Common use of Alternate Currency Loans Clause in Contracts

Alternate Currency Loans. (a) If any Borrower requests a Borrowing in an Alternate Currency, or if pursuant to any Continuation/Conversion Notice a Borrower elects to continue any LIBO Rate Loan denominated in an Alternate Currency, the Revolving Loan Administrative Agent shall in the notice given to the Revolving Loan Lenders pursuant to Section 2.3 or Section 2.4, as the case may be, give details of such request or election including, without limitation, as the case may be, the aggregate principal amount of the Borrowing in such Alternate Currency to be made by each Lender pursuant to the terms of this Agreement or the aggregate principal amount of such LIBO Rate Loans to be continued by each Lender pursuant to the terms of this Agreement. (b) Each Lender shall be treated as having confirmed that the Alternate Currency requested, or elected by the applicable Borrower to be continued, is Available to it unless no later than 9:00 a.m. on the same Business Day of the requested Borrowing or the proposed continuation it shall have notified the Revolving Loan Administrative Agent that such Alternate Currency is not Available. (c) In the event that the Revolving Loan Administrative Agent has received notification from any of the Lenders that the Alternate Currency requested or elected by the applicable Borrower to be continued is not Available, then the Revolving Loan Administrative Agent shall notify such Borrower and the Lenders no later than 10:00 a.m. on the same Business Day of the proposed Borrowing or proposed continuation. (d) If the Revolving Loan Administrative Agent notifies a Borrower pursuant to clause (c) above that any of the Lenders has notified the Revolving Loan Administrative Agent that the Alternate Currency requested or elected by such Borrower to be continued or converted is not Available, such notification shall (i) in the case of any Borrowing Request, revoke such Borrowing Request and (ii) in the case of any Continuation/Conversion Notice, such continuation/conversion with respect thereto shall be deemed withdrawn and such Alternate Currency Loans shall be redenominated into Base Rate Loans. The Revolving Loan Administrative Agent will promptly notify the Borrowers and the Lenders of any such redenomination and in such notice by the Revolving Loan Administrative Agent to each Lender the Revolving Loan Administrative Agent will state the aggregate Dollar Equivalent amount of the redenominated Alternate Currency Loans as of the Revaluation Date with respect thereto and such Lender’s Percentage thereof. (e) Notwithstanding anything herein to the contrary, during the existence of an Event of Default, upon the request of the Lenders holding in excess of 50% of the Revolving Loan Commitments, all or any part of any outstanding Alternate Currency Loans shall be redenominated and converted into Base Rate Loans on the last day of the Interest Period with respect to any such Alternate Currency Loans. The Revolving Loan Administrative Agent will promptly notify the applicable Borrowers and the Revolving Loan Lenders of any such redenomination and conversion request.

Appears in 2 contracts

Sources: Credit Agreement (Ferro Corp), Credit Agreement (Ferro Corp)

Alternate Currency Loans. (a) If any Borrower requests a Borrowing (not including Euro Term Loans) in an Alternate Currency, or if pursuant to any Continuation/Conversion Notice a Borrower elects to continue any LIBO Rate Eurocurrency Loan denominated in an Alternate Currency, the Revolving Loan Administrative Agent shall in the notice given to the Revolving Loan Lenders pursuant to Section 2.3 or Section 2.4, as the case may be, give details of such request or election including, without limitation, as the case may be, the aggregate principal amount of the Borrowing in such Alternate Currency to be made by each Lender pursuant to the terms of this Agreement or the aggregate principal amount of such LIBO Rate Eurocurrency Loans to be continued by each Lender pursuant to the terms of this Agreement. (b) Each Lender shall be treated as having confirmed that the Alternate Currency requested, or elected by the applicable Borrower to be continued, is Available to it unless no later than 9:00 a.m. on the same day three Business Day Days before the date of the requested Borrowing or the proposed continuation it shall have notified the Revolving Loan Administrative Agent that such Alternate Currency is not Available. (c) In the event that the Revolving Loan Administrative Agent has received notification from any of the Lenders that the Alternate Currency requested or elected by the applicable Borrower to be continued is not Available, then the Revolving Loan Administrative Agent shall notify such Borrower and the Lenders no later than 10:00 a.m. on the same day three Business Day Days before the date of the proposed Borrowing or proposed continuation. (d) If the Revolving Loan Administrative Agent notifies a Borrower pursuant to clause (c) above that any of the Lenders has notified the Revolving Loan Administrative Agent that the Alternate Currency requested or elected by such Borrower to be continued or converted is not Available, such notification shall (i) in the case of any Borrowing Request, revoke such Borrowing Request and (ii) in the case of any Continuation/Conversion Notice, such continuation/conversion with respect thereto shall be deemed withdrawn and such Alternate Currency Loans shall be redenominated into Base Rate Loans. The Revolving Loan Administrative Agent will promptly notify the Borrowers and the Lenders of any such redenomination and in such notice by the Revolving Loan Administrative Agent to each Lender the Revolving Loan Administrative Agent will state the aggregate Dollar Equivalent amount of the redenominated Alternate Currency Loans as of the Revaluation Date with respect thereto and such Lender’s Revolving Loan Percentage thereof. (e) Notwithstanding anything herein to the contrary, during the existence of an Event of Default, upon the request of the Lenders holding in excess of 50% of the Revolving Loan CommitmentsRequired Lenders, all or any part of any outstanding Alternate Currency Loans shall be redenominated and converted into Base Rate Loans on the last day of the Interest Period with respect to any such Alternate Currency Loans. The Revolving Loan Administrative Agent will promptly notify the applicable Borrowers and the applicable Revolving Loan Lenders Lenders, as the case may be, of any such redenomination and conversion request.

