Common use of Interest and Interest Payment Dates Clause in Contracts

Interest and Interest Payment Dates. In lieu of having interest charged at the rate based upon the Base Rate, Borrower shall have the option (the “LIBOR Option”) to have interest on all or a portion of the Advances be charged (whether at the time when made (unless otherwise provided herein), upon conversion from a Base Rate Loan to a LIBOR Rate Loan, or upon continuation of a LIBOR Rate Loan as a LIBOR Rate Loan) at a rate of interest based upon the LIBOR Rate. Interest on LIBOR Rate Loans shall be payable on the earliest of (i) the last day of the Interest Period applicable thereto; provided, that, subject to the following clauses (ii) and (iii), in the case of any Interest Period greater than 3 months in duration, interest shall be payable at 3 month intervals after the commencement of the applicable Interest Period and on the last day of such Interest Period); (ii) the date on which all or any portion of the Obligations are accelerated pursuant to the terms hereof, or (iii) the date on which this Agreement is terminated pursuant to the terms hereof. On the last day of each applicable Interest Period, unless Borrower properly has exercised the LIBOR Option with respect thereto, the interest rate applicable to such LIBOR Rate Loan automatically shall convert to the rate of interest then applicable to Base Rate Loans of the same type hereunder. At any time that an Event of Default has occurred and is continuing at the election of the Required Lenders, Borrower no longer shall have the option to request that Advances bear interest at a rate based upon the LIBOR Rate.

Appears in 2 contracts

Sources: Credit Agreement (AdvancePierre Foods Holdings, Inc.), Credit Agreement (AdvancePierre Foods Holdings, Inc.)

Interest and Interest Payment Dates. In lieu of having interest charged at the rate based upon the Base Rate, Borrower shall have the option (the “LIBOR Option”) to have interest on all or a portion of the Advances be charged (whether at the time when made (unless otherwise provided herein), upon conversion from a Base Rate Loan to a LIBOR Rate Loan, or upon continuation of a LIBOR Rate Loan as a LIBOR Rate Loan) at a rate of interest based upon the LIBOR Rate. Interest on LIBOR Rate Loans shall be payable on the earliest of (i) the last day of the Interest Period applicable thereto; provided, that, subject to the following clauses thereto (ii) and (iii), provided that in the case of any Interest Period for any LIBOR Rate Loan which is greater than 3 months in durationthree months, interest on such LIBOR Rate Loan also shall be payable at 3 month intervals on the date that is three months after the commencement of the applicable Interest Period and on the last day beginning of such Interest Period); , (ii) the date on occurrence of an Event of Default in consequence of which Lender has elected to accelerate the maturity of all or any portion of the Obligations are accelerated pursuant to the terms hereofObligations, or (iii) the date on which termination of this Agreement is terminated pursuant to the terms hereof. On the last day of each applicable Interest Period, unless Borrower properly has exercised the LIBOR Option with respect thereto, the interest rate applicable to such LIBOR Rate Loan automatically shall convert to the rate of interest then applicable to Base Rate Loans of the same type hereunder. At any time that an Event of Default has occurred and is continuing at the election of the Required Lenderscontinuing, Borrower no longer shall have the option to request that Advances bear interest at a rate based upon the LIBOR RateRate and Lender shall have the right to convert the interest rate on all outstanding LIBOR Rate Loans to the rate then applicable to Base Rate Loans hereunder.

Appears in 2 contracts

Sources: Loan and Security Agreement (OVERSTOCK.COM, Inc), Loan and Security Agreement (Overstock Com Inc)

Interest and Interest Payment Dates. In lieu of having interest charged at the rate based upon the Base Rate, Borrower Borrowers shall have the option option, subject to Section 2.12(b) below (the “LIBOR Option”) to have interest on all or a portion of the Advances Revolving Loans be charged (whether at the time when made (unless otherwise provided herein), upon conversion from a Base Rate Loan to a LIBOR Rate Loan, or upon continuation of a LIBOR Rate Loan as a LIBOR Rate Loan) at a rate of interest based upon the LIBOR Rate. Interest on LIBOR Rate Loans shall be payable on the earliest of (i) the last day of the Interest Period applicable thereto; provided, that, subject to the following clauses (ii) and (iii), in the case of any Interest Period greater than 3 months in duration, interest shall be payable at 3 month intervals after the commencement of the applicable Interest Period and on the last day of such Interest Period); (ii) the date on which all or any portion of the Obligations are accelerated pursuant to the terms hereof, or (iii) the date on which this Agreement is terminated pursuant to the terms hereof. On the last day of each applicable Interest Period, unless Borrower Borrowers properly has have exercised the LIBOR Option with respect thereto, the interest rate applicable to such LIBOR Rate Loan automatically shall convert to the rate of interest then applicable to Base Rate Loans of the same type hereunder. At any time that an Event of Default has occurred and is continuing at the election of the Required Lenderscontinuing, Borrower Borrowers no longer shall have the option to request that Advances Revolving Loans bear interest at a rate based upon the LIBOR Rate.

Appears in 2 contracts

Sources: Credit Agreement (Aventine Renewable Energy Holdings Inc), Credit Agreement (Aventine Renewable Energy Holdings Inc)

Interest and Interest Payment Dates. In lieu of having interest charged at the rate based upon the Base Rate, Borrower the Borrowers shall have the option option, subject to Section 2.13(b) below (the “LIBOR SOFR Option”) to have interest on all or a portion of the Advances Revolving Loans be charged (whether at the time when made (unless otherwise provided herein), upon conversion from a Base Rate Loan to a LIBOR Rate Term SOFR Loan, or upon continuation of a LIBOR Rate Term SOFR Loan as a LIBOR Rate Term SOFR Loan) at a rate of interest based upon the LIBOR RateTerm SOFR. Interest on LIBOR Rate Term SOFR Loans shall be payable on the earliest of (i) the last day of the Interest Period applicable thereto; provided, that, that subject to the following clauses (ii) and (iii), in the case of any Interest Period greater than 3 three (3) months in duration, interest shall be payable at 3 three (3) month intervals after the commencement of the applicable Interest Period and on the last day of such Interest Period); , (ii) the date on which all or any portion of the Obligations are accelerated pursuant to the terms hereof, or (iii) the date on which this Agreement is terminated pursuant to the terms hereof. On the last day of each applicable Interest Period, unless Borrower Borrowers have properly has exercised the LIBOR SOFR Option with respect thereto, the interest rate applicable to such LIBOR Rate Term SOFR Loan automatically shall convert to the rate of interest then applicable to Base Rate Loans of the same type hereunder. At any time that an Event of Default has occurred and is continuing continuing, at the written election of the Required Lenders, no Borrower no longer shall have the option to request that Advances any Revolving Loans bear interest at a rate based upon the LIBOR RateTerm SOFR.

Appears in 2 contracts

Sources: Asset Based Revolving Credit Agreement (Cleveland-Cliffs Inc.), Asset Based Revolving Credit Agreement (Cleveland-Cliffs Inc.)

Interest and Interest Payment Dates. In lieu of having interest charged at the rate based upon the Base Rate, Borrower shall have the option (the “LIBOR Option”) to have interest on all or a portion of the Advances or the Term Loan be charged (whether at the time when made (unless otherwise provided herein), upon conversion from a Base Rate Loan to a LIBOR Rate Loan, or upon continuation of a LIBOR Rate Loan as a LIBOR Rate Loan) at a rate of interest based upon the LIBOR Rate in lieu of having interest charged at the rate based upon the Base Rate. Interest on LIBOR Rate Loans shall be payable on the earliest of (i) the last day of the Interest Period applicable thereto; provided, however, that, subject to the following clauses (ii) and (iii), in the case of any Interest Period greater than 3 months in duration, interest shall be payable at 3 month intervals after the commencement of the applicable Interest Period and on the last day of such Interest Period); , (ii) the date on which all or any portion of the Obligations are accelerated pursuant to the terms hereof, or (iii) the date on which this Agreement is terminated pursuant to the terms hereof. On the last day of each applicable Interest Period, unless Borrower properly has exercised the LIBOR Option with respect thereto, the interest rate applicable to such LIBOR Rate Loan automatically shall convert to the rate of interest then applicable to Base Rate Loans of the same type hereunder. At any time that an Event of Default has occurred and is continuing at the election of the Required Lenderscontinuing, Borrower no longer shall have the option to request that Advances or the Term Loan bear interest at a rate based upon the LIBOR Rate.

Appears in 2 contracts

Sources: Credit Agreement (Landrys Restaurants Inc), Credit Agreement (Landrys Restaurants Inc)

Interest and Interest Payment Dates. In lieu of having interest charged at the rate based upon the Base Rate, Borrower shall have the option option, subject to Section 2.12(b) (the “LIBOR Option”) ), to have interest on all or a portion of the Advances Loans be charged (whether at the time when made (unless otherwise provided herein), upon conversion from a Base Rate Loan to a LIBOR Rate Loan, or upon continuation of a LIBOR Rate Loan as a LIBOR Rate Loan) at a rate of interest based upon the LIBOR Rate in lieu of having interest charged at the rate based upon the Base Rate. Interest on LIBOR Rate Loans shall be payable on the earliest of (i) the last day of the Interest Period applicable thereto; provided, that, subject to the following clauses (ii) and (iii)thereto and, in the case of any an Interest Period greater than 3 months in durationexcess of three months, interest shall be payable on each date occurring at 3 three month intervals after the commencement of the applicable Interest Period and on the last first day of such Interest Period); , (ii) the date on which all or any portion of the respective Obligations are accelerated pursuant to the terms hereof, or (iii) the date on which this Agreement is terminated pursuant to the terms hereof. On the last day of each applicable Interest Period, unless Borrower properly has exercised the LIBOR Option with respect thereto, the interest rate applicable to such LIBOR Rate Loan automatically shall convert to the rate of interest then applicable to Base Rate Loans of the same type hereunder. At Unless the Required Lenders otherwise agree, at any time that an Event of Default has occurred and is continuing at the election of the Required Lenderscontinuing, Borrower no longer shall have the option to request that Advances any portion of the Loans bear interest at a rate based upon the LIBOR Rate.

Appears in 2 contracts

Sources: Credit Agreement (Golden Nugget Online Gaming, Inc.), Credit Agreement (Golden Nugget Online Gaming, Inc.)

Interest and Interest Payment Dates. In lieu of having interest charged at the rate based upon the Base Rate, the Administrative Borrower shall have the option (the “LIBOR Option”) to have interest on all or a portion of the Advances be charged (whether at the time when made (unless otherwise provided herein), upon conversion from a Base Rate Loan to a LIBOR Rate Loan, or upon continuation of a LIBOR Rate Loan as a LIBOR Rate Loan) at a rate of interest based upon the LIBOR Rate. Interest on LIBOR Rate Loans shall be payable on the earliest of (i) the last day of the Interest Period applicable thereto; provided, that, subject to the following clauses (ii) and (iii), in the case of any Interest Period greater than 3 months in duration, interest shall be payable at 3 month intervals after the commencement of the applicable Interest Period and on the last day of such Interest Period); (ii) the date on which all or any portion of the Obligations are accelerated pursuant to the terms hereof, or (iii) the date on which this Agreement is terminated pursuant to the terms hereof. On the last day of each applicable Interest Period, unless the Borrower properly has exercised the LIBOR Option with respect thereto, the interest rate applicable to such LIBOR Rate Loan automatically shall convert to the rate of interest then applicable to Base Rate Loans of the same type hereunder. At any time that an Event of Default has occurred and is continuing at continuing, the election of the Required Lenders, Administrative Borrower no longer shall have the option to request that Advances bear interest at a rate based upon the LIBOR RateRate and the Revolving Agent shall have the right to convert the interest rate on all outstanding LIBOR Rate Loans to the rate then applicable to Base Rate Loans hereunder.

Appears in 1 contract

Sources: Loan and Security Agreement (Silicon Graphics Inc)

Interest and Interest Payment Dates. In lieu of having interest charged at the rate based upon the Base Rate, Borrower Borrowers shall have the option (the "LIBOR Option") to have interest on all or a portion of the Advances be charged (whether at the time when made (unless otherwise provided herein), upon conversion from a Base Rate Loan to a LIBOR Rate Loan, or upon continuation of a LIBOR Rate Loan as a LIBOR Rate Loan) at a rate of interest based upon the LIBOR Rate. Interest on LIBOR Rate Loans shall be payable on the earliest of (i) the last day of the Interest Period applicable thereto; provided, that, subject to the following clauses (ii) and (iii), in the case of any Interest Period greater than 3 months in duration, interest shall be payable at 3 month intervals after the commencement of the applicable Interest Period and on the last day of such Interest Period); (ii) the date on occurrence of an Event of Default in consequence of which Lender has elected to accelerate the maturity of all or any portion of the Obligations Obligations(provided, that Lender shall not accelerate any LIBOR Rate Loans unless all Base Rate Loans are accelerated pursuant to the terms hereofor have been accelerated), or (iii) the date on which termination of this Agreement is terminated pursuant to the terms hereof. On the last day of each applicable Interest Period, unless Administrative Borrower properly has exercised the LIBOR Option with respect thereto, the interest rate applicable to such LIBOR Rate Loan automatically shall convert to the rate of interest then applicable to Base Rate Loans of the same type hereunder. At any time that an Event of Default has occurred and is continuing at the election of the Required Lenderscontinuing, Borrower Borrowers no longer shall have the option to request that Advances bear interest at a rate based upon the LIBOR RateRate and Lender shall have the right to convert the interest rate on all outstanding LIBOR Rate Loans to the rate then applicable to Base Rate Loans hereunder.

Appears in 1 contract

Sources: Loan and Security Agreement (Seitel Inc)

Interest and Interest Payment Dates. In lieu of having interest charged at the rate based upon the Base Rate, Borrower Borrowers shall have the option option, subject to Section 2.12(b) below (the “LIBOR "SOFR Option") to have interest on all or a portion of the Advances Term Loan be charged (whether at the time when made (unless otherwise provided herein), upon conversion from a Base Rate Loan to a LIBOR Rate SOFR Loan, or upon continuation of a LIBOR Rate SOFR Loan as a LIBOR Rate SOFR Loan) at a rate of interest based upon the LIBOR RateTerm SOFR. Interest on LIBOR Rate SOFR Loans shall be payable on the earliest of (i) the last day of the Interest Period applicable thereto; provided, that, that subject to the following clauses (ii) and (iii), in the case of any Interest Period greater than 3 three months in duration, interest shall be payable at 3 three month intervals after the commencement of the applicable Interest Period and on the last day of such Interest Period); , (ii) the date on which all or any portion of the Obligations are accelerated pursuant to the terms hereof, or (iii) the date on which this Agreement is terminated pursuant to the terms hereof. On the last day of each applicable Interest Period, unless Borrower Borrowers have properly has exercised the LIBOR SOFR Option with respect thereto, the interest rate applicable to such LIBOR Rate SOFR Loan automatically shall convert to the rate of interest then applicable to Base Rate Loans of the same type hereunder. At any time that an Event of Default has occurred and is continuing continuing, at the written election of Agent or the Required Lenders, Borrower Borrowers no longer shall have the option to request that Advances any portion of the Term Loan bear interest at a rate based upon the LIBOR RateTerm SOFR.

Appears in 1 contract

Sources: Credit Agreement (Hudson Technologies Inc /Ny)

Interest and Interest Payment Dates. In lieu of having interest charged at the rate based upon the Base Rate, Borrower Borrowers shall have the option option, subject to Section 2.12(b) below (the “LIBOR Option”) to have interest on all or a portion of the Advances Revolving Loans be charged (whether at the time when made (unless otherwise provided herein), upon conversion from a Base Rate Loan to a LIBOR Rate Loan or LIBOR Index Rate Loan, or upon continuation of a LIBOR Rate Loan as a LIBOR Rate Loan) at a rate of interest based upon the LIBOR Rate or LIBOR Index Rate, as applicable. Interest on LIBOR Rate Loans shall be payable on the earliest of (i) the last day of the Interest Period applicable thereto; provided, that, that subject to the following clauses (ii) and (iii), in the case of any Interest Period greater than 3 three (3) months in duration, interest shall be payable at 3 three (3) month intervals after the commencement of the applicable Interest Period and on the last day of such Interest Period); , (ii) the date on which all or any portion of the Obligations are accelerated pursuant to the terms hereof, or (iii) the date on which this Agreement is terminated pursuant to the terms hereof. On the last day of each applicable Interest Period, unless Borrower Borrowers have properly has exercised the LIBOR Option with respect thereto, the interest rate applicable to such LIBOR Rate Loan automatically shall convert to the rate of interest then applicable to Base Rate Loans of the same type hereunder. At any time that an Event of Default has occurred and is continuing continuing, at the written election of Administrative Agent or the Required Lenders, Borrower Borrowers no longer shall have the option to request that Advances Revolving Loans bear interest at a rate based upon the LIBOR Rate or LIBOR Index Rate.

Appears in 1 contract

Sources: Abl Credit Agreement (Cross Country Healthcare Inc)

Interest and Interest Payment Dates. In lieu of having interest charged at the rate based upon the Base Rate, Borrower the applicable Borrowers shall have the option option, subject to Section 2.13(b) below (the “LIBOR Option”) to have interest on all or a portion of the Advances Revolving Loans be charged (whether at the time when made (unless otherwise provided herein), upon conversion from a Base Rate Loan or an Australian Base Rate Loan to a LIBOR Rate Loan, or upon continuation of a LIBOR Rate Loan as a LIBOR Rate Loan) at a rate of interest based upon the LIBOR Rate. Interest on LIBOR Rate Loans shall be payable on the earliest of (i) the last day of the Interest Period applicable thereto; provided, that, subject to the following clauses (ii) and (iii), in the case of any Interest Period greater than 3 months in duration, interest shall be payable at 3 month intervals after the commencement of the applicable Interest Period and on the last day of such Interest Period); , (ii) the date on which all or any portion of the Obligations are accelerated pursuant to the terms hereof, or (iii) the date on which this Agreement is terminated pursuant to the terms hereof. On the last day of each applicable Interest Period, unless Borrower Borrowers have properly has exercised the LIBOR Option with respect thereto, the interest rate applicable to such LIBOR Rate Loan automatically shall convert to the rate of interest then applicable to Base Rate Loans of the same type hereunder. At any time that an Event of Default has occurred and is continuing continuing, at the written election of the Required Lenders, no Borrower no longer shall have the option to request that Advances any Revolving Loans bear interest at a rate based upon the LIBOR Rate.

Appears in 1 contract

Sources: Syndicated Facility Agreement (Cleveland-Cliffs Inc.)

Interest and Interest Payment Dates. In lieu of having interest charged at the rate based upon the Base Rate, Borrower shall have the option (the "LIBOR Option”OPTION") to have interest on all or a portion of the Advances be charged (whether at the time when made (unless otherwise provided herein), upon conversion from a Base Rate Loan to a LIBOR Rate Loan, or upon continuation of a LIBOR Rate Loan as a LIBOR Rate Loan) at a rate of interest based upon the LIBOR Rate. Interest on LIBOR Rate Loans shall be payable on the earliest of (i) the last day of the Interest Period applicable thereto; provided, that, subject to the following clauses (ii) and (iii), in the case of any Interest Period greater than 3 months in duration, interest shall be payable at 3 month intervals after the commencement of the applicable Interest Period and on the last day of such Interest Period); (ii) the date on occurrence of an Event of Default in consequence of which Lender has elected to accelerate the maturity of all or any portion of the Obligations are accelerated pursuant to the terms hereofObligations, or (iii) the date on which last day of the third month of the Interest Period applicable thereto, or (iv) termination of this Agreement is terminated pursuant to the terms hereof. On the last day of each applicable Interest Period, unless Borrower properly has exercised the LIBOR Option with respect thereto, the interest rate applicable to such LIBOR Rate Loan automatically shall convert to the rate of interest then applicable to Base Rate Loans of the same type hereunder. At any time that an Event of Default has occurred and is continuing at the election of the Required Lenderscontinuing, Borrower no longer shall have the option to request that Advances bear interest at a rate based upon the LIBOR RateRate and Lender shall have the right to convert the interest rate on all outstanding LIBOR Rate Loans to the rate then applicable to Base Rate Loans hereunder.

Appears in 1 contract

Sources: Loan and Security Agreement (Mortons Restaurant Group Inc)

Interest and Interest Payment Dates. In lieu of having interest charged at the rate based upon the Base Rate, Borrower Borrowers shall have the option (the “LIBOR Option”) to have interest on all or a portion of the Advances made on or after the Revolver Increase Date be charged (whether at the time when made (unless otherwise provided herein), upon conversion from a Base Rate Loan to a LIBOR Rate Loan, or upon continuation of a LIBOR Rate Loan as a LIBOR Rate Loan) at a rate of interest based upon the LIBOR Rate. Interest on LIBOR Rate Loans shall be payable on the earliest of (i) the last day of the Interest Period applicable thereto; , (provided, however, that, subject to the following clauses (ii) and (iii), in the case of any Interest Period greater than 3 months in duration, interest shall be payable at 3 month intervals after the commencement of the applicable Interest Period and on the last day of such Interest Period); , (ii) the date on which all or any portion an Event of Default occurs, at the Obligations are accelerated pursuant to the terms hereofelection of Agent, or (iii) the date on which this Agreement is terminated pursuant to the terms hereof. On the last day of each applicable Interest Period, unless Administrative Borrower properly has exercised the LIBOR Option with respect thereto, the interest rate applicable to such LIBOR Rate Loan automatically shall convert to the rate of interest then applicable to Advances that are Base Rate Loans of the same type hereunderLoans. At any time that an Event of Default has occurred and is continuing at the election of the Required Lenderscontinuing, Borrower Borrowers no longer shall have the option to request that Advances bear interest at a rate based upon the LIBOR RateRate and Agent shall have the right to convert the interest rate on all outstanding LIBOR Rate Loans to the rate then applicable to Advances that are Base Rate Loans hereunder.

