Common use of Conversions and Continuations Clause in Contracts

Conversions and Continuations. In order to elect to Convert or continue Advances comprising part of the same Borrowing under this Section, the Borrower shall deliver an irrevocable Notice of Conversion or Continuation to the Administrative Agent at the Administrative Agent’s office no later than 1:00 P.M. (New York City time) (i) on the date which is at least three Business Days in advance of the proposed Conversion or continuation date in the case of a Conversion to or a continuation of a Borrowing comprised of LIBOR Advances and (ii) on the Business Day prior to the proposed conversion date in the case of a Conversion to a Borrowing comprised of Base Rate Advances. Each such Notice of Conversion or Continuation shall be in writing or by telecopier, specifying (i) the requested Conversion or continuation date (which shall be a Business Day), (ii) the Borrowing amount and Type of the Advances to be Converted or continued, (iii) whether a Conversion or continuation is requested, and if a Conversion, into what Type of Advances, and (iv) in the case of a Conversion to, or a continuation of, LIBOR Advances, the requested Interest Period. Promptly after receipt of a Notice of Conversion or Continuation under this paragraph, the Administrative Agent shall provide each Bank with a copy thereof and, in the case of a Conversion to or a continuation of LIBOR Advances, notify each Bank of the applicable interest rate under Section 2.06(b). For purposes other than the conditions set forth in Section 3.02, the portion of Advances comprising part of the same Borrowing that are Converted to Advances of another Type shall constitute a new Borrowing. If the Borrower shall fail to specify an Interest Period for a LIBOR Advance including the continuation of a LIBOR Advance, the Borrower shall be deemed to have selected a Base Rate Advance.

Appears in 9 contracts

Samples: Senior Unsecured Term Loan Agreement (LaSalle Hotel Properties), Senior Unsecured Term Loan Agreement (LaSalle Hotel Properties), Senior Unsecured Credit Agreement (LaSalle Hotel Properties)

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Conversions and Continuations. In order to elect to Convert or continue Advances comprising part of the same Borrowing under this Section, the Borrower shall deliver an irrevocable Notice of Conversion or Continuation to the Administrative Agent at the Administrative Agent’s 's office no later than 1:00 P.M. 12:00 Noon (New York City Dallas, Texas time) (i) on the date which is at least three Business Days in advance of the proposed Conversion or continuation date in the case of a Conversion to or a continuation of a Borrowing comprised of LIBOR Advances and (ii) on the Business Day prior to the proposed conversion date in the case of a Conversion to a Borrowing comprised of Base Rate Advances. Each such Notice of Conversion or Continuation shall be in writing or by telecopier, specifying (i) the requested Conversion or continuation date (which shall be a Business Day), (ii) the Borrowing amount and Type of the Advances to be Converted or continued, (iii) whether a Conversion or continuation is requested, and if a Conversion, into what Type of Advances, and (iv) in the case of a Conversion to, or a continuation of, LIBOR Advances, the requested Interest Period. Promptly after receipt of a Notice of Conversion or Continuation under this paragraph, the Administrative Agent shall provide each Bank with a copy thereof and, in the case of a Conversion to or a continuation of LIBOR Advances, notify each Bank of the applicable interest rate under Section 2.06(b). For purposes other than the conditions set forth in Section 3.02, the portion of Advances comprising part of the same Borrowing that are Converted to Advances of another Type shall constitute a new Borrowing. If the Borrower shall fail to specify an Interest Period for a LIBOR Advance including the continuation of a LIBOR Advance, the Borrower shall be deemed to have selected a Base Rate Advance.

Appears in 3 contracts

Samples: Credit Agreement (Lasalle Hotel Properties), Credit Agreement (Lasalle Hotel Properties), Credit Agreement (Lasalle Hotel Properties)

Conversions and Continuations. In order to elect to Convert or continue Advances comprising part of the same Revolving Borrowing under this Section, the Borrower shall deliver an irrevocable Notice of Conversion or Continuation to the Administrative Agent at the Administrative Agent’s 's office no later than 1:00 P.M. 11:00 a.m. (New York City Dallas, Texas time) (i) on the Business Day of the proposed conversion date which is in the case of a Conversion of such Advances to Prime Rate Advances and (ii) at least three Business Days in advance of the proposed Conversion or continuation date in the case of a Conversion to to, or a continuation of a Borrowing comprised of LIBOR Advances and (ii) on the Business Day prior to the proposed conversion date in the case of a Conversion to a Borrowing comprised of Base of, Eurodollar Rate Advances. Each such Notice of Conversion or Continuation shall be in writing or by telecopier, specifying (ia) the requested Conversion or continuation date (which shall be a Business Day), (iib) the Borrowing amount and Type of the Advances to be Converted or continued, (iiic) whether a Conversion or continuation is requested, and if a Conversion, into what Type of Advances, and (ivd) in the case of a Conversion to, or a continuation of, LIBOR Eurodollar Rate Advances, the requested Interest Period. Revolving Advances may only be Converted or continued as Revolving Advances. Swingline Advances may not be converted or continued. Promptly after receipt of a Notice of Conversion or Continuation under this paragraph, the Administrative Agent shall provide each Bank with a copy thereof and, in the case of a Conversion to or a continuation Continuation of LIBOR Eurodollar Rate Advances, notify each Bank of the applicable interest rate under Section 2.06(b2.6(b). For purposes other than the conditions set forth in Section 3.023.2, the portion of Revolving Advances comprising part of the same Revolving Borrowing that are Converted to Revolving Advances of another Type shall constitute a new Revolving Borrowing. If the Borrower shall fail to specify an Interest Period for a LIBOR Advance including the continuation of a LIBOR Advance, the Borrower shall be deemed to have selected a Base Rate Advance.

