Interest Periods. At the time the Lead Borrower gives any Notice of Borrowing or Notice of Conversion/Continuation in respect of the making of, or conversion into, any LIBO Rate Term Loan (in the case of the initial Interest Period applicable thereto) or prior to 12:00 Noon (New York City time) on the third Business Day prior to the expiration of an Interest Period applicable to such LIBO Rate Term Loan (in the case of any subsequent Interest Period), the Lead Borrower shall have the right to elect the interest period (each, an “Interest Period”) applicable to such LIBO Rate Term Loan, which Interest Period shall, at the option of the Lead Borrower be a one, two, three or six month period, or, if agreed to by all Lenders, a twelve month period, or, if agreed to by the Administrative Agent a period less than one month; provided that (in each case): (i) all LIBO Rate Term Loans comprising a Borrowing shall at all times have the same Interest Period; (ii) the initial Interest Period for any LIBO Rate Term Loan shall commence on the date of Borrowing of such LIBO Rate Term Loan (including, in the case of LIBO Rate Term Loans, the date of any conversion thereto from a Borrowing of Base Rate Term Loans and each Interest Period occurring thereafter in respect of such LIBO Rate Term Loan shall commence on the day on which the next preceding Interest Period applicable thereto expires; (iii) if any Interest Period for a LIBO Rate Term Loan begins on a day for which there is no numerically corresponding day in the calendar month at the end of such Interest Period, such Interest Period shall end on the last Business Day of such calendar month; (iv) if any Interest Period for a LIBO Rate Term Loan would otherwise expire on a day which is not a Business Day, such Interest Period shall expire on the next succeeding Business Day; provided, however, that if any Interest Period for a LIBO Rate Term Loan would otherwise expire on a day which is not a Business Day but is a day of the month after which no further Business Day occurs in such month, such Interest Period shall expire on the next preceding Business Day; (v) unless the Required Lenders otherwise agree, no Interest Period for a LIBO Rate Term Loan may be selected at any time when a Default or an Event of Default is then in existence; and (vi) no Interest Period in respect of any Borrowing of any Tranche of Term Loans shall be selected which extends beyond the Maturity Date therefor. With respect to any LIBO Rate Term Loans, at the end of any Interest Period applicable to a Borrowing thereof, the Lead Borrower may elect to split the respective Borrowing of a single Type under a single Tranche into two or more Borrowings of different Types under such Tranche or combine two or more Borrowings under a single Tranche into a single Borrowing of the same Type under such Tranche, in each case, by having the Lead Borrower give notice thereof together with its election of one or more Interest Periods, in each case so long as each resulting Borrowing (x) has an Interest Period which complies with the foregoing requirements of this Section 2.09, (y) has a principal amount which is not less than the Minimum Borrowing Amount applicable to Borrowings of the respective Type and Tranche, and (z) does not cause a violation of the requirements of Section 2.02. If by 12:00 Noon (New York City time) on the third Business Day prior to the expiration of any Interest Period applicable to a Borrowing of LIBO Rate Term Loans, the Lead Borrower has failed to elect, or is not permitted to elect, a new Interest Period to be applicable to such LIBO Rate, the Lead Borrower shall be deemed to have elected in the case of LIBO Rate Term Loans, to convert such LIBO Rate Term Loans into Base Rate Term Loans with such conversion to be effective as of the expiration date of such current Interest Period.
Appears in 5 contracts
Sources: First Lien Term Loan Credit Agreement (PAE Inc), Second Lien Term Loan Credit Agreement (PAE Inc), Second Lien Term Loan Credit Agreement (PAE Inc)
Interest Periods. At the time the Lead any Borrower gives any Notice of Borrowing or Notice of Conversion/Continuation in respect of the making of, or conversion into, any LIBO Rate Term LIBOR Loan (in the case of the initial Interest Period applicable thereto) or prior to 12:00 Noon 1:00 P.M. (New York City time) on the third Business Day prior to the expiration of an Interest Period applicable to such LIBO Rate Term LIBOR Loan (in the case of any subsequent Interest Period), the Lead such Borrower shall have the right to elect the interest period (each, an “Interest Period”) applicable to such LIBO Rate Term LIBOR Loan, which Interest Period shall, at the option of the Lead Borrower Borrower, be a one, two, three or six month period; provided, orthat, if agreed to by all Lenders, a twelve month period, or, if agreed to by the Administrative Agent a period less than one month; provided that (in each case):
): (ia) all LIBO Rate Term LIBOR Loans comprising a Borrowing shall at all times have the same Interest Period;
; (iib) the initial Interest Period for any LIBO Rate Term LIBOR Loan shall commence on the date of Borrowing of such LIBO Rate Term LIBOR Loan (including, in the case of LIBO Rate Term Loans, including the date of any conversion thereto from a Borrowing of Base Rate Term Loans Loan) and each Interest Period occurring thereafter in respect of such LIBO Rate Term LIBOR Loan shall commence on the day on which the next preceding Interest Period applicable thereto expires;
; (iiic) if any Interest Period for a LIBO Rate Term LIBOR Loan begins on a day for which there is no numerically corresponding day in the calendar month at the end of such Interest Period, such Interest Period shall end on the last Business Day of such calendar month;
; (ivd) if any Interest Period for a LIBO Rate Term LIBOR Loan would otherwise expire on a day which is not a Business Day, such Interest Period shall expire on the next succeeding Business Day; provided, however, that if any Interest Period for a LIBO Rate Term LIBOR Loan would otherwise expire on a day which is not a Business Day but is a day of the month after which no further Business Day occurs in such month, such Interest Period shall expire on the next preceding Business Day;
; (ve) unless the Required Lenders otherwise agree, no Interest Period for a LIBO Rate Term Loan may be selected at any time when a Default or an Event of Default is then in existence; and
and (vif) no Interest Period in respect of any Borrowing of any Tranche of Term Loans shall be selected which extends beyond the Maturity Date therefor. With respect to any LIBO Rate Term Loans, at the end of any Interest Period applicable to a Borrowing thereof, the Lead Borrower may elect to split the respective Borrowing of a single Type under a single Tranche into two or more Borrowings of different Types under such Tranche or combine two or more Borrowings under a single Tranche into a single Borrowing of the same Type under such Tranche, in each case, by having the Lead Borrower give notice thereof together with its election of one or more Interest Periods, in each case so long as each resulting Borrowing (x) has an Interest Period which complies with the foregoing requirements of this Section 2.09, (y) has a principal amount which is not less than the Minimum Borrowing Amount applicable to Borrowings of the respective Type and Tranche, and (z) does not cause a violation of the requirements of Section 2.02Revolving Commitment Termination Date. If by 12:00 Noon 1:00 P.M. (New York City time) on the third Business Day prior to the expiration of any Interest Period applicable to a Borrowing of LIBO Rate Term LIBOR Loans, the Lead any Borrower has failed to elect, or is not permitted to elect, a new Interest Period to be applicable to such LIBO RateLIBOR Loans as provided above, the Lead such Borrower shall be deemed to have elected in the case of LIBO Rate Term Loans, to convert such LIBO Rate Term LIBOR Loans into Base Rate Term Loans with such conversion to be effective as of the expiration date of such current Interest Period.
Appears in 5 contracts
Sources: Abl Credit Agreement (CVR Partners, Lp), Abl Credit Agreement (CVR Refining, LP), Abl Credit Agreement (CVR Partners, Lp)
Interest Periods. At the time the Lead Borrower gives any a Notice of Borrowing or Notice of Conversion/Conversion or Continuation in respect of the making of, or conversion intointo or continuation as, any LIBO Rate Term Loan a Borrowing of LIBOR Loans in accordance with Section 2.6(a), the Borrower shall give the Administrative Agent written notice (or telephonic notice promptly confirmed in the case writing) of the initial Interest Period applicable thereto) or prior to 12:00 Noon (New York City time) on the third Business Day prior to the expiration of an Interest Period applicable to such LIBO Rate Term Loan (in the case of any subsequent Interest Period), the Lead Borrower shall have the right to elect the interest period (each, an “Interest Period”) applicable to such LIBO Rate Term LoanBorrowing, which Interest Period shall, at the option of the Lead Borrower be a one, two, three or six month period, or, or (if agreed available to by all Lenders, relevant Lenders participating in the relevant Credit Facility) a nine or twelve month period, or, if agreed to by the Administrative Agent period or a period of less than one month; provided that (in each case):that, notwithstanding the foregoing, the initial Interest Period beginning on the Closing Date may be for a period of less than one month if agreed upon by the Borrower and the Administrative Agent. Notwithstanding anything to the contrary contained above:
(i) all LIBO Rate Term Loans comprising a Borrowing shall at all times have the same Interest Period;
(iia) the initial Interest Period for any LIBO Rate Term Loan Borrowing of LIBOR Loans shall commence on the date of such Borrowing of such LIBO Rate Term Loan (including, in the case of LIBO Rate Term Loans, including the date of any conversion thereto from a Borrowing of Base Rate Term Loans ABR Loans) and each Interest Period occurring thereafter in respect of such LIBO Rate Term Loan Borrowing shall commence on the day on which the next preceding Interest Period applicable thereto expires;
(iiib) if any Interest Period for relating to a LIBO Rate Term Loan Borrowing of LIBOR Loans begins on the last Business Day of a calendar month or begins on a day for which there is no numerically corresponding day in the calendar month at the end of such Interest Period, such Interest Period shall end on the last Business Day of the calendar month at the end of such calendar monthInterest Period;
(ivc) if any Interest Period for a LIBO Rate Term Loan would otherwise expire on a day which that is not a Business Day, such Interest Period shall expire on the next succeeding Business Day; provided, however, provided that if any Interest Period for in respect of a LIBO Rate Term LIBOR Loan would otherwise expire on a day which that is not a Business Day but is a day of the month after which no further Business Day occurs in such month, such Interest Period shall expire on the next preceding Business Day;
(vd) unless the Required Lenders otherwise agree, no Interest Period for a LIBO Rate Term Loan may Borrower shall not be selected at entitled to elect any time when a Default or an Event of Default is then in existence; and
(vi) no Interest Period in respect of any Borrowing LIBOR Loan if such Interest Period would extend beyond the applicable Maturity Date of any Tranche of Term Loans such Loan; and
(e) Posting Interest Periods shall be selected which extends beyond the Maturity Date therefor. With respect to any LIBO Rate Term Loans, at the end of any Interest Period applicable to a Borrowing thereof, the Lead Borrower may elect to split the respective Borrowing of a single Type under a single Tranche into two or more Borrowings of different Types under such Tranche or combine two or more Borrowings under a single Tranche into a single Borrowing of the same Type under such Tranche, in each case, governed by having the Lead Borrower give notice thereof together with its election of one or more Interest Periods, in each case so long as each resulting Borrowing (x) has an Interest Period which complies with the foregoing requirements of this Section 2.09, (y) has a principal amount which is not less than the Minimum Borrowing Amount applicable to Borrowings of the respective Type and Tranche, and (z) does not cause a violation of the requirements of Section 2.02. If by 12:00 Noon (New York City time) on the third Business Day prior to the expiration of any Interest Period applicable to a Borrowing of LIBO Rate Term Loans, the Lead Borrower has failed to elect, or is not permitted to elect, a new Interest Period to be applicable to such LIBO Rate, the Lead Borrower shall be deemed to have elected in the case of LIBO Rate Term Loans, to convert such LIBO Rate Term Loans into Base Rate Term Loans with such conversion to be effective as of the expiration date of such current Interest Period14.
Appears in 4 contracts
Sources: Credit Agreement (Energy Future Competitive Holdings CO), Credit Agreement (Energy Future Intermediate Holding CO LLC), Credit Agreement (Energy Future Intermediate Holding CO LLC)
Interest Periods. At the time the Lead Borrower gives any Notice of Borrowing or Notice of Conversion/Continuation in respect of the making of, or conversion into, any LIBO Rate Term LIBOR Loan (in the case of the initial Interest Period applicable thereto) or prior to 12:00 Noon 1:00 p.m. (New York City time) on the third Business Day prior to the expiration of an Interest Period applicable to such LIBO Rate Term LIBOR Loan (in the case of any subsequent Interest Period), the Lead Borrower shall have the right to elect the interest period (each, an “Interest Period”) applicable to such LIBO Rate Term LIBOR Loan, which Interest Period shall, at the option of the Lead Borrower Borrower, be a one, two, three or three, six month period, or, if agreed to approved by all Lenderseach Lender of such LIBOR Loan, a twelve month period, or, if agreed to by the Administrative Agent a period less or any period shorter than one month; , provided that (in each case):
(ia) all LIBO Rate Term LIBOR Loans comprising a Borrowing shall at all times have the same Interest Period;
(iib) the initial Interest Period for any LIBO Rate Term LIBOR Loan shall commence on the date of Borrowing of such LIBO Rate Term LIBOR Loan (including, in the case of LIBO Rate Term Loans, including the date of any conversion thereto from a Borrowing of Base Rate Term Loans Loan) and each Interest Period occurring thereafter in respect of such LIBO Rate Term LIBOR Loan shall commence on the day on which the next preceding Interest Period applicable thereto expires;
(iiic) if any Interest Period for a LIBO Rate Term LIBOR Loan begins on a day for which there is no numerically corresponding day in the calendar month at the end of such Interest Period, such Interest Period shall end on the last Business Day of such calendar month;
(ivd) if any Interest Period for a LIBO Rate Term LIBOR Loan would otherwise expire on a day which is not a Business Day, such Interest Period shall expire on the next succeeding Business Day; provided, however, that if any Interest Period for a LIBO Rate Term LIBOR Loan would otherwise expire on a day which is not a Business Day but is a day of the month after which no further Business Day occurs in such month, such Interest Period shall expire on the next preceding Business Day;
(ve) unless upon notice to the Borrower from the Administrative Agent given at the request of the Required Lenders otherwise agreeLenders, after the occurrence and during the continuance of a Significant Event of Default, no Interest Period for a LIBO Rate Term Loan may be selected at any time when a Default or an Event of Default is then in existenceselected; and
(vif) no Interest Period in respect of any Borrowing of any Tranche of Term Loans shall be selected which extends beyond the Maturity Date therefor. With respect to any LIBO Rate Term Loans, at the end of any Interest Period applicable to a Borrowing thereof, the Lead Borrower may elect to split the respective Borrowing of a single Type under a single Tranche into two or more Borrowings of different Types under for such Tranche or combine two or more Borrowings under a single Tranche into a single Borrowing of the same Type under such Tranche, in each case, by having the Lead Borrower give notice thereof together with its election of one or more Interest Periods, in each case so long as each resulting Borrowing (x) has an Interest Period which complies with the foregoing requirements of this Section 2.09, (y) has a principal amount which is not less than the Minimum Borrowing Amount applicable to Borrowings of the respective Type and Tranche, and (z) does not cause a violation of the requirements of Section 2.02Loans. If by 12:00 Noon 1:00 p.m. (New York City time) on the third Business Day prior to the expiration of any Interest Period applicable to a Borrowing of LIBO Rate Term LIBOR Loans, the Lead Borrower has failed to elect, or is not permitted to elect, a new Interest Period to be applicable to such LIBO RateLIBOR Loans as provided above, the Lead Borrower shall be deemed to have elected in to continue such LIBOR Loans as LIBOR Loans with an Interest Period of one month effective as of the case expiration date of LIBO Rate Term Loanssuch current Interest Period; provided that, if the Borrower is not permitted to elect a new Interest Period to be applicable to such LIBOR Loans as provided above, the Borrower shall be deemed to have elected to convert such LIBO Rate Term LIBOR Loans into Base Rate Term Loans with such conversion to be effective as of the expiration date of such current Interest Period.
Appears in 4 contracts
Sources: Credit and Guarantee Agreement (Infrastructure & Energy Alternatives, Inc.), Credit and Guarantee Agreement (Infrastructure & Energy Alternatives, Inc.), Credit and Guarantee Agreement (Infrastructure & Energy Alternatives, Inc.)
Interest Periods. At the time the Lead Borrower gives any Notice of Borrowing or Notice of Conversion/Continuation in respect of the making of, or conversion into, any LIBO Rate Loan or Alternative Currency Term Rate Loan (in the case of the initial Interest Period applicable thereto) or prior to 12:00 Noon (New York City time) on the third Business Day prior to the expiration of an Interest Period applicable to such LIBO Rate Loan or Alternative Currency Term Rate Loan (in the case of any subsequent Interest Period), the Lead Borrower shall have the right to elect the interest period (each, an “Interest Period”) applicable to such LIBO Rate Loan or Alternative Currency Term Rate Loan, which Interest Period shall, at the option of the Lead Borrower be a one, two, three or six month period, or, if agreed to by all Lenders, a twelve month period or any other period, or, if agreed to by the Administrative Agent with respect to a LIBO Rate Loan, a period less than one month; provided that (in each case):
(i) all LIBO Rate Loans and all Alternative Currency Term Rate Loans comprising a Borrowing shall at all times have the same Interest Period;
(ii) the initial Interest Period for any LIBO Rate Loan or Alternative Currency Term Rate Loan shall commence on the date of Borrowing of such LIBO Rate Loan or Alternative Currency Term Rate Loan (including, in the case of LIBO Rate Term Loans, the date of any conversion thereto from a Borrowing of Base Rate Term Loans Loans) and each Interest Period occurring thereafter in respect of such LIBO Rate Loan or Alternative Currency Term Rate Loan shall commence on the day on which the next preceding Interest Period applicable thereto expires;
(iii) if any Interest Period for a LIBO Rate Loan or Alternative Currency Term Rate Loan begins on a day for which there is no numerically corresponding day in the calendar month at the end of such Interest Period, such Interest Period shall end on the last Business Day of such calendar month;
(iv) if any Interest Period for a LIBO Rate Loan or Alternative Currency Term Rate Loan would otherwise expire on a day which is not a Business Day, such Interest Period shall expire on the next succeeding Business Day; provided, however, that if any Interest Period for a LIBO Rate Loan or Alternative Currency Term Rate Loan would otherwise expire on a day which is not a Business Day but is a day of the month after which no further Business Day occurs in such month, such Interest Period shall expire on the next preceding Business Day;
(v) unless the Required Lenders otherwise agree, no Interest Period for a LIBO Rate Loan or Alternative Currency Term Rate Loan may be selected at any time when an Event of Default is then in existence;
(vi) with respect to Revolving Loans, unless the Required Revolving Lenders otherwise agree, no Interest Period for a Default Revolving Loan that is a LIBO Rate Loan or Alternative Currency Term Rate Loan may be selected at any time when an Event of Default is then in existence; and
(vivii) no Interest Period in respect of any Borrowing of any Tranche of Term Loans shall be selected which extends beyond the Maturity Date therefor. With respect to any LIBO Rate Loans or Alternative Currency Term Rate Loans, at the end of any Interest Period applicable to a Borrowing thereof, the Lead Borrower may elect to split the respective Borrowing of a single Type under a single Tranche into two or more Borrowings of different Types under such Tranche or combine two or more Borrowings under a single Tranche into a single Borrowing of the same Type under such Tranche, in each case, by having the Lead Borrower give giving notice thereof together with its election of one or more Interest PeriodsPeriods applicable thereto, in each case so long as each resulting Borrowing (x) has an Interest Period which complies with the foregoing requirements of this Section 2.09, (y) has a principal amount which is not less than the Minimum Borrowing Amount applicable to Borrowings of the respective Type and Tranche, and (z) does not cause a violation of the requirements of Section 2.02. If by 12:00 Noon (New York City time) on the third Business Day prior to the expiration of any Interest Period applicable to a Borrowing of LIBO Rate Term Loans, the Lead Borrower has failed to elect, or is not permitted to elect, a new Interest Period to be applicable to such LIBO Rate, the Lead Borrower shall be deemed to have elected in the case of LIBO Rate Term Loans, to convert such LIBO Rate Term Loans into Base Rate Term Loans with such conversion to be effective as of the expiration date of such current Interest Period.
Appears in 4 contracts
Sources: Credit Agreement (McGraw Hill, Inc.), Credit Agreement (McGraw Hill, Inc.), Credit Agreement (McGraw Hill, Inc.)
Interest Periods. At the time the Lead Borrower gives any a Notice of Borrowing or Notice of Conversion/Conversion or Continuation in respect of the making of, or conversion intointo or continuation as, any LIBO Rate Term Loan a Borrowing of LIBOR Loans (in the case of the initial Interest Period applicable thereto) or prior to 12:00 Noon 11:00 a.m. (New York City Central time) on the third Business Day prior to the expiration of an Interest Period applicable to such LIBO Rate Term Loan (in the case a Borrowing of any subsequent Interest Period)LIBOR Loans, the Lead Borrower shall have the right to elect by giving the interest period Administrative Agent written notice (each, an “or telephonic notice promptly confirmed in writing) the Interest Period”) Period applicable to such LIBO Rate Term LoanBorrowing, which Interest Period shall, at the option of the Lead Borrower be a one, two, three three, six or six month period, or, if agreed available to all the Lenders as determined by all Lendersthe Lenders in good faith based on prevailing market conditions, a nine or twelve month period, or, if agreed . Notwithstanding anything to by the Administrative Agent a period less than one month; provided that (in each case):contrary contained above:
(i) all LIBO Rate Term Loans comprising a Borrowing shall at all times have the same Interest Period;
(iia) the initial Interest Period for any LIBO Rate Term Loan Borrowing of LIBOR Loans shall commence on the date of such Borrowing of such LIBO Rate Term Loan (including, in the case of LIBO Rate Term Loans, including the date of any conversion thereto from a Borrowing of Base Rate Term Loans ABR Loans) and each Interest Period occurring thereafter in respect of such LIBO Rate Term Loan Borrowing shall commence on the day on which the next preceding Interest Period applicable thereto expires;
(iiib) if any Interest Period for relating to a LIBO Rate Term Loan Borrowing of LIBOR Loans begins on the last Business Day of a calendar month or begins on a day for which there is no numerically corresponding day in the calendar month at the end of such Interest Period, such Interest Period shall end on the last Business Day of the calendar month at the end of such calendar monthInterest Period;
(ivc) if any Interest Period for a LIBO Rate Term Loan would otherwise expire on a day which that is not a Business Day, such Interest Period shall expire on the next succeeding Business Day; provided, howeverunless, that if any Interest Period for in the case of a LIBO Rate Term Loan would otherwise expire on a day which is not a LIBOR Loan, such Business Day but is a day of the month after which no further Business Day occurs falls in such another calendar month, in which case such Interest Period shall expire on the next preceding Business Day;
(v) unless the Required Lenders otherwise agree, no Interest Period for a LIBO Rate Term Loan may be selected at any time when a Default or an Event of Default is then in existence; and
(vid) no the Borrower shall not be entitled to elect any Interest Period in respect of any Borrowing of any Tranche of Term Loans shall be selected which extends LIBOR Loan if such Interest Period would extend beyond the Maturity Date therefor. With respect to any LIBO Rate Term Loans, at the end of any Interest Period applicable to a Borrowing thereof, the Lead Borrower may elect to split the respective Borrowing of a single Type under a single Tranche into two or more Borrowings of different Types under such Tranche or combine two or more Borrowings under a single Tranche into a single Borrowing of the same Type under such Tranche, in each case, by having the Lead Borrower give notice thereof together with its election of one or more Interest Periods, in each case so long as each resulting Borrowing (x) has an Interest Period which complies with the foregoing requirements of this Section 2.09, (y) has a principal amount which is not less than the Minimum Borrowing Amount applicable to Borrowings of the respective Type and Tranche, and (z) does not cause a violation of the requirements of Section 2.02. If by 12:00 Noon (New York City time) on the third Business Day prior to the expiration of any Interest Period applicable to a Borrowing of LIBO Rate Term Loans, the Lead Borrower has failed to elect, or is not permitted to elect, a new Interest Period to be applicable to such LIBO Rate, the Lead Borrower shall be deemed to have elected in the case of LIBO Rate Term Loans, to convert such LIBO Rate Term Loans into Base Rate Term Loans with such conversion to be effective as of the expiration maturity date of such current Interest PeriodLoan.
Appears in 4 contracts
Sources: Refinancing Amendment (MRC Global Inc.), Refinancing Amendment and Successor Administrative Agent Agreement (MRC Global Inc.), Term Loan Credit Agreement (MRC Global Inc.)
Interest Periods. At the time the Lead Borrower gives any a Notice of Borrowing or Notice of Conversion/Conversion or Continuation in respect of the making of, or conversion intointo or continuation as, any LIBO Rate a Borrowing of Term Loan SOFR Loans in accordance with Section 2.6(a), the Borrower shall give the Administrative Agent written notice (or telephonic notice promptly confirmed in the case writing) of the initial Interest Period applicable thereto) or prior to 12:00 Noon (New York City time) on the third Business Day prior to the expiration of an Interest Period applicable to such LIBO Rate Term Loan (in the case of any subsequent Interest Period), the Lead Borrower shall have the right to elect the interest period (each, an “Interest Period”) applicable to such LIBO Rate Term LoanBorrowing, which Interest Period shall, at the option of the Lead Borrower be Borrower, be, in the case of Term SOFR Loans, a one, two, three or six month period, or, if agreed . Notwithstanding anything to by all Lenders, a twelve month period, or, if agreed to by the Administrative Agent a period less than one month; provided that (in each case):contrary contained above:
(i) all LIBO Rate Term Loans comprising a Borrowing shall at all times have the same Interest Period;
(iia) the initial Interest Period for any LIBO Rate Borrowing of Term Loan SOFR Loans shall commence on the date of such Borrowing of such LIBO Rate Term Loan (including, in the case of LIBO Rate Term Loans, including the date of any conversion thereto from a Borrowing of Base Rate Term Loans ABR Loans) and each Interest Period occurring thereafter in respect of such LIBO Rate Term Loan Borrowing shall commence on the day on which the next preceding Interest Period applicable thereto expires;
(iiib) if any Interest Period for relating to a LIBO Rate Borrowing of Term Loan SOFR Loans begins on the last Business Day of a calendar month or begins on a day for which there is no numerically corresponding day in the calendar month at the end of such Interest Period, such Interest Period shall end on the last Business Day of the calendar month at the end of such calendar monthInterest Period;
(ivc) if any Interest Period for a LIBO Rate Term Loan would otherwise expire on a day which that is not a Business Day, such Interest Period shall expire on the next succeeding Business Day; provided, however, provided that if any Interest Period for in respect of a LIBO Rate Term SOFR Loan would otherwise expire on a day which that is not a Business Day but is a day of the month after which no further Business Day occurs in such month, such Interest Period shall expire on the next preceding Business Day;
(vd) unless the Required Lenders otherwise agree, no Interest Period for a LIBO Rate Term Loan may Borrower shall not be selected at entitled to elect any time when a Default or an Event of Default is then in existence; and
(vi) no Interest Period in respect of any Borrowing Term SOFR Loan if such Interest Period would extend beyond the applicable Maturity Date of any Tranche of Term Loans such Loan; and
(e) no tenor that has been removed from this Section 2.9 pursuant to Section 2.10(f) shall be selected which extends beyond the Maturity Date therefor. With respect to any LIBO Rate Term Loans, at the end of any Interest Period applicable to a Borrowing thereof, the Lead Borrower may elect to split the respective Borrowing of a single Type under a single Tranche into two or more Borrowings of different Types under such Tranche or combine two or more Borrowings under a single Tranche into a single Borrowing of the same Type under such Tranche, in each case, by having the Lead Borrower give notice thereof together with its election of one or more Interest Periods, in each case so long as each resulting Borrowing (x) has an Interest Period which complies with the foregoing requirements of this Section 2.09, (y) has a principal amount which is not less than the Minimum Borrowing Amount applicable to Borrowings of the respective Type and Tranche, and (z) does not cause a violation of the requirements of Section 2.02. If by 12:00 Noon (New York City time) on the third Business Day prior to the expiration of any Interest Period applicable to a Borrowing of LIBO Rate Term Loans, the Lead Borrower has failed to elect, or is not permitted to elect, a new Interest Period to be applicable to such LIBO Rate, the Lead Borrower shall be deemed to have elected available for specification in the case applicable Notice of LIBO Rate Term Loans, to convert such LIBO Rate Term Loans into Base Rate Term Loans with such conversion to be effective as Borrowing or Notice of the expiration date of such current Interest PeriodConversion or Continuation.
Appears in 4 contracts
Sources: Credit Agreement (Vistra Corp.), Credit Agreement (Vistra Corp.), Credit Agreement (Vistra Corp.)
