conversion of any Eurodollar Loan in accordance with this Section, or any such conversion or extension is not permitted or required by this Section, then such Loan shall be automatically converted into a Base Rate Loan at the end of the Interest Period applicable thereto. The Administrative Agent shall give each applicable Lender notice as promptly as practicable of any such proposed extension or conversion affecting any Loan.
Appears in 2 contracts
Sources: Credit Agreement (Speedway Motorsports Inc), Credit Agreement (Speedway Motorsports Inc)
Extension and Conversion. The Borrower shall have the option, on any Business Day, to extend existing Loans into a subsequent permissible Interest Period or to convert Loans into Loans of another Type; provided, however, that (i) except as provided in Section Sections 3.6 and 3.7, Eurodollar Loans may be converted into Prime Rate Loans only on the last day of the Interest Period applicable thereto, (ii) Eurodollar Loans may be extended, and Prime Rate 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) Loans extended as, or converted into, Eurodollar Loans shall be subject to the terms of the definition of "Interest Period" set forth in Section 1.1 and shall be in such minimum amounts as provided in Section 2.l(b)(ii) and (iv) any request for extension 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 a Notice of Extension/Conversion in the form of Exhibit 3.2 (or telephone notice promptly confirmed in writing) to the Agent prior to 10:30 A.M. (Milwaukee, Wisconsin time) on the Business Day of, in the case of the conversion of a Eurodollar Loan into a Prime Rate Loan and on the third second Business Day prior to, in the case of the extension of a Eurodollar Loan as, or conversion of a Prime Rate Loan into, a Eurodollar Loan, the date of the proposed extension or conversion, specifying the date of the proposed extension or conversion, the Loans to be so extended or converted, the Types of Loans into which such Loans are to be converted and, if appropriate, the applicable Interest Periods with respect thereto. Each request for extension or conversion shall constitute a representation and warranty by the Borrower of the matters specified in paragraphs (a) and (b), and in (c) or (d), of Section 5.
Appears in 2 contracts
Sources: Credit Agreement (Journal Communications Inc), Credit Agreement (Journal Communications Inc)
Extension and Conversion. The Borrower Subject to the terms of Section 5.2, the Borrowers shall have the option, on any Business Day, to extend existing Loans into a subsequent permissible Interest Period or to convert Loans into Loans of another Typeinterest rate type; provided, however, that (i) except as provided in Section 3.73.8, Eurodollar Loans may be converted into Prime Base Rate Loans only on the last day of the Interest Period applicable thereto, (ii) Eurodollar Loans may be extended, and Prime Base Rate Loans may be converted into Eurodollar Loans, only if no Default or Event of Default is in existence on the date of extension or conversionconversion and the conditions set forth in subsections (a), (b) and (c) of Section 5.2 have been satisfied, (iii) Loans extended as, or converted into, Eurodollar Loans shall be subject to the terms of the definition of "Interest Period" set forth in Section 1.1 and shall be in such minimum amounts as provided in in, Section 2.l(b)(ii) 2.1(b)(ii), and (iv) any request for extension 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 Borrowers by giving a Notice of Extension/Conversion Conversion, in the form of Exhibit 3.2 (or telephone notice promptly confirmed in writing) 3.2, to the Agent prior to 10:30 A.M. 12:00 Noon (MilwaukeeCharlotte, Wisconsin North Carolina time) on the Business Day of, in the case of the conversion of a Eurodollar Loan into a Prime Base Rate Loan Loan, and on the third Business Day prior to, in the case of the extension of a Eurodollar Loan as, or conversion of a Prime Base Rate Loan into, a Eurodollar Loan, the date of the proposed extension or conversion, specifying the date of the proposed extension or conversion, the Loans to be so extended or converted, the Types types of Loans into which such Loans are to be converted and, if appropriate, the applicable Interest Periods with respect thereto. Each request for extension or conversion shall be irrevocable and shall constitute a representation and warranty by the Borrower Borrowers of the matters specified in paragraphs subsections (a) and (b), and in through (c) or (d), of Section 55.2. In the event the Borrowers fail to request extension or conversion of any Eurodollar Loan in accordance with this Section, or any such conversion or extension is not permitted or required by this Section, then such Eurodollar Loan shall be automatically converted into a Base Rate Loan at the end of the Interest Period applicable thereto. The Agent shall give each Lender notice as promptly as practicable of any such proposed extension or conversion affecting any Loan.