Appears in 2 contracts

Sources: Credit Agreement (Ferro Corp), Credit Agreement (Ferro Corp)

Alternate Currency Loans. (a) If any Upon the satisfaction of the conditions precedent set forth in Article V hereof and set forth in the applicable Alternate Currency Addendum, from and including the later of the date of this Agreement and the date of execution of the applicable Alternate Currency Addendum and prior to the termination of the Aggregate Tranche B Revolving Loan Commitment or the Aggregate Tranche D Revolving Loan Commitment, as applicable (or such earlier termination date as shall be specified in or pursuant to the applicable Alternate Currency Addendum), each Alternate Currency Bank agrees, on the terms and conditions set forth in this Agreement and in the applicable Alternate Currency Addendum, to make Alternate Currency Loans under such Alternate Currency Addendum to the applicable Borrower requests a Borrowing party to such Alternate Currency Addendum from time to time in an the applicable Alternate Currency, or if pursuant to any Continuation/Conversion Notice a Borrower elects to continue any LIBO Rate Loan denominated in an Alternate Currency, the Revolving Loan Administrative Agent shall in the notice given amount not to the Revolving Loan Lenders pursuant to Section 2.3 or Section 2.4, as the case may be, give details of such request or election including, without limitation, as the case may be, the aggregate principal amount of the Borrowing in exceed each such Alternate Currency Bank's applicable Alternate Currency Commitment; provided that at no time shall the Dollar Amount of the Alternate Currency Loans for any specific Alternate Currency exceed the maximum amount specified as the maximum amount for such Alternate Currency in the applicable Alternate Currency Addendum other than as a result of currency fluctuations and then only to be made by each Lender pursuant the extent permitted in Section 2.5(b)(ii) and provided, further, that at no time shall (i) the Dollar Amount of the Tranche B Revolving Credit Obligations exceed the Aggregate Tranche B Revolving Loan Commitments or (ii) the Dollar Amount of the Tranche D Revolving Credit Obligations exceed the Aggregate Tranche D Revolving Loan Commitments. Subject to the terms of this Agreement and the applicable Alternate Currency Addendum, the applicable Borrowers may borrow, repay and reborrow Alternate Currency Loans in the applicable Alternate Currency at any time prior to the termination of the Aggregate Tranche B Revolving Loan Commitment or the aggregate principal amount of Aggregate Tranche D Revolving Loan Commitment, as applicable (or such LIBO Rate Loans to earlier termination date as shall be continued by each Lender specified in or pursuant to the terms applicable Alternate Currency Addendum). On the termination of this Agreement. the Aggregate Tranche B Revolving Loan Commitment or the Aggregate Tranche D Revolving Loan Commitment, as applicable (b) Each Lender or such earlier termination date as shall be treated as having confirmed that specified in or pursuant to the applicable Alternate Currency requestedAddendum), or elected by the applicable Borrower to be continued, is Available to it unless no later than 9:00 a.m. on the same Business Day outstanding principal balance of the requested Borrowing or the proposed continuation it shall have notified the Revolving Loan Administrative Agent that such Alternate Currency is not Available. (c) In the event that the Revolving Loan Administrative Agent has received notification from any of the Lenders that the Alternate Currency requested or elected by the applicable Borrower to be continued is not Available, then the Revolving Loan Administrative Agent shall notify such Borrower and the Lenders no later than 10:00 a.m. on the same Business Day of the proposed Borrowing or proposed continuation. (d) If the Revolving Loan Administrative Agent notifies a Borrower pursuant to clause (c) above that any of the Lenders has notified the Revolving Loan Administrative Agent that the Alternate Currency requested or elected by such Borrower to be continued or converted is not Available, such notification shall (i) in the case of any Borrowing Request, revoke such Borrowing Request and (ii) in the case of any Continuation/Conversion Notice, such continuation/conversion with respect thereto shall be deemed withdrawn and such Alternate Currency Loans shall be redenominated into Base Rate Loans. The paid in full by the applicable Borrower and prior to the termination of the Aggregate Tranche B Revolving Loan Administrative Agent will promptly notify Commitment or the Borrowers and the Lenders of any such redenomination and in such notice by the Aggregate Tranche D Revolving Loan Administrative Agent Commitment, as applicable (or such earlier termination date as shall be specified in or pursuant to each Lender the Revolving Loan Administrative Agent will state the aggregate Dollar Equivalent amount applicable Alternate Currency Addendum) prepayments of the redenominated Alternate Currency Loans as of the Revaluation Date with respect thereto and such Lender’s Percentage thereof. (e) Notwithstanding anything herein to the contrary, during the existence of an Event of Default, upon the request of the Lenders holding in excess of 50% of the Revolving Loan Commitments, all or any part of any outstanding Alternate Currency Loans shall be redenominated made by the applicable Borrower if and converted into Base Rate Loans on to the last day extent required by Section 2.5(b)(ii). For the avoidance of the Interest Period with respect doubt, it is understood that no Lender shall have any obligation hereunder to any such execute an Alternate Currency Loans. The Revolving Loan Administrative Agent will promptly notify the applicable Borrowers Addendum and the Revolving Loan Lenders of any such redenomination and conversion requestso to become an Alternate Currency Bank.

Appears in 2 contracts

Sources: Credit Agreement (Trimble Navigation LTD /Ca/), Credit Agreement (Trimble Navigation LTD /Ca/)