Appears in 3 contracts

Samples: Security Agreement (Arkansas Best Corp /De/), Security Agreement (Arkansas Best Corp /De/), Security Agreement (Arkansas Best Corp /De/)

Conversions and Continuations. In order to elect to Convert or ----------------------------- continue Advances comprising part of the same Borrowing under this Section, the Borrower shall deliver an irrevocable Notice of Conversion or Continuation to the Administrative Agent at the Administrative Agent’s 's office no later than 1:00 P.M. 11:00 a.m. (New York City Dallas, Texas time) (i) on the date which is at least three Business Days in advance of the proposed Conversion or continuation date in the case of a Conversion to or a continuation of a Borrowing comprised of LIBOR Rate Advances and (ii) on the Business Day prior to the proposed conversion date in the case of a Conversion to a Borrowing comprised of Base Prime Rate Advances. Each such Notice of Conversion or Continuation shall be in writing or by telecopier, specifying (i) the requested Conversion or continuation date (which shall be a Business Day), (ii) the Borrowing amount and Type of the Advances to be Converted or continued, (iii) whether a Conversion or continuation is requested, and if a Conversion, into what Type of Advances, and (iv) in the case of a Conversion to, or a continuation of, LIBOR Rate Advances, the requested Interest Period. Promptly after receipt of a Notice of Conversion or Continuation under this paragraph, the Administrative Agent shall provide each Bank with a copy thereof and, in the case of a Conversion to or a continuation of LIBOR Rate Advances, notify each Bank of the applicable interest rate under Section 2.06(b). For purposes other than the conditions set forth in Section 3.02, the portion of Advances comprising part of the same Borrowing that are Converted to Advances of another Type shall constitute a new Borrowing. If the Borrower shall fail to specify an Interest Period for a LIBOR Rate Advance including the continuation of a LIBOR Rate Advance, the Borrower shall be deemed to have selected a Base Prime Rate Advance.

Appears in 2 contracts

Samples: Credit Agreement (American General Hospitality Corp), Credit Agreement (American General Hospitality Corp)

Conversions and Continuations. In order to elect to Convert or continue Advances comprising part of the same Revolving Borrowing under this Section, the Borrower shall deliver an irrevocable Notice of Conversion or Continuation to the Administrative Agent at the Administrative Agent’s office no later than 1:00 P.M. 12:00 p.m. (New York City Houston, Texas time) (i) on at least one Business Day in advance of the proposed Conversion date which is in the case of a Conversion of such Advances to Base Rate Advances, and (ii) at least three Business Days in advance of the proposed Conversion or continuation date in the case of a Conversion to to, or a continuation of a Borrowing comprised of LIBOR Advances and (ii) on the Business Day prior to the proposed conversion date in the case of a Conversion to a Borrowing comprised of Base Rate of, Eurodollar Advances. Each such Notice of Conversion or Continuation shall be in writing or by telecopierfacsimile, specifying (iA) the requested Conversion or continuation date (which shall be a Business Day), (iiB) the Revolving Borrowing amount and Type of the Advances to be Converted or continued, (iiiC) whether a Conversion or continuation is requested, and if a Conversion, into what Type of Advances, and (ivD) in the case of a Conversion to, or a continuation of, LIBOR Eurodollar Advances, the requested Interest Period. Promptly after receipt of a Notice of Conversion or Continuation under this paragraph, the Administrative Agent shall provide each Bank applicable Lender with a copy thereof and, in the case of a Conversion to or a continuation of LIBOR Eurodollar Advances, notify each Bank applicable Lender of the applicable interest rate under Section 2.06(b)2.9 as applicable. For purposes other than the conditions set forth in Section 3.023.2, the portion of Advances comprising part of the same Revolving Borrowing that are Converted to Advances of another Type shall constitute a new Revolving Borrowing. If the Borrower shall fail to specify an Interest Period for a LIBOR Advance including the continuation of a LIBOR Advance, the Borrower shall be deemed to have selected a Base Rate Advance.

Appears in 2 contracts

Samples: Credit Agreement (Helmerich & Payne Inc), Credit Agreement (Helmerich & Payne Inc)

Conversions and Continuations. In order to A Borrower may elect to Convert or continue Advances comprising part of the same Continue any Borrowing under this Section, the Borrower shall deliver Section 2.02 by delivering an irrevocable Notice of Conversion or Continuation from the Borrower Representative to the Administrative Agent at the Administrative Agent’s office (sent by hand delivery, fax or sent by electronic communication (e‑mail) (or by telephone notice promptly confirmed by a written, fax or electronic communication (e‑mail)) no later than 1:00 P.M. (i) noon (New York, New York City time) (i) on the date which is at least three (3) Business Days in advance of the proposed Conversion or continuation Continuation date in the case of a Conversion to or a continuation Continuation of a Borrowing comprised of LIBOR Eurodollar Rate Advances and (ii) noon (New York, New York time) on the Business Day prior to date of the proposed conversion date Conversion in the case of a Conversion to a Borrowing comprised of Base Rate Advances. Each such Notice of Conversion or Continuation shall be in writing or by telecopier, specifying (i) the requested Conversion or continuation date (which shall be a Business Day), (ii) the Borrowing amount and Type of the Advances to be Converted or continued, (iii) whether a Conversion or continuation is requested, and if a Conversion, into what Type of Advances, and (iv) in the case of a Conversion to, or a continuation of, LIBOR Advances, the requested Interest Period. Promptly after receipt of a Notice of Conversion or Continuation under this paragraphSection 2.02(b), the Administrative Agent shall provide each Bank Lender with a copy thereof and, in the case of a Conversion to or a continuation Continuation of LIBOR a Borrowing comprised of Eurodollar Rate Advances, notify each Bank Lender of the applicable interest rate under Section 2.06(b2.08(b). For purposes other than Notwithstanding anything in this Agreement to the conditions set forth in Section 3.02contrary, Conversions of Eurodollar Rate Advances may only be made at the end of the applicable Interest Period for such Advances; provided, however, that Conversions of Base Rate Advances may be made at any time. The portion of Advances comprising part of the same Borrowing that are Converted converted to Advances of another Type shall constitute a new Borrowing. If Notwithstanding the Borrower shall fail to specify an Interest Period for a LIBOR Advance including the continuation of a LIBOR Advanceforegoing, the Borrower shall Swingline Loans may not be deemed to have selected a Base Rate AdvanceConverted or Continued.