Appears in 1 contract
Extension and Conversion. The Borrower shall have the option, on any Business Day, to extend existing Loans into a subsequent permissible Interest Period or to convert Loans into Loans of another Type; provided, however, that (ia) except as expressly provided otherwise in Section 3.7this Agreement, Eurodollar SOFR Loans may be converted into Prime Alternate Base Rate Loans only on the last day of the Interest Period applicable thereto, (iib) Eurodollar SOFR Loans may be extended, and Prime Alternate Base Rate Loans may be converted into Eurodollar SOFR Loans, only if no Default or Event of Default is the conditions in existence on the date of extension or conversion, Section 4.2 have been satisfied and (iiic) Loans extended as, or converted into, Eurodollar SOFR Loans shall be subject to the terms of the definition of "“Interest Period" ” set forth in Section 1.1 and shall be in such minimum amounts as provided in Section 2.l(b)(ii) and (iv) any 2.1(b)(ii). Any request for extension or conversion of a Eurodollar SOFR 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 a Notice of Extension/Conversion in the form of Exhibit 3.2 (or telephone notice promptly confirmed in writingwriting through delivery of a Notice of Extension/Conversion) to the Administrative Agent prior to 10:30 11:00 A.M. (Milwaukee, Wisconsin time) on the Business Day of, in the case of the conversion of a Eurodollar SOFR Loan into a Prime an Alternate Base Rate Loan Loan, and on the third RFR Business Day prior to, in the case of the extension of a Eurodollar SOFR Loan as, or conversion of a Prime an Alternate Base Rate Loan into, a Eurodollar SOFR Loan, the date of the proposed extension or conversion, specifying (i) the date of the proposed extension or conversion, (ii) the Loans to be so extended or converted, (iii) the Types of Loans into which such Loans are to be converted and, and (iv) if appropriateapplicable, the applicable Interest Periods with respect thereto. Each request for extension or conversion shall be irrevocable and shall constitute a representation and warranty by the Borrower of the matters specified in paragraphs (a) and (b), and in (c) or (d), of Section 54.
Appears in 1 contract
Sources: Fourth Amended and Restated Credit Agreement (Hni Corp)
Extension and Conversion. The Borrower shall have the option, on any Business Day, to extend existing Loans into a subsequent permissible Interest Period or to convert Loans into Loans of another Typeinterest rate type; provided, however, that (i) except as provided in Section 3.73.8, Eurodollar Loans may be converted into Prime Base Rate Loans or extended as Eurodollar Loans for new Interest Periods only on the last day of the Interest Period applicable thereto, (ii) Eurodollar Loans may be extended, and Prime Base Rate Loans may be converted into Eurodollar Loans, only if no Default or Event of Default is the conditions precedent set forth in existence Section 5.2 are satisfied on the date of extension continuation or conversion, (iii) Loans extended as, or converted into, Eurodollar Loans shall be subject to the terms of the definition of "Interest Period" set forth in Section 1.1 and shall be in such minimum amounts as provided in Section 2.l(b)(ii2.2(b) and (iv) any request for extension continuation 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 continuation or conversion shall be effected by the applicable Borrower by giving a Notice of Extension/Conversion in the form of Exhibit 3.2 (or telephone telephonic notice promptly confirmed in writing) to the office of the Administrative Agent specified in Section 11.1, or at such other office as the Administrative Agent may designate in writing, prior to 10:30 11:00 A.M. (MilwaukeeCharlotte, Wisconsin North Carolina time) ), on the Business Day of, in the case of the conversion of a Eurodollar Loan into a Prime Base Rate Loan Loan, and on the third Business Day prior to, in the case of the extension continuation of a Eurodollar Loan as, or conversion of a Prime Base Rate Loan into, a Eurodollar Loan, the date of the proposed extension or conversion, specifying the date of the proposed extension continuation or conversion, the Loans to be so extended or converted, the Types types of Loans into which such Loans are to be converted and, if appropriate, the applicable Interest Periods with respect thereto. Each request for extension continuation or conversion shall be irrevocable and shall constitute a representation and warranty by the applicable Borrower of the matters specified in paragraphs (a) and (b)Section 5.2. In the event the applicable Borrower fails to request continuation or conversion of any Eurodollar Loan in accordance with this Section, and in (c) or (d)any such conversion or continuation is not permitted or required by this Section, then such Eurodollar Loan shall be automatically converted into a Base Rate Loan at the end of Section 5the Interest Period applicable thereto. The Administrative Agent shall give each Lender notice as promptly as practicable of any such proposed continuation or conversion affecting any Revolving Loan.