Alternate Currency Loans. (ai) If any Upon the execution of an applicable Alternate Currency Addendum and upon the satisfaction of the conditions precedent set forth in Sections 4.1, 4.2 and 4.3 hereof and set forth in such applicable Alternate Currency Addendum, from and including the later of the date of this Agreement and the date of execution of the applicable Alternate Currency Addendum and prior to the Termination Date (unless an earlier termination date shall be specified in the applicable Alternate Currency Addendum), each of the Lenders in its capacity as an Alternate Currency Bank agrees, on the terms and conditions set forth in this Agreement and in the applicable Alternate Currency Addendum, to make Alternate Currency Loans under such Alternate Currency Addendum to the applicable Borrower requests a Borrowing or Borrowers party to such Alternate Currency Addendum from time to time in an the applicable Alternate Currency, or if pursuant to any Continuation/Conversion Notice a Borrower elects to continue any LIBO Rate Loan denominated in an amount not to exceed the lesser of (i) such Alternate CurrencyCurrency Bank's applicable Alternate Currency Commitment and (ii) such Lender's Percentage of the Available Amount; provided, however, at no time shall the Revolving Loan Administrative Agent shall in Dollar Amount of the notice given to the Revolving Loan Lenders pursuant to Section 2.3 or Section 2.4, as the case may be, give details of such request or election including, without limitation, as the case may be, the aggregate outstanding principal amount of the Borrowing in such Alternate Currency Loans and Competitive Bid Loans for all Alternate Currencies other than Dollars exceed the Maximum Alternate Currency Amount other than as a result of currency fluctuations and then only to the extent permitted in Section 2.5.3.(B)(i)(d). For all purposes of this Section 2.1.2, where reference is made to a Lender's Percentage, where a Lender has designated an Affiliate, branch or agency of it to act as the Alternate Currency Bank, it shall be the designating Lender's Percentage which is utilized for purposes hereof. Each Alternate Currency Advance under this Section 2.1.2. shall consist of Alternate Currency Loans made by each Lender pursuant Alternate Currency Bank ratably in proportion to such Lender's Percentage. Subject to the terms of this Agreement or and the aggregate principal amount of such LIBO Rate applicable Alternate Currency Addendum, the applicable Borrowers may borrow, repay and reborrow Alternate Currency Loans to be continued by each Lender pursuant at any time prior to the terms of this Agreement. Termination Date (b) Each Lender unless an earlier termination date shall be treated as having confirmed that specified in the applicable Alternate Currency requested, or elected by Addendum). On the Termination Date (unless an earlier termination date shall be specified in the applicable Borrower to be continuedAlternate Currency Addendum), is Available to it unless no later than 9:00 a.m. on the same Business Day outstanding principal balance of the requested Borrowing or the proposed continuation it shall have notified the Revolving Loan Administrative Agent that such Alternate Currency is not Available. (c) In the event that the Revolving Loan Administrative Agent has received notification from any of the Lenders that the Alternate Currency requested or elected by the applicable Borrower to be continued is not Available, then the Revolving Loan Administrative Agent shall notify such Borrower and the Lenders no later than 10:00 a.m. on the same Business Day of the proposed Borrowing or proposed continuation. (d) If the Revolving Loan Administrative Agent notifies a Borrower pursuant to clause (c) above that any of the Lenders has notified the Revolving Loan Administrative Agent that the Alternate Currency requested or elected by such Borrower to be continued or converted is not Available, such notification shall (i) in the case of any Borrowing Request, revoke such Borrowing Request and (ii) in the case of any Continuation/Conversion Notice, such continuation/conversion with respect thereto shall be deemed withdrawn and such Alternate Currency Loans shall be redenominated into Base Rate Loans. The Revolving Loan Administrative Agent will promptly notify the Borrowers and the Lenders of any such redenomination and paid in such notice full by the Revolving Loan Administrative Agent applicable Borrower and prior to each Lender the Revolving Loan Administrative Agent will state Termination Date (unless an earlier termination date shall be specified in the aggregate Dollar Equivalent amount applicable Alternate Currency Addendum) prepayments of the redenominated Alternate Currency Loans as of Advances shall be made by the Revaluation Date with respect thereto applicable Borrower if and such Lender’s Percentage thereof. (e) Notwithstanding anything herein to the contrary, during the existence of an Event of Default, upon the request of the Lenders holding extent required in excess of 50% of the Revolving Loan Commitments, all or any part of any outstanding Alternate Currency Loans shall be redenominated and converted into Base Rate Loans on the last day of the Interest Period with respect to any such Alternate Currency Loans. The Revolving Loan Administrative Agent will promptly notify the applicable Borrowers and the Revolving Loan Lenders of any such redenomination and conversion requestSection 2.5.3.(B).

Appears in 2 contracts

Sources: Multicurrency Credit Agreement (Crane Co /De/), Multicurrency Credit Agreement (Crane Co /De/)

Alternate Currency Loans. (a) If any Borrower requests a Borrowing in an Alternate Currency, or if pursuant Notices to any Continuation/Conversion Notice a Borrower elects to continue any LIBO Rate Loan the Administrative Agent of borrowings and prepayments of Loans denominated in an Alternate Currency, Currency and of the Revolving Loan duration of Interest Periods shall be irrevocable and shall be effective only if received by the Administrative Agent shall in not later than 12:00 p.m. New York time on the notice given number of Business Days prior to the date of the relevant termination, reduction, borrowing and/or prepayment specified below: Termination or reduction of Revolving Loan Lenders Commitments 3 Borrowing or prepayment of, conversion of or into, or duration of Interest Period for C▇▇▇▇ Rate or C$ Prime Loans 3 Prepayments required pursuant to Section 2.3 3.02(b) or Section 2.4, as the case may be, give details of such request or election including, without limitation, as the case may be, the aggregate principal amount of the Borrowing 3.02(c) in such an Alternate Currency 1 ; provided that, beginning on the date on which Sumitomo Mitsui Banking Corporation (“SMBC”) or any of its Affiliates delivers written notice to be made by each Lender pursuant both the Administrative Agent and the Company that SMBC or any of its Affiliates or Applicable Lending Offices is permitted to fund borrowings of C$ Prime Loans to the terms of this Agreement or the aggregate principal amount of such LIBO Rate Loans to be continued by each Lender pursuant to the terms of this Agreement. (b) Each Lender shall be treated as having confirmed that the Alternate Currency requested, or elected by the applicable Borrower to be continued, is Available to it unless no later than 9:00 a.m. Canadian Borrowers on the same Business Day that a notice of such Borrowing is received by the Administrative Agent, notices of a borrowing of, prepayment of, or conversion into, Loans denominated in Canadian Dollars as C$ Prime Loans, shall be effective if received by the Administrative Agent not later than 12:00 p.m. New York time on the relevant date of such borrowing, prepayment or conversion. Each such notice of termination or reduction shall specify the amount thereof to be terminated or reduced. Each such notice of borrowing or prepayment shall specify the amount of the requested Borrowing Loans to be borrowed or prepaid (subject to Section 5.04 hereof) and Type of the proposed continuation it Loans to be borrowed, the date of borrowing or prepayment (which shall have notified be a Business Day) and, in the Revolving Loan case of C▇▇▇▇ Rate Loans, the duration of the Interest Period therefor (subject to the definition of Interest Period) and the currency of Loans to be borrowed. Each such notice of duration of an Interest Period shall specify the Loans to which such Interest Period is to relate. The Administrative Agent that shall promptly notify the affected Lenders of the contents of each such Alternate Currency is not Available. (c) notice. In the event that a Borrower fails to select the Revolving Loan Administrative Agent has received notification from duration of any of Interest Period for any C▇▇▇▇ Rate Loans within the Lenders that the Alternate Currency requested or elected by the applicable Borrower to time period and otherwise as provided in this Section 5.05, such Loans will be continued is not Available, then the Revolving Loan Administrative Agent shall notify such Borrower and the Lenders no later than 10:00 a.m. on the same Business Day of the proposed Borrowing (or proposed continuation. (dmade) If the Revolving Loan Administrative Agent notifies a Borrower pursuant to clause (c) above that any of the Lenders has notified the Revolving Loan Administrative Agent that the Alternate Currency requested or elected by such Borrower to be continued or converted is not Available, such notification shall (i) in the case of any Borrowing Request, revoke such Borrowing Request and (ii) in the case of any Continuation/Conversion Notice, such continuation/conversion with respect thereto shall be deemed withdrawn and such Alternate Currency Loans shall be redenominated into Base Rate Loans. The Revolving Loan Administrative Agent will promptly notify the Borrowers and the Lenders of any such redenomination and in such notice by the Revolving Loan Administrative Agent to each Lender the Revolving Loan Administrative Agent will state the aggregate Dollar Equivalent amount of the redenominated Alternate Currency Loans as of the Revaluation Date with respect thereto and such Lender’s Percentage thereof. (e) Notwithstanding anything herein to the contrary, during the existence of an Event of Default, upon the request of the Lenders holding in excess of 50% of the Revolving Loan Commitments, all or any part of any outstanding Alternate Currency Loans shall be redenominated and converted into Base C▇▇▇▇ Rate Loans on the last day of the with an Interest Period with respect to any such Alternate Currency Loans. The Revolving Loan Administrative Agent will promptly notify the applicable Borrowers and the Revolving Loan Lenders of any such redenomination and conversion requestone month.

