Continuation and Conversion. The Borrower shall have the option, on any Business Day, to extend existing Loans into a subsequent permissible Interest Period or to convert Loans into Loans of another interest rate type; provided, however, that (i) except as provided in Section 4.3, LIBOR Rate Loans may be converted into Prime Rate Loans or extended as LIBOR Rate Loans for new Interest Periods only on the last day of the Interest Period applicable thereto, (ii) without the consent of the Required Lenders, LIBOR Rate Loans may be extended, and Prime Rate Loans may be converted into LIBOR Rate Loans, only if the conditions precedent set forth in Section 5.3 are satisfied on the date of continuation or conversion, and (iii) Loans converted into LIBOR Rate Loans shall be in the minimum principal amount of $5,000,000 or in integral multiple of $500,000 in excess thereof. Each such continuation or conversion shall be effected by the Borrower by giving a Notice of Continuation/Conversion (or telephonic notice promptly confirmed in writing) to Administrative Agent prior to 11:00 a.m. (Tulsa, Oklahoma time) on the Business Day of, in the case of the conversion of a LIBOR Rate Loan into a Prime Rate Loan, and on the third Business Day prior to, in the case of the continuation of a LIBOR Rate Loan as, or conversion of a Prime Rate Loan into, a LIBOR Rate Loan, the date of the proposed continuation or conversion, specifying the date of the proposed continuation or conversion, the Loans to be so continued or converted, the types of Loans into which such Loans are to be converted and, if appropriate, the applicable Interest Periods with respect thereto. If the Borrower shall fail to specify the applicable Interest Period in the case of a request for continuation of a LIBOR Rate Loan as, or conversion of a Prime Rate Loan into, a LIBOR Rate Loan, the Borrower shall be deemed to have requested an Interest Period of 30 days. Each request for continuation or conversion shall be irrevocable and shall constitute a representation and warranty by the Borrower of the matters specified in
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Continuation and Conversion. The Borrower shall have the option, on any Business Day, to extend existing Loans into a subsequent permissible Interest Period or to convert Loans into Loans of another interest rate type; provided, however, that (i) except as -------- ------- provided in Section 4.33.8, LIBOR Rate Eurodollar Loans may be converted into Prime Base Rate Loans or extended as LIBOR Rate Eurodollar Loans for new Interest Periods only on the last day of the Interest Period applicable thereto, (ii) without the consent of the Required Lenders, LIBOR Rate Eurodollar Loans may be extended, and Prime Base Rate Loans may be converted into LIBOR Rate Eurodollar Loans, only if the conditions precedent set forth in Section 5.3 5.2 are satisfied on the date of continuation Continuation or conversionConversion, and (iii) Loans extended as, or converted into LIBOR Rate into, Eurodollar Loans shall be subject to the terms of the definition of "Interest Period" and shall be in such minimum amounts as provided in Section 2.2(b), (iv) no more than ten (10) Eurodollar Loans which comprise Revolving Loans, no more than five (5) Eurodollar Loans which comprise the minimum principal amount Asset Sale Loan, no more than five (5) Eurodollar Loans which comprise the Tranche A Term Loan and no more than five (5) Eurodollar Loans which comprise the Tranche B Term Loan shall be outstanding hereunder at any time (it being understood that, for purposes hereof, Eurodollar Loans with different Interest Periods shall be considered as separate Eurodollar Loans, even if they begin on the same date, although borrowings, Continuations and Conversions may, in accordance with the provisions hereof, be combined at the end of $5,000,000 existing Interest Periods to constitute a new Eurodollar Loan with a single Interest Period) and (v) any request for Continuation or in integral multiple Conversion of $500,000 in excess thereofa Eurodollar Loan which shall fail to specify an Interest Period shall be deemed to be a request for an Interest Period of one (1) month. Each such continuation Continuation or conversion Conversion shall be effected by the Borrower by giving a Notice of ContinuationExtension/Conversion (or telephonic notice promptly confirmed in writing) to the office of the Administrative Agent specified in Schedule 2.1, or at such other office as the Administrative Agent ------------ may designate in writing, prior to 11:00 a.m. A.M. (TulsaCharlotte, Oklahoma North Carolina time) on the Business Day of, in the case of the conversion Conversion of a LIBOR Rate Eurodollar Loan into a Prime Base Rate Loan, and on the third Business Day prior to, in the case of the continuation Continuation of a LIBOR Rate Eurodollar Loan as, or conversion Conversion of a Prime Base Rate Loan into, a LIBOR Rate Eurodollar Loan, the date of the proposed