Appears in 1 contract
Sources: Credit Agreement (Take Two Interactive Software Inc)
Extension and Conversion. The Borrower shall have the option, on any Business Day, to extend existing Loans the Term Loan into a subsequent permissible Interest Period or to convert Loans the Term Loan into Loans a Term Loan of another Type; provided, however, that (i) except as provided in Section 3.7, Eurodollar Loans may be converted into Prime Rate Loans only on the last day of the Interest Period applicable thereto, (ii) Eurodollar Loans may be extended, and Prime Rate 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) Loans the portion of the Term Loan extended as, or converted into, Eurodollar Loans shall be subject to the terms of the definition of "Interest Period" set forth in Section 1.1 and shall be in such minimum amounts as provided in Section 2.l(b)(ii) and (iv) any request for extension 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 a Notice of Extension/Conversion in the form of Exhibit 3.2 (or telephone notice promptly confirmed in writing) to the Agent Lender prior to 10:30 A.M. 12:00 noon (Milwaukee, Wisconsin time) on the Business Day of, in the case of the conversion of a Eurodollar Loan into a Prime Rate Loan and on the third Business Day prior to, in the case of the extension of a Eurodollar Loan as, or conversion of a Prime Rate Loan into, a Eurodollar Loan, the date of the proposed extension or conversion, specifying the date of the proposed extension or conversion, the Loans portion of the Term Loan to be so extended or converted, the Types of Loans Term Loan into which such Loans portion of the Term Loan are to be converted and, if appropriate, the applicable Interest Periods with respect thereto. Each request for extension or conversion shall constitute a representation and warranty by the Borrower of the matters specified in paragraphs (a) and (b)Section 4.2. In the event the Borrower fails to request extension or conversion of any Eurodollar Loan in accordance with this Section, and in (c) or (d)any such conversion or extension is not permitted or required by this Section, then such portion of Section 5the Term Loan shall be automatically converted into Prime Rate Loans at the end of their Interest Period.