Appears in 1 contract

Sources: Credit Agreement (Buca Inc /Mn)

Interest and Interest Payment Dates. In lieu of having interest charged at the rate based upon the Base Rate, Borrower Borrowers shall have the option option, subject to Section 2.12(b) below (the “LIBOR LIBORSOFR Option”) to have interest on all or a portion of the Advances Revolving Loans be charged (whether at the time when made (unless otherwise provided herein), upon conversion from a Base Rate Loan to a LIBOR Rate RateSOFR Loan, or upon continuation of a LIBOR Rate RateSOFR Loan as a LIBOR Rate RateSOFR Loan) at a rate of interest based upon the LIBOR RateRateTerm SOFR. Interest on LIBOR Rate RateSOFR Loans shall be payable on the earliest of (i) the last day of the Interest Period applicable thereto; provided, that, that subject to the following clauses (ii) and (iii), in the case of any Interest Period greater than 3 three months in duration, interest shall be payable at 3 three month intervals after the commencement of the applicable Interest Period and on the last day of such Interest Period); , (ii) the date on which all or any portion of the Obligations are accelerated pursuant to the terms hereof, or (iii) the date on which this Agreement is terminated pursuant to the terms hereof. On the last day of each applicable Interest Period, unless Borrower Borrowers have properly has exercised the LIBOR LIBORSOFR Option with respect thereto, the interest rate applicable to such LIBOR Rate RateSOFR Loan automatically shall convert to the rate of interest then applicable to Base Rate Loans of the same type hereunder. At any time that an Event of Default has occurred and is continuing at the election of the Required Lenderscontinuing, Borrower Borrowers no longer shall have the option to request that Advances Revolving Loans bear interest at a rate based upon the LIBOR Rate.RateTerm SOFR. -152- LEGAL_US_W # 114834644.8114834644.17

Appears in 1 contract

Sources: Credit Agreement (Sharecare, Inc.)

Interest and Interest Payment Dates. In lieu of having interest charged at the rate based upon the Base Rate, Borrower Borrowers shall have the option option, subject to Section 2.12(b) below (the “LIBOR Option”) to have interest on all or a portion of the Advances be charged (whether at the time when made (unless otherwise provided herein), upon conversion from a Base Rate Loan to a LIBOR Rate Loan, or upon continuation of a LIBOR Rate Loan as a LIBOR Rate Loan) at a rate of interest based upon the LIBOR Rate. Interest on LIBOR Rate Loans shall be payable on the earliest of (i) the last day of the Interest Period applicable thereto; provided, that, subject to the following clauses (ii) and (iii), in the case of any Interest Period greater than 3 months in duration, interest shall be payable at 3 month intervals after the commencement of the applicable Interest Period and on the last day of such Interest Period); (ii) the date on which all or any portion of the Obligations are accelerated pursuant to the terms hereof, or (iii) the date on which this Agreement is terminated pursuant to the terms hereof. On the last day of each applicable Interest Period, unless Borrower Borrowers properly has have exercised the LIBOR Option with respect thereto, the interest rate applicable to such LIBOR Rate Loan automatically shall convert to the rate of interest then applicable to Base Rate Loans of the same type hereunder. At any time that an Event of Default has occurred and is continuing continuing, at the election written request of the Required Lenders, Borrower Borrowers no longer shall have the option to request that Advances bear interest at a rate based upon the LIBOR Rate.

Appears in 1 contract

Sources: Credit Agreement (Silicon Graphics International Corp)

Interest and Interest Payment Dates. In lieu of having interest charged at the rate based upon the Base Rate, Borrower shall have the option (the "LIBOR Option”OPTION") to have interest on all or a portion of the Advances be charged (whether at the time when made (unless otherwise provided herein), upon conversion from a Base Rate Loan to a LIBOR Rate Loan, or upon continuation of a LIBOR Rate Loan as a LIBOR Rate Loan) at a rate of interest based upon the LIBOR Rate. Interest on LIBOR Rate Loans shall be payable on the earliest of (i) the last day of the Interest Period applicable thereto; provided, that, subject to the following clauses (ii) and (iii), in the case of any Interest Period greater than 3 months in duration, interest shall be payable at 3 month intervals after the commencement of the applicable Interest Period and on the last day of such Interest Period); (ii) the date occurrence of an Event of Default in consequence of which the Required Lenders or Agent on which behalf thereof elect to accelerate the maturity of all or any portion of the Obligations are accelerated pursuant to the terms hereofObligations, or (iii) the date on which termination of this Agreement is terminated pursuant to the terms hereof. On the last day of each applicable Interest Period, unless Borrower properly has exercised the LIBOR Option with respect thereto, the interest rate applicable to such LIBOR Rate Loan automatically shall convert to the rate of interest then applicable to Base Rate Loans of the same type hereunder; PROVIDED, HOWEVER, that Borrower may not exercise the LIBOR Option with respect to an existing LIBOR Rate Loan if there are any assets remaining in any Collateral Account. At any time that an Event of Default has occurred and is continuing at the election of the Required Lenderscontinuing, Borrower no longer shall have the option to request that Advances bear interest at a rate based upon the LIBOR RateRate and Agent shall have the right to convert the interest rate on all outstanding LIBOR Rate Loans to the rate then applicable to Base Rate Loans hereunder.

Appears in 1 contract

Sources: Loan and Security Agreement (HPSC Inc)

Interest and Interest Payment Dates. In lieu of having interest charged at the rate based upon the Base Rate, Borrower Borrowers shall have the option option, subject to Section 2.12(c) below (the “LIBOR Option”) to have interest on all or a portion of the Advances Term Loan or the Revolving Loans be charged (whether at the time when made (unless otherwise provided herein), upon conversion from a Base Rate Loan to a LIBOR Rate Loan, or upon continuation of a LIBOR Rate Loan as a LIBOR Rate Loan) at a rate of interest based upon the LIBOR Rate. Interest on LIBOR Rate Loans shall be payable on the earliest of (i) the last day of the Interest Period applicable thereto; provided, that, subject to the following clauses (ii) and (iii), in the case of any Interest Period greater than 3 months in duration, interest shall be payable at 3 month intervals after the commencement of the applicable Interest Period and on the last day of such Interest Period); , (ii) the date on which all or any portion of the Obligations are accelerated pursuant to the terms hereof, or (iii) the date on which this Agreement is terminated pursuant to the terms hereof. On the last day of each applicable Interest Period, unless Borrower Borrowers properly has have exercised the LIBOR Option with respect thereto, the interest rate applicable to such LIBOR Rate Loan automatically shall convert to the a rate of interest then applicable to the Base Rate Loans of the same type hereunder. At any time that an Event of Default has occurred and is continuing at the election of the Required Lenders, Borrower no longer shall have the option to request that Advances bear interest at a rate based upon the LIBOR Rate.

Appears in 1 contract

Sources: Credit Agreement (Paycor Hcm, Inc.)

Interest and Interest Payment Dates. In lieu of having interest charged at the rate based upon the Base Rate, Borrower shall have the option (the "LIBOR Option") to have interest on all or a portion of the Advances be charged (whether at the time when made (unless otherwise provided herein), upon conversion from a Base Rate Loan to a LIBOR Rate Loan, or upon continuation of a LIBOR Rate Loan as a LIBOR Rate Loan) at a rate of interest based upon the LIBOR Rate. Interest on LIBOR Rate Loans shall be payable on the earliest of (i) the last day of the Interest Period applicable thereto; provided, that, subject to the following clauses (ii) and (iii), in the case of any Interest Period greater than 3 months in duration, interest shall be payable at 3 month intervals after the commencement of the applicable Interest Period and on the last day of such Interest Period); (ii) the date on occurrence of an Event of Default in consequence of which Lender has elected to accelerate the maturity of all or any portion of the Obligations are accelerated Obligations, or (iii) termination of this Agreement pursuant to the terms hereof; provided that with respect to Interest Periods of 6 months, or (iii) the date interest shall also be payable on which this Agreement is terminated pursuant to the terms hereoffirst day of each month during such Interest Period. On the last day of each applicable Interest Period, unless Borrower properly has exercised the LIBOR Option with respect thereto, the interest rate applicable to such LIBOR Rate Loan automatically shall convert to the rate of interest then applicable to Base Rate Loans of the same type hereunder. At any time that an Event of Default has occurred and is continuing at the election of the Required Lenderscontinuing, Borrower no longer shall have the option to request that Advances bear interest at a rate based upon the LIBOR RateRate and Lender shall have the right to convert the interest rate on all outstanding LIBOR Rate Loans to the rate then applicable to Base Rate Loans hereunder so long as Borrower is not charged for any Funding Losses as a result thereof.

Appears in 1 contract

Sources: Loan and Security Agreement (Intervoice Brite Inc)

Interest and Interest Payment Dates. In lieu of having interest charged at the rate based upon the Base Rate, Borrower Borrowers shall have the option option, subject to Section 2.12(b) hereof (the “LIBOR SOFR Option”) to have interest on all or a portion of the Advances Revolving Loans be charged (whether at the time when made (unless otherwise provided herein), upon conversion from a Base Rate Loan to a LIBOR Rate SOFR Loan, or upon continuation of a LIBOR Rate SOFR Loan as a LIBOR Rate SOFR Loan) at a rate of interest based upon the LIBOR RateTerm SOFR. Interest on LIBOR Rate SOFR Loans shall be payable on the earliest of (i) the last day of the Interest Period applicable thereto; provided, that, subject to the following clauses (ii) and (iii), in the case of any Interest Period greater than 3 three months in duration, interest shall be payable at 3 on each three month intervals after the commencement anniversary of the applicable Interest Period and on beginning of the last day of such Interest Period); (ii) the date on which all or any portion of the Obligations are accelerated pursuant to the terms hereof, or (iii) the date on which this Agreement is terminated pursuant to the terms hereof. On the last day of each applicable Interest Period, unless Borrower Borrowers have properly has exercised the LIBOR SOFR Option with respect thereto, the interest rate applicable to such LIBOR Rate SOFR Loan shall automatically shall convert to the rate of interest then applicable to Base Rate Loans of the same type hereunder. At any time that an Event of Default has occurred and is continuing continuing, at the written election of the Required Lenders, Borrower Borrowers no longer shall have the option to request that Advances Revolving Loans bear interest at a rate based upon the LIBOR RateTerm SOFR.

Appears in 1 contract

Sources: Credit Agreement (BlueLinx Holdings Inc.)

Interest and Interest Payment Dates. In lieu of having interest charged at the rate based upon the Base Rate, each Borrower Group shall have the option option, subject to Section 2.12(b) below (the "LIBOR Option") to have interest on all or a portion of the Advances Revolving Loans or the FILO Loans made to such Borrower Group be charged (whether at the time when made (unless otherwise provided herein), upon conversion from a Base Rate Loan to a LIBOR Rate Loan, or upon continuation of a LIBOR Rate Loan as a LIBOR Rate Loan) at a rate of interest based upon the LIBOR Rate. Interest on LIBOR Rate Loans shall be payable on the earliest of (i) the last day of the Interest Period applicable thereto; provided, that, that subject to the following clauses (ii) and (iii), in the case of any Interest Period greater than 3 three months in duration, interest shall be payable at 3 three month intervals after the commencement of the applicable Interest Period and on the last day of such Interest Period); , (ii) the date on which all or any portion of the Obligations are accelerated pursuant to the terms hereof, or (iii) the date on which this Agreement is terminated pursuant to the terms hereof. On the last day of each applicable Interest Period, unless a Borrower Group has properly has exercised the LIBOR Option with respect thereto, the interest rate applicable to such LIBOR Rate Loan automatically shall convert to the rate of interest then applicable to Base Rate Loans of the same type hereunder. At any time that an Event of Default has occurred and is continuing continuing, at the written election of Agent or the Required Lenders, Borrower Borrowers no longer shall have the option to request that Advances Revolving Loans or FILO Loans bear interest at a rate based upon the LIBOR Rate.

Appears in 1 contract

Sources: Credit Agreement (Weatherford International PLC)

Interest and Interest Payment Dates. In lieu of having interest charged at the rate based upon the Base Rate, Borrower Borrowers shall have the option (the "LIBOR Option") to have interest on all or a portion of the Advances be charged (whether at the time when made (unless otherwise provided herein), upon conversion from a Base Rate Loan to a LIBOR Rate Loan, or upon continuation of a LIBOR Rate Loan as a LIBOR Rate Loan) at a rate of interest based upon the LIBOR Rate. Interest on LIBOR Rate Loans shall be payable on the earliest of (i) the last day of the Interest Period applicable thereto; provided, that, subject to the following clauses (ii) and (iii), in the case of any Interest Period greater than 3 months in duration, interest shall be payable at 3 month intervals after the commencement acceleration of the applicable Interest Period and on the last day maturity of such Interest Period); (ii) the date on which all or any portion of the Obligations are accelerated pursuant to the terms hereofObligations, or (iii) the date on which termination of this Agreement is terminated pursuant to the terms hereof. On the last day of each applicable Interest Period, unless Administrative Borrower properly has exercised the LIBOR Option with respect thereto, the interest rate applicable to such LIBOR Rate Loan automatically shall convert to the rate of interest then applicable to Base Rate Loans of the same type hereunder. At any time that an Event of Default has occurred and is continuing at the election of the Required Lenderscontinuing, Borrower Borrowers no longer shall have the option to request that Advances bear interest at a rate based upon the LIBOR RateRate and Agent shall have the right to convert the interest rate on all outstanding LIBOR Rate Loans to the rate then applicable to Base Rate Loans hereunder.

Appears in 1 contract

Sources: Loan and Security Agreement (Aegis Communications Group Inc)

Interest and Interest Payment Dates. In lieu of having interest charged at the rate based upon the Base Rate, Borrower the applicable Borrowers shall have the option option, subject to Section 2.13(b) below (the “LIBOR Option”) to have interest on all or a portion of the Advances Revolving Loans be charged (whether at the time when made (unless otherwise provided herein), upon conversion from a Base Rate Loan or an Australian Base Rate Loan to a LIBOR Rate Loan, or upon continuation of a LIBOR Rate Loan as a LIBOR Rate Loan) at a rate of interest based upon the LIBOR Rate. Interest on LIBOR Rate Loans shall be payable on the earliest of (i%4) the last day of the Interest Period applicable thereto; provided, that, subject to the following clauses (ii) and (iii), in the case of any Interest Period greater than 3 months in duration, interest shall be payable at 3 month intervals after the commencement of the applicable Interest Period and on the last day of such Interest Period); , (ii%4) the date on which all or any portion of the Obligations are accelerated pursuant to the terms hereof, or (iii) the date on which this Agreement is terminated pursuant to the terms hereof. On the last day of each applicable Interest Period, unless Borrower Borrowers have properly has exercised the LIBOR Option with respect thereto, the interest rate applicable to such LIBOR Rate Loan automatically shall convert to the rate of interest then applicable to Base Rate Loans of the same type hereunder. At any time that an Event of Default has occurred and is continuing continuing, at the written election of the Required Lenders, no Borrower no longer shall have the option to request that Advances any Revolving Loans bear interest at a rate based upon the LIBOR Rate.

Appears in 1 contract

Sources: Syndicated Facility Agreement (Cliffs Natural Resources Inc.)

Interest and Interest Payment Dates. In lieu of having interest charged at the rate based upon the Base Reference Rate, the Borrower shall have the option (the “LIBOR Option”) to have interest on all or a portion of the Advances Revolving Loans be charged (whether at the time when made (unless otherwise provided herein), upon conversion from a Base Rate Loan to a LIBOR Rate Loan, or upon continuation of a LIBOR Rate Loan as a LIBOR Rate Loan) at a rate of interest based upon the LIBOR Rate. Interest on LIBOR Rate Loans shall be payable on the earliest of (iA) the last day of the Interest Period applicable thereto; provided, that, subject to the following clauses (ii) and (iii), in the case of any Interest Period greater than 3 months in duration, interest shall be payable at 3 month intervals after the commencement of the applicable Interest Period and on the last day of such Interest Period); (iiB) the date occurrence of an Event of Default in consequence of which the Required Lenders or Collateral Agent on which behalf thereof elect to accelerate the maturity of all or any portion of the Obligations are accelerated Obligations, or (C) termination of this Agreement pursuant to the terms hereof, or (iii) . Interest at the date Post-Default Rate shall be payable on which this Agreement is terminated pursuant to the terms hereofdemand. On the last day of each applicable Interest Period, unless the Borrower properly has exercised the LIBOR Option with respect thereto, the interest rate applicable to such LIBOR Rate Loan automatically shall convert to the rate of interest then applicable to Base Reference Rate Loans of the same type hereunder. At any time that an Event of Default has occurred and is continuing at continuing, the election of the Required Lenders, Borrower no longer shall have the option to request that Advances Revolving Loans bear interest at a rate based upon the LIBOR RateRate and Administrative Agent shall have the right to convert the interest rate on all outstanding LIBOR Rate Loans to the rate then applicable to Reference Rate Loans hereunder.

Appears in 1 contract

Sources: Financing Agreement (Progressive Gaming International Corp)

Interest and Interest Payment Dates. In lieu of having interest charged at the rate based upon the Base Rate, Borrower Borrowers shall have the option (the "LIBOR Option”OPTION") to have interest on all or a portion of the Advances or the Term Loan be charged (whether at the time when made (unless otherwise provided herein), upon conversion from a Base Rate Loan to a LIBOR Rate Loan, or upon continuation of a LIBOR Rate Loan as a LIBOR Rate Loan) at a rate of interest based upon the LIBOR Rate. Interest on LIBOR Rate Loans shall be payable on the earliest of (i) the last day of the Interest Period applicable thereto; provided, that, subject to the following clauses (ii) and (iii), in the case of any Interest Period greater than 3 months in duration, interest shall be payable at 3 month intervals after the commencement of the applicable Interest Period and on the last day of such Interest Period); (ii) the date on which all or any portion of the Obligations are accelerated pursuant to the terms hereof, or (iii) the date on which this Agreement is terminated pursuant to the terms hereof. On the last day of each applicable Interest Period, unless Administrative Borrower properly has exercised the LIBOR Option with respect thereto, the interest rate applicable to such LIBOR Rate Loan automatically shall convert to the rate of interest then applicable to Base Rate Loans of the same type hereunder. At any time that an Event of Default has occurred and is continuing at the election of the Required Lenderscontinuing, Borrower Borrowers no longer shall have the option to request that Advances or the Term Loan bear interest at a rate based upon the LIBOR RateRate and Agent shall have the right at the end of the applicable Interest Period for each LIBOR Rate Loan to convert the interest rate on such LIBOR Rate Loan to the rate then applicable to Base Rate Loans hereunder.

Appears in 1 contract

Sources: Credit Agreement (WHX Corp)

Interest and Interest Payment Dates. In lieu of having interest charged at the rate based upon the Base Rate, Borrower Borrowers shall have the option (the “LIBOR Option”) to have interest on all or a portion of the Advances be charged (whether at the time when made (unless otherwise provided herein), upon conversion from a Base Rate Loan to a LIBOR Rate Loan, or upon continuation of a LIBOR Rate Loan as a LIBOR Rate Loan) at a rate of interest based upon the LIBOR Rate. Interest on LIBOR Rate Loans shall be payable on the earliest of as follows: (i) on the last day of the Interest Period applicable thereto; provided, that, subject to the following clauses (ii) and (iii), in the case of any or if an Interest Period is greater than 3 months in duration90 days, interest shall be payable at 3 month intervals after the commencement expiration of each 90-day period occurring within the Interest Period as well as at the expiration of the applicable Interest Period and on the last day of such Interest Period); (ii) upon the date on occurrence of an Event of Default in consequence of which Lender has elected to accelerate the maturity of all or any portion of the Obligations (provided, that Lender shall not accelerate any LIBOR Rate Loans unless all Base Rate Loans are accelerated pursuant to the terms hereof, or have been accelerated); or (iii) the date on which upon termination of this Agreement is terminated pursuant to the terms hereof. On the last day of each applicable Interest Period, unless Administrative Borrower properly has exercised the LIBOR Option with respect thereto, the interest rate applicable to such LIBOR Rate Loan automatically shall convert to the rate of interest then applicable to Base Rate Loans of the same type hereunder. At any time that an Event of Default has occurred and is continuing at the election of the Required Lenderscontinuing, Borrower Borrowers no longer shall have the option to request that Advances bear interest at a rate based upon the LIBOR RateRate and Lender shall have the right to convert the interest rate on all outstanding LIBOR Rate Loans to the rate then applicable to Base Rate Loans hereunder.