Appears in 2 contracts

Samples: Credit Agreement (CorEnergy Infrastructure Trust, Inc.), Credit Agreement (CorEnergy Infrastructure Trust, Inc.)

Conversions and Continuations. In order to elect to Convert or continue Advances comprising part of the same Borrowing under this Section, the Borrower shall deliver an irrevocable Notice of Conversion or Continuation to the Administrative Agent at the Administrative Agent’s office no later than 1:00 P.M. 12:00 Noon (New York City Chicago, Illinois time) (i) on the date which is at least three Business Days in advance of the proposed Conversion or continuation date in the case of a Conversion to or a continuation of a Borrowing comprised of LIBOR Advances and (ii) on the Business Day prior to the proposed conversion date in the case of a Conversion to a Borrowing comprised of Base Rate Advances. Each such Notice of Conversion or Continuation shall be in writing or by telecopier, specifying (i) the requested Conversion or continuation date (which shall be a Business Day), (ii) the Borrowing amount and Type of the Advances to be Converted or continued, (iii) whether a Conversion or continuation is requested, and if a Conversion, into what Type of Advances, and (iv) in the case of a Conversion to, or a continuation of, LIBOR Advances, the requested Interest Period. Promptly after receipt of a Notice of Conversion or Continuation under this paragraph, the Administrative Agent shall provide each Bank with a copy thereof and, in the case of a Conversion to or a continuation of LIBOR Advances, notify each Bank of the applicable interest rate under Section 2.06(b). For purposes other than the conditions set forth in Section 3.02, the portion of Advances comprising part of the same Borrowing that are Converted to Advances of another Type shall constitute a new Borrowing. If the Borrower shall fail to specify an Interest Period for a LIBOR Advance including the continuation of a LIBOR Advance, the Borrower shall be deemed to have selected a Base Rate Advance.

Appears in 2 contracts

Samples: Senior Unsecured Credit Agreement (Lasalle Hotel Properties), Senior Unsecured Credit Agreement (Lasalle Hotel Properties)

Conversions and Continuations. In order to elect to Convert or continue Advances comprising part of the same Borrowing under this Section, the Borrower shall deliver an irrevocable Notice of Conversion or Continuation to the Administrative Agent at the Administrative Agent’s office no later than 1:00 P.M. (New York City time) (i) on the date which is at least three 3 Business Days in advance of the proposed Conversion or continuation date in the case of a Conversion to or a continuation of a Borrowing comprised of LIBOR Advances and (ii) on the Business Day prior to the proposed conversion date in the case of a Conversion to a Borrowing comprised of Base Rate Advances. Each such Notice of Conversion or Continuation shall be in writing or by telecopier, specifying (i) the requested Conversion or continuation date (which shall be a Business Day), (ii) the Borrowing amount and Type of the Advances to be Converted or continued, (iii) whether a Conversion or continuation is requested, and if a Conversion, into what Type of Advances, and (iv) in the case of a Conversion to, or a continuation of, LIBOR Advances, the requested Interest Period. Promptly after receipt of a Notice of Conversion or Continuation under this paragraph, the Administrative Agent shall provide each Bank with a copy thereof and, in the case of a Conversion to or a continuation of LIBOR Advances, notify each Bank of the applicable interest rate under Section 2.06(b). For purposes other than the conditions set forth in Section 3.02, the portion of Advances comprising part of the same Borrowing that are Converted to Advances of another Type shall constitute a new Borrowing. If the Borrower shall fail to specify an Interest Period for a LIBOR Advance including the continuation of a LIBOR Advance, the Borrower shall be deemed to have selected a Base Rate Advance.

Appears in 2 contracts

Samples: Pledge and Security Agreement (LaSalle Hotel Properties), Pledge and Security Agreement (LaSalle Hotel Properties)

