Conversions/Continuations. So long as no Default or Event of Default is in existence, the Borrower shall have the option to convert on any Business Day all or a portion at least equal to the applicable Minimum Borrowing Amount of the outstanding principal amount of the Loans owing pursuant to a single Facility (other than under the Swingline Facility, with all Swingline Loans to at all times be maintained as Base Rate Loans) into a Borrowing or Borrowings pursuant to such Facility of another Type of Loan, provided that (i) except as otherwise provided in Section 2.17 or Section 2.18, Eurodollar Rate Loans may be converted into Base Rate Loans only on the last day of an Interest Period applicable thereto and no partial conversion of a Borrowing of Eurodollar Rate Loans shall reduce the outstanding principal amount of the Eurodollar Rate Loans made pursuant to such Borrowing to less than the Minimum Borrowing Amount applicable thereto, (ii) Base Rate Loans may only be converted into Eurodollar Rate Loans if no Default or Event of Default is in existence on the date of the conversion, and (iii) Borrowings of Eurodollar Rate Loans resulting from this Section 2.6 shall be limited in numbers as provided in Section 2.2. So long as no Default or Event of Default shall be in existence, the Borrower shall have the option to continue any Eurodollar Rate Loan as a Eurodollar Rate Loan by selecting a new Interest Period for such Eurodollar Rate Loan. Each new Interest Period selected under this Section shall commence on the last day of the immediately preceding Interest Period. If the Borrower shall fail to select in a timely manner a new Interest Period for any Eurodollar Rate Loan in accordance with this Section, such Loan will automatically, on the last day of the current Interest Period therefor, be continued as provided in Section 2.9(b). Each such conversion or continuation shall be effected by the Borrower giving the Administrative Agent at its Notice Office, prior to 11:00 a.m., at least three Business Days’ (or one Business Day’s, in the case of a conversion into Base Rate Loans) prior written notice (or telephonic notice promptly confirmed in writing) (each a “Notice of Conversion/Continuation”) specifying the Loans to be so converted, the Type of Loans to be converted into and, if to be converted into a Borrowing of Eurodollar Rate Loans, the Interest Period to be initially applicable thereto or, as the case may be, specifying the Loans to be so continued and the Interest Period appli...
Conversions/Continuations. Borrower may (a) Convert a Eurodollar Borrowing on the last day of an Interest Period to a Prime Rate Borrowing, (b) Convert a Prime Rate Borrowing at any time to a Eurodollar Borrowing, and (c) elect to Continue a Borrowing by selecting a new Interest Period (in the case of a Eurodollar Borrowing), by giving a Notice of Conversion/Continuation to Administrative Agent no later than 11:00 a.m. on the third (3rd) Business Day prior to the date of Conversion or the last day of the Interest Period, as the case may be; provided that, the principal amount Converted to, or Continued as, a Eurodollar Borrowing shall be in a minimum amount of $5,000,000 or a greater integral multiple of $1,000,000. Administrative Agent shall timely notify each Lender with respect to each Notice of Conversion/Continuation. Absent Borrower's Notice of Conversion/Continuation, a Eurodollar Borrowing shall be deemed Converted to a Prime Rate Borrowing effective as of the expiration of the Interest Period applicable thereto. No Eurodollar Borrowing may be either made or Continued as a Eurodollar Borrowing, and no Prime Rate Borrowing may be Converted to a Eurodollar Borrowing, (i) if the interest rate for such Eurodollar Borrowing would exceed the Maximum Rate, or (ii) while an Event of Default exists, unless Required Lenders otherwise consent in writing.