Appears in 1 contract

Sources: Loan and Security Agreement (Seitel Inc)

Interest and Interest Payment Dates. In lieu of having interest charged at the rate based upon the Base Rate, Borrower shall have the option (the "LIBOR Option") to have interest on all or a portion of the Advances be charged (whether at the time when made (unless otherwise provided herein), upon conversion from a Base Rate Loan to a LIBOR Rate Loan, or upon continuation of a LIBOR Rate Loan as a LIBOR Rate Loan) at a rate of interest based upon the LIBOR Rate. Interest on LIBOR Rate Loans shall be payable on the earliest of (i) the last day of the Interest Period applicable thereto; provided, that, subject to the following clauses (ii) and (iii), in the case of any Interest Period greater than 3 months in duration, interest shall be payable at 3 month intervals after the commencement of the applicable Interest Period and on the last day of such Interest Period); (ii) the date on occurrence of an Event of Default in consequence of which Lender has elected to accelerate the maturity of all or any portion of the Obligations are accelerated pursuant to the terms hereofObligations, or (iii) the date on which termination of this Agreement is terminated pursuant to the terms hereof. On the last day of each applicable Interest Period, unless Borrower properly has exercised the LIBOR Option with respect thereto, the interest rate applicable to such LIBOR Rate Loan automatically shall convert to the rate of interest then applicable to Base Rate Loans of the same type hereunder. At any time that an Event of Default has occurred and is continuing at the election of the Required Lenderscontinuing, Borrower no longer shall have the option to request that Advances bear interest at a rate based upon the LIBOR RateRate and Lender shall have the right to convert the interest rate on all outstanding LIBOR Rate Loans to the rate then applicable to Base Rate Loans hereunder.

Appears in 1 contract

Sources: Loan and Security Agreement (Swank, Inc.)

Interest and Interest Payment Dates. In lieu of having interest charged at the rate based upon the Base Rate, Borrower Borrowers shall have the option option, subject to Section 2.12(b) below (the “LIBOR Option”) to have interest on all or a portion of the Advances Revolving Loans be charged (whether at the time when made (unless otherwise provided herein), upon conversion from a Base Rate Loan to a LIBOR Rate Loan, or upon continuation of a LIBOR Rate Loan as a LIBOR Rate Loan) at a rate of interest based upon the LIBOR Rate. Interest on LIBOR Rate Loans shall be payable on the earliest of (i) the last day of the Interest Period applicable thereto; provided, that, subject to the following clauses (ii) and (iii), in the case of any Interest Period greater than 3 three (3) months in duration, interest shall be payable at 3 three (3) month intervals after the commencement of the applicable Interest Period and on the last day of such Interest Period); , (ii) the date on which all or any portion of the Obligations are accelerated pursuant to the terms hereof, or (iii) the date on which this Agreement is terminated pursuant to the terms hereof. On the last day of each applicable Interest Period, unless a Borrower has properly has exercised the LIBOR Option with respect thereto, the interest rate applicable to such LIBOR Rate Loan shall automatically shall convert to the rate of interest then applicable to Base Rate Loans of the same type hereunder. At any time that an Event of Default has occurred and is continuing at the election of the Required Lenders, Borrower Borrowers no longer shall have the option to request that Advances Revolving Loans bear interest at a rate based upon the LIBOR Rate. This Section shall not apply to Swingline Loans or Extraordinary Advances, which may not be so converted or continued.

Appears in 1 contract

Sources: Credit Agreement (Nacco Industries Inc)

Interest and Interest Payment Dates. In lieu of having interest charged at the rate based upon the Base Rate, Borrower Borrowers shall have the option option, subject to Section 2.12(b) below (the “LIBOR Option”) to have interest on all or a portion of the Advances Revolving Loans be charged (whether at the time when made (unless otherwise provided herein), upon conversion from a Base Rate Loan to a LIBOR Rate Loan, or upon continuation of a LIBOR Rate Loan as a LIBOR Rate Loan) at a rate of interest based upon the LIBOR Rate. Interest on LIBOR Rate Loans shall be payable on the earliest of (i) the last day of the Interest Period applicable thereto; provided, that, subject to the following clauses (ii) and (iii), in the case of any Interest Period greater than 3 months in duration, interest shall be payable at 3 month intervals after the commencement of the applicable Interest Period and on the last day of such Interest Period); (ii) the date on which all or any portion of the Obligations are accelerated pursuant to the terms hereof, or (iii) the date on which this Agreement is terminated pursuant to the terms hereof. On the last day of each applicable Interest Period, unless Borrower Borrowers have properly has exercised the LIBOR Option with respect thereto, the interest rate applicable to such LIBOR Rate Loan automatically shall convert to the rate of interest then applicable to Base Rate Loans of the same type hereunder. At any time that an Event of Default has occurred and is continuing continuing, at the written election of the Required Lenders, Borrower Borrowers no longer shall have the option to request that Advances Revolving Loans bear interest at a rate based upon the LIBOR Rate.

Appears in 1 contract

Sources: Credit Agreement

Interest and Interest Payment Dates. In lieu of having interest charged at the rate based upon the Base Rate, Borrower Borrowers shall have the option (the "LIBOR Option") to have interest on all or a portion of the Advances be charged (whether at the time when made (unless otherwise provided herein), upon conversion from a Base Rate Loan to a LIBOR Rate Loan, or upon continuation of a LIBOR Rate Loan as a LIBOR Rate Loan) at a rate of interest based upon the LIBOR Rate. Interest on LIBOR Rate Loans shall be payable on the earliest of (i) the last day of the Interest Period applicable thereto; provided, that, subject to the following clauses (ii) and (iii), in the case of any Interest Period greater than 3 months in duration, interest shall be payable at 3 month intervals after the commencement of the applicable Interest Period and on the last day of such Interest Period); (ii) the date on occurrence of an Event of Default in consequence of which all or any portion Lender has elected to accelerate the maturity of the Obligations are accelerated pursuant to the terms hereofObligations, or and (iii) the date on which termination of this Agreement is terminated pursuant to the terms hereof. On the last day of each applicable Interest Period, unless Administrative Borrower properly has exercised the LIBOR Option with respect thereto, the interest rate applicable to such LIBOR Rate Loan automatically shall convert to the rate of interest then applicable to Base Rate Loans of the same type hereunder. At any time that an Event of Default has occurred and is continuing at the election of the Required Lenderscontinuing, Borrower Borrowers no longer shall have the option to request that Advances bear interest at a rate based upon the LIBOR RateRate and Lender shall have the right to convert the interest rate on all outstanding LIBOR Rate Loans to the rate then applicable to Base Rate Loans hereunder.

Appears in 1 contract

Sources: Loan and Security Agreement (Kroll Inc)

Interest and Interest Payment Dates. In lieu of having interest charged at the rate based upon the Base Rate, Borrower shall have the option (the "LIBOR Option") to have interest on all or a portion of the Advances be charged (whether at the time when made (unless otherwise provided herein), upon conversion from a Base Rate Loan to a LIBOR Rate Loan, or upon continuation of a LIBOR Rate Loan as a LIBOR Rate Loan) at a rate of interest based upon the LIBOR Rate. Interest on LIBOR Rate Loans shall be payable on the earliest of (i) the last day of the Interest Period applicable thereto; provided, that, subject to the following clauses thereto (ii) and (iii), provided that in the case of any Interest Period for any LIBOR Rate Loan which is greater than 3 months in durationthree months, interest on such LIBOR Rate Loan also shall be payable at 3 month intervals on the date that is three months after the commencement of the applicable Interest Period and on the last day beginning of such Interest Period); , (ii) the date on occurrence of an Event of Default in consequence of which Lender has elected to accelerate the maturity of all or any portion of the Obligations are accelerated pursuant to the terms hereofObligations, or (iii) the date on which termination of this Agreement is terminated pursuant to the terms hereof. On the last day of each applicable Interest Period, unless Borrower properly has exercised the LIBOR Option with respect thereto, the interest rate applicable to such LIBOR Rate Loan automatically shall convert to the rate of interest then applicable to Base Rate Loans of the same type hereunder. At any time that an Event of Default has occurred and is continuing at the election of the Required Lenderscontinuing, Borrower no longer shall have the option to request that Advances bear interest at a rate based upon the LIBOR RateRate and Lender shall have the right to convert the interest rate on all outstanding LIBOR Rate Loans to the rate then applicable to Base Rate Loans hereunder.

Appears in 1 contract

Sources: Loan and Security Agreement (Overstock Com Inc)

Interest and Interest Payment Dates. In lieu of having interest charged at the rate based upon determined by reference to the Base Rate, Borrower Borrowers shall have the option (the “LIBOR Option”) to have interest on all or a portion of the Advances (either upon the Borrowing of any such portion or thereafter as provided herein) be charged (whether at the time when made (unless otherwise provided herein), upon conversion from a Base Rate Loan to a LIBOR Rate Loan, or upon continuation of a LIBOR Rate Loan as a LIBOR Rate Loan) at a rate of interest based upon determined by reference to the LIBOR Rate. Interest on LIBOR Rate Loans shall be payable on the earliest of (i) the last day of the Interest Period applicable thereto; provided, that, subject to the following clauses (ii) and (iii), in the case of any Interest Period greater than 3 months in duration, interest shall be payable at 3 month intervals after the commencement of the applicable Interest Period and on the last day of such Interest Period); (ii) the date occurrence of an Event of Default in consequence of which the Required Lenders or Agent on which all or any portion behalf thereof elect to accelerate the maturity of the Obligations are accelerated pursuant to the terms hereofObligations, or (iii) the date on which termination of this Agreement is terminated pursuant to the terms hereof. On the last day of each applicable Interest Period, unless Administrative Borrower properly has exercised the LIBOR Option with respect thereto, the interest rate applicable to such LIBOR Rate Loan automatically shall convert to the rate of interest then applicable to Base Rate Loans of the same type hereunder. At any time that an Event of Default has occurred and is continuing at the election of the Required Lenderscontinuing, Borrower Borrowers no longer shall have the option to request that Advances bear interest at a rate based upon the LIBOR RateRate and Agent shall have the right to convert the interest rate on all outstanding LIBOR Rate Loans to the rate then applicable to Base Rate Loans hereunder.

Appears in 1 contract

Sources: Loan and Security Agreement (Silicon Graphics Inc /Ca/)

Interest and Interest Payment Dates. In lieu of having interest charged at the rate based upon the Base Rate, Borrower Borrowers shall have the option option, subject to Section 2.12(b) below (the “LIBOR Option”) to have interest on all or a portion of the Advances be charged (whether at the time when made (unless otherwise provided herein), upon conversion from a Base Rate Loan to a LIBOR Rate Loan, or upon continuation of a LIBOR Rate Loan as a LIBOR Rate Loan) at a rate of interest based upon the LIBOR Rate. Interest on LIBOR Rate Loans shall be payable on the earliest of (i) the last day of the Interest Period applicable thereto; provided, that, subject to the following clauses (ii) and (iii), in the case of any Interest Period greater than 3 months in duration, interest shall be payable at 3 month intervals after the commencement of the applicable Interest Period and on the last day of such Interest Period); (ii) the date on which all or any portion of the Obligations are accelerated become due and payable pursuant to the terms hereof, or (iii) the date on which this Agreement is terminated pursuant to the terms hereof. On the last day of each applicable Interest Period, unless Borrower Borrowers properly has have exercised the LIBOR Option with respect thereto, the interest rate applicable to such LIBOR Rate Loan automatically shall convert to the rate of interest then applicable to Base Rate Loans of the same type hereunder. At any time that an Event of Default has occurred and is continuing continuing, at the written election of the Required Lenders, Borrower Borrowers no longer shall have the option to request that Advances bear interest at a rate based upon the LIBOR Rate.

Appears in 1 contract

Sources: Credit Agreement (Tronox Inc)

Interest and Interest Payment Dates. In lieu of having interest charged at the rate based upon the Base Reference Rate, the Borrower shall have the option (the “LIBOR Option”) to have interest on all or a portion of the Advances Loans be charged (whether at the time when made (unless otherwise provided herein), upon conversion from a Base Rate Loan to a LIBOR Rate Loan, or upon continuation of a LIBOR Rate Loan as a LIBOR Rate Loan) at a rate of interest based upon the LIBOR Rate. Interest on LIBOR Rate Loans shall be payable on the earliest of (iA) the last day of the Interest Period applicable thereto; provided, however, that, subject to the following clauses (iiB) and (iiiC), in the case of any Interest Period greater than 3 months 1 month in duration, interest shall be payable at 3 1 month intervals after the commencement of the applicable Interest Period and on the last day of such Interest Period); , (iiB) the date occurrence of an Event of Default in consequence of which the Required Lenders or Collateral Agent on which behalf thereof elect to accelerate the maturity of all or any portion of the Obligations are accelerated pursuant to the terms hereofObligations, or (iiiC) the date on which termination of this Agreement is terminated pursuant to the terms hereof. On the last day of each applicable Interest Period, unless the Borrower properly has exercised the LIBOR Option with respect thereto, the interest rate applicable to such LIBOR Rate Loan automatically shall convert to the rate of interest then applicable to Base Reference Rate Loans of the same type hereunder. At any time that an Event of Default has occurred and is continuing at continuing, the election of the Required Lenders, Borrower no longer shall have the option to request that Advances Loans bear interest at a rate based upon the LIBOR RateRate and Administrative Agent shall have the right to convert the interest rate on all outstanding LIBOR Rate Loans to the rate then applicable to Reference Rate Loans hereunder.

Appears in 1 contract

Sources: Financing Agreement (Metalico Inc)

Interest and Interest Payment Dates. In lieu of having interest charged at the rate based upon the Base Rate, Borrower Borrowers shall have the option (the "LIBOR Option") to have interest on all or a portion of the Advances or the Term Loan be charged (whether at the time when made (unless otherwise provided herein), upon conversion from a Base Rate Loan to a LIBOR Rate Loan, or upon continuation of a LIBOR Rate Loan as a LIBOR Rate Loan) at a rate of interest based upon the LIBOR Rate. Interest on LIBOR Rate Loans shall be payable on the earliest of (i) the last day of the Interest Period applicable thereto; thereto provided, however, that, subject to the following clauses (ii) and (iii), in the case of any Interest Period greater than 3 months in duration, interest shall be payable at 3 month intervals after the commencement of the applicable Interest Period and on the last day of such Interest Period); , (ii) the date occurrence of an Event of Default in consequence of which the Required Lenders or Agent on which behalf thereof have elected to accelerate the maturity of all or any portion of the Obligations are accelerated pursuant to the terms hereofObligations, or (iii) the date on which termination of this Agreement is terminated pursuant to the terms hereof. On the last day of each applicable Interest Period, unless Administrative Borrower properly has exercised the LIBOR Option with respect thereto, the interest rate applicable to such LIBOR Rate Loan automatically shall convert to the rate of interest then applicable to Base Rate Loans of the same type hereunder. At any time that an Event of Default has occurred and is continuing at the election of the Required Lenderscontinuing, Borrower Borrowers no longer shall have the option to request that Advances bear interest at a rate based upon the LIBOR RateRate and Agent shall have the right to convert the interest rate on all outstanding LIBOR Rate Loans to the rate then applicable to Base Rate Loans hereunder."

Appears in 1 contract

Sources: Credit Agreement (Radiant Systems Inc)

Interest and Interest Payment Dates. In lieu of having interest charged at the rate based upon the Base Rate, Borrower Borrowers shall have the option option, subject to Section 2.12(b) below (the “LIBOR Option”) to have interest on all or a portion of the Advances Revolving Loans or the Term Loans be charged (whether at the time when made (unless otherwise provided herein), upon conversion from a Base Rate Loan to a LIBOR Rate Loan, or upon continuation of a LIBOR Rate Loan as a LIBOR Rate Loan) at a rate of interest based upon the LIBOR Rate. Interest on LIBOR Rate Loans shall be payable on the earliest of (i) the last day of the Interest Period applicable thereto; provided, that, subject to the following clauses (ii) and (iii), in the case of any Interest Period greater than 3 months in duration, interest shall be payable at 3 month intervals after the commencement of the applicable Interest Period and on the last day of such Interest Period); , (ii) the date on which all or any portion of the Obligations are accelerated pursuant to the terms hereof, or (iii) the date on which this Agreement is terminated pursuant to the terms hereof. On the last day of each applicable Interest Period, unless Borrower Borrowers have properly has exercised the LIBOR Option with respect thereto, the interest rate applicable to such LIBOR Rate Loan automatically shall convert to the rate of interest then applicable to Base Rate Loans of the same type hereunder. At any time that an Event of Default has occurred and is continuing at the election of the Required Lenderscontinuing, Borrower Borrowers no longer shall have the option to request that Advances Revolving Loans bear interest at a rate based upon the LIBOR Rate.

Appears in 1 contract

Sources: Credit Agreement (InfuSystem Holdings, Inc)

Interest and Interest Payment Dates. In lieu of having interest charged at the rate based upon the Base Rate, Borrower shall have the option option, subject to Section 2.12(b) below (the “LIBOR Option”) to have interest on all or a portion of the Advances Revolving Loans be charged (whether at the time when made (unless otherwise provided herein), upon conversion from a Base Rate Loan to a LIBOR Rate Loan, or upon continuation of a LIBOR Rate Loan as a LIBOR Rate Loan) at a rate of interest based upon the LIBOR Rate. Interest on LIBOR Rate Loans shall be payable on the earliest of (i) the last day of the Interest Period applicable thereto; provided, that, subject to the following clauses (ii) and (iii), in the case of any Interest Period greater than 3 months in duration, interest shall be payable at 3 month intervals after the commencement of the applicable Interest Period and on the last day of such Interest Period); , (ii) the date on which all or any portion of the Obligations are accelerated pursuant to the terms hereof, or (iii) the date on which this Agreement is terminated pursuant to the terms hereof. On the last day of each applicable Interest Period, unless Borrower properly has exercised the LIBOR Option with respect thereto, the interest rate applicable to such LIBOR Rate Loan shall, unless an Event of Default has occurred and is continuing, automatically shall convert to the rate of interest then applicable to Base Rate Loans of the same type hereundercontinue with a one-month Interest Period. At any time that an Event of Default has occurred and is continuing at the election of the Required Lenders, Borrower no longer shall have the option to request that Advances Revolving Loans bear interest at a rate based upon the LIBOR Rate.

Appears in 1 contract

Sources: Credit Agreement (Diamond Foods Inc)

Interest and Interest Payment Dates. In lieu of having interest charged at the rate based upon the Base Rate, Borrower Borrowers shall have the option (the "LIBOR Option") to have interest on all or a portion of the Advances or Term Loan A be charged (whether at the time when made (unless otherwise provided herein), upon conversion from a Base Rate Loan to a LIBOR Rate Loan, or upon continuation of a LIBOR Rate Loan as a LIBOR Rate Loan) at a rate of interest based upon the LIBOR Rate. Interest on LIBOR Rate Loans shall be payable on the earliest of (i) the last day of the Interest Period applicable thereto; provided, that, subject to the following clauses (ii) and (iii), in the case of any Interest Period greater than 3 months in duration, interest shall be payable at 3 month intervals after the commencement of the applicable Interest Period and on the last day of such Interest Period); (ii) the date occurrence of an Event of Default in consequence of which the Required Lenders or Agent on which behalf thereof elect to accelerate the maturity of all or any portion of the Obligations are accelerated pursuant to the terms hereofObligations, or (iii) the date on which termination of this Agreement is terminated pursuant to the terms hereof. On the last day of each applicable Interest Period, unless Administrative Borrower properly has exercised the LIBOR Option with respect thereto, the interest rate applicable to such LIBOR Rate Loan automatically shall convert to the rate of interest then applicable to Base Rate Loans of the same type hereunder. At any time that an Event of Default has occurred and is continuing at the election of the Required Lenderscontinuing, Borrower Borrowers no longer shall have the option to request that Advances or Term Loan A bear interest at a rate based upon the LIBOR RateRate and Agent shall have the right to convert the interest rate on all outstanding LIBOR Rate Loans to the rate then applicable to Base Rate Loans hereunder.

Appears in 1 contract

Sources: Loan and Security Agreement (Advanced Lighting Technologies Inc)

Interest and Interest Payment Dates. In lieu of having interest charged at the rate based upon the Base Rate, Borrower Borrowers shall have the option option, subject to Section 2.12(b) below (the “LIBOR Option”) to have interest on all or a portion of the Advances Revolving Loans be charged (whether at the time when made (unless otherwise provided herein), upon conversion from a Base Rate Loan to a LIBOR Rate Loan, or upon continuation of a LIBOR Rate Loan as a LIBOR Rate Loan) at a rate of interest based upon the LIBOR Rate. Interest on LIBOR Rate Loans shall be payable on the earliest of (i) the last day of the Interest Period applicable thereto; provided, that, subject to the following clauses (ii) and (iii), in the case of any Interest Period greater than 3 three months in duration, interest shall be payable at 3 three-month intervals after the commencement of the applicable Interest Period and on the last day of such Interest Period); , (ii) the date on which all or any portion of the Obligations are accelerated pursuant to the terms hereof, (iii) the Maturity Date or (iiiiv) the date on which this Agreement is all Commitments are terminated pursuant to the terms hereof. On the last day of each applicable Interest Period, unless Borrower Borrowers have properly has exercised the LIBOR Option with respect thereto, the interest rate applicable to such LIBOR Rate Loan automatically shall convert to the rate of interest then applicable to Base Rate Loans of the same type hereunder. At any time that an Event of Default has occurred and is continuing at the election of the Required Lenderscontinuing, Borrower Borrowers no longer shall have the option to request that Advances Revolving Loans bear interest at a rate based upon the LIBOR Rate.

Appears in 1 contract

Sources: Credit Agreement (Pernix Therapeutics Holdings, Inc.)

