Common use of Conversion Clause in Contracts

Conversion. So long as no Event of Default shall have occurred and be continuing, Borrower may on any Business Day, upon Borrower's giving of a Notice of Conversion to Agent, Convert the entire amount of all or a portion of a Loan of one Type into a Loan of another Type. Promptly after receipt of a Notice of Conversion, Agent shall notify each Lender by telex or telecopy, or other similar form of transmission of the proposed Conversion. Any Conversion of a LIBOR Loan into a Base Rate Loan shall be made on, and only on, the last day of an Interest Period for such LIBOR Loan. Each such Notice of Conversion shall be given not later than 12:00 noon on the Business Day prior to the date of any proposed Conversion into Base Rate Loans and on the third Business Day prior to the date of any proposed Conversion into LIBOR Loans. Subject to the restrictions specified above, each Notice of Conversion shall be by telephone or telecopy confirmed immediately in writing if by telephone in the form of a Notice of Conversion specifying (a) the requested date of such Conversion, (b) the Type of Loan to be Converted, (c) the portion of such Type of Loan to be Converted, (d) the Type of Loan such Loan is to be Converted into and (e) if such Conversion is into a LIBOR Loan, the requested duration of the Interest Period of such Loan. Each Notice of Conversion shall be irrevocable by and binding on Borrower once given. Each Conversion from a Base Rate Loan to a LIBOR Loan shall be in an aggregate amount for the Loans of all Lenders of not less than $1,000,000 or integral multiples of $500,000 in excess of that amount.

Appears in 5 contracts

Sources: Credit Agreement (Security Capital Group Inc/), Credit Agreement (Security Capital Group Inc/), Credit Agreement (Security Capital Group Inc/)

Conversion. So long as no Default or Event of Default shall have occurred and be continuing, the Borrower may on any Business Day, upon the Borrower's giving of a Notice of Conversion to the Agent, Convert the entire amount of all or a portion of a Loan of one Type into a Loan of another Type. Promptly after receipt of a Notice of Conversion, Agent shall notify each Lender by telex or telecopy, or other similar form of transmission of the proposed Conversion. Any Conversion of a LIBOR Loan into a Base Rate Loan shall be made on, and only on, the last day of an Interest Period for such LIBOR Loan and, upon Conversion of a Base Rate Loan into a LIBOR Loan, the Borrower shall pay accrued interest to the date of Conversion on the principal amount so Converted. Each such Notice of Conversion shall be given not later than 12:00 noon 11:00 a.m. on the Business Day prior to the date of any proposed Conversion into Base Rate Loans and on the third Business Day prior to the date of any proposed Conversion into LIBOR Loans. Promptly after receipt of a Notice of Conversion, the Agent shall notify each Lender by telecopy, or other similar form of transmission, of the proposed Conversion. Subject to the restrictions specified above, each Notice of Conversion shall be by telephone or telecopy (confirmed immediately in writing if by telephone writing) or telecopy in the form of a Notice of Conversion specifying (a) the requested date of such Conversion, (b) the Type of Loan to be Converted, (c) the portion of such Type of Loan to be Converted, (d) the Type of Loan such Loan is to be Converted into and (e) if such Conversion is into a LIBOR Loan, the requested duration of the Interest Period of such Loan. Each Notice of Conversion shall be irrevocable by and binding on the Borrower once given. Each Conversion from a Base Rate Loan to a LIBOR Loan shall be in an aggregate amount for the Loans of all Lenders of not less than $1,000,000 or integral multiples of $500,000 in excess of that amount.

Appears in 5 contracts

Sources: Credit Agreement (HRPT Properties Trust), Credit Agreement (Post Apartment Homes Lp), Credit Agreement (Post Apartment Homes Lp)

Conversion. So long as no Default or Event of Default shall have occurred and be continuing, the Borrower may on any Business Day, upon the Borrower's ’s giving of a Notice of Conversion to the Agent, Convert the entire amount of all or a portion of a Loan of one Type into a Loan of another Type. Promptly after receipt of a Notice of Conversion, Agent shall notify each Lender by telex or telecopy, or other similar form of transmission of the proposed Conversion. Any Conversion of a LIBOR Rate Loan into a Base Rate Loan shall be made on, and only on, the last day of an Interest Period for such LIBOR Rate Loan and, upon Conversion of a Base Rate Loan into a LIBOR Rate Loan, the Borrower shall pay accrued interest to the date of Conversion on the principal amount so Converted. Each such Notice of Conversion shall be given not later than 12:00 noon 11:00 a.m. on the Business Day prior to the date of any proposed Conversion into Base Rate Loans and on the third (3rd) Business Day prior to the date of any proposed Conversion into LIBOR Rate Loans. Promptly after receipt of a Notice of Conversion, the Agent shall notify each applicable Lender by telecopy, or other similar form of transmission, of the proposed Conversion. Subject to the restrictions specified above, each Notice of Conversion shall be by telephone or telecopy (confirmed immediately in writing if by telephone writing) or telecopy in the form of a Notice of Conversion specifying (a) the requested date of such Conversion, (b) the Type of Loan to be Converted, (c) the portion of such Type of Loan to be Converted, (d) the Type of Loan such Loan is to be Converted into and (e) if such Conversion is into a LIBOR Rate Loan, the requested duration of the Interest Period of such Loan. Each Notice of Conversion shall be irrevocable by and binding on the Borrower once given. Each Conversion from a Base Rate Loan to a LIBOR Loan shall be in an aggregate amount for the Loans of all Lenders of not less than $1,000,000 or integral multiples of $500,000 in excess of that amount.

Appears in 5 contracts

Sources: Term Loan Agreement, Term Loan Agreement, Term Loan Agreement (Columbia Property Trust, Inc.)

Conversion. So long as no Event of Default shall have occurred and be continuing, The Borrower may on any Business Day, upon the Borrower's ’s giving of a Notice of Conversion to Agentthe Administrative Agent by telecopy, electronic mail or other similar form of communication, Convert the entire amount of all or a portion of a Revolving Loan or Term Loan of one Type into a Revolving Loan or Term Loan, as applicable, of another Type. Promptly after receipt of a Notice of Conversion; provided, Agent shall notify each Lender by telex or telecopyhowever, or other similar form of transmission of the proposed Conversion. Any Conversion of a LIBOR Loan into a Base Rate Loan may not be Converted into a LIBOR Loan if a Default or Event of Default exists. Each Conversion of Base Rate Loans into LIBOR Loans shall be made on, in an aggregate minimum amount of $1,000,000 and only on, the last day integral multiples of an Interest Period for such LIBOR Loan$1,000,000 in excess of that amount. Each such Notice of Conversion shall be given not later than 12:00 noon on the 10:00 a.m. Eastern time 3 Business Day Days prior to the date of any proposed Conversion. Promptly after receipt of a Notice of Conversion, the Administrative Agent shall notify each Revolving Lender, in the case of a Conversion into Base Rate Loans of Revolving Loans, and on each Term Loan Lender, in the third Business Day prior to case of a Conversion of Term Loans, of the date of any proposed Conversion into LIBOR LoansConversion. Subject to the restrictions specified above, each Notice of Conversion shall be by telephone telecopy, electronic mail or telecopy confirmed immediately in writing if by telephone other similar form of communication in the form of a Notice of Conversion specifying (a) whether the Loans being Converted are Revolving Loans or Term Loans, (b) the requested date of such Conversion, (bc) the Type of Loan to be Converted, (cd) the portion of such Type of Loan to be Converted, (de) the Type of Loan such Loan is to be Converted into and (ef) if such Conversion is into a LIBOR Loan, the requested duration of the Interest Period of such Loan. Each Notice of Conversion shall be irrevocable by and binding on the Borrower once given. Each Conversion from a Base Rate Loan to a LIBOR Loan shall be in an aggregate amount for the Loans of all Lenders of not less than $1,000,000 or integral multiples of $500,000 in excess of that amount.

Appears in 5 contracts

Sources: Credit Agreement (Service Properties Trust), Credit Agreement (Service Properties Trust), Credit Agreement (Service Properties Trust)

Conversion. So long as no Default or Event of Default shall have occurred and be continuingexists, the Borrower may on any Business Day, upon the Borrower's ’s giving of a Notice of Conversion to Agentthe Administrative Agent by telecopy, electronic mail or other similar form of communication, Convert the entire amount of all or a portion of a Loan of one Type into a Loan of another Type. Promptly after receipt of a Notice of Conversion, Agent shall notify each Lender by telex or telecopy, or other similar form of transmission of the proposed Conversion. Any Conversion of a LIBOR Loan into a Base Rate Loan shall be made on, and only on, the last day of an Interest Period for such LIBOR Loan and, upon Conversion of a Base Rate Loan into a LIBOR Loan, the Borrower shall pay accrued interest to the date of Conversion on the principal amount so Converted in accordance with Section 2.4. Each such Notice of Conversion shall be given not later than 12:00 noon on the 9:00 a.m. one Business Day prior to the date of any proposed Conversion into Base Rate Loans and on the third 3 Business Day Days prior to the date of any proposed Conversion into LIBOR Loans. Promptly after receipt of a Notice of Conversion, the Administrative Agent shall notify each Lender of the proposed Conversion. Subject to the restrictions specified above, each Notice of Conversion shall be by telephone telecopy, electronic mail or telecopy confirmed immediately in writing if by telephone other similar form of communication in the form of a Notice of Conversion specifying (a) the requested date of such Conversion, (b) the Type of Loan to be Converted, (c) the portion of such Type of Loan to be Converted, (d) the Type of Loan such Loan is to be Converted into and (e) if such Conversion is into a LIBOR Loan, the requested duration of the Interest Period of such Loan. Each Notice of Conversion shall be irrevocable by and binding on the Borrower once given. Each Conversion from a Base Rate Loan to a LIBOR Loan shall be in an aggregate amount for the Loans of all Lenders of not less than $1,000,000 or integral multiples of $500,000 in excess of that amount.

Appears in 5 contracts

Sources: Credit Agreement (National Retail Properties, Inc.), Credit Agreement, Credit Agreement (National Retail Properties, Inc.)

Conversion. So long as no Default or Event of Default shall have occurred and be continuingexist, the Borrower may on any Business Day, upon the Borrower's ’s giving of a Notice of Conversion to the Agent, Convert the entire amount of all or a portion of a Loan of one Type into a Loan of another Type. Promptly after receipt of a Notice of Conversion, Agent shall notify each Lender by telex or telecopy, or other similar form of transmission of the proposed Conversion. Any Conversion of a LIBOR Loan into a Base Rate Loan shall be made on, and only on, the last day of an Interest Period for such LIBOR Loan and, upon Conversion of a Base Rate Loan into a LIBOR Loan, the Borrower shall pay accrued interest to the date of Conversion on the principal amount so Converted. Each such Notice of Conversion shall be given not later than 12:00 noon 11:00 a.m. on the Business Day prior to the date of any proposed Conversion into Base Rate Loans and on the third Business Day prior to the date of any proposed Conversion into LIBOR Loans. Promptly after receipt of a Notice of Conversion, the Agent shall notify each Lender by telecopy, or other similar form of transmission, of the proposed Conversion. Subject to the restrictions specified above, each Notice of Conversion shall be by telephone or telecopy (confirmed immediately in writing if by telephone writing) or telecopy in the form of a Notice of Conversion specifying (a) the requested date of such Conversion, (b) the Type of Loan to be Converted, (c) the portion of such Type of Loan to be Converted, (d) the Type of Loan such Loan is to be Converted into and (e) if such Conversion is into a LIBOR Loan, the requested duration of the Interest Period of such Loan. Each Notice of Conversion shall be irrevocable by and binding on the Borrower once given. Each Conversion from a Base Rate Loan to a LIBOR Loan shall be in an aggregate amount for the Loans of all Lenders of not less than $1,000,000 or integral multiples of $500,000 in excess of that amount.

Appears in 4 contracts

Sources: Term Loan Agreement (UDR, Inc.), Credit Agreement (UDR, Inc.), Credit Agreement (United Dominion Realty Trust Inc)

Conversion. So long as no Default or Event of Default shall have occurred and be continuingexists, the Borrower may on any Business Day, upon the Borrower's ’s giving of a Notice of Conversion to Agentthe Administrative Agent by telecopy, electronic mail or other similar form of communication, Convert the entire amount of all or a portion of a Loan of one Type into a Loan of another Type. Promptly after receipt Each Conversion of Base Rate Loans into LIBOR Loans shall be in an aggregate minimum amount of $1,000,000 and integral multiples of $100,000 in excess of that amount, and upon Conversion of a Notice Base Rate Loan into a LIBOR Loan, the Borrower shall pay accrued interest to the date of Conversion, Agent shall notify each Lender by telex or telecopy, or other similar form of transmission of Conversion on the proposed Conversionprincipal amount so Converted in accordance with Section 2.6. Any Conversion of a LIBOR Loan into a Base Rate Loan shall be made on, and only on, the last day of an Interest Period for such LIBOR Loan. Each such Notice of Conversion shall be given not later than 12:00 noon on the 11:00 a.m. Central time three (3) Business Day Days prior to the date of any proposed Conversion into Base Rate Loans and on the third Business Day prior to the date of any proposed Conversion into or LIBOR Loans. Promptly after receipt of a Notice of Conversion, the Administrative Agent shall notify each Lender of the proposed Conversion. Subject to the restrictions specified above, each Notice of Conversion shall be by telephone telecopy, electronic mail or telecopy confirmed immediately in writing if by telephone other similar form of communication in the form of a Notice of Conversion specifying (a) the requested date of such Conversion, (b) the Type of Loan to be Converted, (c) the portion of such Type of Loan to be Converted, (d) the Type of Loan such Loan is to be Converted into and (e) if such Conversion is into a LIBOR Loan, the requested duration of the Interest Period of such Loan. Notwithstanding the foregoing, the Administrative Agent is authorized to rely upon the telephonic request of any of the Borrower’s Agents. The Borrower’s telephonic notices, requests and acceptances shall be directed to such officers of the Administrative Agent as the Administrative Agent may from time to time designate and shall be followed promptly by the original or a facsimile or electronic mail Notice of Conversion required pursuant to the first sentence of this Section 2.12. Each Notice of Conversion shall be irrevocable by and binding on the Borrower once given. Each Conversion from a Base Rate Loan to a LIBOR Loan shall be in an aggregate amount for the Loans of all Lenders of not less than $1,000,000 or integral multiples of $500,000 in excess of that amount.

Appears in 4 contracts

Sources: Term Loan Agreement (Chesapeake Lodging Trust), Credit Agreement (Chesapeake Lodging Trust), Term Loan Agreement (Chesapeake Lodging Trust)

Conversion. So long as no Default or Event of Default shall have occurred and be continuingexists, the Borrower may on any Business Day, upon the Borrower's ’s giving of a Notice of Conversion to the Agent, Convert the entire amount of all or a portion of a Loan of one Type into a Loan of another Type. Promptly after receipt of a Notice of Conversion, Agent shall notify each Lender by telex or telecopy, or other similar form of transmission of the proposed Conversion. Any Conversion of a LIBOR Loan into a Base Rate Loan shall be made on, and only on, the last day of an Interest Period for such LIBOR Loan and, upon Conversion of a Base Rate Loan into a LIBOR Loan, the Borrower shall pay accrued interest to the date of Conversion on the principal amount so Converted. Each such Notice of Conversion shall be given not later than 12:00 noon on the 9:00 a.m. one Business Day prior to the date of any proposed Conversion into Base Rate Loans and on the third three Business Day Days prior to the date of any proposed Conversion into LIBOR Loans. Promptly after receipt of a Notice of Conversion, the Agent shall notify each Lender by telecopy, electronic mail or other similar form of transmission of the proposed Conversion. Subject to the restrictions specified above, each Notice of Conversion shall be by telephone or telecopy confirmed immediately in writing if by telephone in the form of a Notice of Conversion specifying (a) the requested date of such Conversion, (b) the Type of Loan to be Converted, (c) the portion of such Type of Loan to be Converted, (d) the Type of Loan such Loan is to be Converted into and (e) if such Conversion is into a LIBOR Loan, the requested duration of the Interest Period of such Loan. Each Notice of Conversion shall be irrevocable by and binding on the Borrower once given. Each Conversion from a Base Rate Loan to a LIBOR Loan shall be in an aggregate amount for the Loans of all Lenders of not less than $1,000,000 or integral multiples of $500,000 in excess of that amount.

Appears in 4 contracts

Sources: Credit Agreement (Regency Centers Lp), Credit Agreement (Regency Centers Lp), Credit Agreement (Regency Centers Corp)

Conversion. So long as no Default or Event of Default shall have occurred and be continuingexists, the Borrower may on any Business Day, upon the Borrower's ’s giving of a Notice of Conversion to Agentthe Administrative Agent by telecopy, electronic mail or other similar form of communication, Convert the entire amount of all or a portion of a Loan of one Type into a Loan of another Type. Promptly after receipt Each Conversion of Base Rate Loans into LIBOR Loans shall be in an aggregate minimum amount of $1,000,000 and integral multiples of $100,000 in excess of that amount, and upon Conversion of a Notice Base Rate Loan into a LIBOR Loan, the Borrower shall pay accrued interest to the date of Conversion, Agent shall notify each Lender by telex or telecopy, or other similar form of transmission of Conversion on the proposed Conversionprincipal amount so Converted in accordance with Section 2.6. Any Conversion of a LIBOR Loan into a Base Rate Loan shall be made on, and only on, the last day of an Interest Period for such LIBOR Loan. Each such Notice of Conversion shall be given not later than 12:00 noon on the 9:00 a.m. three (3) Business Day Days prior to the date of any proposed Conversion into Base Rate Loans and on the third Business Day prior to the date of any proposed Conversion into or LIBOR Loans. Promptly after receipt of a Notice of Conversion, the Administrative Agent shall notify each Lender of the proposed Conversion. Subject to the restrictions specified above, each Notice of Conversion shall be by telephone telecopy, electronic mail or telecopy confirmed immediately in writing if by telephone other similar form of communication in the form of a Notice of Conversion specifying (a) the requested date of such Conversion, (b) the Type of Loan to be Converted, (c) the portion of such Type of Loan to be Converted, (d) the Type of Loan such Loan is to be Converted into and (e) if such Conversion is into a LIBOR Loan, the requested duration of the Interest Period of such Loan. Notwithstanding the foregoing, the Administrative Agent is authorized to rely upon the telephonic request of any of the Borrower’s Agents. The Borrower’s telephonic notices, requests and acceptances shall be directed to such officers of the Administrative Agent as the Administrative Agent may from time to time designate and shall be followed promptly by the original or a facsimile or electronic mail Notice of Conversion required pursuant to the first sentence of this Section 2.12. Each Notice of Conversion shall be irrevocable by and binding on the Borrower once given. Each Conversion from a Base Rate Loan to a LIBOR Loan shall be in an aggregate amount for the Loans of all Lenders of not less than $1,000,000 or integral multiples of $500,000 in excess of that amount.

Appears in 4 contracts

Sources: Credit Agreement (Chesapeake Lodging Trust), Credit Agreement (Chesapeake Lodging Trust), Credit Agreement (Chesapeake Lodging Trust)

Conversion. So long as no Default or Event of Default shall have occurred and be continuingexists, any Borrower may on any Business Day, upon such Borrower's ’s giving of a Notice of Conversion to Agentthe Administrative Agent by telecopy, electronic mail or other similar form of communication, Convert the entire amount of all or a portion of a Loan denominated in Dollars of one Type into a Loan of another Type; provided, however, that (a) a Loan in one Agreed Currency cannot be voluntarily converted into a Loan in a different Agreed Currency and (b) a Base Rate Loan may not be Converted into a LIBOR Loan if a Default or Event of Default exists. Promptly after receipt Each Conversion of a Notice Base Rate Loans into LIBOR Loans shall be in an aggregate minimum amount of Conversion, Agent shall notify each Lender by telex or telecopy, or other similar form $2,000,000 and integral multiples of transmission $500,000 in excess of the proposed Conversionthat amount. Any Conversion of a LIBOR Loan into a Base Rate Loan shall be made on, and only on, the last day of an Interest Period for such LIBOR Loan. Each such Notice of Conversion shall be given not later than 12:00 noon on (i) 11:00 a.m. New York City time three (3) Business Days prior to the date of any proposed Conversion into LIBOR Loans and (ii) 11:00 a.m. New York City time two (2) Business Day Days prior to the date of any proposed Conversion into Base Rate Loans and on Loans. Promptly after receipt of a Notice of Conversion, the third Business Day prior to Administrative Agent shall notify each Lender of the date of any proposed Conversion into LIBOR LoansConversion. Subject to the restrictions specified above, each Notice of Conversion shall be by telephone telecopy, electronic mail or telecopy confirmed immediately in writing if by telephone other similar form of communication in the form of a Notice of Conversion specifying (a) the requested date of such Conversion, (b) the Type of Loan to be Converted, (c) the portion of such Type of Loan to be Converted, (d) the Type of Loan such Loan is to be Converted into and (e) if such Conversion is into a LIBOR Loan, the requested duration of the Interest Period of such Loan. If a Borrower shall elect a conversion to LIBOR Loans but fail to select an Interest Period for any LIBOR Loan in accordance with this Section, such Borrower shall be deemed to have selected an Interest Period of one month. Each Notice of Conversion shall be irrevocable by and binding on the applicable Borrower once given. Each Conversion from a Base Rate Loan to a LIBOR Loan shall be in an aggregate amount for the Loans of all Lenders of not less than $1,000,000 or integral multiples of $500,000 in excess of that amount.

Appears in 4 contracts

Sources: Credit Agreement (Park Hotels & Resorts Inc.), Credit Agreement (Park Hotels & Resorts Inc.), Credit Agreement (Park Hotels & Resorts Inc.)

Conversion. So long as no Default or Event of Default shall have occurred and be continuingexists, the Borrower may on any Business Day, upon the Borrower's ’s giving of a Notice of Conversion to Agentthe Administrative Agent by telecopy, electronic mail or other similar form of communication, Convert the entire amount of all or a portion of a Loan of one Type into a Loan of another Type; provided that Loans of other Types shall not be Converted into Multicurrency Loans or vice versa. Promptly after receipt Each Conversion of Base Rate Loans into LIBOR Loans shall be in an aggregate minimum amount of $100,000 and integral multiples of $100,000 in excess of that amount, and upon Conversion of a Notice Base Rate Loan into a LIBOR Loan, the Borrower shall pay accrued interest to the date of Conversion, Agent shall notify each Lender by telex or telecopy, or other similar form of transmission of Conversion on the proposed Conversionprincipal amount so Converted in accordance with Section 2.6. Any Conversion of a LIBOR Loan into a Base Rate Loan shall be made on, and only on, the last day of an Interest Period for such LIBOR Loan. Each such Notice of Conversion shall be given not later than 12:00 noon on the 11:00 a.m. (Pacific time) three (3) Business Day Days prior to the date of any proposed Conversion into Base Rate Loans and on the third Business Day prior to the date of any proposed Conversion into or LIBOR Loans. Promptly after receipt of a Notice of Conversion, the Administrative Agent shall notify each Lender of the proposed Conversion. Subject to the restrictions specified above, each Notice of Conversion shall be by telephone telecopy, electronic mail or telecopy confirmed immediately in writing if by telephone other similar form of communication in the form of a Notice of Conversion specifying (a) the requested date of such Conversion, (b) the Type of Loan to be Converted, (c) the portion of such Type of Loan to be Converted, (d) the Type of Loan such Loan is to be Converted into into, and (e) if such Conversion is into a LIBOR Loan, the requested duration of the Interest Period of such Loan. Each Notice of Conversion shall be irrevocable by and binding on the Borrower once given. Each Conversion from a Base Rate Loan to a LIBOR Loan shall be in an aggregate amount for the Loans of all Lenders of not less than $1,000,000 or integral multiples of $500,000 in excess of that amount.

Appears in 3 contracts

Sources: Credit Agreement (Equity One, Inc.), Credit Agreement (Equity One, Inc.), Credit Agreement (Equity One, Inc.)

Conversion. So long as no Event of Default The Borrower shall have occurred and be continuingthe option, Borrower may on any Business Day, upon Borrower's giving of to extend existing Eurocurrency Rate Loans into a Notice of Conversion subsequent Interest Period or to Agent, Convert the entire amount of all or a portion of a Loan convert Revolving Loans of one Type type into a Loan Revolving Loans of another Type. Promptly after receipt of a Notice of Conversiontype; provided, Agent shall notify each Lender by telex or telecopyhowever, or other similar form of transmission of the proposed Conversion. Any Conversion of a LIBOR Loan that (i) except as provided in Section 3.7, Eurocurrency Rate Loans may be converted into a Base Rate Loan shall be made on, and Loans only on, on the last day of an Interest Period applicable thereto, (ii) Eurocurrency Rate Loans may be extended, and Base Rate Loans may be converted into Eurocurrency Rate Loans, only if no Default or Event of Default is in existence on the date of extension or conversion, (iii) Revolving Loans extended as, or converted into, Eurocurrency Rate Loans shall be in such minimum amounts as provided in Section 2.2(b), and (iv) any request for such LIBOR Loanextension of or conversion to a Eurocurrency Rate Loan which shall fail to specify an Interest Period shall be deemed to be a request for an Interest Period of one month. Each such extension or conversion shall be effected by the Borrower by giving written notice (or telephone notice promptly confirmed in writing) to the Administrative Agent substantially in the form of Schedule 3.2 (a “Notice of Conversion shall be given not later than 12:00 noon Extension/Conversion”) prior to 10:00 A.M. (Charlotte, North Carolina time) on (x) the same Business Day of, in the case of Base Rate Loans and (y) on the second Business Day prior to to, in the case of Eurocurrency Rate Loans the date of the proposed extension or conversion, specifying the date of the proposed extension or conversion, the Revolving Loans to be so extended or converted, the types of Revolving Loans into which such Revolving Loans are to be converted and, if appropriate, the applicable Interest Periods with respect thereto. Each request for extension or conversion to any proposed Conversion Eurocurrency Rate Loan shall be deemed to be a reaffirmation by the Borrower that no Default or Event of Default then exists. In the event the Borrower fails to request extension of or conversion to any Eurocurrency Rate Loan in accordance with this Section, or any such conversion or extension is not permitted or required by this Section, then such Revolving Loans shall be automatically converted into Base Rate Loans and on at the third Business Day prior to the date end of their Interest Period. The Administrative Agent shall give each Lender notice as promptly as practicable of any such proposed Conversion into LIBOR conversion affecting any Revolving Loans. Subject to the restrictions specified above, each Notice of Conversion shall be by telephone or telecopy confirmed immediately in writing if by telephone in the form of a Notice of Conversion specifying (a) the requested date of such Conversion, (b) the Type of Loan to be Converted, (c) the portion of such Type of Loan to be Converted, (d) the Type of Loan such Loan is to be Converted into and (e) if such Conversion is into a LIBOR Loan, the requested duration of the Interest Period of such Loan. Each Notice of Conversion shall be irrevocable by and binding on Borrower once given. Each Conversion from a Base Rate Loan to a LIBOR Loan shall be in an aggregate amount for the Loans of all Lenders of not less than $1,000,000 or integral multiples of $500,000 in excess of that amount.