Conversions/Continuations. (a) Borrower shall have the option to convert all or a portion equal to at least $5,000,000 (and, if greater, in an integral multiple of $500,000) of the outstanding principal amount of Loans made hereunder of one or more Types of Loans into a Borrowing of another Type of Loan; provided that (i) except as otherwise provided in Section 1.09(b), Eurodollar Loans may be converted into Base Rate Loans only on the last day of an Interest Period applicable to the Loans being converted and no such partial conversion of Eurodollar Loans shall reduce the outstanding principal amount of such Eurodollar Loans to less than $5,000,000, (ii) Base Rate Loans may only be converted into Eurodollar Loans if no Default or Event of Default is in existence on the date of the conversion and (iii) no conversion pursuant to this Section 1.05 shall result in a greater number of Eurodollar Borrowings than is permitted under the last sentence of this Section 1.05. Borrower shall also have the option at the end of any Interest Period to continue all or a portion of any Eurodollar Loan for an additional Interest Period. Each such conversion or continuation shall be effected by Borrower giving Administrative Agent at its Notice Office prior to 12:00 Noon (New York time) at least three Business Days' prior notice (each, a "Notice of Conversion") in the form of Exhibit C, appropriately completed to specify the Loans to be so converted or continued and, if to be converted into or continued as Eurodollar Loans, the Interest Period to be initially applicable thereto. Administrative Agent shall give each Lender prompt notice of any such proposed conversion or continuation affecting any of its Loans; provided that the failure of Administrative Agent to give any such notice shall not affect the rights or obligations of Borrower hereunder.
Conversions/Continuations. (a) The Borrower shall have the option to convert, on any Business Day, all or a portion equal to at least the Minimum Borrowing Amount of the outstanding principal amount of Dollar Denominated Loans (other than Swingline Loans which may not be converted pursuant to this Section 2.7) made pursuant to one or more Borrowings (so long as of the same Tranche) of one or more Types of Loans into a Borrowing (of the same Tranche) of another Type of Loan; provided that (i) except as otherwise provided in Section 2.11(b), LIBOR Loans may be converted into Base Rate Loans only on the last day of an Interest Period applicable to the Loans being converted and no such partial conversion of LIBOR Loans shall reduce the outstanding principal amount of such LIBOR Loans made pursuant to a single Borrowing to less than the Minimum Borrowing Amount applicable thereto, (ii) unless the Required Lenders otherwise agree, Base Rate Loans may only be converted into LIBOR Loans if no Default or Event of Default is in existence on the date of the conversion and (iii) no conversion pursuant to this Section 2.7 shall result in a greater number of Borrowings of Fixed Rate Loans than is permitted under Section 2.2.
Conversions/Continuations. The Borrower shall have the option to convert, on any Business Day occurring on or after the expiration of the Initial Interest Period, all or a portion equal to at least the Minimum Borrowing Amount in the case of Revolving Loans and the outstanding principal balance thereof in the case of the Term Loan of one or more Types of Loans into a Borrowing of another Type of Loan, and to continue Eurodollar Loans beyond the end of an Interest Period therefor, provided that, (i) except as otherwise provided in Section 1.10(b), Eurodollar Loans may be converted into Prime Rate Loans or may be continued as Eurodollar Loans only on the last day of an Interest Period applicable to the Loans being converted or continued and no such partial conversion of or continuation of Eurodollar Loans shall reduce the outstanding principal
Conversions/Continuations. The Borrower shall have the option to convert on any Business Day commencing on the earlier of receipt of the Agent's approval or 30 days after the Closing Date (but in no event later than completion of the syndication) all or a portion (which portion shall not be less than the Minimum Borrowing Amount) of the outstanding principal amount of the Loans owing by the Borrower pursuant to a single Portion of the Loan Facility into a Borrowing or Borrowings pursuant to such Portion of another Type of Loan, or to continue all or a portion of such Borrowings as the same Type of Loan; PROVIDED that (i) except as otherwise provided in Section 1.12(b), LIBOR Loans may be converted into Base Rate Loans or continued as LIBOR Loans only on the last day of an Interest Period applicable to such LIBOR Loans, (ii) no such partial conversion of LIBOR Loans shall reduce the outstanding principal amount of LIBOR Loans under the Loan Facility (or Portion thereof) made pursuant to a single Borrowing to less than the Minimum Borrowing Amount, (iii) one Type of Loan may only be continued as or converted into LIBOR Loans if no Default or Event of Default is in existence on the date of the conversion or continuation, (iv) Borrowings resulting from conversions or continuations pursuant to this