continuation Continuation or conversionConversion, specifying the date of the proposed continuation Continuation or conversionConversion, the Loans to be so continued Continued or convertedConverted, the types of Loans into which such Loans are to be converted Converted and, if appropriate, the applicable Interest Periods with respect thereto. If the Borrower shall fail to specify the applicable Interest Period in the case of a request for continuation of a LIBOR Rate Loan as, or conversion of a Prime Rate Loan into, a LIBOR Rate Loan, the Borrower shall be deemed to have requested an Interest Period of 30 days. Each request for continuation Continuation or conversion Conversion shall be irrevocable and shall constitute a representation and warranty by the Borrower of the matters specified inin subsections (a), (b), (c), (d) and (e) of Section 5.2. In the event the Borrower fails to request Continuation or Conversion of any Eurodollar Loan in accordance with this Section, or any such Conversion or Continuation is not permitted or required by this Section, then such Eurodollar Loan shall be automatically Converted into a Base Rate Loan at the end of the Interest Period applicable thereto. The Administrative Agent shall give each Lender notice as promptly as practicable of any such proposed extension or conversion affecting any Loan.
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Continuation and Conversion. The Borrower Company shall have the option, on any Business Day, to extend existing Loans into a subsequent permissible Interest Period or to convert Loans into Loans of another interest rate type; provided, however, that (i) except as provided in Section 4.33.8, LIBOR Rate Eurocurrency Loans may be converted into Prime Base Rate Loans or extended as LIBOR Rate Eurocurrency Loans for new Interest Periods only on the last day of the Interest Period applicable thereto, (ii) without the consent of the Required Lenders, LIBOR Rate Eurocurrency Loans may be extended, and Prime Base Rate Loans may be converted into LIBOR Rate Eurocurrency Loans, only if the conditions precedent set forth in Section 5.3 5.2 are satisfied on the date of continuation Continuation or conversionConversion, and (iii) Loans extended as, or converted into LIBOR Rate into, Eurocurrency Loans shall be subject to the terms of the definition of "Interest Period" and shall be in the such minimum principal amount amounts as provided in Section 2.2(b), and (iv) any request for Continuation or Conversion of $5,000,000 or in integral multiple a Eurocurrency Loan which shall fail to specify an Interest Period shall be deemed to be a request for an Interest Period of $500,000 in excess thereofone month. Each such continuation Continuation or conversion Conversion shall be effected by the Borrower Company by giving a Notice of Continuation/Conversion (or telephonic notice promptly confirmed in writing) to the office of the Administrative Agent specified in Section 11.1, or at such other office as the Administrative Agent may designate in writing, prior to 11:00 a.m. A.M. (TulsaCharlotte, Oklahoma North Carolina time), (x) on the Business Day ofof the requested Continuation or Conversion, in the case of the conversion Conversion of a LIBOR Rate Eurocurrency Loan into a Prime Base Rate Loan, Loan and (y) on the third Business Day prior toto the date of the requested Continuation or Conversion, in the case of the continuation Continuation of a LIBOR Rate Eurocurrency Loan as, or conversion Conversion of a Prime Base Rate Loan into, a LIBOR Rate Eurocurrency Loan. The Notice of Continuation/Conversion shall specify the date of the proposed Continuation or Conversion, the date of the proposed continuation Continuation or conversion, specifying the date of the proposed continuation or conversionConversion, the Loans to be so continued extended or converted, the types of Loans into which such Loans are to be converted converted, and, if appropriate, the applicable Interest Periods with respect thereto. If the Borrower shall fail to specify the applicable Interest Period in the case of a request for continuation of a LIBOR Rate Loan as, or conversion of a Prime Rate Loan into, a LIBOR Rate Loan, the Borrower shall be deemed to have requested an Interest Period of 30 days. Each request for continuation Continuation or conversion Conversion shall be irrevocable and shall constitute a representation and warranty by the Borrower Company of the matters specified inin Section 5.2. In the event the Company fails to request Continuation or Conversion of any Eurocurrency Loan in accordance with this Section, or any such Conversion or Continuation is not permitted or required by this Section, then such Eurocurrency Loan shall be automatically converted into a Base Rate Loan at the end of the Interest Period applicable thereto. The Administrative Agent shall give each Lender notice as promptly as practicable of any such proposed Continuation or Conversion affecting any Revolving Loan.