Interest and Interest Payment Dates. In lieu of having interest charged at the rate based upon the Base Rate, Borrower Borrowers shall have the option option, subject to Section 2.17(b) below (the “LIBOR SOFR Option”) to have interest on all or a portion of the Advances Revolving Loans be charged (whether at the time when made (unless otherwise provided herein), upon conversion from a Base Rate Loan to a LIBOR Rate SOFR Loan, or upon continuation of a LIBOR Rate SOFR Loan as a LIBOR Rate SOFR Loan) at a rate of interest based upon the LIBOR RateAdjusted Term SOFR. Interest on LIBOR Rate SOFR Loans shall be payable on the earliest of (i) the last day of the Interest Period applicable thereto; provided, that, subject to the following clauses (ii) and (iii), in the case of any Interest Period greater than 3 months in duration, interest shall be payable at 3 month intervals after the commencement of the applicable Interest Period and on the last day of such Interest Period); (ii) the date on which all or any portion of the Obligations are accelerated pursuant to the terms hereof, or (iii) the date on which this Agreement is terminated pursuant to the terms hereof. On the last day of each applicable Interest Period, unless Borrower Borrowers have properly has exercised the LIBOR SOFR Option with respect thereto, the interest rate applicable to such LIBOR Rate SOFR Loan automatically shall convert to the rate of interest then applicable to Base Rate Loans of the same type hereunder. At any time that an Event of Default has occurred and is continuing at the election of the Required Lenders, Borrower Borrowers no longer shall have the option to request that Advances Revolving Loans bear interest at a rate based upon the LIBOR RateAdjusted Term SOFR.

Appears in 1 contract

Sources: Abl Credit Agreement (CVR Energy Inc)

Interest and Interest Payment Dates. In lieu of having interest charged at the rate based upon the Base Rate, Borrower shall have the option (the “LIBOR Option”) to have interest on all or a portion of the Advances be charged (whether at the time when made (unless otherwise provided herein), upon conversion from a Base Rate Loan to a LIBOR Rate Loan, or upon continuation of a LIBOR Rate Loan as a LIBOR Rate Loan) at a rate of interest based upon the LIBOR Rate. Interest on LIBOR Rate Loans shall be payable on the earliest of (i) the last day of the Interest Period applicable thereto; provided, that, subject to the following clauses (ii) and (iii), in the case of any Interest Period greater than 3 months in duration, interest shall be payable at 3 month intervals after the commencement of the applicable Interest Period and on the last day of such Interest Period); (ii) the date on occurrence of an Event of Default in consequence of which Lender elects to accelerate the maturity of all or any portion of the Obligations are accelerated pursuant to the terms hereofObligations, or (iii) the date on which termination of this Agreement is terminated pursuant to the terms hereof. On the last day of each applicable Interest Period, unless Borrower properly has exercised the LIBOR Option with respect thereto, the interest rate applicable to such LIBOR Rate Loan automatically shall convert to the rate of interest then applicable to Base Rate Loans of the same type hereunder. At any time that an Event of Default has occurred and is continuing at the election of the Required Lenderscontinuing, Borrower no longer shall have the option to request that Advances bear interest at a rate based upon the LIBOR RateRate and Lender shall have the right, at its option, to convert the interest rate on all outstanding LIBOR Rate Loans to the rate then applicable to Base Rate Loans hereunder and Borrower shall be responsible for all Funding Losses arising in connection thereof. Any LIBOR Rate Loan which matures while a Default or Event of Default has occurred and is continuing shall be converted, at the option of Lender, to a Base Rate Loan notwithstanding Borrower’s exercise of LIBOR Rate Option in connection thereto that such Loan be continued as a LIBOR Rate Loan.

Appears in 1 contract

Sources: Loan and Security Agreement (Bidz.com, Inc.)

Interest and Interest Payment Dates. In lieu of having interest charged at the rate based upon the Base Rate, Borrower shall have the option (the “LIBOR Option”) to have interest on all or a portion of the Advances or the Term Loan be charged (whether at the time when made (unless otherwise provided herein), upon conversion from a Base Rate Loan to a LIBOR Rate Loan, or upon continuation of a LIBOR Rate Loan as a LIBOR Rate Loan) at a rate of interest based upon the LIBOR Rate. Interest on LIBOR Rate Loans shall be payable on the earliest of (i) the last day of the Interest Period applicable thereto; thereto (provided, however, that, subject to the following clauses (ii) and (iii), in the case of any Interest Period greater than 3 months in duration, interest shall be payable at 3 month intervals after the commencement of the applicable Interest Period and on the last day of such Interest Period); , (ii) the date on which all or any portion an Event of the Obligations are accelerated pursuant to the terms hereofDefault occurs, or (iii) the date on which this Agreement is terminated pursuant to the terms hereof. On the last day of each applicable Interest Period, unless Borrower properly has exercised the LIBOR Option with respect thereto, the interest rate applicable to such LIBOR Rate Loan automatically shall convert to the rate of interest then applicable to Base Rate Loans of the same type hereunder. At any time that an Event of Default has occurred and is continuing at the election of the Required Lenderscontinuing, (x) Borrower no longer shall have the option to request that Advances or the Term Loan bear interest at a rate based upon the LIBOR Rate, and (y) Agent shall have the right to convert the interest rate on all outstanding LIBOR Rate Loans to the rate then applicable to Base Rate Loans hereunder, provided that Borrower shall not be obligated for any loss, cost, or expense incurred by Agent or any Lender as a result of any such conversion by Agent.

Appears in 1 contract

Sources: Credit Agreement (Hawaiian Holdings Inc)

Interest and Interest Payment Dates. In lieu of having interest charged at the rate based upon the Base Rate, Borrower Borrowers shall have the option option, subject to Section 2.12(b) below (the “LIBOR Option”) to have interest on all or a portion of the Advances Term Loan be charged (whether at the time when made (unless otherwise provided herein), upon conversion from a Base Rate Loan to a LIBOR Rate Loan, or upon continuation of a LIBOR Rate Loan as a LIBOR Rate Loan) at a rate of interest based upon the LIBOR Rate. Interest on LIBOR Rate Loans shall be payable on the earliest of (i) the last day of the Interest Period applicable thereto; provided, that, subject to the following clauses (ii) and (iii), in the case of any Interest Period greater than 3 months in duration, interest shall be payable at 3 month intervals after the commencement of the applicable Interest Period and on the last day of such Interest Period); (ii) the date on which all or any portion of the Obligations are accelerated pursuant to the terms hereof, or (iii) the date on which this Agreement is terminated pursuant to the terms hereof. On the last day of each applicable Interest Period, unless Borrower Borrowers properly has have exercised the LIBOR Option with respect thereto, the interest rate applicable to such LIBOR Rate Loan automatically shall convert to the rate of interest then applicable to Base Rate Loans of the same type hereunder. At any time that an Event of Default has occurred and is continuing at the election of the Required Lenderscontinuing, Borrower Borrowers no longer shall have the option to request that Advances the Term Loan bear interest at a rate based upon the LIBOR Rate.

Appears in 1 contract

Sources: Credit Agreement (Nevada Gold & Casinos Inc)

Interest and Interest Payment Dates. In lieu of having interest charged at the rate based upon the Base Rate, Borrower Borrowers shall have the option (the "LIBOR Option”OPTION") to have interest on all or a portion of the Advances be charged (whether at the time when made (unless otherwise provided herein), upon conversion from a Base Rate Loan to a LIBOR Rate Loan, or upon continuation of a LIBOR Rate Loan as a LIBOR Rate Loan) at a rate of interest based upon the LIBOR Rate. Interest on LIBOR Rate Loans shall be payable on the earliest of (i) the last day of the Interest Period applicable thereto; provided, that, subject to the following clauses (ii) and (iii), in the case of any Interest Period greater than 3 months in duration, interest shall be payable at 3 month intervals after the commencement of the applicable Interest Period and on the last day of such Interest Period); (ii) the date occurrence of an Event of Default in consequence of which the Required Lenders or Agent on which all or any portion behalf thereof elect to accelerate the maturity of the Obligations are accelerated pursuant to the terms hereofObligations, or (iii) the date on which termination of this Agreement is terminated pursuant to the terms hereof. On the last day of each applicable Interest Period, unless Administrative Borrower properly has exercised the LIBOR Option with respect thereto, the interest rate applicable to such LIBOR Rate Loan automatically shall convert to the rate of interest then applicable to Base Rate Loans of the same type hereunder. At any time that an Event of Default has occurred and is continuing at the election of the Required Lenderscontinuing, Borrower Borrowers no longer shall have the option to request that Advances bear interest at a rate based upon the LIBOR RateRate and Agent shall have the right to convert the interest rate on all outstanding LIBOR Rate Loans to the rate then applicable to Base Rate Loans hereunder.

Appears in 1 contract

Sources: Loan and Security Agreement (Frontstep Inc)

Interest and Interest Payment Dates. In lieu of having interest charged at the rate based upon the Base Rate, Borrower shall have the option (the “LIBOR Option”) to have interest on all or a portion of the Advances Revolving Loans be charged (whether at the time when made (unless otherwise provided herein), upon conversion from a Base Rate Loan to a LIBOR Rate Loan, or upon continuation of a LIBOR Rate Loan as a LIBOR Rate Loan) at a rate of interest based upon the LIBOR Rate. Interest on LIBOR Rate Loans shall be payable on the earliest of (i) the last day of the Interest Period applicable thereto; provided, that, subject to the following clauses (ii) and (iii), in the case of any Interest Period greater than 3 months in duration, interest shall be payable at 3 date that is one month intervals after the commencement of the applicable Interest Period and on the last day of such Interest Period); , (iiiii) the date occurrence of an Event of Default in consequence of which the Required Lenders or Agent on which behalf thereof elect to accelerate the maturity of all or any portion of the Obligations are accelerated pursuant to the terms hereofObligations, or (iiiiv) the date on which termination of this Agreement is terminated pursuant to the terms hereof. On the last day of each applicable Interest PeriodPeriod in respect of a LIBOR Rate Loan, unless Borrower properly has exercised the LIBOR Option with respect thereto, the interest rate applicable to such LIBOR Rate Loan automatically shall convert to the rate of interest then applicable to Base Rate Loans of the same type hereunder. At any time that an Event of Default has occurred and is continuing continuing, at the election of the Agent or Required Revolving Lenders, Borrower no longer shall have the option to request that Advances bear interest at a rate based upon the LIBOR RateRate and Agent shall have the right to convert the interest rate on all outstanding LIBOR Rate Loans to the rate then applicable to Base Rate Loans hereunder.

Appears in 1 contract

Sources: Loan, Guaranty and Security Agreement (Gordmans Stores, Inc.)

Interest and Interest Payment Dates. In lieu of having interest charged at the rate based upon the Base Rate, Borrower shall have the option option, subject to Section 2.12(b) below (the "LIBOR Option") to have interest on all or a portion of the Advances Revolving Loans or the Term Loan be charged (whether at the time when made (unless otherwise provided herein), upon conversion from a Base Rate Loan to a LIBOR Rate Loan, or upon continuation of a LIBOR Rate Loan as a LIBOR Rate Loan) at a rate of interest based upon the LIBOR Rate. Interest on LIBOR Rate Loans shall be payable on the earliest of (i) the last day of the Interest Period applicable thereto; provided, that, subject to the following clauses (ii) and (iii), in the case of any Interest Period greater than 3 months in duration, interest shall be payable at 3 month intervals after the commencement of the applicable Interest Period and on the last day of such Interest Period); , (ii) the date on which all or any portion of the Obligations are accelerated pursuant to the terms hereof, or (iii) the date on which this Agreement is terminated pursuant to the terms hereof. On the last day of each applicable Interest Period, unless Borrower properly has exercised the LIBOR Option with respect thereto, the interest rate applicable to such LIBOR Rate Loan automatically shall convert to the rate of interest then applicable to Base Rate Loans of the same type hereunder. At any time that an Event of Default has occurred and is continuing at the election of the Required Lenderscontinuing, Borrower no longer shall have the option to request that Advances Revolving Loans or any portion of the Term Loan bear interest at a rate based upon the LIBOR Rate.

Appears in 1 contract

Sources: Credit Agreement (Asure Software Inc)

Interest and Interest Payment Dates. In lieu of having interest charged at the rate based upon the Base Rate, Borrower Borrowers shall have the option (the “LIBOR Option”) to have interest on all or a portion of the Advances be charged (whether at the time when made (unless otherwise provided herein), upon conversion from a Base Rate Loan to a LIBOR Rate Loan, or upon continuation of a LIBOR Rate Loan as a LIBOR Rate Loan) at a rate of interest based upon the LIBOR Rate. Interest on LIBOR Rate Loans shall be payable on the earliest of as follows: (i) on the last day of the Interest Period applicable thereto; provided, that, subject to the following clauses (ii) and (iii), upon the occurrence of an Event of Default in consequence of which Lender has elected to accelerate the case maturity of any Interest Period greater than 3 months in duration, interest shall be payable at 3 month intervals after the commencement of the applicable Interest Period and on the last day of such Interest Period); (ii) the date on which all or any portion of the Obligations (provided, that Lender shall not accelerate any LIBOR Rate Loans unless all Base Rate Loans are accelerated pursuant to the terms hereof, or have been accelerated); or (iii) the date on which upon termination of this Agreement is terminated pursuant to the terms hereof. On the last day of each applicable Interest Period, unless Administrative Borrower properly has exercised the LIBOR Option with respect thereto, the interest rate applicable to such LIBOR Rate Loan automatically shall convert to the rate of interest then applicable to Base Rate Loans of the same type hereunder. At any time that an Event of Default has occurred and is continuing at the election of the Required Lenderscontinuing, Borrower Borrowers no longer shall have the option to request that Advances bear interest at a rate based upon the LIBOR RateRate and Lender shall have the right to convert the interest rate on all outstanding LIBOR Rate Loans to the rate then applicable to Base Rate Loans hereunder.

Appears in 1 contract

Sources: Loan and Security Agreement (Matrix Geophysical, Inc.)

Interest and Interest Payment Dates. In lieu of having interest charged at the rate based upon the Base Rate, Borrower Borrowers shall have the option option, subject to Section 2.12(b) below (the “LIBOR SOFR Option”) to have interest on all or a portion of the Advances Revolving Loans be charged (whether at the time when made (unless otherwise provided herein), upon conversion from a Base Rate Loan to a LIBOR Rate SOFR Loan, or upon continuation of a LIBOR Rate SOFR Loan as a LIBOR Rate SOFR Loan) at a rate of interest based upon the LIBOR RateTerm SOFR. Interest on LIBOR Rate SOFR Loans shall be payable on the earliest of (i) the last day of the Interest Period applicable thereto; provided, that, subject to the following clauses (ii) and (iii), in the case of any Interest Period greater than 3 months in duration, interest shall be payable at 3 month intervals after the commencement of the applicable Interest Period and on the last day of such Interest Period); (ii) the date on which all or any portion of the Obligations are accelerated pursuant to the terms hereof, or (iii) the date on which this Agreement is terminated pursuant to the terms hereof. On the last day of each applicable Interest Period, unless Borrower Borrowers have properly has exercised the LIBOR SOFR Option with respect thereto, the interest rate applicable to such LIBOR Rate SOFR Loan automatically shall convert to the rate of interest then applicable to Base Rate Loans of the same type hereunder. At any time that an Event of Default has occurred and is continuing at the election of the Required Lenderscontinuing, Borrower Borrowers no longer shall have the option to request that Advances Revolving Loans bear interest at a rate based upon the LIBOR RateTerm SOFR.

Appears in 1 contract

Sources: Credit Agreement (Hamilton Beach Brands Holding Co)

Interest and Interest Payment Dates. In lieu of having interest charged at the rate based upon the Base Rate, Borrower shall have the option (the "LIBOR Option") to have interest on all or a portion of the Advances be charged (whether at the time when made (unless otherwise provided herein), upon conversion from a Base Rate Loan to a LIBOR Rate Loan, or upon continuation of a LIBOR Rate Loan as a LIBOR Rate Loan) at a rate of interest based upon the LIBOR Rate. Interest on LIBOR Rate Loans shall be payable payable, in arrears, on the earliest of (i) the last day of the Interest Period applicable thereto; provided, that, subject to the following clauses (ii) and (iii), in the case of any Interest Period greater than 3 months in duration, interest shall be payable at 3 month intervals after the commencement of the applicable Interest Period and on the last day of such Interest Period); (ii) the date occurrence of an Event of Default in consequence of which the Required Lenders or Agent on which all or any portion behalf thereof elect to accelerate the maturity of the Obligations are accelerated pursuant to the terms hereofObligations, or (iii) the date on which termination of this Agreement is terminated pursuant to the terms hereof. On the last day of each applicable Interest Period, unless Borrower properly has exercised the LIBOR Option with respect thereto, the interest rate applicable to such LIBOR Rate Loan automatically shall convert to the rate of interest then applicable to Base Rate Loans of the same type hereunder. At any time that an Event of Default has occurred and is continuing at the election of the Required Lenderscontinuing, Borrower no longer shall have the option to request that Advances bear interest at a rate based upon the LIBOR RateRate and Agent shall have the right to convert the interest rate on all outstanding LIBOR Rate Loans to the rate then applicable to Base Rate Loans hereunder.

Appears in 1 contract

Sources: Loan and Security Agreement (Leapfrog Enterprises Inc)

Interest and Interest Payment Dates. In lieu of having interest charged at the rate based upon the Base Rate, Borrower Borrowers shall have the option option, subject to Section 2.12(b) below, (the “LIBOR Option”) to have interest on all or a portion of the Advances be charged (whether at the time when made (unless otherwise provided herein), upon conversion from a Base Rate Loan to a LIBOR Rate Loan, or upon continuation of a LIBOR Rate Loan as a LIBOR Rate Loan) at a rate of interest based upon the LIBOR Rate. Interest on LIBOR Rate Loans shall be payable on the earliest of (i) the last day of the Interest Period applicable thereto; provided, that, subject to the following clauses (ii) and (iii), in the case of any Interest Period greater than 3 months in duration, interest shall be payable at 3 month intervals after the commencement of the applicable Interest Period and on the last day of such Interest Period); (ii) the date on which all or any portion of the Obligations are accelerated pursuant to the terms hereof, or (iii) the date on which this Agreement is terminated pursuant to the terms hereof. On the last day of each applicable Interest Period, unless Borrower Borrowers properly has have exercised the LIBOR Option with respect thereto, the interest rate applicable to such LIBOR Rate Loan automatically shall convert to the rate of interest then applicable to Base Rate Loans of the same type hereunder. At any time that an Event of Default has occurred and is continuing at the election of the Required Lenderscontinuing, Borrower Borrowers no longer shall have the option to request that Advances bear interest at a rate based upon the LIBOR Rate.

Appears in 1 contract

Sources: Credit Agreement (Supreme Industries Inc)

Interest and Interest Payment Dates. In lieu of having interest charged at the rate based upon the Base Rate, Borrower Borrowers shall have the option (the "LIBOR Option") to have interest on all or a portion of the A Advances be charged (whether at the time when made (unless otherwise provided herein), upon conversion from a Base Rate Loan to a LIBOR Rate Loan, or upon continuation of a LIBOR Rate Loan as a LIBOR Rate Loan) at a rate of interest based upon the LIBOR Rate. Interest on LIBOR Rate Loans shall be payable on the earliest of (i) the last day of the Interest Period applicable thereto; provided, that, subject to the following clauses (ii) and (iii), in the case of any Interest Period greater than 3 months in duration, interest shall be payable at 3 month intervals after the commencement of the applicable Interest Period and on the last day of such Interest Period); (ii) the date on occurrence of an Event of Default in consequence of which Lender has elected to accelerate the maturity of all or any portion of the Obligations are accelerated pursuant to the terms hereofObligations, or (iii) the date on which termination of this Agreement is terminated pursuant to the terms hereof. On the last day of each applicable Interest Period, unless Administrative Borrower properly has exercised the LIBOR Option with respect thereto, the interest rate applicable to such LIBOR Rate Loan automatically shall convert to the rate of interest then applicable to Base Rate Loans of the same type hereunder. At any time that an Event of Default has occurred and is continuing at the election of the Required Lenderscontinuing, Borrower Borrowers no longer shall have the option to request that A Advances bear interest at a rate based upon the LIBOR RateRate and Lender shall have the right to convert the interest rate on all outstanding LIBOR Rate Loans to the rate then applicable to Base Rate Loans hereunder.

Appears in 1 contract

Sources: Loan and Security Agreement (SPSS Inc)

Interest and Interest Payment Dates. In lieu of having interest charged at the rate based upon the Base Rate, Borrower shall have the option (the "LIBOR Option") to have interest on all or a portion of the Advances be charged (whether at the time when made (unless otherwise provided herein), upon conversion from a Base Rate Loan to a LIBOR Rate Loan, or upon continuation of a LIBOR Rate Loan as a LIBOR Rate Loan) at a rate of interest based upon the LIBOR Rate. Interest on LIBOR Rate Loans shall be payable on the earliest of (i) the last day of the Interest Period applicable thereto; provided, that, subject to the following clauses (ii) and (iii), in the case of any Interest Period greater than 3 months in duration, interest shall be payable at 3 month intervals after the commencement of the applicable Interest Period and on the last day of such Interest Period); (ii) the date on occurrence of an Event of Default in consequence of which Lender elects to accelerate the maturity of all or any portion of the Obligations are accelerated pursuant to the terms hereofObligations, or (iii) the date on which termination of this Agreement is terminated pursuant to the terms hereof. On the last day of each applicable Interest Period, unless Borrower properly has exercised the LIBOR Option with respect thereto, the interest rate applicable to such LIBOR Rate Loan automatically shall convert to the rate of interest then applicable to Base Rate Loans of the same type hereunder. At any time that an Event of Default has occurred and is continuing at the election of the Required Lenderscontinuing, Borrower no longer shall have the option to request that Advances bear interest at a rate based upon the LIBOR RateRate and Lender shall have the right to convert the interest rate on all outstanding LIBOR Rate Loans to the rate then applicable to Base Rate Loans hereunder.