Conversions/Continuations. The Borrowers shall have the option to convert on any Business Day all or a portion at least equal to the applicable Minimum Borrowing Amount of the outstanding principal amount of the Loans into a Borrowing or Borrowings of another Type of Loan; provided that (i) no partial conversion of a Borrowing of Eurodollar Loans shall reduce the outstanding principal amount of the Eurodollar Loans made pursuant to such Borrowing to less than the Minimum Borrowing Amount applicable thereto, (ii) Base Rate Loans may not be converted into Eurodollar Loans when a Default or an Event of Default is in existence on the date of the proposed conversion and (iii) Borrowings of Eurodollar Loans resulting from this Section 1.06 shall be limited in number as provided in Section 1.02. In addition, the Borrowers may elect to continue a Borrowing of Eurodollar Loan as a Eurodollar Loan. Each such conversion or continuation, as the case may be, shall be effected by the Borrowers giving the Administrative Agent at its Notice Office, prior to 12:00 Noon (New York time), at least three Business Days’ (or one Business Day’s, in the case of a conversion into Base Rate Loans) prior written notice (or telephonic notice promptly confirmed in writing) (each, a “Notice of Conversion/Continuation”) in the form of Exhibit C, appropriately completed to specify the Loans to be so converted or continued (as the case may be) and the Type of Loans to be converted into. The Administrative Agent shall give each Lender prompt notice of any such proposed conversion affecting any of its Loans.
Conversions/Continuations. The Lenders shall not be required to convert or continue any Loan, unless on the date of conversion or continuation:
Conversions/Continuations. The Borrower may request that any portion of the Loan be (i) converted to a Base Rate Loan by irrevocable notice to be received by the Lender not later than 12:00 noon on the Business Day of the conversion, or (ii) continued as, or converted to, a Eurodollar Rate Loan by irrevocable notice to be received by the Lender not later than 12:00 noon three Business Days prior to the Business Day of the continuation or conversion. If the Borrower fails to give a notice of conversion or continuation prior to the end of any Interest Period in respect of any Eurodollar Rate Loan, the Borrower shall be deemed to have requested that such Eurodollar Rate Loan be continued as a Eurodollar Rate Loan on the last day of the applicable Interest Period with an Interest Period of one month’s duration. If the Borrower requests that any of the Loan be continued as or converted to a Eurodollar Rate Loan, but fails to specify an Interest Period with respect thereto, the Borrower shall be deemed to have selected an Interest Period CHAR1\1294753v6 Smithfield Foods, Inc. February 4, 2013 Page 1 of one month. Notices pursuant to this Paragraph 1(b) may be given by telephone if promptly confirmed in writing in the form of Exhibit C hereto. Each Eurodollar Rate Loan shall be in a principal amount of $5,000,000 or a whole multiple of $1,000,000 in excess thereof. Each Base Rate Loan shall be in a minimum principal amount of $1,000,000. There shall not be more than three different Interest Periods in effect at any time.
Conversions/Continuations. The Borrower shall have the option to convert (or continue), on any Business Day, all or a portion equal to at least the Minimum Borrowing Amount of the outstanding principal amount of Term Loans made pursuant to one or more Borrowings of one or more Types of Term Loans into a Borrowing of another Type of Term Loan (or to continue all or a portion of any LIBOR Loan as a LIBOR Loan); provided that (a) except as otherwise provided in Section 2.10(b), LIBOR Loans may be converted into Base Rate Loans (or continued as LIBOR Loans with a new Interest Period) only on the last day of an Interest Period applicable to the Term Loans being converted (or continued) and no such partial