Conversions and Continuations. Each Loan initially shall be of the Type and, in the case of Eurodollar Borrowing, shall have an initial Interest Period as specified in the applicable Notice of Borrowing. Thereafter, the Borrower may elect to Convert or Continue any Borrowing as provided in this paragraph. The Borrower may elect different options with respect to different portions of the affected Borrowing, in which case each such portion shall be allocated ratably among the Lenders holding the Loans comprising such Borrowing, and the Loans comprising each such portion shall, other than for purposes of Section 3.02, be considered a separate Borrowing. In order to elect to Convert or continue Advances comprising part of the same Borrowing Continue Loans under this Sectionparagraph, the Borrower shall deliver an irrevocable a Notice of Conversion or Continuation to the Administrative Agent at the Administrative Agent’s office no later than 1:00 P.M. (i) 11:00 a.m. (New York City time) (i) on the date (which is shall be a Business Day) of the requested Conversion in the case of a Conversion of a Eurodollar Borrowing to a Base Rate Loan or (ii) 11:00 a.m. (New York time) at least three (3) Business Days in advance of the proposed date (which shall be a Business Day) of the requested Conversion or continuation date Continuation in the case of a Conversion to into, or a continuation of Continuation of, a Borrowing comprised of LIBOR Advances and (ii) on the Business Day prior to the proposed conversion date in the case of a Conversion to a Borrowing comprised of Base Rate AdvancesEurodollar Borrowing. Each such Notice of Conversion or Continuation shall be by facsimile or telephone confirmed promptly in writing or by telecopierelectronic communication (e-mail) receipt of which is confirmed by the Administrative Agent by facsimile or telephone, in any event, specifying (iA) the requested Conversion or continuation Continuation date (which shall be a Business Day), (iiB) the Borrowing amount principal amount, Class and Type of the Advances Borrowing to be Converted or continuedContinued, (iiiC) whether a Conversion or continuation Continuation is requested, and if a Conversion, into what Type of Advancesa Borrowing, and (ivD) in the case of a Conversion to, or a continuation Continuation of, LIBOR Advancesa Eurodollar Borrowing, the requested Interest Period. Promptly after receipt of a Notice of Conversion or Continuation under this paragraph, the Administrative Agent shall provide each Bank Applicable Lender with a copy thereof and, in the case of a Conversion to or a continuation Continuation of LIBOR Advancesa Eurodollar Borrowing, notify each Bank Applicable Lender of the applicable interest rate under Section 2.06(b). For purposes other than the conditions set forth in Section 3.02, the portion of Advances comprising part of the same Borrowing that are Converted to Advances of another Type shall constitute a new Borrowing. If the Borrower shall fail to specify an Interest Period for a LIBOR Advance including the continuation of a LIBOR Advance, the Borrower shall be deemed to have selected a Base Rate Advance2.07.

Appears in 2 contracts

Samples: Credit Agreement (Willbros Group, Inc.\NEW\), Credit Agreement (Willbros Group, Inc.\NEW\)

Conversions and Continuations. In order to elect to Convert or continue Advances comprising part of the same Revolving Borrowing under this Section, the Borrower making such election shall deliver an irrevocable Notice of Conversion or Continuation to the Administrative Agent at the Administrative Agent’s office no later than 1:00 P.M. 11:00 a.m. (New York City Dallas, Texas time) (i) on the Business Day of the proposed conversion date which is in the case of a Conversion of such Advances to Base Rate Advances and (ii) at least three Business Days in advance of the proposed Conversion or continuation date in the case of a Conversion to to, or a continuation of a Borrowing comprised of LIBOR Advances and (ii) on the Business Day prior to the proposed conversion date in the case of a Conversion to a Borrowing comprised of Base of, Eurodollar Rate Advances. Each such Notice of Conversion or Continuation shall be in writing or by telecopier, specifying (iA) the requested Conversion or continuation date (which shall be a Business Day), (iiB) the Borrowing amount and Type of the Advances to be Converted or continued, (iiiC) whether a Conversion or continuation is requestedrequested and, and if a Conversion, into what Type of Advances, and (ivD) in the case of a Conversion to, or a continuation Continuation of, LIBOR Eurodollar Rate Advances, the requested Interest Period. Revolving Advances may only be Converted or continued as Revolving Advances. Swingline Advances may not be Converted or continued. Promptly after receipt of a Notice of Conversion or Continuation under this paragraphSection 2.2(b), the Administrative Agent shall provide each Bank Lender with a copy thereof and, in the case of a Conversion to or a continuation of LIBOR Eurodollar Rate Advances, notify each Bank Lender of the applicable interest rate under Section 2.06(b2.6(b). For purposes other than the conditions set forth in Section 3.023.2, the portion of Revolving Advances comprising part of the same Revolving Borrowing that are Converted to Revolving Advances of another Type shall constitute a new Revolving Borrowing. If the Borrower shall fail to specify an Interest Period for a LIBOR Advance including the continuation of a LIBOR Advance, the Borrower shall be deemed to have selected a Base Rate Advance.

Appears in 1 contract

Samples: Credit Agreement (Arkansas Best Corp /De/)

Conversions and Continuations. In order to elect to Convert or continue Advances comprising part of the same Borrowing under this Section, the Borrower shall deliver an irrevocable Notice of Conversion or Continuation to the Administrative Agent at the Administrative Agent’s office no later than 1:00 P.M. 12:00 noon (New York, New York City time) (i) on the date which is at least three (3) Business Days in advance of the proposed Conversion or continuation date in the case of a Conversion to or a continuation of a Borrowing comprised of LIBOR Eurodollar Rate Advances and (ii) on the Business Day prior to the proposed conversion date Term Loan Conversion Date in the case of a Conversion to a Borrowing comprised of Adjusted Base Rate Advances. Each such Notice of Conversion or Continuation shall be in writing or by telecopier, specifying (i) the requested Conversion or continuation date (which shall be a Business Day), (ii) the Borrowing amount amount, Class and Type of the Advances to be Converted or continued, (iii) whether a Conversion or continuation is requested, and if a Conversion, into what Type of Advances, and (iv) in the case of a Conversion to, or a continuation of, LIBOR Eurodollar Rate Advances, the requested Interest Period. Promptly after receipt of a Not later than 6:00 p.m. (New York, New York time) on the day such Notice of Conversion or Continuation under this paragraphis deemed received by the Administrative Agent, the Administrative Agent shall provide each Bank Lender who has an Advance affected by such Notice of Conversion or Continuation with a copy thereof and, in the case of a Conversion to or a continuation of LIBOR Eurodollar Rate Advances, notify each Bank Lender who has an Advance affected by such Notice of Conversion or Continuation and the Borrower of the applicable interest rate under Section 2.06(b). For purposes other than the conditions set forth in Section 3.02, the portion of Advances comprising part of the same Borrowing that are Converted to Advances of another Type shall constitute a new Borrowing. If the Borrower shall fail to specify an Interest Period for a LIBOR Eurodollar Rate Advance including the continuation of a LIBOR Eurodollar Rate Advance, the Borrower shall be deemed to have selected a an Adjusted Base Rate Advance. Under no circumstances may the Borrower convert one Class of Borrowing into another Class of Borrowing; provided that the conversion of Revolving Advances to Term Advances pursuant to the provisions of Section 2.01(b) may occur, and in connection therewith no Notice of Conversion or Continuation is required.