Appears in 2 contracts

Sources: Credit Agreement (Iron Mountain Inc), Credit Agreement (Iron Mountain Inc)

Alternate Currency Loans. (ai) If any Upon the satisfaction of the conditions precedent set forth in Sections 4.1, 4.2 and 4.3 hereof and set forth in the applicable Alternate ------------ --- --- Currency Addendum, from and including the later of the date of this Agreement and the date of execution of the applicable Alternate Currency Addendum and prior to the Termination Date (unless an earlier termination date shall be specified in the applicable Alternate Currency Addendum), each applicable Alternate Currency Bank agrees, on the terms and conditions set forth in this Agreement and in the applicable Alternate Currency Addendum, to make Alternate Currency Loans under such Alternate Currency Addendum to the applicable Borrower requests a Borrowing party to such Alternate Currency Addendum from time to time in an the applicable Alternate Currency, or if pursuant to any Continuation/Conversion Notice a Borrower elects to continue any LIBO Rate Loan denominated in an amount not to exceed each such Alternate CurrencyCurrency Bank's applicable Alternate Currency Commitment; provided, however, at no time shall the Revolving Loan Administrative Agent shall in Dollar Amount of the notice given to the Revolving Loan Lenders pursuant to Section 2.3 or Section 2.4, as the case may be, give details of such request or election including, without limitation, as the case may be, the aggregate -------- ------- outstanding principal amount of the Borrowing Alternate Currency Loans for all Alternate Currencies exceed $80,000,000 other than as a result of currency fluctuations and then only to the extent permitted in Section 2.5.3.(B)(i)(d); provided, ----------------------- -------- further, at no time shall the Dollar Amount of the Alternate Currency Loans for ------- any specific Alternate Currency exceed the maximum amount specified as the maximum amount for such Alternate Currency in the applicable Alternate Currency Addendum other than as a result of currency fluctuations and then only to be the extent permitted in Section 2.5.3.(B)(i)(d). Each borrowing of Alternate ----------------------- Currency Loans under this Section 2.1.4. shall consist of Alternate Currency -------------- Loans made by each Lender pursuant applicable Alternate Currency Bank ratably in proportion to such Alternate Currency Bank's respective Alternate Currency Percentage. Subject to the terms of this Agreement and the applicable Alternate Currency Addendum, the applicable Borrowers may borrow, repay and reborrow Alternate Currency Loans at any time prior to the Termination Date (unless an earlier termination date shall be specified in the applicable Alternate Currency Addendum). On the Termination Date (unless an earlier termination date shall be specified in the applicable Alternate Currency Addendum or the aggregate principal amount of such LIBO Rate Loans to be continued by each Lender pursuant to Section 2.1.4(iv) below), ----------------- the terms of this Agreement. (b) Each Lender shall be treated as having confirmed that the Alternate Currency requested, or elected by the applicable Borrower to be continued, is Available to it unless no later than 9:00 a.m. on the same Business Day outstanding principal balance of the requested Borrowing or the proposed continuation it shall have notified the Revolving Loan Administrative Agent that such Alternate Currency is not Available. (c) In the event that the Revolving Loan Administrative Agent has received notification from any of the Lenders that the Alternate Currency requested or elected by the applicable Borrower to be continued is not Available, then the Revolving Loan Administrative Agent shall notify such Borrower and the Lenders no later than 10:00 a.m. on the same Business Day of the proposed Borrowing or proposed continuation. (d) If the Revolving Loan Administrative Agent notifies a Borrower pursuant to clause (c) above that any of the Lenders has notified the Revolving Loan Administrative Agent that the Alternate Currency requested or elected by such Borrower to be continued or converted is not Available, such notification shall (i) in the case of any Borrowing Request, revoke such Borrowing Request and (ii) in the case of any Continuation/Conversion Notice, such continuation/conversion with respect thereto shall be deemed withdrawn and such Alternate Currency Loans shall be redenominated into Base Rate Loans. The Revolving Loan Administrative Agent will promptly notify the Borrowers and the Lenders of any such redenomination and paid in such notice full by the Revolving Loan Administrative Agent applicable Borrower, and prior to each Lender the Revolving Loan Administrative Agent will state Termination Date (unless an earlier termination date shall be specified in the aggregate Dollar Equivalent amount applicable Alternate Currency Addendum or pursuant to Section 2.1.4(iv) below) prepayments of the redenominated Alternate Currency Loans as of the Revaluation Date with respect thereto and such Lender’s Percentage thereof. (e) Notwithstanding anything herein to the contrary, during the existence of an Event of Default, upon the request of the Lenders holding in excess of 50% of the Revolving Loan Commitments, all or any part of any outstanding Alternate ----------------- Currency Loans shall be redenominated and converted into Base Rate Loans on the last day of the Interest Period with respect to any such Alternate Currency Loans. The Revolving Loan Administrative Agent will promptly notify made by the applicable Borrowers Borrower if and to the Revolving Loan Lenders of any such redenomination and conversion request.extent required in Section 2.5.3.(B). -----------------

Appears in 1 contract

Sources: Credit Agreement (Tokheim Corp)

