Notice of Conversion or Continuation definition
Examples of Notice of Conversion or Continuation in a sentence
Each Notice of Conversion or Continuation shall specify (i) whether the applicable Borrower is requesting a conversion of Loans from one Type to the other or a continuation of Loans that are SOFR Loans, and (ii) specifying (A) the amount and Type of Loan being converted or continued, (B) in the case of a conversion to or a continuation of SOFR Loans, the applicable Interest Period and (C) in the case of a conversion, the date of such conversion.
If a Borrower fails to specify a Type of Loan in a Borrowing Notice or if such Borrower fails to give a timely Notice of Conversion or Continuation with respect to SOFR Loans, then the applicable Loans shall be made as, or converted to, Base Rate Loans.
Each e-mail notice by the Borrowers pursuant to this Section 2.02(a) must be confirmed promptly by delivery to the Administrative Agent of a written Borrowing Notice or Notice of Conversion or Continuation, as applicable, appropriately completed and signed by a Responsible Officer of the applicable Borrower.