Interest Periods. At the time the Lead Borrower gives any Notice of Borrowing or Notice of Conversion/Continuation in respect of the making of, or conversion into, any LIBO Rate Term Loan (in the case of the initial Interest Period applicable thereto) or prior to 12:00 Noon (New York City time) on the third Business Day prior to the expiration of an Interest Period applicable to such LIBO Rate Term Loan (in the case of any subsequent Interest Period), the Lead Borrower shall have the right to elect the interest period (each, an “Interest Period”) applicable to such LIBO Rate Term Loan, which Interest Period shall, at the option of the Lead Borrower be a one, two, three or six month period, or, if agreed to by all Lenders, a twelve month period, or, if agreed to by the Administrative Agent a period less than one month; provided that (in each case):
(i) all LIBO Rate Term Loans comprising a Borrowing shall at all times have the same Interest Period;
(ii) the initial Interest Period for any LIBO Rate Term Loan shall commence on the date of Borrowing of such LIBO Rate Term Loan (including, in the case of LIBO Rate Term Loans, the date of any conversion thereto from a Borrowing of Base Rate Term Loans Loans) and each Interest Period occurring thereafter in respect of such LIBO Rate Term Loan shall commence on the day on which the next preceding Interest Period applicable thereto expires;
(iii) if any Interest Period for a LIBO Rate Term Loan begins on a day for which there is no numerically corresponding day in the calendar month at the end of such Interest Period, such Interest Period shall end on the last Business Day of such calendar month;
(iv) if any Interest Period for a LIBO Rate Term Loan would otherwise expire on a day which is not a Business Day, such Interest Period shall expire on the next succeeding Business Day; provided, however, that if any Interest Period for a LIBO Rate Term Loan would otherwise expire on a day which is not a Business Day but is a day of the month after which no further Business Day occurs in such month, such Interest Period shall expire on the next preceding Business Day;
(v) unless the Required Lenders otherwise agree, no Interest Period for a LIBO Rate Term Loan may be selected at any time when a Default or an Event of Default is then in existence; and
(vi) no Interest Period in respect of any Borrowing of any Tranche of Term Loans shall be selected which extends beyond the Maturity Date therefor. With respect to any LIBO Rate Term Loans, at the end of any Interest Period applicable to a Borrowing thereof, the Lead Borrower may elect to split the respective Borrowing of a single Type under a single Tranche into two or more Borrowings of different Types under such Tranche or combine two or more Borrowings under a single Tranche into a single Borrowing of the same Type under such Tranche, in each case, by having the Lead Borrower give giving notice thereof together with its election of one or more Interest PeriodsPeriods applicable thereto, in each case so long as each resulting Borrowing (x) has an Interest Period which complies with the foregoing requirements of this Section 2.09, (y) has a principal amount which is not less than the Minimum Borrowing Amount applicable to Borrowings of the respective Type and Tranche, and (z) does not cause a violation of the requirements of Section 2.02. If by 12:00 Noon (New York City time) on the third Business Day prior to the expiration of any Interest Period applicable to a Borrowing of LIBO Rate Term Loans, the Lead Borrower has failed to elect, or is not permitted to elect, a new Interest Period to be applicable to such LIBO Rate, the Lead Borrower shall be deemed to have elected in the case of LIBO Rate Term Loans, to convert such LIBO Rate Term Loans into Base Rate Term Loans with such conversion to be effective as of the expiration date of such current Interest Period.
Appears in 4 contracts
Sources: Amendment and Restatement Agreement (VERRA MOBILITY Corp), Term Loan Credit Agreement (Interior Logic Group Holdings, LLC), First Lien Term Loan Credit Agreement (VERRA MOBILITY Corp)
Interest Periods. At the time the Lead Borrower gives any a Notice of Borrowing or Notice of Conversion/Conversion or Continuation in respect of the making of, or conversion intointo or continuation as, any LIBO Rate Term Loan (a Borrowing of LIBOR Loans in the case of the initial Interest Period applicable thereto) or prior to 12:00 Noon (New York City time) on the third Business Day prior to the expiration of an Interest Period applicable to such LIBO Rate Term Loan (in the case of any subsequent Interest Periodaccordance with Section 2.6(a), the Lead Borrower shall have the right to elect by giving the interest period Administrative Agent written notice (each, an “or telephonic notice promptly confirmed in writing) the Interest Period”) Period applicable to such LIBO Rate Term LoanBorrowing, which Interest Period shall, at the option of the Lead Borrower be a one, two, three three, six or six month period, or(in the case of Revolving Credit Loans, if agreed available to all the Lenders making such loans as determined by all Lenders, such Lenders in good faith based on prevailing market conditions) a twelve month period, or, if agreed period (or such other period of less than six months as to by which the Administrative Agent a period less than one month; provided that (in each case):may consent). Notwithstanding anything to the contrary contained above:
(i) all LIBO Rate Term Loans comprising a Borrowing shall at all times have the same Interest Period;
(iia) the initial Interest Period for any LIBO Rate Term Loan Borrowing of LIBOR Loans shall commence on the date of such Borrowing of such LIBO Rate Term Loan (including, in the case of LIBO Rate Term Loans, including the date of any conversion thereto from a Borrowing of Base Rate Term Loans ABR Loans) and each Interest Period occurring thereafter in respect of such LIBO Rate Term Loan Borrowing shall commence on the day on which the next preceding Interest Period applicable thereto expires;
(iiib) if any Interest Period for relating to a LIBO Rate Term Loan Borrowing of LIBOR Loans begins on the last Business Day of a calendar month or begins on a day for which there is no numerically corresponding day in the calendar month at the end of such Interest Period, such Interest Period shall end on the last Business Day of the calendar month at the end of such calendar monthInterest Period;
(ivc) if any Interest Period for a LIBO Rate Term Loan would otherwise expire on a day which that is not a Business Day, such Interest Period shall expire on the next succeeding Business Day; provided, however, provided that if any Interest Period for in respect of a LIBO Rate Term LIBOR Loan would otherwise expire on a day which that is not a Business Day but is a day of the month after which no further Business Day occurs in such month, such Interest Period shall expire on the next preceding Business Day;
(v) unless the Required Lenders otherwise agree, no Interest Period for a LIBO Rate Term Loan may be selected at any time when a Default or an Event of Default is then in existence; and
(vid) no the Borrower shall not be entitled to elect any Interest Period in respect of any Borrowing of any Tranche of Term Loans shall be selected which extends LIBOR Loan if such Interest Period would extend beyond the Maturity Date therefor. With respect to any LIBO Rate Term Loans, at the end of any Interest Period applicable to a Borrowing thereof, the Lead Borrower may elect to split the respective Borrowing of a single Type under a single Tranche into two or more Borrowings of different Types under such Tranche or combine two or more Borrowings under a single Tranche into a single Borrowing of the same Type under such Tranche, in each case, by having the Lead Borrower give notice thereof together with its election of one or more Interest Periods, in each case so long as each resulting Borrowing (x) has an Interest Period which complies with the foregoing requirements of this Section 2.09, (y) has a principal amount which is not less than the Minimum Borrowing Amount applicable to Borrowings of the respective Type and Tranche, and (z) does not cause a violation of the requirements of Section 2.02. If by 12:00 Noon (New York City time) on the third Business Day prior to the expiration of any Interest Period applicable to a Borrowing of LIBO Rate Term Loans, the Lead Borrower has failed to elect, or is not permitted to elect, a new Interest Period to be applicable to such LIBO Rate, the Lead Borrower shall be deemed to have elected in the case of LIBO Rate Term Loans, to convert such LIBO Rate Term Loans into Base Rate Term Loans with such conversion to be effective as of the expiration date of such current Interest PeriodLoan.
Appears in 4 contracts
Sources: Joinder Agreement (HCA Healthcare, Inc.), Joinder Agreement (HCA Healthcare, Inc.), Restatement Agreement (HCA Healthcare, Inc.)
Interest Periods. At the time the Lead Borrower gives any Notice of Borrowing or Notice of Conversion/Continuation in respect of the making of, or conversion into, any LIBO Fixed Rate Term Loan (in the case of the initial Interest Period applicable thereto) or prior to 12:00 Noon 1:00 P.M. (New York City time) on the third Business Day prior to the expiration of an Interest Period applicable to such LIBO Fixed Rate Term Loan (in the case of any subsequent Interest Period), the Lead Borrower shall have the right to elect the interest period (each, an “Interest Period”) applicable to such LIBO Fixed Rate Term Loan, which Interest Period shall, at the option of the Lead Borrower Borrower, be a oneone (1), twotwo (2), three or (3), six month period, (6) or, if agreed to the extent approved by all Lenderseach Lender with Loans and/or Commitments under the relevant Tranche, a nine (9) or twelve (12) month period or any shorter period, or, if agreed to by the Administrative Agent a period less than one month; provided that (in each case):
(iA) all LIBO Fixed Rate Term Loans comprising a Borrowing shall at all times have the same Interest Period;
(iiB) the initial Interest Period for any LIBO Fixed Rate Term Loan shall commence on the date of Borrowing of such LIBO Fixed Rate Term Loan (including, in the case of LIBO Rate Term Loansa LIBOR Loan, the date of any conversion thereto from a Borrowing of Base Rate Term Loans Loan) and each Interest Period occurring thereafter in respect of such LIBO Fixed Rate Term Loan shall commence on the day on which the next preceding Interest Period applicable thereto expires;
(iiiC) if any Interest Period for a LIBO Fixed Rate Term Loan begins on a day for which there is no numerically corresponding day in the calendar month at the end of such Interest Period, such Interest Period shall end on the last Business Day of such calendar month;
(ivD) if any Interest Period for a LIBO Fixed Rate Term Loan would otherwise expire on a day which is not a Business Day, such Interest Period shall expire on the next succeeding Business Day; provided, however, provided that if any Interest Period for a LIBO Fixed Rate Term Loan would otherwise expire on a day which is not a Business Day but is a day of the month after which no further Business Day occurs in such month, such Interest Period shall expire on the next preceding Business Day;
(v) unless the Required Lenders otherwise agree, no Interest Period for a LIBO Rate Term Loan may be selected at any time when a Default or an Event of Default is then in existence; and
(viE) no Interest Period in respect of any Borrowing of any Tranche of Term Loans shall be selected which extends beyond the Maturity Date therefor. With for such Tranche of Loans; and
(F) no Interest Period in respect of any Borrowing of Term Loans shall be selected which extends beyond any date upon which a mandatory repayment of such Term Loans will be required to any LIBO Rate be made under Section 2.4(a), if the aggregate principal amount of such Term Loans that have Interest Period that will expire after such date will be in excess of the aggregate principal amount of such Term Loans, at the end of any Interest Period applicable to a Borrowing thereof, the Lead Borrower may elect to split the respective Borrowing of a single Type under a single Tranche into two or more Borrowings of different Types under such Tranche or combine two or more Borrowings under a single Tranche into a single Borrowing of the same Type under such Tranche, in each case, by having the Lead Borrower give notice thereof together with its election of one or more Interest Periods, in each case so long as each resulting Borrowing (x) has an Interest Period which complies with the foregoing requirements of this Section 2.09, (y) has a principal amount which is not less than the Minimum Borrowing Amount applicable to Borrowings of the respective Type and Tranche, and (z) does not cause a violation of the requirements of Section 2.02. If by 12:00 Noon (New York City time) on the third Business Day prior to the expiration of any Interest Period applicable to a Borrowing of LIBO Rate Term Loans, the Lead Borrower has failed to elect, or is not permitted to elect, a new Interest Period to be applicable to such LIBO Rate, the Lead Borrower shall be deemed to have elected in the case of LIBO Rate Term Loansmay be, to convert such LIBO Rate Term Loans into Base Rate Term Loans with such conversion to be effective as of then outstanding less the expiration date aggregate amount of such current Interest Periodrequired repayment.
Appears in 3 contracts
Sources: Credit and Guaranty Agreement (Ancestry.com LLC), Credit and Guaranty Agreement (Anvilire), Credit and Guaranty Agreement (Anvilire)
Interest Periods. At the time the Lead Borrower gives any the Notice of Borrowing or a Notice of Conversion/Continuation in respect of the making of, or conversion intointo or continuation as, any LIBO Rate Term Loan (in the case a Borrowing of the initial Interest Period applicable thereto) or LIBOR Loans prior to 12:00 Noon (New York City time) on the third Business Day prior to the expiration applicable date of an Interest Period applicable to making or conversion or continuation of such LIBO Rate Term Loan (in the case of any subsequent Interest Period)LIBOR Loans, the Lead Borrower shall have the right to elect by giving the interest period Administrative Agent written notice of (each, an “Interest Period”or telephonic notice promptly confirmed in writing) the LIBOR Period applicable to such LIBO Rate Term LoanBorrowing, which Interest LIBOR Period shall, at the option of the Lead Borrower Borrower, be a one week or one, two, three or six month period, or, if agreed months. Notwithstanding anything to by all Lenders, a twelve month period, or, if agreed to by the Administrative Agent a period less than one month; provided that (in each case):contrary contained above:
(i) all LIBO Rate Term Loans comprising a Borrowing shall at all times have the same Interest Period;
(iia) the initial Interest LIBOR Period for any LIBO Rate Term Loan Borrowing of LIBOR Loans shall commence on the date of such Borrowing of such LIBO Rate Term Loan (including, in the case of LIBO Rate Term Loans, including the date of any conversion thereto from a Borrowing of Base Rate Term Loans ABR Loans) and each Interest LIBOR Period occurring thereafter in respect of such LIBO Rate Term Loan Borrowing shall commence on the day on which the next preceding Interest LIBOR Period applicable thereto expires;
(iiib) if any Interest LIBOR Period for relating to a LIBO Rate Term Loan Borrowing of LIBOR Loans begins on the last Business Day of a calendar month or begins on a day for which there is no numerically corresponding day in the calendar month at the end of such Interest LIBOR Period, such Interest LIBOR Period shall end on the last Business Day of the calendar month at the end of such calendar monthLIBOR Period;
(ivc) if any Interest LIBOR Period for a LIBO Rate Term Loan would otherwise expire on a day which that is not a Business Day, such Interest LIBOR Period shall expire on the next succeeding Business Day; provided, however, provided that if any Interest LIBOR Period for in respect of a LIBO Rate Term LIBOR Loan would otherwise expire on a day which that is not a Business Day but is a day of the month after which no further Business Day occurs in such month, such Interest LIBOR Period shall expire on the next preceding Business Day;
(v) unless the Required Lenders otherwise agree, no Interest Period for a LIBO Rate Term Loan may be selected at any time when a Default or an Event of Default is then in existence; and
(vid) no Interest the Borrower shall not be entitled to elect any LIBOR Period in respect of any Borrowing of any Tranche of Term Loans shall be selected which extends LIBOR Loan if such LIBOR Period would extend beyond the Maturity Date therefor. With respect to any LIBO Rate Term Loans, at the end of any Interest Period applicable to a Borrowing thereof, the Lead Borrower may elect to split the respective Borrowing of a single Type under a single Tranche into two or more Borrowings of different Types under such Tranche or combine two or more Borrowings under a single Tranche into a single Borrowing of the same Type under such Tranche, in each case, by having the Lead Borrower give notice thereof together with its election of one or more Interest Periods, in each case so long as each resulting Borrowing (x) has an Interest Period which complies with the foregoing requirements of this Section 2.09, (y) has a principal amount which is not less than the Minimum Borrowing Amount applicable to Borrowings of the respective Type and Tranche, and (z) does not cause a violation of the requirements of Section 2.02. If by 12:00 Noon (New York City time) on the third Business Day prior to the expiration of any Interest Period applicable to a Borrowing of LIBO Rate Term Loans, the Lead Borrower has failed to elect, or is not permitted to elect, a new Interest Period to be applicable to such LIBO Rate, the Lead Borrower shall be deemed to have elected in the case of LIBO Rate Term Loans, to convert such LIBO Rate Term Loans into Base Rate Term Loans with such conversion to be effective as of the expiration date of such current Interest PeriodDate.
Appears in 3 contracts
Sources: Term Loan Credit Agreement (ITC Holdings Corp.), Term Loan Credit Agreement (ITC Holdings Corp.), Term Loan Credit Agreement (ITC Holdings Corp.)
Interest Periods. At the time the Lead Borrower gives any a Notice of Borrowing or Notice of Conversion/Conversion or Continuation in respect of the making of, or conversion intointo or continuation as, any LIBO Rate Term Loan (a Borrowing of LIBOR Loans in accordance with Section 2.7(a), the case Borrower shall give the Administrative Agent written notice of the initial Interest Period applicable thereto) or prior to 12:00 Noon (New York City time) on the third Business Day prior to the expiration of an Interest Period applicable to such LIBO Rate Term Loan (in the case of any subsequent Interest Period), the Lead Borrower shall have the right to elect the interest period (each, an “Interest Period”) applicable to such LIBO Rate Term LoanBorrowing, which Interest Period shall, at the option of the Lead Borrower be a one, two, three or six or (if available to all the Lenders making such LIBOR Loans as determined by such Lenders in good faith based on prevailing market conditions) a 12-month period, or, if agreed to by all Lenders, a twelve month period, or, if agreed to period or any shorter period requested by the Administrative Agent Borrower; provided that, notwithstanding the foregoing, the initial Interest Period beginning on the Effective Date may be for a period less than one month; provided that (in month if agreed upon by the Borrower and each case):of the Lenders. Notwithstanding anything to the contrary contained above:
(i) all LIBO Rate Term Loans comprising a Borrowing shall at all times have the same Interest Period;
(iia) the initial Interest Period for any LIBO Rate Term Loan Borrowing of LIBOR Loans shall commence on the date of such Borrowing of such LIBO Rate Term Loan (including, in the case of LIBO Rate Term Loans, including the date of any conversion thereto from a Borrowing of Base Rate Term Loans ABR Loans) and each Interest Period occurring thereafter in respect of such LIBO Rate Term Loan Borrowing shall commence on the day on which the next preceding Interest Period applicable thereto expires;
(iiib) if any Interest Period for relating to a LIBO Rate Term Loan Borrowing of LIBOR Loans begins on the last Business Day of a calendar month or begins on a day for which there is no numerically corresponding day in the calendar month at the end of such Interest Period, such Interest Period shall end on the last Business Day of the calendar month at the end of such calendar monthInterest Period;
(ivc) if any Interest Period for a LIBO Rate Term Loan would otherwise expire on a day which that is not a Business Day, such Interest Period shall expire on the next succeeding Business Day; providedprovided that, however, that if any Interest Period for in respect of a LIBO Rate Term LIBOR Loan would otherwise expire on a day which that is not a Business Day Day, but is a day of the month after which no further Business Day occurs in such month, such Interest Period shall expire on the next preceding Business Day;
(v) unless the Required Lenders otherwise agree, no Interest Period for a LIBO Rate Term Loan may be selected at any time when a Default or an Event of Default is then in existence; and
(vid) no the Borrower shall not be entitled to elect any Interest Period in respect of any Borrowing of any Tranche of Term Loans shall be selected which extends LIBOR Loan if such Interest Period would extend beyond the Maturity Date therefor. With respect to any LIBO Rate Term Loans, at the end of any Interest Period applicable to a Borrowing thereof, the Lead Borrower may elect to split the respective Borrowing of a single Type under a single Tranche into two or more Borrowings of different Types under such Tranche or combine two or more Borrowings under a single Tranche into a single Borrowing of the same Type under such Tranche, in each case, by having the Lead Borrower give notice thereof together with its election of one or more Interest Periods, in each case so long as each resulting Borrowing (x) has an Interest Period which complies with the foregoing requirements of this Section 2.09, (y) has a principal amount which is not less than the Minimum Borrowing Amount applicable to Borrowings of the respective Type and Tranche, and (z) does not cause a violation of the requirements of Section 2.02. If by 12:00 Noon (New York City time) on the third Business Day prior to the expiration of any Interest Period applicable to a Borrowing of LIBO Rate Term Loans, the Lead Borrower has failed to elect, or is not permitted to elect, a new Interest Period to be applicable to such LIBO Rate, the Lead Borrower shall be deemed to have elected in the case of LIBO Rate Term Loans, to convert such LIBO Rate Term Loans into Base Rate Term Loans with such conversion to be effective as of the expiration date of such current Interest PeriodDate.
Appears in 3 contracts
Sources: Credit Agreement (California Resources Corp), Credit Agreement (California Resources Corp), Credit Agreement (California Resources Corp)
Interest Periods. At Concurrently with the time the Lead Borrower gives any giving of a Notice of Borrowing or Notice of Conversion/Continuation in respect of the making ofany Borrowing comprised of Base Rate Loans to be converted into, or conversion intoLIBOR Loans to be continued as, any LIBO Rate Term Loan (in the case of the initial Interest Period applicable thereto) or prior to 12:00 Noon (New York City time) on the third Business Day prior to the expiration of an Interest Period applicable to such LIBO Rate Term Loan (in the case of any subsequent Interest Period)LIBOR Loans, the Lead Borrower shall have the right to elect elect, pursuant to such notice, the interest period (each, an “Interest Period”) to be applicable to such LIBO Rate Term LoanLIBOR Loans, which Interest Period shall, at the option of the Lead Borrower Borrower, be a one, two, three or six six-month period; provided, orhowever, if agreed to by all Lenders, a twelve month period, or, if agreed to by the Administrative Agent a period less than one month; provided that (in each case):that:
(i) all LIBO Rate Term LIBOR Loans comprising a single Borrowing shall at all times have the same Interest Period;
(ii) the initial Interest Period for any LIBO Rate Term LIBOR Loan shall commence on the date of the Borrowing of such LIBO Rate Term LIBOR Loan (including, in the case of LIBO Rate Term Loans, including the date of any continuation of, or conversion thereto from a Borrowing of Base Rate Term Loans into, such LIBOR Loan), and each successive Interest Period occurring thereafter in respect of applicable to such LIBO Rate Term LIBOR Loan shall commence on the day on which the next preceding Interest Period applicable thereto expires;
(iii) LIBOR Loans may not be outstanding under more than ten (10) separate Interest Periods at any one time (for which purpose Interest Periods shall be deemed to be separate even if they are coterminous);
(iv) if any Interest Period for otherwise would expire on a LIBO Rate Term Loan day that is not a Business Day, such Interest Period shall expire on the next succeeding Business Day unless such next succeeding Business Day falls in another calendar month, in which case such Interest Period shall expire on the next preceding Business Day;
(v) the Borrower may not select any Interest Period that expires after the Maturity Date, with respect to Revolving Loans that are to be maintained as LIBOR Loans;
(vi) if any Interest Period begins on a day for which there is no numerically corresponding day in the calendar month at the end of during which such Interest PeriodPeriod would otherwise expire, such Interest Period shall end expire on the last Business Day of such calendar month;
(iv) if any Interest Period for a LIBO Rate Term Loan would otherwise expire on a day which is not a Business Day, such Interest Period shall expire on the next succeeding Business Day; provided, however, that if any Interest Period for a LIBO Rate Term Loan would otherwise expire on a day which is not a Business Day but is a day of the month after which no further Business Day occurs in such month, such Interest Period shall expire on the next preceding Business Day;
(v) unless the Required Lenders otherwise agree, no Interest Period for a LIBO Rate Term Loan may be selected at any time when a Default or an Event of Default is then in existence; and
(vivii) no the Borrower may not select any Interest Period in respect of any Borrowing of any Tranche of Term (and consequently, no LIBOR Loans shall be selected which extends beyond made) if a Default or Event of Default shall have occurred and be continuing at the Maturity Date therefor. With time of such Notice of Borrowing or Notice of Conversion/Continuation with respect to any LIBO Rate Term Loans, at the end of any Interest Period applicable to a Borrowing thereof, the Lead Borrower may elect to split the respective Borrowing of a single Type under a single Tranche into two or more Borrowings of different Types under such Tranche or combine two or more Borrowings under a single Tranche into a single Borrowing of the same Type under such Tranche, in each case, by having the Lead Borrower give notice thereof together with its election of one or more Interest Periods, in each case so long as each resulting Borrowing (x) has an Interest Period which complies with the foregoing requirements of this Section 2.09, (y) has a principal amount which is not less than the Minimum Borrowing Amount applicable to Borrowings of the respective Type and Tranche, and (z) does not cause a violation of the requirements of Section 2.02. If by 12:00 Noon (New York City time) on the third Business Day prior to the expiration of any Interest Period applicable to a Borrowing of LIBO Rate Term Loans, the Lead Borrower has failed to elect, or is not permitted to elect, a new Interest Period to be applicable to such LIBO Rate, the Lead Borrower shall be deemed to have elected in the case of LIBO Rate Term Loans, to convert such LIBO Rate Term Loans into Base Rate Term Loans with such conversion to be effective as of the expiration date of such current Interest PeriodBorrowing.
Appears in 3 contracts
Sources: Credit Agreement, Credit Agreement (Intercontinentalexchange Inc), Credit Agreement (Intercontinentalexchange Inc)
Interest Periods. At the time the Lead any Borrower gives any Notice of Borrowing or Notice of Conversion/Continuation in respect of the making of, or conversion into, any LIBO Rate Term LIBOR Loan (in the case of the initial Interest Period applicable thereto) or prior to 12:00 Noon 2:00 P.M. (New York City time) on the third Business Day (or with respect to any Loan denominated in Euros or an Acceptable Foreign Currency, the fourth Business Day) prior to the expiration of an Interest Period applicable to such LIBO Rate Term LIBOR Loan (in the case of any subsequent Interest Period), the Lead such Borrower shall have the right to elect the interest period (each, an “Interest Period”) applicable to such LIBO Rate Term LIBOR Loan, which Interest Period shall, at the option of the Lead Borrower such Borrower, be (x) a one, two, three or six month period, oror (y) with the consent of the Administrative Agent in its sole discretion, if a period of less than one month or (z) to the extent agreed to by all Lenders, a twelve month such other period, or, if agreed to by the Administrative Agent a period less than one month; provided that (in each case):
(ia) all LIBO Rate Term LIBOR Loans comprising a Borrowing shall at all times have the same Interest Period;
(iib) the initial Interest Period for any LIBO Rate Term LIBOR Loan shall commence on the date of Borrowing of such LIBO Rate Term LIBOR Loan (including, in the case of LIBO Rate Term Loans, including the date of any conversion thereto from a Borrowing of Base Rate Term Loans Loan) and each Interest Period occurring thereafter in respect of such LIBO Rate Term LIBOR Loan shall commence on the day on which the next immediately preceding Interest Period applicable thereto expires;
(iiic) if any Interest Period for a LIBO Rate Term LIBOR Loan begins on a day for which there is no numerically corresponding day in the calendar month at the end of such Interest Period, such Interest Period shall end on the last Business Day of such calendar month;
(ivd) if any Interest Period for a LIBO Rate Term LIBOR Loan would otherwise expire on a day which is not a Business Day, such Interest Period shall expire on the next succeeding Business Day; provided, however, that if any Interest Period for a LIBO Rate Term LIBOR Loan would otherwise expire on a day which is not a Business Day but is a day of the month after which no further Business Day occurs in such month, such Interest Period shall expire on the next immediately preceding Business Day;
(ve) unless the Required Lenders otherwise agree, no Interest Period for a LIBO Rate Term Loan may be selected at any time when a Default or an Event of Default is then in existenceexistence if either the Administrative Agent or the Required Lenders have elected, upon notice to the Borrowers, to not permit such selection in its or their sole discretion; and
(vif) no Interest Period in respect of any Borrowing of any Tranche of Term Loans shall be selected which extends beyond the Final Maturity Date therefor. With respect to any LIBO Rate Term Loans, at the end of any Interest Period applicable to a Borrowing thereof, the Lead Borrower may elect to split the respective Borrowing of a single Type under a single Tranche into two or more Borrowings of different Types under such Tranche or combine two or more Borrowings under a single Tranche into a single Borrowing of the same Type under such Tranche, in each case, by having the Lead Borrower give notice thereof together with its election of one or more Interest Periods, in each case so long as each resulting Borrowing (x) has an Interest Period which complies with the foregoing requirements of this Section 2.09, (y) has a principal amount which is not less than the Minimum Borrowing Amount applicable to Borrowings of the respective Type and Tranche, and (z) does not cause a violation of the requirements of Section 2.02Date. If by 12:00 Noon 2:00 P.M. (New York City time) on the third Business Day (or with respect to any Loan denominated in Euros or an Acceptable Foreign Currency, the fourth Business Day) prior to the expiration of any Interest Period applicable to a Borrowing of LIBO Rate Term LIBOR Loans, the Lead any Borrower has failed to elect, or is not permitted to elect, a new Interest Period to be applicable to such LIBO RateLIBOR Loans as provided above, the Lead such Borrower shall be deemed to have elected (i) in the case respect of LIBO Rate Term Loans, U.S. Dollar Denominated Revolving Loans to convert such LIBO Rate Term LIBOR Loans into Base Rate Term Loans with such conversion to be effective as of the expiration date of such current Interest Period and (ii) in respect of Loans denominated in Euros or an Acceptable Foreign Currency, a one-month Interest Period (provided that with respect to this clause (ii), if the Administrative Agent or the Required Lenders have elected not to permit the selection of an Interest Period pursuant to clause (e) above, then on the expiration of the then-applicable Interest Period, such Loans shall be repaid).