Alternate Currency Loans. (a) If any Borrower requests a Borrowing in an Alternate Currency, or if pursuant Notices to any Continuation/Conversion Notice a Borrower elects to continue any LIBO Rate Loan the Administrative Agent of borrowings and prepayments of Loans denominated in an Alternate Currency, Currency and of the Revolving Loan duration of Interest Periods shall be irrevocable and shall be effective only if received by the Administrative Agent shall in not later than 12:00 p.m. New York time on the notice given number of Business Days prior to the date of the relevant termination, reduction, borrowing and/or prepayment specified below: Termination or reduction of Revolving Loan Lenders Commitments 3 Borrowing or prepayment of, conversion of or into, or duration of Interest Period for CDOR or C$ Prime Loans 3 Prepayments required pursuant to Section 2.3 3.02(b) or Section 2.4, as the case may be, give details of such request or election including, without limitation, as the case may be, the aggregate principal amount of the Borrowing 3.02(c) in such an Alternate Currency 1 ; provided that, beginning on the date on which Sumitomo Mitsui Banking Corporation (“SMBC”) or any of its Affiliates delivers written notice to be made by each Lender pursuant both the Administrative Agent and the Company that SMBC or any of its Affiliates or Lending Offices is permitted to fund borrowings of C$ Prime Loans to the terms of this Agreement or the aggregate principal amount of such LIBO Rate Loans to be continued by each Lender pursuant to the terms of this Agreement. (b) Each Lender shall be treated as having confirmed that the Alternate Currency requested, or elected by the applicable Borrower to be continued, is Available to it unless no later than 9:00 a.m. Canadian Borrowers on the same Business Day that a notice of such Borrowing is received by the Administrative Agent, notices of a borrowing of, prepayment of, or conversion into, Loans denominated in Canadian Dollars as C$ Prime Loans, shall be effective if received by the Administrative Agent not later than 12:00 p.m. New York time on the relevant date of such borrowing, prepayment or conversion. Each such notice of termination or reduction shall specify the amount thereof to be terminated or reduced. Each such notice of borrowing or prepayment shall specify the amount of the requested Borrowing Loans to be borrowed or prepaid (subject to Section 5.04 hereof) and Type of the proposed continuation it Loans to be borrowed, the date of borrowing or prepayment (which shall have notified be a Business Day) and, in the Revolving Loan case of CDOR Loans, the duration of the Interest Period therefor (subject to the definition of Interest Period) and the currency of Loans to be borrowed. Each such notice of duration of an Interest Period shall specify the Loans to which such Interest Period is to relate. The Administrative Agent that shall promptly notify the affected Lenders of the contents of each such Alternate Currency is not Available. (c) notice. In the event that a Borrower fails to select the Revolving Loan Administrative Agent has received notification from duration of any of Interest Period for any CDOR Loans within the Lenders that the Alternate Currency requested or elected by the applicable Borrower to time period and otherwise as provided in this Section 5.05, such Loans will be continued is not Available, then the Revolving Loan Administrative Agent shall notify such Borrower and the Lenders no later than 10:00 a.m. on the same Business Day of the proposed Borrowing (or proposed continuation. (dmade) If the Revolving Loan Administrative Agent notifies a Borrower pursuant to clause (c) above that any of the Lenders has notified the Revolving Loan Administrative Agent that the Alternate Currency requested or elected by such Borrower to be continued or converted is not Available, such notification shall (i) in the case of any Borrowing Request, revoke such Borrowing Request and (ii) in the case of any Continuation/Conversion Notice, such continuation/conversion as CDOR Loans with respect thereto shall be deemed withdrawn and such Alternate Currency Loans shall be redenominated into Base Rate Loans. The Revolving Loan Administrative Agent will promptly notify the Borrowers and the Lenders of any such redenomination and in such notice by the Revolving Loan Administrative Agent to each Lender the Revolving Loan Administrative Agent will state the aggregate Dollar Equivalent amount of the redenominated Alternate Currency Loans as of the Revaluation Date with respect thereto and such Lender’s Percentage thereof. (e) Notwithstanding anything herein to the contrary, during the existence of an Event of Default, upon the request of the Lenders holding in excess of 50% of the Revolving Loan Commitments, all or any part of any outstanding Alternate Currency Loans shall be redenominated and converted into Base Rate Loans on the last day of the Interest Period with respect to any such Alternate Currency Loans. The Revolving Loan Administrative Agent will promptly notify the applicable Borrowers and the Revolving Loan Lenders of any such redenomination and conversion requestone month.

Appears in 1 contract

Sources: Credit Agreement (Iron Mountain Inc)

Alternate Currency Loans. If the Agent determines or Required Banks determine (ain either case, which determination shall be conclusive absent manifest error) If any Borrower requests a Borrowing in an Alternate Currencythat, or if pursuant with respect to any Continuation/Conversion Notice a Borrower elects to continue existing or requested Overnight Rate Loan (each an “Affected Overnight Rate Loan”) or any LIBO Fixed Rate Loan denominated in an Alternate Currency, the Revolving Loan Administrative Agent shall in the notice given to the Revolving Loan Lenders pursuant to Section 2.3 or Section 2.4, as the case may be, give details of such request or election including, without limitation, as the case may be, the aggregate principal amount of the Borrowing in such Alternate Currency requested to be made by each Lender pursuant to the terms of this Agreement or the aggregate principal amount of such LIBO Rate Loans continued, or to be continued by converted from any other Loan (each Lender pursuant to the terms of this Agreement. (b) Each Lender shall be treated as having confirmed that the an “Affected Alternate Currency requestedLoan”), by reason of one or elected by more circumstances arising after the date hereof affecting the applicable Borrower to be continued, is Available to it unless no later than 9:00 a.m. on the same Business Day of the requested Borrowing or the proposed continuation it shall have notified the Revolving Loan Administrative Agent that such Alternate Currency is not Available. Overnight Interest Rate (c) In the event that the Revolving Loan Administrative Agent has received notification from any of the Lenders that the Alternate Currency requested or elected by the applicable Borrower to be continued is not Available, then the Revolving Loan Administrative Agent shall notify such Borrower and the Lenders no later than 10:00 a.m. on the same Business Day of the proposed Borrowing or proposed continuation. (d) If the Revolving Loan Administrative Agent notifies a Borrower pursuant to clause (c) above that any of the Lenders has notified the Revolving Loan Administrative Agent that the Alternate Currency requested or elected by such Borrower to be continued or converted is not Available, such notification shall (i) in the case of any Borrowing Requestan Affected Overnight Rate Loan), revoke such Borrowing Request and or the Funding Rate (ii) in the case of any Continuation/Conversion Noticean Affected Fixed Rate Loan), as applicable, adequate and reasonable means do not exist for ascertaining the rate of interest applicable to such continuation/conversion with respect thereto shall be deemed withdrawn Affected Loan, or that such rate of interest will not adequately and such Alternate Currency Loans shall be redenominated into Base Rate Loans. The Revolving Loan Administrative Agent will promptly notify fairly reflect the Borrowers and the Lenders of any such redenomination and in such notice by the Revolving Loan Administrative Agent to each Lender the Revolving Loan Administrative Agent will state the aggregate Dollar Equivalent amount of the redenominated Alternate Currency Loans as of the Revaluation Date with respect thereto and such Lender’s Percentage thereof. (e) Notwithstanding anything herein cost to the contraryBanks of making, during maintaining, converting or continuing such Affected Loan because of (i) any change since the existence date hereof in any Applicable Law or governmental rule, regulation, order or directive (whether or not having the force of an Event of Defaultlaw) or in the interpretation or administration thereof or (ii) other circumstances arising after the date hereof affecting the Banks, upon the Overnight Interest Rate, or the Funding Rate, as applicable, then the Agent may or, at the request of Required Banks, shall give notice thereof to the Lenders holding in excess of 50% of Borrower by telephone or facsimile (each a “Rate Unavailability Notice”). Notwithstanding the Revolving Loan Commitmentsforegoing, all or any part of any outstanding Alternate Currency Loans the Agent shall be redenominated and converted into Base not deliver a Rate Loans on the last day of the Interest Period Unavailability Notice with respect to any Affected Alternate Currency Loan if the Agent and the Borrower have selected an Alternate Currency Benchmark Replacement for the applicable Alternate Currency and the applicable Corresponding Tenor, and instead the interest rate applicable to such Affected Alternate Currency Loan shall be determined by reference to such Alternate Currency Loans. The Revolving Loan Administrative Agent will promptly notify the applicable Borrowers and the Revolving Loan Lenders of any such redenomination and conversion requestBenchmark Replacement.