Appears in 3 contracts

Sources: Credit Agreement (Cree, Inc.), Credit Agreement (Cree Inc), Credit Agreement (Cree Inc)

Conversion. So long as no Default or Event of Default shall have occurred and be continuingexists, any Borrower may may, on any U.S. Government Securities Business Day, upon such Borrower's ’s giving of a Notice of Conversion to Agentthe Administrative Agent by electronic mail or other similar form of communication, Convert the entire amount of all or a portion of a Loan of one Type into a Loan of another Type; provided, however, a Base Rate Loan or Daily SOFR Loan may not be Converted into a Term SOFR Loan if a Default or Event of Default exists. Promptly after receipt Each Conversion of a Notice Base Rate Loans or Daily SOFR Loans into Term SOFR Loans shall be in an aggregate minimum amount of Conversion, Agent shall notify each Lender by telex or telecopy, or other similar form $2,000,000 and integral multiples of transmission $500,000 in excess of the proposed Conversionthat amount. Any Conversion of a LIBOR Term SOFR Loan into a Base Rate Loan or Daily SOFR Loan shall be made on, and only on, the last day of an Interest Period for such LIBOR Term SOFR Loan. Each such Notice of Conversion shall be given not later than 12:00 noon on the (i) 1:00 p.m. Eastern time 3 U.S. Government Securities Business Day Days prior to the date of any proposed Conversion into Base Rate Loans a Daily SOFR Loan or Term SOFR Loan and on the third (ii) 1:00 p.m. Eastern time two (2) Business Day Days prior to the date of any proposed Conversion into LIBOR Loansa Base Rate Loan. Promptly after receipt of a Notice of Conversion, the Administrative Agent shall notify each Lender of the proposed Conversion. Subject to the restrictions specified above, each Notice of Conversion shall be by telephone electronic mail or telecopy confirmed immediately in writing if by telephone other similar form of communication in the form of a Notice of Conversion specifying (a) the requested date of such Conversion, (b) the Type of Loan to be Converted, (c) the portion of such Type of Loan to be Converted, (d) the Type of Loan such Loan is to be Converted into and (e) if such Conversion is into a LIBOR Term SOFR Loan, the requested duration of the Interest Period of such Loan. If a Borrower shall elect a conversion to Term SOFR Loans but fails to select an Interest Period for any Term SOFR Loan in accordance with this Section, such Borrower shall be deemed to have selected an Interest Period of one month. Each Notice of Conversion shall be irrevocable by and binding on the applicable Borrower once given. Each Conversion from a Base Rate Loan to a LIBOR Loan shall be in an aggregate amount for the Loans of all Lenders of not less than $1,000,000 or integral multiples of $500,000 in excess of that amount.

Appears in 3 contracts

Sources: Credit Agreement (Park Hotels & Resorts Inc.), Credit Agreement (Park Hotels & Resorts Inc.), Credit Agreement (Park Hotels & Resorts Inc.)

Conversion. So long as no Event of Default shall have occurred and be continuing, The Borrower may on any Business Day, upon the Borrower's ’s giving of a Notice of Conversion to Agentthe Administrative Agent by telecopy, electronic mail or other similar form of communication, Convert the entire amount of all or a portion of a Loan of one Type into a Loan of another Type. Promptly after receipt ; provided, however, (i) a Base Rate Loan may not be Converted into a LIBOR Loan if a Default or Event of Default exists and (ii) no notice shall be required for a Conversion of a Notice LIBOR Loan into a Base Rate Loan on the last day of Conversion, Agent shall notify each Lender by telex or telecopy, or other similar form an Interest Period. Each Conversion of transmission Base Rate Loans of the proposed Conversionsame Class into LIBOR Loans of the same Class shall be in an aggregate minimum amount of $1,000,000 and integral multiples of $100,000 in excess of that amount and upon Conversion of a Base Rate Loan into a LIBOR Loan, the Borrower shall pay accrued interest to the date of Conversion on the principal amount so Converted in accordance with Section 2.6. Any Conversion of a LIBOR Loan into a Base Rate Loan shall be made on, and only on, the last day of an Interest Period for such LIBOR Loan, unless the Borrower pays all applicable compensation pursuant to Section 5.4. Each such Notice of Conversion shall be given not later than 12:00 noon on the 9:00 a.m. Pacific time three (3) Business Day Days prior to the date of any proposed Conversion into Base Rate Conversion. Promptly after receipt of a Notice of Conversion, the Administrative Agent shall notify each Lender holding Loans and on being Converted of the third Business Day prior to the date of any proposed Conversion into LIBOR LoansConversion. Subject to the restrictions specified above, each Notice of Conversion shall be by telephone telecopy, electronic mail or telecopy confirmed immediately in writing if by telephone other similar form of communication in the form of a Notice of Conversion specifying (a) the requested date of such Conversion, (b) the Type and Class of Loan to be Converted, (c) the portion of such Type and Class of Loan to be Converted, (d) the Type of Loan such Loan is to be Converted into and (e) if such Conversion is into a LIBOR Loan, the requested duration of the Interest Period of such Loan. Each Notice of Conversion shall be irrevocable by and binding on the Borrower once given. Each Conversion from a Base Rate Loan to a LIBOR Loan shall be in an aggregate amount for the Loans of all Lenders of not less than $1,000,000 or integral multiples of $500,000 in excess of that amount.

Appears in 3 contracts

Sources: Credit Agreement (Hudson Pacific Properties, L.P.), Term Loan Credit Agreement (Hudson Pacific Properties, L.P.), Credit Agreement (Hudson Pacific Properties, L.P.)

Conversion. So long as no Default or Event of Default shall have occurred and be continuingexist, the Borrower may on any Business Day, upon the Borrower's ’s giving of a Notice of Conversion to the Agent, Convert the entire amount of all or a portion of a Revolving Loan of one Type into a Revolving Loan of another Type. Promptly after receipt of a Notice of Conversion, Agent shall notify each Lender by telex or telecopy, or other similar form of transmission of the proposed Conversion. Any Conversion of a LIBOR Loan into a Base Rate Loan shall be made on, and only on, the last day of an Interest Period for such LIBOR Loan and, upon Conversion of a Base Rate Loan into a LIBOR Loan, the Borrower shall pay accrued interest to the date of Conversion on the principal amount so Converted. Each such Notice of Conversion shall be given not later than 12:00 noon 11:00 a.m. on the Business Day prior to the date of any proposed Conversion into Base Rate Loans and on the third Business Day prior to the date of any proposed Conversion into LIBOR Loans. Promptly after receipt of a Notice of Conversion, the Agent shall notify each Lender by telecopy, or other similar form of transmission, of the proposed Conversion. Subject to the restrictions specified above, each Notice of Conversion shall be by telephone or telecopy (confirmed immediately in writing if by telephone writing) or telecopy in the form of a Notice of Conversion specifying (a) the requested date of such Conversion, (b) the Type of Loan to be Converted, (c) the portion of such Type of Loan to be Converted, (d) the Type of Loan such Loan is to be Converted into and (e) if such Conversion is into a LIBOR Loan, the requested duration of the Interest Period of such Loan. Each Notice of Conversion shall be irrevocable by and binding on the Borrower once given. Each Conversion from a Base Rate Loan to a LIBOR Loan shall be in an aggregate amount for the Loans of all Lenders of not less than $1,000,000 or integral multiples of $500,000 in excess of that amount.

Appears in 3 contracts

Sources: Credit Agreement (Hospitality Properties Trust), Credit Agreement (Hospitality Properties Trust), Credit Agreement (Senior Housing Properties Trust)

Conversion. So long as no Default or Event of Default shall have occurred and be continuingexists, the Borrower may on any Business Day, upon the Borrower's ’s giving of a Notice of Conversion to Agentthe Administrative Agent by telecopy, electronic mail or other similar form of communication, Convert the entire amount of all or a portion of a Loan of one Type into a Loan of another Type; provided, however, a Base Rate Loan may not be Converted into a LIBOR Loan if a Default or Event of Default exists. Promptly after receipt Each Conversion of a Notice Base Rate Loans into LIBOR Loans shall be in an aggregate minimum amount of Conversion, Agent shall notify each Lender by telex or telecopy, or other similar form $2,000,000 and integral multiples of transmission $500,000 in excess of the proposed Conversionthat amount. Any Conversion of a LIBOR Loan (other than a LIBOR Daily Loan) into a Base Rate Loan shall be made on, and only on, the last day of an Interest Period for such LIBOR Loan. Each such Notice of Conversion shall be given not later than 12:00 noon (i) 11:00 a.m. three (3) Business Days prior to the date of any proposed Conversion into LIBOR Loans (or, with respect to any proposed Conversion on the Fourth Amendment Effective Date, 11:00 a.m. on the Fourth Amendment Effective Date) and (ii) 11:00 a.m. two (2) Business Day Days prior to the date of any proposed Conversion into Base Rate Loans and on Loans. Promptly after receipt of a Notice of Conversion, the third Business Day prior to Administrative Agent shall notify each Lender of the date of any proposed Conversion into LIBOR LoansConversion. Subject to the restrictions specified above, each Notice of Conversion shall be by telephone telecopy, electronic mail or telecopy confirmed immediately in writing if by telephone other similar form of communication in the form of a Notice of Conversion specifying (a) the requested date of such Conversion, (b) the Type of Loan to be Converted, (c) the portion of such Type of Loan to be Converted, (d) the Type of Loan such Loan is to be Converted into and (e) if such Conversion is into a LIBOR Loan (other than a LIBOR Daily Loan), the requested duration of the Interest Period of such Loan. Each Notice of Conversion shall be irrevocable by and binding on the Borrower once given. Each Conversion from a Base Rate Loan to a LIBOR Loan shall be in an aggregate amount for the Loans of all Lenders of not less than $1,000,000 or integral multiples of $500,000 in excess of that amount.

Appears in 3 contracts

Sources: Term Loan Agreement (RLJ Lodging Trust), Term Loan Agreement (RLJ Lodging Trust), Term Loan Agreement (RLJ Lodging Trust)

Conversion. So long as no Event of Default shall have occurred and be continuing, The Borrower may on any Business Day, upon the Borrower's ’s giving of a Notice of Conversion to Agentthe Administrative Agent by telecopy, electronic mail or other similar form of communication, Convert the entire amount of all or a portion of a Loan of one Type into a Loan of another Type. Promptly after receipt of a Notice of Conversion, Agent shall notify each Lender by telex or telecopy, or other similar form of transmission Type but of the proposed Conversion. Any Conversion of a LIBOR Loan into same Class; provided, however, a Base Rate Loan may not be Converted into a LIBOR Loan if a Default or Event of Default exists. Each Conversion of Base Rate Loans of a Class into LIBOR Loans of such Class shall be made on, in an aggregate minimum amount of $1,000,000 and only on, the last day integral multiples of an Interest Period for such LIBOR Loan$500,000 in excess of that amount. Each such Notice of Conversion shall be given not later than 12:00 noon on the 11:00 a.m. Eastern time 3 Business Day Days prior to the date of any proposed Conversion into Base Rate Conversion. Promptly after receipt of a Notice of Conversion, the Administrative Agent shall notify each Lender holding Loans and on being Converted of the third Business Day prior to the date of any proposed Conversion into LIBOR LoansConversion. Subject to the restrictions specified above, each Notice of Conversion shall be by telephone telecopy, electronic mail or telecopy confirmed immediately in writing if by telephone other similar form of communication in the form of a Notice of Conversion specifying (a) the requested date of such Conversion, (b) the Type and Class of Loan to be Converted, (c) the portion of such Type of Loan to be Converted, (d) the Type of Loan such Loan is to be Converted into and into, (e) if such Conversion is into a LIBOR Loan, the requested duration of the Interest Period of such LoanLoan and (f) the amount of such LIBOR Loans, if any, that the Borrower has elected to have subject to a Specified Derivatives Contract that provides a hedge against interest rate risks and the Specified Derivatives Contract(s) to which such amount is subject. Each Notice of Conversion shall be irrevocable by and binding on the Borrower once given. Each Conversion from a Base Rate Loan to a LIBOR Loan shall be in an aggregate amount for the Loans of all Lenders of not less than $1,000,000 or integral multiples of $500,000 in excess of that amount.

Appears in 3 contracts

Sources: Credit Agreement (Washington Real Estate Investment Trust), Credit Agreement (Washington Real Estate Investment Trust), Term Loan Agreement (Washington Real Estate Investment Trust)

Conversion. So long as no Event of Default shall have occurred and be continuingexists and, without the prior written consent of the Administrative Agent, so long as no Default exists, the Borrower may on any Business Day, upon the Borrower's ’s giving of a Notice of Conversion to the Agent, Convert the entire amount of all or a portion of a Loan of one Type into a Loan of another Type. Promptly after receipt of a Notice of Conversion, Agent shall notify each Lender by telex or telecopy, or other similar form of transmission of the proposed Conversion. Any Conversion of a LIBOR Loan into a Base Rate Loan shall be made on, and only on, the last day of an Interest Period for such LIBOR Loan and, upon Conversion of a Base Rate Loan into a LIBOR Loan, the Borrower shall pay accrued interest to the date of Conversion on the principal amount so Converted. Each such Notice of Conversion shall be given not later than 12:00 noon on the 9:00 a.m. one Business Day prior to the date of any proposed Conversion into Base Rate Loans and on the third three Business Day Days prior to the date of any proposed Conversion into LIBOR Loans. Promptly after receipt of a Notice of Conversion, the Agent shall notify each Lender by telecopy, electronic mail or other similar form of transmission of the proposed Conversion. Subject to the restrictions specified above, each Notice of Conversion shall be by telephone or telecopy confirmed immediately in writing if by telephone in the form of a Notice of Conversion specifying (a) the requested date of such Conversion, (b) the Type of Loan to be Converted, (c) the portion of such Type of Loan to be Converted, (d) the Type of Loan such Loan is to be Converted into and (e) if such Conversion is into a LIBOR Loan, the requested duration of the Interest Period of such Loan. Each Notice of Conversion shall be irrevocable by and binding on the Borrower once given. Each Conversion from a Base Rate Loan to a LIBOR Loan shall be in an aggregate amount for the Loans of all Lenders of not less than $1,000,000 or integral multiples of $500,000 in excess of that amount.

Appears in 3 contracts

Sources: Credit Agreement (Washington Real Estate Investment Trust), Term Loan Agreement (Washington Real Estate Investment Trust), Credit Agreement (Washington Real Estate Investment Trust)

Conversion. So long as no Event of Default shall have occurred and be continuing, The Borrower may on any Business Day, upon the Borrower's ’s giving of a Notice of Conversion to the Agent, Convert the entire amount of all or a portion of a Loan of one Type into a Loan of another Type. Promptly after receipt ; provided, however, a Base Rate Loan may not be Converted to a LIBOR Loan if a Default or Event of a Notice of Conversion, Agent Default shall notify each Lender by telex or telecopy, or other similar form of transmission of the proposed Conversionexist. Any Conversion of a LIBOR Loan into a Base Rate Loan shall be made on, and only on, the last day of an Interest Period for such LIBOR Loan and, upon Conversion of a Base Rate Loan into a LIBOR Loan, the Borrower shall pay accrued interest to the date of Conversion on the principal amount so Converted. Each such Notice of Conversion shall be given not later than 12:00 noon 11:00 a.m. on the Business Day prior to the date of any proposed Conversion into Base Rate Loans and on the third Business Day prior to the date of any proposed Conversion into LIBOR Loans. Promptly after receipt of a Notice of Conversion, the Agent shall notify each Lender by telecopy, or other similar form of transmission, of the proposed Conversion. Subject to the restrictions specified above, each Notice of Conversion shall be by telephone (confirmed promptly in writing) or telecopy confirmed immediately in writing if by telephone in the form of a Notice of Conversion specifying (a) the requested date of such Conversion, (b) the Type of Loan to be Converted, (c) the portion of such Type of Loan to be Converted, (d) the Type of Loan such Loan is to be Converted into and (e) if such Conversion is into a LIBOR Loan, the requested duration of the Interest Period of such Loan. Each Notice of Conversion shall be irrevocable by and binding on Borrower the Borrowers once given. Each Conversion from a Base Rate Loan to a LIBOR Loan shall be in an aggregate amount for the Loans of all Lenders of not less than $1,000,000 or integral multiples of $500,000 in excess of that amount.

Appears in 3 contracts

Sources: Credit Agreement (Morgans Hotel Group Co.), Credit Agreement (Morgans Hotel Group Co.), Credit Agreement (Morgans Hotel Group Co.)

Conversion. So long as no Default or Event of Default shall have occurred and be continuing, the Borrower may on any Business Day, upon the Borrower's ’s giving of a Notice of Conversion to the Agent, Convert the entire amount of all or a portion of a Revolving Loan of one Type into a Revolving Loan of another Type. Promptly after receipt of a Notice of Conversion, Agent shall notify each Lender by telex or telecopy, or other similar form of transmission of the proposed Conversion. Any Conversion of a Revolving Loan that is a LIBOR Rate Loan into a Base Rate Loan shall be made on, and only on, the last day of an Interest Period for such LIBOR Rate Loan and, upon Conversion of a Base Rate Loan into a LIBOR Rate Loan, the Borrower shall pay accrued interest to the date of Conversion on the principal amount so Converted. Each such Notice of Conversion shall be given not later than 12:00 noon 11:00 a.m. on the Business Day prior to the date of any proposed Conversion into Base Rate Loans and on the third (3rd) Business Day prior to the date of any proposed Conversion into LIBOR Rate Loans. Promptly after receipt of a Notice of Conversion, the Agent shall notify each applicable Lender by telecopy, or other similar form of transmission, of the proposed Conversion. Subject to the restrictions specified above, each Notice of Conversion shall be by telephone or telecopy (confirmed immediately in writing if by telephone writing) or telecopy in the form of a Notice of Conversion specifying (a) the requested date of such Conversion, (b) the Type of Revolving Loan to be Converted, (c) the portion of such Type of Revolving Loan to be Converted, (d) the Type of Revolving Loan such Revolving Loan is to be Converted into and (e) if such Conversion is into a LIBOR Rate Loan, the requested duration of the Interest Period of such Loan. Each Notice of Conversion shall be irrevocable by and binding on the Borrower once given. Each Conversion from a Base Rate Loan to a LIBOR Loan shall be in an aggregate amount for the Loans of all Lenders of not less than $1,000,000 or integral multiples of $500,000 in excess of that amount.

Appears in 3 contracts

Sources: Credit Agreement (Columbia Property Trust, Inc.), Credit Agreement (Columbia Property Trust, Inc.), Credit Agreement (Wells Real Estate Investment Trust Ii Inc)

Conversion. So long as no Event of Default shall have occurred and be continuing, Borrower may on any Business Day, upon Borrower's ’s giving of a Notice of Conversion to Administrative Agent, Convert the entire amount of all or a portion of a Revolving Loan of one Type into a Revolving Loan of another Type. Promptly after receipt of a Notice of Conversion, Agent shall notify each Lender by telex or telecopy, or other similar form of transmission of the proposed Conversion. Any Conversion of a LIBOR Eurodollar Loan into a Base Rate Loan shall be made on, and only on, the last day of an Interest Period for such LIBOR Eurodollar Loan. Each such Notice of Conversion shall be given by Borrower not later than 12:00 noon (a) on the Business Day prior to the date of any proposed Conversion into Base Rate Loans and or (b) on the third second Business Day prior to the date of any proposed Conversion into LIBOR Eurodollar Loans. Promptly upon receipt of a Notice of Conversion (and in any event not later than 1:00 p.m. on the date of receipt thereof), Administrative Agent shall notify each Lender by telecopy or other similar form of transmission of the proposed Conversion. Subject to the restrictions specified above, each Notice of Conversion shall be by telephone or telecopy confirmed immediately in writing if by telephone telephone, in the form of a Notice of Conversion Conversion, specifying (ai) the requested date of such Conversion, (bii) the Type of Revolving Loan to be Converted, (ciii) the portion of such Type of Revolving Loan to be Converted, (div) the Type of Revolving Loan into which such Revolving Loan is to be Converted into Converted, and (ev) if such Conversion is into a LIBOR Eurodollar Loan, the requested duration of the Interest Period of such Revolving Loan. Each Notice of Conversion shall be irrevocable by and binding on Borrower once given. Each Conversion Notwithstanding the foregoing, the right to convert from a Base Rate Loan to a LIBOR Loan Eurodollar Loan, or to continue a Eurodollar Loan, shall not be in available during the occurrence of a Default or an aggregate amount for the Loans Event of all Lenders of not less than $1,000,000 or integral multiples of $500,000 in excess of that amountDefault.

Appears in 3 contracts

Sources: Credit Agreement (Allied Capital Corp), Credit Agreement (Allied Capital Corp), Credit Agreement (Allied Capital Corp)

Conversion. So long as no Default or Event of Default shall have occurred and be continuingexists, the Borrower may on any Business Day, upon the Borrower's ’s giving of a Notice of Conversion to Agentthe Administrative Agent by telecopy, electronic mail or other similar form of communication, Convert the entire amount of all or a portion of a Loan of one Type into a Loan of another Type; provided, however, a Base Rate Loan may not be Converted into a LIBOR Loan if a Default or Event of Default exists. Promptly after receipt Each Conversion of a Notice Base Rate Loans into LIBOR Loans shall be in an aggregate minimum amount of Conversion, Agent shall notify each Lender by telex or telecopy, or other similar form $2,000,000 and integral multiples of transmission $500,000 in excess of the proposed Conversionthat amount. Any Conversion of a LIBOR Loan (other than a LIBOR Daily Loan) into a Base Rate Loan shall be made on, and only on, the last day of an Interest Period for such LIBOR Loan. Each such Notice of Conversion shall be given not later than 12:00 noon (i) 11:00 a.m. three (3) Business Days prior to the date of any proposed Conversion into LIBOR Loans (or, with respect to any proposed Conversion on the Effective Date, 11:00 a.m. on the Effective Date) and (ii) 11:00 a.m. two (2) Business Day Days prior to the date of any proposed Conversion into Base Rate Loans and on Loans. Promptly after receipt of a Notice of Conversion, the third Business Day prior to Administrative Agent shall notify each Lender of the date of any proposed Conversion into LIBOR LoansConversion. Subject to the restrictions specified above, each Notice of Conversion shall be by telephone telecopy, electronic mail or telecopy confirmed immediately in writing if by telephone other similar form of communication in the form of a Notice of Conversion specifying (a) the requested date of such Conversion, (b) the Type of Loan to be Converted, (c) the portion of such Type of Loan to be Converted, (d) the Type of Loan such Loan is to be Converted into and (e) if such Conversion is into a LIBOR Loan (other than a LIBOR Daily Loan), the requested duration of the Interest Period of such Loan. Each Notice of Conversion shall be irrevocable by and binding on the Borrower once given. Each Conversion from a Base Rate Loan to a LIBOR Loan shall be in an aggregate amount for the Loans of all Lenders of not less than $1,000,000 or integral multiples of $500,000 in excess of that amount.

Appears in 3 contracts

Sources: Credit Agreement (RLJ Lodging Trust), Credit Agreement (RLJ Lodging Trust), Credit Agreement (RLJ Lodging Trust)

Conversion. So long as no Event of Default shall have occurred and be continuing, The Borrower may on any Business Day, upon the Borrower's ’s giving of a Notice of Conversion to Agentthe Administrative Agent by telecopy, electronic mail or other similar form of communication, Convert the entire amount of all or a portion of a Loan of one Type into a Loan of another Type. Promptly after receipt ; provided, however, (i) a Base Rate Loan may not be Converted into a LIBOR Loan if a Default or Event of Default exists and (ii) no notice shall be required for a Conversion of a Notice LIBOR Loan into a Base Rate Loan on the last day of Conversionan Interest Period. Each Conversion of Base Rate Loans into LIBOR Loans shall be in an aggregate minimum amount of $1,000,000 and integral multiples of $100,000 in excess of that amount and upon Conversion of a Base Rate Loan into a LIBOR Loan, Agent the Borrower shall notify each Lender by telex or telecopy, or other similar form pay accrued interest to the date of transmission of Conversion on the proposed Conversionprincipal amount so Converted in accordance with Section 2.6. Any Conversion of a LIBOR Loan into a Base Rate Loan shall be made on, and only on, the last day of an Interest Period for such LIBOR Loan, unless the Borrower pays all applicable compensation pursuant to Section 5.4. Each such Notice of Conversion shall be given not later than 12:00 noon on the 9:00 a.m. Pacific time three (3) Business Day Days prior to the date of any proposed Conversion into Base Rate Loans and on Conversion. Promptly after receipt of a Notice of Conversion, the third Business Day prior to Administrative Agent shall notify each Lender of the date of any proposed Conversion into LIBOR LoansConversion. Subject to the restrictions specified above, each Notice of Conversion shall be by telephone telecopy, electronic mail or telecopy confirmed immediately in writing if by telephone other similar form of communication in the form of a Notice of Conversion specifying (a) the requested date of such Conversion, (b) the Type of Loan to be Converted, (c) the portion of such Type of Loan to be Converted, (d) the Type of Loan such Loan is to be Converted into and (e) if such Conversion is into a LIBOR Loan, the requested duration of the Interest Period of such Loan. Each Notice of Conversion shall be irrevocable by and binding on the Borrower once given. Each Conversion from a Base Rate Loan to a LIBOR Loan shall be in an aggregate amount for the Loans of all Lenders of not less than $1,000,000 or integral multiples of $500,000 in excess of that amount.

Appears in 3 contracts

Sources: Term Loan Credit Agreement (Hudson Pacific Properties, L.P.), Credit Agreement (Hudson Pacific Properties, Inc.), Credit Agreement (Hudson Pacific Properties, Inc.)

Conversion. So long as no Default or Event of Default shall have occurred and be continuing, the Borrower may on any Business Day, upon the Borrower's ’s giving of a Notice of Conversion to the Agent, Convert the entire amount of all or a portion of a Revolving Loan of one Type into a Revolving Loan of another Type. Promptly after receipt of a Notice of Conversion, Agent shall notify each Lender by telex or telecopy, or other similar form of transmission of the proposed Conversion. Any Conversion of a Revolving Loan that is a LIBOR Loan into a Base Rate Loan shall be made on, and only on, the last day of an Interest Period for such LIBOR Loan and, upon Conversion of a Base Rate Loan into a LIBOR Loan, the Borrower shall pay accrued interest to the date of Conversion on the principal amount so Converted. Each such Notice of Conversion shall be given not later than 12:00 noon 11:00 a.m. on the Business Day prior to the date of any proposed Conversion into Base Rate Loans and on the third (3rd) Business Day prior to the date of any proposed Conversion into LIBOR Loans. Promptly after receipt of a Notice of Conversion, the Agent shall notify each applicable Lender by telecopy, or other similar form of transmission, of the proposed Conversion. Subject to the restrictions specified above, each Notice of Conversion shall be by telephone or telecopy (confirmed immediately in writing if by telephone writing) or telecopy in the form of a Notice of Conversion specifying (a) the requested date of such Conversion, (b) the Type of Revolving Loan to be Converted, (c) the portion of such Type of Revolving Loan to be Converted, (d) the Type of Revolving Loan such Revolving Loan is to be Converted into and (e) if such Conversion is into a LIBOR Loan, the requested duration of the Interest Period of such Loan. Each Notice of Conversion shall be irrevocable by and binding on the Borrower once given. Each Conversion from a Base Rate Loan to a LIBOR Loan shall be in an aggregate amount for the Loans of all Lenders of not less than $1,000,000 or integral multiples of $500,000 in excess of that amount.

Appears in 3 contracts

Sources: Credit Agreement (Wells Real Estate Investment Trust Ii Inc), Credit Agreement (Wells Real Estate Investment Trust Ii Inc), Credit Agreement (NNN Apartment REIT, Inc.)

