Conversion and Continuation Procedure Sample Clauses
The Conversion and Continuation Procedure clause outlines the steps and requirements for changing the terms of a financial agreement, such as converting a loan from one interest rate type to another or extending its duration. Typically, this clause specifies the notice period, documentation, and any conditions that must be met for a party to initiate a conversion or continuation, and may detail how interest rates or repayment schedules are adjusted as a result. Its core practical function is to provide a clear, standardized process for modifying key aspects of an agreement, thereby reducing uncertainty and ensuring both parties understand how such changes can be made.
Conversion and Continuation Procedure. The Company will give the Agent written notice in the form of Exhibit 2.5 annexed hereto, or telephonic notice (confirmed in writing if the Agent so requests), which notices will be irrevocable, of each conversion of a Variable Rate Loan or continuation of an Adjusted LIBOR Rate Loan not later than 10:00 a.m., Milwaukee time, on a Business Day which is not less than two Business Days before the date of the requested conversion or continuation, specifying (i) the requested date (which must be a Business Day) of such conversion or continuation; (ii) the amount of the Loan to be converted or continued; (iii) whether such Loan currently bears interest at the Variable Rate or the Adjusted LIBOR Rate; and (iv) the duration of the Interest Period to be applicable thereto.
Conversion and Continuation Procedure. The Company will give the Lender written notice in the form of Exhibit 3.05 annexed hereto, or telephonic notice (confirmed in writing if the Lender so requests), which notices will be irrevocable, of each conversion of an Adjusted Base Rate Loan or Adjusted LIBOR Rate Loan or continuation of an Adjusted LIBOR Rate Loan not later than 11:00 a.m., Milwaukee, Wisconsin time, on a Business Day which is not less than three Business Days before the date of the requested conversion or continuation, specifying (i) the requested date (which must be a Business Day) of such conversion or continuation; (ii) the amount of the Loan to be converted or continued; (iii) whether such Loan currently bears interest at the Adjusted Base Rate or the Adjusted LIBOR Rate; and (iv) the duration of the Interest Period to be applicable thereto.
Conversion and Continuation Procedure. The Company will give the Agent written notice in the form of Exhibit 2.5 annexed hereto, or telephonic notice (confirmed in writing if the Agent so requests), which notices will be irrevocable, of each conversion of a Variable Rate Loan or continuation of an Adjusted LIBOR Rate Loan not later than 10:00 a.m., Milwaukee time, on a Business Day which is not less than two Business Days before the date of the requested conversion or continuation, specifying (i) the requested date (which must be a Business Day) of such conversion or continuation; (ii) the amount of the Loan to be converted or continued; (iii) whether such Loan currently bears interest at the Variable Rate or the Adjusted LIBOR Rate; and (iv) the duration of the Interest Period to be applicable thereto. Basis for Determining Interest Rate Inadequate or Unfair. If with respect to an Interest Period for any Adjusted LIBOR Rate Loan: any Bank determines in good faith (which determination will be binding and conclusive on the Company) that by reason of circumstances affecting the London interbank market adequate and reasonable means do not exist for ascertaining the applicable Adjusted LIBOR Rate; or any Bank reasonably determines (which determination will be binding and conclusive on the Company) that the Adjusted LIBOR Rate will not adequately and fairly reflect the cost of maintaining or funding such Adjusted LIBOR Rate Loan for such Interest Period, or that the making or funding of Adjusted LIBOR Rate Loans has become impracticable as a result of an event occurring after the date of this Agreement which in the opinion of such Bank materially affects Adjusted LIBOR Rate Loans; then, [a] such Bank will promptly notify the Company thereof, and [b] so long as such circumstances continue, such Bank will not be under any obligation to make any new Adjusted LIBOR Rate Loan so affected.
Conversion and Continuation Procedure. Borrower will give Lender written notice in the form of Exhibit 3.05 annexed hereto, which notices will be irrevocable, of each conversion of a CBFR Rate Loan or continuation of a LIBOR Rate Loan not later than 11:00 a.m., San Francisco time, on a Business Day which is not less than three Business Days before the date of the requested conversion or continuation, specifying (i) the requested date (which must be a Business Day) of such conversion or continuation; (ii) the amount of the loan to be converted or continued; (iii) whether such loan currently bears interest at the CBFR Rate minus the Applicable Margin or the Adjusted LIBOR Rate; and (iv) the duration of the Interest Period to be applicable thereto.
Conversion and Continuation Procedure. Except for an automatic renewal of a SOFR Loan as contemplated by Section 3.04, the Company will give the Lender written notice in the form of Exhibit 3.05 annexed hereto, or telephonic notice (confirmed in writing if the Lender so requests), which notices will be irrevocable, of each conversion of an Adjusted Base Rate Loan or SOFR Loan or continuation of a SOFR Loan not later than 11:00 a.m., Milwaukee, Wisconsin time, on a Business Day which is not less than three Business Days before the date of the requested conversion or continuation, specifying (i) the requested date (which must be a Business Day) of such conversion or continuation; (ii) the amount of the Loan to be converted or continued; (iii) whether such Loan currently bears interest at the Adjusted Base Rate or Term SOFR; and (iv) the duration of the Interest Period to be applicable thereto (each, an “Interest Election Request”).
Conversion and Continuation Procedure. The Borrower will give ------------------------------------- the Bank irrevocable notice of each conversion of a Floating Rate Loan or continuation of a LIBOR Rate Loan not later than 11:00 a.m., Milwaukee time, two banking days prior to the date of the requested conversion or continuation, specifying (i) the requested date of such conversion or continuation; (ii) the amount of the advance to be converted or continued; (iii) the rate of interest selected; (iv) the amount of the LIBOR Rate Loan into which such loan is to be converted or continued; and (v) the duration of the interest period applicable thereto.