Appears in 3 contracts
Sources: Abl Credit Agreement (Tesla, Inc.), Abl Credit Agreement (Tesla, Inc.), Abl Credit Agreement (Tesla Motors Inc)
Interest Periods. At the time the Lead Borrower gives any Notice of Borrowing or Notice of Conversion/Continuation in respect of the making of, or conversion into, any LIBO Rate Term Benchmark Term Loan (in the case of the initial Interest Period applicable thereto) or prior to 12:00 Noon (New York City time) on the third Business Day prior to the expiration of an Interest Period applicable to such LIBO Rate Term Benchmark Term Loan (in the case of any subsequent Interest Period), the Lead Borrower shall have the right to elect the interest period (each, an “Interest Period”) applicable to such LIBO Rate Term Benchmark Term Loan, which Interest Period shall, at the option of the Lead Borrower be a one, two, three or six month periodperiod (in each case, or, if agreed subject to by all Lenders, a twelve month period, or, if agreed the availability for the Benchmark applicable to by the Administrative Agent a period less than one monthrelevant Loan); provided that (in each case):
(i) all LIBO Rate Term Benchmark Term Loans comprising a Borrowing shall at all times have the same Interest Period;
(ii) the initial Interest Period for any LIBO Rate Term Benchmark Term Loan shall commence on the date of Borrowing of such LIBO Rate Term Benchmark Term Loan (including, in the case of LIBO Rate Term Benchmark Term Loans, the date of any conversion thereto from a Borrowing of Base Rate Term Loans Loans) and each Interest Period occurring thereafter in respect of such LIBO Rate Term Benchmark Term Loan shall commence on the day on which the next preceding Interest Period applicable thereto expires;
(iii) if any Interest Period for a LIBO Rate Term Benchmark Term Loan begins on a day for which there is no numerically corresponding day in the calendar month at the end of such Interest Period, such Interest Period shall end on the last Business Day of such calendar month;
(iv) if any Interest Period for a LIBO Rate Term Benchmark Term Loan would otherwise expire on a day which is not a Business Day, such Interest Period shall expire on the next succeeding Business Day; provided, however, that if any Interest Period for a LIBO Rate Term Benchmark Term Loan would otherwise expire on a day which is not a Business Day but is a day of the month after which no further Business Day occurs in such month, such Interest Period shall expire on the next preceding Business Day;
(v) unless the Required Lenders otherwise agree, no Interest Period for a LIBO Rate Term Benchmark Term Loan may be selected at any time when a Default or an Event of Default is then in existence; and
(vi) no Interest Period in respect of any Borrowing of any Tranche of Term Loans shall be selected which extends beyond the Maturity Date therefor. With respect to any LIBO Rate Term Benchmark Term Loans, at the end of any Interest Period applicable to a Borrowing thereof, the Lead Borrower may elect to split the respective Borrowing of a single Type under a single Tranche into two or more Borrowings of different Types under such Tranche or combine two or more Borrowings under a single Tranche into a single Borrowing of the same Type under such Tranche, in each case, by having the Lead Borrower give giving notice thereof together with its election of one or more Interest PeriodsPeriods applicable thereto, in each case so long as each resulting Borrowing (x) has an Interest Period which complies with the foregoing requirements of this Section 2.09, (y) has a principal amount which is not less than the Minimum Borrowing Amount applicable to Borrowings of the respective Type and Tranche, and (z) does not cause a violation of the requirements of Section 2.02. If by 12:00 Noon (New York City time) on the third Business Day prior to the expiration of any Interest Period applicable to a Borrowing of LIBO Rate Term Benchmark Term Loans, the Lead Borrower has failed to elect, or is not permitted to elect, a new Interest Period to be applicable to such LIBO Term SOFR Rate, the Lead Borrower shall be deemed to have elected in the case of LIBO Rate Term Benchmark Term Loans, to convert such LIBO Rate Term Benchmark Term Loans into Base Rate Term Loans with such conversion to be effective as of the expiration date of such current Interest Period.
Appears in 3 contracts
Sources: Term Loan Credit Agreement (Ingram Micro Holding Corp), Term Loan Credit Agreement (Ingram Micro Holding Corp), Term Loan Credit Agreement (Ingram Micro Holding Corp)
Interest Periods. At the time the Lead Borrower it gives any Notice of Borrowing or Notice of Conversion/Continuation Conversion in respect of the making of, or conversion into, any LIBO Fixed Rate Term Loan (in the case of the initial Interest Period applicable thereto) or prior to 12:00 Noon (New York City time) on the third Business Day prior to the expiration of an Interest Period applicable to any such LIBO Rate Term LIBOR Loan or one Business Day prior to the expiration of an Interest Period applicable to any such IBOR Loan (in the case of any subsequent Interest Period), the Lead relevant Borrower shall have the right to elect elect, by giving the Administrative Agent notice thereof, the interest period (each, each an “"Interest Period”") applicable to such LIBO Fixed Rate Term Loan, which Interest Period shallshall be (x) in the case of a LIBOR Loan, a one month period, and (y) in the case of an IBOR Loan, a period of up to thirty days, at the option of the Lead Borrower be a onesuch Borrower, two, three or six month period, or, if agreed to by all Lenders, a twelve month period, or, if agreed to by the Administrative Agent a period less than one month; provided that (in each case):
that: (i) all LIBO Fixed Rate Term Loans comprising a Borrowing shall at all times have the same Interest Period;
; (ii) the initial Interest Period for any LIBO Fixed Rate Term Loan shall commence on the date of Borrowing of such LIBO Rate Term Revolving Loan (including, in the case of LIBO Rate Term Loans, including the date of any conversion thereto from thereof into a Borrowing Revolving Loan of Base Rate Term Loans a different Type) and each Interest Period occurring thereafter in respect of such LIBO Rate Term Revolving Loan shall commence on the day on which the next preceding Interest Period applicable thereto expires;
; (iii) if any Interest Period for relating to a LIBO Rate Term LIBOR Loan begins on a day for which there is no numerically corresponding day in the calendar month at the end of such Interest Period, such Interest Period shall end on the last Business Day of such calendar month;
; (iv) if any Interest Period for a LIBO Rate Term Loan would otherwise expire on a day which is not a Business Day, such Interest Period shall expire on the next succeeding Business Day; provided, however, provided that if any Interest Period for a LIBO Rate Term LIBOR Loan would otherwise expire on a day which is not a Business Day but is a day of the month after which no further Business Day occurs in such month, such Interest Period shall expire on the next preceding Business Day;
; (v) unless the Required Lenders otherwise agree, no Interest Period for a LIBO Rate Term Loan may be selected at any time when a Default or an Event of Default is then in existenceshall extend beyond the Expiry Date; and
and (vi) no Interest Period in respect of any Borrowing of any Tranche of Term Loans shall be selected which extends may extend beyond the Maturity Date therefordate upon which the Loans to such Borrower are required to be repaid pursuant to Section 3.02(c). With respect to any LIBO Rate Term LoansIf, at the end of any Interest Period applicable to a Borrowing thereof, the Lead Borrower may elect to split the respective Borrowing of a single Type under a single Tranche into two or more Borrowings of different Types under such Tranche or combine two or more Borrowings under a single Tranche into a single Borrowing of the same Type under such Tranche, in each case, by having the Lead Borrower give notice thereof together with its election of one or more Interest Periods, in each case so long as each resulting Borrowing (x) has an Interest Period which complies with the foregoing requirements of this Section 2.09, (y) has a principal amount which is not less than the Minimum Borrowing Amount applicable to Borrowings of the respective Type and Tranche, and (z) does not cause a violation of the requirements of Section 2.02. If by 12:00 Noon (New York City time) on the third Business Day prior to upon the expiration of any Interest Period applicable to a Borrowing of LIBO Fixed Rate Term Loans, the Lead respective Borrower has failed to elect, or is not permitted to elect, a new Interest Period to be applicable to such LIBO RateFixed Rate Loans as provided in this Section 1.09, the Lead such Borrower shall be deemed to have elected in the case of LIBO Rate Term Loans, to convert such LIBO Fixed Rate Term Loans into Base Rate Term Loans with such conversion to be effective as of the expiration date of such current Interest Period.
Appears in 3 contracts
Sources: Credit Agreement (Galaxy Fund /De/), Credit Agreement (Galaxy Fund Ii), Credit Agreement (Galaxy Vip Fund)
Interest Periods. At the time the Lead a Borrower gives any Notice of Borrowing or Notice of Conversion/Continuation in respect of the making of, or conversion into, any LIBO Rate Term Loan or B/A Discount Rate Loan (in the case of the initial Interest Period applicable thereto) or prior to 12:00 Noon (New York City time) on the third Business Day prior to the expiration of an Interest Period applicable to such LIBO Rate Term Loan or B/A Discount Rate Loan, as the case may be, (in the case of any subsequent Interest Period), the Lead respective Borrower shall have the right to elect the interest period (each, an “Interest Period”) applicable to such LIBO Rate Term Loan or B/A Discount Rate Loan, as the case may be, which Interest Period shall, at the option of the Lead U.S. Borrower or the Canadian Borrower, as the case may be (but otherwise subject to the provisions of clause (B) of the proviso in each of Sections 2.01(a)(iii), Sections 2.01(b)(iii), 2.01(d)(ii) and 2.01(e)(ii)), be a one, two, three or six month period, period or, if to the extent agreed to by all LendersLenders with LIBO Rate Loans or B/A Discount Rate Loans under the relevant Tranche, a nine or twelve month period, or, if agreed to by the Administrative Agent a period less than one month; provided that (in each case):
(i) all LIBO Rate Term Loans and B/A Discount Rate Loans comprising a Borrowing shall at all times have the same Interest Period;
(ii) the initial Interest Period for any LIBO Rate Term Loan or B/A Discount Rate Loan shall commence on the date of Borrowing of such LIBO Rate Term Loan or B/A Discount Rate Loan (including, (x) in the case of LIBO Rate Term Loans, the date of any conversion thereto from a Borrowing of Base Rate Term Loans and (y) in the case of B/A Discount Rate Loans, the date of any conversion thereto from a Borrowing of Canadian Prime Rate Loans) and each Interest Period occurring thereafter in respect of such LIBO Rate Term Loan or B/A Discount Rate Loan shall commence on the day on which the next preceding Interest Period applicable thereto expires;
(iii) if any Interest Period for a LIBO Rate Term Loan or B/A Discount Rate Loan begins on a day for which there is no numerically corresponding day in the calendar month at the end of such Interest Period, such Interest Period shall end on the last Business Day of such calendar month;
(iv) if any Interest Period for a LIBO Rate Term Loan or B/A Discount Rate Loan would otherwise expire on a day which is not a Business Day, such Interest Period shall expire on the next succeeding Business Day; provided, however, that if any Interest Period for a LIBO Rate Term Loan would otherwise expire on a day which is not a Business Day but is a day of the month after which no further Business Day occurs in such month, such Interest Period shall expire on the next preceding Business Day;
(v) unless the Required Lenders otherwise agree, no Interest Period for a LIBO Rate Term Loan or a B/A Discount Rate Loan may be selected at any time when a Default or an Event of Default is then in existence; and
(vi) no Interest Period in respect of any Borrowing of any Tranche of Term Loans shall be selected which extends beyond the respective Maturity Date therefor. With respect to any LIBO Rate Term Loans, at the end of any Interest Period applicable to a Borrowing thereof, the Lead U.S. Borrower or the Canadian Borrower, as applicable, may elect to split the respective Borrowing of a single Type under a single Tranche into two or more Borrowings of different Types under such Tranche or combine two or more Borrowings under a single Tranche into a single Borrowing of the same Type under such Tranche, in each case, by having the Lead relevant Borrower give notice thereof together with its election of one or more Interest Periods, in each case so long as each resulting Borrowing (x) has an Interest Period which complies with the foregoing requirements of this Section 2.09, (y) has a principal amount which is not less than the Minimum Borrowing Amount applicable to Borrowings of the respective Type and Tranche, and (z) does not cause a violation of the requirements of Section 2.02. If by 12:00 Noon (New York City time) on the third Business Day prior to the expiration of any Interest Period applicable to a Borrowing of LIBO Rate Term Loans or B/A Discount Rate Loans, the Lead U.S. Borrower or the Canadian Borrower, as applicable, has failed to elect, or is not permitted to elect, a new Interest Period to be applicable to such LIBO RateRate Loans or B/A Discount Rate Loans as provided above, the Lead such Borrower shall be deemed to have elected (x) in the case of LIBO Rate Term Loans, to convert such LIBO Rate Term Loans into Base Rate Term Loans and (y) in the case of B/A Discount Rate Loans, to convert such B/A Discount Rate Loans into Canadian Prime Rate Loans, with any such conversion to be effective as of the expiration date of such current Interest Period.
Appears in 3 contracts
Sources: Credit Agreement (Bway Parent Company, Inc.), Credit Agreement (Phoenix Container, Inc.), Credit Agreement (BWAY Holding CO)
Interest Periods. At Concurrently with the time the Lead Borrower gives any giving of a Notice of Borrowing or Notice of Conversion/Continuation in respect of the making ofany Borrowing comprised of Base Rate Loans to be converted into, or conversion intoLIBOR Loans to be continued as, any LIBO Rate Term Loan (in the case of the initial Interest Period applicable thereto) or prior to 12:00 Noon (New York City time) on the third Business Day prior to the expiration of an Interest Period applicable to such LIBO Rate Term Loan (in the case of any subsequent Interest Period)LIBOR Loans, the Lead Borrower shall have the right to elect elect, pursuant to such notice, the interest period (each, an “"Interest Period”") to be applicable to such LIBO Rate Term LoanLIBOR Loans, which Interest Period shall, at the option of the Lead Borrower Borrower, be a one, two, three or six six-month period; provided, orhowever, if agreed to by all Lenders, a twelve month period, or, if agreed to by the Administrative Agent a period less than one month; provided that (in each case):that:
(i) all LIBO Rate Term LIBOR Loans comprising a single Borrowing shall at all times have the same Interest Period;
(ii) the initial Interest Period for any LIBO Rate Term LIBOR Loan shall commence on the date of the Borrowing of such LIBO Rate Term LIBOR Loan (including, in the case of LIBO Rate Term Loans, including the date of any continuation of, or conversion thereto from a Borrowing of Base Rate Term Loans into, such LIBOR Loan), and each successive Interest Period occurring thereafter in respect of applicable to such LIBO Rate Term LIBOR Loan shall commence on the day on which the next preceding Interest Period applicable thereto expires;
(iii) LIBOR Loans may not be outstanding under more than seven (7) separate Interest Periods at any one time (for which purpose Interest Periods shall be deemed to be separate even if they are coterminous);
(iv) if any Interest Period otherwise would expire on a day that is not a Business Day, such Interest Period shall expire on the next succeeding Business Day unless such next succeeding Business Day falls in another calendar month, in which case such Interest Period shall expire on the next preceding Business Day;
(v) the Borrower may not select any Interest Period that expires after the Maturity Date;
(vi) no Interest Period may be selected that would end after a scheduled date for a LIBO repayment of principal of the Loans occurring on or after the first day of such Interest Period unless, immediately after giving effect to such selection, the aggregate principal amount of Loans that are Base Rate Term Loan Loans or that have Interest Periods expiring on or before such principal repayment date equals or exceeds the principal amount required to be paid on such principal repayment date; and
(vii) if any Interest Period begins on a day for which there is no numerically corresponding day in the calendar month at the end of during which such Interest PeriodPeriod would otherwise expire, such Interest Period shall end expire on the last Business Day of such calendar month;
(iv) if any Interest Period for a LIBO Rate Term Loan would otherwise expire on a day which is not a Business Day, such Interest Period shall expire on the next succeeding Business Day; provided, however, that if any Interest Period for a LIBO Rate Term Loan would otherwise expire on a day which is not a Business Day but is a day of the month after which no further Business Day occurs in such month, such Interest Period shall expire on the next preceding Business Day;
(v) unless the Required Lenders otherwise agree, no Interest Period for a LIBO Rate Term Loan may be selected at any time when a Default or an Event of Default is then in existence; and
(vi) no Interest Period in respect of any Borrowing of any Tranche of Term Loans shall be selected which extends beyond the Maturity Date therefor. With respect to any LIBO Rate Term Loans, at the end of any Interest Period applicable to a Borrowing thereof, the Lead Borrower may elect to split the respective Borrowing of a single Type under a single Tranche into two or more Borrowings of different Types under such Tranche or combine two or more Borrowings under a single Tranche into a single Borrowing of the same Type under such Tranche, in each case, by having the Lead Borrower give notice thereof together with its election of one or more Interest Periods, in each case so long as each resulting Borrowing (x) has an Interest Period which complies with the foregoing requirements of this Section 2.09, (y) has a principal amount which is not less than the Minimum Borrowing Amount applicable to Borrowings of the respective Type and Tranche, and (z) does not cause a violation of the requirements of Section 2.02. If by 12:00 Noon (New York City time) on the third Business Day prior to the expiration of any Interest Period applicable to a Borrowing of LIBO Rate Term Loans, the Lead Borrower has failed to elect, or is not permitted to elect, a new Interest Period to be applicable to such LIBO Rate, the Lead Borrower shall be deemed to have elected in the case of LIBO Rate Term Loans, to convert such LIBO Rate Term Loans into Base Rate Term Loans with such conversion to be effective as of the expiration date of such current Interest Period.
Appears in 3 contracts
Sources: Credit Agreement (Pxre Corp), Credit Agreement (Pxre Group LTD), Credit Agreement (Pxre Group LTD)
Interest Periods. At Concurrently with the time the Lead Borrower gives any giving of a Notice of Borrowing or Notice of Conversion/Continuation in respect of the making ofany Borrowing comprised of Base Rate Loans to be converted into, or conversion intoLIBOR Loans to be continued as, any LIBO Rate Term Loan (in the case of the initial Interest Period applicable thereto) or prior to 12:00 Noon (New York City time) on the third Business Day prior to the expiration of an Interest Period applicable to such LIBO Rate Term Loan (in the case of any subsequent Interest Period)LIBOR Loans, the Lead Borrower shall have the right to elect elect, pursuant to such notice, the interest period (each, an “Interest Period”) to be applicable to such LIBO Rate Term LoanLIBOR Loans, which Interest Period shall, at the option of the Lead Borrower be be, in the case of a LIBOR Loan, a one, two, two or three or six six-month period; provided, orhowever, if agreed to by all Lenders, a twelve month period, or, if agreed to by the Administrative Agent a period less than one month; provided that (in each case):that:
(i) all LIBO Rate Term LIBOR Loans comprising a single Borrowing shall at all times have the same Interest Period;
(ii) the initial Interest Period for any LIBO Rate Term LIBOR Loan shall commence on the date of the Borrowing of such LIBO Rate Term LIBOR Loan (including, in the case of LIBO Rate Term Loans, including the date of any continuation of, or conversion thereto from a Borrowing of Base Rate Term Loans into, such LIBOR Loan), and each successive Interest Period occurring thereafter in respect of applicable to such LIBO Rate Term LIBOR Loan shall commence on the day on which the next preceding Interest Period applicable thereto expires;
(iii) LIBOR Loans may not be outstanding under more than six (6) separate Interest Periods at any one time (for which purpose Interest Periods shall be deemed to be separate even if they are coterminous);
(iv) if any Interest Period for otherwise would expire on a LIBO Rate Term Loan day that is not a Business Day, such Interest Period shall expire on the next succeeding Business Day unless such next succeeding Business Day falls in another calendar month, in which case such Interest Period shall expire on the next preceding Business Day;
(v) the Borrower may not select any Interest Period that begins prior to the Closing Date or that expires after the Maturity Date;
(vi) if any Interest Period begins on a day for which there is no numerically corresponding day in the calendar month at the end of during which such Interest PeriodPeriod would otherwise expire, such Interest Period shall end expire on the last Business Day of such calendar month;
(iv) if any Interest Period for a LIBO Rate Term Loan would otherwise expire on a day which is not a Business Day, such Interest Period shall expire on the next succeeding Business Day; provided, however, that if any Interest Period for a LIBO Rate Term Loan would otherwise expire on a day which is not a Business Day but is a day of the month after which no further Business Day occurs in such month, such Interest Period shall expire on the next preceding Business Day;
(v) unless the Required Lenders otherwise agree, no Interest Period for a LIBO Rate Term Loan may be selected at any time when a Default or an Event of Default is then in existence; and
(vivii) no Interest Period in respect of any Borrowing of any Tranche of Term Loans shall be selected which extends beyond the Maturity Date therefor. With respect to any LIBO Rate Term Loansif, at the end of any Interest Period applicable to a Borrowing thereof, the Lead Borrower may elect to split the respective Borrowing of a single Type under a single Tranche into two or more Borrowings of different Types under such Tranche or combine two or more Borrowings under a single Tranche into a single Borrowing of the same Type under such Tranche, in each case, by having the Lead Borrower give notice thereof together with its election of one or more Interest Periods, in each case so long as each resulting Borrowing (x) has an Interest Period which complies with the foregoing requirements of this Section 2.09, (y) has a principal amount which is not less than the Minimum Borrowing Amount applicable to Borrowings of the respective Type and Tranche, and (z) does not cause a violation of the requirements of Section 2.02. If by 12:00 Noon (New York City time) on the third Business Day prior to upon the expiration of any Interest Period applicable to a Borrowing of LIBO Rate Term LIBOR Loans, the Lead Borrower has shall have failed to elect, or is not permitted to elect, elect a new Interest Period to be applicable to such LIBO RateLIBOR Loans, then the Lead Borrower shall be deemed to have elected in the case of LIBO Rate Term Loans, to convert such LIBO Rate Term LIBOR Loans into Base Rate Term Loans with such conversion to be effective as of the expiration date of such the then current Interest PeriodPeriod applicable thereto.
Appears in 3 contracts
Sources: Credit Agreement (Selective Insurance Group Inc), Credit Agreement (Selective Insurance Group Inc), Credit Agreement (Selective Insurance Group Inc)
Interest Periods. At the time the Lead Borrower gives any the Notice of Borrowing or a Notice of Conversion/Continuation in respect of the making of, or conversion intointo or continuation as, any LIBO Rate Term Loan (in the case a Borrowing of the initial Interest Period applicable thereto) or LIBOR Loans prior to 12:00 Noon 10:00 a.m. (New York City time) on the third Business Day prior to the expiration applicable date of an Interest Period applicable to making or conversion or continuation of such LIBO Rate Term Loan (in the case of any subsequent Interest Period)LIBOR Loans, the Lead Borrower shall have the right to elect by giving the interest period Administrative Agent written notice of (each, an “Interest Period”or telephonic notice promptly confirmed in writing) the LIBOR Period applicable to such LIBO Rate Term LoanBorrowing, which Interest LIBOR Period shall, at the option of the Lead Borrower Borrower, be a one week or one, two, three or six month period, or, if agreed months. Notwithstanding anything to by all Lenders, a twelve month period, or, if agreed to by the Administrative Agent a period less than one month; provided that (in each case):contrary contained above:
(i) all LIBO Rate Term Loans comprising a Borrowing shall at all times have the same Interest Period;
(iia) the initial Interest LIBOR Period for any LIBO Rate Term Loan Borrowing of LIBOR Loans shall commence on the date of such Borrowing of such LIBO Rate Term Loan (including, in the case of LIBO Rate Term Loans, including the date of any conversion thereto from a Borrowing of Base Rate Term Loans ABR Loans) and each Interest LIBOR Period occurring thereafter in respect of such LIBO Rate Term Loan Borrowing shall commence on the day on which the next preceding Interest LIBOR Period applicable thereto expires;
(iiib) if any Interest LIBOR Period for relating to a LIBO Rate Term Loan Borrowing of LIBOR Loans begins on the last Business Day of a calendar month or begins on a day for which there is no numerically corresponding day in the calendar month at the end of such Interest LIBOR Period, such Interest LIBOR Period shall end on the last Business Day of the calendar month at the end of such calendar monthLIBOR Period;
(ivc) if any Interest LIBOR Period for a LIBO Rate Term Loan would otherwise expire on a day which that is not a Business Day, such Interest LIBOR Period shall expire on the next succeeding Business Day; provided, however, provided that if any Interest LIBOR Period for in respect of a LIBO Rate Term LIBOR Loan would otherwise expire on a day which that is not a Business Day but is a day of the month after which no further Business Day occurs in such month, such Interest LIBOR Period shall expire on the next preceding Business Day;
(v) unless the Required Lenders otherwise agree, no Interest Period for a LIBO Rate Term Loan may be selected at any time when a Default or an Event of Default is then in existence; and
(vid) no Interest the Borrower shall not be entitled to elect any LIBOR Period in respect of any Borrowing of any Tranche of Term Loans shall be selected which extends LIBOR Loan if such LIBOR Period would extend beyond the Maturity Date therefor. With respect to any LIBO Rate Term Loans, at the end of any Interest Period applicable to a Borrowing thereof, the Lead Borrower may elect to split the respective Borrowing of a single Type under a single Tranche into two or more Borrowings of different Types under such Tranche or combine two or more Borrowings under a single Tranche into a single Borrowing of the same Type under such Tranche, in each case, by having the Lead Borrower give notice thereof together with its election of one or more Interest Periods, in each case so long as each resulting Borrowing (x) has an Interest Period which complies with the foregoing requirements of this Section 2.09, (y) has a principal amount which is not less than the Minimum Borrowing Amount applicable to Borrowings of the respective Type and Tranche, and (z) does not cause a violation of the requirements of Section 2.02. If by 12:00 Noon (New York City time) on the third Business Day prior to the expiration of any Interest Period applicable to a Borrowing of LIBO Rate Term Loans, the Lead Borrower has failed to elect, or is not permitted to elect, a new Interest Period to be applicable to such LIBO Rate, the Lead Borrower shall be deemed to have elected in the case of LIBO Rate Term Loans, to convert such LIBO Rate Term Loans into Base Rate Term Loans with such conversion to be effective as of the expiration date of such current Interest PeriodDate.
Appears in 3 contracts
Sources: Term Loan Credit Agreement (ITC Holdings Corp.), Term Loan Credit Agreement (ITC Holdings Corp.), Term Loan Credit Agreement (ITC Holdings Corp.)