Conversion. So long as no Default or Event of Default shall have occurred and be continuingexists, Borrower may on any Business Day, upon Borrower's ’s giving of a Notice of Conversion to AgentAdministrative Agent by telecopy, electronic mail or other similar form of communication, Convert the entire amount of all or a portion of a Loan of one Type into a Loan of another Type. Promptly after receipt Each Conversion of Base Rate Loans into LIBOR Loans shall be in an aggregate minimum amount of One Million Dollars ($1,000,000) and integral multiples of One Hundred Thousand Dollars ($100,000) in excess of that amount, and upon Conversion of a Notice Base Rate Loan into a LIBOR Loan, Borrower shall pay accrued interest to the date of Conversion, Agent shall notify each Lender by telex or telecopy, or other similar form of transmission of Conversion on the proposed Conversionprincipal amount so Converted in accordance with Section 2.2. Any Conversion of a LIBOR Loan into a Base Rate Loan shall be made on, and only on, the last day of an Interest Period for such LIBOR Loan. Each such Notice of Conversion shall be given not later than 12:00 noon on the three (3) Business Day Days prior to the date of any proposed Conversion into Base Rate Loans and on the third Business Day prior to the date of any proposed Conversion into or LIBOR Loans. Promptly after receipt of a Notice of Conversion, Administrative Agent shall notify each Lender of the proposed Conversion. Subject to the restrictions specified above, each Notice of Conversion shall be by telephone telecopy, electronic mail or telecopy confirmed immediately in writing if by telephone other similar form of communication in the form of a Notice of Conversion specifying specifying: (a) the requested date of such Conversion, ; (b) the Type of Loan to be Converted, ; (c) the portion of such Type of Loan to be Converted, ; (d) the Type of Loan such Loan is to be Converted into into; and (e) if such Conversion is into a LIBOR Loan, the requested duration of the Interest Period of such Loan. Each Notice of Conversion shall be irrevocable by and binding on Borrower once given. Each Conversion from a Base Rate Loan to a LIBOR Loan shall be in an aggregate amount for the Loans of all Lenders of not less than $1,000,000 or integral multiples of $500,000 in excess of that amount.

Appears in 2 contracts

Sources: Revolving Loan Agreement (RREEF Property Trust, Inc.), Revolving Loan Agreement (RREEF Property Trust, Inc.)

Conversion. So long as no Event of Default shall have occurred and be continuing, The Borrower may on any Business Day, upon the Borrower's ’s giving of a Notice of Conversion to the Agent, Convert the entire amount of all or a portion of a Loan of one Type into a Loan of another Type. Promptly after receipt ; provided, however, a Base Rate Loan may not be Converted to a LIBOR Loan if an Event of a Notice of Conversion, Agent Default shall notify each Lender by telex or telecopy, or other similar form of transmission of the proposed Conversionexist. Any Conversion of a LIBOR Loan into a Base Rate Loan shall be made on, and only on, the last day of an Interest Period for such LIBOR Loan and, upon Conversion of a Base Rate Loan into a LIBOR Loan, the Borrower shall pay accrued interest to the date of Conversion on the principal amount so Converted. Each such Notice of Conversion shall be given not later than 12:00 noon 11:00 a.m. on the Business Day prior to the date of any proposed Conversion into Base Rate Loans and on the third Business Day prior to the date of any proposed Conversion into LIBOR Loans. Promptly after receipt of a Notice of Conversion, the Agent shall notify each Lender by telecopy, or other similar form of transmission, of the proposed Conversion. Subject to the restrictions specified above, each Notice of Conversion shall be by telephone or telecopy (confirmed immediately in writing if by telephone writing) or telecopy in the form of a Notice of Conversion specifying (a) the requested date of such Conversion, (b) the Type of Loan to be Converted, (c) the portion of such Type of Loan to be Converted, (d) the Type of Loan such Loan is to be Converted into and (e) if such Conversion is into a LIBOR Loan, the requested duration of the Interest Period of such Loan. Each Notice of Conversion shall be irrevocable by and binding on Borrower once given. Each Conversion from a Base Rate Loan to a LIBOR Loan shall be in an aggregate amount for the Loans of all Lenders of not less than $1,000,000 or integral multiples of $500,000 in excess of that amount.such

Appears in 2 contracts

Sources: Construction Loan Agreement (Corporate Office Properties Trust), Construction Loan Agreement (Corporate Office Properties Trust)

Conversion. So long as no Event of Default shall have occurred and be continuing, Borrower The Borrowers may on any Business DayDay (so long as no Default or Event of Default has occurred and is continuing), upon Borrower's giving of notice (each such notice, a "Notice of Conversion Conversion") given to the Agent, Convert and subject to the provisions of Section 4.14.3, convert the entire amount of all or a portion of a Loan all Revolving Loans of one Type comprising the same Borrowing into a Loan of another Type. Promptly after receipt of a Notice of Conversion, Agent shall notify each Lender by telex or telecopy, or other similar form of transmission Revolving Loans of the proposed Conversion. Any Conversion other Type; provided, that any conversion of a any LIBOR Loan Rate Loans into a Base Rate Loan Loans shall be made on, and only on, the last day of an Interest Period for such LIBOR LoanRate Loans and, upon conversion of any Base Rate Loans into LIBOR Rate Loans, the Borrowers shall pay accrued interest to the date of conversion on the principal amount converted. Each such Notice of Conversion shall be given not later than 12:00 noon Chicago time on the Business Day prior to the date of any proposed Conversion conversion into Base Rate Loans and on the third Business Day prior to the date of any proposed Conversion conversion into LIBOR Rate Loans. Subject to the restrictions specified above, each Notice of Conversion shall be by telephone or telecopy confirmed immediately in writing facsimile transmission, and if by telephone telephone, promptly confirmed in writing, substantially in the form of a Notice of Conversion Exhibit D-1, in each case specifying (ai) the requested date of such Conversionconversion, (bii) the Type of Loan Revolving Loans to be Convertedconverted, (ciii) the portion of such Type of Revolving Loan to be Convertedconverted, (div) the Type of Loan Revolving Loans such Loan is Revolving Loans are to be Converted converted into and (ev) if such Conversion conversion is into a LIBOR LoanRate Loans, the requested duration of the Interest Period of such Revolving Loan. Each Notice of Conversion shall be irrevocable by and binding on Borrower once given. Each Conversion from a Base Rate Loan to a LIBOR Loan conversion shall be in an aggregate amount for the Loans of all Lenders of not less than $1,000,000 5,000,000 or an integral multiples multiple of $500,000 1,000,000 in excess thereof. The Borrowers may elect to convert the entire amount of or a portion of all Revolving Loans of one Type comprising more than one Borrowing into Revolving Loans of another Type by combining such Borrowings into one Borrowing; provided, that amountif the Borrowings so combined consist of LIBOR Rate Loans, such Loans shall have Interest Periods ending on the same date.

Appears in 2 contracts

Sources: Credit Agreement (Metal Management Inc), Credit Agreement (Metal Management Inc)

Conversion. So long as no Default or Event of Default shall have occurred and be continuing, the Borrower may on any Business Day, upon the Borrower's giving of a Notice of Conversion to the Agent, Convert the entire amount of all or a portion of a Revolving Loan of one Type into a Revolving Loan of another Type. Promptly after receipt of a Notice of Conversion, the Agent shall notify each Lender by telex or telecopy, or other similar form of transmission of the proposed Conversion. Any Conversion of a LIBOR Loan into a Base Rate Loan shall be made on, and only on, the last day of an Interest Period for such LIBOR Loan. Each such Notice of Conversion shall be given not later than 12:00 noon 9:00 a.m. on the Business Day prior to the date of any proposed Conversion into Base Rate Loans and on the third Business Day prior to the date of any proposed Conversion into LIBOR Loans. Subject to the restrictions specified above, each Notice of Conversion shall be by telephone or telecopy confirmed immediately in writing if by telephone in the form of a Notice of Conversion specifying (a) the requested date of such Conversion, (b) the Type of Revolving Loan to be Converted, (c) the portion of such Type of Revolving Loan to be Converted, (d) the Type of Revolving Loan such Revolving Loan is to be Converted into and (e) if such Conversion is into a LIBOR Loan, the requested duration of the Interest Period of such Revolving Loan. Each Notice of Conversion shall be irrevocable by and binding on the Borrower once given. Each Conversion from a Base Rate Loan to a LIBOR Loan shall be in an aggregate amount for the Revolving Loans of all the Lenders of not less than $1,000,000 or integral multiples of $500,000 100,000 in excess of that amount.

Appears in 2 contracts

Sources: Credit Agreement (Regency Realty Corp), Credit Agreement (Regency Realty Corp)

Conversion. So long as no Event of Default shall have occurred and be continuing, The Borrower may on any Business Day, upon the Borrower's ’s giving of a Notice of Conversion to the Administrative Agent, Convert the entire amount of all or a portion of a Loan of one Type into a Loan of another Type. Promptly after receipt ; provided, however, a Base Rate Loan may not be Converted to a LIBOR Loan if an Event of a Notice of Conversion, Agent Default shall notify each Lender by telex or telecopy, or other similar form of transmission of the proposed Conversionexist. Any Conversion of a LIBOR Loan into a Base Rate Loan shall be made on, and only on, the last day of an Interest Period for such LIBOR Loan and, upon Conversion of a Base Rate Loan into a LIBOR Loan, the Borrower shall pay accrued interest to the date of Conversion on the principal amount so Converted. Each such Notice of Conversion shall be given not later than 12:00 noon 11:00 a.m. on the Business Day prior to the date of any proposed Conversion into Base Rate Loans and on the third Business Day prior to the date of any proposed Conversion into LIBOR Loans. Promptly after receipt of a Notice of Conversion, the Administrative Agent shall notify each Lender holding Loans being Converted by telecopy, or other similar form of transmission, of the proposed Conversion. Subject to the restrictions specified above, each Notice of Conversion shall be by telephone or telecopy (confirmed immediately in writing if by telephone writing), electronic mail or telecopy in the form of a Notice of Conversion specifying (a) the requested date of such Conversion, (b) the Type of Loan to be Converted, (c) the portion of such Type of Loan to be Converted, (d) the Type of Loan such Loan is to be Converted into and (e) if such Conversion is into a LIBOR Loan, the requested duration of the Interest Period of such Loan. Each Notice of Conversion shall be irrevocable by and binding on the Borrower once given. Each Conversion from a Base Rate Loan to a LIBOR Loan shall be in an aggregate amount for the Loans of all Lenders of not less than $1,000,000 or integral multiples of $500,000 in excess of that amount.

Appears in 2 contracts

Sources: Term Loan Agreement (Corporate Office Properties, L.P.), Term Loan Agreement (Corporate Office Properties, L.P.)

Conversion. So long as no Event of Default shall have occurred and be continuingSubject to Section 2.5.(a), the Borrower may on any Business Day, upon the Borrower's ’s giving of a Notice of Conversion to Agentthe Administrative Agent by telecopy, electronic mail or other similar form of communication or telephonic notice of any proposed Conversion, Convert the entire amount of all or a portion of a Loan of one Type into a Loan of another Type. Promptly after receipt of Any such telephonic notice shall include all information required to be included in a Notice of Conversion, Conversion and shall be promptly confirmed in writing by the Borrower pursuant to a Notice of Conversion sent to the Administrative Agent shall notify each Lender by telex or telecopy, or other similar form of transmission on the same day of the proposed Conversiongiving of any such telephonic notice. Any Each Conversion of a LIBOR Loan into a Base Rate Loan Loans into LIBOR Loans shall be made on, in an aggregate minimum amount of $1,000,000 and only on, the last day integral multiples of an Interest Period for such LIBOR Loan$250,000 in excess of that amount. Each such Notice of Conversion shall be given not later than 12:00 noon on the p.m. Central time 3 Business Day Days prior to the date of any proposed Conversion into Base Rate Loans and on Conversion. Promptly after receipt of a Notice of Conversion, the third Business Day prior to Administrative Agent shall notify each Lender of the date of any proposed Conversion into LIBOR LoansConversion. Subject to the restrictions specified above, each Notice of Conversion shall be by telephone telecopy, electronic mail or telecopy confirmed immediately in writing if by telephone other similar form of communication in the form of a Notice of Conversion specifying (a) the requested date of such Conversion, (b) the Type of Loan to be Converted, (c) the portion of such Type of Loan to be Converted, (d) the Type of Loan such Loan is to be Converted into and (e) if such Conversion is into a LIBOR Loan, the requested duration of the Interest Period of such Loan; provided that if the Borrower does not specify a duration, then the Borrower will be deemed to have requested an Interest Period of one month. Each Notice of Conversion shall be irrevocable by and binding on the Borrower once given. Each Conversion from a Base Rate Loan to a LIBOR Loan shall be in an aggregate amount for the Loans of all Lenders of not less than $1,000,000 or integral multiples of $500,000 in excess of that amount.

Appears in 2 contracts

Sources: Credit Agreement (Rouse Properties, Inc.), Credit Agreement (Rouse Properties, Inc.)

Conversion. So long as no Default or Event of Default shall have occurred and be continuing, the Borrower may on any Business Day, upon the Borrower's ’s giving of a Notice of Conversion to the Agent, Convert the entire amount of all or a portion of a Revolving Loan of one Type into a Revolving Loan of another Type. Promptly after receipt of a Notice of Conversion, Agent shall notify each Lender by telex or telecopy, or other similar form of transmission of the proposed Conversion. Any Conversion of a LIBOR Loan into a Base Rate Loan shall be made on, and only on, the last day of an Interest Period for such LIBOR Loan and, upon Conversion of a Base Rate Loan into a LIBOR Loan, the Borrower shall pay accrued interest to the date of Conversion on the principal amount so Converted. Each such Notice of Conversion shall be given not later than 12:00 noon 11:00 a.m. on the Business Day prior to the date of any proposed Conversion into Base Rate Loans Loans, and on the third Business Day prior to the date of any proposed Conversion into LIBOR Loans. Promptly after receipt of a Notice of Conversion, the Agent shall notify each Lender by telecopy, or other similar form of transmission, of the proposed Conversion. Subject to the restrictions specified above, each Notice of Conversion shall be by telephone or telecopy (confirmed immediately in writing if by telephone writing) or telecopy in the form of a Notice of Conversion specifying (a) the requested date of such Conversion, (b) the Type of Loan to be Converted, (c) the portion of such Type of Loan to be Converted, (d) the Type of Loan such Loan is to be Converted into and (e) if such Conversion is into a LIBOR Loan, the requested duration of the Interest Period of such Loan. Each Notice of Conversion shall be irrevocable by and binding on the Borrower once given. Each Conversion from a Base Rate Loan to a LIBOR Loan shall be in an aggregate amount for the Loans of all Lenders of not less than $1,000,000 or integral multiples of $500,000 in excess of that amount.

Appears in 2 contracts

Sources: Credit Agreement (HRPT Properties Trust), Credit Agreement (Technology Investment Capital Corp)

Conversion. So long as no Default or Event of Default shall have occurred and be continuingexists, the Borrower may on any Business Day, upon the Borrower's ’s giving of a Notice of Conversion to Agentthe Administrative Agent by telecopy, electronic mail or other similar form of communication, Convert the entire amount of all or a portion of a Loan of one Type into a Loan of another Type; provided, however, a Base Rate Loan may not be Converted into a LIBOR Loan if a Default or Event of Default exists. Promptly after receipt Each Conversion of a Notice Base Rate Loans into LIBOR Loans shall be in an aggregate minimum amount of Conversion, Agent shall notify each Lender by telex or telecopy, or other similar form $2,000,000 and integral multiples of transmission $500,000 in excess of the proposed Conversionthat amount. Any Conversion of a LIBOR Loan into a Base Rate Loan shall be made on, and only on, the last day of an Interest Period for such LIBOR Loan. Each such Notice of Conversion shall be given not later than 12:00 noon (i) 11:00 a.m. three (3) Business Days prior to the date of any proposed Conversion into LIBOR Loans (or, with respect to any proposed Conversion on the Fourth Amendment Effective Date, 11:00 a.m. on the Fourth Amendment Effective Date) and (ii) 11:00 a.m. two (2) Business Day Days prior to the date of any proposed Conversion into Base Rate Loans and on Loans. Promptly after receipt of a Notice of Conversion, the third Business Day prior to Administrative Agent shall notify each Lender of the date of any proposed Conversion into LIBOR LoansConversion. Subject to the restrictions specified above, each Notice of Conversion shall be by telephone telecopy, electronic mail or telecopy confirmed immediately in writing if by telephone other similar form of communication in the form of a Notice of Conversion specifying (a) the requested date of such Conversion, (b) the Type of Loan to be Converted, (c) the portion of such Type of Loan to be Converted, (d) the Type of Loan such Loan is to be Converted into and (e) if such Conversion is into a LIBOR Loan, the requested duration of the Interest Period of such Loan. Each Notice of Conversion shall be irrevocable by and binding on the Borrower once given. Each Conversion from a Base Rate Loan to a LIBOR Loan shall be in an aggregate amount for the Loans of all Lenders of not less than $1,000,000 or integral multiples of $500,000 in excess of that amount.

Appears in 2 contracts

Sources: Term Loan Agreement (RLJ Lodging Trust), Term Loan Agreement (RLJ Lodging Trust)

Conversion. So long as no Default or Event of Default shall have occurred and be continuingexists, the Borrower may on any Business Day, upon the Borrower's giving of a Notice of Conversion to the Agent, Convert the entire amount of all or a portion of a Loan of one Type into a Loan of another Type. Promptly after receipt of a Notice of Conversion, Agent shall notify each Lender by telex or telecopy, or other similar form of transmission of the proposed Conversion. Any Conversion of a LIBOR Loan into a Base Rate Loan shall be made on, and only on, the last day of an Interest Period for such LIBOR Loan and, upon Conversion of a Base Rate Loan into a LIBOR Loan, the Borrower shall pay accrued interest to the date of Conversion on the principal amount so Converted. Each such Notice of Conversion shall be given not later than 12:00 noon on the 9:00 a.m. one Business Day prior to the date of any proposed Conversion into Base Rate Loans and on the third three Business Day Days prior to the date of any proposed Conversion into LIBOR Loans. Promptly after receipt of a Notice of Conversion, the Agent shall notify each Lender by telecopy, electronic mail (but in the case of electronic mail, only to any Lender which has approved delivery of such notice by electronic mail) or other similar form of transmission of the proposed Conversion. Subject to the restrictions specified above, each Notice of Conversion shall be by telephone or telecopy confirmed immediately in writing if by telephone in the form of a Notice of Conversion specifying (a) the requested date of such Conversion, (b) the Type of Loan to be Converted, (c) the portion of such Type of Loan to be Converted, (d) the Type of Loan such Loan is to be Converted into and (e) if such Conversion is into a LIBOR Loan, the requested duration of the Interest Period of such Loan. Each Notice of Conversion shall be irrevocable by and binding on the Borrower once given. Each Conversion from a Base Rate Loan to a LIBOR Loan shall be in an aggregate amount for the Loans of all Lenders of not less than $1,000,000 or integral multiples of $500,000 in excess of that amount.

Appears in 2 contracts

Sources: Credit Agreement (Keystone Property Trust), Term Loan Agreement (Keystone Property Trust)

Conversion. So long as no Default or Event of Default shall have occurred and be continuing, the Borrower may on any Business Day, upon the Borrower's giving of a Loan Notice of Conversion to the Administrative Agent, Convert the entire amount of all or a portion of a Loan of one Type into a Loan of another Type. Promptly after receipt of a Notice of Conversion, Agent shall notify each Lender by telex or telecopy, or other similar form of transmission of the proposed Conversion. Any Conversion of a LIBOR Eurodollar Loan into a Base Rate Loan shall be made on, and only on, the last day of an Interest Period for such LIBOR Eurodollar Loan and, upon Conversion of a Base Rate Loan into a Eurodollar Loan, the Borrower shall pay accrued interest to the date of Conversion on the principal amount so Converted. Each such Loan Notice of Conversion shall be given not later than 12:00 noon on the Business Day prior to the date of any proposed Conversion into Base Rate Loans and on the third Business Day prior to the date of any proposed Conversion into LIBOR Eurodollar Loans. Promptly after receipt of a Loan Notice, the Administrative Agent shall notify each Lender by telecopy or other similar form of transmission of the proposed Conversion. Subject to the restrictions specified above, each Loan Notice of Conversion shall be by telephone or telecopy (confirmed immediately in writing if by telephone writing) or telecopy in the form of a Loan Notice of Conversion (a) specifying (ai) the requested date of such Conversion, (bii) the Type of Loan to be Converted, (ciii) the portion of such Type of Loan to be Converted, (div) the Type of Loan such Loan is to be Converted into and (ev) if such Conversion is into a LIBOR Eurodollar Loan, the requested duration of the Interest Period of such Loan. , and (b) containing certifications of the Borrower with respect to the conditions set forth in Section 5.2 clauses (b) through (d) as set forth in Exhibit C. Each Loan Notice of Conversion shall be irrevocable by and binding on the Borrower once given. Each Conversion from a Base Rate Loan to a LIBOR Loan shall be in an aggregate amount for the Loans of all Lenders of not less than $1,000,000 or integral multiples of $500,000 in excess of that amount.

Appears in 2 contracts

Sources: Credit Agreement (CNL Retirement Properties Inc), Credit Agreement (CNL Retirement Properties Inc)

Conversion. So long as no Event of Default shall have occurred and be continuing, The Borrower may on any Business Day, upon the Borrower's ’s giving of a Notice of Conversion to the Administrative Agent, Convert the entire amount of all or a portion of a Loan of one Type into a Loan of another Type. Promptly after receipt ; provided, however, a Base Rate Loan may not be Converted to a LIBOR Loan if an Event of a Notice of Conversion, Agent Default shall notify each Lender by telex or telecopy, or other similar form of transmission of the proposed Conversionexist. Any Conversion of a LIBOR Loan into a Base Rate Loan shall be made on, and only on, the last day of an Interest Period for such LIBOR Loan and, upon Conversion of a Base Rate Loan into a LIBOR Loan, the Borrower shall pay accrued interest to the date of Conversion on the principal amount so Converted. Each such Notice of Conversion shall be given not later than 12:00 noon 11:00 a.m. on the Business Day prior to the date of any proposed Conversion into Base Rate Loans and on the third Business Day prior to the date of any proposed Conversion into LIBOR Loans. Promptly after receipt of a Notice of Conversion, the Administrative Agent shall notify each Lender holding Loans being Converted by telecopy, or other similar form of transmission, of the proposed Conversion. Subject to the restrictions specified above, each Notice of Conversion shall be by telephone or telecopy (confirmed immediately in writing if by telephone writing), electronic mail or telecopy in the form of a Notice of Conversion specifying (a) the requested date of such Conversion, (b) the Type of Loan to be Converted, (c) the portion of such Type of Loan to be Converted, (d) the Type and Class of Loan such Loan is to be Converted into and (e) if such Conversion is into a LIBOR Loan, the requested duration of the Interest Period of such Loan. Each Notice of Conversion shall be irrevocable by and binding on the Borrower once given. Each Conversion from a Base Rate Loan to a LIBOR Loan shall be in an aggregate amount for the Loans of all Lenders of not less than $1,000,000 or integral multiples of $500,000 in excess of that amount.

Appears in 2 contracts

Sources: Credit Agreement (Corporate Office Properties, L.P.), Credit Agreement (Corporate Office Properties, L.P.)

Conversion. So long as no Default or Event of Default shall have occurred and be continuingexists, the Borrower may on any Business Day, upon the Borrower's ’s giving of a Notice of Conversion to Agentthe Administrative Agent by telecopy, electronic mail or other similar form of communication, Convert the entire amount of all or a portion of a Loan of one Type into a Loan of another Type. Promptly after receipt of a Notice of Conversion, Agent shall notify each Lender by telex or telecopy, or other similar form of transmission of the proposed Conversion. Any Conversion of a LIBOR Term SOFR Loan into a Base Rate Loan shall be made on, and only on, the last day of an Interest Period for such LIBOR Term SOFR Loan and, upon Conversion of a Base Rate Loan into a Term SOFR Loan, the Borrower shall pay accrued interest to the date of Conversion on the principal amount so Converted in accordance with Section 2.4. Each such Notice of Conversion shall be given not later than 12:00 noon on the 9:00 a.m. (i) one Business Day prior to the date of any proposed Conversion into Base Rate Loans, (ii) on the date (which shall be a U.S. Government Securities Business Day) of any proposed Conversion into Daily Simple SOFR Loans and on the third (iii) 3 U.S. Government Securities Business Day Days prior to the date of any proposed Conversion into LIBOR SOFR Loans. Promptly after receipt of a Notice of Conversion, the Administrative Agent shall notify each Lender of the proposed Conversion. Subject to the restrictions specified above, each Notice of Conversion shall be by telephone telecopy, electronic mail or telecopy confirmed immediately in writing if by telephone other similar form of communication in the form of a Notice of Conversion specifying (a) the requested date of such Conversion, (b) the Type of Loan to be Converted, (c) the portion of such Type of Loan to be Converted, (d) the Type of Loan such Loan is to be Converted into and (e) if such Conversion is into a LIBOR Term SOFR Loan, the requested duration of the Interest Period of such Loan. Each Notice of Conversion shall be irrevocable by and binding on the Borrower once given. Each Conversion from a Base Rate Loan to a LIBOR Loan shall be in an aggregate amount for the Loans of all Lenders of not less than $1,000,000 or integral multiples of $500,000 in excess of that amount.

Appears in 2 contracts

Sources: Term Loan Agreement (NNN Reit, Inc.), Credit Agreement (NNN Reit, Inc.)

Conversion. So long as no Event of Default shall have occurred and be continuing, the Borrower may on any Business Day, upon the Borrower's giving of a Notice of Conversion to the Agent, Convert the entire amount of all or a portion of a Loan of one Type into a Loan of another Type. Promptly after receipt of a Notice of Conversion, Agent shall notify each Lender by telex or telecopy, or other similar form of transmission of the proposed Conversion. Any Conversion of a LIBOR Loan into a Base Rate Loan shall be made on, and only on, the last day of an Interest Period for such LIBOR Loan and, upon Conversion of a Base Rate Loan into a LIBOR Loan, the Borrower shall pay accrued interest to the date of Conversion on the principal amount so Converted. Each such Notice of Conversion shall be given not later than 12:00 noon on the 9:00 a.m. one Business Day prior to the date of any proposed Conversion into Base Rate Loans and on the third three Business Day Days prior to the date of any proposed Conversion into LIBOR Loans. Promptly after receipt of a Notice of Conversion, the Agent shall notify each Lender by telex or telecopy, or other similar form of transmission of the proposed Conversion. Subject to the restrictions specified above, each Notice of Conversion shall be by telephone or telecopy (confirmed immediately in writing if by telephone writing) or telecopy in the form of a Notice of Conversion specifying (a) the requested date of such Conversion, (b) the Type of Loan to be Converted, (c) the portion of such Type of Loan to be Converted, (d) the Type of Loan such Loan is to be Converted into and (e) if such Conversion is into a LIBOR Loan, the requested duration of the Interest Period of such Loan. Each Notice of Conversion shall be irrevocable by and binding on the Borrower once given. Each Conversion from a Base Rate Loan to a LIBOR Loan shall be in an aggregate amount for the Loans of all Lenders of not less than $1,000,000 or integral multiples of $500,000 in excess of that amount.