Appears in 1 contract

Samples: Senior Secured Credit Agreement (Meristar Hospitality Corp)

Conversions and Continuations. In order to elect to Convert or ----------------------------- continue Advances comprising part of the same Borrowing under this Section, the Borrower shall deliver an irrevocable Notice of Conversion or Continuation to the Administrative Agent at the Administrative Agent’s 's office no later than 1:00 P.M. 11:00 a.m. (New York City Dallas, Texas time) (i) on the date which is at least three Business Days in advance of the proposed Conversion or continuation date in the case of a Conversion to or a continuation of a Borrowing comprised of LIBOR Advances and (ii) on the Business Day prior to the proposed conversion date in the case of a Conversion to a Borrowing comprised of Base Rate Advances. Each such Notice of Conversion or Continuation shall be in writing or by telecopier, specifying (i) the requested Conversion or continuation date (which shall be a Business Day), (ii) the Borrowing amount amount, Class and Type of the Advances to be Converted or continued, (iii) whether a Conversion or continuation is requested, and if a Conversion, into what Type of Advances, and (iv) in the case of a Conversion to, or a continuation of, LIBOR Advances, the requested Interest Period. Promptly after receipt of a Not later than 5:00 p.m. (Dallas, Texas time) on the day such Notice of Conversion or Continuation under this paragraphis deemed received by the Administrative Agent, the Administrative Agent shall provide each Bank Lender who has an Advance affected by such Notice of Conversion or Continuation with a copy thereof and, in the case of a Conversion to or a continuation of LIBOR Advances, notify each Bank Lender who has an Advance affected by such Notice of Conversion or Continuation and the Borrower of the applicable interest rate under Section 2.06(b). For purposes other than the conditions set forth in Section 3.02, the portion of Advances comprising part of the same Borrowing that are Converted to Advances of another Type shall constitute a new Borrowing. If the Borrower shall fail to specify an Interest Period for a LIBOR Advance including the continuation of a LIBOR Advance, the Borrower shall be deemed to have selected a Base Rate Advance. Under no circumstances may the Borrower convert one Class of Borrowing into another Class of Borrowing.

Appears in 1 contract

Samples: Credit Agreement (Meristar Hospitality Corp)

Conversions and Continuations. In order to elect to Convert or continue Advances comprising part of the same Borrowing under this Section, the Borrower shall deliver an irrevocable Notice of Conversion or Continuation to the Administrative Agent at the Administrative Agent’s 's office no later than 1:00 P.M. (New York City time) (i) on the date which is at least three Business Days in advance of the proposed Conversion or continuation date in the case of a Conversion to or a continuation of a Borrowing comprised of LIBOR Advances and (ii) on the Business Day prior to the proposed conversion date in the case of a Conversion to a Borrowing comprised of Base Rate Advances. Each such Notice of Conversion or Continuation shall be in writing or by telecopier, specifying (i) the requested Conversion or continuation date (which shall be a Business Day), (ii) the Borrowing amount and Type of the Advances to be Converted or continued, (iii) whether a Conversion or continuation is requested, and if a Conversion, into what Type of Advances, and (iv) in the case of a Conversion to, or a continuation of, LIBOR Advances, the requested Interest Period. Promptly after receipt of a Notice of Conversion or Continuation under this paragraph, the Administrative Agent shall provide each Bank with a copy thereof and, in the case of a Conversion to or a continuation of LIBOR Advances, notify each Bank of the applicable interest rate under Section 2.06(b). For purposes other than the conditions set forth in Section 3.02, the portion of Advances comprising part of the same Borrowing that are Converted to Advances of another Type shall constitute a new Borrowing. If the Borrower shall fail to specify an Interest Period for a LIBOR Advance including the continuation of a LIBOR Advance, the Borrower shall be deemed to have selected a Base Rate Advance.

Appears in 1 contract

Samples: Senior Unsecured Term Loan Agreement (LaSalle Hotel Properties)

Conversions and Continuations. In order to elect to Convert or continue Advances comprising part of the same Revolving Borrowing under this Section, the Borrower shall deliver an irrevocable Notice of Conversion or Continuation to the Administrative Agent at the Administrative Agent’s office no later than 1:00 P.M. 2:00 p.m. (New York City Houston, Texas time) (i) on at least one Business Day in advance of the proposed Conversion date which is in the case of a Conversion of such Advances to Base Rate Advances, and (ii) at least three Business Days in advance of the proposed Conversion or continuation date in the case of a Conversion to to, or a continuation of a Borrowing comprised of LIBOR Advances and (ii) on the Business Day prior to the proposed conversion date in the case of a Conversion to a Borrowing comprised of Base Rate of, Eurodollar Advances. Each such Notice of Conversion or Continuation shall be in writing or by telecopierfacsimile, specifying (iA) the requested Conversion or continuation date (which shall be a Business Day), (iiB) the Revolving Borrowing amount and Type of the Advances to be Converted or continued, (iiiC) whether a Conversion or continuation is requested, and if a Conversion, into what Type of Advances, and (ivD) in the case of a Conversion to, or a continuation of, LIBOR Eurodollar Advances, the requested Interest Period. Promptly after receipt of a Notice of Conversion or Continuation under this paragraph, the Administrative Agent shall provide each Bank applicable Lender with a copy thereof and, in the case of a Conversion to or a continuation of LIBOR Eurodollar Advances, notify each Bank applicable Lender of the applicable interest rate under Section 2.06(b)2.9 as applicable. For purposes other than the conditions set forth in Section 3.023.2, the portion of Advances comprising part of the same Revolving Borrowing that are Converted to Advances of another Type shall constitute a new Revolving Borrowing. If the Borrower shall fail to specify an Interest Period for a LIBOR Advance including the continuation of a LIBOR Advance, the Borrower shall be deemed to have selected a Base Rate Advance.