Interest Periods. At the time the Lead Borrower gives any Notice of Borrowing or Notice of Conversion/Continuation in respect of the making of, or conversion into, any LIBO Rate Term Loan (in the case of the initial Interest Period The applicable thereto) or prior to 12:00 Noon (New York City time) on the third Business Day prior to the expiration of an Interest Period applicable to such LIBO Rate Term Loan (in the case of any subsequent Interest Period), the Lead Borrower shall have the right to elect the interest period (each, each an “Interest Period”) applicable to such LIBO of each Borrowing of LIBOR Rate Term Loan, which Interest Period shall, at the option of the Lead Borrower Loans shall be a oneone (1), twotwo (2), three (3) or six (6) month period, or, if agreed to by all Lenders, a twelve month period, or, if agreed to as selected by the Administrative Agent a period less than one monthapplicable Credit Party in the applicable Notice of Borrowing or Conversion/Continuation Notice, initially commencing on the date of the Loan or any Conversion/Continuation Date, as the case may be; provided that (in each case):that
(i) all LIBO Rate Term Loans comprising a Borrowing shall at all times have the same Interest Period;
(ii) the initial Interest Period for any LIBO Rate Term Loan shall commence on the date of Borrowing of such LIBO Rate Term Loan (including, in the case of LIBO immediately successive Interest Periods applicable to LIBOR Rate Term Loans, the date of any conversion thereto from a Borrowing of Base Rate Term Loans and each successive Interest Period occurring thereafter in respect of such LIBO Rate Term Loan shall commence on the day on which the next immediately preceding Interest Period applicable thereto expires;
(iiiii) if any an Interest Period for a LIBO Rate Term Loan begins on a day for which there is no numerically corresponding day in the calendar month at the end of such Interest Period, such Interest Period shall end on the last Business Day of such calendar month;
(iv) if any Interest Period for a LIBO Rate Term Loan would otherwise expire on a day which that is not a Business Day, such Interest Period shall expire on the next succeeding Business Day; providedprovided that, however, that if any Interest Period for a LIBO Rate Term Loan would otherwise expire on a day which that is not a Business Day but is a day of the month after which no further Business Day occurs in such month, such Interest Period shall expire on the next immediately preceding Business Day;
(viii) unless any Interest Period that begins on the Required Lenders otherwise agreelast Business Day of a calendar month (or on a day for which there is no numerically corresponding day in the calendar month at the end of such Interest Period) shall, subject to clause (iv) of this Section 2.5B, end on the last Business Day of a calendar month;
(iv) no Interest Period for a LIBO Rate Term Loan may shall extend beyond the Maturity Date;
(v) no more than ten (10) Interest Periods shall be selected outstanding at any time when a Default or an Event of Default is then in existencetime; and
(vi) no if the applicable Credit Party fails to specify an Interest Period in respect of for any Borrowing of any Tranche LIBOR Rate Loans in the applicable Notice of Term Loans shall be selected which extends beyond the Maturity Date therefor. With respect to any LIBO Rate Term LoansBorrowing or Conversion/Continuation Notice, at the end of any Interest Period applicable to a Borrowing thereof, the Lead Borrower may elect to split the respective Borrowing of a single Type under a single Tranche into two or more Borrowings of different Types under such Tranche or combine two or more Borrowings under a single Tranche into a single Borrowing of the same Type under such Tranche, in each case, by having the Lead Borrower give notice thereof together with its election of one or more Interest Periods, in each case so long as each resulting Borrowing (x) has an Interest Period which complies with the foregoing requirements of this Section 2.09, (y) has a principal amount which is not less than the Minimum Borrowing Amount applicable to Borrowings of the respective Type and Tranche, and (z) does not cause a violation of the requirements of Section 2.02. If by 12:00 Noon (New York City time) on the third Business Day prior to the expiration of any Interest Period applicable to a Borrowing of LIBO Rate Term Loans, the Lead Borrower has failed to elect, or is not permitted to elect, a new Interest Period to be applicable to such LIBO Rate, the Lead Borrower Credit Party shall be deemed to have elected in the case selected an Interest Period of LIBO Rate Term Loans, to convert such LIBO Rate Term Loans into Base Rate Term Loans with such conversion to be effective as of the expiration date of such current Interest Periodone (1) month.
Appears in 3 contracts
Sources: Credit Agreement (Hospira Inc), Credit Agreement (Hospira Inc), Credit Agreement (Hospira Inc)
Interest Periods. At Concurrently with the time the Lead Borrower gives any giving of a Notice of Borrowing or Notice of Conversion/Continuation in respect of the making ofany Borrowing comprised of Base Rate Loans to be converted into, or conversion intoLIBOR Loans to be continued as, any LIBO Rate Term Loan (in the case of the initial Interest Period applicable thereto) or prior to 12:00 Noon (New York City time) on the third Business Day prior to the expiration of an Interest Period applicable to such LIBO Rate Term Loan (in the case of any subsequent Interest Period)LIBOR Loans, the Lead Borrower shall have the right to elect elect, pursuant to such notice, the interest period (each, an “Interest Period”) to be applicable to such LIBO Rate Term LoanLIBOR Loans, which Interest Period shall, at the option of the Lead Borrower Borrower, be a one, two, three or six six-month period; provided, orhowever, if agreed to by all Lenders, a twelve month period, or, if agreed to by the Administrative Agent a period less than one month; provided that (in each case):that:
(i) all LIBO Rate Term LIBOR Loans comprising a single Borrowing shall at all times have the same Interest Period;
(ii) the initial Interest Period for any LIBO Rate Term LIBOR Loan shall commence on the date of the Borrowing of such LIBO Rate Term LIBOR Loan (including, in the case of LIBO Rate Term Loans, including the date of any continuation of, or conversion thereto from a Borrowing of Base Rate Term Loans into, such LIBOR Loan), and each successive Interest Period occurring thereafter in respect of applicable to such LIBO Rate Term LIBOR Loan shall commence on the day on which the next preceding Interest Period applicable thereto expires;
(iii) LIBOR Loans may not be outstanding under more than six separate Interest Periods at any one time (for which purpose Interest Periods shall be deemed to be separate even if they are coterminous);
(iv) if any Interest Period for otherwise would expire on a LIBO Rate Term Loan day that is not a Business Day, such Interest Period shall expire on the next succeeding Business Day unless such next succeeding Business Day falls in another calendar month, in which case such Interest Period shall expire on the immediately preceding Business Day;
(v) the Borrower may not select any Interest Period that expires after the Maturity Date;
(vi) if any Interest Period begins on a day for which there is no numerically corresponding day in the calendar month at the end of during which such Interest PeriodPeriod would otherwise expire, such Interest Period shall end expire on the last Business Day of such calendar month;
(iv) if any Interest Period for a LIBO Rate Term Loan would otherwise expire on a day which is not a Business Day, such Interest Period shall expire on the next succeeding Business Day; provided, however, that if any Interest Period for a LIBO Rate Term Loan would otherwise expire on a day which is not a Business Day but is a day of the month after which no further Business Day occurs in such month, such Interest Period shall expire on the next preceding Business Day;
(v) unless the Required Lenders otherwise agree, no Interest Period for a LIBO Rate Term Loan may be selected at any time when a Default or an Event of Default is then in existence; and
(vivii) no the Borrower may not select any Interest Period in respect of any Borrowing of any Tranche of Term (and consequently, no LIBOR Loans shall be selected which extends beyond made) if a Default or Event of Default shall have occurred and be continuing at the Maturity Date therefor. With time of such Notice of Borrowing or Notice of Conversion/Continuation with respect to any LIBO Rate Term Loans, at the end of any Interest Period applicable to a Borrowing thereof, the Lead Borrower may elect to split the respective Borrowing of a single Type under a single Tranche into two or more Borrowings of different Types under such Tranche or combine two or more Borrowings under a single Tranche into a single Borrowing of the same Type under such Tranche, in each case, by having the Lead Borrower give notice thereof together with its election of one or more Interest Periods, in each case so long as each resulting Borrowing (x) has an Interest Period which complies with the foregoing requirements of this Section 2.09, (y) has a principal amount which is not less than the Minimum Borrowing Amount applicable to Borrowings of the respective Type and Tranche, and (z) does not cause a violation of the requirements of Section 2.02. If by 12:00 Noon (New York City time) on the third Business Day prior to the expiration of any Interest Period applicable to a Borrowing of LIBO Rate Term Loans, the Lead Borrower has failed to elect, or is not permitted to elect, a new Interest Period to be applicable to such LIBO Rate, the Lead Borrower shall be deemed to have elected in the case of LIBO Rate Term Loans, to convert such LIBO Rate Term Loans into Base Rate Term Loans with such conversion to be effective as of the expiration date of such current Interest PeriodBorrowing.
Appears in 3 contracts
Sources: Credit Agreement and Pledge and Security Agreement (Swisher Hygiene Inc.), Credit Agreement (Swisher Hygiene Inc.), Credit Agreement (Swisher Hygiene Inc.)
Interest Periods. At In the time case of each LIBOR Loan, upon written or telephonic notice (confirmed in writing) to the Lead Bank three (3) Business Days prior to the commencement date of each LIBOR Interest Period therefor, the Borrower gives any Notice shall have the option to specify whether such LIBOR Interest Period shall be a period of Borrowing 1, 2 or Notice of Conversion/Continuation 3 months; provided that, in no event shall a LIBOR Interest Period in respect of any LIBOR Loan extend beyond the making ofMaturity Date. If the Bank shall not have received timely notice of a designation of a LIBOR Interest Period, or conversion into, any LIBO the Borrower shall be deemed to have elected to convert such LIBOR Loan to which such LIBOR Interest Period would have been applicable into a Base Rate Term Loan (in effective on the case last day of the initial preceding LIBOR Interest Period applicable thereto) or prior to 12:00 Noon (New York City time) on the third Business Day prior to the expiration of an . The Interest Period applicable to such LIBO each Base Rate Term Loan (in the case of any subsequent Interest Period), the Lead Borrower shall have the right to elect the interest period (each, an “Interest Period”) applicable to such LIBO Rate Term Loan, which Interest Period shall, at the option of the Lead Borrower be a one, two, three or six month period, or, if agreed to by all Lenders, a twelve month period, or, if agreed to by the Administrative Agent a period less than one month; provided that (in each case):
(i) all LIBO Rate Term Loans comprising a Borrowing shall at all times have the same Interest Period;
(ii) the initial Interest Period for any LIBO Rate Term Loan shall commence on the date of Borrowing of it is made and terminate on the earliest of: (A) the maturity date for such LIBO Rate Term Loan loan (including, in the case of LIBO Rate Term Loans, whether by acceleration or otherwise); or (B) the date it is paid in full. The determination of any conversion thereto from a Borrowing of Base Rate Term Loans Interest Periods shall be subject to the following provisions:
A. the initial LIBOR Interest Period for each LIBOR Loan shall commence on the date such LIBOR Loan is made and each LIBOR Interest Period occurring thereafter in respect of such LIBO Rate Term LIBOR Loan shall commence on the day on which the next immediately preceding Interest Period applicable thereto therefor expires;
(iii) B. if any LIBOR Interest Period for a LIBO Rate Term Loan begins on a day for which there is no numerically corresponding day in the calendar month at the end of such Interest Period, such Interest Period shall end on the last Business Day of such calendar month;
(iv) if any Interest Period for a LIBO Rate Term Loan would otherwise expire on a day which is not a Business Day, such LIBOR Interest Period shall expire on the next succeeding Business Day; provided, however, that if any Interest Period for a LIBO Rate Term Loan would otherwise expire on a day which is not a such next succeeding Business Day but is a day of the month after which no further Business Day occurs in such next calendar month, such LIBOR Interest Period shall expire on the next preceding Business Day;
(v) unless the Required Lenders otherwise agree, no Interest Period for a LIBO Rate Term Loan may be selected at any time when a Default or an Event of Default is then in existence; and
(vi) C. no LIBOR Interest Period in respect of any Borrowing of any Tranche of Term Loans Loan shall be selected which extends extend beyond the Maturity Date therefor. With respect to any LIBO Rate Term Loans, at the end of any Interest Period applicable to a Borrowing thereof, the Lead Borrower may elect to split the respective Borrowing of a single Type under a single Tranche into two or more Borrowings of different Types under such Tranche or combine two or more Borrowings under a single Tranche into a single Borrowing of the same Type under such Tranche, in each case, by having the Lead Borrower give notice thereof together with its election of one or more Interest Periods, in each case so long as each resulting Borrowing (x) has an Interest Period which complies with the foregoing requirements of this Section 2.09, (y) has a principal amount which is not less than the Minimum Borrowing Amount applicable to Borrowings of the respective Type and Tranche, and (z) does not cause a violation of the requirements of Section 2.02. If by 12:00 Noon (New York City time) on the third Business Day prior to the expiration of any Interest Period applicable to a Borrowing of LIBO Rate Term Loans, the Lead Borrower has failed to elect, or is not permitted to elect, a new Interest Period to be applicable to such LIBO Rate, the Lead Borrower shall be deemed to have elected in the case of LIBO Rate Term Loans, to convert such LIBO Rate Term Loans into Base Rate Term Loans with such conversion to be effective as of the expiration date of such current Interest PeriodDate.
Appears in 2 contracts
Sources: Credit Agreement (Hoku Scientific Inc), Credit Agreement (Hoku Scientific Inc)
Interest Periods. At In connection with each LIBOR Loan, Borrower may, pursuant to the time the Lead Borrower gives any applicable Notice of Borrowing or Notice of Conversion/Continuation in respect of the making ofContinuation, or conversion into, any LIBO Rate Term Loan (in as the case of the initial may be, select an interest period (each an "Interest Period applicable theretoPeriod") or prior to 12:00 Noon (New York City time) on the third Business Day prior to the expiration of an Interest Period be applicable to such LIBO Rate Term Loan (in the case of any subsequent Interest Period), the Lead Borrower shall have the right to elect the interest period (each, an “Interest Period”) applicable to such LIBO Rate Term Loan, which Interest Period shallshall be, at the option of the Lead Borrower be Borrower's option, either a one, two, three or six month period, or, if agreed to by all Lenders, a twelve month period, or, if agreed to by the Administrative Agent a period less than one month; provided that (in each case):that:
(i) all LIBO Rate Term Loans comprising a Borrowing shall at all times have the same Interest Period;
(ii) the initial Interest Period for any LIBO Rate Term LIBOR Loan shall commence on the date of Borrowing Funding Date in respect of such LIBO Rate Term Loan (includingLoan, in the case of LIBO Rate Term Loansa Loan initially made as a LIBOR Loan, or on the date specified in the applicable Notice of any conversion thereto from Conversion/Continuation, in the case of a Borrowing Loan converted to a LIBOR Loan;
(ii) in the case of Base Rate Term Loans and immediately successive Interest Periods applicable to a LIBOR Loan continued as such pursuant to a Notice of Conversion/Continuation, each successive Interest Period occurring thereafter in respect of such LIBO Rate Term Loan shall commence on the day on which the next preceding Interest Period applicable thereto expires;
(iii) if any an Interest Period for a LIBO Rate Term Loan begins on a day for which there is no numerically corresponding day in the calendar month at the end of such Interest Period, such Interest Period shall end on the last Business Day of such calendar month;
(iv) if any Interest Period for a LIBO Rate Term Loan would otherwise expire on a day which that is not a Business Day, such Interest Period shall expire on the next succeeding Business Day; providedprovided that, however, that if any Interest Period for a LIBO Rate Term Loan would otherwise expire on a day which that is not a Business Day but is a day of the month after which no further Business Day occurs in such month, such Interest Period shall expire on the next preceding Business Day;
(iv) any Interest Period that begins on the last Business Day of a calendar month (or on a day for which there is no numerically corresponding day in the calendar month at the end of such Interest Period) shall, subject to clause (v) unless of this subsection 2.2B, end on the Required Lenders otherwise agree, no Interest Period for last Business Day of a LIBO Rate Term Loan may be selected at any time when a Default or an Event of Default is then in existence; andcalendar month;
(viv) no Interest Period in with respect to any portion of any Borrowing of any Tranche of the Term Loans shall be selected which extends extend beyond the Maturity Date therefor. With March 31, 2006 and no Interest Period with respect to any LIBO Rate Term Loans, at the end of any Interest Period applicable to a Borrowing thereof, the Lead Borrower may elect to split the respective Borrowing of a single Type under a single Tranche into two or more Borrowings of different Types under such Tranche or combine two or more Borrowings under a single Tranche into a single Borrowing portion of the same Type under such Tranche, in each case, by having Revolving Loans shall extend beyond the Lead Borrower give notice thereof together with its election of one or more Interest Periods, in each case so long as each resulting Borrowing (x) has an Interest Period which complies with the foregoing requirements of this Section 2.09, (y) has a principal amount which is not less than the Minimum Borrowing Amount applicable to Borrowings of the respective Type and Tranche, and (z) does not cause a violation of the requirements of Section 2.02. If by 12:00 Noon (New York City time) on the third Business Day prior to the expiration of any Interest Period applicable to a Borrowing of LIBO Rate Term Loans, the Lead Borrower has failed to elect, or is not permitted to elect, a new Interest Period to be applicable to such LIBO Rate, the Lead Borrower shall be deemed to have elected in the case of LIBO Rate Term Loans, to convert such LIBO Rate Term Loans into Base Rate Term Loans with such conversion to be effective as of the expiration date of such current Interest Period.Revolving Loan Commitment Termination Date;
Appears in 2 contracts
Sources: Credit Agreement (Winsloew Furniture Inc), Credit Agreement (Winsloew Furniture Inc)
Interest Periods. At Concurrently with the time the Lead Borrower gives any giving of (y) a Notice of Revolving Borrowing or (z) a Notice of Conversion/Continuation in respect of the making ofany Borrowing comprised of ABR Loans to be converted into, or conversion intoLIBOR Loans to be continued as, any LIBO Rate Term Loan (in the case of the initial Interest Period applicable thereto) or prior to 12:00 Noon (New York City time) on the third Business Day prior to the expiration of an Interest Period applicable to such LIBO Rate Term Loan (in the case of any subsequent Interest Period)LIBOR Loans, the Lead Borrower shall have the right to elect elect, pursuant to such notice, the interest period (each, an “"Interest Period”") to be applicable to such LIBO Rate Term LoanLIBOR Loans, which Interest Period shall, at the option of the Lead Borrower Borrower, be a one, two, three two or six three-month period; provided, orhowever, if agreed to by all Lenders, a twelve month period, or, if agreed to by the Administrative Agent a period less than one month; provided that (in each case):that:
(i) all LIBO Rate Term LIBOR Loans comprising a single Borrowing shall at all times have the same Interest Period;
(ii) the initial Interest Period for any LIBO Rate Term LIBOR Loan shall commence on the date of the Borrowing of such LIBO Rate Term LIBOR Loan (including, in the case of LIBO Rate Term Loans, including the date of any continuation of, or conversion thereto from a Borrowing of Base Rate Term Loans into, such LIBOR Loan), and each successive Interest Period occurring thereafter in respect of applicable to such LIBO Rate Term LIBOR Loan shall commence on the day on which the next preceding Interest Period applicable thereto expires;
(iii) LIBOR Loans may not be outstanding under more than six (6) separate Interest Periods at any one time (for which purpose Interest Periods shall be deemed to be separate even if they are coterminous);
(iv) if any Interest Period for otherwise would expire on a LIBO Rate Term Loan day that is not a Business Day, such Interest Period shall expire on the next succeeding Business Day unless such next succeeding Business Day falls in another calendar month, in which case such Interest Period shall expire on the next preceding Business Day;
(v) the Borrower may not select any Interest Period that begins prior to the third (3rd) Business Day after the Amendment Effective Date or that expires after the Revolving Credit Maturity Date, with respect to Revolving Loans that are to be maintained as LIBOR Loans;
(vi) if any Interest Period begins on a day for which there is no numerically corresponding day in the calendar month at the end of during which such Interest PeriodPeriod would otherwise expire, such Interest Period shall end expire on the last Business Day of such calendar month;
(iv) if any Interest Period for a LIBO Rate Term Loan would otherwise expire on a day which is not a Business Day, such Interest Period shall expire on the next succeeding Business Day; provided, however, that if any Interest Period for a LIBO Rate Term Loan would otherwise expire on a day which is not a Business Day but is a day of the month after which no further Business Day occurs in such month, such Interest Period shall expire on the next preceding Business Day;
(v) unless the Required Lenders otherwise agree, no Interest Period for a LIBO Rate Term Loan may be selected at any time when a Default or an Event of Default is then in existence; and
(vivii) no Interest Period in respect of any Borrowing of any Tranche of Term Loans shall be selected which extends beyond the Maturity Date therefor. With respect to any LIBO Rate Term Loansif, at the end of any Interest Period applicable to a Borrowing thereof, the Lead Borrower may elect to split the respective Borrowing of a single Type under a single Tranche into two or more Borrowings of different Types under such Tranche or combine two or more Borrowings under a single Tranche into a single Borrowing of the same Type under such Tranche, in each case, by having the Lead Borrower give notice thereof together with its election of one or more Interest Periods, in each case so long as each resulting Borrowing (x) has an Interest Period which complies with the foregoing requirements of this Section 2.09, (y) has a principal amount which is not less than the Minimum Borrowing Amount applicable to Borrowings of the respective Type and Tranche, and (z) does not cause a violation of the requirements of Section 2.02. If by 12:00 Noon (New York City time) on the third Business Day prior to upon the expiration of any Interest Period applicable to a Borrowing of LIBO Rate Term LIBOR Loans, the Lead Borrower has shall have failed to elect, or is not permitted to elect, elect a new Interest Period to be applicable to such LIBO RateLIBOR Loans, then the Lead Borrower shall be deemed to have elected in the case of LIBO Rate Term Loans, to convert such LIBO Rate Term Loans into Base Rate Term Loans with such conversion to be effective as of the expiration date of such current Interest Period.to
Appears in 2 contracts
Sources: Credit Agreement (Eclipsys Corp), Credit Agreement (Eclipsys Corp)
Interest Periods. At the time the Lead Borrower gives any Notice of By delivering a Borrowing or Notice of Conversion/Continuation Request in respect of the making ofof a Borrowing of LIBOR Loans or Cost of Funds Rate Loans, or conversion into, any LIBO Rate Term Loan (in the case of the initial Borrower shall be deemed to have elected an Interest Period applicable thereto) of one month. If the Borrower does not prepay or prior to 12:00 Noon (New York City time) on repay a Revolving Loan by the third Business Day prior to the expiration end of an Interest Period applicable to such LIBO Rate Term Loan (in the case of any subsequent Interest Period), the Lead Borrower shall be deemed to have the right elected to elect the interest period (each, continue such Revolving Loan for an “Interest Period”) applicable to such LIBO Rate Term Loan, which additional Interest Period shall, at the option of the Lead Borrower be a one, two, three or six month period, or, if agreed to by all Lenders, a twelve month period, or, if agreed to by the Administrative Agent a period less than one month; provided that (in each case):. Notwithstanding anything to the contrary contained above:
(i) all LIBO Rate Term Loans comprising a Borrowing shall at all times have the same Interest Period;
(ii) the initial Interest Period for any LIBO Borrowing of LIBOR Loans or Cost of Funds Rate Term Loan Loans shall commence on the date of such Borrowing of such LIBO Rate Term Loan (including, in the case of LIBO Rate Term Loans, the date of and any conversion thereto from a Borrowing of Base Rate Term Loans and each Interest Period occurring thereafter in respect of such LIBO Rate Term Loan Borrowing shall commence on the day on which the next preceding Interest Period applicable thereto expires;
(ii) there shall be no more than ten (10) separate Interest Periods permitted with respect to all Revolving Loans;
(iii) if any Interest Period for a LIBO Rate Term Loan begins on a day for which there is no numerically corresponding day in the calendar month at the end of such Interest Period, such Interest Period shall end on the last Business Day of such calendar month;
(iv) if any Interest Period for a LIBO Rate Term Loan would otherwise expire on a day which is not a Business Day, such Interest Period shall expire on the next succeeding Business Day; provided, however, that if any Interest Period for a LIBO Rate Term Loan would otherwise expire on a day which is not a Business Day but is a day of the month after which no further Business Day occurs in such month, such Interest Period shall expire on the next preceding Business Day;; and
(v) unless no Interest Period shall extend beyond the Required Lenders otherwise agreeCommitment Termination Date (and, if the Commitment Termination Date shall be the Extension Date, no Interest Period for with respect to a LIBO Rate Term Loan may be selected at any time when made by a Default or an Event of Default is then in existence; and
(vi) no Interest Period in respect of any Borrowing of any Tranche of Term Loans Withdrawing Lender that has not assigned such Loan pursuant to Section 2.3.4 shall be selected which extends extend beyond the Maturity Date therefor. With respect to any LIBO Rate Term Loans, at the end of any Interest Period applicable to a Borrowing thereof, the Lead Borrower may elect to split the respective Borrowing of a single Type under a single Tranche into two or more Borrowings of different Types under such Tranche or combine two or more Borrowings under a single Tranche into a single Borrowing of the same Type under such Tranche, in each case, by having the Lead Borrower give notice thereof together with its election of one or more Interest Periods, in each case so long as each resulting Borrowing (x) has an Interest Period which complies with the foregoing requirements of this Section 2.09, (y) has a principal amount which is not less than the Minimum Borrowing Amount applicable to Borrowings of the respective Type and Tranche, and (z) does not cause a violation of the requirements of Section 2.02. If by 12:00 Noon (New York City time) on the third Business Day prior to the expiration of any Interest Period applicable to a Borrowing of LIBO Rate Term Loans, the Lead Borrower has failed to elect, or is not permitted to elect, a new Interest Period to be applicable to such LIBO Rate, the Lead Borrower shall be deemed to have elected in the case of LIBO Rate Term Loans, to convert such LIBO Rate Term Loans into Base Rate Term Loans with such conversion to be effective as of the expiration date of such current Interest PeriodScheduled Commitment Termination Date).
Appears in 2 contracts
Sources: Credit Agreement (Special Value Continuation Partners, LP), Credit Agreement (Special Value Continuation Partners, LP)
Interest Periods. At the time the Lead Borrower gives any Notice of Borrowing under a given Tranche or Notice of Conversion/Continuation in respect of the making of, or conversion into, any LIBO Rate Term Loan (in the case of the initial Interest Period applicable thereto) or prior to 12:00 Noon (New York City time) on the third Business Day prior to the expiration of an Interest Period applicable to such LIBO Rate Term Loan (in the case of any subsequent Interest Period), the Lead Borrower shall have the right to elect the interest period (each, an “Interest Period”) applicable to such LIBO Rate Term Loan, which Interest Period shall, at the option of the Lead Borrower be a one, two, two or three or six month period, or, if agreed to by all Lenders, a twelve month period, or, if agreed to by the Administrative Agent a period less than one month; provided that (in each case):
(i) all LIBO Rate Term Loans comprising a Borrowing shall at all times have the same Interest Period;
(ii) the initial Interest Period for any LIBO Rate Term Loan shall commence on the date of Borrowing of such LIBO Rate Term Loan (including, in the case of LIBO Rate Term Loans, the date of any conversion thereto from a Borrowing of Base Rate Term Loans Loans) and each Interest Period occurring thereafter in respect of such LIBO Rate Term Loan shall commence on the day on which the next preceding Interest Period applicable thereto expires;
(iii) if any Interest Period for a LIBO Rate Term Loan begins on a day for which there is no numerically corresponding day in the calendar month at the end of such Interest Period, such Interest Period shall end on the last Business Day of such calendar month;
(iv) if any Interest Period for a LIBO Rate Term Loan would otherwise expire on a day which is not a Business Day, such Interest Period shall expire on the next succeeding Business Day; provided, however, that if any Interest Period for a LIBO Rate Term Loan would otherwise expire on a day which is not a Business Day but is a day of the month after which no further Business Day occurs in such month, such Interest Period shall expire on the next preceding Business Day;
(v) unless the Required Lenders otherwise agree, no Interest Period for a LIBO Rate Term Loan may be selected at any time when a Default or an Event of Default is then in existence; and
(vi) no Interest Period in respect of any Borrowing of any Tranche of Term Loans shall be selected which extends beyond the Maturity Date therefor. With respect to any LIBO Rate Term Loans, at the end of any Interest Period applicable to a Borrowing thereof, the Lead Borrower may elect to split the respective Borrowing of a single Type under a single Tranche into two or more Borrowings of different Types under such Tranche or combine two or more Borrowings under a single Tranche into a single Borrowing of the same Type under such Tranche, in each case, by having the Lead Borrower give notice thereof together with its election of one or more Interest Periods, in each case so long as each resulting Borrowing (x) has an Interest Period which complies with the foregoing requirements of this Section 2.09, (y) has a principal amount which is not less than the Minimum Borrowing Amount applicable to Borrowings of the respective Type and Tranche, and (z) does not cause a violation of the requirements of Section 2.02. If by 12:00 Noon (New York City time) on the third Business Day prior to the expiration of any Interest Period applicable to a Borrowing of LIBO Rate Term Loans, the Lead Borrower has failed to elect, or is not permitted to elect, a new Interest Period to be applicable to such LIBO Rate, the Lead Borrower shall be deemed to have elected in the case of LIBO Rate Term Loans, to convert such LIBO Rate Term Loans into Base Rate Term Loans with such conversion to be effective as of the expiration date of such current Interest Period.