Appears in 2 contracts

Sources: Credit Agreement (Pennsylvania Real Estate Investment Trust), Credit Agreement (Pennsylvania Real Estate Investment Trust)

Conversion. So (a) Each Borrowing initially shall be of the Type specified in the applicable Notice of Borrowing. Thereafter, subject to Section 2.17, and so long as no Default or Event of Default shall have occurred and be continuing, the Borrower may on shall have the option: (i) To convert, at any Business Daytime, upon Borrower's giving of a Notice of Conversion to Agent, Convert the entire amount of all or a portion any part of a any Loan equal to $100,000 and integral multiples of $100,000 in excess of that amount from one Type into of Loan to another Type of Loan; provided that a SOFR Loan of another Type. Promptly after receipt of a Notice of Conversion, Agent shall notify each Lender by telex or telecopy, or other similar form of transmission may only be converted on the expiration of the proposed Conversion. Any Conversion of a LIBOR Loan into a Base Rate Loan shall be made on, and only on, the last day of an Interest Period for applicable to such LIBOR Loan. Each such Notice of Conversion SOFR Loan unless the Borrower shall be given not later than 12:00 noon on the Business Day prior pay all amounts due under Section 2.20 (ii) [Reserved]. (b) The Borrower shall deliver to the date Administrative Agent a written notice (or a telephonic notice promptly confirmed in writing) of any proposed Conversion into Base Rate Loans and on the third Business Day prior each Type of Loan that is to the date of any proposed Conversion into LIBOR Loans. Subject to the restrictions specified abovebe converted, each Notice of Conversion shall be by telephone or telecopy confirmed immediately in writing if by telephone substantially in the form of Exhibit 2.14 attached hereto (a Notice of Conversion specifying Conversion”) no later than 1:00 p.m. (aNew York City time) the requested date of such Conversion, at least one (b1) the Type of Loan to be Converted, (c) the portion of such Type of Loan to be Converted, (d) the Type of Loan such Loan is to be Converted into and (e) if such Conversion is into a LIBOR Loan, the requested duration Business Day in advance of the Interest Period proposed conversion date (in the case of such a conversion to a Base Rate Loan) and at least three (3) U.S. Government Securities Business Days in advance of the proposed conversion date (in the case of a conversion to a SOFR Loan). Each Notice of Conversion shall be irrevocable by irrevocable, and binding the Borrower shall be bound to effect a conversion in accordance therewith. (c) If, on the expiration of any Interest Period in respect of any SOFR Loan, the Borrower once given. Each Conversion from shall have failed to deliver a Base Rate Notice of Conversion, then, unless such SOFR Loan to a LIBOR is repaid as provided herein, such SOFR Loan shall be in an aggregate amount for continue as a SOFR Loan with the Loans applicable Interest Period relating thereto. (d) Upon receipt of all Lenders any Notice of not less than $1,000,000 or integral multiples Conversion, the Administrative Agent shall promptly notify each Lender of $500,000 in excess of that amountthe details thereof.

Appears in 2 contracts

Sources: Term Loan Credit Agreement (Root, Inc.), Term Loan Agreement (Root, Inc.)

Conversion. So long as no Default or Event of Default shall have occurred and be continuing, the Borrower may on any Business Day, upon the Borrower's ’s giving of a Notice of Conversion to the Agent, Convert the entire amount of all or a portion of a Revolving Loan of one Type into a Revolving Loan of another Type. Promptly after receipt of a Notice of Conversion, Agent shall notify each Lender by telex or telecopy, or other similar form of transmission of the proposed Conversion. Any Conversion of a Revolving Loan that is a LIBOR Rate Loan into a Base Rate Loan shall be made on, and only on, the last day of an Interest Period for such LIBOR Rate Loan and, upon Conversion of a Base Rate Loan into a LIBOR Rate Loan, the Borrower shall pay accrued interest to the date of Conversion on the principal amount so Converted. Each such Notice of Conversion shall be given not later than 12:00 noon 11:00 a.m. on the Business Day prior to the date of any proposed Conversion into Base Rate Loans and on the third (3rd ) Business Day prior to the date of any proposed Conversion into LIBOR Rate Loans. Promptly after receipt of a Notice of Conversion, the Agent shall notify each applicable Lender by telecopy, or other similar form of transmission, of the proposed Conversion. Subject to the restrictions specified above, each Notice of Conversion shall be by telephone or telecopy (confirmed immediately in writing if by telephone writing) or telecopy in the form of a Notice of Conversion specifying (a) the requested date of such Conversion, (b) the Type of Revolving Loan to be Converted, (c) the portion of such Type of Revolving Loan to be Converted, (d) the Type of Revolving Loan such Revolving Loan is to be Converted into and (e) if such Conversion is into a LIBOR Rate Loan, the requested duration of the Interest Period of such Loan. Each Notice of Conversion shall be irrevocable by and binding on the Borrower once given. Each Conversion from a Base Rate Loan to a LIBOR Loan shall be in an aggregate amount for the Loans of all Lenders of not less than $1,000,000 or integral multiples of $500,000 in excess of that amount.

Appears in 2 contracts

Sources: Credit Agreement (Wells Core Office Income Reit Inc), Credit Agreement (Wells Core Office Income Reit Inc)

Conversion. So long as no Default or Event of Default shall have occurred and be continuingexists, the Borrower may on any Business Day, upon the Borrower's ’s giving of a Notice of Conversion to Agentthe Administrative Agent by telecopy, electronic mail or other similar form of communication, Convert the entire amount of all or a portion of a Loan of one Type into a Loan of another Type; provided, however, a Base Rate Loan may not be Converted into a LIBOR Loan if a Default or Event of Default exists. Promptly after receipt Each Conversion of a Notice Base Rate Loans into LIBOR Loans shall be in an aggregate minimum amount of Conversion, Agent shall notify each Lender by telex or telecopy, or other similar form $2,000,000 and integral multiples of transmission $500,000 in excess of the proposed Conversionthat amount. Any Conversion of a LIBOR Loan into a Base Rate Loan shall be made on, and only on, the last day of an Interest Period for such LIBOR Loan. Each such Notice of Conversion shall be given not later than 12:00 noon (i) 11:00 a.m. three (3) Business Days prior to the date of any proposed Conversion into LIBOR Loans (or, with respect to any proposed Conversion on the Effective Date, 11:00 a.m. on the Effective Date) and (ii) 11:00 a.m. two (2) Business Day Days prior to the date of any proposed Conversion into Base Rate Loans and on Loans. Promptly after receipt of a Notice of Conversion, the third Business Day prior to Administrative Agent shall notify each Lender of the date of any proposed Conversion into LIBOR LoansConversion. Subject to the restrictions specified above, each Notice of Conversion shall be by telephone telecopy, electronic mail or telecopy confirmed immediately in writing if by telephone other similar form of communication in the form of a Notice of Conversion specifying (a) the requested date of such Conversion, (b) the Type of Loan to be Converted, (c) the portion of such Type of Loan to be Converted, (d) the Type of Loan such Loan is to be Converted into and (e) if such Conversion is into a LIBOR Loan, the requested duration of the Interest Period of such Loan. Each Notice of Conversion shall be irrevocable by and binding on the Borrower once given. Each Conversion from a Base Rate Loan to a LIBOR Loan shall be in an aggregate amount for the Loans of all Lenders of not less than $1,000,000 or integral multiples of $500,000 in excess of that amount.

Appears in 2 contracts

Sources: Credit Agreement (RLJ Lodging Trust), Credit Agreement (RLJ Lodging Trust)

Conversion. So long as no Event of Default shall have occurred and be continuing, The Borrower may on any Business Day, upon the Borrower's ’s giving of a Notice of Conversion to the Administrative Agent, Convert the entire amount of all or a portion of a Revolving Loan or a Term Loan (including a Base Rate Loan made pursuant to Section 2.3(e)) of one Type into a Loan of another Type. Promptly after receipt ; provided, however, a Base Rate Loan may not be Converted to a LIBOR Loan if a Default or Event of a Notice of Conversion, Agent Default shall notify each Lender by telex or telecopy, or other similar form of transmission of the proposed Conversionexist. Any Conversion of a LIBOR Loan into a Base Rate Loan shall be made on, and only on, the last day of an Interest Period for such LIBOR Loan. Each such Notice of Conversion shall be given not later than 12:00 noon 11:00 a.m. on the Business Day prior to the date of any proposed Conversion into Base Rate Loans and on the third Business Day prior to the date of any proposed Conversion into LIBOR Loans. Promptly after receipt of a Notice of Conversion, the Administrative Agent shall notify each Lender of the proposed Conversion. Subject to the restrictions specified above, each Notice of Conversion shall be by telephone or telecopy (confirmed immediately in writing if by telephone writing) or telecopy in the form of a Notice of Conversion specifying (a) the requested date of such Conversion, (b) the Type of Loan to be Converted, (c) the portion of such Type of Loan to be Converted, (d) the Type of Loan such Loan is to be Converted into and (e) if such Conversion is into a LIBOR Loan, the requested duration of the Interest Period of such Loan. Each Notice of Conversion shall be irrevocable by and binding on the Borrower once given. Each Conversion from a Base Rate Loan to a LIBOR Loan shall be in an aggregate amount for the Loans of all Lenders of not less than $1,000,000 or integral multiples of $500,000 in excess of that amount.

Appears in 2 contracts

Sources: Credit Agreement (National Storage Affiliates Trust), Credit Agreement (National Storage Affiliates Trust)

Conversion. So long as no Event of Default shall have occurred and be continuingexists, the Borrower may on any Business Day, upon the Borrower's ’s giving of a Notice of Conversion to the Administrative Agent, Convert the entire amount of all or a portion of a Loan of one Type into a Loan of another Type. Promptly after receipt of a Notice of Conversion, Agent shall notify each Lender by telex or telecopy, or other similar form of transmission of the proposed Conversion. Any Conversion of a LIBOR Loan into a Base Rate Loan shall be made on, and only on, the last day of an Interest Period for such LIBOR Loan. Each Conversion of Base Rate Loans into LIBOR Loans shall be in an aggregate minimum amount of $1,000,000 and integral multiples of $250,000 in excess of that amount. Each such Notice of Conversion shall be given not later than 12:00 noon on the 11:00 a.m. (Central time) one Business Day prior to the date of any proposed Conversion into Base Rate Loans and on the third three Business Day Days prior to the date of any proposed Conversion into LIBOR Loans. Promptly after receipt of a Notice of Conversion, the Administrative Agent shall notify each Lender by telecopy, or other similar form of transmission of the proposed Conversion. Subject to the restrictions specified above, each Notice of Conversion shall be by telephone or telecopy (confirmed immediately in writing if by telephone writing), telecopy, electronic mail or other similar form of communication in the form of a Notice of Conversion specifying (a) the requested date of such Conversion, (b) the Type of Loan to be Converted, (c) the portion of such Type of Loan to be Converted, (d) the Type of Loan such Loan is to be Converted into into, and (e) if such Conversion is into a LIBOR Loan, the requested duration of the Interest Period of such Loan. Each Notice of Conversion shall be irrevocable by and binding on the Borrower once given. Each Conversion from a Base Rate Loan to a LIBOR Loan shall be in an aggregate amount for the Loans of all Lenders of not less than $1,000,000 or integral multiples of $500,000 in excess of that amount.

Appears in 2 contracts

Sources: Credit Agreement (Pennsylvania Real Estate Investment Trust), Credit Agreement (Pennsylvania Real Estate Investment Trust)

Conversion. So long as no Event of Default shall have occurred and be continuingexists, the Borrower may on any Business Day, upon the Borrower's ’s giving of a Notice of Conversion to the Administrative Agent, Convert the entire amount of all or a portion of a Loan of one Type into a Loan of another Type. Promptly after receipt of a Notice of Conversion, Agent shall notify each Lender by telex or telecopy, or other similar form of transmission of the proposed Conversion. Any Conversion of a LIBOR LIBORSOFR Loan into a Base Rate Loan shall be made on, and only on, the last day of an Interest Period for such LIBOR LIBORSOFR Loan. Each Conversion of Base Rate Loans into LIBORSOFR Loans shall be in an aggregate minimum amount of $1,000,000 and integral multiples of $250,000 in excess of that amount. Each such Notice of Conversion shall be given not later than 12:00 noon on the 11:00 a.m. (Central time) one (1) U.S. Government Securities Business Day prior to the date of any proposed Conversion into Base Rate Loans and on the third three (3) U.S. Government Securities Business Day Days prior to the date of any proposed Conversion into LIBOR LIBORSOFR Loans. Promptly after receipt of a Notice of Conversion, the Administrative Agent shall notify each Lender by facsimile, or other similar form of transmission of the proposed Conversion. Subject to the restrictions specified above, each Notice of Conversion shall be by telephone or telecopy (confirmed immediately in writing if by telephone writing), facsimile, electronic mail or other similar form of communication in the form of a Notice of Conversion specifying (a) the requested date of such Conversion, (b) the Type of Loan to be Converted, (c) the portion of such Type of Loan to be Converted, (d) the Type of Loan such Loan is to be Converted into into, and (e) if such Conversion is into a LIBOR LIBORSOFR Loan, the requested duration of the Interest Period of such Loan. Each Notice of Conversion shall be irrevocable by and binding on the Borrower once given. Each Conversion from a Base Rate Loan to a LIBOR Loan shall be in an aggregate amount for the Loans of all Lenders of not less than $1,000,000 or integral multiples of $500,000 in excess of that amount.

Appears in 2 contracts

Sources: Second Lien Credit Agreement (Pennsylvania Real Estate Investment Trust), First Lien Credit Agreement (Pennsylvania Real Estate Investment Trust)

Conversion. So long as no Default or Event of Default shall have occurred and be continuing, Borrower the Company may on any Business Day, upon Borrowerthe Company's giving of a Notice of Conversion to the Disbursing Agent, Convert the entire amount of all or a portion of a Loan of one Type into a Loan of another Type. Promptly after receipt of a Notice of Conversion, Agent shall notify each Lender by telex or telecopy, or other similar form of transmission of the proposed Conversion. Any Conversion of a LIBOR Loan into a Base Rate Loan shall be made on, and only on, the last day of an Interest Period for such LIBOR Loan. Each such Notice of Conversion shall be given by the Company not later than 12:00 noon (a) on the Business Day prior to the date of any proposed Conversion into Base Rate Loans and or (b) on the third second Business Day prior to the date of any proposed Conversion into LIBOR Loans. Promptly upon receipt of a Notice of Conversion (and in any event not later than 1:00 p.m. on the date of receipt thereof), the Disbursing Agent shall notify each Lender by telecopy or other similar form of transmission of the proposed Conversion. Subject to the restrictions specified above, each Notice of Conversion shall be by telephone or telecopy confirmed immediately in writing if by telephone telephone, in the form of a Notice of Conversion specifying (a1) the requested date of such Conversion, (b2) the Type of Loan to be Converted, (c3) the portion of such Type of Loan to be Converted, (d4) the Type of Loan such Loan is to be Converted into and (e5) if such Conversion is into a LIBOR Loan, the requested duration of the Interest Period of such Loan. Each Notice of Conversion shall be irrevocable by and binding on the applicable Borrower once given. Each Conversion from a Base Rate Loan to a LIBOR Loan shall be in an aggregate amount for the Loans of all Lenders of not less than $1,000,000 or integral multiples of $500,000 in excess of that amount.

Appears in 2 contracts

Sources: Credit Agreement (Allied Capital Corp), Credit Agreement (Allied Capital Corp)

Conversion. So long as no Event of Default shall have occurred and be continuing, The Borrower may on any Business DayDay (so long as no Default or Event of Default has occurred and is continuing), upon Borrower's giving of notice (each such notice, a "Notice of Conversion Conversion") given to the Agent, Convert and subject to the provisions of Section 4.8(c), convert the entire amount of all or a portion of a Loan all Revolving Loans of one Type comprising the same Borrowing into a Loan Revolving Loans of another Type. Promptly after receipt ; provided, however, that any conversion of a Notice any Eurodollar Rate Loans into Revolving Loans of Conversion, Agent shall notify each Lender by telex or telecopy, or other similar form of transmission of the proposed Conversion. Any Conversion of a LIBOR Loan into a Base Rate Loan another Type shall be made on, and only on, the last day of an Interest Period for such LIBOR LoanEurodollar Rate Loans and, upon conversion of any Prime Rate Loans into Revolving Loans of another Type, the Borrower shall pay accrued interest to the date of conversions on the principal amount converted. Each such Notice of Conversion shall be given not later than 12:00 noon P.M. New York City time on the Business Day prior to the date of any proposed Conversion conversion into Base Prime Rate Loans and on the third Business Day prior to the date of any proposed Conversion conversion into LIBOR Eurodollar Rate Loans. Subject to the restrictions specified above, each Notice of Conversion shall be by telephone or telecopy facsimile transmission, and if by telephone, promptly confirmed immediately in writing if by telephone substantially in the form of a Notice of Conversion Exhibit H, in each case specifying (ai) the requested date of such Conversionconversion, (bii) the Type of Loan Revolving Loans to be Convertedconverted, (ciii) the portion of such Type of Revolving Loan to be Convertedconverted, (div) the Type of Revolving Loan such Loan is Revolving Loans are to be Converted converted into and (ev) if such Conversion conversion is into a LIBOR LoanEurodollar Rate Loans, the requested duration of the Interest Period of such Revolving Loan. Each Notice of Conversion shall be irrevocable by and binding on Borrower once given. Each Conversion from a Base Rate Loan to a LIBOR Loan conversion shall be in an aggregate amount for the Revolving Loans of all Lenders of not less than $1,000,000 5,000,000 or an integral multiples multiple of $500,000 100,000 in excess thereof. The Borrower may elect to convert the entire amount of or a portion of all Revolving Loans of one Type comprising more than one Borrowing into Revolving Loans of another Type by combining such Borrowings into one Borrowing consisting of Revolving Loans of another Type; provided, however, that amountif the Borrowings so combined consist of Eurodollar Rate Loans, such Revolving Loans shall have Interest Periods ending on the same date.

Appears in 2 contracts

Sources: Credit Agreement (Riverside Group Inc/Fl), Credit Agreement (Wickes Lumber Co /De/)

Conversion. So long as no Event of Default shall have occurred and be continuing, the Borrower may on any Business DayDay subject to the terms and conditions provided herein, upon the Borrower's giving of a Notice of Conversion in substantially the form attached hereto as Exhibit 3.7A (a "NOTICE OF CONVERSION") to the Administrative Agent, Convert the entire amount of all or a portion of a Loan an Advance of one Type into a Loan of another Type. Promptly after receipt of Fixed Eurodollar Rate Advance or a Notice of Conversion, Agent shall notify each Lender by telex or telecopy, or other similar form of transmission of the proposed ConversionBase Rate Advance. Any Conversion of a LIBOR Loan Eurodollar Rate Advance or Competitive Advance into a Base Rate Loan Advance shall be made on, and only on, the last day of an the Interest Period for such LIBOR LoanEurodollar Rate Advance or Competitive Advance, as the case may be. Each such Notice of Conversion shall be given by the Borrower not later than 12:00 noon 11:00 A.M. (Charlotte, North Carolina time) (a) on the Business Day prior to the date of any proposed Conversion into Base Rate Loans and Advances or (b) on the third Business Day prior to the date of any proposed Conversion into LIBOR LoansFixed Eurodollar Rate Advances. Promptly upon receipt of a Notice of Conversion, the Administrative Agent shall notify each Lender by hand, telecopy or telex, of the proposed Conversion. Subject to the restrictions specified above, each Notice of Conversion shall be delivered by telephone hand, telecopy or telecopy confirmed immediately in writing if by telephone in the form of a Notice of Conversion specifying telex, and specify (a) the requested date of such Conversion, (b) the Type of Loan Advance to be Converted, (c) the portion of such Type of Loan Advance to be Converted, (d) the Type of Loan Advance such Loan Advance is to be Converted into into, and (e) if such Conversion is into a LIBOR LoanFixed Eurodollar Rate Advance, the requested duration of the Interest Period of such LoanAdvance all of which will be specified in a manner as is necessary to comply with all limitations on Advances outstanding hereunder. Each Notice of Conversion shall be irrevocable by and shall be binding on the Borrower once given. Each Conversion from In addition to the foregoing, the Borrower may Convert any Advance on the last day of the Interest Period for such Advance into a Base Rate Loan to a LIBOR Loan shall be in an aggregate amount for Competitive Advance by complying with the Loans requirements of all Lenders of not less than $1,000,000 or integral multiples of $500,000 in excess of that amountSection 3.3 and Section 7.2.

Appears in 2 contracts

Sources: Credit Agreement (Summit Properties Inc), Credit Agreement (Summit Properties Inc)

Conversion. So long as no Event of Default shall have occurred and be continuing, The Borrower may on any U.S. Government Securities Business Day, upon the Borrower's ’s giving of a Notice of Conversion to Agentthe Administrative Agent by telecopy, electronic mail or other similar form of communication, Convert the entire amount of all or a portion of a Loan of one Type into a Loan of another Type; provided, however, a Base Rate Loan or Daily SOFR Loan may not be Converted into a Term SOFR Loan if a Default or Event of Default exists. Promptly after receipt Each Conversion of a Notice Base Rate Loans or Daily SOFR Loans into Term SOFR Loans shall be in an aggregate minimum amount of Conversion, Agent shall notify each Lender by telex or telecopy, or other similar form $1,000,000 and integral multiples of transmission $250,000 in excess of the proposed Conversionthat amount. Any Conversion of a LIBOR Term SOFR Loan into a Base Rate Loan or Daily SOFR Loan shall be made on, and only on, the last day of an Interest Period for such LIBOR Term SOFR Loan. Each such Notice of Conversion shall be given not later than 12:00 noon on the (i) 1:00 p.m. Central time three (3) U.S. Government Securities Business Day Days prior to the date of any proposed Conversion into Base Rate Loans a Daily SOFR Loan or Term SOFR Loan and on the third (ii) 1:00 p.m. Central time three (3) Business Day Days prior to the date of any proposed Conversion into LIBOR Loansa Base Rate Loan. Promptly after receipt of a Notice of Conversion, the Administrative Agent shall notify each Lender of the proposed Conversion. Subject to the restrictions specified above, each Notice of Conversion shall be by telephone telecopy, electronic mail or telecopy confirmed immediately in writing if by telephone other similar form of communication in the form of a Notice of Conversion specifying (a) the requested date of such Conversion, (b) the Type of Loan to be Converted, (c) the portion of such Type of Loan to be Converted, (d) the Type of Loan such Loan is to be Converted into and (e) if such Conversion is into a LIBOR Term SOFR Loan, the requested duration of the Interest Period of such Loan. If the Borrower shall elect a conversion to Term SOFR Loans but fails to select an Interest Period for any Term SOFR Loan in accordance with this Section, the Borrower shall be deemed to have selected an Interest Period of one month. Each Notice of Conversion shall be irrevocable by and binding on the Borrower once given. Each Conversion from a Base Rate Loan to a LIBOR Loan shall be in an aggregate amount for the Loans of all Lenders of not less than $1,000,000 or integral multiples of $500,000 in excess of that amount.

Appears in 2 contracts

Sources: Credit Agreement (NETSTREIT Corp.), Credit Agreement (NETSTREIT Corp.)

Conversion. So long as there exists no Default or Event of Default shall have occurred and be continuingDefault, the Borrower may on any Business Day, upon the Borrower's giving of a Notice of Conversion to Agentthe Administrative Agent by telecopy, electronic mail or other similar form of communication, Convert the entire amount of all or a portion of a Loan of one Type into a Loan of another Type. Promptly after receipt Each Conversion of Base Rate Loans into LIBOR Loans shall be in an aggregate minimum amount of $100,000 and integral multiples of $1,000 in excess of that amount, and upon Conversion of a Notice Base Rate Loan into a LIBOR Loan, the Borrower shall pay accrued interest to the date of Conversion, Agent shall notify each Lender by telex or telecopy, or other similar form of transmission of Conversion on the proposed Conversionprincipal amount so Converted in accordance with Section 2.4. Any Conversion of a LIBOR Loan into a Base Rate Loan shall be made on, and only on, the last day of an Interest Period for such LIBOR Loan. Each such Notice of Conversion shall be given not later than 12:00 noon on the 11:00 a.m. Central time one Business Day prior to the date of any proposed Conversion into Base Rate Loans and on the third three (3) Business Day Days prior to the date of any proposed Conversion into LIBOR Loans. Promptly after receipt of a Notice of Conversion, the Administrative Agent shall notify each Lender of the proposed Conversion. Subject to the restrictions specified above, each Notice of Conversion shall be by telephone telecopy, electronic mail or telecopy confirmed immediately in writing if by telephone other similar form of communication in the form of a Notice of Conversion specifying (a) the requested date of such Conversion, (b) the Type of Loan to be Converted, (c) the portion of such Type of Loan to be Converted, (d) the Type of Loan such Loan is to be Converted into and (e) if such Conversion is into a LIBOR Loan, the requested duration of the Interest Period of such Loan. Each Notice of Conversion shall be irrevocable by and binding on the Borrower once given. Each Conversion from a Base Rate Loan to a LIBOR Loan shall be in an aggregate amount for the Loans of all Lenders of not less than $1,000,000 or integral multiples of $500,000 in excess of that amount.

Appears in 2 contracts

Sources: Credit Agreement (CBL & Associates Properties Inc), Credit Agreement (CBL & Associates Properties Inc)

Conversion. So long as no Event of Default shall have occurred and be continuing, Borrower The Company may on any Business DayDay (so long as no Default or Event of Default has occurred and is continuing) unless otherwise agreed to by the Majority Banks, upon Borrower's the giving of a Notice of Conversion given to the Administrative Agent, Convert and subject to the provisions of Section 4.07(c), convert the entire amount of all or a portion of a Loan all Loans of one Type comprising the same Borrowing into a Loan Loans of another Type. Promptly after receipt ; provided, however, that any conversion of a Notice of Conversion, Agent shall notify each Lender by telex or telecopy, or other similar form of transmission of the proposed Conversion. Any Conversion of a LIBOR Loan any Eurodollar Rate Loans into a Base Prime Rate Loan Loans shall be made on, and only on, the last day of an Interest Period for such LIBOR LoanEurodollar Rate Loans and, upon conversion of any Prime Rate Loans into Eurodollar Rate Loans, the Company shall pay accrued interest to the date of conversions on the principal amount converted. Each such Notice of Conversion shall be given not later than 12:00 noon 1:00 p.m. (New York City time), on the Business Day prior to the date day of any proposed Conversion conversion into Base Prime Rate Loans and not later than 5:00 p.m. (New York City time) on the third Business Day prior to the date of any proposed Conversion conversion into LIBOR Eurodollar Rate Loans. Subject to the restrictions specified above, each Notice of Conversion shall be by telephone or telecopy confirmed immediately in writing facsimile transmission and, if by telephone telephone, promptly confirmed in the form of a Notice of Conversion writing, in each case specifying (ai) the requested date of such Conversionconversion, (bii) the Type of Loan Loans to be Convertedconverted, (ciii) the portion of such Type of Loan to be Convertedconverted, (div) the Type of Loan such Loan is Loans are to be Converted converted into and (ev) if such Conversion conversion is into a LIBOR LoanEurodollar Rate Loans, the requested duration of the Interest Period of such Loan. Each Notice of Conversion shall be irrevocable by and binding on Borrower once given. Each Conversion from a Base Rate Loan to a LIBOR Loan conversion shall be in an aggregate amount for the Loans of all Lenders Tranche 2 Banks of not less than $1,000,000 5,000,000 or in an integral multiples multiple of $500,000 1,000,000 in excess thereof. The Company may elect to convert the entire amount of or a portion of all Loans of one Type comprising more than one Borrowing into Loans of another Type by combining such Borrowings into one Borrowing consisting of Loans of another Type; provided, however, that amountif the Borrowings so combined consist of Eurodollar Rate Loans, such Loans shall have Interest Periods ending on the same date.

Appears in 2 contracts

Sources: Credit Agreement (Premcor Inc), Credit Agreement (Premcor Refining Group Inc)

Conversion. So long as no Default or Event of Default shall have occurred and be continuing, the Borrower may on any Business Day, upon the Borrower's giving of a Notice of Conversion to the Agent, Convert the entire amount of all or a portion of a Revolving Loan of one Type into a Revolving Loan of another Type. Promptly after receipt of a Notice of Conversion; provided, Agent shall notify each Lender by telex or telecopyhowever, or other similar form of transmission of the proposed Conversion. Any any Conversion of a LIBOR Loan into a Base Rate Loan shall be made on, and only on, the last day of an Interest Period for such LIBOR Loan. Promptly after receipt of a Notice of Conversion, the Agent shall notify each Lender by telex or telecopy, or other similar form of transmission of the proposed Conversion. Each such Notice of Conversion shall be given not later than 12:00 noon 9:00 a.m. on the Business Day prior to the date of any proposed Conversion into Base Rate Loans and on the third Business Day prior to the date of any proposed Conversion into LIBOR Loans. Subject to the restrictions specified above, each Notice of Conversion shall be by telephone or telecopy confirmed immediately in writing if by telephone in the form of a Notice of Conversion specifying (a) the requested date of such Conversion, (b) the Type of Revolving Loan to be Converted, (c) the portion of such Type of Revolving Loan to be Converted, (d) the Type of Revolving Loan such Revolving Loan is to be Converted into and (e) if such Conversion is into a LIBOR Loan, the requested duration of the Interest Period of such Revolving Loan. Each Notice of Conversion shall be irrevocable by and binding on the Borrower once given. Each Conversion from a Base Rate Loan to a LIBOR Loan shall be in an aggregate amount for the Revolving Loans of all the Lenders of not less than $1,000,000 or integral multiples of $500,000 100,000 in excess of that amount.