Appears in 1 contract
Extension and Conversion. The Borrower shall have the option, on any Business DayDay prior to the Termination Date, to extend existing Loans into a subsequent permissible Interest Period or to convert Loans into Loans of another Typetype; provided, however, that (i) except as provided in Section 3.72.10, Eurodollar Loans may be converted into Prime Base Rate Loans only on the last day of the Interest Period applicable thereto, (ii) Eurodollar Loans may be extended, and Prime Base Rate 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) Loans extended as, or converted into, Eurodollar Loans shall be subject to the terms of the definition of "Interest Period" set forth in Section 1.1 and shall be in such minimum amounts as provided in Section 2.l(b)(ii) and 2.1(b)(ii), (iv) any request for extension 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 monthmonth and (v) Swingline Loans and Competitive Loans may not be extended or converted pursuant to this Section 2.5. Each such extension or conversion shall be effected by the Borrower by giving a Notice of Extension/Conversion in the form of Exhibit 3.2 (or telephone notice promptly confirmed in writing) to the Agent prior to 10:30 10:00 A.M. (MilwaukeeSan Francisco, Wisconsin California time) on the Business Day of, in the case of the conversion of a Eurodollar Loan into a Prime Base Rate Loan Loan, and on the third Business Day prior to, in the case of the extension of a Eurodollar Loan as, or conversion of a Prime Base Rate Loan into, a Eurodollar Loan, the date of the proposed extension or conversion, specifying the date of the proposed extension or conversion, the Loans to be so extended or converted, the Types types of Loans into which such Loans are to be converted and, if appropriate, the applicable Interest Periods with respect thereto. Each request for extension or conversion shall constitute a representation and warranty by the Borrower of the matters specified in paragraphs (aSections 3.2(b), 3.2(c) and (b3.2(d). In the event the Borrower fails to request extension of or conversion into any Eurodollar Loan in accordance with this Section, and in (c) or (d)any such conversion or extension is not permitted or required by this Section, then such Loans shall be automatically converted into Base Rate Loans at the end of Section 5their Interest Period. The Agent shall give each Lender notice as promptly as practicable of any such proposed extension or conversion affecting any Loan.
Appears in 1 contract
Extension and Conversion. The Borrower shall have the option, on any Business Day, to extend existing Loans into a subsequent permissible Interest Period or to convert Loans into Loans of another Typeinterest rate type; provided, however, that (i) except as -------- ------- provided in Section 3.73.8, Eurodollar Loans may be converted into Prime Base Rate Loans only on the last day of the Interest Period applicable thereto, (ii) Eurodollar Loans may be extended, and Prime Base Rate Loans may be converted into Eurodollar Loans, only if no Default or Event the conditions of Default is in existence on Section 5.2 shall have been satisfied as of the date of extension or conversion, (iii) Loans extended as, or converted into, Eurodollar Loans shall be subject to the terms of the definition of "Interest -------- Period" set forth in Section 1.1 and shall be in such minimum amounts as ------ provided in Section 2.l(b)(ii) 2.1(b)(ii), and (iv) any request for extension into, or conversion of 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 a Notice of Extension/Conversion in the form of Exhibit 3.2 (or telephone notice promptly confirmed in writing) to the Administrative Agent prior to 10:30 11:00 A.M. (MilwaukeeCharlotte, Wisconsin North Carolina time) on the Business Day of, in the case of the conversion of a Eurodollar Loan into a Prime Base Rate Loan Loan, and on the third Business Day prior to, in the case of the extension of a Eurodollar Loan as, or conversion of a Prime Base Rate Loan into, a Eurodollar Loan, the date of the proposed extension or conversion, specifying the date of the proposed extension or conversion, the Loans to be so extended or converted, the Types types of Loans into which such Loans are to be converted and, if appropriate, the applicable Interest Periods with respect thereto. Each request for extension or conversion shall be irrevocable and shall constitute a representation and warranty by the Borrower of the matters specified in paragraphs (a) and (b)Section 5.2. In the event the Borrower fails to request extension or conversion of any Eurodollar Loan in accordance with this Section, and in (c) or (d)any such conversion or extension is not permitted or required by this Section, then such Eurodollar Loan shall be automatically converted into a Base Rate Loan at the end of Section 5the Interest Period applicable thereto. The Administrative Agent shall give each Lender notice as promptly as practicable of any such proposed extension or conversion affecting any Loan.