Appears in 1 contract

Sources: Credit Agreement (Ares Dynamic Credit Allocation Fund, Inc.)

Alternate Currency Loans. (a) If any Borrower requests a Borrowing in an Alternate Currency, or if pursuant to any Continuation/Conversion Notice a Borrower elects to continue any LIBO LIBOR Rate Loan denominated in an Alternate Currency, the Revolving Loan Administrative Agent shall in the notice given to the Revolving Loan Lenders pursuant to Section 2.3 or Section 2.4, as the case may be, give details of such request or election including, without limitation, as the case may be, the aggregate principal amount of the Borrowing in such Alternate Currency to be made by each Lender pursuant to the terms of this Agreement or the aggregate principal amount of such LIBO LIBOR Rate Loans to be continued by each Lender pursuant to the terms of this Agreement. (b) Each Lender shall be treated as having confirmed that the Alternate Currency requested, or elected by the applicable Borrower to be continued, is Available to it unless no later than 9:00 a.m. on the same Business Day of the requested Borrowing or the proposed continuation it shall have notified the Revolving Loan Administrative Agent that such Alternate Currency is not Available. (c) In the event that the Revolving Loan Administrative Agent has received notification from any of the Lenders that the Alternate Currency requested or elected by the applicable Borrower to be continued is not Available, then the Revolving Loan Administrative Agent shall notify such Borrower and the Lenders no later than 10:00 a.m. on the same Business Day of the proposed Borrowing or proposed continuation. (d) If the Revolving Loan Administrative Agent notifies a Borrower pursuant to clause (c) above that any of the Lenders has notified the Revolving Loan Administrative Agent that the Alternate Currency requested or elected by such Borrower to be continued or converted is not Available, such notification shall (i) in the case of any Borrowing Request, revoke such Borrowing Request and (ii) in the case of any Continuation/Conversion Notice, such continuation/conversion with respect thereto shall be deemed withdrawn and such Alternate Currency Loans shall be redenominated into Base Rate Loans. The Revolving Loan Administrative Agent will promptly notify the Borrowers and the Lenders of any Table of Contents such redenomination and in such notice by the Revolving Loan Administrative Agent to each Lender the Revolving Loan Administrative Agent will state the aggregate Dollar Equivalent amount of the redenominated Alternate Currency Loans as of the Revaluation Date with respect thereto and such Lender’s Revolving Loan Percentage thereof. (e) Notwithstanding anything herein to the contrary, during the existence of an Event of Default, upon the request of the Lenders holding in excess of 50% of the Revolving Loan CommitmentsRequired Lenders, all or any part of any outstanding Alternate Currency Loans shall be redenominated and converted into Base Rate Loans on the last day of the Interest Period with respect to any such Alternate Currency Loans. The Revolving Loan Administrative Agent will promptly notify the applicable Borrowers and the applicable Revolving Loan Lenders Lenders, as the case may be, of any such redenomination and conversion request.

Appears in 1 contract

Sources: Credit Agreement (Ferro Corp)

Alternate Currency Loans. (a) If any Borrower requests a Borrowing in an Alternate Currency, or if pursuant Notices to any Continuation/Conversion Notice a Borrower elects to continue any LIBO Rate Loan the Administrative Agent of borrowings and prepayments of Loans denominated in an Alternate Currency, Currency and of the Revolving Loan duration of Interest Periods shall be irrevocable and shall be effective only if received by the Administrative Agent shall in not later than 12:00 p.m. New York time on the notice given number of Business Days prior to the date of the relevant termination, reduction, borrowing and/or prepayment specified below: Termination or reduction of Revolving Loan Lenders Commitments 3 Borrowing or prepayment of, conversion of or into, or duration of Interest Period for CDORCORRA Rate or C$ Prime Loans 3 Prepayments required pursuant to Section 2.3 3.02(b) or Section 2.4, as the case may be, give details of such request or election including, without limitation, as the case may be, the aggregate principal amount of the Borrowing 3.02(c) in such an Alternate Currency 1 ; provided that, beginning on the date on which Sumitomo Mitsui Banking Corporation (“SMBC”) or any of its Affiliates delivers written notice to be made by each Lender pursuant both the Administrative Agent and the Company that SMBC or any of its Affiliates or Lending Offices is permitted to fund borrowings of C$ Prime Loans to the terms of this Agreement or the aggregate principal amount of such LIBO Rate Loans to be continued by each Lender pursuant to the terms of this Agreement. (b) Each Lender shall be treated as having confirmed that the Alternate Currency requested, or elected by the applicable Borrower to be continued, is Available to it unless no later than 9:00 a.m. Canadian Borrowers on the same Business Day that a notice of such Borrowing is received by the Administrative Agent, notices of a borrowing of, prepayment of, or conversion into, Loans denominated in Canadian Dollars as C$ Prime Loans, shall be effective if received by the Administrative Agent not later than 12:00 p.m. New York time on the relevant date of such borrowing, prepayment or conversion. Each such notice of termination or reduction shall specify the amount thereof to be terminated or reduced. Each such notice of borrowing or prepayment shall specify the amount of the requested Borrowing Loans to be borrowed or prepaid (subject to Section 5.04 hereof) and Type of the proposed continuation it Loans to be borrowed, the date of borrowing or prepayment (which shall have notified be a Business Day) and, in the Revolving Loan case of CDORCORRA Rate Loans, the duration of the Interest Period therefor (subject to the definition of Interest Period) and the currency of Loans to be borrowed. Each such notice of duration of an Interest Period shall specify the Loans to which such Interest Period is to relate. The Administrative Agent that shall promptly notify the affected Lenders of the contents of each such Alternate Currency is not Available. (c) notice. In the event that a Borrower fails to select the Revolving Loan Administrative Agent has received notification from duration of any of Interest Period for any CDORCORRA Rate Loans within the Lenders that the Alternate Currency requested or elected by the applicable Borrower to time period and otherwise as provided in this Section 5.05, such Loans will be continued is not Available, then the Revolving Loan Administrative Agent shall notify such Borrower and the Lenders no later than 10:00 a.m. on the same Business Day of the proposed Borrowing (or proposed continuation. (dmade) If the Revolving Loan Administrative Agent notifies a Borrower pursuant to clause (c) above that any of the Lenders has notified the Revolving Loan Administrative Agent that the Alternate Currency requested or elected by such Borrower to be continued or converted is not Available, such notification shall (i) in the case of any Borrowing Request, revoke such Borrowing Request and (ii) in the case of any Continuation/Conversion Notice, such continuation/conversion with respect thereto shall be deemed withdrawn and such Alternate Currency Loans shall be redenominated into Base Rate Loans. The Revolving Loan Administrative Agent will promptly notify the Borrowers and the Lenders of any such redenomination and in such notice by the Revolving Loan Administrative Agent to each Lender the Revolving Loan Administrative Agent will state the aggregate Dollar Equivalent amount of the redenominated Alternate Currency Loans as of the Revaluation Date with respect thereto and such Lender’s Percentage thereof. (e) Notwithstanding anything herein to the contrary, during the existence of an Event of Default, upon the request of the Lenders holding in excess of 50% of the Revolving Loan Commitments, all or any part of any outstanding Alternate Currency Loans shall be redenominated and converted into Base CDORCORRA Rate Loans on the last day of the with an Interest Period with respect to any such Alternate Currency Loans. The Revolving Loan Administrative Agent will promptly notify the applicable Borrowers and the Revolving Loan Lenders of any such redenomination and conversion requestone month.