Appears in 2 contracts

Sources: Credit Agreement (Regency Centers Corp), Credit Agreement (Regency Centers Corp)

Conversion. So long as no Default or Event of Default shall have occurred and be continuingexists, the Borrower may on any Business Day, upon the Borrower's ’s giving of a Notice of Conversion to the Agent, Convert the entire amount of all or a portion of a Loan of one Type into a Loan of another Type. Promptly after receipt of a Notice of Conversion, Agent shall notify each Lender by telex or telecopy, or other similar form of transmission of the proposed Conversion. Any Conversion of a LIBOR Loan into a Base Rate Loan shall be made on, and only on, the last day of an Interest Period for such LIBOR Loan and, upon Conversion of a Base Rate Loan into a LIBOR Loan, the Borrower shall pay accrued interest to the date of Conversion on the principal amount so Converted. Each such Notice of Conversion shall be given not later than 12:00 noon on the 9:00 a.m. San Francisco time one Business Day prior to the date of any proposed Conversion into Base Rate Loans and on the third three Business Day Days prior to the date of any proposed Conversion into LIBOR Loans. Promptly after receipt of a Notice of Conversion, the Agent shall notify each Lender by telecopy, electronic mail or other similar form of transmission of the proposed Conversion. Subject to the restrictions specified above, each Notice of Conversion shall be by telephone or telecopy confirmed immediately in writing if by telephone in the form of a Notice of Conversion specifying (a) the requested date of such Conversion, (b) the Type of Loan to be Converted, (c) the portion of such Type of Loan to be Converted, (d) the Type of Loan such Loan is to be Converted into and (e) if such Conversion is into a LIBOR Loan, the requested duration of the Interest Period of such Loan. Each Notice of Conversion shall be irrevocable by and binding on the Borrower once given. Each Conversion from a Base Rate Loan to a LIBOR Loan shall be in an aggregate amount for the Loans of all Lenders of not less than $1,000,000 or integral multiples of $500,000 in excess of that amount.

Appears in 2 contracts

Sources: Credit Agreement (Realty Income Corp), Credit Agreement (Realty Income Corp)

Conversion. So long as no Default or Event of Default shall have occurred and be continuing, the Borrower may on any Business Day, upon the Borrower's giving of a Notice of Conversion to the Administrative Agent, Convert the entire amount of all or a portion of a Loan of one Type into a Loan of another Type. Promptly after receipt of a Notice of Conversion, Agent shall notify each Lender by telex or telecopy, or other similar form of transmission of the proposed Conversion. Any Conversion of a LIBOR Loan into a Base Rate Loan shall be made on, and only on, the last day of an Interest Period for such LIBOR Loan and, upon Conversion of a Base Rate Loan into a LIBOR Loan, the Borrower shall pay accrued interest to the date of Conversion on the principal amount so Converted. Each such Notice of Conversion shall be given not later than 12:00 noon on the Business Day prior to the date of any proposed Conversion into Base Rate Loans and on the third Business Day prior to the date of any proposed Conversion into LIBOR Loans. Promptly after receipt of a Notice of Conversion, the Administrative Agent shall notify each Lender by telecopy or other similar form of transmission of the proposed Conversion. Subject to the restrictions specified above, each Notice of Conversion shall be by telephone or telecopy (confirmed immediately in writing if by telephone writing) or telecopy in the form of a Notice of Conversion specifying (a) the requested date of such Conversion, (b) the Type of Loan to be Converted, (c) the portion of such Type of Loan to be Converted, (d) the Type of Loan such Loan is to be Converted into and (e) if such Conversion is into a LIBOR Loan, the requested duration of the Interest Period of such Loan. Each Notice of Conversion shall be irrevocable by and binding on the Borrower once given. Each Conversion from a Base Rate Loan to a LIBOR Loan shall be in an aggregate amount for the Loans of all Lenders of not less than $1,000,000 or integral multiples of $500,000 in excess of that amount.

Appears in 2 contracts

Sources: Credit Agreement (CNL American Properties Fund Inc), Credit Agreement (CNL American Properties Fund Inc)

Conversion. So long as no Default or Event of Default shall have occurred and be continuing, the Borrower may on any Business Day, upon the Borrower's ’s giving of a Notice of Conversion to the Agent, Convert the entire amount of all or a portion of a Loan of one Type into a Loan of another Type. Promptly after receipt of a Notice of Conversion, Agent shall notify each Lender by telex or telecopy, or other similar form of transmission of the proposed Conversion. Any Conversion of a LIBOR Loan into a Base Rate Loan shall be made on, and only on, the last day of an Interest Period for such LIBOR Loan and, upon Conversion of a Base Rate Loan into a LIBOR Loan, the Borrower shall pay accrued interest to the date of Conversion on the principal amount so Converted. Each such Notice of Conversion shall be given not later than 12:00 noon 11:00 a.m. on the Business Day prior to the date of any proposed Conversion into Base Rate Loans and on the third Business Day prior to the date of any proposed Conversion into LIBOR Loans. Promptly after receipt of a Notice of Conversion, the Agent shall notify each Lender by telecopy, or other similar form of transmission, of the proposed Conversion. Subject to the restrictions specified above, each Notice of Conversion shall be by telephone or telecopy (confirmed immediately in writing if by telephone writing) or telecopy in the form of a Notice of Conversion specifying (a) the requested date of such Conversion, (b) the Type of Loan to be Converted, (c) the portion of such Type of Loan to be Converted, (d) the Type of Loan such Loan is to be Converted into and (e) if such Conversion is into a LIBOR Loan, the requested duration of the Interest Period of such Loan. Each Notice of Conversion shall be irrevocable by and binding on the Borrower once given. Each Conversion from a Base Rate Loan to a LIBOR Loan shall be in an aggregate amount for the Loans of all Lenders of not less than $1,000,000 or integral multiples of $500,000 in excess of that amount.

Appears in 2 contracts

Sources: Credit Agreement (United Dominion Realty Trust Inc), Term Loan Agreement (HRPT Properties Trust)

Conversion. So long as no Default or Event of Default shall have occurred and be continuing, the Borrower may on any Business Day, upon the Borrower's giving of a Notice of Conversion to the Agent, Convert the entire amount of all or a portion of a Loan of one Type into a Loan of another Type. Promptly after receipt of a Notice of Conversion, Agent shall notify each Lender by telex or telecopy, or other similar form of transmission of the proposed Conversion. Any Conversion of a LIBOR Loan into a Base Rate Loan shall be made on, and only on, the last day of an Interest Period for such LIBOR Loan and, upon Conversion of a Base Rate Loan into a LIBOR Loan, the Borrower shall pay accrued interest to the date of Conversion on the principal amount so Converted. Each such Notice of Conversion shall be given not later than 12:00 noon on the Business Day prior to the date of any proposed Conversion into Base Rate Loans and on the third Business Day prior to the date of any proposed Conversion into LIBOR Loans. Promptly after receipt of a Notice of Conversion, the Agent shall notify each Lender by telecopy or other similar form of transmission of the proposed Conversion. Subject to the restrictions specified above, each Notice of Conversion shall be by telephone or telecopy (confirmed immediately in writing if by telephone writing) or telecopy in the form of a Notice of Conversion specifying (a) the requested date of such Conversion, (b) the Type of Loan to be Converted, (c) the portion of such Type of Loan to be Converted, (d) the Type of Loan such Loan is to be Converted into and (e) if such Conversion is into a LIBOR Loan, the requested duration of the Interest Period of such Loan. Each Notice of Conversion shall be irrevocable by and binding on the Borrower once given. Each Conversion from a Base Rate Loan to a LIBOR Loan shall be in an aggregate amount for the Loans of all Lenders of not less than $1,000,000 or integral multiples of $500,000 in excess of that amount.

Appears in 2 contracts

Sources: Credit Agreement (Captec Net Lease Realty Inc), Credit Agreement (Captec Net Lease Realty Inc)

Conversion. So long as there exists (i) no Default under subsections (a), (b)(i), (b)(ii), (e) or (f) of Section 11.1 of this Agreement, (ii) no other Default as to which Administrative Agent has given Borrower notice, or (iii) no Event of Default shall have occurred and be continuingDefault, the Borrower may on any Business Day, upon the Borrower's giving of a Notice of Conversion to Agentthe Administrative Agent by telecopy, electronic mail or other similar form of communication, Convert the entire amount of all or a portion of a Loan of one Type into a Loan of another Type. Promptly after receipt Each Conversion of Base Rate Loans into LIBOR Loans shall be in an aggregate minimum amount of $100,000 and integral multiples of $1,000 in excess of that amount, and upon Conversion of a Notice Base Rate Loan into a LIBOR Loan, the Borrower shall pay accrued interest to the date of Conversion, Agent shall notify each Lender by telex or telecopy, or other similar form of transmission of Conversion on the proposed Conversionprincipal amount so Converted in accordance with Section 2.3. Any Conversion of a LIBOR Loan into a Base Rate Loan shall be made on, and only on, the last day of an Interest Period for such LIBOR Loan. Each such Notice of Conversion shall be given not later than 12:00 noon on the 9:00 a.m. one Business Day prior to the date of any proposed Conversion into Base Rate Loans and on the third three (3) Business Day Days prior to the date of any proposed Conversion into LIBOR Loans. Promptly after receipt of a Notice of Conversion, the Administrative Agent shall notify each Lender of the proposed Conversion. Subject to the restrictions specified above, each Notice of Conversion shall be by telephone telecopy, electronic mail or telecopy confirmed immediately in writing if by telephone other similar form of communication in the form of a Notice of Conversion specifying (a) the requested date of such Conversion, (b) the Type of Loan to be Converted, (c) the portion of such Type of Loan to be Converted, (d) the Type of Loan such Loan is to be Converted into and (e) if such Conversion is into a LIBOR Loan, the requested duration of the Interest Period of such Loan. Each Notice of Conversion shall be irrevocable by and binding on the Borrower once given. Each Conversion from a Base Rate Loan to a LIBOR Loan shall be in an aggregate amount for the Loans of all Lenders of not less than $1,000,000 or integral multiples of $500,000 in excess of that amount.

Appears in 2 contracts

Sources: Credit Agreement (CBL & Associates Properties Inc), Credit Agreement (CBL & Associates Properties Inc)

Conversion. So long as no Event of Default shall have occurred and be continuing, The Borrower may on any Business Day, upon the Borrower's ’s giving of a Notice of Conversion to Agentthe Administrative Agent by telecopy, electronic mail or other similar form of communication, Convert the entire amount of all or a portion of a Loan of one Type into a Loan of another Type. Promptly after receipt ; provided, however, no Loan may be Converted into a SOFR Loan if an Event of a Notice of ConversionDefault exists, Agent but shall notify each Lender by telex or telecopy, or other similar form of transmission of the proposed Conversion. Any Conversion of a LIBOR Loan into be automatically converted to a Base Rate Loan shall be made on, and only on, on (a) the last day of an the Interest Period relating thereto for a Term SOFR Loan ending during the continuance of any Event of Default or (b) the date of any such LIBOR Event of Default for a Daily Simple SOFR Loan. Each Conversion of Base Rate Loans of the same Class into SOFR Loans of the same Class shall be in an aggregate minimum amount of $1,000,000 and integral multiples of $250,000 in excess of that amount. Each such Notice of Conversion shall be given not later than 12:00 noon on the 2:00 p.m. Eastern time 3 Business Day Days prior to the date of any proposed Conversion into Base Rate and such Conversion shall only be made on (a) the last day of the Interest Period with respect to any such Loan that is a Term SOFR Loan, or (b) the applicable interest payment date with respect to any such Loan that is a Daily Simple SOFR Loan. Promptly after receipt of a Notice of Conversion, the Administrative Agent shall notify each Lender holding Loans and on being Converted of the third Business Day prior to the date of any proposed Conversion into LIBOR LoansConversion. Subject to the restrictions specified above, each Notice of Conversion shall be by telephone telecopy, electronic mail or telecopy confirmed immediately in writing if by telephone other similar form of communication in the form of a Notice of Conversion specifying (a) the requested date of such Conversion, (b) the Type and Class of Loan to be Converted, (c) the portion of such Type of Loan to be Converted, (d) the Type of Loan such Loan is to be Converted into and (e) if such Conversion is into a LIBOR Term SOFR Loan, the requested duration of the Interest Period of such Loan. Each Notice of Conversion shall be irrevocable by and binding on the Borrower once given. Each Conversion from a Base Rate Loan to a LIBOR Loan shall be in an aggregate amount for the Loans of all Lenders of not less than $1,000,000 or integral multiples of $500,000 in excess of that amount.

Appears in 2 contracts

Sources: Credit Agreement (Store Capital LLC), Credit Agreement (STORE CAPITAL Corp)

Conversion. So long as no Default or Event of Default shall have occurred and be continuing, Borrower the Borrowers may on any Business Day, upon Borrower's the Borrowers' giving of a Notice of Conversion to the Agent, Convert the entire amount of all or a portion of a Revolving Loan of one Type into a Revolving Loan of another Type. Promptly after receipt of a Notice of Conversion, Agent shall notify each Lender by telex or telecopy, or other similar form of transmission of the proposed Conversion. Any Conversion of a Revolving Loan that is a LIBOR Loan into a Base Rate Loan shall be made on, and only on, the last day of an Interest Period for such LIBOR Loan and, upon Conversion of a Base Rate Loan into a LIBOR Loan, the Borrowers shall pay accrued interest to the date of Conversion on the principal amount so Converted. Each such Notice of Conversion shall be given not later than 12:00 noon 11:00 a.m. on the Business Day prior to the date of any proposed Conversion into Base Rate Loans and on the third (3rd) Business Day prior to the date of any proposed Conversion into LIBOR Loans. Promptly after receipt of a Notice of Conversion, the Agent shall notify each Lender by telecopy, or other similar form of transmission, of the proposed Conversion. Subject to the restrictions specified above, each Notice of Conversion shall be by telephone or telecopy (confirmed immediately in writing if by telephone writing) or telecopy in the form of a Notice of Conversion specifying (a) the requested date of such Conversion, (b) the Type of Revolving Loan to be Converted, (c) the portion of such Type of Revolving Loan to be Converted, (d) the Type of Revolving Loan such Revolving Loan is to be Converted into and (e) if such Conversion is into a LIBOR Loan, the requested duration of the Interest Period of such Loan. Each Notice of Conversion shall be irrevocable by and binding on Borrower the Borrowers once given. Each Conversion from a Base Rate Loan to a LIBOR Loan shall be in an aggregate amount for the Loans of all Lenders of not less than $1,000,000 or integral multiples of $500,000 in excess of that amount.

Appears in 2 contracts

Sources: Credit Agreement (Gables Residential Trust), Credit Agreement (Gables Realty Limited Partnership)

Conversion. So long as no Event of Default shall have occurred and be continuing, Borrower The Borrowers may on any Business Day, upon the Borrower's ’s giving of a Notice of Conversion to the Agent, Convert the entire amount of all or a portion of a Loan of one Type into a Loan of another Type. Promptly after receipt ; provided, however, a Base Rate Loan may not be Converted to a LIBOR Loan if a Default or Event of a Notice of Conversion, Agent Default shall notify each Lender by telex or telecopy, or other similar form of transmission of the proposed Conversionexist. Any Conversion of a LIBOR Loan into a Base Rate Loan shall be made on, and only on, the last day of an Interest Period for such LIBOR Loan and, upon Conversion of a Base Rate Loan into a LIBOR Loan, the Borrowers shall pay accrued interest to the date of Conversion on the principal amount so Converted. Each such Notice of Conversion shall be given not later than 12:00 noon 11:00 a.m. on the Business Day prior to the date of any proposed Conversion into Base Rate Loans and on the third Business Day prior to the date of any proposed Conversion into LIBOR Loans. Promptly after receipt of a Notice of Conversion, the Agent shall notify each Lender by telecopy, or other similar form of transmission, of the proposed Conversion. Subject to the restrictions specified above, each Notice of Conversion shall be by telephone or telecopy (confirmed immediately in writing if by telephone writing) or telecopy in the form of a Notice of Conversion specifying (a) the requested date of such Conversion, (b) the Type of Loan to be Converted, (c) the portion of such Type of Loan to be Converted, (d) the Type of Loan such Loan is to be Converted into and (e) if such Conversion is into a LIBOR Loan, the requested duration of the Interest Period of such Loan. Each Notice of Conversion shall be irrevocable by and binding on Borrower the Borrowers once given. Each Conversion from a Base Rate Loan to a LIBOR Loan shall be in an aggregate amount for the Loans of all Lenders of not less than $1,000,000 or integral multiples of $500,000 in excess of that amount.

Appears in 2 contracts

Sources: Credit Agreement (Lexington Realty Trust), Credit Agreement (Lexington Realty Trust)

Conversion. So long as no Event of Default shall have occurred and be continuingSubject to Section 2.3(a), the Borrower may on any Business Day, upon the Borrower's ’s giving of a Notice of Conversion to Agentthe Administrative Agent by telecopy, electronic mail or other similar form of communication or telephonic notice of any proposed Conversion, Convert the entire amount of all or a portion of a Loan of one Type into a Loan of another Type. Promptly after receipt of Any such telephonic notice shall include all information required to be included in a Notice of Conversion, Conversion and shall be promptly confirmed in writing by the Borrower pursuant to a Notice of Conversion sent to the Administrative Agent shall notify each Lender by telex or telecopy, or other similar form of transmission on the same day of the proposed Conversiongiving of any such telephonic notice. Any Each Conversion of a LIBOR Loan into a Base Rate Loan Loans into LIBOR Loans shall be made on, in an aggregate minimum amount of $1,000,000 and only onintegral multiples of $250,000 in excess of that amount (or if less, the last day entire remaining amount of an Interest Period for such LIBOR Loan). Each such Notice of Conversion shall be given not later than 12:00 noon on the p.m. Luxembourg time 3 Business Day Days prior to the date of any proposed Conversion into Base Rate Loans and on Conversion. Promptly after receipt of a Notice of Conversion, the third Business Day prior to Administrative Agent shall notify each Lender of the date of any proposed Conversion into LIBOR LoansConversion. Subject to the restrictions specified above, each Notice of Conversion shall be by telephone telecopy, electronic mail or telecopy confirmed immediately in writing if by telephone other similar form of communication in the form of a Notice of Conversion specifying (a) the requested date of such Conversion, (b) the Type of Loan to be Converted, (c) the portion of such Type of Loan to be Converted, (d) the Type of Loan such Loan is to be Converted into and (e) if such Conversion is into a LIBOR Loan, the requested duration of the Interest Period of such Loan; provided that if the Borrower does not specify a duration, then the Borrower will be deemed to have requested an Interest Period of one month. Each Notice of Conversion shall be irrevocable by and binding on the Borrower once given. Each Conversion from a Base Rate Loan to a LIBOR Loan shall be in an aggregate amount for the Loans of all Lenders of not less than $1,000,000 or integral multiples of $500,000 in excess of that amount.

Appears in 2 contracts

Sources: Subordinated Credit Agreement (Rouse Properties, Inc.), Subordinated Credit Agreement (Rouse Properties, Inc.)

Conversion. So long as no Event of Default shall have occurred and be continuing, Borrower The Borrowers may on any Business DayDay (so long as no Default or Event of Default has occurred and is continuing), upon Borrower's giving notice substantially in the form of Exhibit E (each such notice, a Notice of Conversion "NOTICE OF CONVERSION") given to the Agent, Convert and subject to the provisions of Section 4.8(c), convert the entire amount of all or a portion of a Loan all Loans of one Type comprising the same Borrowing into a Loan Loans of another Type. Promptly after receipt ; PROVIDED, HOWEVER, that any conversion of a Notice any Eurodollar Rate Loans into Loans of Conversion, Agent shall notify each Lender by telex or telecopy, or other similar form of transmission of the proposed Conversion. Any Conversion of a LIBOR Loan into a Base Rate Loan another Type shall be made on, and only on, the last day of an Interest Period for such LIBOR LoanEurodollar Rate Loans and, upon conversion of any Prime Rate Loans into Loans of another Type, the Borrowers shall pay accrued interest to the date of conversion on the principal amount converted. Each such Notice of Conversion shall be given not later than 12:00 noon 10:00 a.m. (New York City time) on the Business Day prior to the date of any proposed Conversion conversion into Base Prime Rate Loans and on the third Business Day prior to the date of any proposed Conversion conversion into LIBOR Eurodollar Rate Loans. Subject to the restrictions specified above, each Notice of Conversion shall be by telephone or telecopy confirmed immediately in writing facsimile transmission, and if by telephone telephone, promptly confirmed by a writing, in the form of a Notice of Conversion each case specifying (ai) the requested date of such Conversionconversion, (bii) the Type of Loan Loans to be Convertedconverted, (ciii) the portion of such Type of Loan to be Convertedconverted, (div) the Type of Loan such Loan is Loans are to be Converted converted into and (ev) if such Conversion is Loans are converted into a LIBOR LoanEurodollar Rate Loans, the requested duration length of the Interest Period of such Loanwith respect thereto. Each Notice of Conversion shall be irrevocable by and binding on Borrower once given. Each Conversion from a Base Rate Loan to a LIBOR Loan conversion shall be in an aggregate amount for the Loans of all Lenders of not less than $1,000,000 or an integral multiples multiple of $500,000 100,000 in excess thereof. The Borrowers may elect to convert the entire amount of or a portion of all Loans of one Type comprising more than one Borrowing into Loans of another Type by combining such Borrowings into one Borrowing; PROVIDED, HOWEVER, that amountif the Borrowings so combined consist of Eurodollar Rate Loans, such Loans shall have Interest Periods ending on the same date.

Appears in 2 contracts

Sources: Credit Agreement (Spinnaker Industries Inc), Credit Agreement (Spinnaker Industries Inc)

Conversion. So long as no Default or Event of Default shall have occurred and be continuingexists, the Borrower Representative may on any Business Day, upon Borrower's the Borrower Representative’s giving of a Notice of Conversion to Agentthe Administrative Agent by telecopy, electronic mail or other similar form of written communication, Convert the entire amount of all or a portion of a Loan of one Type into a Loan of another Type; provided, however, that a Base Rate Loan may not be Converted into a LIBOR Loan if a Default or Event of Default exists. Promptly after receipt Each Conversion of a Notice Base Rate Loans into LIBOR Loans shall be in an aggregate minimum amount of Conversion, Agent $5,000,000 and integral multiples of $1,000,000 in excess of that amount. Each Conversion of LIBOR Loans into Base Rate Loans shall notify each Lender by telex or telecopy, or other similar form be in an aggregate minimum amount of transmission $500,000 and integral multiples of the proposed Conversion$100,000 in excess of that amount. Any Conversion of a LIBOR Loan into a Base Rate Loan shall be made on, and only on, the last day of an Interest Period for such LIBOR Loan. Each such Notice of Conversion shall be given not later than 12:00 noon on the 11:00 a.m. New York City time three (3) Business Day Days prior to the date of any proposed Conversion into of Base Rate Loans and on the third Business Day prior to the date into LIBOR Loans or of any proposed Conversion of LIBOR Loans into LIBOR Base Rate Loans. Promptly after receipt of a Notice of Conversion, the Administrative Agent shall notify each Lender of the proposed Conversion. Subject to the restrictions specified above, each Notice of Conversion shall be by telephone telecopy, electronic mail or telecopy confirmed immediately in writing if by telephone other similar form of written communication in the form of a Notice of Conversion specifying (a) the requested date of such Conversion, (b) the Type of Loan to be Converted, (c) the portion of such Type of Loan to be Converted, (d) the Type of Loan such Loan is to be Converted into and (e) if such Conversion is into a LIBOR Loan, the requested duration of the Interest Period of such Loan. If the Borrower Representative shall elect a conversion to LIBOR Loans but fail to select an Interest Period for any LIBOR Loan in accordance with this Section, the Borrower Representative shall be deemed to have selected an Interest Period of one month and if the Borrower Representative fails to give a timely notice requesting a Conversion to LIBOR Loans, then the applicable Loans shall be Continued as Base Rate Loans. Each Notice of Conversion shall be irrevocable by and binding on Borrower the Borrowers once given. Each Conversion from a Base Rate Loan to a LIBOR Loan shall be in an aggregate amount for the Loans of all Lenders of not less than $1,000,000 or integral multiples of $500,000 in excess of that amount.

Appears in 2 contracts

Sources: Loan Agreement (Park Hotels & Resorts Inc.), Delayed Draw Term Loan Agreement (Park Hotels & Resorts Inc.)

Conversion. So long as no Event of Default shall have occurred and be continuing, The Borrower may on any Business Day, upon the Borrower's ’s giving of a Notice of Conversion to the Administrative Agent, Convert the entire amount of all or a portion of a Revolving Loan or a Term Loan (including a Base Rate Loan made pursuant to Section 2.3.(e)) of one Type into a Loan of another Type. Promptly after receipt ; provided, however, a Base Rate Loan may not be Converted to a LIBOR Loan if a Default or Event of a Notice of Conversion, Agent Default shall notify each Lender by telex or telecopy, or other similar form of transmission of the proposed Conversionexist. Any Conversion of a LIBOR Loan into a Base Rate Loan shall be made on, and only on, the last day of an Interest Period for such LIBOR Loan. Each such Notice of Conversion shall be given not later than 12:00 noon 11:00 a.m. on the Business Day prior to the date of any proposed Conversion into Base Rate Loans and on the third Business Day prior to the date of any proposed Conversion into LIBOR Loans. Promptly after receipt of a Notice of Conversion, the Administrative Agent shall notify each Lender of the proposed Conversion. Subject to the restrictions specified above, each Notice of Conversion shall be by telephone or telecopy (confirmed immediately in writing if by telephone writing) or telecopy in the form of a Notice of Conversion specifying (a) the requested date of such Conversion, (b) the Type of Loan to be Converted, (c) the portion of such Type of Loan to be Converted, (d) the Type of Loan such Loan is to be Converted into and (e) if such Conversion is into a LIBOR Loan, the requested duration of the Interest Period of such Loan. Each Notice of Conversion shall be irrevocable by and binding on the Borrower once given. Each Conversion from a Base Rate Loan to a LIBOR Loan shall be in an aggregate amount for the Loans of all Lenders of not less than $1,000,000 or integral multiples of $500,000 in excess of that amount.