Appears in 2 contracts
Sources: Term Loan Credit Agreement (OCI Partners LP), Term Loan Credit Agreement (OCI Partners LP)
Interest Periods. At the time the Lead Borrower Company gives any Notice of Borrowing or Notice of Conversion/Continuation in respect of the making of, continuation as or conversion into, into any LIBO Rate Term Loan (in the case of the initial Interest Period applicable thereto) or prior to 12:00 Noon (New York City time) on the third Business Day prior to the expiration of an Interest Period applicable to such LIBO Rate Term Loan (in the case of any subsequent Interest Period)LIBOR Loan, the Lead Borrower Borrowers shall have the right to elect the interest period (each, an “Interest Period”) applicable to such LIBO Rate Term LIBOR Loan, which Interest Period shall, at the option of the Lead Borrower Borrowers, be (x) a one, two, three or six month period, or, if (y) to the extent agreed to by all Lenders, a twelve month period, or, period or (z) if agreed to by the Administrative Agent a in its discretion and each Lender, such other period less than one not to exceed one-month; provided provided, that (in each case):
(ia) all LIBO Rate Term LIBOR Loans comprising a Borrowing shall at all times have the same Interest Period;
(iib) the initial Interest Period for any LIBO Rate Term LIBOR Loan shall commence on the date of Borrowing of such LIBO Rate Term LIBOR Loan (including, in the case of LIBO Rate Term Loans, including the date of any conversion thereto from a Borrowing of Base Rate Term Loans Loan) and each Interest Period occurring thereafter in respect of such LIBO Rate Term LIBOR Loan shall commence on the day on which the next preceding Interest Period applicable thereto expires;
(iiic) if any Interest Period for a LIBO Rate Term LIBOR Loan begins on a day for which there is no numerically corresponding day in the calendar month at the end of such Interest Period, such Interest Period shall end on the last Business Day of such calendar month;
(ivd) if any Interest Period for a LIBO Rate Term LIBOR Loan would otherwise expire on a day which is not a Business Day, such Interest Period shall expire on the next succeeding Business Day; provided, however, that if any Interest Period for a LIBO Rate Term LIBOR Loan would otherwise expire on a day which is not a Business Day but is a day of the month after which no further Business Day occurs in such month, such Interest Period shall expire on the next preceding Business Day;
(ve) unless the Required Lenders otherwise agree, no Interest Period for a LIBO Rate Term Loan may be selected at any time when a Default or an Event of Default has occurred and is then in existencecontinuing; and
(vif) no Interest Period in respect of any Borrowing of any Tranche of Term Loans shall be selected which extends beyond the Final Maturity Date therefor. With respect to any LIBO Rate Term Loans, at the end of any Interest Period applicable to a Borrowing thereof, the Lead Borrower may elect to split the respective Borrowing of a single Type under a single Tranche into two or more Borrowings of different Types under such Tranche or combine two or more Borrowings under a single Tranche into a single Borrowing of the same Type under such Tranche, in each case, by having the Lead Borrower give notice thereof together with its election of one or more Interest Periods, in each case so long as each resulting Borrowing (x) has an Interest Period which complies with the foregoing requirements of this Section 2.09, (y) has a principal amount which is not less than the Minimum Borrowing Amount applicable to Borrowings of the respective Type and Tranche, and (z) does not cause a violation of the requirements of Section 2.02Date. If by 12:00 Noon 1:00 P.M. (New York City time) on the third Business Day prior to the expiration of any Interest Period applicable to a Borrowing of LIBO Rate Term LIBOR Loans, the Lead Borrower has Borrowers have failed to elect, or is not permitted to elect, a new Interest Period to be applicable to such LIBO RateLIBOR Loans as provided above, the Lead Borrower Borrowers shall be deemed to have elected in the case of LIBO Rate Term Loans, to convert such LIBO Rate Term LIBOR Loans into Base Rate Term Loans with such conversion to be effective as of the expiration date of such current Interest Period.
Appears in 2 contracts
Sources: Abl Credit Agreement (J.Jill, Inc.), Abl Credit Agreement (Jill Intermediate LLC)
Interest Periods. At Concurrently with the time the Lead Borrower gives any giving of a Notice of Borrowing or Notice of Conversion/Continuation in respect of the making ofany Borrowing comprised of Base Rate Loans or LIBOR Market Index Loans to be converted into, or conversion intoLIBOR Loans to be continued as, any LIBO Rate Term Loan (in the case of the initial Interest Period applicable thereto) or prior to 12:00 Noon (New York City time) on the third Business Day prior to the expiration of an Interest Period applicable to such LIBO Rate Term Loan (in the case of any subsequent Interest Period)LIBOR Loans, the Lead Borrower shall have the right to elect elect, pursuant to such notice, the interest period (each, an “Interest Period”) to be applicable to such LIBO Rate Term LoanLIBOR Loans, which Interest Period shall, at the option of the Lead Borrower Borrower, be a one, two, three or six six-month period; provided, orhowever, if agreed to by all Lenders, a twelve month period, or, if agreed to by the Administrative Agent a period less than one month; provided that (in each case):that:
(i) all LIBO Rate Term LIBOR Loans comprising a single Borrowing shall at all times have the same Interest Period;
(ii) the initial Interest Period for any LIBO Rate Term LIBOR Loan shall commence on the date of the Borrowing of such LIBO Rate Term LIBOR Loan (including, in the case of LIBO Rate Term Loans, including the date of any continuation of, or conversion thereto from a Borrowing of Base Rate Term Loans into, such LIBOR Loan), and each successive Interest Period occurring thereafter in respect of applicable to such LIBO Rate Term LIBOR Loan shall commence on the day on which the next preceding Interest Period applicable thereto expires;
(iii) LIBOR Loans may not be outstanding under more than six (6) separate Interest Periods at any one time (for which purpose Interest Periods shall be deemed to be separate even if they are coterminous);
(iv) if any Interest Period for otherwise would expire on a LIBO Rate Term Loan day that is not a Business Day, such Interest Period shall expire on the next succeeding Business Day unless such next succeeding Business Day falls in another calendar month, in which case such Interest Period shall expire on the immediately preceding Business Day;
(v) the Borrower may not select any Interest Period that begins prior to the third (3rd) Business Day after the Restatement Effective Date or that expires after the Maturity Date;
(vi) if any Interest Period begins on a day for which there is no numerically corresponding day in the calendar month at the end of during which such Interest PeriodPeriod would otherwise expire, such Interest Period shall end expire on the last Business Day of such calendar month;
(iv) if any Interest Period for a LIBO Rate Term Loan would otherwise expire on a day which is not a Business Day, such Interest Period shall expire on the next succeeding Business Day; provided, however, that if any Interest Period for a LIBO Rate Term Loan would otherwise expire on a day which is not a Business Day but is a day of the month after which no further Business Day occurs in such month, such Interest Period shall expire on the next preceding Business Day;
(v) unless the Required Lenders otherwise agree, no Interest Period for a LIBO Rate Term Loan may be selected at any time when a Default or an Event of Default is then in existence; and
(vivii) no the Borrower may not select any Interest Period in respect of any Borrowing of any Tranche of Term (and consequently, no LIBOR Loans shall be selected which extends beyond made) if a Default or Event of Default shall have occurred and be continuing at the Maturity Date therefor. With time of such Notice of Borrowing or Notice of Conversion/Continuation with respect to any LIBO Rate Term Loans, at the end of any Interest Period applicable to a Borrowing thereof, the Lead Borrower may elect to split the respective Borrowing of a single Type under a single Tranche into two or more Borrowings of different Types under such Tranche or combine two or more Borrowings under a single Tranche into a single Borrowing of the same Type under such Tranche, in each case, by having the Lead Borrower give notice thereof together with its election of one or more Interest Periods, in each case so long as each resulting Borrowing (x) has an Interest Period which complies with the foregoing requirements of this Section 2.09, (y) has a principal amount which is not less than the Minimum Borrowing Amount applicable to Borrowings of the respective Type and Tranche, and (z) does not cause a violation of the requirements of Section 2.02. If by 12:00 Noon (New York City time) on the third Business Day prior to the expiration of any Interest Period applicable to a Borrowing of LIBO Rate Term Loans, the Lead Borrower has failed to elect, or is not permitted to elect, a new Interest Period to be applicable to such LIBO Rate, the Lead Borrower shall be deemed to have elected in the case of LIBO Rate Term Loans, to convert such LIBO Rate Term Loans into Base Rate Term Loans with such conversion to be effective as of the expiration date of such current Interest PeriodBorrowing.
Appears in 2 contracts
Sources: Credit Agreement (Old Dominion Freight Line Inc/Va), Credit Agreement (Old Dominion Freight Line Inc/Va)
Interest Periods. At the time the Lead Borrower gives any Notice of Borrowing or Notice of Conversion/Continuation in respect of (i) In connection with the making or continuation of, or conversion into, any LIBO Rate each Borrowing of Term Loan (in the case of the initial Interest Period applicable thereto) or prior to 12:00 Noon (New York City time) on the third Business Day prior to the expiration of SOFR Loans, Borrowers shall select an Interest Period applicable to such LIBO Rate Term Loan (in the case of any subsequent Interest Period), the Lead Borrower shall have the right to elect the interest period (each, each an “Interest Period”) to be applicable to such LIBO Rate Term SOFR Loan, which Interest Period shallinterest period shall commence on the date such Term SOFR Loan is made, at continued or converted and shall end on a numerically corresponding day in the option of first, third or sixth month after the Lead Borrower be a onedate such Term SOFR Loan was made, twocontinued or converted; provided, three or six month periodhowever, or, if agreed to by all Lenders, a twelve month period, or, if agreed to by the Administrative Agent a period less than one month; provided that (in each case):that:
(i) all LIBO Rate Term Loans comprising a Borrowing shall at all times have the same Interest Period;
(iia) the initial Interest Period for any LIBO Rate a Term SOFR Loan shall commence on the date of such Borrowing of such LIBO Rate Term Loan (including, in the case of LIBO Rate Term Loans, including the date of any conversion thereto from a Borrowing Loan of Base Rate Term Loans another Type) and each Interest Period occurring thereafter in respect of such LIBO Rate Term Revolver Loan shall commence on the day date on which the next preceding Interest Period applicable thereto expires;
(iiib) if any Interest Period for a LIBO Rate Term Loan begins on a day for which there is no numerically corresponding day in the calendar month at the end of such Interest Period, such Interest Period shall end on the last Business Day of such calendar month;
(iv) if any Interest Period for a LIBO Rate Term Loan would otherwise expire on a day which that is not a Business Day, such Interest Period shall expire on the next succeeding Business Day; provided, howeverprovided that, that if any Interest Period for a LIBO Rate in respect of Term Loan SOFR Loans would otherwise expire on a day which is not a Business Day but is a day of the month after which no further Business Day occurs in such month, such Interest Period shall expire on the next preceding Business Day;
(vc) unless the Required Lenders otherwise agree, no any Interest Period that begins on a day for a LIBO Rate Term Loan may be selected which there is no numerically corresponding day in the calendar month at any time when a Default or an Event the end of Default is then in existencesuch Interest Period shall expire on the last Business Day of such calendar month;
(d) [reserved]; and
(vie) no Interest Period shall extend beyond the last day of the Original Initial Revolver Term with respect to Term SOFR Loans made or continued prior to such date.
(ii) In connection with the making or continuation of, or conversion into, each Borrowing of Term ▇▇▇▇▇ Loans, Borrowers shall select an interest period (each a “Term ▇▇▇▇▇ Interest Period”) to be applicable to such Term ▇▇▇▇▇ Loan, which interest period shall commence on the date such Term ▇▇▇▇▇ Loan is made, continued or converted and shall end on a numerically corresponding day in the first or third month thereafter; provided, however, that:
(a) the initial Term ▇▇▇▇▇ Interest Period for any Borrowing of a Term ▇▇▇▇▇ Loan shall commence on the date of such Borrowing and each Term ▇▇▇▇▇ Interest Period occurring thereafter in respect of such Borrowing shall commence on the day on which the next preceding Term ▇▇▇▇▇ Interest Period expires;
(b) if any Term ▇▇▇▇▇ Interest Period relating to a Borrowing of a Term ▇▇▇▇▇ Loan begins on the last Business Day of a calendar month or begins on a day for which there is no numerically corresponding day in the calendar month at the end of such Term ▇▇▇▇▇ Interest Period, such Term ▇▇▇▇▇ Interest Period shall end on the last Business Day of the calendar month at the end of such Term ▇▇▇▇▇ Interest Period;
(c) if any Term ▇▇▇▇▇ Interest Period would otherwise expire on a day that is not a Business Day, such Term ▇▇▇▇▇ Interest Period shall expire on the next succeeding Business Day, provided that if any Term ▇▇▇▇▇ Interest Period in respect of any Borrowing a Term ▇▇▇▇▇ Loan would otherwise expire on a day that is not a Business Day but is a day of any Tranche of the month after which no further Business Day occurs in such month, such Term Loans ▇▇▇▇▇ Interest Period shall be selected which extends expire on the next preceding Business Day; and
(d) no Term ▇▇▇▇▇ Interest Period shall extend beyond the Maturity Date therefor. With last day of the Original Initial Revolver Term with respect to any LIBO Rate Term Loans, at the end of any Interest Period applicable to a Borrowing thereof, the Lead Borrower may elect to split the respective Borrowing of a single Type under a single Tranche into two ▇▇▇▇▇ Loans made or more Borrowings of different Types under such Tranche or combine two or more Borrowings under a single Tranche into a single Borrowing of the same Type under such Tranche, in each case, by having the Lead Borrower give notice thereof together with its election of one or more Interest Periods, in each case so long as each resulting Borrowing (x) has an Interest Period which complies with the foregoing requirements of this Section 2.09, (y) has a principal amount which is not less than the Minimum Borrowing Amount applicable to Borrowings of the respective Type and Tranche, and (z) does not cause a violation of the requirements of Section 2.02. If by 12:00 Noon (New York City time) on the third Business Day continued prior to the expiration of any Interest Period applicable to a Borrowing of LIBO Rate Term Loans, the Lead Borrower has failed to elect, or is not permitted to elect, a new Interest Period to be applicable to such LIBO Rate, the Lead Borrower shall be deemed to have elected in the case of LIBO Rate Term Loans, to convert such LIBO Rate Term Loans into Base Rate Term Loans with such conversion to be effective as of the expiration date of such current Interest Perioddate.
Appears in 2 contracts
Sources: Loan and Security Agreement (Sunbelt Rentals Holdings, Inc.), Loan and Security Agreement (Sunbelt Rentals Holdings, Inc.)
Interest Periods. At the time the Lead Borrower gives any Notice of Borrowing or Notice of Conversion/Continuation in respect of the making of, or conversion into, any LIBO Rate Term Loan (in the case of the initial Interest Period applicable thereto) or prior to 12:00 Noon (New York City time) on the third Business Day prior to the expiration of an Interest Period applicable to such LIBO Rate Term Loan (in the case of any subsequent Interest Period), the Lead Borrower shall have the right to elect the interest period (each, an “Interest Period”) applicable to such LIBO Rate Term Loan, which Interest Period shall, at the option of the Lead Borrower be a one, two, three or six month period, or, if agreed to by all Lenders, a twelve month period, or, if agreed to by the Administrative Agent a period less than one month; provided that (in each case):
(i) all LIBO Rate Term Loans comprising a Borrowing shall at all times have the same Interest Period;
(ii) the initial Interest Period for any LIBO Rate Term Loan shall commence on the date of Borrowing of such LIBO Rate Term Loan (including, in the case of LIBO Rate Term Loans, the date of any conversion thereto from a Borrowing of Base Rate Term Loans and each Interest Period occurring thereafter in respect of such LIBO Rate Term Loan shall commence on the day on which the next preceding Interest Period applicable thereto expires;
(iii) if any Interest Period for a LIBO Rate Term Loan begins on a day for which there is no numerically corresponding day in the calendar month at the end of such Interest Period, such Interest Period shall end on the last Business Day of such calendar month;
(iv) if any Interest Period for a LIBO Rate Term Loan would otherwise expire on a day which is not a Business Day, such Interest Period shall expire on the next succeeding Business Day; provided, however, that if any Interest Period for a LIBO Rate Term Loan would otherwise expire on a day which is not a Business Day but is a day of the month after which no further Business Day occurs in such month, such Interest Period shall expire on the next preceding Business Day;
(v) unless the Required Lenders otherwise agree, no Interest Period for a LIBO Rate Term Loan may be selected at any time when a Default or an Event of Default is then in existence; and
(vi) no Interest Period in respect of any Borrowing of any Tranche of Term Loans shall be selected which extends beyond the Maturity Date therefor. Notwithstanding the foregoing or anything to the contrary contained in this Agreement, (a) the initial Borrowing of the 2017 Additional Term Loans on the Amendment No. 1 Effective Date shall be a LIBO Rate Term Loan and (b) the Interest Period with respect to such 2017 Additional Term Loans shall commence on the Amendment No. 1 Effective Date and shall end on June 30, 2017 with the “LIBO Rate” equal to 1.044670% for such Interest Period. With respect to any LIBO Rate Term Loans, at the end of any Interest Period applicable to a Borrowing thereof, the Lead Borrower may elect to split the respective Borrowing of a single Type under a single Tranche into two or more Borrowings of different Types under such Tranche or combine two or more Borrowings under a single Tranche into a single Borrowing of the same Type under such Tranche, in each case, by having the Lead Borrower give notice thereof together with its election of one or more Interest Periods, in each case so long as each resulting Borrowing (x) has an Interest Period which complies with the foregoing requirements of this Section 2.09, (y) has a principal amount which is not less than the Minimum Borrowing Amount applicable to Borrowings of the respective Type and Tranche, and (z) does not cause a violation of the requirements of Section 2.02. If by 12:00 Noon (New York City time) on the third Business Day prior to the expiration of any Interest Period applicable to a Borrowing of LIBO Rate Term Loans, the Lead Borrower has failed to elect, or is not permitted to elect, a new Interest Period to be applicable to such LIBO Rate, the Lead Borrower shall be deemed to have elected in the case of LIBO Rate Term Loans, to convert such LIBO Rate Term Loans into Base Rate Term Loans with such conversion to be effective as of the expiration date of such current Interest Period.
Appears in 2 contracts
Sources: Second Lien Term Loan Credit Agreement (PAE Inc), First Lien Term Loan Credit Agreement (PAE Inc)
Interest Periods. At Concurrently with the time the Lead Borrower gives any giving of a Notice of Borrowing or Notice of Conversion/Continuation in respect of the making ofany Borrowing (whether in respect of Term Loans or Revolving Loans) comprised of Base Rate Loans to be converted into, or conversion intoLIBOR Loans to be continued as, any LIBO Rate Term Loan (in the case of the initial Interest Period applicable thereto) or prior to 12:00 Noon (New York City time) on the third Business Day prior to the expiration of an Interest Period applicable to such LIBO Rate Term Loan (in the case of any subsequent Interest Period)LIBOR Loans, the Lead Borrower shall have the right to elect elect, pursuant to such notice, the interest period (each, an “"Interest Period”") to be applicable to such LIBO Rate Term LoanLIBOR Loans, which Interest Period shall, at the option of the Lead Borrower Borrower, be a one, two, three or six six-month period; provided, orhowever, if agreed to by all Lenders, a twelve month period, or, if agreed to by the Administrative Agent a period less than one month; provided that (in each case):that:
(i) all LIBO Rate Term LIBOR Loans comprising a single Borrowing shall at all times have the same Interest Period;
(ii) the initial Interest Period for any LIBO Rate Term LIBOR Loan shall commence on the date of the Borrowing of such LIBO Rate Term LIBOR Loan (including, in the case of LIBO Rate Term Loans, including the date of any continuation of, or conversion thereto from a Borrowing of Base Rate Term Loans into, such LIBOR Loan), and each successive Interest Period occurring thereafter in respect of applicable to such LIBO Rate Term LIBOR Loan shall commence on the day on which the next preceding Interest Period applicable thereto expires;
(iii) LIBOR Loans may not be outstanding under more than six (6) separate Interest Periods at any one time (for which purpose Interest Periods shall be deemed to be separate even if they are coterminous);
(iv) if any Interest Period otherwise would expire on a day that is not a Business Day, such Interest Period shall expire on the next succeeding Business Day unless such next succeeding Business Day falls in another calendar month, in which case such Interest Period shall expire on the next preceding Business Day;
(v) no Interest Period may be selected with respect to the Term Loans that would end after a scheduled date for a LIBO repayment of principal of the Term Loans occurring on or after the first day of such Interest Period unless, immediately after giving effect to such selection, the aggregate principal amount of Term Loans that are Base Rate Loans or that have Interest Periods expiring on or before such principal repayment date equals or exceeds the principal amount required to be paid on such principal repayment date;
(vi) the Borrower may not select any Interest Period that begins prior to the third (3rd) Business Day after the Closing Date or that expires (y) after the Term Loan Maturity Date, with respect to Term Loans that are to be maintained as LIBOR Loans, or (z) after the Revolving Credit Maturity Date, with respect to Revolving Loans that are to be maintained as LIBOR Loans;
(vii) if any Interest Period begins on a day for which there is no numerically corresponding day in the calendar month at the end of during which such Interest PeriodPeriod would otherwise expire, such Interest Period shall end expire on the last Business Day of such calendar month;
(iv) if any Interest Period for a LIBO Rate Term Loan would otherwise expire on a day which is not a Business Day, such Interest Period shall expire on the next succeeding Business Day; provided, however, that if any Interest Period for a LIBO Rate Term Loan would otherwise expire on a day which is not a Business Day but is a day of the month after which no further Business Day occurs in such month, such Interest Period shall expire on the next preceding Business Day;
(v) unless the Required Lenders otherwise agree, no Interest Period for a LIBO Rate Term Loan may be selected at any time when a Default or an Event of Default is then in existence; and
(viviii) no Interest Period in respect of shall commence for any Borrowing of any Tranche of Term Loans shall be selected which extends beyond the Maturity Date therefor. With respect to any LIBO Rate Term LoansLIBOR Loan (including a conversion of, at the end of any Interest Period applicable to or continuation into, a Borrowing thereof, the Lead Borrower may elect to split the respective Borrowing of a single Type under a single Tranche into two or more Borrowings of different Types under such Tranche or combine two or more Borrowings under a single Tranche into a single Borrowing of the same Type under such Tranche, in each case, by having the Lead Borrower give notice thereof together with its election of one or more Interest Periods, in each case so long as each resulting Borrowing (x) has an Interest Period which complies with the foregoing requirements of this Section 2.09, (y) has a principal amount which is not less than the Minimum Borrowing Amount applicable to Borrowings of the respective Type and Tranche, and (z) does not cause a violation of the requirements of Section 2.02. If by 12:00 Noon (New York City timeLIBOR Loan) on the third Business Day prior to the expiration of any Interest Period applicable to a Borrowing of LIBO Rate Term Loans, the Lead Borrower has failed to elect, or is not permitted to elect, a new Interest Period to be applicable to such LIBO Rate, the Lead Borrower shall be deemed to have elected in the case of LIBO Rate Term Loans, to convert such LIBO Rate Term day on which there are Swingline Loans into Base Rate Term Loans with such conversion to be effective as of the expiration date of such current Interest Periodoutstanding.
Appears in 2 contracts
Sources: Credit Agreement (Hilb Rogal & Hamilton Co /Va/), Credit Agreement (Hilb Rogal & Hamilton Co /Va/)
Interest Periods. At the time the Lead Borrower gives any Notice of Borrowing or Notice of Conversion/Continuation in respect of the making of, or conversion into, any LIBO Rate Term SOFR Loan (in the case of the initial Interest Period applicable thereto) or prior to 12:00 Noon (New York City time) on the third Business Day prior to the expiration of an Interest Period applicable to such LIBO Rate Term SOFR Loan (in the case of any subsequent Interest Period), the Lead Borrower shall have the right to elect elect, by having an Authorized Representative of the Borrower give the Administrative Agent notice thereof, the interest period (each, each an “Interest Period”) applicable to such LIBO Rate Term SOFR Loan, which Interest Period shall, at the option of the Lead Borrower Borrower, be a one, two, three or six six-month period, orprovided that, if agreed to by all Lenders, a twelve month period, or, if agreed to by the Administrative Agent a period less than one month; provided that (in each case)::
(i) all LIBO Rate Term SOFR Loans comprising a Borrowing shall at all times have the same Interest Period;
(ii) the initial Interest Period for any LIBO Rate Term SOFR Loan shall commence on the date of Borrowing of such LIBO Rate Term SOFR Loan (including, in the case of LIBO Rate Term Loans, including the date of any conversion thereto from a Borrowing of Base Rate Term Loans Loan) and each Interest Period occurring thereafter in respect of such LIBO Rate Term SOFR Loan shall commence on the day on which the next preceding Interest Period applicable thereto expires;
(iii) if any Interest Period for a LIBO Rate Term Loan begins on a day for which there is no numerically corresponding day in the calendar month at the end of such Interest Period, such Interest Period shall end on the last Business Day of such calendar month;
(iv) if any Interest Period for a LIBO Rate Term Loan would otherwise expire on a day which is not a Business Day, such Interest Period shall expire on the next first succeeding Business Day; provided, however, that if any Interest Period for a LIBO Rate Term SOFR Loan would otherwise expire on a day which is not a Business Day but is a day of the month after which no further Business Day occurs in such month, such Interest Period shall expire on the next preceding Business Day;
(v) unless otherwise agreed in writing by the Required Lenders otherwise agreeLenders, no Interest Period for a LIBO Rate Term Loan may be selected at any time when a Default or an any any Event of Default is then in existence; and;
(vi) no Interest Period in respect of any Borrowing of any Tranche of Term SOFR Loans shall be selected which extends beyond the Maturity Date therefor. With respect Date; and
(vii) the selection of Interest Periods shall be subject to any LIBO Rate Term Loans, at the end of any Interest Period applicable to a Borrowing thereof, the Lead Borrower may elect to split the respective Borrowing of a single Type under a single Tranche into two or more Borrowings of different Types under such Tranche or combine two or more Borrowings under a single Tranche into a single Borrowing of the same Type under such Tranche, in each case, by having the Lead Borrower give notice thereof together with its election of one or more Interest Periods, in each case so long as each resulting Borrowing (x) has an Interest Period which complies with the foregoing requirements of this Section 2.09, (y) has a principal amount which is not less than the Minimum Borrowing Amount applicable to Borrowings of the respective Type and Tranche, and (z) does not cause a violation of the requirements provisions of Section 2.02. If by 12:00 Noon (New York City time) on the third Business Day prior to upon the expiration of any Interest Period applicable to a Borrowing of LIBO Rate Term SOFR Loans, the Lead Borrower has failed to elect, or is not permitted to elect, a new Interest Period to be applicable to such LIBO RateSOFR Loans as provided above, the Lead Borrower shall be deemed to have elected in the case of LIBO Rate Term Loans, to convert such LIBO Rate Term SOFR Loans into Base Rate Term Loans with such conversion to be effective as of the expiration date of such current Interest Period.
Appears in 2 contracts
Sources: Credit Agreement (Flowers Foods Inc), Credit Agreement (Flowers Foods Inc)
Interest Periods. At the time the Lead Borrower it gives any Notice of Borrowing or Notice of Conversion/Continuation Conversion in respect of the making of, or conversion into, any LIBO Rate Term Loan a Borrowing of Eurodollar Loans (in the case of the initial Interest Period applicable thereto) or prior to 12:00 Noon (New York City time) on the third Business Day prior to the expiration of an Interest Period applicable to such LIBO Rate Term Loan a Borrowing (in the case of any subsequent Interest PeriodPeriods), the Lead Borrower shall have the right to elect elect, by giving the Administrative Agent notice thereof, the interest period (each, each an “"Interest Period”") applicable to such LIBO Rate Term LoanBorrowing, which Interest Period shall, at the option of the Lead Borrower Borrower, be either a one, two, three or six month period, or, if agreed to by all Lenders, a twelve month period, or, if agreed to by the Administrative Agent a period less than one month; provided that (in each case):
that: (i) all LIBO Rate Term Loans comprising a Borrowing shall at all times have the same Interest Period;
; (ii) the initial Interest Period for any LIBO Rate Term Loan Borrowing of Eurodollar Loans shall commence on the date of such Borrowing of such LIBO Rate Term Loan (including, in the case of LIBO Rate Term Loans, including the date of any conversion thereto from a Borrowing of Base Rate Term Loans Loans) and each Interest Period occurring thereafter in respect of such LIBO Rate Term Loan Borrowing shall commence on the day on which the next preceding Interest Period applicable thereto expires;
; (iii) if any Interest Period for a LIBO Rate Term Loan begins on a day for which there is no numerically corresponding day in the calendar month at the end of such Interest Period, such Interest Period shall end on the last Business Day of such calendar month;
; (iv) if any Interest Period for a LIBO Rate Term Loan would otherwise expire on a day which is not a Business Day, such Interest Period shall expire on the next succeeding Business Day; provided, however, that if any Interest Period for a LIBO Rate Term Loan would otherwise expire on a day which is not a Business Day but is a day of the month after which no further Business Day occurs in such month, such Interest Period shall expire on the next preceding Business Day;
; (v) unless the Required Lenders otherwise agree, no Interest Period for a LIBO Rate Term Loan may be selected at any time when a Default or an Event of Default is then in existence; and
(vi) no Interest Period in respect of any a Borrowing of any Tranche of Term Loans shall be selected which extends extend beyond the Maturity Date therefor. With respect to any LIBO Rate Term Loans, at the end of any Date; and (vi) no Interest Period applicable to for Eurodollar Loans may be selected at any time that a Borrowing thereof, the Lead Borrower may elect to split the respective Borrowing Default or Event of a single Type under a single Tranche into two or more Borrowings of different Types under such Tranche or combine two or more Borrowings under a single Tranche into a single Borrowing of the same Type under such Tranche, in each case, by having the Lead Borrower give notice thereof together with its election of one or more Interest Periods, in each case so long as each resulting Borrowing (x) has an Interest Period which complies with the foregoing requirements of this Section 2.09, (y) has a principal amount which is not less than the Minimum Borrowing Amount applicable to Borrowings of the respective Type and Tranche, and (z) does not cause a violation of the requirements of Section 2.02Default then exists. If by 12:00 Noon (New York City time) on the third Business Day prior to the expiration of any Interest Period applicable to a Borrowing of LIBO Rate Term LoansPeriod, the Lead Borrower has failed to elect, elect or is not permitted to elect, prohibited from electing a new Interest Period to be applicable to such LIBO RateBorrowing as provided above, if such Borrowing is a Borrowing of Eurodollar Loans, the Lead Borrower shall be deemed to have elected in the case of LIBO Rate Term Loans, to convert such LIBO Rate Term Loans Borrowing into a Borrowing of Base Rate Term Loans with such conversion to be effective as of the expiration date of such current Interest Period.