Appears in 1 contract

Sources: Loan and Security Agreement (Shoe Pavilion Inc)

Interest and Interest Payment Dates. In lieu of having interest charged at the rate based upon the Base Rate, Borrower Borrowers shall have the option option, subject to Section 2.12(b) below (the “LIBOR "SOFR Option") to have interest on all or a portion of the Advances Revolving Loans be charged (whether at the time when made (unless otherwise provided herein), upon conversion from a Base Rate Loan to a LIBOR Rate SOFR Loan, or upon continuation of a LIBOR Rate SOFR Loan as a LIBOR Rate SOFR Loan) at a rate of interest based upon the LIBOR RateAdjusted Term SOFR. Interest on LIBOR Rate SOFR Loans shall be payable on the earliest of (i) the last day of the Interest Period applicable thereto; provided, that, that subject to the following clauses (ii) and (iii), in the case of any Interest Period greater than 3 three months in duration, interest shall be payable at 3 three month intervals after the commencement of the applicable Interest Period and on the last day of such Interest Period); , (ii) the date on which all or any portion of the Obligations are accelerated pursuant to the terms hereof, or (iii) the date on which this Agreement is terminated pursuant to the terms hereof. On the last day of each applicable Interest Period, unless Borrower Borrowers have properly has exercised the LIBOR SOFR Option with respect thereto, the interest rate applicable to such LIBOR Rate SOFR Loan automatically shall convert to the rate of interest then applicable to Base Rate Loans of the same type hereunder. At any time that an Event of Default has occurred and is continuing at the election of the Required Lenders, Borrower Borrowers no longer shall have the option to request that Advances Revolving Loans bear interest at a rate based upon the LIBOR RateAdjusted Term SOFR.

Appears in 1 contract

Sources: Credit Agreement (GoPro, Inc.)

Interest and Interest Payment Dates. In lieu of having interest charged at the rate based upon the Base Rate, Borrower shall have the option option, subject to Section 2.12(b) below (the “LIBOR Option”) to have interest on all or a portion of the Advances be charged (whether at the time when made (unless otherwise provided herein), upon conversion from a Base Rate Loan to a LIBOR Rate Loan, or upon continuation of a LIBOR Rate Loan as a LIBOR Rate Loan) at a rate of interest based upon the LIBOR Rate. Interest on LIBOR Rate Loans shall be payable on the earliest of (i) the last day of the Interest Period applicable thereto; provided, that, subject to the following clauses (ii) and (iii), in the case of any Interest Period greater than 3 months in duration, interest shall be payable at 3 month intervals after the commencement of the applicable Interest Period and on the last day of such Interest Period); (ii) the date on which all or any portion of the Obligations are accelerated pursuant to the terms hereof, or (iii) the date on which this Agreement is terminated pursuant to the terms hereof. On the last day of each applicable Interest Period, unless Borrower properly has exercised the LIBOR Option with respect thereto, the interest rate applicable to such LIBOR Rate Loan automatically shall convert to the rate of interest then applicable to Base Rate Loans of the same type hereunder. At any time that an Event of Default has occurred and is continuing at the election of the Required Lenderscontinuing, Borrower no longer shall have the option to request that Advances bear interest at a rate based upon the LIBOR Rate.

Appears in 1 contract

Sources: Credit Agreement (Federal Signal Corp /De/)

Interest and Interest Payment Dates. In lieu of having interest charged at the rate based upon the Base Reference Rate, Borrower shall have the option (the "LIBOR Option") to have interest on all or a portion of the Advances Obligations (other than Obligations incurred pursuant to Section 2.2 above) to be charged (whether at the time when made (unless otherwise provided herein), upon conversion from a Base Rate Loan to a LIBOR Rate Loan, or upon continuation of a LIBOR Rate Loan as a LIBOR Rate Loan) at a rate of interest based upon the LIBOR Rate. Interest on LIBOR Rate Loans shall be payable on the earliest of (i) the last day of the Interest Period applicable thereto; provided, that, subject to the following clauses (ii) and (iii), in the case of any Interest Period greater than 3 months in duration, interest shall be payable at 3 month intervals after the commencement of the applicable Interest Period and on the last day of such Interest Period); (ii) the date on occurrence of an Event of Default in consequence of which Foothill has elected to accelerate the maturity of all or any portion of the Obligations are accelerated pursuant to the terms hereofObligations, or (iii) the date on which termination of this Agreement is terminated pursuant to the terms hereof. On the last day of each applicable Interest Period, unless Borrower properly has exercised the LIBOR Option with respect thereto, the interest rate applicable to such LIBOR Rate Loan automatically shall convert to the rate of interest then applicable to Base Reference Rate Loans of the same type hereunder. At any time that an Event of Default has occurred and is continuing at the election of the Required Lenderscontinuing, Borrower no longer shall have the option to request that Advances Obligations bear interest at a rate based upon the LIBOR RateRate and Foothill shall have the right to convert the interest rate on all outstanding LIBOR Rate Loans to the rate then applicable to Reference Rate Loans as more fully set forth in Section 2.4(b) hereunder.

Appears in 1 contract

Sources: Loan and Security Agreement (Bluegreen Corp)

Interest and Interest Payment Dates. In lieu of having interest charged at the rate based upon the Base Rate, Borrower shall have the option option, subject to Section 2.11(b) below (the “LIBOR Option”) to have interest on all or a portion of the Advances Term Loan be charged (whether at the time when made (unless otherwise provided herein), upon conversion from a Base Rate Loan to a LIBOR Rate Loan, or upon continuation of a LIBOR Rate Loan as a LIBOR Rate Loan) at a rate of interest based upon the LIBOR Rate. Interest on LIBOR Rate Loans shall be payable on the earliest of (i) the last first day of the Interest Period applicable thereto; provided, that, subject to the following clauses (ii) and (iii), in the case of any Interest Period greater than 3 months in duration, interest shall be payable at 3 month intervals after the commencement of the applicable Interest Period and on the last day of such Interest Period)month; (ii) the date on which all or any portion of the Obligations are accelerated pursuant to the terms hereof, or (iii) the date on which this Agreement is terminated pursuant to the terms hereof. On the last day of each applicable Interest Period, unless Borrower properly has exercised the LIBOR Option with respect thereto, the interest rate applicable to such LIBOR Rate Loan automatically shall convert to the rate of interest then applicable to Base Rate Loans of the same type hereunder. At any time that an Event of Default has occurred and is continuing continuing, at the written election of the Required Lenders, Borrower no longer shall have the option to request that Advances Term Loan bear interest at a rate based upon the LIBOR Rate.

Appears in 1 contract

Sources: Credit Agreement (XZERES Corp.)

Interest and Interest Payment Dates. In lieu of having interest charged at the rate based upon determined by reference to the Base Rate, Borrower Borrowers shall have the option (the "LIBOR Option") to have interest on all or a portion of the Advances (either upon the Borrowing of any such portion or thereafter as provided herein) be charged (whether at the time when made (unless otherwise provided herein), upon conversion from a Base Rate Loan to a LIBOR Rate Loan, or upon continuation of a LIBOR Rate Loan as a LIBOR Rate Loan) at a rate of interest based upon determined by reference to the LIBOR Rate. Interest on LIBOR Rate Loans shall be payable on the earliest of (i) the last day of the Interest Period applicable thereto; provided, that, subject to the following clauses (ii) and (iii), in the case of any Interest Period greater than 3 months in duration, interest shall be payable at 3 month intervals after the commencement of the applicable Interest Period and on the last day of such Interest Period); (ii) the date occurrence of an Event of Default in consequence of which the Required Lenders or Agent on which all or any portion behalf thereof elect to accelerate the maturity of the Obligations are accelerated pursuant to the terms hereofObligations, or (iii) the date on which termination of this Agreement is terminated pursuant to the terms hereof. On the last day of each applicable Interest Period, unless Administrative Borrower properly has exercised the LIBOR Option with respect thereto, the interest rate applicable to such LIBOR Rate Loan automatically shall convert to the rate of interest then applicable to Base Rate Loans of the same type hereunder. At any time that an Event of Default has occurred and is continuing at the election of the Required Lenderscontinuing, Borrower Borrowers no longer shall have the option to request that Advances bear interest at a rate based upon the LIBOR RateRate and Agent shall have the right to convert the interest rate on all outstanding LIBOR Rate Loans to the rate then applicable to Base Rate Loans hereunder.

Appears in 1 contract

Sources: Loan and Security Agreement (Silicon Graphics Inc /Ca/)

Interest and Interest Payment Dates. In lieu of having interest charged at the rate based upon the Base Rate, Borrower Borrowers shall have the option (the “LIBOR Option”) to have interest on all or a portion of the Advances or the Term Loan be charged (whether at the time when made (unless otherwise provided herein), upon conversion from a Base Rate Loan to a LIBOR Rate Loan, or upon continuation of a LIBOR Rate Loan as a LIBOR Rate Loan) at a rate of interest based upon the LIBOR Rate. Interest on LIBOR Rate Loans shall be payable on the earliest of (i) the last day of the Interest Period applicable thereto; provided, that, subject to the following clauses (ii) and (iii), in the case of any Interest Period greater than 3 months in duration, interest shall be payable at 3 month intervals after the commencement of the applicable Interest Period and on the last day of such Interest Period); (ii) the date on which all or any portion of the Obligations are accelerated pursuant to the terms hereof, or (iii) the date on which this Agreement is terminated pursuant to the terms hereof. On the last day of each applicable Interest Period, unless Administrative Borrower properly has exercised the LIBOR Option with respect thereto, the interest rate applicable to such LIBOR Rate Loan automatically shall convert to the rate of interest then applicable to Base Rate Loans of the same type hereunder. At any time that an Event of Default has occurred and is continuing at the election of the Required Lenderscontinuing, Borrower Borrowers no longer shall have the option to request that Advances or the Term Loan bear interest at a rate based upon the LIBOR Rate, and if Agent has accelerated the Obligations pursuant to Section 8.1(a), Agent shall have the right to convert the interest rate on all outstanding LIBOR Rate Loans to the rate then applicable to Base Rate Loans hereunder.

Appears in 1 contract

Sources: Credit Agreement (Youbet Com Inc)

Interest and Interest Payment Dates. In lieu of having interest charged at the rate based upon the Base Rate, Borrower Borrowers shall have the option (the “LIBOR Option”) to have interest on all or a portion of the Advances or the Term Loan be charged (whether at the time when made (unless otherwise provided herein), upon conversion from a Base Rate Loan to a LIBOR Rate Loan, or upon continuation of a LIBOR Rate Loan as a LIBOR Rate Loan) at a rate of interest based upon the LIBOR Rate. Interest on LIBOR Rate Loans shall be payable on the earliest of (i) the last day of the Interest Period applicable thereto; provided, that, subject to the following clauses (ii) and (iii), in the case of any Interest Period greater than 3 months in duration, interest shall be payable at 3 month intervals after the commencement of the applicable Interest Period and on the last day of such Interest Period); (ii) the date on which all or any portion of the Obligations are accelerated pursuant to the terms hereof, or (iii) the date on which this Agreement is terminated pursuant to the terms hereof. On the last day of each applicable Interest Period, unless Administrative Borrower properly has exercised the LIBOR Option with respect thereto, the interest rate applicable to such LIBOR Rate Loan automatically shall convert to the rate of interest then applicable to Base Rate Loans of the same type hereunder. At any time that an Event of Default has occurred and is continuing at the election of the Required Lenderscontinuing, Borrower Borrowers no longer shall have the option to request that Advances or the Term Loan bear interest at a rate based upon the LIBOR RateRate and Agent shall have the right to convert the interest rate on all outstanding LIBOR Rate Loans to the rate then applicable to Base Rate Loans hereunder.

Appears in 1 contract

Sources: Credit Agreement (Trizetto Group Inc)

Interest and Interest Payment Dates. In lieu of having interest charged at the rate based upon the Base Rate, Borrower shall have the option option, subject to Section 2.13(b) below (the “LIBOR SOFR Option”) to have interest on all or a portion of the Advances be charged (whether at the time when made (unless otherwise provided herein), upon conversion from a Base Rate Loan to a LIBOR Rate SOFR Loan, or upon continuation of a LIBOR Rate SOFR Loan as a LIBOR Rate SOFR Loan) at a rate of interest based upon the LIBOR RateSOFR. Interest on LIBOR Rate SOFR Loans shall be payable on the earliest of (i) the last day of the Interest Period applicable thereto; thereto (provided, however, that, subject to the following clauses (ii) and (iii), in the case of any Interest Period greater than 3 three (3) months in duration, interest shall be payable at 3 month intervals after the commencement of the applicable Interest Period and on the last day of such Interest Period); , (ii) the date on which all or any portion of the Obligations are accelerated pursuant to the terms hereof, or (iii) the date on which this Agreement is terminated pursuant to the terms hereof. On the last day of each applicable Interest Period, unless Borrower has properly has exercised the LIBOR SOFR Option with respect thereto, the interest rate applicable to such LIBOR Rate SOFR Loan automatically shall convert to the rate of interest then applicable to Base Rate Loans of the same type hereunder. At any time that an Event of Default has occurred and is continuing at the election of the Required Lenderscontinuing, Borrower no longer shall have the option to request that Advances bear interest at a rate based upon Term SOFR and Borrower shall not have the LIBOR Rateright to renew or extend any then outstanding SOFR Loans at the end of the Interest Period applicable thereto unless, in each case, the Required Lenders shall have provided their written consent thereto.

Appears in 1 contract

Sources: Credit Agreement (Sanfilippo John B & Son Inc)

Interest and Interest Payment Dates. In lieu of having interest on the Priority Obligations charged at the rate based upon the Base Rate, Borrower shall have the option option, subject to Section 2.12(b) below (the "LIBOR Option") to have interest on all or a portion of the Advances Revolving Loans be charged (whether at the time when made (unless otherwise provided herein), upon conversion from a Base Rate Loan to a LIBOR Rate Loan, or upon continuation of a LIBOR Rate Loan as a LIBOR Rate Loan) at a rate of interest based upon the LIBOR Rate. Interest on LIBOR Rate Loans shall be payable in arrears on the earliest of (i) the first day of each month, (ii) the last day of the Interest Period applicable thereto; provided, that, subject to the following clauses (ii) and (iii), in the case of any Interest Period greater than 3 months in duration, interest shall be payable at 3 month intervals after the commencement of the applicable Interest Period and on the last day of such Interest Period); (ii) the date on which all or any portion of the Priority Obligations are accelerated pursuant to the terms hereof, or (iiiiv) the date on which this Agreement is terminated pursuant to the terms hereof. On the last day of each applicable Interest Period, unless Borrower properly has exercised the LIBOR Option with respect thereto, the interest rate applicable to such LIBOR Rate Loan automatically shall convert to the rate of interest then applicable to Base Rate Loans of the same type hereunder. At any time that an Event of Default has occurred and is continuing at the election of the Required Lenderscontinuing, Borrower no longer shall have the option to request that Advances Revolving Loans bear interest at a rate based upon the LIBOR Rate. The parties hereto agree that all interest periods with respect to "Eurodollar Rate Loans" under the Third Amended Loan Agreement in existence as of the Closing Date shall be deemed for all purposes to be Interest Periods selected under this Agreement for a like period, commencing and ending on the same dates as the existing interest periods.

Appears in 1 contract

Sources: Credit Agreement (Essex Rental Corp.)

Interest and Interest Payment Dates. In lieu of having interest charged at the rate based upon determined by reference to the Base Rate, Borrower shall have the option (the "LIBOR Option") to have interest on all or a portion of the Advances be charged (whether at the time when made (unless otherwise provided herein), upon conversion from a Base Rate Loan to a LIBOR Rate Loan, or upon continuation of a LIBOR Rate Loan as a LIBOR Rate Loan) at a rate of interest based upon the LIBOR Rate. Interest on LIBOR Rate Loans shall be payable on the earliest of (i) the last day of the Interest Period applicable thereto; provided, that, subject to the following clauses (ii) and (iii), in the case of any Interest Period greater than 3 months in duration, interest shall be payable at 3 month intervals after the commencement of the applicable Interest Period and on the last day of such Interest Period); (ii) the date occurrence of an Event of Default in consequence of which the Required Lenders or Agent on which all or any portion behalf thereof elect to accelerate the maturity of the Obligations are accelerated Obligations, (iii) termination of this Agreement pursuant to the terms hereof, or (iiiiv) the date on which this Agreement first day of each month that such LIBOR Rate Loan is terminated pursuant to the terms hereofoutstanding. On the last day of each applicable Interest Period, unless Borrower properly has exercised the LIBOR Option with respect thereto, the interest rate applicable to such LIBOR Rate Loan automatically shall convert to the rate of interest then applicable to Base Rate Loans of the same type hereunder. At any time that an Event of Default has occurred and is continuing at the election of the Required Lenderscontinuing, Borrower no longer shall have the option to request that Advances bear interest at a rate based upon the LIBOR RateRate and Agent shall have the right to convert the interest rate on all outstanding LIBOR Rate Loans to the rate then applicable to Base Rate Loans hereunder.

Appears in 1 contract

Sources: Loan and Security Agreement (Communications & Power Industries Inc)

Interest and Interest Payment Dates. In lieu of having interest charged at the rate based upon the Base Rate, Borrower shall have the option option, subject to Section 2.12(b) below (the “LIBOR Option”) to have interest on all or a portion of the Advances Revolving Loans be charged (whether at the time when made (unless otherwise provided herein), upon conversion from a Base Rate Loan to a LIBOR Rate Loan, or upon continuation of a LIBOR Rate Loan as a LIBOR Rate Loan) at a rate of interest based upon the LIBOR Rate. Interest on LIBOR Rate Loans shall be payable on the earliest of (i) the last day of the Interest Period applicable thereto; provided, that, subject to the following clauses (ii) and (iii), in the case of any Interest Period greater than 3 months in duration, interest shall be payable at 3 month intervals after the commencement of the applicable Interest Period and on the last day of such Interest Period); (ii) the date on which all or any portion of the Obligations are accelerated pursuant to the terms hereof, or (iii) the date on which this Agreement is terminated pursuant to the terms hereof. On the last day of each applicable Interest Period, unless Borrower properly has exercised the LIBOR Option with respect thereto, the interest rate applicable to such LIBOR Rate Loan automatically shall convert to the rate of interest then applicable to Base Rate Loans of the same type hereunder. At any time that an Event of Default has occurred and is continuing continuing, at the written election of the Required Lenders, Borrower no longer shall have the option to request that Advances Revolving Loans bear interest at a rate based upon the LIBOR Rate.

Appears in 1 contract

Sources: Credit Agreement (Nuverra Environmental Solutions, Inc.)

Interest and Interest Payment Dates. In lieu of having interest charged at the rate based upon the Base Rate, Borrower Borrowers shall have the option (the "LIBOR Option") to have interest on all or a portion of the Advances or Term Loan be charged (whether at the time when made (unless otherwise provided herein), upon conversion from a Base Rate Loan to a LIBOR Rate Loan, or upon continuation of a LIBOR Rate Loan as a LIBOR Rate Loan) at a rate of interest based upon the LIBOR Rate; provided that the Borrowers shall not have the option to have interest charged at a rate of interest based upon the LIBOR Rate on any portion of the Term Loan for any period prior to April 14, 2004 or if Liquidity is less than $30,000,000 for any time period. Interest on LIBOR Rate Loans shall be payable on the earliest of (i) the last day of the Interest Period applicable thereto; provided, that, subject to the following clauses (ii) and (iii), in the case of any Interest Period greater than 3 months in duration, interest shall be payable at 3 month intervals after the commencement of the applicable Interest Period and on the last day of such Interest Period); (ii) the date occurrence of an Event of Default in consequence of which the Required Lenders or Agent on which behalf thereof have elected to accelerate the maturity of all or any portion of the Obligations are accelerated pursuant to the terms hereofObligations, or (iii) the date on which termination of this Agreement is terminated pursuant to the terms hereof. On the last day of each applicable Interest Period, unless Administrative Borrower properly has exercised the LIBOR Option with respect thereto, the interest rate applicable to such LIBOR Rate Loan automatically shall convert to the rate of interest then applicable to Base Rate Loans of the same type hereunder. At any time that an Event of Default has occurred and is continuing at the election of the Required Lenderscontinuing, Borrower Borrowers no longer shall have the option to request that Advances or any portion of the Term Loan bear interest at a rate based upon the LIBOR RateRate and Agent shall have the right to convert the interest rate on all outstanding LIBOR Rate Loans to the rate then applicable to Base Rate Loans hereunder.