Appears in 2 contracts

Sources: Credit Agreement (CubeSmart, L.P.), Credit Agreement (U-Store-It Trust)

Conversion. So long as no Event of Default shall have occurred and be continuing, The Borrower may on any Business Day, upon the Borrower's ’s giving of a Notice of Conversion to Agentthe Administrative Agent by facsimile, electronic mail or other similar form of communication, Convert the entire amount of all or a portion of a Loan of one Type into a Loan of another Type. Promptly after receipt of a Notice of Conversion; provided, Agent shall notify each Lender by telex or telecopyhowever, or other similar form of transmission of the proposed Conversion. Any Conversion of a LIBOR Loan into a Base Rate Loan may not be Converted into a LIBOR Loan if a Default or Event of Default exists. Each Conversion of Base Rate Loans of the same Class into LIBOR Loans of the same Class shall be made on, in an aggregate minimum amount of $5,000,000 and only on, the last day integral multiples of an Interest Period for such LIBOR Loan$1,000,000 in excess of that amount. Each such Notice of Conversion shall be given not later than 12:00 noon on than, in the case of a conversion of a Base Rate Loan to a LIBOR Loan, 11:00 a.m. Central Time three (3) Business Day Days prior to the date of any such proposed Conversion Conversion, or in the case of a conversion of a LIBOR Loan into a Base Rate Loans and Loan, 11:00 a.m. Central Time on the third Business Day prior to the date of any such propose Conversion. Promptly after receipt of a Notice of Conversion, the Administrative Agent shall notify each Lender holding Loans of the applicable Class of Loans of the proposed Conversion into LIBOR LoansConversion. Subject to the restrictions specified above, each Notice of Conversion shall be by telephone facsimile, electronic mail or telecopy confirmed immediately in writing if by telephone other similar form of communication in the form of a Notice of Conversion specifying (a) the requested date of such Conversion, (b) the Type and Class of Loan to be Converted, (c) the portion of such Type of Loan to be Converted, (d) the Type of Loan such Loan is to be Converted into and (e) if such Conversion is into a LIBOR Loan, the requested duration of the Interest Period of such Loan. Each Notice of Conversion shall be irrevocable by and binding on the Borrower once given. Each Conversion from a Base Rate Loan to a LIBOR Loan shall be in an aggregate amount for the Loans of all Lenders of not less than $1,000,000 or integral multiples of $500,000 in excess of that amount.

Appears in 1 contract

Sources: Credit Agreement (American Homes 4 Rent, L.P.)

Conversion. So long as no Event of Default shall have occurred and be continuing, The Borrower may on any Business Day, upon the Borrower's ’s giving of a Notice of Conversion to the Agent, Convert the entire amount of all or a portion of a Loan of one Type into a Loan of another Type. Promptly after receipt of a Notice of Conversion, Agent shall notify each Lender by telex or telecopy, or other similar form of transmission Type but of the proposed Conversionsame Class; provided, however, a Base Rate Loan may not be Converted to a LIBOR Loan if a Default or Event of Default shall exist. Any Conversion of a LIBOR Loan of a Class into a Base Rate Loan of such Class shall be made on, and only on, the last day of an Interest Period for such LIBOR Loan and, upon Conversion of a Base Rate Loan into a LIBOR Loan, the Borrower shall pay accrued interest to the date of Conversion on the principal amount so Converted. Each such Notice of Conversion shall be given not later than 12:00 noon 11:00 a.m. on the Business Day prior to the date of any proposed Conversion into Base Rate Loans and on the third Business Day prior to the date of any proposed Conversion into LIBOR Loans. Promptly after receipt of a Notice of Conversion, the Agent shall notify each Lender holding Loans being Converted by telecopy, or other similar form of transmission, of the proposed Conversion. Subject to the restrictions specified above, each Notice of Conversion shall be by telephone or telecopy (confirmed immediately in writing if by telephone writing) or telecopy in the form of a Notice of Conversion specifying (a) the requested date of such Conversion, (b) the Type and Class of Loan to be Converted, (c) the portion of such Type of Loan to be Converted, (d) the Type of Loan such Loan is to be Converted into and (e) if such Conversion is into a LIBOR Loan, the requested duration of the Interest Period of such Loan and the amount of such LIBOR Loan, if any, that the Borrower has elected to have subject to a Derivatives Contract that provides a hedge against interest rate risk and the Derivatives Contract(s) to which such amount is subject. Each Notice of Conversion shall be irrevocable by and binding on the Borrower once given. Each Conversion from a Base Rate Loan to a LIBOR Loan shall be in an aggregate amount for the Loans of all Lenders of not less than $1,000,000 or integral multiples of $500,000 in excess of that amount.

Appears in 1 contract

Sources: Credit Agreement (Lexington Realty Trust)

Conversion. So long as no Event of Default shall have occurred and be continuing, The Borrower may on any Business Day, upon the Borrower's ’s giving of a Notice of Conversion to Agentthe Administrative Agent by electronic mail or other similar form of communication, Convert the entire amount of all or a portion of a Loan of one Type into a Loan of another Type. Promptly after receipt of a Notice of Conversion; provided, Agent shall notify each Lender by telex or telecopyhowever, or other similar form of transmission of the proposed Conversion. Any Conversion of a LIBOR Loan into a Base Rate Loan may not be Converted into a SOFR Loan if an Event of Default exists. Each Conversion of Base Rate Loans into Term SOFR Loans or Daily Simple SOFR Loans, as applicable, shall be made on, in an aggregate minimum amount of $1,000,000 and only on, the last day integral multiples of an Interest Period for such LIBOR Loan$1,000,000 in excess of that amount. Each such Notice of Conversion shall be given not later than 12:00 noon on the 9:00 a.m. Pacific time (x) with respect to Loans that are to be Converted to Base Rate Loans, one (1) Business Day, (y) with respect to Loans that are to be converted to Daily Simple SOFR Loans, one (1) U.S. Government Securities Business Day and (z) with respect to Loans that are to be converted to Term SOFR Loans, three (3) U.S. Government Securities Business Days, in each case prior to the date of any proposed Conversion into Base Rate Loans and on Conversion. Promptly after receipt of a Notice of Conversion, the third Business Day prior to Administrative Agent shall notify each Lender of the date of any proposed Conversion into LIBOR LoansConversion. Subject to the restrictions specified above, each Notice of Conversion shall be by telephone or telecopy telephone, (confirmed immediately promptly in writing if by telephone on the same Business Day or U.S. Government Securities Business Day, as applicable), electronic mail or other similar form of communication in the form of a Notice of Conversion specifying (a) the requested date of such Conversion, (b) the Type of Loan to be Converted, (c) the portion of such Type of Loan to be Converted, (d) the Type of Loan such Loan is to be Converted into and (e) if such Conversion is into a LIBOR Term SOFR Loan, the requested duration of the Interest Period of such Loan. Each Notice of Conversion shall be irrevocable by and binding on the Borrower once given. Each If the Borrower requests a Conversion from a Base Rate Loan to a LIBOR Term SOFR Loan, but fails to specify an Interest Period, it will be deemed to have specified an Interest Period of one month. Notwithstanding anything to the contrary herein, a Swingline Loan shall may not be in an aggregate amount for the Loans of all Lenders of not less than $1,000,000 or integral multiples of $500,000 in excess of that amountconverted to a SOFR Loan.

Appears in 1 contract

Sources: Credit Agreement (Federal Realty OP LP)

Conversion. So long as no Event of Default shall have occurred and be continuing, The Borrower may on any Business Day, upon the Borrower's giving of a Notice of Conversion to Agentthe Administrative Agent by telecopy, electronic mail or other similar form of communication, Convert the entire amount of all or a portion of a Loan of one Type into a Loan of another Type. Promptly after receipt ; provided, however, a Base Rate Loan may not be Converted into a LIBOR Loan if a Default or Event of a Notice of Conversion, Agent shall notify each Lender by telex or telecopy, or other similar form of transmission of the proposed ConversionDefault exists. Any Conversion of a Loan that is a LIBOR Loan into a Base Rate Loan shall be made on, and only on, the last day of an Interest Period for such LIBOR Loan and, upon Conversion of a Base Rate Loan into a LIBOR Loan, the Borrower shall pay accrued interest to the date of Conversion on the principal amount so Converted. Each such Notice of Conversion shall be given not later than 12:00 noon on the 10:00 a.m. two (2) Business Day Days prior to the date of any proposed Conversion into Base Rate Loans and on Conversion. Promptly after receipt of a Notice of Conversion, the third Business Day prior to Administrative Agent shall notify each Lender of the date of any proposed Conversion into LIBOR LoansConversion. Subject to the restrictions specified above, each Notice of Conversion shall be by telephone telecopy, electronic mail or telecopy confirmed immediately in writing if by telephone other similar form of communication in the form of a Notice of Conversion specifying (a) the requested date of such Conversion, (b) the Type of Loan to be Converted, (c) the portion of such Type of Loan to be Converted, (d) the Type of Loan such Loan is to be Converted into and (e) if such Conversion is into a LIBOR Loan, the requested duration of the Interest Period of such Loan. Each Notice of Conversion shall be irrevocable by and binding on the Borrower once given. Each Conversion from a Base Rate Loan to a LIBOR Loan shall be in an aggregate amount for the Loans of all Lenders of not less than $1,000,000 or integral multiples of $500,000 in excess of that amount.

Appears in 1 contract

Sources: Term Loan Agreement (Colonial Realty Limited Partnership)

Conversion. So long as no Event of Default shall have occurred and be continuing, Borrower may on any Business Day, upon Borrower's giving of a Notice of Conversion to Administrative Agent, Convert the entire amount of all or a portion of a Revolving Loan of one Type into a Revolving Loan of another Type. Promptly after receipt of a Notice of Conversion, Agent shall notify each Lender by telex or telecopy, or other similar form of transmission of the proposed Conversion. Any Conversion of a LIBOR Eurodollar Loan into a Base Rate Loan shall be made on, and only on, the last day of an Interest Period for such LIBOR Eurodollar Loan. Each such Notice of Conversion shall be given by Borrower not later than 12:00 noon (a) on the Business Day prior to the date of any proposed Conversion into Base Rate Loans and or (b) on the third second Business Day prior to the date of any proposed Conversion into LIBOR Eurodollar Loans. Promptly upon receipt of a Notice of Conversion (and in any event not later than 1:00 p.m. on the date of receipt thereof), Administrative Agent shall notify each Lender by telecopy or other similar form of transmission of the proposed Conversion. Subject to the restrictions specified above, each Notice of Conversion shall be by telephone or telecopy confirmed immediately in writing if by telephone telephone, in the form of a Notice of Conversion Conversion, specifying (a1) the requested date of such Conversion, (b2) the Type of Revolving Loan to be Converted, (c3) the portion of such Type of Revolving Loan to be Converted, (d4) the Type of Revolving CREDIT AGREEMENT Loan into which such Revolving Loan is to be Converted into Converted, and (e5) if such Conversion is into a LIBOR Eurodollar Loan, the requested duration of the Interest Period of such Revolving Loan. Each Notice of Conversion shall be irrevocable by and binding on Borrower once given. Each Conversion Notwithstanding the foregoing, the right to convert from a Base Rate Loan to a LIBOR Loan Eurodollar Loan, or to continue a Eurodollar Loan, shall not be in available during the occurrence of a Default or an aggregate amount for the Loans Event of all Lenders of not less than $1,000,000 or integral multiples of $500,000 in excess of that amountDefault.

Appears in 1 contract

Sources: Credit Agreement (Allied Capital Corp)

Conversion. So long as no Default or Event of Default shall have occurred and be continuing, the Borrower may on any Business Day, upon the Borrower's ’s giving of a Notice of Conversion to the Agent, Convert the entire amount of all or a portion of a Loan of one Type into a Loan of another Type. Promptly after receipt of a Notice of Conversion; provided, Agent shall notify each Lender by telex or telecopyhowever, or other similar form of transmission of the proposed Conversion. Any any Conversion of a LIBOR Loan into a Base Rate Loan shall be made on, and only on, the last day of an Interest Period for such LIBOR Loan. Promptly after receipt of a Notice of Conversion, the Agent shall notify each Lender by telex or telecopy, or other similar form of transmission of the proposed Conversion. Each such Notice of Conversion shall be given not later than 12:00 noon 9:00 a.m. on the Business Day prior to the date of any proposed Conversion into Base Rate Loans and on the third Business Day prior to the date of any proposed Conversion into LIBOR Loans. Subject to the restrictions specified above, each Notice of Conversion shall be by telephone or telecopy confirmed immediately in writing if by telephone in the form of a Notice of Conversion specifying (a) the requested date of such Conversion, (b) the Type of Loan to be Converted, (c) the portion of such Type of Loan to be Converted, (d) the Type of Loan such Loan is to be Converted into and (e) if such Conversion is into a LIBOR Loan, the requested duration of the Interest Period of such Loan. Each Notice of Conversion shall be irrevocable by and binding on the Borrower once given. Each Conversion from a Base Rate Loan to a LIBOR Loan shall be in an aggregate amount for the Loans of all the Lenders of not less than $1,000,000 or integral multiples of $500,000 100,000 in excess of that amount.

Appears in 1 contract

Sources: Credit Agreement (Regency Centers Corp)

Conversion. So long as no Event of Default shall have occurred and be continuing, Each Borrower may on any Business DayDay (so long as no Default under Section 9.1(a) or Event of Default has occurred and is continuing), upon Borrower's giving of notice (each such notice, a "Notice of Conversion Conversion") given to the Agent, Convert and subject to the provisions of Section 4.13(c), convert the entire amount of all or a portion of a Loan all Loans of one Type owing by such Borrower and comprising the same Borrowing into a Loan Loans of another Type. Promptly after receipt ; PROVIDED, HOWEVER, that any conversion of a Notice any Eurodollar Rate Loans into Loans of Conversion, Agent shall notify each Lender by telex or telecopy, or other similar form of transmission of the proposed Conversion. Any Conversion of a LIBOR Loan into a Base Rate Loan another Type shall be made on, and only on, the last day of an Interest Period for such LIBOR LoanEurodollar Rate Loans and, upon conversion of any Prime Rate Loans owing by such Borrower into Loans of another Type, such Borrower shall pay accrued interest to the date of conversion on the principal amount converted. Each such Notice of Conversion shall be given not later than 12:00 noon 1:00 P.M. New York City time on the Business Day prior to the date of any proposed Conversion conversion into Base Prime Rate Loans and on the third Business Day prior to the date of any proposed Conversion conversion into LIBOR Eurodollar Rate Loans. Subject to the restrictions specified above, each Notice of Conversion shall be by telephone or telecopy facsimile transmission, and if by telephone, promptly confirmed immediately in writing if by telephone substantially in the form of a Notice of Conversion Exhibit L, in each case specifying (ai) the requested date of such Conversionconversion, (bii) the Type of Loan Loans (including whether Revolving Loans or Term Loans) to be Convertedconverted, (ciii) the portion of such Type of Loan to be Convertedconverted, (div) the Type of Loan such Loan is Loans are to be Converted converted into and (ev) if such Conversion conversion is into a LIBOR LoanEurodollar Rate Loans, the requested duration of the Interest Period of such Loan. Each Notice of Conversion shall be irrevocable by and binding on Borrower once given. Each Conversion from a Base Rate Loan to a LIBOR Loan conversion shall be in an aggregate amount for the Loans of all Lenders of not less than $1,000,000 or an integral multiples multiple of $500,000 100,000 in excess thereof. Each Borrower may elect to convert the entire amount of or a portion of all Loans of one Type owing by such Borrower and comprising more than one Borrowing into Loans of another Type by combining such Borrowings into one Borrowing consisting of Revolving Loans or Term Loans of another Type; PROVIDED, HOWEVER, that amountif the Borrowings so combined consist of Eurodollar Rate Loans, such Loans, once combined, shall have Interest Periods ending on the same date. In the event any Borrowing is converted by a Borrower into a Eurodollar Rate Loan while a Default exists and such Default matures into an Event of Default, then, at such time, such Borrowing, at the option of the Agent, shall immediately convert into a Prime Rate Loan and such Borrower shall be obligated to pay all amounts required under this Section 4.13 resulting from such conversion.

Appears in 1 contract

Sources: Credit Agreement (Perry-Judds Inc)

Conversion. So long as no Event of Default shall have occurred and be continuing, The Borrower may on any Business DayDay (so ---------- long as no Default or Event of Default has occurred and is continuing), upon Borrower's giving of notice (each such notice, a "Notice of Conversion Conversion") given to the Agent, Convert and subject to the provisions of Section 4.12(c), convert the entire amount of all or a portion of a Loan all Revolving Loans of one Type comprising the same Borrowing into a Loan Revolving Loans of another Type. Promptly after receipt ; provided, that any conversion of a Notice any LIBOR Rate Loans into Revolving Loans of Conversion, Agent shall notify each Lender by telex or telecopy, or other similar form of transmission of the proposed Conversion. Any Conversion of a LIBOR Loan into a Base Rate Loan another Type shall be made on, and only on, the last day of an Interest Period for such LIBOR LoanRate Loans and, upon conversion of any Prime Rate Loans into Revolving Loans of another Type, the Borrower shall pay accrued interest to the date of conversion on the principal amount converted. Each such Notice of Conversion shall be given not later than 12:00 noon Noon Chicago time on the Business Day prior to the date of any proposed Conversion conversion into Base Prime Rate Loans and on the third Business Day prior to the date of any proposed Conversion conversion into LIBOR Rate Loans. Subject to the restrictions specified above, each Notice of Conversion shall be by telephone or telecopy confirmed immediately in writing facsimile transmission, and if by telephone telephone, promptly confirmed in writing, substantially in the form of a Notice of Conversion Exhibit F, in each case specifying (ai) the requested date of such Conversionconversion, (bii) the Type of Loan Revolving Loans to be Converted, converted (ciii) the portion of such Type of Revolving Loan to be Convertedconverted, (div) the Type of Loan Revolving Loans such Loan is Revolving Loans are to be Converted converted into and (ev) if such Conversion conversion is into a LIBOR LoanRate Loans, the requested duration of the Interest Period of such Loan. Each Notice of Conversion shall be irrevocable by and binding on Borrower once given. Each Conversion from a Base Rate Loan to a LIBOR Loan conversion shall be in an aggregate amount for the Revolving Loans of all Lenders of not less than $1,000,000 [_____] or an integral multiples multiple of $500,000 [_____] in excess thereof. The Borrower may elect to convert the entire amount of or a portion of all Revolving Loans of one Type comprising more than one Borrowing into Revolving Loans of another Type by combining such Borrowings into one Borrowing; provided, that amountif the Borrowings so combined consist of LIBOR Rate Loans, such Loans shall have Interest Periods ending on the same date.

Appears in 1 contract

Sources: Credit Agreement (Envirodyne Industries Inc)

Conversion. So long as no Event of Default shall have occurred and be continuing, The Borrower may on any Business Day, upon the Borrower's giving of a Notice of Conversion to Agentthe Administrative Agent by telecopy, electronic mail or other similar form of communication, Convert the entire amount of all or a portion of a Loan of one Type into a Loan of another Type; provided, however, a Base Rate Loan may not be Converted into a LIBOR Loan if a Default or Event of Default exists. Promptly after receipt Each Conversion of Base Rate Loans into LIBOR Loans shall be in an aggregate minimum amount of $1,000,000 and integral multiples of $250,000 in excess of that amount and upon Conversion of a Notice Base Rate Loan into a LIBOR Loan, the Borrower shall pay accrued interest to the date of Conversion, Agent shall notify each Lender by telex or telecopy, or other similar form of transmission of Conversion on the proposed Conversionprincipal amount so Converted in accordance with Section 2.2. Any Conversion of a LIBOR Loan into a Base Rate Loan shall be made on, and only on, the last day of an Interest Period for such LIBOR Loan. Each such Notice of Conversion shall be given not later than 12:00 noon on the 9:00 a.m. Pacific time three (3) Business Day Days prior to the date of any proposed Conversion into Base Rate Loans and on Conversion. Promptly after receipt of a Notice of Conversion, the third Business Day prior to Administrative Agent shall notify each Lender of the date of any proposed Conversion into LIBOR LoansConversion. Subject to the restrictions specified above, each Notice of Conversion shall be by telephone telecopy, electronic mail or telecopy confirmed immediately in writing if by telephone other similar form of communication in the form of a Notice of Conversion specifying (a) the requested date of such Conversion, (b) the Type of Loan to be Converted, (c) the portion of such Type of Loan to be Converted, (d) the Type of Loan such Loan is to be Converted into and (e) if such Conversion is into a LIBOR Loan, the requested duration of the Interest Period of such Loan. Each Notice of Conversion shall be irrevocable by and binding on the Borrower once given. Each Conversion from a Base Rate Loan to a LIBOR Loan shall be in an aggregate amount for the Loans of all Lenders of not less than $1,000,000 or integral multiples of $500,000 in excess of that amount.

Appears in 1 contract

Sources: Credit Agreement (Healthcare Trust of America, Inc.)

Conversion. So long as no Default or Event of Default shall have occurred and be continuing, the Borrower may on any Business Day, upon the Borrower's giving of a Notice of Conversion to the Agent, Convert the entire amount of all or a portion of a the Loan of one Type into a Loan of another Type. Promptly after receipt of a Notice of ConversionSubject to Section 4.4. hereof, Agent shall notify each Lender by telex or telecopy, or other similar form of transmission of the proposed Conversion. Any any Conversion of a LIBOR Loan into a Base Rate Loan shall may be made on, and only onby the Borrower at any time. Upon Conversion of a Base Rate Loan into a LIBOR Loan, the last day Borrower shall pay accrued interest to the date of an Interest Period for such LIBOR LoanConversion on the principal amount so Converted. Each such Notice of Conversion shall be given not later than 12:00 noon 11:00 a.m. on the Business Day prior to the date of any proposed Conversion into Base Rate Loans and on the third Business Day prior to the date of any proposed Conversion into LIBOR Loans. Promptly after receipt of a Notice of Conversion, the Agent shall notify each Lender by telecopy, or other similar form of transmission, of the proposed Conversion. Subject to the restrictions specified above, each Notice of Conversion shall be by telephone (confirmed promptly thereafter in writing) or telecopy confirmed immediately in writing if by telephone in the form of a Notice of Conversion specifying (a) the requested date of such Conversion, (b) the Type of Loan to be Converted, (c) the portion of such Type of Loan to be Converted, (d) the Type of Loan such Loan is to be Converted into and (e) if such Conversion is into a LIBOR Loan, the requested duration of the Interest Period of such LIBOR Loan. Each Notice of Conversion shall be irrevocable by and binding on the Borrower once given. Each Conversion from a Base Rate Loan to a LIBOR Loan shall be in an aggregate amount for the Loans of all Lenders of not less than $1,000,000 or integral multiples of $500,000 in excess of that amount.

Appears in 1 contract

Sources: Credit Agreement (Chartermac)

Conversion. So long as no Default or Event of Default shall have occurred and be continuing, the Borrower may on any Business Day, upon the Borrower's ’s giving of a Notice of Conversion to the Agent, Convert the entire amount of all or a portion of a Loan of one Type into a such Loan of another Type. Promptly after receipt of a Notice of Conversion, Agent shall notify each Lender by telex or telecopy, or other similar form of transmission of the proposed Conversion. Any Conversion of a LIBOR Loan into a Base Rate Loan shall be made on, and only on, the last day of an Interest Period for such LIBOR Loan and, upon Conversion of a Base Rate Loan into a LIBOR Loan, the Borrower shall pay accrued interest to the date of Conversion on the principal amount so Converted. Each such Notice of Conversion shall be given not later than 12:00 noon 11:00 a.m. Central time on the Business Day prior to the date of any proposed Conversion into Base Rate Loans and on the third (3rd) Business Day prior to the date of any proposed Conversion into LIBOR Loans. Promptly after receipt of a Notice of Conversion, the Agent shall notify each applicable Lender by telecopy, or other similar form of transmission, of the proposed Conversion. Subject to the restrictions specified above, each Notice of Conversion shall be by telephone or telecopy (confirmed immediately in writing if by telephone writing) or telecopy in the form of a Notice of Conversion specifying (a) the requested date of such Conversion, (b) the Type of Loan to be Converted, (c) the portion of such Type of Loan to be Converted, (d) the Type of Loan into which such Loan is to be Converted into and Converted, (e) if such Conversion is into a LIBOR Loan, the requested duration of the Interest Period of such Loan and (f) if such Conversion is into a LIBOR Loan, the amount of such LIBOR Loan, or portion thereof, that the Borrower has elected to have subject to a Derivatives Contract that provides a hedge against interest rate risk and the Derivatives Contract(s) to which such amount is subject. Each Notice of Conversion shall be irrevocable by and binding on the Borrower once given. Each Conversion from a Base Rate Loan to a LIBOR Loan shall be in an aggregate amount for the Loans of all Lenders of not less than $1,000,000 or integral multiples of $500,000 in excess of that amount.

Appears in 1 contract

Sources: Term Loan Agreement (Columbia Property Trust, Inc.)

Conversion. So long as no Event of Default shall have occurred and be continuing(which has not been waived in writing by Agent), the Borrower may on any Business Day, upon the Borrower's ’s giving of a Notice notice of Conversion to the Agent, Convert the entire amount of all or a portion of a Loan of one Type into a Loan of another Type. Promptly after receipt of a Notice of Conversion, Agent shall notify each Lender by telex or telecopy, or other similar form of transmission of the proposed Conversion. Any Conversion of a Loan that is a LIBOR Rate Loan into a Base Rate Loan shall be made on, and only on, the last day of an Interest Period for such LIBOR Rate Loan and, upon Conversion of a Base Rate Loan into a LIBOR Rate Loan, the Borrower shall pay accrued interest to the date of Conversion on the principal amount so Converted. Each such Notice notice of Conversion shall be given not later than 12:00 noon 11:00 a.m. on the Business Day prior to the date of any proposed Conversion into Base Rate Loans and on the third (3rd) Business Day prior to the date of any proposed Conversion into LIBOR Rate Loans. Promptly after receipt of a notice of Conversion, the Agent shall notify each applicable Bank by telecopy, or other similar form of transmission, of the proposed Conversion. Subject to the restrictions specified above, each Notice notice of Conversion shall be by telephone or telecopy (confirmed immediately in writing if by telephone in the form of a Notice of Conversion writing) or telecopy specifying (a) the requested date of such Conversion, (b) the Type of Loan to be Converted, (c) the portion of such Type of Loan to be Converted, (d) the Type of Loan such Loan is to be Converted into into, and (e) if such Conversion is into a LIBOR Rate Loan, the requested duration of the Interest Period of such Loan. Each Notice notice of Conversion shall be irrevocable by and binding on the Borrower once given. Each Conversion from a Base Rate Loan to a LIBOR Loan shall be in an aggregate amount for the Loans of all Lenders of not less than $1,000,000 or integral multiples of $500,000 in excess of that amount.

Appears in 1 contract

Sources: Loan Agreement (Grubb & Ellis Healthcare REIT, Inc.)

Conversion. So long as no Event of Default shall have occurred and be continuingexists, the Borrower may on any Business Day, upon the Borrower's ’s giving of a Notice of Conversion to the Administrative Agent, Convert the entire amount of all or a portion of a Loan of one Type into a Loan of another Type. Promptly after receipt of a Notice of Conversion, Agent shall notify each Lender by telex or telecopy, or other similar form of transmission of the proposed Conversion. Any Conversion of a LIBOR Loan into a Base Rate Loan shall be made on, and only on, the last day of an Interest Period for such LIBOR Loan. Each Conversion of Base Rate Loans into LIBOR Loans shall be in an aggregate minimum amount of $1,000,000 and integral multiples of $250,000 in excess of that amount. Each such Notice of Conversion shall be given not later than 12:00 noon on the 11:00 a.m. (Central time) one Business Day prior to the date of any proposed Conversion into Base Rate Loans and on the third three Business Day Days prior to the date of any proposed Conversion into LIBOR Loans. Promptly after receipt of a Notice of Conversion, the Administrative Agent shall notify each Lender by telecopy, or other similar form of transmission of the proposed Conversion. Subject to the restrictions specified above, each Notice of Conversion shall be by telephone or telecopy (confirmed immediately in writing if by telephone writing), telecopy, electronic mail or other similar form of communication in the form of a Notice of Conversion specifying (a) the requested date of such Conversion, (b) the Type of Loan to be Converted, (c) the portion of such Type of Loan to be Converted, (d) the Type of Loan such Loan is to be Converted into into, and (e) if such Conversion is into a LIBOR Loan, the requested duration of the Interest Period of such Loan and the amount of such LIBOR Loan, if any, that the Borrower has elected to have subject to a Specified Derivatives Contract that provides a hedge against interest rate risk and the Specified Derivatives Contract(s) to which such amount is subject. Each Notice of Conversion shall be irrevocable by and binding on the Borrower once given. Each Conversion from a Base Rate Loan to a LIBOR Loan shall be in an aggregate amount for the Loans of all Lenders of not less than $1,000,000 or integral multiples of $500,000 in excess of that amount.