Appears in 1 contract

Samples: Credit Agreement (Rowan Companies Inc)

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Conversions and Continuations. In order to elect to Convert or continue Continue Advances comprising part of the same Borrowing under this Section, the Borrower shall deliver an irrevocable Notice of Conversion or Continuation to the Administrative Agent at the Administrative Agent’s 's office no later than 1:00 P.M. 2:00 p.m. (New York City Houston, Texas time) (i) on at least one Business Day in advance of the proposed Conversion date which is in the case of a Conversion of such Advances to Base Rate Advances, and (ii) at least three Business Days in advance of the proposed Conversion or continuation Continuation date in the case of a Conversion to to, or a continuation of a Borrowing comprised of LIBOR Advances and (ii) on the Business Day prior to the proposed conversion date in the case of a Conversion to a Borrowing comprised of Base Rate Continuation of, Eurodollar Advances. Each such Notice of Conversion or Continuation shall be in writing or by telecopierfacsimile, specifying (iA) the requested Conversion or continuation Continuation date (which shall be a Business Day), (iiB) the Borrowing amount amount, Class and Type of the Advances to be Converted or continuedContinued, (iiiC) whether a Conversion or continuation Continuation is requested, and if a Conversion, into what Type of Advances, and (ivD) in the case of a Conversion to, or a continuation Continuation of, LIBOR Eurodollar Advances, the requested Interest Period. Promptly after receipt of a Notice of Conversion or Continuation under this paragraph, the Administrative Agent shall provide each Bank applicable Lender with a copy thereof and, in the case of a Conversion to or a continuation Continuation of LIBOR Eurodollar Advances, notify each Bank applicable Lender of the applicable interest rate under Section 2.06(b)2.9 as applicable. For purposes other than the conditions set forth in Section 3.023.3, the portion of Advances comprising part of the same Borrowing that are Converted to Advances of another Type shall constitute a new Borrowing. If the Borrower shall fail to specify an Interest Period for a LIBOR Advance including the continuation of a LIBOR Advance, the Borrower shall be deemed to have selected a Base Rate Advance.

Appears in 1 contract

Samples: Credit Agreement (Rowan Companies Inc)

Conversions and Continuations. In order to elect to Convert or ----------------------------- continue Advances comprising part of the same Borrowing under this Section, the Borrower shall deliver an irrevocable Notice of Conversion or Continuation to the Administrative Agent at the Administrative Agent’s 's office no later than 1:00 P.M. 12:00 Noon (New York City Dallas, Texas time) (i) on the date which is at least three Business Days in advance of the proposed Conversion or continuation date in the case of a Conversion to or a continuation of a Borrowing comprised of LIBOR Advances and (ii) on the Business Day prior to the proposed conversion date in the case of a Conversion to a Borrowing comprised of Base Rate Advances. Each such Notice of Conversion or Continuation shall be in writing or by telecopier, specifying (i) the requested Conversion or continuation date (which shall be a Business Day), (ii) the Borrowing amount and Type of the Advances to be Converted or continued, (iii) whether a Conversion or continuation is requested, and if a Conversion, into what Type of Advances, and (iv) in the case of a Conversion to, or a continuation of, LIBOR Advances, the requested Interest Period. Promptly after receipt of a Notice of Conversion or Continuation under this paragraph, the Administrative Agent shall provide each Bank with a copy thereof and, in the case of a Conversion to or a continuation of LIBOR Advances, notify each Bank of the applicable interest rate under Section 2.06(b). For purposes other than the conditions set forth in Section 3.02, the portion of Advances comprising part of the same Borrowing that are Converted to Advances of another Type shall constitute a new Borrowing. If the Borrower shall fail to specify an Interest Period for a LIBOR Advance including the continuation of a LIBOR Advance, the Borrower shall be deemed to have selected a Base Rate Advance.

Appears in 1 contract

Samples: Credit Agreement (Lasalle Hotel Properties)

Conversions and Continuations. In order to elect to Convert or continue Advances comprising part of the same Borrowing under this SectionBorrowing, the Borrower shall deliver an irrevocable Notice of Conversion or Continuation to the Administrative Agent at the Administrative Agent’s office Office no later than 1:00 P.M. 12:00 noon (New York City time) (i) on at least one Business Day in advance of the proposed Conversion date which is in the case of a Conversion of such Advances to Base Rate Advances, and (ii) at least three Business Days in advance of the proposed Conversion or continuation date in the case of a Conversion to to, or a continuation of a Borrowing comprised of LIBOR Advances and (ii) on the Business Day prior to the proposed conversion date in the case of a Conversion to a Borrowing comprised of Base Rate of, Eurocurrency Advances. Each such Notice of Conversion or Continuation shall be in writing or by telecopiertelephone or facsimile, and if by telephone, confirmed promptly in writing, specifying (iA) the requested Conversion or continuation date (which shall be a Business Day), (iiB) the Borrowing amount and Type of the Advances to be Converted or continued, (iiiC) whether a Conversion or continuation is requested, and if a Conversion, into what Type of Advances, Advances and (ivD) in the case of a Conversion to, or a continuation of, LIBOR Eurocurrency Advances, the requested Interest Period. Promptly after receipt of a Notice of Conversion or Continuation under this paragraph, the Administrative Agent shall provide each Bank applicable Lender with a copy thereof and, in the case of a Conversion to or a continuation of LIBOR Eurocurrency Advances, notify each Bank applicable Lender of the applicable interest rate under Section 2.06(b2.9(e). For purposes other than the conditions set forth in Section 3.023.3, the portion of Advances comprising part of the same Borrowing that are Converted to Advances of another Type shall constitute a new Borrowing. If the Borrower shall fail to specify an Interest Period for a LIBOR Advance including the continuation of a LIBOR Advance, the Borrower shall be deemed to have selected a Base Rate Advance.