Appears in 2 contracts
Sources: Credit Agreement (Interlake Corp), Credit Agreement (Interlake Corp)
Interest Periods. At the time the Lead Parent Borrower gives any a Notice of Borrowing or Notice of Conversion/Conversion or Continuation in respect of the making of, or conversion intointo or continuation as, any LIBO Rate Term Loan (a Borrowing of LIBOR Loans in the case of the initial Interest Period applicable thereto) or prior to 12:00 Noon (New York City time) on the third Business Day prior to the expiration of an Interest Period applicable to such LIBO Rate Term Loan (in the case of any subsequent Interest Periodaccordance with Section 2.6(a), the Lead Parent Borrower shall have the right to elect by giving the interest period Administrative Agent written notice (each, an “or telephonic notice promptly confirmed in writing) the Interest Period”) Period applicable to such LIBO Rate Term LoanBorrowing, which Interest Period shall, at the option of the Lead Parent Borrower be a one, two, three three, six or six month period, or(in the case of Revolving Credit Loans, if agreed available to all the Lenders making such loans as determined by all Lenders, such Lenders in good faith based on prevailing market conditions) a twelve month period, or, if agreed period (or such other period of less than six months as to by which the Administrative Agent a period less than one month; provided that (in each case):may consent). Notwithstanding anything to the contrary contained above:
(i) all LIBO Rate Term Loans comprising a Borrowing shall at all times have the same Interest Period;
(iia) the initial Interest Period for any LIBO Rate Term Loan Borrowing of LIBOR Loans shall commence on the date of such Borrowing of such LIBO Rate Term Loan (including, in the case of LIBO Rate Term Loans, including the date of any conversion thereto from a Borrowing of Base Rate Term Loans ABR Loans) and each Interest Period occurring thereafter in respect of such LIBO Rate Term Loan Borrowing shall commence on the day on which the next preceding Interest Period applicable thereto expires;
(iiib) if any Interest Period for relating to a LIBO Rate Term Loan Borrowing of LIBOR Loans begins on the last Business Day of a calendar month or begins on a day for which there is no numerically corresponding day in the calendar month at the end of such Interest Period, such Interest Period shall end on the last Business Day of the calendar month at the end of such calendar monthInterest Period;
(ivc) if any Interest Period for a LIBO Rate Term Loan would otherwise expire on a day which that is not a Business Day, such Interest Period shall expire on the next succeeding Business Day; provided, however, provided that if any Interest Period for in respect of a LIBO Rate Term LIBOR Loan would otherwise expire on a day which that is not a Business Day but is a day of the month after which no further Business Day occurs in such month, such Interest Period shall expire on the next preceding Business Day;
(v) unless the Required Lenders otherwise agree, no Interest Period for a LIBO Rate Term Loan may be selected at any time when a Default or an Event of Default is then in existence; and
(vid) no Borrower shall be entitled to elect any Interest Period in respect of any Borrowing of any Tranche of Term Loans shall be selected which extends LIBOR Loan if such Interest Period would extend beyond the Final Maturity Date therefor. With respect to any LIBO Rate Term Loans, at the end of any Interest Period applicable to a Borrowing thereof, the Lead Borrower may elect to split the respective Borrowing of a single Type under a single Tranche into two or more Borrowings of different Types under such Tranche or combine two or more Borrowings under a single Tranche into a single Borrowing of the same Type under such Tranche, in each case, by having the Lead Borrower give notice thereof together with its election of one or more Interest Periods, in each case so long as each resulting Borrowing (x) has an Interest Period which complies with the foregoing requirements of this Section 2.09, (y) has a principal amount which is not less than the Minimum Borrowing Amount applicable to Borrowings of the respective Type and Tranche, and (z) does not cause a violation of the requirements of Section 2.02. If by 12:00 Noon (New York City time) on the third Business Day prior to the expiration of any Interest Period applicable to a Borrowing of LIBO Rate Term Loans, the Lead Borrower has failed to elect, or is not permitted to elect, a new Interest Period to be applicable to such LIBO Rate, the Lead Borrower shall be deemed to have elected in the case of LIBO Rate Term Loans, to convert such LIBO Rate Term Loans into Base Rate Term Loans with such conversion to be effective as of the expiration date of such current Interest PeriodDate.
Appears in 2 contracts
Sources: Restatement Agreement (HCA Healthcare, Inc.), Credit Agreement (HCA Holdings, Inc.)
Interest Periods. At the time the Lead Borrower gives any Notice of Borrowing or Notice of Conversion/Continuation in respect of the making of, or conversion into, any LIBO Rate Term Loan (in the case of the initial Interest Period applicable thereto) or prior to 12:00 Noon (New York City time) on the third Business Day prior to the expiration of an Interest Period applicable to such LIBO Rate Term Loan (in the case of any subsequent Interest Period), the Lead Borrower shall have the right to elect the interest period (each, an “Interest Period”) applicable to such LIBO Rate Term Loan, which Interest Period shall, at the option of the Lead Borrower be a one, twotwo (only for so long as the two month LIBO Rate continues to be published by the ICE Benchmark Administration), three or six month period, or, if agreed to by all Lenders, a twelve month period or any other period, or, if agreed to by the Administrative Agent a period less than one month; provided that (in each case):
(i) all LIBO Rate Term Loans comprising a Borrowing shall at all times have the same Interest Period;
(ii) the initial Interest Period for any LIBO Rate Term Loan shall commence on the date of Borrowing of such LIBO Rate Term Loan (including, in the case of LIBO Rate Term Loans, the date of any conversion thereto from a Borrowing of Base Rate Term Loans Loans) and each Interest Period occurring thereafter in respect of such LIBO Rate Term Loan shall commence on the day on which the next preceding Interest Period applicable thereto expires;
(iii) if any Interest Period for a LIBO Rate Term Loan begins on a day for which there is no numerically corresponding day in the calendar month at the end of such Interest Period, such Interest Period shall end on the last Business Day of such calendar month;
(iv) if any Interest Period for a LIBO Rate Term Loan would otherwise expire on a day which is not a Business Day, such Interest Period shall expire on the next succeeding Business Day; provided, however, that if any Interest Period for a LIBO Rate Term Loan would otherwise expire on a day which is not a Business Day but is a day of the month after which no further Business Day occurs in such month, such Interest Period shall expire on the next preceding Business Day;
(v) unless the Required Lenders otherwise agree, no Interest Period for a LIBO Rate Term Loan may be selected at any time when a Default or an Event of Default is then in existence; and
(vi) no Interest Period in respect of any Borrowing of any Tranche of Term Loans shall be selected which extends beyond the Maturity Date therefor. With respect to any LIBO Rate Term Loans, at the end of any Interest Period applicable to a Borrowing thereof, the Lead Borrower may elect to split the respective Borrowing of a single Type under a single Tranche into two or more Borrowings of different Types under such Tranche or combine two or more Borrowings under a single Tranche into a single Borrowing of the same Type under such Tranche, in each case, by having the Lead Borrower give giving notice thereof together with its election of one or more Interest PeriodsPeriods applicable thereto, in each case so long as each resulting Borrowing (x) has an Interest Period which complies with the foregoing requirements of this Section 2.09, (y) has a principal amount which is not less than the Minimum Borrowing Amount applicable to Borrowings of the respective Type and Tranche, and (z) does not cause a violation of the requirements of Section 2.02. If by 12:00 Noon (New York City time) on the third Business Day prior to the expiration of any Interest Period applicable to a Borrowing of LIBO Rate Term Loans, the Lead Borrower has failed to elect, or is not permitted to elect, a new Interest Period to be applicable to such LIBO Rate, the Lead Borrower shall be deemed to have elected in the case of LIBO Rate Term Loans, to convert such LIBO Rate Term Loans into Base Rate Term Loans with such conversion to be effective as of the expiration date of such current Interest Period.
Appears in 2 contracts
Sources: Term Loan Credit Agreement (Ingram Micro Holding Corp), Term Loan Credit Agreement (Ingram Micro Holding Corp)
Interest Periods. At the time the Lead Borrower it gives any Notice of Borrowing or Notice of Conversion/Continuation in respect of the making of, or conversion into, any LIBO Rate Term Loan (in the case of the initial Interest Period applicable thereto) or prior to 12:00 Noon (New York City time) on the third Business Day prior to the expiration of an Interest Period applicable to such LIBO Rate Term Loan (in the case of any subsequent Interest Period)Fixed Rate Loan, the Lead each Borrower shall have the right to elect elect, by giving the Bank notice thereof, the interest period (each, each an “"Interest Period”") applicable to such LIBO Fixed Rate Term Loan, which Interest Period shall, at the option of such Borrower, in the Lead Borrower case of a LIBOR Loan, be a one, two, three or six month period, or, if agreed to by all Lenders, and in the case of a twelve month period, or, if agreed to by the Administrative Agent NIBOR Loan be a period less than one month; of up to thirty days, provided that (in each case):
that: (i) all LIBO Fixed Rate Term Loans comprising a Borrowing shall at all times have the same Interest Period;
; (ii) the initial Interest Period for any LIBO Fixed Rate Term Loan shall commence on the date of Borrowing of such LIBO Rate Term Loan (including, in the case of LIBO Rate Term Loans, including the date of any conversion thereto from thereof into a Borrowing Loan of Base Rate Term Loans different Type) and each Interest Period occurring thereafter in respect of such LIBO Rate Term Loan 7 shall commence on the day on which the next preceding Interest Period applicable thereto expires;
; (iii) if any Interest Period for relating to a LIBO Fixed Rate Term Loan begins on a day for which there is no numerically corresponding day in the calendar month at the end of such Interest Period, such Interest Period shall end on the last Business Day of such calendar month;
; (iv) if any Interest Period for a LIBO Rate Term Loan would otherwise expire on a day which is not a Business Day, such Interest Period shall expire on the next succeeding Business Day; provided, however, provided that if any Interest Period for a LIBO Rate Term LIBOR Loan would otherwise expire on a day which is not a Business Day but is a day of the month after which no further Business Day occurs in such month, such Interest Period shall expire on the next preceding Business Day;
; (v) unless the Required Lenders otherwise agree, no Interest Period for a LIBO Rate Term Loan may be selected at any time when a Default or an Event of Default is then in existence; and
(vi) no Interest Period in respect of any Borrowing of any Tranche of Term Loans shall be selected which extends extend beyond the Maturity Date therefor. With respect to any LIBO Rate Term Loans, at the end of any Interest Period applicable to a Borrowing thereof, the Lead Borrower may elect to split the respective Borrowing of a single Type under a single Tranche into two or more Borrowings of different Types under such Tranche or combine two or more Borrowings under a single Tranche into a single Borrowing of the same Type under such Tranche, in each case, by having the Lead Borrower give notice thereof together with its election of one or more Interest Periods, in each case so long as each resulting Borrowing (x) has an Interest Period which complies with the foregoing requirements of this Section 2.09, (y) has a principal amount which is not less than the Minimum Borrowing Amount applicable to Borrowings of the respective Type and Tranche, and (z) does not cause a violation of the requirements of Section 2.02Expiry Date. If by 12:00 Noon (New York City time) on the third Business Day prior to upon the expiration of any Interest Period applicable to a Borrowing of LIBO Fixed Rate Term LoansLoan, the Lead Borrower has failed to elect, or is not permitted to elect, elect a new Interest Period to be applicable to such LIBO RateFixed Rate Loan as provided above, the Lead Borrower shall be deemed to have elected in the case of LIBO Rate Term Loans, to convert such LIBO Rate Term Loans Loan into a Base Rate Term Loans with such conversion to be Loan effective as of the expiration date of such current Interest Period.
Appears in 2 contracts
Sources: Credit Agreement (Sierra Prime Income Fund), Credit Agreement (Sierra Prime Income Fund)
Interest Periods. At the time the Lead applicable Administrative Borrower gives any a Notice of Borrowing or Notice of Conversion/Conversion or Continuation in respect of the making of, or conversion intointo or continuation as, any LIBO Rate Term Loan a Borrowing of LIBOR Loans, CDOR Loans or EURIBOR Loans in accordance with Section 2.3(a), the applicable Administrative Borrower shall give the Administrative Agent written notice (or telephonic notice promptly confirmed in the case writing) of the initial Interest Period applicable thereto) or prior to 12:00 Noon (New York City time) on the third Business Day prior to the expiration of an Interest Period applicable to such LIBO Rate Term Loan (in the case of any subsequent Interest Period), the Lead Borrower shall have the right to elect the interest period (each, an “Interest Period”) applicable to such LIBO Rate Term LoanBorrowing, which Interest Period shall, at the option of the Lead Borrower applicable Administrative Borrower, be a one, two, three or six month period, or, or (if agreed available to by all Appropriate Lenders, ) a twelve month period, or, if agreed to by the Administrative Agent period or a period of less than one month; provided that (in each case):. Notwithstanding anything to the contrary contained above:
(i) all LIBO Rate Term Loans comprising a Borrowing shall at all times have the same Interest Period;
(iia) the initial Interest Period for any LIBO Rate Term Loan Borrowing of LIBOR Loans, CDOR Loans or EURIBOR Loans shall commence on the date of such Borrowing of such LIBO Rate Term Loan (including, in the case of LIBO Rate Term Loans, including the date of any conversion thereto from a Borrowing of Base Rate Term Loans ABR Loans) and each Interest Period occurring thereafter in respect of such LIBO Rate Term Loan Borrowing shall commence on the day on which the next preceding Interest Period applicable thereto expires;
(iiib) if any Interest Period for relating to a LIBO Rate Term Loan Borrowing of LIBOR Loans, CDOR Loans or EURIBOR Loans begins on the last Business Day of a calendar month or begins on a day for which there is no numerically corresponding day in the calendar month at the end of such Interest Period, such Interest Period shall end on the last Business Day of the calendar month at the end of such calendar monthInterest Period;
(ivc) if any Interest Period for a LIBO Rate Term Loan would otherwise expire on a day which that is not a Business Day, such Interest Period shall expire on the next succeeding Business Day; provided, however, provided that if any Interest Period for in respect of a LIBO Rate Term LIBOR Loan, CDOR Loan or EURIBOR Loan would otherwise expire on a day which that is not a Business Day but is a day of the month after which no further Business Day occurs in such month, such Interest Period shall expire on the next preceding Business Day;
(v) unless the Required Lenders otherwise agree, no Interest Period for a LIBO Rate Term Loan may be selected at any time when a Default or an Event of Default is then in existence; and
(vid) no the Borrowers shall not be entitled to elect any Interest Period in respect of any Borrowing of any Tranche of Term Loans shall be selected which extends LIBOR Loan, CDOR Loan or EURIBOR Loan if such Interest Period would extend beyond the Maturity Date therefor. With respect to any LIBO Rate Term Loans, at the end of any Interest Period applicable to a Borrowing thereof, the Lead Borrower may elect to split the respective Borrowing of a single Type under a single Tranche into two or more Borrowings of different Types under such Tranche or combine two or more Borrowings under a single Tranche into a single Borrowing of the same Type under such Tranche, in each case, by having the Lead Borrower give notice thereof together with its election of one or more Interest Periods, in each case so long as each resulting Borrowing (x) has an Interest Period which complies with the foregoing requirements of this Section 2.09, (y) has a principal amount which is not less than the Minimum Borrowing Amount applicable to Borrowings of the respective Type and Tranche, and (z) does not cause a violation of the requirements of Section 2.02. If by 12:00 Noon (New York City time) on the third Business Day prior to the expiration of any Interest Period applicable to a Borrowing of LIBO Rate Term Loans, the Lead Borrower has failed to elect, or is not permitted to elect, a new Interest Period to be applicable to such LIBO Rate, the Lead Borrower shall be deemed to have elected in the case of LIBO Rate Term Loans, to convert such LIBO Rate Term Loans into Base Rate Term Loans with such conversion to be effective as of the expiration date of such current Interest PeriodDate.
Appears in 2 contracts
Sources: Abl Credit Agreement (Avaya Holdings Corp.), Abl Credit Agreement (Avaya Holdings Corp.)
Interest Periods. At Concurrently with the time the Lead Borrower gives any giving of a Notice of Borrowing or Notice of Conversion/Continuation in respect of the making ofany Borrowing comprised of Base Rate Loans to be converted into, or conversion intoLIBOR Loans to be continued as, any LIBO Rate Term Loan (in the case of the initial Interest Period applicable thereto) or prior to 12:00 Noon (New York City time) on the third Business Day prior to the expiration of an Interest Period applicable to such LIBO Rate Term Loan (in the case of any subsequent Interest Period)LIBOR Loans, the Lead Borrower shall have the right to elect elect, pursuant to such notice, the interest period (each, an “"Interest Period”") to be applicable to such LIBO Rate Term LoanLIBOR Loans, which Interest Period shall, at the option of the Lead Borrower Borrower, be a one, two, three or six six-month period; provided, orhowever, if agreed to by all Lenders, a twelve month period, or, if agreed to by the Administrative Agent a period less than one month; provided that (in each case):that:
(i) all LIBO Rate Term LIBOR Loans comprising a single Borrowing shall at all times have the same Interest Period;
(ii) the initial Interest Period for any LIBO Rate Term LIBOR Loan shall commence on the date of the Borrowing of such LIBO Rate Term LIBOR Loan (including, in the case of LIBO Rate Term Loans, including the date of any continuation of, or conversion thereto from a Borrowing of Base Rate Term Loans into, such LIBOR Loan), and each successive Interest Period occurring thereafter in respect of applicable to such LIBO Rate Term LIBOR Loan shall commence on the day on which the next preceding Interest Period applicable thereto expires;
(iii) LIBOR Loans may not be outstanding under more than five (5) separate Interest Periods at any one time (for which purpose Interest Periods shall be deemed to be separate even if they are coterminous);
(iv) if any Interest Period for otherwise would expire on a LIBO Rate Term Loan day that is not a Business Day, such Interest Period shall expire on the next succeeding Business Day unless such next succeeding Business Day falls in another calendar month, in which case such Interest Period shall expire on the next preceding Business Day;
(v) the Borrower may not select any Interest Period that begins prior to the Closing Date or that expires after the Maturity Date;
(vi) if any Interest Period begins on a day for which there is no numerically corresponding day in the calendar month at the end of during which such Interest PeriodPeriod would otherwise expire, such Interest Period shall end expire on the last Business Day of such calendar month;
(iv) if any Interest Period for a LIBO Rate Term Loan would otherwise expire on a day which is not a Business Day, such Interest Period shall expire on the next succeeding Business Day; provided, however, that if any Interest Period for a LIBO Rate Term Loan would otherwise expire on a day which is not a Business Day but is a day of the month after which no further Business Day occurs in such month, such Interest Period shall expire on the next preceding Business Day;
(v) unless the Required Lenders otherwise agree, no Interest Period for a LIBO Rate Term Loan may be selected at any time when a Default or an Event of Default is then in existence; and
(vivii) no Interest Period in respect of any Borrowing of any Tranche of Term Loans shall be selected which extends beyond the Maturity Date therefor. With respect to any LIBO Rate Term Loansif, at the end of any Interest Period applicable to a Borrowing thereof, the Lead Borrower may elect to split the respective Borrowing of a single Type under a single Tranche into two or more Borrowings of different Types under such Tranche or combine two or more Borrowings under a single Tranche into a single Borrowing of the same Type under such Tranche, in each case, by having the Lead Borrower give notice thereof together with its election of one or more Interest Periods, in each case so long as each resulting Borrowing (x) has an Interest Period which complies with the foregoing requirements of this Section 2.09, (y) has a principal amount which is not less than the Minimum Borrowing Amount applicable to Borrowings of the respective Type and Tranche, and (z) does not cause a violation of the requirements of Section 2.02. If by 12:00 Noon (New York City time) on the third Business Day prior to upon the expiration of any Interest Period applicable to a Borrowing of LIBO Rate Term LIBOR Loans, the Lead Borrower has shall have failed to elect, or is not permitted to elect, elect a new Interest Period to be applicable to such LIBO RateLIBOR Loans, then the Lead Borrower shall be deemed to have elected in the case of LIBO Rate Term Loans, to convert such LIBO Rate Term LIBOR Loans into Base Rate Term Loans with such conversion to be effective as of the expiration date of such the then current Interest PeriodPeriod applicable thereto.
Appears in 2 contracts
Sources: Credit Agreement (Orion Capital Corp), Credit Agreement (Lason Inc)
Interest Periods. (a) At the time the Lead a Borrower gives any Notice of Borrowing or Notice of Conversion/Continuation in respect of the making of, or conversion into, any LIBO LIBOR Loan or Canadian CDOR Rate Term Loan (in the case of the initial Interest Period applicable thereto) or prior to 12:00 Noon (New York City time) on the third Business Day prior to the expiration of an Interest Period applicable to such LIBO LIBOR Loan or Canadian CDOR Rate Term Loan (in the case of any subsequent Interest Period), the Lead such Borrower shall have the right to elect the interest period (each, an “Interest Period”) applicable to such LIBO LIBOR Loan or Canadian CDOR Rate Term Loan, which Interest Period shall, at the option of the Lead Borrower such Borrower, be (x) a one, two, three or six month periodperiod or (y) a seven, or, fourteen or twenty-one day period if agreed to by all Lenders, a twelve month period, or, if agreed to by the Administrative Agent a period less than one month; in its sole discretion, provided that (in each case):
(i) all LIBO LIBOR Loans or Canadian CDOR Rate Term Loans comprising a Borrowing shall at all times have the same Interest Period;
(ii) the initial Interest Period for any LIBO LIBOR Loan or Canadian CDOR Rate Term Loan shall commence on the date of Borrowing of such LIBO LIBOR Loan or Canadian CDOR Rate Term Loan (including, in the case of LIBO Rate Term Loans, including the date of any conversion thereto from a Borrowing of Base Rate Term Loans Loan or Canadian Prime Rate Loan, as applicable) and each Interest Period occurring thereafter in respect of such LIBO LIBOR Loan or Canadian CDOR Rate Term Loan shall commence on the day on which the next preceding Interest Period applicable thereto expires;
(iii) if any Interest Period for a LIBO LIBOR Loan or Canadian CDOR Rate Term Loan begins on a day for which there is no numerically corresponding day in the calendar month at the end of such Interest Period, such Interest Period shall end on the last Business Day of such calendar month;
(iv) if any Interest Period for a LIBO LIBOR Loan or Canadian CDOR Rate Term Loan would otherwise expire on a day which is not a Business Day, such Interest Period shall expire on the next succeeding Business Day; provided, however, that if any Interest Period for a LIBO LIBOR Loan or Canadian CDOR Rate Term Loan would otherwise expire on a day which is not a Business Day but is a day of the month after which no further Business Day occurs in such month, such Interest Period shall expire on the next preceding Business Day;
(v) unless the Required Lenders otherwise agree, no Interest Period for a LIBO Rate Term Loan may be selected at any time when a Default or an Event of Default is then in existence; and
(vi) no Interest Period in respect of any Borrowing of any Tranche of Term Loans shall be selected which extends beyond the Maturity Date therefor. With respect to any LIBO Rate Term Loans, at the end of any Interest Period applicable to a Borrowing thereof, the Lead Borrower may elect to split the respective Borrowing of a single Type under a single Tranche into two or more Borrowings of different Types under for such Tranche or combine two or more Borrowings under a single Tranche into a single Borrowing of the same Type under such Tranche, in each case, by having the Lead Borrower give notice thereof together with its election of one or more Interest Periods, in each case so long as each resulting Borrowing (x) has an Interest Period which complies with the foregoing requirements of this Section 2.09, (y) has a principal amount which is not less than the Minimum Borrowing Amount applicable to Borrowings of the respective Type and Tranche, and (z) does not cause a violation of the requirements of Section 2.02Loans. If by 12:00 Noon (New York City time) on the third Business Day prior to the expiration of any Interest Period applicable to a Borrowing of LIBO LIBOR Loans or Canadian CDOR Rate Term LoansLoan, the Lead relevant Borrower has failed to elect, or is not permitted to elect, a new Interest Period to be applicable to such LIBO RateLIBOR Loans or Canadian CDOR Rate Loan as provided above, the Lead such Borrower shall be deemed to have elected in the case of LIBO to continue such LIBOR Loans or Canadian CDOR Rate Term Loan into LIBOR Loans or Canadian CDOR Loans, to convert such LIBO Rate Term Loans into Base Rate Term Loans as applicable, with such conversion to be a same Interest Period, effective as of the expiration date of such current Interest Period.
Appears in 2 contracts
Sources: Credit Agreement (Walter Energy, Inc.), Credit Agreement (Walter Energy, Inc.)
Interest Periods. At the time the Lead Borrower gives any the Notice of Borrowing or any Notice of Conversion/Continuation in respect of the making of, or conversion into, any LIBO Rate Term LIBOR Loan (in the case of the initial Interest Period applicable thereto) or prior to 12:00 Noon 1:00 P.M. (New York City time) on the third Business Day prior to the expiration of an Interest Period applicable to such LIBO Rate Term LIBOR Loan (in the case of any subsequent Interest Period), the Lead Borrower shall have the right to elect the interest period (each, an “Interest Period”) applicable to such LIBO Rate Term LIBOR Loan, which Interest Period shall, at the option of the Lead Borrower Borrower, be (x) a one, two, three or six month period, or, if or to the extent agreed to by all LendersLenders with Loans under the relevant Class, a twelve month period, or, period or (y) if agreed by each Lender with Loans under the relevant Class, such other period not to by the Administrative Agent a period less than one exceed one-month; provided that (in each case):
(ia) all LIBO Rate Term Loans comprising a Borrowing shall at all times have the same Interest Period[Reserved];
(iib) the initial Interest Period for any LIBO Rate Term LIBOR Loan shall commence on the date of Borrowing of such LIBO Rate Term LIBOR Loan (including, in the case of LIBO Rate Term Loans, including the date of any conversion thereto from a Borrowing of Base Rate Term Loans Loan) and each Interest Period occurring thereafter in respect of such LIBO Rate Term LIBOR Loan shall commence on the day on which the next preceding Interest Period applicable thereto expires;
(iiic) if any Interest Period for a LIBO Rate Term LIBOR Loan begins on a day for which there is no numerically corresponding day in the calendar month at the end of such Interest Period, such Interest Period shall end on the last Business Day of such calendar month;
(ivd) if any Interest Period for a LIBO Rate Term LIBOR Loan would otherwise expire on a day which is not a Business Day, such Interest Period shall expire on the next succeeding Business Day; provided, however, that if any Interest Period for a LIBO Rate Term LIBOR Loan would otherwise expire on a day which is not a Business Day but is a day of the month after which no further Business Day occurs in such month, such Interest Period shall expire on the next preceding Business Day;
(ve) unless the Required Lenders otherwise agree, no Interest Period for a LIBO Rate Term Loan may be selected at any time when a Default or an Event of Default has occurred and is then continuing and the Administrative Agent has or the Required Lenders have determined in existenceits or their sole discretion not to permit conversion to a LIBOR Loan or a continuation as a LIBOR Loan; and
(vif) no Interest Period in respect of any Borrowing of any Tranche Class of Term Loans shall be selected which extends beyond the Maturity Date therefor. With respect to any LIBO Rate Term for such Class of Loans, at the end of any Interest Period applicable to a Borrowing thereof, the Lead Borrower may elect to split the respective Borrowing of a single Type under a single Tranche into two or more Borrowings of different Types under such Tranche or combine two or more Borrowings under a single Tranche into a single Borrowing of the same Type under such Tranche, in each case, by having the Lead Borrower give notice thereof together with its election of one or more Interest Periods, in each case so long as each resulting Borrowing (x) has an Interest Period which complies with the foregoing requirements of this Section 2.09, (y) has a principal amount which is not less than the Minimum Borrowing Amount applicable to Borrowings of the respective Type and Tranche, and (z) does not cause a violation of the requirements of Section 2.02. If by 12:00 Noon 11:00 A.M. (New York City time) on the third Business Day prior to the expiration of any Interest Period applicable to a Borrowing of LIBO Rate Term LIBOR Loans, the Lead Borrower has failed to elect, or is not permitted to elect, elect a new Interest Period to be applicable to such LIBO RateLIBOR Loans as provided above, the Lead Borrower shall be deemed to have elected in the case of LIBO Rate Term Loans, to convert or continue, as applicable, such LIBO Rate Term LIBOR Loans as LIBOR Loans with an Interest Period of one month. If any Event of Default is in existence at the time of any proposed continuation of any LIBOR Loans and the Administrative Agent has or the Required Lenders have determined in its or their sole discretion not to permit such continuation, such LIBOR Loans shall be automatically converted on the last day of the current Interest Period into Base Rate Term Loans with such conversion to be effective as of the expiration date of such current Interest PeriodLoans.