Appears in 1 contract

Sources: Credit Agreement (Pennsylvania Real Estate Investment Trust)

Conversion. So long as no Event of Default shall have occurred and be continuing, Borrower The Borrowers may on any Business Day, upon Borrower's the Borrower Representative’s giving of a Notice of Conversion to the Agent, Convert the entire amount of all or a portion of a Loan of one Type into a Loan of another Type. Promptly after receipt ; provided, however, a Base Rate Loan may not be Converted to a LIBOR Loan if a Default or Event of a Notice of Conversion, Agent Default shall notify each Lender by telex or telecopy, or other similar form of transmission of the proposed Conversionexist. Any Conversion of a LIBOR Loan into a Base Rate Loan shall be made on, and only on, the last day of an Interest Period for such LIBOR Loan and, upon Conversion of a Base Rate Loan into a LIBOR Loan, the Borrowers shall pay accrued interest to the date of Conversion on the principal amount so Converted. Each such Notice of Conversion shall be given not later than 12:00 noon 11:00 a.m. on the Business Day prior to the date of any proposed Conversion into Base Rate Loans and on the third Business Day prior to the date of any proposed Conversion into LIBOR Loans. Promptly after receipt of a Notice of Conversion, the Agent shall notify each Lender by telecopy, or other similar form of transmission, of the proposed Conversion. Subject to the restrictions specified above, each Notice of Conversion shall be by telephone or telecopy (confirmed immediately in writing if by telephone writing) or telecopy in the form of a Notice of Conversion specifying (a) the requested date of such Conversion, (b) the Type of Loan to be Converted, (c) the portion of such Type of Loan to be Converted, (d) the Type of Loan such Loan is to be Converted into and (e) if such Conversion is into a LIBOR Loan, the requested duration of the Interest Period of such Loan. Each Notice of Conversion shall be irrevocable by and binding on Borrower the Borrowers once given. Each Conversion from a Base Rate Loan to a LIBOR Loan shall be in an aggregate amount for the Loans of all Lenders of not less than $1,000,000 or integral multiples of $500,000 in excess of that amount.

Appears in 1 contract

Sources: Credit Agreement (Lexington Realty Trust)

Conversion. So long as no Event of Default shall have occurred and be continuing, The Borrower may on any Business Day, upon the Borrower's ’s giving of a Notice of Conversion to the Agent, Convert the entire amount of all or a portion of a Loan of one Type into a Loan of another Type. Promptly after receipt ; provided, however, a Base Rate Loan or an RFR Loan may not be Converted to a LIBORTerm Benchmark Loan if a Default or Event of a Notice of Conversion, Agent Default shall notify each Lender by telex or telecopy, or other similar form of transmission of the proposed Conversionexist. Any Conversion of a LIBOR LIBORTerm Benchmark Loan into a Base Rate Loan or an RFR Loan shall be made on, and only on, the last day of an Interest Period for such LIBOR LIBORTerm Benchmark Loan. Each such Notice of Conversion shall be given not later than 12:00 noon 11:00 a.m. on the Business Day prior to the date of any proposed Conversion into Base Rate Loans or an RFR Loans and on the third Business Day prior to the date of any proposed Conversion into LIBOR LIBORTerm Benchmark Loans. Promptly after receipt of a Notice of Conversion, the Agent shall notify each Lender by telecopy, or other similar form of transmission, of the proposed Conversion. Subject to the restrictions specified above, each Notice of Conversion shall be by telephone or telecopy (confirmed immediately in writing if by telephone writing) or telecopy in the form of a Notice of Conversion specifying (a) the requested date of such Conversion, (b) the Type of Loan to be Converted, (c) the portion of such Type of Loan to be Converted, (d) the Type of Loan such Loan is to be Converted into and (e) if such Conversion is into a LIBOR LIBORTerm Benchmark Loan, the requested duration of the Interest Period of such Loan. Each Notice of Conversion shall be irrevocable by and binding on the Borrower once given. Each Conversion from a Base Rate Loan to a LIBOR Loan shall be in an aggregate amount for the Loans of all Lenders of not less than $1,000,000 or integral multiples of $500,000 in excess of that amount.

Appears in 1 contract

Sources: Term Loan Agreement (Piedmont Office Realty Trust, Inc.)

Conversion. So long as no Event of Default shall have occurred and be continuing, Borrower may on any Business Day, upon Borrower's ’s giving of a Notice of Conversion to Administrative Agent, Convert the entire amount of all or a portion of a Loan of one Type into a Loan of another Type. Promptly after receipt of a Notice of Conversion, Agent shall notify each Lender by telex or telecopy, or other similar form of transmission of the proposed Conversion. Any Conversion of a LIBOR Eurodollar Loan into a Base Rate Loan shall be made on, and only on, the last day of an Interest Period for such LIBOR Eurodollar Loan. Each such Notice of Conversion shall be given by Borrower not later than 12:00 noon (a) on the Business Day prior to the date of any proposed Conversion into Base Rate Loans and or (b) on the third second Business Day prior to the date of any proposed Conversion into LIBOR Eurodollar Loans. Promptly upon receipt of a Notice of Conversion (and in any event not later than 1:00 p.m. on the date of receipt thereof), Administrative Agent shall notify each Lender by telecopy or other similar form of transmission of the proposed Conversion. Subject to the restrictions specified above, each Notice of Conversion shall be by telephone or telecopy confirmed immediately in writing if by telephone telephone, in the form of a Notice of Conversion Conversion, specifying (ai) the requested date of such Conversion, (bii) the Type of Loan to be Converted, (ciii) the portion of such Type of Loan to be Converted, (div) the Type of Loan into which such Loan is to be Converted into Converted, and (ev) if such Conversion is into a LIBOR Eurodollar Loan, the requested duration of the Interest Period of such Loan. Each Notice of Conversion shall be irrevocable by and binding on Borrower once given. Each Conversion Notwithstanding the foregoing, Borrower shall not have the right to convert from a Base Rate Loan to a LIBOR Loan shall be in Eurodollar Loan, or to continue a Eurodollar Loan, during the occurrence and continuance of a Default or an aggregate amount for the Loans Event of all Lenders of not less than $1,000,000 or integral multiples of $500,000 in excess of that amountDefault.

Appears in 1 contract

Sources: Credit Agreement (Allied Capital Corp)

Conversion. So long as no Event of Default shall have occurred and be continuing, Borrower The Borrowers may on any Business DayDay (so long as no Default or Event of Default has occurred and is continuing), upon Borrower's giving notice substantially in the form of Exhibit E (each such notice, a Notice of Conversion "NOTICE OF CONVERSION") given to the Agent, Convert and subject to the provisions of Section 4.8(c), convert the entire amount of all or a portion of a Loan all Loans of one Type comprising the same Borrowing into a Loan Loans of another Type. Promptly after receipt ; PROVIDED, HOWEVER, that any conversion of a Notice any Eurodollar Rate Loans into Loans of Conversion, Agent shall notify each Lender by telex or telecopy, or other similar form of transmission of the proposed Conversion. Any Conversion of a LIBOR Loan into a Base Rate Loan another Type shall be made on, and only on, the last day of an Interest Period for such LIBOR LoanEurodollar Rate Loans and, upon conversion of any Prime Rate Loans into Loans of another Type, the Borrowers shall pay accrued interest to the date of conversion on the principal amount converted. Each such Notice of Conversion shall be given not later than 12:00 noon 10:00 a.m. (New York City time) on the Business Day prior to the date of any proposed Conversion conversion into Base Prime Rate Loans and on the third Business Day prior to the date of any proposed Conversion conversion into LIBOR Eurodollar Rate Loans. Subject to the restrictions specified above, each Notice of Conversion shall be by telephone or telecopy confirmed immediately in writing facsimile transmission, and if by telephone telephone, promptly confirmed by a writing, in the form of a Notice of Conversion each case specifying (ai) the requested date of such Conversionconversion, (bii) the Type of Loan Loans to be Convertedconverted, (ciii) the portion of such Type of Loan to be Convertedconverted, (div) the Type of Loan such Loan is Loans are to be Converted converted into and (ev) if such Conversion conversion is into a LIBOR LoanEurodollar Rate Loans, the requested duration of the Interest Period of such Loan. Each Notice of Conversion shall be irrevocable by and binding on Borrower once given. Each Conversion from a Base Rate Loan to a LIBOR Loan conversion shall be in an aggregate amount for the Loans of all Lenders of not less than $1,000,000 or an integral multiples multiple of $500,000 100,000 in excess thereof. The Borrowers may elect to convert the entire amount of or a portion of all Loans of one Type comprising more than one Borrowing into Loans of another Type by combining such Borrowings into one Borrowing; PROVIDED, HOWEVER, that amountif the Borrowings so combined consist of Eurodollar Rate Loans, such Loans shall have Interest Periods ending on the same date.

Appears in 1 contract

Sources: Credit Agreement (Lynch Corp)

Conversion. So long as no Event of Default shall have occurred and be continuing, The Borrower may on any Business Day, upon the Borrower's ’s giving of a Notice of Conversion to the Agent, Convert the entire amount of all or a portion of a Loan of one Type into a Loan of another Type. Promptly after receipt ; provided, however, a Base Rate Loan may not be Converted to a Eurocurrency Loan if an Event of Default shall exist and no Alternative Currency Loan may be converted to a Notice of Conversion, Agent shall notify each Lender by telex or telecopy, or other similar form of transmission of the proposed ConversionBase Rate Loan. Any Conversion of a LIBOR Eurocurrency Loan into a Base Rate Loan shall be made on, and only on, the last day of an Interest Period for such LIBOR Loan and, upon Conversion of a Base Rate Loan into a Eurocurrency Loan, the Borrower shall pay accrued interest to the date of Conversion on the principal amount so Converted (with such interest being payable at the time provided in Section 2.3(b)). Each such Notice of Conversion shall be given not later than 12:00 noon 11:00 a.m. on the Business Day prior to the date of any proposed Conversion into Base Rate Loans and on the third Business Day prior to the date of any proposed Conversion into LIBOR Eurocurrency Loans. Promptly after receipt of a Notice of Conversion, the Agent shall notify each Lender by telecopy, or other similar form of transmission, of the proposed Conversion. Subject to the restrictions specified above, each Notice of Conversion shall be by telephone or telecopy (confirmed immediately in writing if by telephone writing) or telecopy in the form of a Notice of Conversion specifying (a) the requested date of such Conversion, (b) the Type of Loan to be Converted, (c) the portion of such Type of Loan to be Converted, (d) the Type of Loan such Loan is to be Converted into and (e) if such Conversion is into a LIBOR Eurocurrency Loan, the requested duration of the Interest Period of such Loan. Each Notice of Conversion shall be irrevocable by and binding on the Borrower once given. Each Notwithstanding anything in this Agreement to the contrary, if a Default exists at the time of a Conversion from of a Base Rate Loan to a LIBOR Eurocurrency Loan, the Interest Period for such Loan shall be in an aggregate amount for the Loans of all Lenders of not less than $1,000,000 or integral multiples of $500,000 in excess of that amountexceed one month.

Appears in 1 contract

Sources: Credit Agreement (Epr Properties)

Conversion. So long as no Default or Event of Default shall have occurred and be continuingexists, the Borrower may on any Business Day, upon the Borrower's ’s giving of a Notice of Conversion to the Administrative Agent, Convert the entire amount of all or a portion of a Loan of one Type into a Loan of another Type. Promptly after receipt of a Notice of Conversion, Agent shall notify each Lender by telex or telecopy, or other similar form of transmission of the proposed Conversion. Any Conversion of a LIBOR Loan into a Base Rate Loan shall be made on, and only on, the last day of an Interest Period for such LIBOR Loan and, upon Conversion of a Base Rate Loan into a LIBOR Loan, the Borrower shall pay accrued interest to the date of Conversion on the principal amount so Converted. Each such Notice of Conversion shall be given not later than 12:00 noon 9:00 a.m. on the Business Day prior to the date of any proposed Conversion into Base Rate Loans and on the third Business Day prior to the date of any proposed Conversion into LIBOR Loans. Promptly after receipt of a Notice of Conversion, the Administrative Agent shall notify each Lender by telex or telecopy, or other similar form of transmission of the proposed Conversion. Subject to the restrictions specified above, each Notice of Conversion shall be by telephone or telecopy (confirmed immediately in writing if by telephone writing) or telecopy in the form of a Notice of Conversion specifying (a) the requested date of such Conversion, (b) the Type of Loan to be Converted, (c) the portion of such Type of Loan to be Converted, (d) the Type of Loan such Loan is to be Converted into and (e) if such Conversion is into a LIBOR Loan, the requested duration of the Interest Period of such Loan. Each Notice of Conversion shall be irrevocable by and binding on the Borrower once given. Each Conversion from a Base Rate Loan to a LIBOR Loan shall be in an aggregate amount for the Loans of all Lenders of not less than $1,000,000 or integral multiples of $500,000 in excess of that amount.

Appears in 1 contract

Sources: Credit Agreement (Equity One Inc)

Conversion. So long as no Event of Default shall have occurred and be continuingexists, the Borrower may on any Business Day, upon the Borrower's ’s giving of a Notice of Conversion to the Agent, Convert the entire amount of all or a portion of a Loan of one Type into a Loan of another Type. Promptly after receipt of a Notice of Conversion, Agent shall notify each Lender by telex or telecopy, or other similar form of transmission of the proposed Conversion. Any Conversion of a LIBOR Loan into a Base Rate Loan shall be made on, and only on, the last day of an Interest Period for such LIBOR Loan and, upon Conversion of a Base Rate Loan into a LIBOR Loan, the Borrower shall pay accrued interest to the date of Conversion on the principal amount so Converted. Each such Notice of Conversion shall be given not later than 12:00 noon on the 9:00 a.m. (San Francisco time) one Business Day prior to the date of any proposed Conversion into Base Rate Loans and on the third three Business Day Days prior to the date of any proposed Conversion into LIBOR Loans. Promptly after receipt of a Notice of Conversion, the Agent shall notify each Lender by telecopy, or other similar form of transmission of the proposed Conversion. Subject to the restrictions specified above, each Notice of Conversion shall be by telephone or telecopy (confirmed immediately in writing if by telephone writing) or telecopy in the form of a Notice of Conversion specifying (a) the requested date of such Conversion, (b) the Type of Loan to be Converted, (c) the portion of such Type of Loan to be Converted, (d) the Type of Loan such Loan is to be Converted into and (e) if such Conversion is into a LIBOR Loan, the requested duration of the Interest Period of such Loan. Each Notice of Conversion shall be irrevocable by and binding on the Borrower once given. Each Conversion from a Base Rate Loan to a LIBOR Loan shall be in an aggregate amount for the Loans of all Lenders of not less than $1,000,000 or integral multiples of $500,000 in excess of that amount.

Appears in 1 contract

Sources: Term Loan Agreement (Pennsylvania Real Estate Investment Trust)

Conversion. So long as no Event of Default shall have occurred and be continuing, The Borrower may on any Business Day, upon the Borrower's ’s giving of a Notice of Conversion to the Administrative Agent, Convert the entire amount of all or a portion of a Revolving Loan of one Type into a Loan of another Type. Promptly after receipt ; provided, however, that (i) if a Default shall exist, then a Base Rate Loan may only be Converted to a LIBORTerm SOFR Loan with a one-month Interest Period, and (ii) if an Event of Default shall exist, then a Notice of Conversion, Agent shall notify each Lender by telex or telecopy, or other similar form of transmission of the proposed ConversionBase Rate Loan may not be Converted to a LIBORTerm SOFR Loan. Any Conversion of a LIBOR LIBORTerm SOFR Loan into a Base Rate Loan or Daily Simple SOFR Loan shall be made on, and only on, the last day of an Interest Period for such LIBOR LIBORTerm SOFR Loan. Each such Notice of Conversion shall be given not later than 12:00 noon 11:00 a.m. (x) on the Business Day prior to the date of any proposed Conversion into Base Rate Loans Loans, and (y) on the third SOFR Business Day prior to the date of any proposed Conversion into LIBOR LIBORTerm SOFR Loans. Promptly after receipt of a Notice of Conversion, the Administrative Agent shall notify each Lender of the proposed Conversion. Subject to the restrictions specified above, each Notice of Conversion shall be by telephone or telecopy (confirmed immediately in writing if by telephone writing) or email in the form of a Notice of Conversion specifying (a) the requested date of such Conversion, (b) the Type of Loan to be Converted, (c) the portion of such Type of Loan to be Converted, (d) the Type of Loan such Loan is to be Converted into and (e) if such Conversion is into a LIBOR LIBORTerm SOFR Loan, the requested duration of the Interest Period of such Loan. Each Notice of Conversion shall be irrevocable by and binding on the Borrower once given. Each Conversion from a Base Rate Loan to a LIBOR Loan shall be in an aggregate amount for the Loans of all Lenders of not less than $1,000,000 or integral multiples of $500,000 in excess of that amount.

Appears in 1 contract

Sources: Credit Agreement (HC Government Realty Trust, Inc.)

Conversion. So long as no Event of Default shall have occurred and be continuing, The Borrower may on any Business Day, upon the Borrower's ’s giving of a Notice of Conversion to the Administrative Agent, Convert the entire amount of all or a portion of a Revolving Loan or a Term Loan (including a Base Rate Loan made pursuant to Section 2.3(e)) of one Type into a Loan of another Type. Promptly after receipt ; provided, however, a Base Rate Loan may not be Converted to a Term SOFR Loan if a Default or Event of a Notice of Conversion, Agent Default shall notify each Lender by telex or telecopy, or other similar form of transmission of the proposed Conversionexist. Any Conversion of a LIBOR Term SOFR Loan into a Base Rate Loan or a Daily Simple SOFR Loan shall be made on, and only on, the last day of an Interest Period for such LIBOR Term SOFR Loan. Each such Notice of Conversion shall be given not later than 12:00 noon 11:00 a.m. (i) on the Business Day prior to the date of any proposed Conversion into Base Rate Loans Loans, and (ii) on the third Business Day prior to the date of any proposed Conversion into LIBOR SOFR Loans. Promptly after receipt of a Notice of Conversion, the Administrative Agent shall notify each Lender of the proposed Conversion. Subject to the restrictions specified above, each Notice of Conversion shall be by telephone or telecopy (confirmed immediately in writing if by telephone writing) or telecopy in the form of a Notice of Conversion specifying (a) the requested date of such Conversion, (b) the Type of Loan to be Converted, (c) the portion of such Type of Loan to be Converted, (d) the Type of Loan such Loan is to be Converted into and (e) if such Conversion is into a LIBOR Term SOFR Loan, the requested duration of the Interest Period of such Loan. Each Notice of Conversion shall be irrevocable by and binding on the Borrower once given. Each Conversion from a Base Rate Loan to a LIBOR Loan shall be in an aggregate amount for the Loans of all Lenders of not less than $1,000,000 or integral multiples of $500,000 in excess of that amount.

Appears in 1 contract

Sources: Credit Agreement (National Storage Affiliates Trust)

Conversion. So long as no Event of Default shall have occurred and be continuing, Borrower The Company may on any Business DayDay (so long as no Default or Event of Default has occurred and is continuing unless otherwise agreed to by the Majority Banks), upon Borrower's the giving of a Notice of Conversion given to the Administrative Agent, Convert and subject to the provisions of Section 4.07(c), convert the entire amount of all or a portion of a Loan all Loans of one Type comprising the same Borrowing into a Loan Loans of another Type. Promptly after receipt ; provided, however, that any conversion of a Notice of Conversion, Agent shall notify each Lender by telex or telecopy, or other similar form of transmission of the proposed Conversion. Any Conversion of a LIBOR Loan any Eurodollar Rate Loans into a Base Prime Rate Loan Loans shall be made on, and only on, the last day of an Interest Period for such LIBOR LoanEurodollar Rate Loans and, upon conversion of any Prime Rate Loans into Eurodollar Rate Loans, the Company shall pay accrued interest to the date of conversions on the principal amount converted. Each such Notice of Conversion shall be given not later than 12:00 noon 1:00 P.M., New York City time, on the Business Day prior to the date day of any proposed Conversion conversion into Base Prime Rate Loans and not later than 5:00 P.M. on the third Business Day prior to the date of any proposed Conversion conversion into LIBOR Eurodollar Rate Loans. Subject to the restrictions specified above, each Notice of Conversion shall be by telephone or telecopy confirmed immediately in writing facsimile transmission and, if by telephone telephone, promptly confirmed in the form of a Notice of Conversion writing, in each case specifying (ai) the requested date of such Conversionconversion, (bii) the Type of Loan Loans to be Convertedconverted, (ciii) the portion of such Type of Loan to be Convertedconverted, (div) the Type of Loan such Loan is Loans are to be Converted converted into and (ev) if such Conversion conversion is into a LIBOR LoanEurodollar Rate Loans, the requested duration of the Interest Period of such Loan. Each Notice of Conversion shall be irrevocable by and binding on Borrower once given. Each Conversion from a Base Rate Loan to a LIBOR Loan conversion shall be in an aggregate amount for the Loans of all Lenders Banks of not less than $1,000,000 5,000,000 or in an integral multiples multiple of $500,000 1,000,000 in excess thereof. The Company may elect to convert the entire amount of or a portion of all Loans of one Type comprising more than one Borrowing into Loans of another Type by combining such Borrowings into one Borrowing consisting of Loans of another Type; provided, however, that amountif the Borrowings so combined consist of Eurodollar Rate Loans, such Loans shall have Interest Periods ending on the same date.

Appears in 1 contract

Sources: Credit Agreement (Clark Refining & Marketing Inc)

Conversion. So long as no Event of Default shall have occurred and be continuing, The Borrower may on any Business Day, upon the Borrower's ’s giving of a Notice of Conversion to the Agent, Convert the entire amount of all or a portion of a Loan of one Type into a Loan of another Type. Promptly after receipt ; provided, however, a Base Rate Loan may not be Converted to a LIBOR Loan if a Default or Event of a Notice of Conversion, Agent Default shall notify each Lender by telex or telecopy, or other similar form of transmission of the proposed Conversionexist. Any Conversion of a LIBOR Loan into a Base Rate Loan shall be made on, and only on, the last day of an Interest Period for such LIBOR Loan and, upon Conversion of a Base Rate Loan into a LIBOR Loan, the Borrower shall pay accrued interest to the date of Conversion on the principal amount so Converted. Each such Notice of Conversion shall be given not later than 12:00 noon 11:00 a.m. on the Business Day prior to the date of any proposed Conversion into Base Rate Loans and on the third Business Day prior to the date of any proposed Conversion into LIBOR Loans. Promptly after receipt of a Notice of Conversion, the Agent shall notify each Lender holding a Loan being Converted by telecopy, or other similar form of transmission, of the proposed Conversion. Subject to the restrictions specified above, each Notice of Conversion shall be by telephone or telecopy (confirmed immediately in writing if by telephone writing) or telecopy in the form of a Notice of Conversion specifying (a) the requested date of such Conversion, (b) the Type of Loan to be Converted, (c) the portion of such Type of Loan to be Converted, (d) the Type of Loan such Loan is to be Converted into and (e) if such Conversion is into a LIBOR Loan, the requested duration of the Interest Period of such Loan. Each Notice of Conversion shall be irrevocable by and binding on the Borrower once given. Each Conversion from a Base Rate Loan to a LIBOR Loan shall be in an aggregate amount for the Loans of all Lenders of not less than $1,000,000 or integral multiples of $500,000 in excess of that amount.

Appears in 1 contract

Sources: Credit Agreement (Ashford Hospitality Trust Inc)

Conversion. So long as no Default or Event of Default shall have occurred and be continuingexists, the Borrower may on any Business Day, upon the Borrower's ’s giving of a Notice of Conversion to Agentthe Administrative Agent by telecopy, electronic mail or other similar form of communication, Convert the entire amount of all or a portion of a Loan of one Type into a Loan of another Type; provided, however, a Base Rate Loan may not be Converted into a LIBOR Loan if a Default or Event of Default exists. Promptly after receipt Each Conversion of a Notice Base Rate Loans into LIBOR Loans shall be in an aggregate minimum amount of Conversion, Agent shall notify each Lender by telex or telecopy, or other similar form $2,000,000 and integral multiples of transmission $500,000 in excess of the proposed Conversionthat amount. Any Conversion of a LIBOR Loan into a Base Rate Loan shall be made on, and only on, the last day of an Interest Period for such LIBOR Loan. Each such Notice of Conversion shall be given not later than 12:00 noon (i) 11:00 a.m. three (3) Business Days prior to the date of any proposed Conversion into LIBOR Loans (or, with respect to any proposed Conversion on the Fourth Amendment Effective Date, 11:00 a.m. on the Fourth Amendment Effective Date) and (ii) 11:00 a.m. two (2) Business Day Days prior to the date of any proposed Conversion into Base Rate Loans and on Loans. Promptly after receipt of a Notice of Conversion, the third Business Day prior to Administrative Agent shall notify each Lender of the date of any proposed Conversion into LIBOR LoansConversion. Subject to the restrictions specified above, each Notice of Conversion shall be by telephone telecopy, electronic mail or telecopy confirmed immediately in writing if by telephone other similar form of communication in the form of a Notice of Conversion specifying (a) the requested date of such Conversion, (b) the Type of Loan to be Converted, (c) the portion of such Type of Loan to be Converted, (d) the Type of Loan such Loan is to be Converted into and (e) if such Conversion is into a LIBOR Loan, the requested duration of the Interest Period of such Loan. Each Notice of Conversion shall be irrevocable by and binding on the Borrower once given. Each Conversion from a Base Rate Loan to a LIBOR Loan shall be in an aggregate amount for the Loans of all Lenders of not less than $1,000,000 or integral multiples of $500,000 in excess of that amount· Notes.

Appears in 1 contract

Sources: Term Loan Agreement (RLJ Lodging Trust)

Conversion. So long as no Event of Default shall have occurred and be continuing, The Borrower may on any Business Day, upon the Borrower's ’s giving of a Notice of Conversion to Agentthe Agent by telecopy, electronic mail or other similar form of written communication, Convert the entire amount of all or a portion of a Loan of one Type into a Loan of another Type; provided, however, a Base Rate Loan may not be Converted into a LIBOR Loan if a Default or Event of Default exists. Promptly after receipt Each Conversion of Base Rate Loans into LIBOR Loans shall be in an aggregate minimum amount of $500,000 and integral multiples of $100,000 in excess of that amount, and upon Conversion of a Notice Base Rate Loan into a LIBOR Loan, the Borrower shall pay accrued interest to the date of Conversion, Agent shall notify each Lender by telex or telecopy, or other similar form of transmission of Conversion on the proposed Conversionprincipal amount so Converted in accordance with Section 2.4. Any Conversion of a LIBOR Loan into a Base Rate Loan shall be made on, and only on, the last day of an Interest Period for such LIBOR Loan. Each such Notice of Conversion shall be given not later than 12:00 noon on the 10:00 a.m. three (3) Business Day Days prior to the date of any proposed Conversion into Base Rate Loans and on Conversion. Promptly after receipt of a Notice of Conversion, the third Business Day prior to Agent shall notify each Lender of the date of any proposed Conversion into LIBOR LoansConversion. Subject to the restrictions specified above, each Notice of Conversion shall be by telephone telecopy, electronic mail or telecopy confirmed immediately in writing if by telephone other similar form of written communication in the form of a Notice of Conversion specifying (a) the requested date of such Conversion, (b) the Type of Loan to be Converted, (c) the portion of such Type of Loan to be Converted, (d) the Type of Loan such Loan is to be Converted into and (e) if such Conversion is into a LIBOR Loan, the requested duration of the Interest Period of such Loan. Each Notice of Conversion shall be irrevocable by and binding on the Borrower once given. Each Conversion from a Base Rate Loan to a LIBOR Loan shall be in an aggregate amount for the Loans of all Lenders of not less than $1,000,000 or integral multiples of $500,000 in excess of that amount.