Appears in 1 contract
Extension and Conversion. The Borrower shall have the option, on any Business Day, to extend existing Loans into a subsequent permissible Interest Period or to convert Loans into Loans of another Type; provided, however, that (i) except as provided in Section 3.7, Eurodollar Loans may be converted into Prime Base Rate Loans only on the last day of the Interest Period applicable thereto, (ii) Eurodollar Loans may be extended, and Prime Base Rate 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) Loans extended as, or converted into, Eurodollar Loans shall be subject to the terms of the definition of "Interest Period" set forth in Section 1.1 and shall be in such minimum amounts as provided in Section 2.l(b)(ii) and (iv) any request for extension 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 montha Base Rate Loan. Each such extension or conversion shall be effected by the Borrower by giving a Notice of Extension/Conversion in the form of Exhibit 3.2 (or telephone notice promptly confirmed in writing) to the Agent prior to 10:30 A.M. 11:00 a.m. (Milwaukee, Wisconsin time) on the Business Day of, in the case of the conversion of a Eurodollar Loan into a Prime Base Rate Loan and on the third Business Day prior to, in the case of the extension of a Eurodollar Loan as, or conversion of a Prime Base Rate Loan into, a Eurodollar Loan, the date of the proposed extension or conversion, specifying the date of the proposed extension or conversion, the Loans to be so extended or converted, the Types of Loans into which such Loans are to be converted and, if appropriate, the applicable Interest Periods with respect thereto. Each request for extension or conversion shall constitute a representation and warranty by the Borrower of the matters specified in paragraphs (a) and (b)Section 4.2. In the event the Borrower fails to request extension or conversion of any Eurodollar Loan in accordance with this Section, and in (c) or (d)any such conversion or extension is not permitted or required by this Section, then such Loans shall be automatically converted into Base Rate Loans at the end of Section 5their Interest Period. The Agent shall give each Lender notice as promptly as practicable of any such proposed extension or conversion affecting any Loan.
Appears in 1 contract
Sources: Senior Secured Revolving Credit Agreement (Midwest Express Holdings Inc)
Extension and Conversion. The Borrower shall have the option, on any Business Day, to extend existing Loans into a subsequent permissible Interest Period or to convert Loans into Loans of another Type; provided, however, that (i) except as provided in Section Sections 3.6 and 3.7, Eurodollar Loans may be converted into Prime Rate Loans only on the last day of the Interest Period applicable thereto, (ii) Eurodollar Loans may be extended, and Prime Rate 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) Loans extended as, or converted into, Eurodollar Loans shall be subject to the terms of the definition of "“Interest Period" ” set forth in Section 1.1 and shall be in such minimum amounts as provided in Section 2.l(b)(ii) 2.1(b)(ii), and (iv) any request for extension 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 a Notice of Extension/Conversion in the form of Exhibit 3.2 (or telephone notice promptly confirmed in writing) to the Agent prior to 10:30 A.M. (Milwaukee, Wisconsin time) on the Business Day of, in the case of the conversion of a Eurodollar Loan into a Prime Rate Loan and on the third second Business Day prior to, in the case of the extension of a Eurodollar Loan as, or conversion of a Prime Rate Loan into, a Eurodollar Loan, the date of the proposed extension or conversion, specifying the date of the proposed extension or conversion, the Loans to be so extended or converted, the Types of Loans into which such Loans are to be converted and, if appropriate, the applicable Interest Periods with respect thereto. Each request for extension or conversion shall constitute a representation and warranty by the Borrower of the matters specified in paragraphs (a) and ), (b), and in (c) or (d), of Section 55.2. In the event the Borrower fails to request extension or conversion of any Eurodollar Loan in accordance with this Section, or any such conversion or extension is not permitted or required by this Section, then such Loans shall be automatically converted into Prime Rate Loans at the end of their Interest Period. The Agent shall give each Lender notice as promptly as practicable of any such proposed extension or conversion affecting any Loan.