Appears in 1 contract

Sources: Credit Agreement (Iron Mountain Inc)

Alternate Currency Loans. (a) If any Borrower requests a Borrowing in an Alternate Currency, or if pursuant to any Continuation/Conversion Notice a Borrower elects to continue any LIBO Rate Eurocurrency Loan denominated in an Alternate Currency, the Revolving Loan Administrative Agent shall in the notice given to the Revolving Loan Lenders pursuant to Section 2.3 or Section 2.4, as the case may be, give details of such request or election including, without limitation, as the case may be, the aggregate principal amount of the Borrowing in such Alternate Currency to be made by each Lender pursuant to the terms of this Agreement or the aggregate principal amount of such LIBO Rate Eurocurrency Loans to be continued by each Lender pursuant to the terms of this Agreement. (b) Each Lender shall be treated as having confirmed that the Alternate Currency requested, or elected by the applicable Borrower to be continued, is Available to it unless no later than 9:00 a.m. on the same day three Business Day Days before the date of the requested Borrowing or the proposed continuation it shall have notified the Revolving Loan Administrative Agent that such Alternate Currency is not Available. (c) In the event that the Revolving Loan Administrative Agent has received notification from any of the Lenders that the Alternate Currency requested or elected by the applicable Borrower to be continued is not Available, then the Revolving Loan Administrative Agent shall notify such Borrower and the Lenders no later than 10:00 a.m. on the same day three Business Day Days before the date of the proposed Borrowing or proposed continuation. (d) If the Revolving Loan Administrative Agent notifies a Borrower pursuant to clause (c) above that any of the Lenders has notified the Revolving Loan Administrative Agent that the Alternate Currency requested or elected by such Borrower to be continued or converted is not Available, such notification shall (i) in the case of any Borrowing Request, revoke such Borrowing Request and (ii) in the case of any Continuation/Conversion Notice, such continuation/conversion with respect thereto shall be deemed withdrawn and such Alternate Currency Loans shall be redenominated into Base Rate Loans. The Revolving Loan Administrative Agent will promptly notify the Borrowers and the Lenders of any such redenomination and in such notice by the Revolving Loan Administrative Agent to each Lender the Revolving Loan Administrative Agent will state the aggregate Dollar Equivalent amount of the redenominated Alternate Currency Loans as of the Revaluation Date with respect thereto and such Lender’s Revolving Loan Percentage thereof. (e) Notwithstanding anything herein to the contrary, during the existence of an Event of Default, upon the request of the Lenders holding in excess of 50% of the Revolving Loan CommitmentsRequired Lenders, all or any part of any outstanding Alternate Currency Loans shall be redenominated and converted into Base Rate Loans on the last day of the Interest Period with respect to any such Alternate Currency Loans. The Revolving Loan Administrative Agent will promptly notify the applicable Borrowers and the applicable Revolving Loan Lenders Lenders, as the case may be, of any such redenomination and conversion request.

Appears in 1 contract

Sources: Credit Agreement (Ferro Corp)