Appears in 1 contract

Samples: Credit Agreement (Nine Energy Service, Inc.)

Conversions and Continuations. In order to elect to Convert ----------------------------- or continue Advances comprising part of the same Revolving Borrowing under this Section, the Borrower shall deliver an irrevocable Notice of Conversion or Continuation to the Administrative Agent at the Administrative Agent’s 's office no later than 1:00 P.M. 12:00 p.m. (New York City Houston, Texas time) (i) on at least one Business Day in advance of the proposed conversion date which is in the case of a Conversion of such Advances to Prime Rate Advances and (ii) at least three Business Days in advance of the proposed Conversion or continuation date in the case of a Conversion to to, or a continuation of a Borrowing comprised of LIBOR Advances and (ii) on the Business Day prior to the proposed conversion date in the case of a Conversion to a Borrowing comprised of Base of, Eurodollar Rate Advances. Each such Notice of Conversion or Continuation shall be in writing or by telecopier, specifying (iA) the requested Conversion or continuation date (which shall be a Business Day), (iiB) the Borrowing amount and Type of the Advances to be Converted or continued, (iiiC) whether a Conversion or continuation is requested, and if a Conversion, into what Type of Advances, and (ivD) in the case of a Conversion to, or a continuation of, LIBOR Eurodollar Rate Advances, the requested Interest Period. Revolving Advances may only be Converted or continued as Revolving Advances. Swingline Advances may not be Converted or continued. Promptly after receipt of a Notice of Conversion or Continuation under this paragraph, the Administrative Agent shall provide each Bank with a copy thereof and, in the case of a Conversion to or a continuation of LIBOR Eurodollar Rate Advances, notify each Bank of the applicable interest rate under Section 2.06(b2.6(b). For purposes other than the conditions set forth in Section 3.023.2, the portion of Revolving Advances comprising part of the same Revolving Borrowing that are Converted to Revolving Advances of another Type shall constitute a new Revolving Borrowing. If the Borrower shall fail to specify an Interest Period for a LIBOR Advance including the continuation of a LIBOR Advance, the Borrower shall be deemed to have selected a Base Rate Advance.

Appears in 1 contract

Samples: Credit Agreement (Varco International Inc /De/)

Conversions and Continuations. In order to elect to Convert or continue Advances comprising part of the same Borrowing under this Section, the Borrower shall deliver an irrevocable Notice of Conversion or Continuation to the Administrative Agent at the Administrative Agent’s office no later than 1:00 2:00 P.M. (New York, New York City time) (i) on the date which is at least three Business Days in advance of the proposed Conversion or continuation date in the case of a Conversion to or a continuation of a Borrowing comprised of LIBOR Advances and (ii) on the Business Day prior to the proposed conversion date in the case of a Conversion to a Borrowing comprised of Base Rate Advances. Each such Notice of Conversion or Continuation shall be in writing or by telecopier, specifying (i) the requested Conversion or continuation date (which shall be a Business Day), (ii) the Borrowing amount and Type of the Advances to be Converted or continued, (iii) whether a Conversion or continuation is requested, and if a Conversion, into what Type of Advances, and (iv) in the case of a Conversion to, or a continuation of, LIBOR Advances, the requested Interest Period. Promptly after receipt of a Notice of Conversion or Continuation under this paragraph, the Administrative Agent shall provide each Bank with a copy thereof and, in the case of a Conversion to or a continuation of LIBOR Advances, notify each Bank of the applicable interest rate under Section 2.06(b). For purposes other than the conditions set forth in Section 3.02, the portion of Advances comprising part of the same Borrowing that are Converted to Advances of another Type shall constitute a new Borrowing. If the Borrower shall fail to specify an Interest Period for a LIBOR Advance including the continuation of a LIBOR Advance, the Borrower shall be deemed to have selected a Base Rate Advance.

Appears in 1 contract

Samples: Senior Credit Agreement (Eagle Hospitality Properties Trust, Inc.)

Conversions and Continuations. In order to elect to Convert or continue Advances comprising part of the same Revolving Borrowing under this Section, the Borrower shall deliver an irrevocable Notice of Conversion or Continuation to the Administrative Agent at the Administrative Agent’s office no later than 1:00 P.M. 12:00 p.m. (New York City Houston, Texas time) (i) on at least one Business Day in advance of the proposed Conversion date which is in the case of a Conversion of such Advances to Base Rate Advances, and (ii) at least three Business Days in advance of the proposed Conversion or continuation date in the case of a Conversion to to, or a continuation of a Borrowing comprised of LIBOR Advances and (ii) on the Business Day prior to the proposed conversion date in the case of a Conversion to a Borrowing comprised of Base Rate of, Eurodollar Advances. Each such Notice of Conversion or Continuation shall be in writing or by telecopierfacsimile, specifying (iA) the requested Conversion or continuation date (which shall be a Business Day), (iiB) the Revolving Borrowing amount and Type of the Advances to be Converted or continued, (iiiC) whether a Conversion or continuation is requested, and if a Conversion, into what Type of Advances, and (ivD) in the case of a Conversion to, or a continuation of, LIBOR Eurodollar Advances, the requested Interest Period. Promptly after receipt of a Notice of Conversion or Continuation under this paragraph, the Administrative Agent shall provide each Bank applicable Lender with a copy thereof and, in the case of a Conversion to or a continuation of LIBOR Eurodollar Advances, shall notify each Bank applicable Lender of the applicable interest rate under Section 2.06(b)2.9, as applicable. For purposes other than the conditions set forth in Section 3.023.2, the portion of Advances comprising part of the same Revolving Borrowing that are Converted to Advances of another Type shall constitute a new Revolving Borrowing. If the Borrower shall fail to specify an Interest Period for a LIBOR Advance including the continuation of a LIBOR Advance, the Borrower shall be deemed to have selected a Base Rate Advance.