Appears in 1 contract
Extension and Conversion. The Borrower shall have the option, on any Business Day, to extend existing Loans into a subsequent permissible Interest Period or to convert Loans into Loans of another Typeinterest rate type; provided, however, that (i) except as provided in Section 3.73.8, Eurodollar Loans may be converted into Prime Base Rate Loans or extended as Eurodollar Loans for new Interest Periods only on the last day of the Interest Period applicable thereto, (ii) Eurodollar Loans may be extended, and Prime Base Rate Loans may be converted into Eurodollar Loans, only if no Default or Event of Default is the conditions precedent set forth in existence Section 5.2 are satisfied on the date of extension Continuation or conversionConversion, (iii) Loans extended as, or converted into, Eurodollar Loans shall be subject to the terms of the definition of "Interest Period" set forth in Section 1.1 and shall be in such minimum amounts as provided in Section 2.l(b)(ii) 2.2(b), and (iv) any request for extension Continuation or conversion 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 Continuation or conversion Conversion shall be effected by the Borrower by giving a Notice of Extension/Conversion in the form of Exhibit 3.2 (or telephone telephonic notice promptly confirmed in writing) to the office of the Administrative Agent specified in Section 11.1, or at such other office as the Administrative Agent may designate in writing, prior to 10:30 11:00 A.M. (MilwaukeeDallas, Wisconsin Texas time) ), on the Business Day of, in the case of the conversion Conversion of a Eurodollar Loan into a Prime Base Rate Loan Loan, and on the third Business Day prior to, in the case of the extension Continuation of a Eurodollar Loan as, or conversion Conversion of a Prime Base Rate Loan into, a Eurodollar Loan, the date of the proposed extension Continuation or conversionConversion, specifying the date of the proposed extension Continuation or conversionConversion, the Loans to be so extended or converted, the Types types of Loans into which such Loans are to be converted and, if appropriate, the applicable Interest Periods with respect thereto. Each request for extension Continuation or conversion Conversion shall be irrevocable and shall constitute a representation and warranty by the Borrower of the matters specified in paragraphs (a) and (b)Section 5.2. In the event the Borrower fails to request Continuation or Conversion of any Eurodollar Loan in accordance with this Section, and in (c) or (d)any such Conversion or Continuation is not permitted or required by this Section, then such Eurodollar Loan shall be automatically converted into a Base Rate Loan at the end of Section 5the Interest Period applicable thereto. The Administrative Agent shall give each Lender notice as promptly as practicable of any such proposed Continuation or Conversion affecting any Revolving Loan.
Appears in 1 contract
Extension and Conversion. The Borrower shall have the option, on any Business Day, to extend existing Loans into a subsequent permissible Interest Period or to convert Loans into Loans of another Typeinterest rate type; provided, however, that (i) except as provided in Section 3.73.8, Eurodollar Loans may be converted into Prime Base Rate Loans or extended as Eurodollar Loans for new Interest Periods only on the last day of the Interest Period applicable thereto, (ii) Eurodollar Loans may be extended, and Prime Base Rate Loans may be converted into Eurodollar Loans, only if no Default or Event of Default is the conditions precedent set forth in existence Section 5.2 are satisfied on the date of extension Continuation or conversionConversion, (iii) Loans extended as, or converted into, Eurodollar Loans shall be subject to the terms of the definition of "Interest Period" set forth in Section 1.1 and shall be in such minimum amounts as provided in Section 2.l(b)(ii) 2.2(b), and (iv) any request for extension Continuation or conversion 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 Continuation or conversion Conversion shall be effected by the Borrower by giving a Notice of Extension/Conversion in the form of Exhibit 3.2 (or telephone telephonic notice promptly confirmed in writing) to the office of the Administrative Agent specified in Section 11.1, or at such other office as the 37 Administrative Agent may designate in writing, prior to 10:30 11:00 A.M. (MilwaukeeDallas, Wisconsin Texas time) ), on the Business Day of, in the case of the conversion Conversion of a Eurodollar Loan into a Prime Base Rate Loan Loan, and on the third Business Day prior to, in the case of the extension Continuation of a Eurodollar Loan as, or conversion Conversion of a Prime Base Rate Loan into, a Eurodollar Loan, the date of the proposed extension Continuation or conversionConversion, specifying the date of the proposed extension Continuation or conversionConversion, the Loans to be so extended or converted, the Types types of Loans into which such Loans are to be converted and, if appropriate, the applicable Interest Periods with respect thereto. Each request for extension Continuation or conversion Conversion shall be irrevocable and shall constitute a representation and warranty by the Borrower of the matters specified in paragraphs (a) and (b)Section 5.2. In the event the Borrower fails to request Continuation or Conversion of any Eurodollar Loan in accordance with this Section, and in (c) or (d)any such Conversion or Continuation is not permitted or required by this Section, then such Eurodollar Loan shall be automatically converted into a Base Rate Loan at the end of Section 5the Interest Period applicable thereto. The Administrative Agent shall give each Lender notice as promptly as practicable of any such proposed Continuation or Conversion affecting any Revolving Loan.