Appears in 1 contract

Sources: Loan and Security Agreement (Midway Games Inc)

Interest and Interest Payment Dates. In lieu of having interest charged at the rate based upon the Base Rate, Borrower shall have the option (the “LIBOR Option”) to have interest on all or a portion of the Advances to be charged (whether at the time when made (unless otherwise provided herein), upon conversion from a Base Rate Loan to a LIBOR Rate Loan, or upon continuation of a LIBOR Rate Loan as a LIBOR Rate Loan) at a rate of interest based upon the LIBOR Rate. Interest on LIBOR Rate Loans shall be payable on the earliest of (i) the last day of the Interest Period applicable thereto; thereto (provided, however, that, subject to the following clauses (ii) and (iii), in the case of any Interest Period greater than 3 months in duration, interest shall be payable at 3 month intervals after the commencement of the applicable Interest Period and on the last day of such Interest Period); , (ii) the date on occurrence of an Event of Default in consequence of which Lender has elected to accelerate the maturity of all or any portion of the Obligations are accelerated pursuant to the terms hereofObligations, or (iii) the date on which termination of this Agreement is terminated pursuant to the terms hereof. On the last day of each applicable Interest Period, unless Borrower properly has exercised the LIBOR Option with respect thereto, the interest rate applicable to such LIBOR Rate Loan automatically shall convert to the rate of interest then applicable to Base Rate Loans of the same type hereunder. At any time that an Event of Default has occurred and is continuing at the election of the Required Lenderscontinuing, Borrower no longer shall have the option to request that the Advances bear interest at a rate based upon the LIBOR RateRate and Lender shall have the right to convert the interest rate on all outstanding LIBOR Rate Loans to the rate then applicable to Base Rate Loans hereunder.

Appears in 1 contract

Sources: Loan and Security Agreement (Freshpet, Inc.)

Interest and Interest Payment Dates. In lieu of having interest charged at the rate based upon the Base Reference Rate, the Borrower shall have the option (the “LIBOR Option”) to have interest on all or a portion of the Advances Term Loan be charged (whether at the time when made (unless otherwise provided herein), upon conversion from a Base Rate Loan to a LIBOR Rate Loan, or upon continuation of a LIBOR Rate Loan as a LIBOR Rate Loan) at a rate of interest based upon the LIBOR Rate. Interest on LIBOR Rate Loans shall be payable on the earliest of (iA) the last day of the Interest Period applicable thereto; provided, however, that, subject to the following clauses (iiB) and (iiiC), in the case of any Interest Period greater than 3 months in duration, interest shall be payable at 3 month intervals after the commencement of the applicable Interest Period and on the last day of such Interest Period); , (iiB) the date occurrence of an Event of Default in consequence of which the Required Lenders or Collateral Agent on which behalf thereof elect to accelerate the maturity of all or any portion of the Obligations are accelerated Obligations, or (C) termination of this Agreement pursuant to the terms hereof, or (iii) . Interest at the date Post-Default Rate shall be payable on which this Agreement is terminated pursuant to the terms hereofdemand. On the last day of each applicable Interest Period, unless the Borrower properly has exercised the LIBOR Option with respect thereto, the interest rate applicable to such LIBOR Rate Loan automatically shall convert to the rate of interest then applicable to Base the Term Loan accruing interest based on the Reference Rate Loans of the same type hereunder. At any time that an Event of Default has occurred and is continuing at continuing, the election of the Required Lenders, Borrower no longer shall have the option to request that Advances the Term Loan bear interest at a rate based upon the LIBOR RateRate and Administrative Agent shall have the right to convert the interest rate on all outstanding LIBOR Rate Loans to the rate then applicable to Reference Rate Loans hereunder.

Appears in 1 contract

Sources: Financing Agreement (Russ Berrie & Co Inc)

Interest and Interest Payment Dates. In lieu of having interest charged at the rate based upon the Base Rate, Borrower Borrowers shall have the option option, subject to Section 2.12(b) below (the “LIBOR Option”) to have interest on all or a portion of the Advances be charged (whether at the time when made (unless otherwise provided herein), upon conversion from a Base Rate Loan to a LIBOR Rate Loan, or upon continuation of a LIBOR Rate Loan as a LIBOR Rate Loan) at a rate of interest based upon the LIBOR Rate. Interest on LIBOR Rate Loans shall be payable on the earliest of (i) the last day of the Interest Period applicable thereto; provided, that, subject to the following clauses (ii) and (iii), in the case of any Interest Period greater than 3 months in duration, interest shall be payable at 3 month intervals after the commencement of the applicable Interest Period and on the last day of such Interest Period); (ii) the date on which all or any portion of the Obligations are accelerated pursuant to the terms hereof, or (iii) the date on which this Agreement is terminated pursuant to the terms hereof. On the last day of each applicable Interest Period, unless Borrower Borrowers have properly has exercised the LIBOR Option with respect thereto, the interest rate applicable to such LIBOR Rate Loan automatically shall convert to the rate of interest then applicable to Base Rate Loans of the same type hereunder. At any time that an Event of Default has occurred and is continuing at the election of the Required Lenderscontinuing, Borrower Borrowers no longer shall have the option to request that Advances bear interest at a rate based upon the LIBOR Rate.

Appears in 1 contract

Sources: Credit Agreement (Audiovox Corp)

Interest and Interest Payment Dates. In lieu of having interest charged at the rate based upon the Base RateRate or the Daily LIBOR Rate with respect to Revolving Loans, each Borrower shall have the option option, subject to Section 2.12(b) below (the “LIBOR Option”) to have interest on all or a portion of the Advances Revolving Loans be charged (whether at the time when made (unless otherwise provided herein), upon conversion from a Base Rate Loan or a Daily LIBOR Rate Loan, as the case may be, to a LIBOR Rate Loan, or upon continuation of a LIBOR Rate Loan as a LIBOR Rate Loan) at a rate of interest based upon the LIBOR Rate. Interest on LIBOR Rate Loans shall be payable on the earliest of (i) the last day of the Interest Period applicable thereto; provided, that, subject to the following clauses (ii) and (iii), in the case of any Interest Period greater than 3 months in duration, interest shall be payable at 3 month intervals after the commencement of the applicable Interest Period and on the last day of such Interest Period); (ii) the date on which all or any portion of the Obligations are accelerated pursuant to the terms hereof, or (iii) the date on which this Agreement is terminated pursuant to the terms hereof. On the last day of each applicable Interest Period, unless the applicable Borrower has properly has exercised the LIBOR Option with respect thereto, the interest rate applicable to such LIBOR Rate Loan automatically shall convert to the rate of interest then applicable to Base Rate Loans of the same type hereunder. At any time that an Event of Default has occurred and is continuing continuing, at the written election of the Required Lenders, Borrower Borrowers no longer shall have the option to request that Advances Revolving Loans bear interest at a rate based upon the LIBOR Rate or the Daily LIBOR Rate.

Appears in 1 contract

Sources: Credit Agreement (Vector Group LTD)

Interest and Interest Payment Dates. In lieu of having interest charged at the rate based upon the Base Rate, Borrower US Borrowers shall have the option option, subject to Section 2.12(b) below (the “LIBOR SOFR Option”) to have interest on all or a portion of the Advances US Revolving Loans be charged (whether at the time when made (unless otherwise provided herein), upon conversion from a Base Rate Loan to a LIBOR Rate SOFR Loan, or upon continuation of a LIBOR Rate SOFR Loan as a LIBOR Rate SOFR Loan) at a rate of interest based upon the LIBOR RateAdjusted Term SOFR. Interest on LIBOR Rate SOFR Loans shall be payable on the earliest of (i) the last day of the Interest Period applicable thereto; provided, that, provided that subject to the following clauses (ii) and (iii), in the case of any Interest Period greater than 3 three (3) months in duration, interest shall be payable at 3 three (3) month intervals after the commencement of the applicable Interest Period and on the last day of such Interest Period); , (ii) the date on which all or any portion of the Obligations are accelerated pursuant to the terms hereof, or (iii) the date on which this Agreement is terminated pursuant to the terms hereof. On With respect to any US Revolving Loan, on the last day of each applicable Interest Period, unless Borrower US Borrowers have properly has exercised the LIBOR SOFR Option with respect thereto, the interest rate applicable to such LIBOR Rate SOFR Loan automatically shall convert to the rate of interest then applicable to Base Rate Loans of the same type hereunder. At any time that an Event of Default has occurred and is continuing at the election of the Required Lenderscontinuing, Borrower Borrowers no longer shall have the option to request that Advances Revolving Loans bear interest at a rate based upon the LIBOR RateAdjusted Term SOFR.

Appears in 1 contract

Sources: Credit Agreement (Concrete Pumping Holdings, Inc.)

Interest and Interest Payment Dates. In lieu of having interest charged at the rate based upon the Base Rate, Borrower Borrowers shall have the option option, subject to Section 2.12(b) below (the “LIBOR SOFR Option”) to have interest on all or a portion of the Revolving Loans or the Capex Advances be charged (whether at the time when made (unless otherwise provided herein), upon conversion from a Base Rate Loan to a LIBOR Rate SOFR Loan, or upon continuation of a LIBOR Rate SOFR Loan as a LIBOR Rate SOFR Loan) at a rate of interest based upon the LIBOR RateAdjusted Term SOFR. Interest on LIBOR Rate SOFR Loans shall be payable on the earliest of (i) the last day of the Interest Period applicable thereto; provided, that, that subject to the following clauses (ii) and (iii), in the case of any Interest Period greater than 3 three months in duration, interest shall be payable at 3 three month intervals after the commencement of the applicable Interest Period and on the last day of such Interest Period); , (ii) the date on which all or any portion of the Obligations are accelerated pursuant to the terms hereof, or (iii) the date on which this Agreement is terminated pursuant to the terms hereof. On the last day of each applicable Interest Period, unless Borrower Borrowers have properly has exercised the LIBOR SOFR Option with respect thereto, the interest rate applicable to such LIBOR Rate SOFR Loan automatically shall convert to the rate of interest then applicable to Base Rate Loans of the same type hereunder. At any time that an Event of Default has occurred and is continuing at the election of the Required Lendersand Borrowers shall have received any notice required pursuant to Section 2.12(b)(i), Borrower Borrowers no longer shall have the option to request that Revolving Loans or any portion of the Capex Advances bear interest at a rate based upon the LIBOR RateAdjusted Term SOFR.

Appears in 1 contract

Sources: Credit Agreement (Calavo Growers Inc)

Interest and Interest Payment Dates. In lieu of having interest charged at the rate based upon the Base Rate, Borrower shall have the option option, subject to Section 2.12(b) below (the “LIBOR Option”) to have interest on all or a portion of the Advances or the Term Loan be charged (whether at the time when made (unless otherwise provided herein), upon conversion from a Base Rate Loan to a LIBOR Rate Loan, or upon continuation of a LIBOR Rate Loan as a LIBOR Rate Loan) at a rate of interest based upon the LIBOR Rate. Interest on LIBOR Rate Loans shall be payable on the earliest of (i) the last day of the Interest Period applicable thereto; provided, that, subject to the following clauses (ii) and (iii), in the case of any Interest Period greater than 3 months in duration, interest shall be payable at 3 month intervals after the commencement of the applicable Interest Period and on the last day of such Interest Period); (ii) the date on which all or any portion of the Obligations are accelerated pursuant to the terms hereof, or (iii) the date on which this Agreement is terminated pursuant to the terms hereof. On the last day of each applicable Interest Period, unless Borrower properly has exercised the LIBOR Option with respect thereto, the interest rate applicable to such LIBOR Rate Loan automatically shall convert to the rate of interest then applicable to Base Rate Loans of the same type hereunder. At any time that an Event of Default has occurred and is continuing continuing, at the written election of the Required Lenders, Borrower no longer shall have the option to request that Advances bear interest at a rate based upon the LIBOR Rate.

Appears in 1 contract

Sources: Credit Agreement (Internap Network Services Corp)

Interest and Interest Payment Dates. In Unless otherwise provided in this Agreement, in lieu of having interest charged at the rate based upon the Base Rate, Borrower Borrowers shall have the option (the “LIBOR Option”) to have interest on all or a portion of the Advances Loans be charged (whether at the time when made (unless otherwise provided herein), upon conversion from a Base Rate Loan to a LIBOR Rate Loan, or upon continuation of a LIBOR Rate Loan as a LIBOR Rate Loan) at a rate of interest based upon the LIBOR Rate. Interest on LIBOR Rate Loans (other than L/C Facility B Advances that are LIBOR Rate Loans) shall be payable on the earliest of (i) the last day of the Interest Period applicable thereto; provided, that, subject to the following clauses (ii) and (iii)thereto and, in the case of any LIBOR Rate Loan with an Interest Period greater longer than 3 months in durationthree (3) months, the date that interest shall be would have been payable at 3 month intervals after the commencement of the applicable if such LIBOR Rate Loan had an Interest Period and on the last day of such Interest Period); three (3) months, (ii) the date on occurrence of an Event of Default in consequence of which the maturity of all or any portion of the Obligations are accelerated pursuant to the terms hereofhas been accelerated, or (iii) the date on which termination of this Agreement is terminated pursuant to the terms hereof. On the last day of each applicable Interest Period, unless Administrative Borrower properly has exercised the LIBOR Option with respect thereto, the interest rate applicable to such Loans that are LIBOR Rate Loan Loans automatically shall convert to the rate of interest then applicable to Base Rate Loans of the same type hereunder. At any time that an Event of Default has occurred and is continuing at the election of the Required Lenderscontinuing, Borrower Borrowers no longer shall have the option to request that Advances Loans bear interest at a rate based upon the LIBOR RateRate and Administrative Agent with respect to the Revolver Facility, and Lead Arranger with respect to the L/C Facility B, shall have the right to convert the interest rate on all outstanding LIBOR Rate Loans to the rate then applicable to Base Rate Loans hereunder (plus any applicable default rate payable pursuant to Section 2.5(c)).

Appears in 1 contract

Sources: Loan Agreement (Foster Wheeler LTD)

Interest and Interest Payment Dates. In lieu of having interest charged at the rate based upon the Base Rate, Borrower shall have the option (the “LIBOR Option”) to have interest on all or a portion of the Advances be charged (whether at the time when made (unless otherwise provided herein), upon conversion from a Base Rate Loan to a LIBOR Rate Loan, or upon continuation of a LIBOR Rate Loan as a LIBOR Rate Loan) at a rate of interest based upon the LIBOR Rate. Interest on LIBOR Rate Loans shall be payable on the earliest of (i) the last day of the Interest Period applicable thereto; provided, that, subject to thereto or if the following clauses (ii) and (iii), in the case of any Interest Period greater is longer than 3 months in durationmonths, interest shall be payable at 3 month intervals after on the commencement last day of the applicable third month of such Interest Period and on the last day of such Interest Period); , (ii) the date occurrence of an Event of Default in consequence of which the Required Lenders or Agent on which behalf thereof have elected to accelerate the maturity of all or any portion of the Obligations are accelerated pursuant to the terms hereofObligations, or (iii) the date on which termination of this Agreement is terminated pursuant to the terms hereof. On the last day of each applicable Interest Period, unless Borrower properly has exercised the LIBOR Option with respect thereto, the interest rate applicable to such LIBOR Rate Loan automatically shall convert to the rate of interest then applicable to Base Rate Loans of the same type hereunder. At any time that an Event of Default has occurred and is continuing at the election of the Required Lenderscontinuing, Borrower no longer shall have the option to request that Advances bear interest at a rate based upon the LIBOR RateRate and Agent shall have the right to convert the interest rate on all outstanding LIBOR Rate Loans to the rate then applicable to Base Rate Loans hereunder.

Appears in 1 contract

Sources: Credit Agreement (SAVVIS, Inc.)

Interest and Interest Payment Dates. In lieu of having interest charged at the rate based upon the Base Rate, Borrower Borrowers shall have the option option, subject to Section 2.13(b) below (the “LIBOR Option”) to have interest on all or a portion of the Advances be charged (whether at the time when made (unless otherwise provided herein), upon conversion from a Base Rate Loan to a LIBOR Rate Loan, or upon continuation of a LIBOR Rate Loan as a LIBOR Rate Loan) at a rate of interest based upon the LIBOR Rate. Interest on LIBOR Rate Loans shall be payable on the earliest of (i) the last day of the Interest Period applicable thereto; provided, that, subject to the following clauses (ii) and (iii), in the case of any Interest Period greater than 3 months in duration, interest shall be payable at 3 month intervals after the commencement of the applicable Interest Period and on the last day of such Interest Period); (ii) the date on which all or any portion of the Obligations are accelerated pursuant to the terms hereof, or (iii) the date on which this Agreement is terminated pursuant to the terms hereof. On the last day of each applicable Interest Period, unless Borrower Borrowers properly has have exercised the LIBOR Option with respect thereto, the interest rate applicable to such LIBOR Rate Loan automatically shall convert to the rate of interest then applicable to Base Rate Loans of the same type hereunder. At any time that an Event of Default has occurred and is continuing at the written election of the Required Lenders, Borrower Borrowers no longer shall have the option to request that Advances bear interest at a rate based upon the LIBOR Rate.

Appears in 1 contract

Sources: Credit Agreement (Coleman Cable, Inc.)

Interest and Interest Payment Dates. In lieu of having interest charged at the rate based upon the Base Rate, Borrower Borrowers shall have the option (the "LIBOR Option") to have interest on all or a portion of the Advances be charged (whether at the time when made (unless otherwise provided herein), upon conversion from a Base Rate Loan to a LIBOR Rate Loan, or upon continuation of a LIBOR Rate Loan as a LIBOR Rate Loan) at a rate of interest based upon the LIBOR Rate. Interest on LIBOR Rate Loans shall be payable on the earliest of as follows: (i) on the last day of the Interest Period applicable thereto; provided, that, subject to the following clauses (ii) and (iii), upon the occurrence of an Event of Default in consequence of which Lender has elected to accelerate the case maturity of any Interest Period greater than 3 months in duration, interest shall be payable at 3 month intervals after the commencement of the applicable Interest Period and on the last day of such Interest Period); (ii) the date on which all or any portion of the Obligations (provided, that Lender shall not accelerate any LIBOR Rate Loans unless all Base Rate Loans are accelerated pursuant to the terms hereof, or have been accelerated); or (iii) the date on which upon termination of this Agreement is terminated pursuant to the terms hereof. On the last day of each applicable Interest Period, unless Administrative Borrower properly has exercised the LIBOR Option with respect thereto, the interest rate applicable to such LIBOR Rate Loan automatically shall convert to the rate of interest then applicable to Base Rate Loans of the same type hereunder. At any time that an Event of Default has occurred and is continuing at the election of the Required Lenderscontinuing, Borrower Borrowers no longer shall have the option to request that Advances bear interest at a rate based upon the LIBOR RateRate and Lender shall have the right to convert the interest rate on all outstanding LIBOR Rate Loans to the rate then applicable to Base Rate Loans hereunder.

Appears in 1 contract

Sources: Loan and Security Agreement (Seitel Inc)

Interest and Interest Payment Dates. In lieu of having interest charged at the rate based upon the Base Prime Rate, Borrower shall have the option (the "LIBOR Option") to have interest on all or a portion of Term Loan A (commencing as of April 1, 2004), Term Loan B, and the Advances be charged (whether at the time when made (unless otherwise provided herein), upon conversion from a Base Rate Loan to a LIBOR Rate Loan, or upon continuation of a LIBOR Rate Loan as a LIBOR Rate Loan) at a rate of interest based upon the LIBOR Rate. Interest on LIBOR Rate Loans shall be payable on the earliest of (iI) the last day of each calendar month during the term of each LIBOR Rate Loan, (ii) the last day of the Interest Period applicable thereto; provided, that(iii) the occurrence of an Event of Default in consequence of which the Bank elects to accelerate the maturity of the Obligations, subject or (iv) April 1, 2008, with respect to the following clauses (ii) and (iii), in LIBOR Rate Loans or the case termination of any Interest Period greater than 3 months in duration, interest shall be payable at 3 month intervals after the commencement of the applicable Interest Period and on the last day of such Interest Period); (ii) the date on which all or any portion of the Obligations are accelerated this Agreement pursuant to the terms hereof, or (iii) the date on which this Agreement is terminated pursuant hereof with respect to the terms hereofall then outstanding LIBOR Rate Loans. On the last day of each applicable Interest Period, unless Borrower properly has exercised the a new LIBOR Option or conversion to a Prime Rate Loan with respect thereto, the interest rate applicable to such LIBOR Rate Loan automatically shall convert to the rate of interest then applicable to Base continue as another LIBOR Rate Loans of Loan for the same type hereunderInterest Period as the LIBOR Rate Loan that just matured. At any time that an Event of Default has occurred and is continuing at the election of the Required Lenderscontinuing, Borrower no longer shall have the option to request that Term Loan A, Term Loan B, or any of the Advances bear interest at a rate based upon the LIBOR RateRate and Bank shall have the right to convert the interest rate on all outstanding LIBOR Rate Loans to the rate then applicable to Prime Rate Loans hereunder.