Appears in 1 contract

Samples: Credit Agreement (Helmerich & Payne, Inc.)

Conversions and Continuations. In order to elect to Convert or continue Advances comprising part of the same Borrowing a Loan under this Sectionparagraph, the Borrower shall deliver an irrevocable Notice of Continuation or Conversion or Continuation to the Administrative Agent at the Administrative Agent’s office no later than 1:00 P.M. 11:00 a.m. (New York City Chicago, Illinois time) (i) on the Business Day before the date which is of the proposed conversion date in the case of a Conversion to a ABR Loan and (ii) at least three (3) Business Days in advance of the proposed Conversion or continuation date in the case of a Conversion to to, or a continuation of of, a Borrowing comprised of LIBOR Advances and (ii) on the Business Day prior to the proposed conversion date in the case of a Conversion to a Borrowing comprised of Base Rate AdvancesEurodollar Loan. Each such Notice of Continuation or Conversion or Continuation shall be in writing or by telecopierelectronic mail, specifying (iA) the requested Conversion or continuation date (which shall be a Business Day), (iiB) the Borrowing amount and Type of the Advances Loan to be Converted or continued, (iiiC) whether a Conversion or continuation is requestedrequested and, and if a Conversion, into what Type of AdvancesLoan, and (ivD) in the case of a Conversion to, or a continuation of, LIBOR Advancesa Eurodollar Loan, the requested Interest Period. Promptly after receipt of a Notice of Continuation or Conversion or Continuation under this paragraph, the Administrative Agent shall provide each Bank Lender with a copy thereof and, in the case of a Conversion to or a continuation of LIBOR Advancesa Eurodollar Loan, notify each Bank Lender of the applicable interest rate under Section 2.06(b2.7(b). For purposes other than the conditions set forth in Section 3.02, the The portion of Advances Loans comprising part of the same Revolving Borrowing that are Converted to Advances Loans of another Type shall constitute a new Revolving Borrowing. If the Borrower shall fail fails to specify an deliver a timely Notice of Continuation or Conversion with respect to a Eurodollar Revolving Borrowing prior to the end of the Interest Period for a LIBOR Advance including applicable thereto, then, unless such Revolving Borrowing is repaid as provided herein, at the continuation end of a LIBOR Advance, the Borrower such Interest Period such Revolving Borrowing shall be deemed converted to have selected an ABR Revolving Borrowing. Notwithstanding any contrary provision hereof, if an Event of Default has occurred and is continuing and the Administrative Agent, at the request of the Required Lenders, so notifies the Borrower, then, so long as an Event of Default is continuing (i) no outstanding Revolving Borrowing may be converted to or continued as a Base Rate AdvanceEurodollar Revolving Borrowing and (ii) unless repaid, each Eurodollar Revolving Borrowing shall be converted to an ABR Revolving Borrowing at the end of the Interest Period applicable thereto.

Appears in 1 contract

Samples: Credit Agreement (Hi-Crush Inc.)

Conversions and Continuations. In order to elect to Convert or continue Advances comprising part of the same Revolving Borrowing or Term Borrowing under this Section, the Borrower shall deliver an irrevocable Notice of Conversion or Continuation to the Administrative Agent at the Administrative Agent’s 's office no later than 1:00 P.M. 11:00 a.m. (New York City Dallas, Texas time) (i) on the Business Day of the proposed conversion date which is in the case of a Conversion of such Advances to Prime Rate Advances and (ii) at least three Business Days in advance of the proposed Conversion or continuation date in the case of a Conversion to to, or a continuation of a Borrowing comprised of LIBOR Advances and (ii) on the Business Day prior to the proposed conversion date in the case of a Conversion to a Borrowing comprised of Base of, Eurodollar Rate Advances. Each such Notice of Conversion or Continuation shall be in writing or by telecopier, specifying (i) the requested Conversion or continuation date (which shall be a Business Day), (ii) the Borrowing amount and Type of the Advances to be Converted or continued, (iii) whether a Conversion or continuation is requested, and if a Conversion, into what Type of Advances, and (iv) in the case of a Conversion to, or a continuation of, LIBOR Eurodollar Rate Advances, the requested Interest Period. Term Advances may only be Converted or continued as Term Advances and Revolving Advances may only be Converted or continued as Revolving Advances. Swingline Advances may not be converted or continued. Promptly after receipt of a Notice of Conversion or Continuation under this paragraph, the Administrative Agent shall provide each Bank with a copy thereof and, in the case of a Conversion to or a continuation Continuation of LIBOR Eurodollar Rate Advances, notify each Bank of the applicable interest rate under Section 2.06(b). For purposes other than the conditions set forth in Section 3.02, the portion of Term Advances comprising part of the same Term Borrowing that are Converted to Term Advances of another Type shall constitute a new Term Borrowing and the portion of Revolving Advances comprising part of the same Revolving Borrowing that are Converted to Revolving Advances of another Type shall constitute a new Revolving Borrowing. If the Borrower shall fail to specify an Interest Period for a LIBOR Advance including the continuation of a LIBOR Advance, the Borrower shall be deemed to have selected a Base Rate Advance.

Appears in 1 contract

Samples: First Amendment Agreement (Arkansas Best Corp /De/)

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