Appears in 1 contract
Sources: Credit Agreement (Rockford Corp)
Extension and Conversion. The Subject to the terms of Section 5.2, the Borrower shall have the option, on any Business Day, to extend existing Eurodollar Loans into a subsequent permissible Interest Period or to convert Base Rate Loans into Loans of another TypeEurodollar Loans; provided, however, that (i) except as provided in Section 3.73.8, Eurodollar Loans may be converted into Prime Base Rate Loans only on the last day of the Interest Period applicable thereto, (ii) Eurodollar Loans may be extended, and Prime Base Rate 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) Loans extended as, or converted into, Eurodollar Loans shall be subject to the terms of the definition of "Interest Period" set forth in Section 1.1 and shall be in such minimum amounts as provided in in
Section 2.l(b)(ii) 2.1 (c), and (iv) any request for extension 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 a Notice of Extension/Conversion in the form of Exhibit 3.2 (or telephone notice promptly confirmed in writing) to the Administrative Agent prior to 10:30 11:00 A.M. (MilwaukeeCharlotte, Wisconsin North Carolina time) on the Business Day of, in the case of the conversion of a Eurodollar Loan into a Prime Base Rate Loan Loan, and on the third Business Day prior to, in the case of the extension of a Eurodollar Loan as, or conversion of a Prime Base Rate Loan into, a Eurodollar Loan, the date of the proposed extension or conversion, specifying the date of the proposed extension or conversion, the Loans to be so extended or converted, the Types types of Loans into which such Loans are to be converted and, if appropriate, the applicable Interest Periods with respect thereto. Each request for extension of a Eurodollar Loan or conversion of a Base Rate Loan into a Eurodollar Loan shall be irrevocable and shall constitute a representation and warranty by the Borrower of the matters specified in paragraphs subsections (a) and (b), and in (c) or (d), of Section 5.
Appears in 1 contract
Sources: Credit Agreement (Railworks Corp)
Extension and Conversion. The Borrower shall have the option, on any Business Day, to extend existing Loans into a subsequent permissible Interest Period or to convert Loans into Loans of another Type; provided, however, that (i) except as provided in Section Sections 3.6 and 3.7, Eurodollar Loans may be converted into Prime Rate Loans only on the last day of the Interest Period applicable thereto, (ii) Eurodollar Loans may be extended, and Prime Rate 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) Loans extended as, or converted into, Eurodollar Loans shall be subject to the terms of the definition of "“Interest Period" ” set forth in Section 1.1 and shall be in such minimum amounts as provided in Section 2.l(b)(ii) and 2.1(b)(ii), (iv) any request for extension 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, and (v) no Class B Revolving Loan may be converted into a Class A Revolving Loan, and no Class A Revolving Loan may be converted into a Class B Revolving Loan. Each such extension or conversion shall be effected by the Borrower by giving a Notice of Extension/Conversion in the form of Exhibit 3.2 (or telephone notice promptly confirmed in writing) to the Agent prior to 10:30 A.M. (Milwaukee, Wisconsin time) on the Business Day of, in the case of the conversion of a Eurodollar Loan into a Prime Rate Loan and on the third second Business Day prior to, in the case of the extension of a Eurodollar Loan as, or conversion of a Prime Rate Loan into, a Eurodollar Loan, the date of the proposed extension or conversion, specifying the date of the proposed extension or conversion, the Loans to be so extended or converted, the Types of Loans into which such Loans are to be converted and, if appropriate, the applicable Interest Periods with respect thereto. Each request for extension or conversion shall constitute a representation and warranty by the Borrower of the matters specified in paragraphs (a) and (b), and in (c) or (d), of Section 5.
Appears in 1 contract