Appears in 1 contract

Sources: Loan and Security Agreement (California Amplifier Inc)

Interest and Interest Payment Dates. In lieu of having interest on any Advance charged at the a rate based upon the Base Rate, Borrower shall have the option (the “LIBOR Option”) to have interest on all or a portion of the Advances be charged (whether at the time when made (unless otherwise provided herein), upon conversion from a Base Rate Loan to a LIBOR Rate Loan, or upon continuation of a LIBOR Rate Loan as a LIBOR Rate Loan) at a rate of interest based upon the LIBOR Rate. Interest on LIBOR Rate Loans shall be payable on the earliest of (i) the last day of the Interest Period applicable thereto; , (provided, however, that, subject to the following clauses (ii) and (iii), in the case of any Interest Period greater than 3 three (3) months in duration, interest shall be payable at 3 three (3) month intervals after the commencement of the applicable Interest Period and on the last day of such Interest Period); , (ii) the date on which all or any portion of the Obligations are accelerated pursuant to the terms hereof, or (iii) the date on which this Agreement is terminated pursuant to the terms hereof. On the last day of each applicable Interest Period, unless Borrower properly has exercised the LIBOR Option with respect thereto, the interest rate applicable to such LIBOR Rate Loan automatically shall convert to the rate of interest then applicable to Base Rate Loans of the same type hereunder. At any time that an Event of Default has occurred and is continuing at the election of the Required Lenderscontinuing, Borrower no longer shall have the option to request that Advances bear interest at a rate based upon the LIBOR RateRate and Agent shall have the right to convert the interest rate on all outstanding LIBOR Rate Loans (other than Term Loan) to the rate then applicable to Base Rate Loans hereunder.

Appears in 1 contract

Sources: Credit Agreement (Storm Cat Energy CORP)

Interest and Interest Payment Dates. In lieu of having interest charged at the rate based upon the Base Reference Rate, the Borrower shall have the option (the “LIBOR Option”) to have interest on all or a portion of the Advances Loans be charged (whether at the time when made (unless otherwise provided herein), upon conversion from a Base Rate Loan to a LIBOR Rate Loan, or upon continuation of a LIBOR Rate Loan as a LIBOR Rate Loan) at a rate of interest based upon the LIBOR Rate. Interest on LIBOR Rate Loans shall be payable on the earliest of (iA) the last day of the Interest Period applicable thereto; provided, that, subject to the following clauses (ii) and (iii), in the case of any Interest Period greater than 3 months in duration, interest shall be payable at 3 month intervals after the commencement of the applicable Interest Period and on the last day of such Interest Period); (iiB) the date occurrence of an Event of Default in consequence of which the Required Lenders or Collateral Agent on which behalf thereof elect to accelerate the maturity of all or any portion of the Obligations are accelerated Obligations, or (C) termination of this Agreement pursuant to the terms hereof, or (iii) . Interest at the date Post-Default Rate shall be payable on which this Agreement is terminated pursuant to the terms hereofdemand. On the last day of each applicable Interest Period, unless the Borrower properly has exercised the LIBOR Option with respect thereto, the interest rate applicable to such LIBOR Rate Loan automatically shall convert to the rate of interest then applicable to Base Reference Rate Loans of the same type hereunder. At any time that an Event of Default has occurred and is continuing at continuing, the election of the Required Lenders, Borrower no longer shall have the option to request that Advances Loans bear interest at a rate based upon the LIBOR RateRate and Administrative Agent shall have the right to convert the interest rate on all outstanding LIBOR Rate Loans to the rate then applicable to Reference Rate Loans hereunder.

Appears in 1 contract

Sources: Financing Agreement (Magnetek Inc)

Interest and Interest Payment Dates. In lieu of having interest charged at the rate based upon the Base Rate, Borrower Borrowers shall have the option (the “LIBOR Option”) to have interest on all or a portion of the Advances be charged (whether at the time when made (unless otherwise provided herein), upon conversion from a Base Rate Loan to a LIBOR Rate Loan, or upon continuation of a LIBOR Rate Loan as a LIBOR Rate Loan) at a rate of interest based upon the LIBOR Rate. Interest on LIBOR Rate Loans shall be payable on the earliest of (i) the last day of the Interest Period applicable thereto; , (provided, however, that, subject to the following clauses (ii) and (iii), in the case of any Interest Period greater than 3 months in duration, interest shall be payable at 3 month intervals after the commencement of the applicable Interest Period and on the last day of such Interest Period); , (ii) the date occurrence of an Event of Default in consequence of which the Required Lenders or Agent on which behalf thereof have elected to accelerate the maturity of all or any portion of the Obligations are accelerated pursuant to the terms hereofObligations, or (iii) the date on which termination of this Agreement is terminated pursuant to the terms hereof. On the last day of each applicable Interest Period, unless Administrative Borrower properly has exercised the LIBOR Option with respect thereto, the interest rate applicable to such LIBOR Rate Loan automatically shall convert to the rate of interest then applicable to Base Rate Loans of the same type hereunder. At any time that an Event of Default has occurred and is continuing at the election of the Required Lenderscontinuing, Borrower Borrowers no longer shall have the option to request that Advances bear interest at a rate based upon the LIBOR RateRate and Agent shall have the right to convert the interest rate on all outstanding LIBOR Rate Loans to the rate then applicable to Base Rate Loans hereunder.

Appears in 1 contract

Sources: Credit Agreement (Portrait Corp of America, Inc.)

Interest and Interest Payment Dates. In lieu of having interest charged at the rate based upon the Base Rate, Borrower Borrowers shall have the option (the “LIBOR Option”) to have interest on all or a portion of the Advances or the Term Loans be charged (whether at the time when made (unless otherwise provided herein), upon conversion from a Base Rate Loan to a LIBOR Rate Loan, or upon continuation of a LIBOR Rate Loan as a LIBOR Rate Loan) at a rate of interest based upon the LIBOR Rate. Interest on LIBOR Rate Loans shall be payable on the earliest of (i) for Interest Periods of 1, 2 or 3 months, the last day of the Interest Period applicable thereto and for Interest Period of 6 months, the 90th day of such Interest Period and the last day of the Interest Period applicable thereto; provided, that, subject to the following clauses (ii) and (iii), in the case of any Interest Period greater than 3 months in duration, interest shall be payable at 3 month intervals after the commencement of the applicable Interest Period and on the last day of such Interest Period); (ii) the date occurrence of an Event of Default in consequence of which the Required Lenders or Agent on which behalf thereof have elected to accelerate the maturity of all or any portion of the Obligations are accelerated pursuant to the terms hereofObligations, or (iii) the date on which termination of this Agreement is terminated pursuant to the terms hereof. On the last day of each applicable Interest Period, unless Administrative Borrower properly has exercised the LIBOR Option with respect thereto, the interest rate applicable to such LIBOR Rate Loan automatically shall convert to the rate of interest then applicable to Base Rate Loans of the same type hereunder. At any time that an Event of Default has occurred and is continuing at the election of the Required Lenderscontinuing, Borrower Borrowers no longer shall have the option to request that Advances or the Term Loans bear interest at a rate based upon the LIBOR RateRate and Agent shall have the right to convert the interest rate on all outstanding LIBOR Rate Loans to the rate then applicable to Base Rate Loans hereunder.

Appears in 1 contract

Sources: Loan and Security Agreement (GNLV Corp)

Interest and Interest Payment Dates. In lieu of having interest charged at the rate based upon the Base Rate, Borrower shall have the option (the "LIBOR Option") to have interest on all or a portion of the Advances or the Term Loan be charged (whether at the time when made (unless otherwise provided herein), upon conversion from a Base Rate Loan to a LIBOR Rate Loan, or upon continuation of a LIBOR Rate Loan as a LIBOR Rate Loan) at a rate of interest based upon the LIBOR Rate. Interest on LIBOR Rate Loans shall be payable on the earliest of (i) the last day of the Interest Period applicable thereto; provided, that, subject to the following clauses (ii) and (iii), in the case of any thereto if such Interest Period greater than is 1, 2 or 3 months in durationmonths, interest shall be payable at 3 month intervals after the commencement of the applicable Interest Period and or on the last day of the third month and the last day of the six month of the Interest Period if such Interest Period); Period applicable thereto is a 6 month period, (ii) the date on occurrence of an Event of Default in consequence of which all or any portion Lender has elected to accelerate the maturity of the Obligations are accelerated pursuant to the terms hereofObligations, or (iii) the date on which termination of this Agreement is terminated pursuant to the terms hereof. On the last day of each applicable Interest Period, unless Borrower properly has exercised the LIBOR Option with respect thereto, the interest rate applicable to such LIBOR Rate Loan automatically shall convert to the rate of interest then applicable to Base Rate Loans of the same type hereunder. At any time that an Event of Default has occurred and is continuing at the election of the Required Lenderscontinuing, Borrower no longer shall have the option to request that Advances or the Term Loan bear interest at a rate based upon the LIBOR RateRate and Lender shall have the right to convert the interest rate on all outstanding LIBOR Rate Loans to the rate then applicable to Base Rate Loans hereunder.

Appears in 1 contract

Sources: Loan and Security Agreement (Special Devices Inc /De)

Interest and Interest Payment Dates. In lieu of having interest charged at the rate based upon the Base Rate, Borrower shall have the option (the "LIBOR Option") to have interest on all or a portion of the Advances Advances, Term ------------ Loan or Capital Expenditure Loans be charged (whether at the time when made (unless otherwise provided herein), upon conversion from a Base Rate Loan to a LIBOR Rate Loan, or upon continuation of a LIBOR Rate Loan as a LIBOR Rate Loan) at a rate of interest based upon the LIBOR Rate. Interest on LIBOR Rate Loans shall be payable on the earliest of (i) the last day of the Interest Period applicable thereto; provided, that, subject to the following clauses (ii) and (iii), in the case of any Interest Period greater than 3 months in duration, interest shall be payable at 3 month intervals after the commencement of the applicable Interest Period and on the last day of such Interest Period); (ii) the date occurrence of an Event of Default in consequence of which the Required Lenders or Agent on which all or any portion behalf thereof elect to accelerate the maturity of the Obligations are accelerated Obligations, (iii) termination of this Agreement pursuant to the terms hereof, or (iiiiv) the date on which this Agreement first day of each month that such LIBOR Rate Loan is terminated pursuant to the terms hereofoutstanding. On the last day of each applicable Interest Period, unless Borrower properly has exercised the LIBOR Option with respect thereto, the interest rate applicable to such LIBOR Rate Loan automatically shall convert to the rate of interest then applicable to Base Rate Loans of the same type hereunder. At any time that an Event of Default has occurred and is continuing at the election of the Required Lenderscontinuing, Borrower no longer shall have the option to request that Advances or Capital Expenditure Loans or portions of the Term Loan bear interest at a rate based upon the LIBOR RateRate and Agent shall have the right to convert the interest rate on all outstanding LIBOR Rate Loans to the rate then applicable to Base Rate Loans hereunder.

Appears in 1 contract

Sources: Loan and Security Agreement (DSG International LTD)

Interest and Interest Payment Dates. In lieu of having interest charged at the rate based upon the Base Rate, Borrower Borrowers shall have the option (the "LIBOR Option") to have interest on all or a portion of the Advances be charged (whether at the time when made (unless otherwise provided herein), upon conversion from a Base Rate Loan to a LIBOR Rate Loan, or upon continuation of a LIBOR Rate Loan as a LIBOR Rate Loan) at a rate of interest based upon the LIBOR Rate. Interest on LIBOR Rate Loans shall be payable on the earliest of (i) the last day of the Interest Period applicable thereto; provided, that, subject to the following clauses (ii) and (iii), in the case of any Interest Period greater than 3 months in duration, interest shall be payable at 3 month intervals after the commencement of the applicable Interest Period and on the last day of such Interest Period); (ii) the date occurrence of an Event of Default in consequence of which the Required Lenders or Agent on which all or any portion behalf thereof elect to accelerate the maturity of the Obligations are accelerated pursuant to the terms hereofObligations, or (iii) the date on which termination of this Agreement is terminated pursuant to the terms hereof. On the last day of each applicable Interest Period, unless Administrative Borrower properly has exercised the LIBOR Option with respect thereto, the interest rate applicable to such LIBOR Rate Loan automatically shall convert to the rate of interest then applicable to Base Rate Loans of the same type hereunder. At any time that an Event of Default has occurred and is continuing at the election of the Required Lenderscontinuing, Borrower Borrowers no longer shall have the option to request that Advances bear interest at a rate based upon the LIBOR RateRate and Agent shall have the right to convert the interest rate on all outstanding LIBOR Rate Loans to the rate then applicable to Base Rate Loans hereunder.

Appears in 1 contract

Sources: Loan and Security Agreement (Climachem Inc)

Interest and Interest Payment Dates. In lieu of having interest charged at the rate based upon the Base Rate, Borrower Borrowers shall have the option (the "LIBOR Option") to have interest on all or a portion of the Advances be charged (whether at the time when made (unless otherwise provided herein), upon conversion from a Base Rate Loan to a LIBOR Rate Loan, or upon continuation of a LIBOR Rate Loan as a LIBOR Rate Loan) at a rate of interest based upon the LIBOR Rate. Interest on LIBOR Rate Loans shall be payable on the earliest of (i) the last day of the Interest Period applicable thereto; provided, that, subject to the following clauses (ii) and (iii), in the case of any Interest Period greater than 3 months in duration, interest shall be payable at 3 month intervals after the commencement of the applicable Interest Period and on the last day of such Interest Period); (ii) the date occurrence of an Event of Default in consequence of which the Required Lenders or Agent on which behalf thereof elect to accelerate the maturity of all or any portion of the Obligations are accelerated pursuant to the terms hereof, or (iii) the date on which termination of this Agreement is terminated pursuant to the terms hereof. On the last day of each applicable Interest Period, unless Administrative Borrower properly has exercised the LIBOR Option with respect thereto, the interest rate applicable to such LIBOR Rate Loan automatically shall convert to the rate of interest then applicable to Base Rate Loans of the same type hereunder. At any time that an Event of Default has occurred and is continuing at the election of the Required Lenderscontinuing, Borrower Borrowers no longer shall have the option to request that Advances bear interest at a rate based upon the LIBOR RateRate and Agent shall have the right to convert the interest rate on all outstanding LIBOR Rate Loans to the rate then applicable to Base Rate Loans hereunder.

Appears in 1 contract

Sources: Loan and Security Agreement (Us Home & Garden Inc)

Interest and Interest Payment Dates. In lieu of having interest charged at the rate based upon the Base Reference Rate, Borrower shall have the option (the “LIBOR Option”) to have interest on all or a portion of the Advances Term Loans be charged (whether at the time when made (unless otherwise provided herein), upon conversion from a Base Rate Loan to a LIBOR Rate Loan, or upon continuation of a LIBOR Rate Loan as a LIBOR Rate Loan) at a rate of interest based upon the LIBOR Rate. Interest on LIBOR Rate Loans shall be payable on the earliest of (i) the last day of the Interest Period applicable thereto; provided, that, subject to the following clauses (ii) and (iii), in the case of any Interest Period greater than 3 months in duration, interest shall be payable at 3 date that is one month intervals after the commencement of the applicable Interest Period and on the last day of such Interest Period); , (iiiii) the date occurrence of an Event of Default in consequence of which the Required Lenders or Agent on which behalf thereof elect to accelerate the maturity of all or any portion of the Obligations are accelerated pursuant to the terms hereofObligations, or (iiiiv) the date on which termination of this Agreement is terminated pursuant to the terms hereof. On the last day of each applicable Interest PeriodPeriod in respect of a LIBOR Rate Loan, unless Borrower properly has exercised the LIBOR Option with respect thereto, the interest rate applicable to such LIBOR Rate Loan automatically shall convert to the rate of interest then applicable to Base Reference Rate Loans of the same type hereunder. At any time that an Event of Default has occurred and is continuing continuing, at the election of the Agent or Required Lenders, Borrower no longer shall have the option to request that Advances Term Loans bear interest at a rate based upon the LIBOR RateRate and Agent shall have the right to convert the interest rate on all outstanding LIBOR Rate Loans to the rate then applicable to Reference Rate Loans hereunder.

Appears in 1 contract

Sources: Loan Agreement (Gordmans Stores, Inc.)

Interest and Interest Payment Dates. In lieu of having interest charged at the rate based upon the Base Rate, Borrower Borrowers shall have the option (the "LIBOR Option") to have interest on all or a portion of the Advances be charged (whether at the time when made (unless otherwise provided herein), upon conversion from a Base Rate Loan to a LIBOR Rate Loan, or upon continuation of a LIBOR Rate Loan as a LIBOR Rate Loan) at a rate of interest based upon the LIBOR Rate. Interest on LIBOR Rate Loans shall be payable on the earliest of (i) the last day of the Interest Period applicable thereto; provided, that, subject to the following clauses (ii) and (iii), in the case of any Interest Period greater than 3 months in duration, interest shall be payable at 3 month intervals after the commencement of the applicable Interest Period and on the last day of such Interest Period); (ii) the date on occurrence of an Event of Default in consequence of which Lender has elected to accelerate the maturity of all or any portion of the Obligations are accelerated pursuant to the terms hereofObligations, or (iii) the date on which termination of this Agreement is terminated pursuant to the terms hereof. On the last day of each applicable Interest Period, unless Borrower properly has exercised the LIBOR Option with respect theretootherwise notified by Administrative Borrower, the interest rate applicable to such a LIBOR Rate Loan shall automatically shall convert to continue at the rate of interest then applicable to Base LIBOR Rate Loans with an Interest Period of equal duration to the same type hereunderInterest Period then ending. At any time that an Event of Default has occurred and is continuing at the election of the Required Lenderscontinuing, Borrower Borrowers no longer shall have the option to request that Advances bear interest at a rate based upon the LIBOR RateRate and Lender shall have the right to convert the interest rate on all outstanding LIBOR Rate Loans to the rate then applicable to Base Rate Loans hereunder.

Appears in 1 contract

Sources: Loan Agreement (Synalloy Corp)

Interest and Interest Payment Dates. In lieu of having interest on any Advance charged at the a rate based upon the Base Rate, Borrower Borrowers shall have the option (the “LIBOR Option”) to have interest on all or a portion of the Advances or the Term Loan be charged (whether at the time when made (unless otherwise provided herein), upon conversion from a Base Rate Loan to a LIBOR Rate Loan, or upon continuation of a LIBOR Rate Loan as a LIBOR Rate Loan) at a rate of interest based upon the LIBOR Rate. Interest on LIBOR Rate Loans shall be payable on the earliest of (i) the last day of the Interest Period applicable thereto; , (provided, however, that, subject to the following clauses (ii) and (iii), in the case of any Interest Period greater than 3 months in duration, interest shall be payable at 3 month intervals after the commencement of the applicable Interest Period and on the last day of such Interest Period); , (ii) the date on which all or any portion of the Obligations are accelerated pursuant to the terms hereof, or (iii) the date on which this Agreement is terminated pursuant to the terms hereof. On the last day of each applicable Interest Period, unless Administrative Borrower properly has exercised the LIBOR Option with respect thereto, the interest rate applicable to such LIBOR Rate Loan automatically shall convert to the rate of interest then applicable to Base Rate Loans of the same type hereunder. At any time that an Event of Default has occurred and is continuing at the election of the Required Lenderscontinuing, Borrower Borrowers no longer shall have the option to request that Advances bear interest at a rate based upon the LIBOR RateRate and Agent shall have the right to convert the interest rate on all outstanding LIBOR Rate Loans (other than Term Loan) to the rate then applicable to Base Rate Loans hereunder.

Appears in 1 contract

Sources: Credit Agreement (Foothills Resources Inc)

Interest and Interest Payment Dates. In lieu of having interest charged at the rate based upon the Base Rate, Borrower shall have the option (the "LIBOR Option") to have interest on all or a portion of the Advances or the Term Loan be charged (whether at the time when made (unless otherwise provided herein), upon conversion from a Base Rate Loan to a LIBOR Rate Loan, or upon continuation of a LIBOR Rate Loan as a LIBOR Rate Loan) at a rate of interest based upon the LIBOR Rate. Interest on LIBOR Rate Loans shall be payable on the earliest of (i) the last day of the Interest Period applicable thereto; thereto (provided, however, that, subject to the following clauses (ii) and (iii), in the case of any Interest Period greater than 3 months in duration, interest shall be payable at 3 month intervals after the commencement of the applicable Interest Period and on the last day of such Interest Period); , (ii) the date on which all or any portion an Event of the Obligations are accelerated pursuant to the terms hereofDefault occurs, or (iii) the date on which this Agreement is terminated pursuant to the terms hereof. On the last day of each applicable Interest Period, unless Borrower properly has exercised the LIBOR Option with respect thereto, the interest rate applicable to such LIBOR Rate Loan automatically shall convert to the rate of interest then applicable to Base Rate Loans of the same type hereunder. At any time that an Event of Default has occurred and is continuing at the election of the Required Lenderscontinuing, (x) Borrower no longer shall have the option to request that Advances or the Term Loan bear interest at a rate based upon the LIBOR Rate, and (y) Agent shall have the right to convert the interest rate on all outstanding LIBOR Rate Loans to the rate then applicable to Base Rate Loans hereunder, provided that Borrower shall not be obligated for any loss, cost, or expense incurred by Agent or any Lender as a result of any such conversion by Agent.