Appears in 1 contract

Sources: Revolving Credit Agreement (First Potomac Realty Trust)

Conversion. So long as no Event of Default shall have occurred and be continuing, The Borrower may on any Business Day, upon the Borrower's ’s giving of a Notice of Conversion to the Agent, Convert the entire amount of all or a portion of a Loan of one Type into a Loan of another Type. Promptly after receipt ; provided, however, a Base Rate Loan may not be Converted to a Loan or another Type if an Event of Default shall exist and no Alternative Currency Loan may be converted to a Notice of Conversion, Agent shall notify each Lender by telex or telecopy, or other similar form of transmission of the proposed ConversionBase Rate Loan. Any Conversion of a LIBOR Term Rate Loan into a Base Rate Loan or Daily RFR Loan shall be made on, and only on, the last day of an Interest Period for such LIBOR Loan and, upon Conversion of a Base Rate Loan into an RFR Loan or of a Daily RFR Loan into a Term Rate Loan or Base Rate Loan, the Borrower shall pay accrued interest to the date of Conversion on the principal amount so Converted (with such interest being payable at the time provided in Section 2.3(b)). Each such Notice of Conversion shall be given not later than 12:00 noon 11:00 a.m. (i) on the Business Day prior to the date of any proposed Conversion into Base Rate Loans or Daily RFR Loans, and (ii) on the third Business Day prior to the date of any proposed Conversion into LIBOR Term Rate Loans. Promptly after receipt of a Notice of Conversion, the Agent shall notify each Lender by telecopy, or other similar form of transmission, of the proposed Conversion. Subject to the restrictions specified above, each Notice of Conversion shall be by telephone or telecopy (confirmed immediately in writing if by telephone writing) or telecopy in the form of a Notice of Conversion specifying (a) the requested date of such Conversion, (b) the Type of Loan to be Converted, (c) the portion of such Type of Loan to be Converted, (d) the Type of Loan such Loan is to be Converted into and (e) if such Conversion is into a LIBOR Term Rate Loan, the requested duration of the Interest Period of such Loan. Each Notice of Conversion shall be irrevocable by and binding on the Borrower once given. Each Notwithstanding anything in this Agreement to the contrary, if a Default exists at the time of a Conversion from of a Base Rate Loan to a LIBOR Term Rate Loan, the Interest Period for such Loan shall be in an aggregate amount for the Loans of all Lenders of not less than $1,000,000 or integral multiples of $500,000 in excess of that amountexceed one month.

Appears in 1 contract

Sources: Credit Agreement (Epr Properties)

Conversion. So long as no Event of Default shall have occurred and be continuing, the Borrower may on any Business Day, upon the Borrower's giving of a Notice of Conversion to the Administrative Agent, Convert the entire amount of all or a portion of a any Loan of one Type into a Loan of another Type. Promptly after receipt of a Notice of Conversion, Agent shall notify each Lender by telex or telecopy, or other similar form of transmission of the proposed Conversion. Any Conversion of a Loan that is a LIBOR Rate Loan into a Base Rate Loan shall be made on, and only on, the last day of an Interest Period for such LIBOR Rate Loan and, upon Conversion of a Base Rate Loan into a LIBOR Rate Loan, the Borrower shall pay accrued interest to the date of Conversion on the principal amount so Converted. Each such Notice of Conversion shall be given not later than 12:00 noon 11:00 a.m. on the Business Day prior to the date of any proposed Conversion into Base Rate Loans and on the third (3rd ) Business Day prior to the date of any proposed Conversion into LIBOR Rate Loans. Promptly after receipt of a Notice of Conversion, the Administrative Agent shall notify each applicable Lender by telecopy, or other similar form of transmission, of the proposed Conversion. Subject to the restrictions specified above, each Notice of Conversion shall be by telephone or telecopy (confirmed immediately in writing if by telephone writing) or telecopy in the form of a Notice of Conversion specifying (a) the requested date of such Conversion, (b) the Type of Loan to be Converted, (c) the portion of such Type of Loan to be Converted, (d) the Type of Loan such Loan is to be Converted into and (e) if such Conversion is into a LIBOR Rate Loan, the requested duration of the Interest Period of such Loan. Each Notice of Conversion shall be irrevocable by and binding on the Borrower once given. Each Conversion from a Base Rate Loan to a LIBOR Loan shall be in an aggregate amount for the Loans of all Lenders of not less than $1,000,000 or integral multiples of $500,000 in excess of that amount.

Appears in 1 contract

Sources: Credit Agreement (Wells Core Office Income Reit Inc)

Conversion. So long as no Event of Default shall have occurred and be continuing, Borrower The Borrowers may on any Business DayDay (so long as no Default or Event of Default has occurred and is continuing), upon Borrower's giving of notice (each such notice, a Notice of Conversion "NOTICE OF CONVERSION") given to the Agent, Convert and subject to the provisions of SECTION 4.13(c), convert the entire amount of all or a portion of a Loan all Revolving Loans of one Type comprising the same Borrowing into a Loan Revolving Loans of another Type. Promptly after receipt ; PROVIDED, THAT any conversion of a Notice any LIBOR Rate Loans into Revolving Loans of Conversion, Agent shall notify each Lender by telex or telecopy, or other similar form of transmission of the proposed Conversion. Any Conversion of a LIBOR Loan into a Base Rate Loan another Type shall be made on, and only on, the last day of an Interest Period for such LIBOR LoanRate Loans and, upon conversion of any Prime Rate Loans into Revolving Loans of another Type, the Borrowers shall pay accrued interest to the date of conversion on the principal amount converted. Each such Notice of Conversion shall be given not later than 12:00 noon Noon Chicago time on the Business Day prior to the date of any proposed Conversion conversion into Base Prime Rate Loans and on the third Business Day prior to the date of any proposed Conversion conversion into LIBOR Rate Loans. Subject to the restrictions specified above, each Notice of Conversion shall be by telephone or telecopy confirmed immediately in writing facsimile transmission, and if by telephone telephone, promptly confirmed in writing, substantially in the form of a Notice of Conversion EXHIBIT E, in each case specifying (ai) the requested date of such Conversionconversion, (bii) the Type of Loan Revolving Loans to be Converted, converted (ciii) the portion of such Type of Revolving Loan to be Convertedconverted, (div) the Type of Loan Revolving Loans such Loan is Revolving Loans are to be Converted converted into and (ev) if such Conversion conversion is into a LIBOR LoanRate Loans, the requested duration of the Interest Period of such Revolving Loan. Each Notice of Conversion shall be irrevocable by and binding on Borrower once given. Each Conversion from a Base Rate Loan to a LIBOR Loan conversion shall be in an aggregate amount for the Loans of all Lenders of not less than $1,000,000 5,000,000 or an integral multiples multiple of $500,000 1,000,000 in excess thereof. The Borrowers may elect to convert the entire amount of that amountor a portion of all Revolving Loans of one Type comprising more than one Borrowing into Revolving Loans of another Type by combining such Borrowings into one Borrowing; PROVIDED, THAT if the Borrowings so combined consist of LIBOR Rate Loans, such Loans shall have Interest Periods ending on the same date.

Appears in 1 contract

Sources: Credit Agreement (Hutchinson Products Corp)

Conversion. So long as no Default or Event of Default shall have occurred and be continuing, the Borrower may on any Business Day, upon the Borrower's ’s giving of a Notice of Conversion to the Agent, Convert the entire amount of all or a portion of a Loan of one Type into a Loan of another Type. Promptly after receipt of a Notice of Conversion, Agent shall notify each Lender by telex or telecopy, or other similar form of transmission of the proposed Conversion. Any Conversion of a LIBOR Loan into a Base Rate Loan shall be made on, and only on, the last day of an Interest Period for such LIBOR Loan and, upon Conversion of a Base Rate Loan into a LIBOR Loan, the Borrower shall pay accrued interest to the date of Conversion on the principal amount so Converted. Each such Notice of Conversion shall be given not later than 12:00 noon 10:00 a.m. on the Business Day prior to the date of any proposed Conversion into Base Rate Loans and on the third Business Day prior to the date of any proposed Conversion into LIBOR Loans. Promptly after receipt of a Notice of Conversion, the Agent shall notify each Lender by telecopy, or other similar form of transmission, of the proposed Conversion. Subject to the restrictions specified above, each Notice of Conversion shall be by telephone or telecopy (confirmed immediately in writing if by telephone writing) or telecopy in the form of a Notice of Conversion specifying (a) the requested date of such Conversion, (b) the Type of Loan to be Converted, (c) the portion of such Type of Loan to be Converted, (d) the Type of Loan such Loan is to be Converted into and (e) if such Conversion is into a LIBOR Loan, the requested duration of the Interest Period of such Loan. Each Notice of Conversion shall be irrevocable by and binding on the Borrower once given. Each Conversion from a Base Rate Loan to a LIBOR Loan shall be in an aggregate amount for the Loans of all Lenders of not less than $1,000,000 or integral multiples of $500,000 in excess of that amount.

Appears in 1 contract

Sources: Credit Agreement (Commercial Net Lease Realty Inc)

Conversion. So long as no Event of Default shall have occurred and be continuing, The Borrower may on any Business Day, upon the Borrower's ’s giving of a Notice of Conversion to Agentthe Administrative Agent by electronic mail or other similar form of communication, Convert the entire amount of all or a portion of a Loan of one Type into a Loan of another Type. Promptly after receipt of a Notice of Conversion; provided, Agent shall notify each Lender by telex or telecopyhowever, or other similar form of transmission of the proposed Conversion. Any Conversion of a LIBOR Loan into a Base Rate Loan may not be Converted into a SOFR Loan if an Event of Default exists. Each Conversion of Base Rate Loans into Term SOFR Loans or Daily Simple SOFR Loans, as applicable, shall be made on, in an aggregate minimum amount of $1,000,000 and only on, the last day integral multiples of an Interest Period for such LIBOR Loan$1,000,000 in excess of that amount. Each such Notice of Conversion shall be given not later than 12:00 p.m. noon on the Eastern time (x) with respect to Loans that are to be Converted to Base Rate Loans, one (1) Business Day, (y) with respect to Loans that are to be converted to Daily Simple SOFR Loans, one (1) U.S. Government Securities Business Day and (z) with respect to Loans that are to be converted to Term SOFR Loans, three (3) U.S. Government Securities Business Days, in each case prior to the date of any proposed Conversion into Base Rate Loans and on Conversion. Promptly after receipt of a Notice of Conversion, the third Business Day prior to Administrative Agent shall notify each Lender of the date of any proposed Conversion into LIBOR LoansConversion. Subject to the restrictions specified above, each Notice of Conversion shall be by telephone or telecopy telephone, (confirmed immediately promptly in writing if by telephone on the same Business Day or U.S. Government Securities Business Day, as applicable), electronic mail or other similar form of communication in the form of a Notice of Conversion specifying (a) the requested date of such Conversion, (b) the Type of Loan to be Converted, (c) the portion of such Type of Loan to be Converted, (d) the Type of Loan such Loan is to be Converted into and (e) if such Conversion is into a LIBOR Term SOFR Loan, the requested duration of the Interest Period of such Loan. Each Notice of Conversion shall be irrevocable by and binding on the Borrower once given. Each If the Borrower requests a Conversion from a Base Rate Loan to a LIBOR Loan shall Term SOFR Loan, but fails to specify an Interest Period, it will be in deemed to have specified an aggregate amount for the Loans Interest Period of all Lenders of not less than $1,000,000 or integral multiples of $500,000 in excess of that amountone month.

Appears in 1 contract

Sources: Term Loan Agreement (Federal Realty OP LP)

Conversion. So long as no Default or Event of Default shall have occurred and be continuingexists, the Borrower may on any Business Day, upon the Borrower's ’s giving of a Notice of Conversion to Agentthe Administrative Agent by telecopy, electronic mail or other similar form of communication, Convert the entire amount of all or a portion of a Loan of one Type into a Loan of another Type. Promptly after receipt Each Conversion of Base Rate Loans into LIBOR Loans shall be in an aggregate minimum amount of $1,000,000 and integral multiples of $100,000 in excess of that amount, and upon Conversion of a Notice Base Rate Loan into a LIBOR Loan, the Borrower shall pay accrued interest to the date of Conversion, Agent shall notify each Lender by telex or telecopy, or other similar form of transmission of Conversion on the proposed Conversionprincipal amount so Converted in accordance with Section 2.2. Any Conversion of a LIBOR Loan into a Base Rate Loan shall be made on, and only on, the last day of an Interest Period for such LIBOR Loan. Each such Notice of Conversion shall be given not later than 12:00 noon on the 9:00 a.m. three (3) Business Day Days prior to the date of any proposed Conversion into Base Rate Loans and on the third Business Day prior to the date of any proposed Conversion into or LIBOR Loans. Promptly after receipt of a Notice of Conversion, the Administrative Agent shall notify each Lender of the proposed Conversion. Subject to the restrictions specified above, each Notice of Conversion shall be by telephone telecopy, electronic mail or telecopy confirmed immediately in writing if by telephone other similar form of communication in the form of a Notice of Conversion specifying (a) the requested date of such Conversion, (b) the Type of Loan to be Converted, (c) the portion of such Type of Loan to be Converted, (d) the Type of Loan such Loan is to be Converted into and (e) if such Conversion is into a LIBOR Loan, the requested duration of the Interest Period of such Loan. Notwithstanding the foregoing, the Administrative Agent is authorized to rely upon the telephonic request of any of the Borrower’s Agents. The Borrower’s telephonic notices, requests and acceptances shall be directed to such officers of the Administrative Agent as the Administrative Agent may from time to time designate and shall be followed promptly by the original or a facsimile or electronic mail Notice of Conversion required pursuant to the first sentence of this Section 2.8. Each Notice of Conversion shall be irrevocable by and binding on the Borrower once given. Each Conversion from a Base Rate Loan to a LIBOR Loan shall be in an aggregate amount for the Loans of all Lenders of not less than $1,000,000 or integral multiples of $500,000 in excess of that amount.

Appears in 1 contract

Sources: Loan Agreement (Chesapeake Lodging Trust)

Conversion. So long as no Default or Event of Default shall have occurred and be continuingexists, the Borrower may on any Business Day, upon the Borrower's ’s giving of a Notice of Continuation/Conversion to the Agent, Convert the entire amount of all or a portion of a Loan of one Type into a Loan of another Type. Promptly after receipt of a Notice of Conversion, Agent shall notify each Lender by telex or telecopy, or other similar form of transmission of the proposed Conversion. Any Conversion of a LIBOR Loan into a Base Rate Loan shall be made on, and only on, the last day of an Interest Period for such LIBOR Loan and, upon Conversion of a Base Rate Loan into a LIBOR Loan, the Borrower shall pay accrued interest to the date of Conversion on the principal amount so Converted. Each such Notice of Continuation/Conversion shall be given not later than 12:00 noon on the 9:00 a.m. one Business Day prior to the date of any proposed Conversion into Base Rate Loans and on the third three Business Day Days prior to the date of any proposed Conversion into LIBOR Loans. Promptly after receipt of a Notice of Continuation/Conversion, the Agent shall notify each Lender by telecopy, electronic mail or other similar form of transmission of the proposed Conversion. Subject to the restrictions specified above, each Notice of Continuation/Conversion shall be by telephone or telecopy confirmed immediately in writing if by telephone in the form of a Notice of Continuation/Conversion specifying (a) the requested date of such Conversion, (b) the Type of Loan to be Converted, (c) the portion of such Type of Loan to be Converted, (d) the Type of Loan such Loan is to be Converted into and (e) if such Conversion is into a LIBOR Loan, the requested duration of the Interest Period of such Loan. Each Notice of Continuation/Conversion shall be irrevocable by and binding on the Borrower once given. Each Conversion from a Base Rate Loan to a LIBOR Loan shall be in an aggregate amount for the Loans of all Lenders of not less than $1,000,000 or integral multiples of $500,000 in excess of that amount.

Appears in 1 contract

Sources: Credit Agreement (CRT Properties Inc)

Conversion. So long as there exists no Default or Event of Default shall have occurred and be continuingDefault, the Borrower may on any Business Day, upon the Borrower's ’s giving of a Notice of Conversion to Agentthe Administrative Agent by telecopy, electronic mail or other similar form of communication, Convert the entire amount of all or a portion of a Loan of one Type into a Loan of another Type. Promptly after receipt Each Conversion of Base Rate Loans into LIBOR Loans shall be in an aggregate minimum amount of $100,000 and integral multiples of $1,000 in excess of that amount, and upon Conversion of a Notice Base Rate Loan into a LIBOR Loan, the Borrower shall pay accrued interest to the date 29 of Conversion, Agent shall notify each Lender by telex or telecopy, or other similar form of transmission of Conversion on the proposed Conversionprincipal amount so Converted in accordance with Section 2.2. Any Conversion of a LIBOR Loan into a Base Rate Loan shall be made on, and only on, the last day of an Interest Period for such LIBOR Loan. Each such Notice of Conversion shall be given not later than 12:00 noon on the 11:00 a.m. Central time one Business Day prior to the date of any proposed Conversion into Base Rate Loans and on the third three (3) Business Day Days prior to the date of any proposed Conversion into LIBOR Loans. Promptly after receipt of a Notice of Conversion, the Administrative Agent shall notify each Lender of the proposed Conversion. Subject to the restrictions specified above, each Notice of Conversion shall be by telephone telecopy, electronic mail or telecopy confirmed immediately in writing if by telephone other similar form of communication in the form of a Notice of Conversion specifying (a) the requested date of such Conversion, (b) the Type of Loan to be Converted, (c) the portion of such Type of Loan to be Converted, (d) the Type of Loan such Loan is to be Converted into and (e) if such Conversion is into a LIBOR Loan, the requested duration of the Interest Period of such Loan. Each Notice of Conversion shall be irrevocable by and binding on the Borrower once given. Each Conversion from a Base Rate Loan to a LIBOR Loan shall be in an aggregate amount for the Loans of all Lenders of not less than $1,000,000 or integral multiples of $500,000 in excess of that amount.

Appears in 1 contract

Sources: Term Loan Agreement (CBL & Associates Properties Inc)

Conversion. So long as no Event of Default shall have occurred and be continuing, The Borrower may on any Business Day, upon the Borrower's ’s giving of a Notice of Conversion to Agentthe Agent by telecopy, electronic mail or other similar form of written communication, Convert the entire amount of all or a portion of a Loan of one Type into a Loan of another Type; provided, however, a Base Rate Loan may not be Converted into a LIBOR Loan if a Default or Event of Default exists. Promptly after receipt Each Conversion of Base Rate Loans into LIBOR Loans shall be in an aggregate minimum amount of $500,000 and integral multiples of $100,000 in excess of that amount, and upon Conversion of a Notice Base Rate Loan into a LIBOR Loan, the Borrower shall pay accrued interest to the date of Conversion, Agent shall notify each Lender by telex or telecopy, or other similar form of transmission of Conversion on the proposed Conversionprincipal amount so Converted in accordance with Section 2.2. Any Conversion of a LIBOR Loan into a Base Rate Loan shall be made on, and only on, the last day of an Interest Period for such LIBOR Loan. Each such Notice of Conversion shall be given not later than 12:00 noon on the 10:00 a.m. three (3) Business Day Days prior to the date of any proposed Conversion into Base Rate Loans and on Conversion. Promptly after receipt of a Notice of Conversion, the third Business Day prior to Agent shall notify each Lender of the date of any proposed Conversion into LIBOR LoansConversion. Subject to the restrictions specified above, each Notice of Conversion shall be by telephone telecopy, electronic mail or telecopy confirmed immediately in writing if by telephone other similar form of written communication in the form of a Notice of Conversion specifying (a) the requested date of such Conversion, (b) the Type of Loan to be Converted, (c) the portion of such Type of Loan to be Converted, (d) the Type of Loan such Loan is to be Converted into and (e) if such Conversion is into a LIBOR Loan, the requested duration of the Interest Period of such Loan. Each Notice of Conversion shall be irrevocable by and binding on the Borrower once given. Each Conversion from a Base Rate Loan to a LIBOR Loan shall be in an aggregate amount for the Loans of all Lenders of not less than $1,000,000 or integral multiples of $500,000 in excess of that amount.

Appears in 1 contract

Sources: Term Loan Agreement (First Potomac Realty Trust)

Conversion. So long as no Event of Default shall have occurred and be continuing, The Borrower may on any Business Day, upon the Borrower's ’s giving of a Notice of Conversion to the Agent, Convert the entire amount of all or a portion of a Loan of one Type into a Loan of another Type. Promptly after receipt of a Notice of Conversion, Agent shall notify each Lender by telex or telecopy, or other similar form of transmission Type but of the proposed Conversionsame Class; provided, however, a Base Rate Loan may not be Converted to a SOFR Loan if a Default or Event of Default shall exist. Any Conversion of a LIBOR Term SOFR Loan of a Class into a Base Rate Loan or Daily Simple SOFR Loan of such Class shall be made on, and only on, the last day of an Interest Period for such LIBOR Term SOFR Loan and, upon Conversion of a Base Rate Loan into a SOFR Loan or of a Daily Simple SOFR Loan into a Term SOFR Loan or Base Rate Loan, the Borrower shall pay accrued interest to the date of Conversion on the principal amount so Converted. Each such Notice of Conversion shall be given not later than 12:00 noon 11:00 a.m. on the Business Day prior to the date of any proposed Conversion into Base Rate Loans or Daily Simple SOFR Loans and on the third Business Day prior to the date of any proposed Conversion into LIBOR Term SOFR Loans. Promptly after receipt of a Notice of Conversion, the Agent shall notify each Lender holding Loans being Converted by telecopy, or other similar form of transmission, of the proposed Conversion. Subject to the restrictions specified above, each Notice of Conversion shall be by telephone or telecopy (confirmed immediately in writing if by telephone writing) or telecopy in the form of a Notice of Conversion specifying (a) the requested date of such Conversion, (b) the Type and Class of Loan to be Converted, (c) the portion of such Type of Loan to be Converted, (d) the Type of Loan such Loan is to be Converted into and (e) if such Conversion is into a LIBOR Term SOFR Loan, the requested duration of the Interest Period of such Loan and the amount of such Term SOFR Loan, if any, that the Borrower has elected to have subject to a Derivatives Contract that provides a hedge against interest rate risk and the Derivatives Contract(s) to which such amount is subject. Each Notice of Conversion shall be irrevocable by and binding on the Borrower once given. Each Conversion from a Base Rate Loan to a LIBOR Loan shall be in an aggregate amount for the Loans of all Lenders of not less than $1,000,000 or integral multiples of $500,000 in excess of that amount.

Appears in 1 contract

Sources: Credit Agreement (LXP Industrial Trust)

Conversion. So (a) Subject to Section 2.9(b), so long as no Default or Event of Default shall have occurred and be continuingexist, the Borrower may on any Business Day, upon the Borrower's ’s giving of a Notice of Conversion to the Agent, Convert the entire amount of all or a portion of a an Interim Loan of one Type into a an Interim Loan of another Type. Promptly after receipt of a Notice of Conversion, Agent shall notify each Lender by telex or telecopy, or other similar form of transmission of the proposed Conversion. Any Conversion of a LIBOR Loan into a Base Rate Loan shall be made on, and only on, the last day of an Interest Period for such LIBOR Loan and, upon Conversion of a Base Rate Loan into a LIBOR Loan, the Borrower shall pay accrued interest to the date of Conversion on the principal amount so Converted. Each such Notice of Conversion shall be given not later than 12:00 noon 11:00 a.m. on the Business Day prior to the date of any proposed Conversion into Base Rate Loans and on the third Business Day prior to the date of any proposed Conversion into LIBOR Loans. Promptly after receipt of a Notice of Conversion, the Agent shall notify each Lender by telecopy, or other similar form of transmission, of the proposed Conversion. Subject to the restrictions specified above, each Notice of Conversion shall be by telephone or telecopy confirmed immediately in writing if by telephone in the form of a Notice of Conversion specifying (a) the requested date of such Conversion, (b) the Type of Loan to be Converted, (c) the portion of such Type of Loan to be Converted, (d) the Type of Loan such Loan is to be Converted into and (e) if such Conversion is into a LIBOR Loan, the requested duration of the Interest Period of such Loan. Each Notice of Conversion shall be irrevocable by and binding on the Borrower once given. Each Conversion from . (b) Notwithstanding Section 2.9(a), the Borrower shall not Convert all or a portion of an Interim Loan that is a Base Rate Loan to into a LIBOR Loan prior to the date that is 30 days after the Effective Date unless no Default or Event of Default shall be exist and (i) the Lead Arranger, in its sole discretion, consents to such Conversion, or (ii) the Lead Arranger determines that the completion of the primary syndication of the Interim Loan shall have occurred; provided, however, that commencing on the fifth day after the Effective Date, the Borrower may nevertheless, until the date that is 30 days after the Effective Date, unless a Default or Event of Default shall exist, Convert all or a portion of an aggregate amount for the Loans Interim Loan that is a Base Rate Loan into a LIBOR Loan with an interest period of all Lenders of not less than $1,000,000 or integral multiples of $500,000 in excess of that amount14 days.

Appears in 1 contract

Sources: Interim Loan Agreement (Hospitality Properties Trust)

Conversion. So long as no Event of Default shall have occurred and be continuing, The Borrower may on any Business Day, upon the Borrower's ’s giving of a Notice of Conversion to Agentthe Administrative Agent by telecopy, electronic mail or other similar form of communication, Convert the entire amount of all or a portion of a Loan of one Type into a Loan of another Type. Promptly after receipt of a Notice of Conversion; provided, Agent shall notify each Lender by telex or telecopyhowever, or other similar form of transmission of the proposed Conversion. Any Conversion of a LIBOR Loan into a Base Rate Loan may not be Converted into a LIBOR Loan if an Event of Default exists and is continuing. Each Conversion of Base Rate Loans into LIBOR Loans shall be made on, in an aggregate minimum amount of $1,000,000 and only on, the last day integral multiples of an Interest Period for such LIBOR Loan$100,000 in excess of that amount. Each such Notice of Conversion shall be given not later than 12:00 noon on 11:00 a.m., New York City time (a) three (3) Business Days prior to the date of any proposed Conversion to LIBOR Loans and (b) one (1) Business Day prior to the date of any proposed Conversion into of LIBOR Loans to Base Rate Loans. Promptly after receipt of a Notice of Conversion, the Administrative Agent shall notify each Lender holding Loans and on being Converted of the third Business Day prior to the date of any proposed Conversion into LIBOR LoansConversion. Subject to the restrictions specified above, each Notice of Conversion shall be by telephone telecopy, electronic mail or telecopy confirmed immediately in writing if by telephone other similar form of communication in the form of a Notice of Conversion specifying (a) the requested date of such Conversion, (b) the Type of Loan to be Converted, (c) the portion of such Type of Loan to be Converted, (d) the Type of Loan such Loan is to be Converted into and (e) if such Conversion is into a LIBOR Loan, the requested duration of the Interest Period of such Loan. Each Notice of Conversion shall be irrevocable by and binding on the Borrower once given. Each Conversion from a Base Rate Loan to a LIBOR Loan shall be in an aggregate amount for the Loans of all Lenders of not less than $1,000,000 or integral multiples of $500,000 in excess of that amount.DB1/ 113000430.10

Appears in 1 contract

Sources: Term Loan Agreement (Spirit Realty, L.P.)