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Continuation and Conversion. The Borrower shall have the option, on any Business Day, to extend existing Loans into a subsequent permissible Interest Period or to convert Loans into Loans of another interest rate type; provided, however, that (i) except as -------- provided in Section 4.33.8, LIBOR Rate Eurodollar Loans may be converted into Prime Base Rate Loans or extended as LIBOR Rate Eurodollar Loans for new Interest Periods only on the last day of the Interest Period applicable thereto, (ii) without the consent of the Required Lenders, LIBOR Rate Eurodollar Loans may be extended, and Prime Base Rate Loans may be converted into LIBOR Rate Eurodollar Loans, only if the conditions precedent set forth in Section 5.3 5.2 are satisfied on the date of continuation Continuation or conversionConversion, and (iii) Loans extended as, or converted into LIBOR Rate into, Eurodollar Loans shall be subject to the terms of the definition of "Interest Period" and shall be in the such minimum principal amount amounts as provided in Section 2.2(b), and (iv) any request for Continuation or Conversion of $5,000,000 or in integral multiple a Eurodollar Loan which shall fail to specify an Interest Period shall be deemed to be a request for an Interest Period of $500,000 in excess thereofone month. Each such continuation Continuation or conversion Conversion shall be effected by the Borrower by giving a Notice of Continuation/Conversion (or telephonic notice promptly confirmed in writing) to the office of the Administrative Agent specified in Section 11.1, or at such other office as the Administrative Agent may designate in writing, prior to 11:00 a.m. A.M. (TulsaCharlotte, Oklahoma North Carolina time) ), on the Business Day of, in the case of the conversion Conversion of a LIBOR Rate Eurodollar Loan into a Prime Base Rate Loan, and on the third Business Day prior to, in the case of the continuation Continuation of a LIBOR Rate Eurodollar Loan as, or conversion Conversion of a Prime Base Rate Loan into, a LIBOR Rate Eurodollar Loan, the date of the proposed continuation Continuation or conversionConversion, specifying the date of the proposed continuation Continuation or conversionConversion, the Loans to be so continued extended or converted, the types of Loans into which such Loans are to be converted and, if appropriate, the applicable Interest Periods with respect thereto. If the Borrower shall fail to specify the applicable Interest Period in the case of a request for continuation of a LIBOR Rate Loan as, or conversion of a Prime Rate Loan into, a LIBOR Rate Loan, the Borrower shall be deemed to have requested an Interest Period of 30 days. Each request for continuation Continuation or conversion Conversion shall be irrevocable and shall constitute a representation and warranty by the Borrower of the matters specified inin Section 5.2. In the event the Borrower fails to request Continuation or Conversion of any Eurodollar Loan in accordance with this Section, or any such Conversion or Continuation is not permitted or required by this Section, then such Eurodollar Loan shall be automatically converted into a Base Rate Loan at the end of the Interest Period applicable thereto. The Administrative Agent shall give each Lender notice as promptly as practicable of any such proposed Continuation or Conversion affecting any Revolving Loan.
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Sources: Credit Agreement (Ameripath Inc)