Appears in 1 contract

Sources: Credit Agreement (Hawaiian Holdings Inc)

Interest and Interest Payment Dates. In lieu of having interest charged at the rate based upon the Base Rate, Borrower Borrowers shall have the option (the "LIBOR Option") to have interest on all or a portion of the Advances or the Term Loan be charged (whether at the time when made (unless otherwise provided herein), upon conversion from a Base Rate Loan to a LIBOR Rate Loan, or upon continuation of a LIBOR Rate Loan as a LIBOR Rate Loan) at a rate of interest based upon the LIBOR Rate. Interest on LIBOR Rate Loans shall be payable on the earliest of (i) the last day of the Interest Period applicable thereto; , provided, however, that, subject to the following clauses (ii) and (iii), in the case of any Interest Period greater than 3 months in duration, interest shall be payable at 3 month intervals after the commencement of the applicable Interest Period and on the last day of such Interest Period); , (ii) the date on occurrence of an Event of Default in consequence of which Lender has elected to accelerate the maturity of all or any portion of the Obligations are accelerated pursuant to the terms hereofObligations, or (iii) the date on which termination of this Agreement is terminated pursuant to the terms hereof. On the last day of each applicable Interest Period, unless Administrative Borrower properly has exercised the LIBOR Option with respect thereto, the interest rate applicable to such LIBOR Rate Loan automatically shall convert to the rate of interest then applicable to Base Rate Loans of the same type hereunder. At any time that an Event of Default has occurred and is continuing at the election of the Required Lenderscontinuing, Borrower Borrowers no longer shall have the option to request that Advances or the Term Loan bear interest at a rate based upon the LIBOR RateRate and Lender shall have the right to convert the interest rate on all outstanding LIBOR Rate Loans to the rate then applicable to Base Rate Loans hereunder.

Appears in 1 contract

Sources: Credit Agreement (Easylink Services Corp)

Interest and Interest Payment Dates. In lieu of having interest charged at the rate based upon the Base Rate, Borrower shall have the option (the "LIBOR Option") to have interest on all or a portion of the Advances be charged (whether at the time when made (unless otherwise provided herein), upon conversion from a Base Rate Loan to a LIBOR Rate Loan, or upon continuation of a LIBOR Rate Loan as a LIBOR Rate Loan) at a rate of interest based upon the LIBOR Rate. Interest on LIBOR Rate Loans shall be payable on the earliest of (i) the last day of the Interest Period applicable thereto; provided, that, subject to the following clauses (ii) and (iii), in the case of any Interest Period greater than 3 months in duration, interest shall be payable at 3 month intervals after the commencement of the applicable Interest Period and on the last day of such Interest Period); (ii) the date occurrence of an Event of Default in consequence of which the Required Lenders or Agent on which behalf thereof elect to accelerate the maturity of all or any portion of the Obligations are accelerated Obligations, (iii) termination of this Agreement pursuant to the terms hereof, or (iiiiv) the date on which this Agreement first day of each month that such LIBOR Rate Loan is terminated pursuant to the terms hereofoutstanding. On the last day of each applicable Interest Period, unless Borrower properly has exercised the LIBOR Option with respect thereto, the interest rate applicable to such LIBOR Rate Loan automatically shall convert to the rate of interest then applicable to Base Rate Loans of the same type hereunder. At any time that an Event of Default has occurred and is continuing at the election of the Required Lenderscontinuing, Borrower no longer shall have the option to request that Advances bear interest at a rate based upon the LIBOR RateRate and Agent shall have the right to convert the interest rate on all outstanding LIBOR Rate Loans to the rate then applicable to Base Rate Loans hereunder.

Appears in 1 contract

Sources: Loan and Security Agreement (En Pointe Technologies Inc)

Interest and Interest Payment Dates. In lieu of having interest charged at the rate based upon the Base Rate, Borrower U.S. Borrowers shall have the option option, subject to Section 2.13(b) below (the “LIBOR Option”) to have interest on all or a portion of the U.S. Advances be charged (whether at the time when made (unless otherwise provided herein), upon conversion from a Base Rate Loan to a LIBOR Rate Loan, or upon continuation of a LIBOR Rate Loan as a LIBOR Rate Loan) at a rate of interest based upon the LIBOR Rate. Interest on LIBOR Rate Loans shall be payable on the earliest of (i) the last day of the Interest Period applicable thereto; provided, that, subject to the following clauses (ii) and (iii), in the case of any Interest Period greater than 3 months in duration, interest shall be payable at 3 month intervals after the commencement of the applicable Interest Period and on the last day of such Interest Period); (ii) the date on which all or any portion of the U.S. Obligations are accelerated pursuant to the terms hereof, or (iii) the date on which this Agreement is terminated pursuant to the terms hereof. On the last day of each applicable Interest Period, unless such U.S. Borrower properly has exercised the LIBOR Option with respect thereto, the interest rate applicable to such LIBOR Rate Loan automatically shall convert to the rate of interest then applicable to Base Rate Loans of the same type hereunder. At any time that an Event of Default has occurred and is continuing at the election of the Required Lenderscontinuing, Borrower U.S. Borrowers no longer shall have the option to request that U.S. Advances bear interest at a rate based upon the LIBOR RateRate and U.S. Agent shall have the right to convert the interest rate on all outstanding LIBOR Rate Loans to the Base Rate plus the Base Rate Margin.

Appears in 1 contract

Sources: Credit Agreement (Seitel Inc)

Interest and Interest Payment Dates. In lieu of having interest charged at the rate based upon the Base Rate, Borrower shall have the option (the "LIBOR Option") to have interest on all or a portion of the Advances or the Term Loan be charged (whether at the time when made (unless otherwise provided herein), upon conversion from a Base Rate Loan to a LIBOR Rate Loan, or upon continuation of a LIBOR Rate Loan as a LIBOR Rate Loan) at a rate of interest based upon the LIBOR Rate. Interest on LIBOR Rate Loans shall be payable on the earliest of (i) the last day of the Interest Period applicable thereto; provided, that, subject to the following clauses (ii) and (iii), in the case of any Interest Period greater than 3 months in duration, interest shall be payable at 3 month intervals after the commencement of the applicable Interest Period and on the last day of such Interest Period); (ii) the date occurrence of an Event of Default in consequence of which the Required Lenders or Agent on which behalf thereof elect to accelerate the maturity of all or any portion of the Obligations are accelerated pursuant to the terms hereofObligations, or (iii) the date on which termination of this Agreement is terminated pursuant to the terms hereof. On the last day of each applicable Interest Period, unless Borrower properly has exercised the LIBOR Option with respect thereto, the interest rate applicable to such LIBOR Rate Loan automatically shall convert to the rate of interest then applicable to Base a LIBOR Rate Loans Loan with an Interest Period of the same type hereunderthree months. At any time that an Event of Default has occurred and is continuing at the election of the Required Lenderscontinuing, Borrower no longer shall have the option to request that Advances or the Term Loan bear interest at a rate based upon the LIBOR RateRate and Agent shall have the right to convert the interest rate on all outstanding LIBOR Rate Loans to the rate then applicable to Base Rate Loans hereunder.

Appears in 1 contract

Sources: Loan and Security Agreement (Nabi Biopharmaceuticals)

Interest and Interest Payment Dates. In lieu of having interest charged at the rate based upon the Base Rate, Borrower Borrowers shall have the option option, subject to Section 2.12(b) below (the "LIBOR Option") to have interest on all or a portion of the Advances be charged (whether at the time when made (unless otherwise provided herein), upon conversion from a Base Rate Loan to a LIBOR Rate Loan, or upon continuation of a LIBOR Rate Loan as a LIBOR Rate Loan) at a rate of interest based upon the LIBOR Rate. Interest on LIBOR Rate Loans shall be payable on the earliest of (i) the last day of the Interest Period applicable thereto; provided, that, subject to the following clauses (ii) and (iii), in the case of any Interest Period greater than 3 months in duration, interest shall be payable at 3 month intervals after the commencement of the applicable Interest Period and on the last day of such Interest Period); (ii) the date on which all or any portion of the Obligations are accelerated pursuant to the terms hereof, or (iii) the date on which this Agreement is terminated pursuant to the terms hereof. On the last day of each applicable Interest Period, unless Borrower Borrowers have properly has exercised the LIBOR Option with respect thereto, the interest rate applicable to such LIBOR Rate Loan automatically shall convert to the rate of interest then applicable to Base Rate Loans of the same type hereunder. At any time that an Event of Default has occurred and is continuing at the election of the Required Lenderscontinuing, Borrower Borrowers no longer shall have the option to request that Advances bear interest at a rate based upon the LIBOR Rate.

Appears in 1 contract

Sources: Loan and Security Agreement (LSB Industries Inc)

Interest and Interest Payment Dates. In lieu of having interest charged at the rate based upon the Base Rate, Borrower shall have the option (the “LIBOR Option”) to have interest on all or a portion of the Advances or the Term Loan be charged (whether at the time when made (unless otherwise provided herein), upon conversion from a Base Rate Loan to a LIBOR Rate Loan, or upon continuation of a LIBOR Rate Loan as a LIBOR Rate Loan) at a rate of interest based upon the LIBOR Rate. Interest on LIBOR Rate Loans shall be payable on the earliest of (i) the last day of the Interest Period applicable thereto; provided, that, subject to the following clauses (ii) and (iii), in the case of any Interest Period greater than 3 months in duration, interest shall be payable at 3 month intervals after the commencement of the applicable Interest Period and on the last day of such Interest Period); (ii) the date occurrence of an Event of Default in consequence of which the Required Lenders or Agent on which all or any portion behalf thereof elect to accelerate the maturity of the Obligations are accelerated Obligations, (iii) termination of this Agreement pursuant to the terms hereof, or (iiiiv) the date on which this Agreement first day of each month that such LIBOR Rate Loan is terminated pursuant to the terms hereofoutstanding. On the last day of each applicable Interest Period, unless Borrower properly has exercised the LIBOR Option with respect thereto, the interest rate applicable to such LIBOR Rate Loan automatically shall convert to the rate of interest then applicable to Base Rate Loans of the same type hereunder. At any time that an Event of Default has occurred and is continuing at the election of the Required Lenderscontinuing, Borrower no longer shall have the option to request that Advances or the Term Loan bear interest at a rate based upon the LIBOR RateRate and Agent shall have the right to convert the interest rate on all outstanding LIBOR Rate Loans to the rate then applicable to Base Rate Loans hereunder.

Appears in 1 contract

Sources: Loan and Security Agreement (BGF Industries Inc)

Interest and Interest Payment Dates. In lieu of having interest charged at the rate based upon the Base Rate, Borrower shall have the option (the "LIBOR Option") to have interest on all or a portion of the Advances be charged (whether at the time when made (unless otherwise provided herein), upon conversion from a Base Rate Loan to a LIBOR Rate Loan, or upon continuation of a LIBOR Rate Loan as a LIBOR Rate Loan) at a rate of interest based upon the LIBOR Rate. Interest on LIBOR Rate Loans shall be payable on the earliest of (i) the last day of the Interest Period applicable thereto; provided, that, subject to the following clauses (ii) and (iii), in the case of any Interest Period greater than 3 months in duration, interest shall be payable at 3 month intervals after the commencement of the applicable Interest Period and on the last day of such Interest Period); (ii) the date on occurrence of an Event of Default in consequence of which Lender has elected to accelerate the maturity of all or any portion of the Obligations are accelerated pursuant to the terms hereofObligations, or (iii) the date on which termination of this Agreement is terminated pursuant to the terms hereof. On the last day of each applicable Interest Period, unless Borrower properly has exercised the LIBOR Option with respect thereto, the interest rate applicable to such LIBOR Rate Loan automatically shall convert to the rate of interest then applicable to Base Rate Loans of the same type hereunder. At any time that an Event of Default has occurred and is continuing at the election of the Required Lenderscontinuing, Borrower no longer shall have the option to request that Advances bear interest at a rate based upon the LIBOR RateRate and Lender shall have the right to convert the interest rate on all outstanding LIBOR Rate Loans to the rate then applicable to Base Rate Loans hereunder.

Appears in 1 contract

Sources: Loan and Security Agreement (Harvey Electronics Inc)

Interest and Interest Payment Dates. In lieu of having interest charged at the rate based upon determined by reference to the Base Rate, Borrower shall have the option (the "LIBOR Option") to have interest on all or a portion of the Revolving Loan A Advances be charged (whether at the time when made (unless otherwise provided herein), upon conversion from a Base Rate Loan to a LIBOR Rate Loan, or upon continuation of a LIBOR Rate Loan as a LIBOR Rate Loan) at a rate of interest based upon the LIBOR Rate. Interest on LIBOR Rate Loans shall be payable on the earliest of (i) the last day of the Interest Period applicable thereto; provided, thathowever, subject to the following clauses (ii) and (iii), in the case of any if Borrower has elected an Interest Period greater than 3 of six months in durationfor any LIBOR Rate Loan, then interest on such LIBOR Rate Loan shall also be payable at 3 month intervals after the commencement of the applicable Interest Period and on the last day of the third month that such Interest Period); LIBOR Rate Loan is outstanding, (ii) the date on occurrence of an Event of Default in consequence of which Lender has elected to accelerate the maturity of all or any portion of the Obligations are accelerated pursuant to the terms hereofObligations, or (iii) the date on which termination of this Agreement is terminated pursuant to the terms hereof. On the last day of each applicable Interest Period, unless Borrower properly has exercised the LIBOR Option with respect thereto, the interest rate applicable to such LIBOR Rate Loan automatically shall convert to the rate of interest then applicable to Base Rate Loans of the same type hereunder. At any time that an Event of Default has occurred and is continuing at the election of the Required Lenderscontinuing, Borrower no longer shall have the option to request that Revolving Loan A Advances bear interest at a rate of interest based upon the LIBOR RateRate and Lender shall have the right to convert the interest rate on all outstanding LIBOR Rate Loans to the rate then applicable to Base Rate Loans hereunder.

Appears in 1 contract

Sources: Loan and Security Agreement (Mikohn Gaming Corp)

Interest and Interest Payment Dates. In lieu of having interest charged at the rate based upon the Base Rate, Borrower shall have the option option, subject to Section 2.12(b) below (the “LIBOR Option”) to have interest on all or a portion of the Advances be charged (whether at the time when made (unless otherwise provided herein), upon conversion from a Base Rate Loan to a LIBOR Rate Loan, or upon continuation of a LIBOR Rate Loan as a LIBOR Rate Loan) at a rate of interest based upon the LIBOR Rate. Interest on LIBOR Rate Loans shall be payable on the earliest of (i) the last day of the Interest Period applicable thereto; provided, that, subject to the following clauses (ii) and (iii), in the case of any Interest Period greater than 3 months in duration, interest shall be payable at 3 month intervals after the commencement of the applicable Interest Period and on the last day of such Interest Period); (ii) the date on which all or any portion of the Obligations are accelerated pursuant to the terms hereof, or (iii) the date on which this Agreement is terminated pursuant to the terms hereof. On the last day of each applicable Interest Period, unless Borrower properly has exercised the LIBOR Option with respect thereto, the interest rate applicable to such LIBOR Rate Loan automatically shall convert to the rate of interest then applicable to Base Rate Loans of the same type hereunder. At any time that an Event of Default has occurred and is continuing at the election of the Required Lenders, Borrower no longer shall have the option to request that Advances bear interest at a rate based upon the LIBOR Rate.

Appears in 1 contract

Sources: Credit Agreement (American Pacific Corp)

Interest and Interest Payment Dates. In lieu of having interest charged at the rate based upon the Base Rate, Borrower Borrowers shall have the option option, subject to Section 2.12(b) below (the “LIBOR Option”) to have interest on all or a portion of the Advances Revolving Loans or the FILO Term Loan be charged (whether at the time when made (unless otherwise provided herein), upon conversion from a Base Rate Loan to a LIBOR Rate Loan, or upon continuation of a LIBOR Rate Loan as a LIBOR Rate Loan) at a rate of interest based upon the LIBOR Rate. Interest on LIBOR Rate Loans shall be payable on the earliest of (i) the last day of the Interest Period applicable thereto; provided, that, subject to the following clauses (ii) and (iii), in the case of any Interest Period greater than 3 months in duration, interest shall be payable at 3 month intervals after the commencement of the applicable Interest Period and on the last day of such Interest Period); , (ii) the date on which all or any portion of the Obligations are accelerated pursuant to the terms hereof, or (iii) the date on which this Agreement is terminated pursuant to the terms hereof. On the last day of each applicable Interest Period, unless Borrower Borrowers have properly has exercised the LIBOR Option with respect thereto, the interest rate applicable to such LIBOR Rate Loan automatically shall convert to the rate of interest then applicable to Base Rate Loans of the same type hereunder. At any time that an Event of Default has occurred and is continuing at the election of the Required Lenderscontinuing, Borrower Borrowers no longer shall have the option to request that Advances Revolving Loans or the FILO Term Loan bear interest at a rate based upon the LIBOR Rate.

Appears in 1 contract

Sources: Credit Agreement (Accuride Corp)

Interest and Interest Payment Dates. In lieu of having interest charged at the rate based upon the Base Reference Rate, the Administrative Borrower shall have the option (the “LIBOR Option”) to have interest on all or a portion of the Advances Loans be charged (whether at the time when made (unless otherwise provided herein), upon conversion from a Base Rate Loan to a LIBOR Rate Loan, or upon continuation of a LIBOR Rate Loan as a LIBOR Rate Loan) at a rate of interest based upon the LIBOR Rate. Interest on LIBOR Rate Loans shall be payable in the Applicable Currency on the earliest of (iA) the last day of the Interest Period applicable thereto; provided, however, that, subject to the following clauses (iiB) and (iiiC), in the case of any Interest Period greater than 3 months in duration, interest shall be payable at 3 month intervals after the commencement of the applicable Interest Period and on the last day of such Interest Period); , (iiB) the date occurrence of an Event of Default in consequence of which the Required Lenders or Collateral Agent on which behalf thereof elect to accelerate the maturity of all or any portion of the Obligations are accelerated pursuant to the terms hereofObligations, or (iiiC) the date on which termination of this Agreement is terminated pursuant to the terms hereof. On the last day of each applicable Interest Period, unless the Administrative Borrower properly has exercised the LIBOR Option with respect thereto, the interest rate applicable to such LIBOR Rate Loan automatically shall convert to the rate of interest then applicable to Base Reference Rate Loans of the same type hereunder. At the direction of the Required Lenders at any time that an Event of Default has occurred and is continuing at continuing, the election of the Required Lenders, Administrative Borrower no longer shall have the option to request that Advances Loans bear interest at a rate based upon the LIBOR RateRate and Administrative Agent shall have the right to convert the interest rate on all outstanding LIBOR Rate Loans to the rate then applicable to Reference Rate Loans hereunder.

Appears in 1 contract

Sources: Financing Agreement (Loud Technologies Inc)

Interest and Interest Payment Dates. In lieu of having interest charged at the rate based upon the Base Rate, Borrower Borrowers shall have the option option, subject to Section 2.12(b) below (the “LIBOR SOFR Option”) to have interest on all or a portion of the Advances be charged (whether at the time when made (unless otherwise provided herein), upon conversion from a Base Rate Loan to a LIBOR Rate SOFR Loan, or upon continuation of a LIBOR Rate SOFR Loan as a LIBOR Rate SOFR Loan) at a rate of interest based upon the LIBOR RateAdjusted Term SOFR. Interest on LIBOR Rate SOFR Loans shall be payable on the earliest of (i) the last day of the Interest Period applicable thereto; provided, that, that subject to the following clauses (ii) and (iii), in the case of any Interest Period greater than 3 three months in duration, interest shall be payable at 3 three month intervals after the commencement of the applicable Interest Period and on the last day of such Interest Period); , (ii) the date on which all or any portion of the Obligations are accelerated pursuant to the terms hereof, or (iii) the date on which this Agreement is terminated pursuant to the terms hereof. On the last day of each applicable Interest Period, unless Borrower Borrowers have properly has exercised the LIBOR SOFR Option with respect thereto, the interest rate applicable to such LIBOR Rate SOFR Loan automatically shall convert to the rate of interest then applicable to Base Rate Loans of the same type hereunder. At any time that an Event of Default has occurred and is continuing at the election of the Required Lenderscontinuing, Borrower Borrowers no longer shall have the option to request that Advances bear interest at a rate based upon the LIBOR RateAdjusted Term SOFR.

Appears in 1 contract

Sources: Credit Agreement (VOXX International Corp)

Interest and Interest Payment Dates. In lieu of having interest charged at the rate based upon the Base Rate, Borrower Borrowers shall have the option option, subject to Section 2.122.13(b) below (the “LIBOR "LIBORSOFR Option") to have interest on all or a portion of the Advances be charged (whether at the time when made (unless otherwise provided herein), upon conversion from a Base Rate Loan to a LIBOR Rate RateSOFR Loan, or upon continuation of a LIBOR Rate RateSOFR Loan as a LIBOR Rate RateSOFR Loan) at a rate of interest based upon the LIBOR RateRateAdjusted Term SOFR. Interest on LIBOR Rate RateSOFR Loans shall be payable on the earliest of (i) the last day of the Interest Period applicable thereto; provided, that, subject to the following clauses (ii) and (iii), in the case of any Interest Period greater than 3 months in duration, interest shall be payable at 3 month intervals after the commencement of the applicable Interest Period and on the last day of such Interest Period); (ii) the date on which all or any portion of the Obligations are accelerated pursuant to the terms hereof, or (iii) the date on which this Agreement is terminated pursuant to the terms hereof. On the last day of each applicable Interest Period, unless Borrower Borrowers have properly has exercised the LIBOR LIBORSOFR Option with respect thereto, the interest rate applicable to such LIBOR Rate RateSOFR Loan automatically shall convert to the rate of interest then applicable to Base Rate Loans of the same type hereunder. At any time that an Event of Default has occurred and is continuing at the election of the Required Lenderscontinuing, Borrower Borrowers no longer shall have the option to request that Advances bear interest at a rate based upon the LIBOR RateRateAdjusted Term SOFR.

Appears in 1 contract

Sources: Loan and Security Agreement (LSB Industries, Inc.)