Appears in 2 contracts
Sources: Term Loan Credit Agreement (AdvancePierre Foods Holdings, Inc.), Term Loan Credit Agreement (AdvancePierre Foods Holdings, Inc.)
Interest Periods. At Concurrently with the time the Lead Borrower gives any giving of a Notice of Borrowing in the case of a Borrowing of LIBOR Loans or a Notice of Conversion/Continuation in respect of the making ofany Borrowing comprised of Base Rate Loans to be converted into, or conversion intoLIBOR Loans to be continued as, any LIBO Rate Term Loan (in the case of the initial Interest Period applicable thereto) or prior to 12:00 Noon (New York City time) on the third Business Day prior to the expiration of an Interest Period applicable to such LIBO Rate Term Loan (in the case of any subsequent Interest Period)LIBOR Loans, the Lead each Borrower shall have the right to elect elect, pursuant to such notice, the interest period (each, an “Interest Period”) to be applicable to such LIBO Rate Term LoanLIBOR Loans, which Interest Period shall, at the option of the Lead Borrower such Borrower, be a one, two, three or six month period; provided, orhowever, if agreed to by all Lenders, a twelve month period, or, if agreed to by the Administrative Agent a period less than one month; provided that (in each case):that:
(i) all LIBO Rate Term LIBOR Loans comprising a single Borrowing shall at all times have the same Interest Period;
(ii) the initial Interest Period for any LIBO Rate Term LIBOR Loan shall commence on the date of the Borrowing of such LIBO Rate Term LIBOR Loan (including, in the case of LIBO Rate Term Loans, including the date of any continuation of, or conversion thereto from a Borrowing of Base Rate Term Loans into, such LIBOR Loan), and each successive Interest Period occurring thereafter in respect of applicable to such LIBO Rate Term LIBOR Loan shall commence on the day on which the next preceding Interest Period applicable thereto expires;
(iii) LIBOR Loans may not be outstanding under more than ten (10) separate Interest Periods at any one time (for which purpose Interest Periods shall be deemed to be separate even if they are coterminous);
(iv) if any Interest Period for otherwise would expire on a LIBO Rate Term Loan day that is not a Business Day, such Interest Period shall expire on the next succeeding Business Day unless such next succeeding Business Day falls in another calendar month, in which case such Interest Period shall expire on the next preceding Business Day;
(v) no Borrower may select any Interest Period that expires after the Tranche 1 Maturity Date;
(vi) if any Interest Period begins on a day for which there is no numerically corresponding day in the calendar month at the end of during which such Interest PeriodPeriod would otherwise expire, such Interest Period shall end expire on the last Business Day of such calendar month;
(iv) if any Interest Period for a LIBO Rate Term Loan would otherwise expire on a day which is not a Business Day, such Interest Period shall expire on the next succeeding Business Day; provided, however, that if any Interest Period for a LIBO Rate Term Loan would otherwise expire on a day which is not a Business Day but is a day of the month after which no further Business Day occurs in such month, such Interest Period shall expire on the next preceding Business Day;
(v) unless the Required Lenders otherwise agree, no Interest Period for a LIBO Rate Term Loan may be selected at any time when a Default or an Event of Default is then in existence; and
(vivii) no Borrower may select any Interest Period in respect of any Borrowing of any Tranche of Term (and consequently, no LIBOR Loans shall be selected which extends beyond made) if a Default or Event of Default shall have occurred and be continuing at the Maturity Date therefor. With time of such Notice of Borrowing or Notice of Conversion/Continuation with respect to any LIBO Rate Term Loans, at the end of any Interest Period applicable to a Borrowing thereof, the Lead Borrower may elect to split the respective Borrowing of a single Type under a single Tranche into two or more Borrowings of different Types under such Tranche or combine two or more Borrowings under a single Tranche into a single Borrowing of the same Type under such Tranche, in each case, by having the Lead Borrower give notice thereof together with its election of one or more Interest Periods, in each case so long as each resulting Borrowing (x) has an Interest Period which complies with the foregoing requirements of this Section 2.09, (y) has a principal amount which is not less than the Minimum Borrowing Amount applicable to Borrowings of the respective Type and Tranche, and (z) does not cause a violation of the requirements of Section 2.02. If by 12:00 Noon (New York City time) on the third Business Day prior to the expiration of any Interest Period applicable to a Borrowing of LIBO Rate Term Loans, the Lead Borrower has failed to elect, or is not permitted to elect, a new Interest Period to be applicable to such LIBO Rate, the Lead Borrower shall be deemed to have elected in the case of LIBO Rate Term Loans, to convert such LIBO Rate Term Loans into Base Rate Term Loans with such conversion to be effective as of the expiration date of such current Interest PeriodBorrowing.
Appears in 2 contracts
Sources: Credit Agreement (Everest Re Group LTD), Credit Agreement (Everest Re Group LTD)
Interest Periods. At the time the Lead a Borrower gives any a Notice of Borrowing or Notice of Conversion/Conversion or Continuation in respect of the making of, or conversion intointo or continuation as, any LIBO Rate Term Loan (a Borrowing of LIBOR Loans in the case of the initial Interest Period applicable thereto) or prior to 12:00 Noon (New York City time) on the third Business Day prior to the expiration of an Interest Period applicable to such LIBO Rate Term Loan (in the case of any subsequent Interest Periodaccordance with Section 2.6(a), the Lead such Borrower shall have the right to elect by giving the interest period Administrative Agent written notice (each, an “or telephonic notice promptly confirmed in writing) the Interest Period”) Period applicable to such LIBO Rate Term LoanBorrowing, which Interest Period shall, at the option of the Lead such Borrower be a one, two, three three, six or six month period, or(in the case of Revolving Credit Loans, if agreed available to all the Lenders making such loans as determined by all Lenders, such Lenders in good faith based on prevailing market conditions) a nine or twelve month period, or, if agreed period (or such other period of less than six months as to by which the Administrative Agent a period less than one month; provided that (in each case):may consent). Notwithstanding anything to the contrary contained above:
(i) all LIBO Rate Term Loans comprising a Borrowing shall at all times have the same Interest Period;
(iia) the initial Interest Period for any LIBO Rate Term Loan Borrowing of LIBOR Loans shall commence on the date of such Borrowing of such LIBO Rate Term Loan (including, in the case of LIBO Rate Term Loans, including the date of any conversion thereto from a Borrowing of Base Rate Term Loans ABR Loans) and each Interest Period occurring thereafter in respect of such LIBO Rate Term Loan Borrowing shall commence on the day on which the next preceding Interest Period applicable thereto expires;
(iiib) if any Interest Period for relating to a LIBO Rate Term Loan Borrowing of LIBOR Loans begins on the last Business Day of a calendar month or begins on a day for which there is no numerically corresponding day in the calendar month at the end of such Interest Period, such Interest Period shall end on the last Business Day of the calendar month at the end of such calendar monthInterest Period;
(ivc) if any Interest Period for a LIBO Rate Term Loan would otherwise expire on a day which that is not a Business Day, such Interest Period shall expire on the next succeeding Business Day; provided, however, provided that if any Interest Period for in respect of a LIBO Rate Term LIBOR Loan would otherwise expire on a day which that is not a Business Day but is a day of the month after which no further Business Day occurs in such month, such Interest Period shall expire on the next preceding Business Day;
(v) unless the Required Lenders otherwise agree, no Interest Period for a LIBO Rate Term Loan may be selected at any time when a Default or an Event of Default is then in existence; and
(vid) no the applicable Borrower shall not be entitled to elect any Interest Period in respect of any Borrowing of any Tranche of Term Loans shall be selected which extends LIBOR Loan if such Interest Period would extend beyond the Maturity Date therefor. With respect to any LIBO Rate Term Loans, at the end of any Interest Period applicable to a Borrowing thereof, the Lead Borrower may elect to split the respective Borrowing of a single Type under a single Tranche into two or more Borrowings of different Types under such Tranche or combine two or more Borrowings under a single Tranche into a single Borrowing of the same Type under such Tranche, in each case, by having the Lead Borrower give notice thereof together with its election of one or more Interest Periods, in each case so long as each resulting Borrowing (x) has an Interest Period which complies with the foregoing requirements of this Section 2.09, (y) has a principal amount which is not less than the Minimum Borrowing Amount applicable to Borrowings of the respective Type and Tranche, and (z) does not cause a violation of the requirements of Section 2.02. If by 12:00 Noon (New York City time) on the third Business Day prior to the expiration of any Interest Period applicable to a Borrowing of LIBO Rate Term Loans, the Lead Borrower has failed to elect, or is not permitted to elect, a new Interest Period to be applicable to such LIBO Rate, the Lead Borrower shall be deemed to have elected in the case of LIBO Rate Term Loans, to convert such LIBO Rate Term Loans into Base Rate Term Loans with such conversion to be effective as of the expiration date of such current Interest PeriodLoan.
Appears in 2 contracts
Sources: Credit Agreement (HCA Holdings, Inc.), Credit Agreement (Hca Inc/Tn)
Interest Periods. At the time the Lead Borrower gives any Notice of Borrowing or Notice of Conversion/Continuation in respect of In connection with the making or continuation of, or conversion into, any LIBO Rate Term Loan each Borrowing of LIBOR Loans, the Borrower Representative shall select an interest period (in the case of the initial each an "Interest Period applicable theretoPeriod") or prior to 12:00 Noon (New York City time) on the third Business Day prior to the expiration of an Interest Period be applicable to such LIBO Rate Term Loan (in the case of any subsequent Interest Period), the Lead Borrower shall have the right to elect the interest period (each, an “Interest Period”) applicable to such LIBO Rate Term LoanLoans, which Interest Period shall, at the option of the Lead Borrower be shall be
(a) either a one, two, three or six month period, or, if agreed to by all Lenders, a twelve month period, or, if agreed to by period for Domestic Revolving Loans;
(b) either one or three months for the Administrative Agent a period less than one monthSterling Revolving Loans;
(c) Fourteen Days for Sterling Swingline Loans; and
(d) three months for the Term A Loan and the Term B Loan; provided that (in each case):that:
(i) all LIBO Rate Term Loans comprising a Borrowing shall at all times have the same Interest Period;
(ii) the The initial Interest Period for any LIBO Rate Term Loan Borrowing consisting of LIBOR Loans shall commence on the date of such Borrowing of such LIBO Rate Term Loan (including, in the case of LIBO Rate Term Loans, including the date of any conversion thereto from a Borrowing consisting of Base Rate Term Loans of another Type) and each Interest Period occurring thereafter in respect of such LIBO Rate Term Loan Borrowing shall commence on the day on which the next preceding Interest Period applicable thereto expires;
(iiiii) if If any Interest Period for a LIBO Rate Term Loan begins on a day for which there is no numerically corresponding day in the calendar month at the end of such Interest Period, such Interest Period shall end on the last Business Day of such calendar month;
(iv) if any Interest Period for a LIBO Rate Term Loan would otherwise expire on a day which is not a Business Day, such Interest Period shall expire on the next succeeding Business Day; provided, however, provided that if any Interest Period for in respect of a LIBO Rate Term LIBOR Loan would otherwise expire on a day which that is not a Business Day but is a day of the month after which no further Business Day occurs in such month, such Interest Period shall expire on the next preceding Business Day;
(iii) Any Interest Period in respect of a LIBOR Loan which begins on a day for which there is no numerically corresponding day in the calendar month at the end of such Interest Period shall, subject to part (iv) below, expire on the last Business Day of such calendar month;
(iv) No Interest Period shall extend beyond any date upon which any prepayment is required to be made on the Loans, unless the aggregate principal amount of Loans that are not LIBOR Loans, or that have Interest Periods which will expire on or before the date of the respective payment or prepayment, is equal to or in excess of the amount of any such principal payments or prepayments to be made;
(v) unless the Required Lenders otherwise agree, no The Interest Period for a LIBO Rate Term LIBOR Loan may be selected at any time when a Default which is converted pursuant to Section 5.13(b) or an Event Section 5.14 shall commence on the date of Default is then in existencesuch conversion and shall expire on the date on which the Interest Periods for the LIBOR Loans of the other Lenders which were not converted expires; and
(vi) No Interest Period with respect to any Revolving Loan shall extend beyond the Revolving Credit Termination Date, no Interest Period in respect of any Borrowing of any Tranche of Term Loans shall be selected which extends beyond the Maturity Date therefor. With with respect to any LIBO Rate Term Loans, at A Loan shall extend beyond the end of any Term A Loan Maturity Date and no Interest Period applicable with respect to a Borrowing thereof, any Term B Loan shall extend beyond the Lead Borrower may elect to split the respective Borrowing of a single Type under a single Tranche into two or more Borrowings of different Types under such Tranche or combine two or more Borrowings under a single Tranche into a single Borrowing of the same Type under such Tranche, in each case, by having the Lead Borrower give notice thereof together with its election of one or more Interest Periods, in each case so long as each resulting Borrowing (x) has an Interest Period which complies with the foregoing requirements of this Section 2.09, (y) has a principal amount which is not less than the Minimum Borrowing Amount applicable to Borrowings of the respective Type and Tranche, and (z) does not cause a violation of the requirements of Section 2.02. If by 12:00 Noon (New York City time) on the third Business Day prior to the expiration of any Interest Period applicable to a Borrowing of LIBO Rate Term Loans, the Lead Borrower has failed to elect, or is not permitted to elect, a new Interest Period to be applicable to such LIBO Rate, the Lead Borrower shall be deemed to have elected in the case of LIBO Rate Term Loans, to convert such LIBO Rate Term Loans into Base Rate Term Loans with such conversion to be effective as of the expiration date of such current Interest PeriodB Loan Maturity Date.
Appears in 2 contracts
Sources: Revolving Credit and Term Loan Agreement (Catalina Lighting Inc), Revolving Credit and Term Loan Agreement (Catalina Lighting Inc)
Interest Periods. At the time the Lead Borrower gives any Notice Each Interest Period of Borrowing or Notice of Conversion/Continuation in respect of the making of, or conversion into, any a LIBO Rate Term Loan (in the case of the initial Interest Period applicable thereto) or prior to 12:00 Noon (New York City time) on the third Business Day prior to the expiration of an Interest Period applicable to such Alternate Currency LIBO Rate Term Loan (in the case of any subsequent Interest Period), the Lead Borrower shall have the right to elect the interest period (each, an “Interest Period”) applicable to such LIBO Rate Term Loan, which Interest Period shall, at the option of the Lead Borrower be a one, two, three or six month period, or, if agreed to by all Lenders, a twelve month period, or, if agreed to by the Administrative Agent a period less than one month; provided that (in each case):
(i) all LIBO Rate Term Loans comprising a Borrowing shall at all times have the same Interest Period;
(ii) the initial Interest Period for any LIBO Rate Term Loan shall commence on the date of Borrowing of such LIBO Rate Term Loan or Alternate Currency LIBO Rate Loan is made and shall end on such date as Borrower may elect as set forth in (including, c)(iii) above provided that:
(i) any Interest Period which would otherwise end on a day which is not a Business Day shall be the next preceding or succeeding Business Day as is the Bank's or the Alternate Currency Bank's custom in the case of LIBO Rate Term Loans, the date of any conversion thereto from a Borrowing of Base Rate Term Loans and each Interest Period occurring thereafter in respect of market to which such LIBO Rate Term Loan shall commence on the day on which the next preceding or Alternate Currency LIBO Rate Loan relates;
(ii) no Interest Period applicable thereto expires;shall end after the last day of the Term; and
(iii) if any Interest Period for a LIBO Rate Term Loan which begins on a day for which there is no numerically corresponding day in the calendar month at the end of such Interest Period, during which such Interest Period is to end, shall (subject to clause (i) above) end on the last Business Day day of such calendar month;
(iv) if any Interest Period for a LIBO Rate Term Loan would otherwise expire on a day which is not a Business Day, such Interest Period . Borrower shall expire on elect the next succeeding Business Day; provided, however, that if any Interest Period for a LIBO Rate Term Loan would otherwise expire on a day which is not a Business Day but is a day of the month after which no further Business Day occurs in such month, such Interest Period shall expire on the next preceding Business Day;
(v) unless the Required Lenders otherwise agree, no Interest Period for a LIBO Rate Term Loan may be selected at any time when a Default or an Event of Default is then in existence; and
(vi) no Interest Period in respect of any Borrowing of any Tranche of Term Loans shall be selected which extends beyond the Maturity Date therefor. With respect to any LIBO Rate Term Loans, at the end of any initial Interest Period applicable to a Borrowing thereofLIBO Rate Loan or an Alternate Currency LIBO Rate Loan by its notice of borrowing given to Agent pursuant to Section 2.12(a) or by its notice of conversion given to Agent pursuant to Section 2.12(e), as the Lead case may be. Borrower may shall elect to split the respective Borrowing duration of a single Type under a single Tranche into two or more Borrowings of different Types under such Tranche or combine two or more Borrowings under a single Tranche into a single Borrowing of the same Type under such Tranche, in each case, by having the Lead Borrower give notice thereof together with its election of one or more Interest Periods, in each case so long as each resulting Borrowing (x) has an succeeding Interest Period which complies with the foregoing requirements by giving irrevocable written notice to Agent of this Section 2.09, (y) has a principal amount which is such duration not less than the Minimum Borrowing Amount applicable to Borrowings of the respective Type and Tranche, and three (z3) does not cause a violation of the requirements of Section 2.02. If by 12:00 Noon (New York City time) on the third Business Day Days prior to the expiration last day of any the then current Interest Period applicable to a Borrowing of such LIBO Rate Term Loans, Loan or Alternate Currency LIBO Rate Loan. If Agent does not receive timely notice of the Lead Borrower has failed to elect, or is not permitted to elect, a new Interest Period to be applicable to such LIBO Rateelected by Borrower, the Lead Borrower shall be deemed to have elected in the case of LIBO Rate Term Loans, to convert such LIBO Rate Term Loans into Loan to an Alternate Base Rate Term Loans with Loan and such conversion Alternate Currency Loan to be effective as of the expiration date of such current Interest Periodan Alternate Currency Base Rate Loan, in each case subject to Section 2.12(e) hereof.
Appears in 2 contracts
Sources: Accounts Receivable Management and Security Agreement (TMP Worldwide Inc), Accounts Receivable Management and Security Agreement (TMP Worldwide Inc)
Interest Periods. At Concurrently with the time the Lead Borrower gives any giving of a Notice of Revolving Borrowing or Notice of Conversion/Continuation in respect of the making of, or conversion into, any LIBO Rate Term Loan (in the case Borrowing comprised of the initial Interest Period applicable thereto) or prior to 12:00 Noon (New York City time) on the third Business Day prior to the expiration of an Interest Period applicable to such LIBO Rate Term Loan (in the case of any subsequent Interest Period)LIBOR Loans, the Lead Borrower shall have the right to elect elect, pursuant to such notice, the interest period (each, an “"Interest Period”") to be applicable to such LIBO Rate Term LoanLIBOR Loans, which Interest Period shall, at the option of the Lead Borrower Borrower, be a one, two, three or six six-month period; provided, orhowever, if agreed to by all Lenders, a twelve month period, or, if agreed to by the Administrative Agent a period less than one month; provided that (in each case):that:
(i) all LIBO Rate Term LIBOR Loans comprising a single Borrowing shall at all times have the same Interest Period;
(ii) the initial Interest Period for any LIBO Rate Term LIBOR Loan shall commence on the date of the Borrowing of such LIBO Rate Term LIBOR Loan (including, in the case of LIBO Rate Term Loans, including the date of any continuation of, or conversion thereto from a Borrowing of Base Rate Term Loans into, such LIBOR Loan), and each successive Interest Period occurring thereafter in respect of applicable to such LIBO Rate Term LIBOR Loan shall commence on the day on which the next preceding Interest Period applicable thereto expires;
(iii) LIBOR Loans may not be outstanding under more than seven (7) separate Interest Periods at any one time (for which purpose Interest Periods shall be deemed to be separate even if they are coterminous);
(iv) if any Interest Period otherwise would expire on a day that is not a Business Day, such Interest Period shall expire on the next succeeding Business Day unless such next succeeding Business Day falls in another calendar month, in which case such Interest Period shall expire on the next preceding Business Day;
(v) the Borrower may not select any Interest Period that begins prior to the day which is the Applicable Number of Business Days after the Closing Date or, in the case of the Tranche A-2 Term Loans or the Tranche B Term Loans, the day which is the Applicable Number of Business Days after the Acquisition Closing Date, or that expires (x) after the Tranche A Maturity Date, with respect to Tranche A Term Loans that are to be maintained as LIBOR Loans, (y) after the Tranche B Maturity Date, with respect to Tranche B Term Loans that are to be maintained as LIBOR Loans, or (z) after the Revolving Credit Maturity Date, with respect to Revolving Loans that are to be maintained as LIBOR Loans;
(vi) the Borrower may not select any Interest Period having a duration longer than one month at any time prior to the Syndication Completion Date;
(vii) no Interest Period may be selected for any Borrowing of Tranche A Term Loans that would end after a LIBO scheduled date for repayment of principal of the Tranche A Term Loans occurring on or after the first day of such Interest Period unless, immediately after giving effect to such selection, the aggregate principal amount of Tranche A Term Loans that are Base Rate Loans or that have Interest Periods expiring on or before such principal repayment date equals or exceeds the principal amount required to be paid on such principal repayment date;
(viii) no Interest Period may be selected for any Borrowing of Tranche B Term Loan Loans that would end after a scheduled date for repayment of principal of the Tranche B Term Loans occurring on or after the first day of such Interest Period unless, immediately after giving effect to such selection, the aggregate principal amount of Tranche B Term Loans that are Base Rate Loans or that have Interest Periods expiring on or before such principal repayment date equals or exceeds the principal amount required to be paid on such principal repayment date;
(ix) if any Interest Period begins on a day for which there is no numerically corresponding day in the calendar month at the end of during which such Interest PeriodPeriod would otherwise expire, such Interest Period shall end expire on the last Business Day of such calendar month;
(iv) if any Interest Period for a LIBO Rate Term Loan would otherwise expire on a day which is not a Business Day, such Interest Period shall expire on the next succeeding Business Day; provided, however, that if any Interest Period for a LIBO Rate Term Loan would otherwise expire on a day which is not a Business Day but is a day of the month after which no further Business Day occurs in such month, such Interest Period shall expire on the next preceding Business Day;
(v) unless the Required Lenders otherwise agree, no Interest Period for a LIBO Rate Term Loan may be selected at any time when a Default or an Event of Default is then in existence; and
(vi) no Interest Period in respect of any Borrowing of any Tranche of Term Loans shall be selected which extends beyond the Maturity Date therefor. With respect to any LIBO Rate Term Loans, at the end of any Interest Period applicable to a Borrowing thereof, the Lead Borrower may elect to split the respective Borrowing of a single Type under a single Tranche into two or more Borrowings of different Types under such Tranche or combine two or more Borrowings under a single Tranche into a single Borrowing of the same Type under such Tranche, in each case, by having the Lead Borrower give notice thereof together with its election of one or more Interest Periods, in each case so long as each resulting Borrowing (x) has an Interest Period which complies with the foregoing requirements of this Section 2.09if, (y) has a principal amount which is not less than the Minimum Borrowing Amount applicable to Borrowings of the respective Type and Tranche, and (z) does not cause a violation of the requirements of Section 2.02. If by 12:00 Noon (New York City time) on the third Business Day prior to upon the expiration of any Interest Period applicable to a Borrowing of LIBO Rate Term LIBOR Loans, the Lead Borrower has shall have failed to elect, or is not permitted to elect, elect a new Interest Period to be applicable to such LIBO RateLIBOR Loans, then the Lead Borrower shall be deemed to have elected in the case of LIBO Rate Term Loans, to convert such LIBO Rate Term LIBOR Loans into Base Rate Term Loans with such conversion to be effective as of the expiration date of such the then current Interest PeriodPeriod applicable thereto.
Appears in 2 contracts
Sources: Credit Agreement (Chartwell Re Corp), Credit Agreement (Chartwell Re Holdings Corp)
Interest Periods. At the time the Lead Borrower gives any a Notice of Borrowing or Notice of Conversion/Conversion or Continuation in respect of the making of, or conversion intointo or continuation as, any LIBO Rate Term Loan a Borrowing of LIBOR Loans (in the case of the initial Interest Period applicable thereto) or prior to 12:00 Noon 10:00 a.m. (New York City time) on the third Business Day prior to the expiration of an Interest Period applicable to such LIBO Rate Term Loan (in the case a Borrowing of any subsequent Interest Period)LIBOR Loans, the Lead Borrower shall have the right to elect by giving the interest period Administrative Agent written notice (each, an “or telephonic notice promptly confirmed in writing) the Interest Period”) Period applicable to such LIBO Rate Term LoanBorrowing, which Interest Period shall, at the option of the Lead Borrower be a one, two, three three, six or six month period, or(in the case of Revolving Credit Loans, if agreed available to all the Lenders making such loans as determined by all Lenders, such Lenders in good faith based on prevailing market conditions) a nine or twelve month period, or, if agreed to by PROVIDED that the Administrative Agent initial Interest Period may be for a period less than one month; provided that (in each case):month if agreed upon by the Borrower and the Agents. Notwithstanding anything to the contrary contained above:
(i) all LIBO Rate Term Loans comprising a Borrowing shall at all times have the same Interest Period;
(iia) the initial Interest Period for any LIBO Rate Term Loan Borrowing of LIBOR Loans shall commence on the date of such Borrowing of such LIBO Rate Term Loan (including, in the case of LIBO Rate Term Loans, including the date of any conversion thereto from a Borrowing of Base Rate Term ABR Loans or) and each Interest Period occurring thereafter in respect of such LIBO Rate Term Loan Borrowing shall commence on the day on which the next preceding Interest Period applicable thereto expires;
(iiib) if any Interest Period for relating to a LIBO Rate Term Loan Borrowing of LIBOR Revolving Credit Loans begins on the last Business Day of a calendar month or begins on a day for which there is no numerically corresponding day in the calendar month at the end of such Interest Period, such Interest Period shall end on the last Business Day of the calendar month at the end of such calendar monthInterest Period;
(ivc) if any Interest Period for a LIBO Rate Term Loan would otherwise expire on a day which that is not a Business Day, such Interest Period shall expire on the next succeeding Business Day; provided, however, PROVIDED that if any Interest Period for in respect of a LIBO Rate Term LIBOR Loan would otherwise expire on a day which that is not a Business Day but is a day of the month after which no further Business Day occurs in such month, such Interest Period shall expire on the next preceding Business Day;
(v) unless the Required Lenders otherwise agree, no Interest Period for a LIBO Rate Term Loan may be selected at any time when a Default or an Event of Default is then in existence; and
(vid) no the Borrower shall not be entitled to elect any Interest Period in respect of any Borrowing of any Tranche of Term Loans shall be selected which extends LIBOR Loan if such Interest Period would extend beyond the applicable Maturity Date therefor. With respect to any LIBO Rate Term Loans, at the end of any Interest Period applicable to a Borrowing thereof, the Lead Borrower may elect to split the respective Borrowing of a single Type under a single Tranche into two or more Borrowings of different Types under such Tranche or combine two or more Borrowings under a single Tranche into a single Borrowing of the same Type under such Tranche, in each case, by having the Lead Borrower give notice thereof together with its election of one or more Interest Periods, in each case so long as each resulting Borrowing (x) has an Interest Period which complies with the foregoing requirements of this Section 2.09, (y) has a principal amount which is not less than the Minimum Borrowing Amount applicable to Borrowings of the respective Type and Tranche, and (z) does not cause a violation of the requirements of Section 2.02. If by 12:00 Noon (New York City time) on the third Business Day prior to the expiration of any Interest Period applicable to a Borrowing of LIBO Rate Term Loans, the Lead Borrower has failed to elect, or is not permitted to elect, a new Interest Period to be applicable to such LIBO Rate, the Lead Borrower shall be deemed to have elected in the case of LIBO Rate Term Loans, to convert such LIBO Rate Term Loans into Base Rate Term Loans with such conversion to be effective as of the expiration date of such current Interest PeriodLoan.