Alternate Currency Loans. (a) If any Borrower requests a Each Borrowing in of Alternate Currency Loans and each continuation of an Alternate Currency, or if pursuant to any Continuation/Conversion Notice a Borrower elects to continue any LIBO Currency Term Rate Loan denominated shall be made upon the Borrower’s irrevocable notice to the Administrative Agent, which may be given by (A) telephone or (B) a Notice of Borrowing; provided that any telephonic notice must be confirmed immediately by delivery to the Administrative Agent of a Notice of Borrowing. Each such Notice of Borrowing must be received by the Administrative Agent not later than 11:00 a.m. three Business Days (or five Business Days in the case of a Special Notice Currency) prior to the requested date of any Borrowing or, in the case of Alternate Currency Term Rate Loans, any continuation; provided, however, that if the Borrower wishes to request Alternate Currency Term Rate Loans having an Interest Period other than one, three or six months in duration as provided in the definition of “Interest Period,” the applicable notice must be received by the Administrative Agent not later than 11:00 a.m. five Business Days (or six Business Days in the case of a Special Notice Currency) prior to the requested date of such Borrowing or continuation of Alternate CurrencyCurrency Term Rate Loans, whereupon the Revolving Loan Administrative Agent shall give prompt notice to the Lenders of such request and determine whether the requested Interest Period is acceptable to all of them. Not later than 11:00 a.m., four Business Days (or five Business Days in the notice given case of a Special Notice Currency) prior to the Revolving Loan Lenders pursuant requested date of such Borrowing or continuation of Alternate Currency Term Rate Loans, the Administrative Agent shall notify the Borrower (which notice may be by telephone) whether or not the requested Interest Period has been consented to Section 2.3 by all the Lenders. Each Borrowing of or Section 2.4continuation of Alternate Currency Loans shall be in a principal amount of the Dollar Equivalent of $3,000,000 or a whole multiple of the Dollar Equivalent of $100,000 in excess thereof. Each Notice of Borrowing shall specify (i) whether the Borrower is requesting a Borrowing or a continuation of Alternate Currency Term Rate Loans, (ii) the requested date of the Borrowing or continuation, as the case may bebe (which shall be a Business Day), give details of such request or election including, without limitation, as (iii) the case may be, the aggregate currency and principal amount of the Borrowing in such Alternate Currency to be made by each Lender pursuant to the terms of this Agreement or the aggregate principal amount of such LIBO Rate Loans to be continued by each Lender pursuant to borrowed or continued, (iv) the terms Type of this Agreement. (b) Each Lender shall be treated as having confirmed that the Alternate Currency requested, or elected by the applicable Borrower Loans to be continued, is Available to it unless no later than 9:00 a.m. on the same Business Day of the requested Borrowing or the proposed continuation it shall have notified the Revolving Loan Administrative Agent that such Alternate Currency is not Available. (c) In the event that the Revolving Loan Administrative Agent has received notification from any of the Lenders that the Alternate Currency requested or elected by the applicable Borrower to be continued is not Available, then the Revolving Loan Administrative Agent shall notify such Borrower and the Lenders no later than 10:00 a.m. on the same Business Day of the proposed Borrowing or proposed continuation. (d) If the Revolving Loan Administrative Agent notifies a Borrower pursuant to clause (c) above that any of the Lenders has notified the Revolving Loan Administrative Agent that the Alternate Currency requested or elected by such Borrower to be continued or converted is not Available, such notification shall (i) in the case of any Borrowing Request, revoke such Borrowing Request borrowed and (iiv) in if applicable, the case of any Continuation/Conversion Notice, such continuation/conversion with respect thereto shall be deemed withdrawn and such Alternate Currency Loans shall be redenominated into Base Rate Loans. The Revolving Loan Administrative Agent will promptly notify the Borrowers and the Lenders of any such redenomination and in such notice by the Revolving Loan Administrative Agent to each Lender the Revolving Loan Administrative Agent will state the aggregate Dollar Equivalent amount of the redenominated Alternate Currency Loans as of the Revaluation Date with respect thereto and such Lender’s Percentage thereof. (e) Notwithstanding anything herein to the contrary, during the existence of an Event of Default, upon the request of the Lenders holding in excess of 50% of the Revolving Loan Commitments, all or any part of any outstanding Alternate Currency Loans shall be redenominated and converted into Base Rate Loans on the last day duration of the Interest Period with respect thereto. If the Borrower fails to specify a currency in a Notice of Borrowing requesting a Borrowing, then the Loans so requested shall be made in Dollars. If the Borrower fails to specify a Type of Loan in a Notice of Borrowing or if such Borrower fails to give a timely notice requesting a continuation, then the applicable Loans shall be made as Base Rate Loans denominated in Dollars; provided, however, that in the case of a failure to timely request a continuation of Alternate Currency Term Rate Loans, such Loans shall be continued as Alternate Currency Term Rate Loans in their original currency with an Interest Period of one (1) month. If the Borrower requests a Borrowing of or continuation of Alternate Currency Term Rate Loans in any such Notice of Borrowing, but fails to specify an Interest Period, it will be deemed to have specified an Interest Period of one month. Except as otherwise specified in the Credit Agreement, no Alternate Currency Loan may be converted into or continued as a Loan denominated in a different currency, but instead must be repaid in the original currency of such Alternate Currency Loans. The Revolving Loan Administrative Agent will promptly notify and reborrowed in the applicable Borrowers and the Revolving Loan Lenders of any such redenomination and conversion requestother currency.

Appears in 1 contract

Sources: Credit Agreement (Erp Operating LTD Partnership)

Alternate Currency Loans. (a) If any Borrower requests a Borrowing in an Alternate Currency, or if pursuant to any Continuation/Conversion Notice a Borrower elects to continue any LIBO Rate Loan denominated in an Alternate Currency, the Revolving Loan Administrative Agent shall in the notice given to the Original Revolving Loan Lenders and/or the Extended Revolving Loan Lenders, pursuant to Section 2.3 or Section 2.4, as the case may be, give details of such request or election including, without limitation, as the case may be, the aggregate principal amount of the Borrowing in such Alternate Currency to be made by each Lender pursuant to the terms of this Agreement or the aggregate principal amount of such LIBO Rate Loans to be continued by each Lender pursuant to the terms of this Agreement. (b) Each Lender shall be treated as having confirmed that the Alternate Currency requested, or elected by the applicable Borrower to be continued, is Available to it unless no later than 9:00 a.m. on the same Business Day of the requested Borrowing or the proposed continuation it shall have notified the Revolving Loan Administrative Agent that such Alternate Currency is not Available. (c) In the event that the Revolving Loan Administrative Agent has received notification from any of the Lenders that the Alternate Currency requested or elected by the applicable Borrower to be continued is not Available, then the Revolving Loan Administrative Agent shall notify such Borrower and the Lenders no later than 10:00 a.m. on the same Business Day of the proposed Borrowing or proposed continuation. (d) If the Revolving Loan Administrative Agent notifies a Borrower pursuant to clause (c) above that any of the Lenders has notified the Revolving Loan Administrative Agent that the Alternate Currency requested or elected by such Borrower to be continued or converted is not Available, such notification shall (i) in the case of any Borrowing Request, revoke such Borrowing Request and (ii) in the case of any Continuation/Conversion Notice, such continuation/conversion with respect thereto shall be deemed withdrawn and such Alternate Currency Loans shall be redenominated into Base Rate Loans. The Revolving Loan Administrative Agent will promptly notify the Borrowers and the Lenders of any such redenomination and in such notice by the Revolving Loan Administrative Agent to each Lender the Revolving Loan Administrative Agent will state the aggregate Dollar Equivalent amount of the redenominated Alternate Currency Loans as of the Revaluation Date with respect thereto and such Lender’s Percentage thereof. (e) Notwithstanding anything herein to the contrary, during the existence of an Event of Default, upon the request of the Lenders holding in excess of 50% of the Revolving Loan Commitments, all or any part of any outstanding Alternate Currency Loans shall be redenominated and converted into Base Rate Loans on the last day of the Interest Period with respect to any such Alternate Currency Loans. The Revolving Loan Administrative Agent will promptly notify the applicable Borrowers and the applicable Revolving Loan Lenders Lenders, as the case may be, of any such redenomination and conversion request.

Appears in 1 contract

Sources: Credit Agreement (Ferro Corp)