Appears in 2 contracts
Sources: Credit Agreement (PanAmSat Holding CORP), Credit Agreement (Intelsat LTD)
Interest Periods. At the time the Lead Borrower gives any Notice of Borrowing or Notice of Conversion/Continuation in respect of the making of, or conversion into, any LIBO Rate Term LIBOR Loan (in the case of the initial Interest Period applicable thereto) or prior to 12:00 Noon (New York City time) noon on the third Business Day prior to the expiration of an Interest Period applicable to such LIBO Rate Term LIBOR Loan (in the case of any subsequent Interest Period), the Lead Borrower shall have the right to elect the interest period (each, an “Interest Period”) applicable to such LIBO Rate Term LIBOR Loan, which Interest Period shall, at the option of the Lead Borrower Borrower, be (x) a one, two, three or three, six month period, or, if agreed to by all Lenderseach Lender with Loans and/or Commitments under the relevant Class, a twelve month period, or, period or (y) if agreed to elected by the Administrative Agent a Borrower, such other period less than one not to exceed one-month; provided that (in each case):
(i) all LIBO Rate Term LIBOR Loans comprising a Borrowing shall at all times have the same Interest Period;
(ii) the initial Interest Period for any LIBO Rate Term LIBOR Loan shall commence on the date of Borrowing of such LIBO Rate Term LIBOR Loan (including, in the case of LIBO Rate Term Loans, including the date of any conversion thereto from a Borrowing of Base Rate Term Loans Loan) and each Interest Period occurring thereafter in respect of such LIBO Rate Term LIBOR Loan shall commence on the day on which the next preceding Interest Period applicable thereto expires;
(iii) if any Interest Period for a LIBO Rate Term LIBOR Loan begins on a day for which there is no numerically corresponding day in the calendar month at the end of such Interest Period, such Interest Period shall end on the last Business Day of such calendar month;
(iv) if any Interest Period for a LIBO Rate Term LIBOR Loan would otherwise expire on a day which is not a Business Day, such Interest Period shall expire on the next succeeding Business Day; provided, however, that if any Interest Period for a LIBO Rate Term LIBOR Loan would otherwise expire on a day which is not a Business Day but is a day of the month after which no further Business Day occurs in such month, such Interest Period shall expire on the next preceding Business Day;
(v) unless the Required Lenders otherwise agree, no Interest Period for a LIBO Rate Term Loan may be selected at any time when a Default or an Event of Default is then in existence; and
(viv) no Interest Period in respect of any Borrowing of any Tranche Class of Term Loans shall be selected which extends beyond the Maturity Date therefor. With respect to any LIBO Rate Term for such Class of Loans, at the end of any Interest Period applicable to a Borrowing thereof, the Lead Borrower may elect to split the respective Borrowing of a single Type under a single Tranche into two or more Borrowings of different Types under such Tranche or combine two or more Borrowings under a single Tranche into a single Borrowing of the same Type under such Tranche, in each case, by having the Lead Borrower give notice thereof together with its election of one or more Interest Periods, in each case so long as each resulting Borrowing (x) has an Interest Period which complies with the foregoing requirements of this Section 2.09, (y) has a principal amount which is not less than the Minimum Borrowing Amount applicable to Borrowings of the respective Type and Tranche, and (z) does not cause a violation of the requirements of Section 2.02. If by 12:00 Noon (New York City time) noon on the third Business Day prior to the expiration of any Interest Period applicable to a Borrowing of LIBO Rate Term LIBOR Loans, the Lead Borrower has failed to elect, or is not permitted to elect, a new Interest Period to be applicable to such LIBO RateLIBOR Loans as provided above, the Lead Borrower shall be deemed to have elected in the case of LIBO Rate Term Loans, to convert continue such LIBO Rate Term LIBOR Loans into Base Rate Term as LIBOR Loans with such conversion to be an Interest Period of one (1) month effective as of the expiration date of such current Interest Period; provided that if the Borrower is not permitted to elect a new Interest Period to be applicable to such LIBOR Loans as provided above, the Borrower shall be deemed to have elected to convert such LIBOR Loans into Base Rate Loans effective as of the expiration date of such current Interest Period. If any partial prepayment of LIBOR Loans made pursuant to any Borrowing shall reduce the outstanding principal amount of LIBOR Loans made pursuant to such Borrowing to an amount less than the Minimum Borrowing Amount applicable thereto, then such Borrowing may not be continued as a Borrowing of LIBOR Loans after the end of the Interest Period then applicable thereto (and the same shall automatically be converted into a Borrowing of Base Rate Loans at the end of such Interest Period) and any election of an Interest Period with respect thereto given by the Borrower shall have no force or effect.
Appears in 2 contracts
Sources: Credit Agreement (PPL Energy Supply LLC), Credit Agreement (Talen Energy Holdings, Inc.)
Interest Periods. At the time the Lead any Borrower gives any Notice of Borrowing or Notice of Conversion/Continuation in respect of the making of, or or, in the case of any US Revolving Loan, conversion into, any LIBO Rate Term LIBOR Loan or EURIBOR Loan (in the case of the initial Interest Period applicable thereto) or prior to 12:00 Noon 11:00 A.M. (New York City time) on the third Business Day prior to the expiration of an Interest Period applicable to such LIBO Rate Term LIBOR Loan or EURIBOR Loan (in the case of any subsequent Interest Period), the Lead such Borrower shall have the right to elect the interest period (each, an “Interest Period”) applicable to such LIBO Rate Term LIBOR Loan or EURIBOR Loan, which Interest Period shall, at the option of the Lead Borrower (but otherwise subject to the provisions of clause (B) of the proviso in Section 2.01(a)(ii)), be a oneone (or less than one month if permitted by the Administrative Agent), two, three or six month period, or, if agreed to the extent approved by all Lenderseach Lender, a nine or twelve month period, or, if agreed to by the Administrative Agent a period less than one month; provided that (in each case):
(ia) all LIBO Rate Term LIBOR Loans or EURIBOR Loans comprising a Borrowing shall at all times have the same Interest Period;
(iib) the initial Interest Period for any LIBO Rate Term LIBOR Loan or EURIBOR Loan shall commence on the date of Borrowing of such LIBO Rate Term LIBOR Loan or EURIBOR Loan (including, in the case of LIBO Rate Term Loansany LIBOR Loan, the date of any conversion thereto from a Borrowing of Base Rate Term Loans Loan) and each Interest Period occurring thereafter in respect of such LIBO Rate Term LIBOR Loan or EURIBOR shall commence on the day on which the next preceding Interest Period applicable thereto expires;
(iiic) if any Interest Period for a LIBO Rate Term LIBOR Loan begins on a day for which there is no numerically corresponding day in the calendar month at the end of such Interest Period, such Interest Period shall end on the last Business Day of such calendar month;
(ivd) if any Interest Period for a LIBO Rate Term LIBOR Loan or EURIBOR Loan would otherwise expire on a day which is not a Business Day, such Interest Period shall expire on the next succeeding Business Day; provided, however, that if any Interest Period for a LIBO Rate Term LIBOR Loan or EURIBOR Loan would otherwise expire on a day which is not a Business Day but is a day of the month after which no further Business Day occurs in such month, such Interest Period shall expire on the next preceding Business Day;
(ve) unless the Required Lenders otherwise agree, no Interest Period for a LIBO Rate Term Loan may be selected at any time when a Default or an Event of Default is then in existence; and
(vif) no Interest Period in respect of any Borrowing of any Tranche of Term Loans shall be selected which extends beyond the Final Maturity Date therefor. With respect to any LIBO Rate Term Loans, at the end of any Interest Period applicable to a Borrowing thereof, the Lead Borrower may elect to split the respective Borrowing of a single Type under a single Tranche into two or more Borrowings of different Types under such Tranche or combine two or more Borrowings under a single Tranche into a single Borrowing of the same Type under such Tranche, in each case, by having the Lead Borrower give notice thereof together with its election of one or more Interest Periods, in each case so long as each resulting Borrowing (x) has an Interest Period which complies with the foregoing requirements of this Section 2.09, (y) has a principal amount which is not less than the Minimum Borrowing Amount applicable to Borrowings of the respective Type and Tranche, and (z) does not cause a violation of the requirements of Section 2.02Date. If by 12:00 Noon 11:00 A.M. (New York City time) on the third Business Day prior to the expiration of any Interest Period applicable to a Borrowing of LIBO Rate Term LIBOR Loans or EURIBOR Loans, the Lead any Borrower has failed to elect, or is not permitted to elect, a new Interest Period to be applicable to such LIBO RateLIBOR Loans or EURIBOR Loans as provided above, such Borrower, (i) in the Lead Borrower case of any US Revolving Loan, shall be deemed to have elected to convert such LIBOR Loans into Base Rate Loans effective as of the expiration date of such current Interest Period and (ii) in the case of LIBO Rate Term Loansany UK Revolving Loan, shall be deemed to convert have elected to continue such LIBO Rate Term LIBOR Loans into Base Rate Term or EURIBOR Loans as LIBOR Loans or EURIBOR Loans with such conversion to be an Interest Period of one-month, effective as of the expiration date of such current Interest Period.
Appears in 2 contracts
Sources: Abl Credit Agreement (Mobile Mini Inc), Abl Credit Agreement (Mobile Mini Inc)
Interest Periods. At the time the Lead Borrower gives any a Notice of Borrowing or Notice of Conversion/Conversion or Continuation in respect of the making of, or conversion intointo or continuation as, any LIBO Rate Term Loan a Borrowing of LIBOR Loans (in the case of the initial Interest Period applicable thereto) or prior to 12:00 Noon 10:00 a.m. (New York City time) on the third Business Day prior to the expiration of an Interest Period applicable to such LIBO Rate Term Loan (in the case a Borrowing of any subsequent Interest Period)LIBOR Loans, the Lead Borrower shall have the right to elect by giving the interest period Administrative Agent written notice (each, an “or telephonic notice promptly confirmed in writing) the Interest Period”) Period applicable to such LIBO Rate Term LoanBorrowing, which Interest Period shall, at the option of the Lead Borrower be a one, two, three three, six or six month period, or(in the case of Revolving Credit Loans, if agreed available to all the Lenders making such loans as determined by all Lenders, such Lenders in good faith based on prevailing market conditions) a nine or twelve month period, or, if agreed to by provided that the Administrative Agent initial Interest Period may be for a period less than one month; provided that (in each case):month if agreed upon by the Borrower and the Agents. Notwithstanding anything to the contrary contained above:
(i) all LIBO Rate Term Loans comprising a Borrowing shall at all times have the same Interest Period;
(iia) the initial Interest Period for any LIBO Rate Term Loan Borrowing of LIBOR Loans shall commence on the date of such Borrowing of such LIBO Rate Term Loan (including, in the case of LIBO Rate Term Loans, including the date of any conversion thereto from a Borrowing of Base Rate Term ABR Loans or) and each Interest Period occurring thereafter in respect of such LIBO Rate Term Loan Borrowing shall commence on the day on which the next preceding Interest Period applicable thereto expires;
(iiib) if any Interest Period for relating to a LIBO Rate Term Loan Borrowing of LIBOR Revolving Credit Loans begins on the last Business Day of a calendar month or begins on a day for which there is no numerically corresponding day in the calendar month at the end of such Interest Period, such Interest Period shall end on the last Business Day of the calendar month at the end of such calendar monthInterest Period;
(ivc) if any Interest Period for a LIBO Rate Term Loan would otherwise expire on a day which that is not a Business Day, such Interest Period shall expire on the next succeeding Business Day; provided, however, provided that if any Interest Period for in respect of a LIBO Rate Term LIBOR Loan would otherwise expire on a day which that is not a Business Day but is a day of the month after which no further Business Day occurs in such month, such Interest Period shall expire on the next preceding Business Day;
(v) unless the Required Lenders otherwise agree, no Interest Period for a LIBO Rate Term Loan may be selected at any time when a Default or an Event of Default is then in existence; and
(vid) no the Borrower shall not be entitled to elect any Interest Period in respect of any Borrowing of any Tranche of Term Loans shall be selected which extends LIBOR Loan if such Interest Period would extend beyond the applicable Maturity Date therefor. With respect to any LIBO Rate Term Loans, at the end of any Interest Period applicable to a Borrowing thereof, the Lead Borrower may elect to split the respective Borrowing of a single Type under a single Tranche into two or more Borrowings of different Types under such Tranche or combine two or more Borrowings under a single Tranche into a single Borrowing of the same Type under such Tranche, in each case, by having the Lead Borrower give notice thereof together with its election of one or more Interest Periods, in each case so long as each resulting Borrowing (x) has an Interest Period which complies with the foregoing requirements of this Section 2.09, (y) has a principal amount which is not less than the Minimum Borrowing Amount applicable to Borrowings of the respective Type and Tranche, and (z) does not cause a violation of the requirements of Section 2.02. If by 12:00 Noon (New York City time) on the third Business Day prior to the expiration of any Interest Period applicable to a Borrowing of LIBO Rate Term Loans, the Lead Borrower has failed to elect, or is not permitted to elect, a new Interest Period to be applicable to such LIBO Rate, the Lead Borrower shall be deemed to have elected in the case of LIBO Rate Term Loans, to convert such LIBO Rate Term Loans into Base Rate Term Loans with such conversion to be effective as of the expiration date of such current Interest PeriodLoan.
Appears in 2 contracts
Sources: Credit Agreement (PanAmSat Holding CORP), Credit Agreement (Panamsat Corp /New/)
Interest Periods. At the time the Lead Borrower gives any Notice of Borrowing or Notice of Conversion/Continuation in respect of the making of, or conversion into, any LIBO Rate Loan, Term SOFR Loan or Alternative Currency Term Rate Loan (in the case of the initial Interest Period applicable thereto) or (x) with respect to LIBO Rate Loans and Alternative Currency Term Rate Loans, prior to 12:00 Noon (New York City time) on the third Business Day Day, and (y) with respect to Term SOFR Loans, prior to 11:00 a.m. (New York City time) on the second Business Day, prior to the expiration of an Interest Period applicable to such LIBO Rate Loan, Term SOFR Loan or Alternative Currency Term Rate Loan (in the case of any subsequent Interest Period), the Lead Borrower shall have the right to elect the interest period (each, an “Interest Period”) applicable to such LIBO Rate Loan, Term SOFR Loan or Alternative Currency Term Rate Loan, which Interest Period shall, at the option of the Lead Borrower be a one, two, three or six month period, or, if agreed to by all LendersLenders and, in the case of Term SOFR Loans, the Administrative Agent, a twelve month period or any other period, or, if agreed to by the Administrative Agent with respect to a LIBO Rate Loan, a period less than one monthmonth (in the case of each requested Interest Period with respect to Term SOFR Loans, subject to availability); provided that (in each case):
(i) all LIBO Rate Loans, Term SOFR Loans and all Alternative Currency Term Rate Loans comprising a Borrowing shall at all times have the same Interest Period;
(ii) the initial Interest Period for any LIBO Rate Loan, Term SOFR Loan or Alternative Currency Term Rate Loan shall commence on the date of Borrowing of such LIBO Rate Loan, Term SOFR Loan or Alternative Currency Term Rate Loan (including, in the case of LIBO Rate Loans or Term SOFR Loans, the date of any conversion thereto from a Borrowing of Base Rate Term Loans Loans) and each Interest Period occurring thereafter in respect of such LIBO Rate Loan, Term SOFR Loan or Alternative Currency Term Rate Loan shall commence on the day on which the next preceding Interest Period applicable thereto expires;
(iii) if any Interest Period for a LIBO Rate Loan, Term SOFR Loan or Alternative Currency Term Rate Loan begins on a day for which there is no numerically corresponding day in the calendar month at the end of such Interest Period, such Interest Period shall end on the last Business Day of such calendar month;
(iv) if any Interest Period for a LIBO Rate Loan, Term SOFR Loan or Alternative Currency Term Rate Loan would otherwise expire on a day which is not a Business Day, such Interest Period shall expire on the next succeeding Business Day; provided, however, that if any Interest Period for a LIBO Rate Loan, Term SOFR Loan or Alternative Currency Term Rate Loan would otherwise expire on a day which is not a Business Day but is a day of the month after which no further Business Day occurs in such month, such Interest Period shall expire on the next preceding Business Day;
(v) unless the Required Lenders otherwise agree, no Interest Period for a LIBO Rate Loan, Term SOFR Loan or Alternative Currency Term Rate Loan may be selected at any time when an Event of Default is then in existence;
(vi) with respect to Revolving Loans, unless the Required Revolving Lenders otherwise agree, no Interest Period for a Default Revolving Loan that is a LIBO RateTerm SOFR Loan or Alternative Currency Term Rate Loan may be selected at any time when an Event of Default is then in existence; and
(vivii) no Interest Period in respect of any Borrowing of any Tranche of Term Loans shall be selected which extends beyond the Maturity Date therefor. With respect to any LIBO Rate Loans, Term SOFR Loans or Alternative Currency Term Rate Loans, at the end of any Interest Period applicable to a Borrowing thereof, the Lead Borrower may elect to split the respective Borrowing of a single Type under a single Tranche into two or more Borrowings of different Types under such Tranche or combine two or more Borrowings under a single Tranche into a single Borrowing of the same Type under such Tranche, in each case, by having the Lead Borrower give giving notice thereof together with its election of one or more Interest PeriodsPeriods applicable thereto, in each case so long as each resulting Borrowing (x) has an Interest Period which complies with the foregoing requirements of this Section 2.09, (y) has a principal amount which is not less than the Minimum Borrowing Amount applicable to Borrowings of the respective Type and Tranche, and (z) does not cause a violation of the requirements of Section 2.02. If (x) with respect to LIBO Rate Loans and Alternative Currency Term Rate Loans, by 12:00 Noon (New York City time) on the third Business Day Day, and (y) with respect to Term SOFR Loans, by 11:00 a.m. (New York City time) on the second Business Day, prior to the expiration of any Interest Period applicable to a Borrowing of LIBO Rate Loans or Term SOFR Loans, the Lead Borrower has failed to elect, or is not permitted to elect, a new Interest Period to be applicable to such LIBO RateRate or Term SOFR, the Lead respectively, Borrower shall be deemed to have elected in the case of LIBO Rate Term Loans, to convert such LIBO Rate Loans and Term SOFR Loans into Base Rate Term Loans with such conversion to be effective as of the expiration date of such current Interest Period.
Appears in 2 contracts
Sources: Credit Agreement (McGraw Hill, Inc.), Credit Agreement (McGraw Hill, Inc.)
Interest Periods. At the time the Lead Borrower gives any a Notice of Borrowing or Notice of Conversion/Conversion or Continuation in respect of the making of, or conversion intointo or continuation as, any LIBO a Borrowing of Term SOFR Loans or Alternative Currency Term Rate Term Loan (Loans in the case of the initial Interest Period applicable thereto) or prior to 12:00 Noon (New York City time) on the third Business Day prior to the expiration of an Interest Period applicable to such LIBO Rate Term Loan (in the case of any subsequent Interest Periodaccordance with Section 2.6(a), the Lead Borrower shall have the right to elect by giving the interest period Administrative Agent written notice (each, an “or telephonic notice promptly confirmed in writing) the Interest Period”) Period applicable to such LIBO Rate Term LoanBorrowing, which Interest Period shall, at the option of the Lead Borrower be a one, two, three or six month period, or, if agreed to by all Lenders, a twelve month period, or, if agreed to by the Administrative Agent a period less than one month; provided that (in each case):, subject to availability for the interest rate applicable to the relevant currency pursuant to Section 2.10). Notwithstanding anything to the contrary contained above:
(i) all LIBO Rate Term Loans comprising a Borrowing shall at all times have the same Interest Period;
(iia) the initial Interest Period for any LIBO Borrowing of Term SOFR Loans or Alternative Currency Term Rate Term Loan Loans shall commence on the date of such Borrowing of such LIBO Rate Term Loan (including, in the case of LIBO Rate Term Loans, including the date of any conversion thereto from a Borrowing of Base Rate Term Loans ABR Loans) and each Interest Period occurring thereafter in respect of such LIBO Rate Term Loan Borrowing shall commence on the day on which the next preceding Interest Period applicable thereto expires;
(iiib) if any Interest Period for relating to a LIBO Borrowing of Term SOFR Loans or Alternative Currency Term Rate Term Loan Loans begins on the last Business Day of a calendar month or begins on a day for which there is no numerically corresponding day in the calendar month at the end of such Interest Period, such Interest Period shall end on the last Business Day of the calendar month at the end of such calendar monthInterest Period;
(ivc) if any Interest Period for a LIBO Rate Term Loan would otherwise expire on a day which that is not a Business Day, such Interest Period shall expire on the next succeeding Business Day; provided, however, provided that if any Interest Period for in respect of a LIBO Term SOFR Loan or Alternative Currency Term Rate Term Loan would otherwise expire on a day which that is not a Business Day but is a day of the month after which no further Business Day occurs in such month, such Interest Period shall expire on the next preceding Business Day;
(v) unless the Required Lenders otherwise agree, no Interest Period for a LIBO Rate Term Loan may be selected at any time when a Default or an Event of Default is then in existence; and
(vid) no the Borrower shall not be entitled to elect any Interest Period in respect of any Borrowing of any Tranche of Term Loans shall be selected which extends SOFR Loan or Alternative Currency Term Rate Loan if such Interest Period would extend beyond the Revolving Credit Maturity Date therefor. With respect to any LIBO Rate Term Loans, at the end of any Interest Period applicable to a Borrowing thereof, the Lead Borrower may elect to split the respective Borrowing of a single Type under a single Tranche into two or more Borrowings of different Types under such Tranche or combine two or more Borrowings under a single Tranche into a single Borrowing of the same Type under such Tranche, in each case, by having the Lead Borrower give notice thereof together with its election of one or more Interest Periods, in each case so long as each resulting Borrowing (x) has an Interest Period which complies with the foregoing requirements of this Section 2.09, (y) has a principal amount which is not less than the Minimum Borrowing Amount applicable to Borrowings of the respective Type and Tranche, and (z) does not cause a violation of the requirements of Section 2.02. If by 12:00 Noon (New York City time) on the third Business Day prior to the expiration of any Interest Period applicable to a Borrowing of LIBO Rate Term Loans, the Lead Borrower has failed to elect, or is not permitted to elect, a new Interest Period to be applicable to such LIBO Rate, the Lead Borrower shall be deemed to have elected in the case of LIBO Rate Term Loans, to convert such LIBO Rate Term Loans into Base Rate Term Loans with such conversion to be effective as of the expiration date of such current Interest PeriodLoan.
Appears in 2 contracts
Sources: Credit Agreement (HCA Healthcare, Inc.), Credit Agreement (HCA Healthcare, Inc.)
Interest Periods. At the time the Lead Borrower gives any Notice of Borrowing or Notice of Conversion/Continuation in respect of the making of, or conversion into, any LIBO Rate RateTerm Benchmark Term Loan (in the case of the initial Interest Period applicable thereto) or prior to 12:00 Noon (New York City time) on the third Business Day prior to the expiration of an Interest Period applicable to such LIBO Rate RateTerm Benchmark Term Loan (in the case of any subsequent Interest Period), the Lead Borrower shall have the right to elect the interest period (each, an “Interest Period”) applicable to such LIBO Rate RateTerm Benchmark Term Loan, which Interest Period shall, at the option of the Lead Borrower be a one, twotwo (only for so long as the two month LIBO Rate continues to be published by the ICE Benchmark Administration), three or six month period, or, if agreed to by all Lenders, a twelve month period or any other period, or, if agreed to by the Administrative Agent a period less than one monthmonth (in each case, subject to the availability for the Benchmark applicable to the relevant Loan); provided that (in each case):
(i) all LIBO Rate RateTerm Benchmark Term Loans comprising a Borrowing shall at all times have the same Interest Period;
(ii) the initial Interest Period for any LIBO Rate RateTerm Benchmark Term Loan shall commence on the date of Borrowing of such LIBO Rate RateTerm Benchmark Term Loan (including, in the case of LIBO Rate RateTerm Benchmark Term Loans, the date of any conversion thereto from a Borrowing of Base Rate Term Loans Loans) and each Interest Period occurring thereafter in respect of such LIBO Rate RateTerm Benchmark Term Loan shall commence on the day on which the next preceding Interest Period applicable thereto expires;
(iii) if any Interest Period for a LIBO Rate RateTerm Benchmark Term Loan begins on a day for which there is no numerically corresponding day in the calendar month at the end of such Interest Period, such Interest Period shall end on the last Business Day of such calendar month;
(iv) if any Interest Period for a LIBO Rate RateTerm Benchmark Term Loan would otherwise expire on a day which is not a Business Day, such Interest Period shall expire on the next succeeding Business Day; provided, however, that if any Interest Period for a LIBO Rate RateTerm Benchmark Term Loan would otherwise expire on a day which is not a Business Day but is a day of the month after which no further Business Day occurs in such month, such Interest Period shall expire on the next preceding Business Day;
(v) unless the Required Lenders otherwise agree, no Interest Period for a LIBO Rate RateTerm Benchmark Term Loan may be selected at any time when a Default or an Event of Default is then in existence; and
(vi) no Interest Period in respect of any Borrowing of any Tranche of Term Loans shall be selected which extends beyond the Maturity Date therefor. With respect to any LIBO Rate RateTerm Benchmark Term Loans, at the end of any Interest Period applicable to a Borrowing thereof, the Lead Borrower may elect to split the respective Borrowing of a single Type under a single Tranche into two or more Borrowings of different Types under such Tranche or combine two or more Borrowings under a single Tranche into a single Borrowing of the same Type under such Tranche, in each case, by having the Lead Borrower give giving notice thereof together with its election of one or more Interest PeriodsPeriods applicable thereto, in each case so long as each resulting Borrowing (x) has an Interest Period which complies with the foregoing requirements of this Section 2.09, (y) has a principal amount which is not less than the Minimum Borrowing Amount applicable to Borrowings of the respective Type and Tranche, and (z) does not cause a violation of the requirements of Section 2.02. If by 12:00 Noon (New York City time) on the third Business Day prior to the expiration of any Interest Period applicable to a Borrowing of LIBO Rate RateTerm Benchmark Term Loans, the Lead Borrower has failed to elect, or is not permitted to elect, a new Interest Period to be applicable to such LIBO LIBOTerm SOFR Rate, the Lead Borrower shall be deemed to have elected in the case of LIBO Rate RateTerm Benchmark Term Loans, to convert such LIBO Rate Term Benchmark Term Loans into Base Rate Term Loans with such conversion to be effective as of the expiration date of such current Interest Period.
Appears in 2 contracts
Sources: Term Loan Credit Agreement (Ingram Micro Holding Corp), Term Loan Credit Agreement (Ingram Micro Holding Corp)
Interest Periods. At the time the Lead Borrower gives any Notice of Borrowing or Notice of Conversion/Continuation in respect of the making of, or conversion into, any LIBO Rate Term LIBOR Loan (in the case of the initial Interest Period applicable thereto) or prior to 12:00 Noon (New York City time) 11:00 a.m. on the third Business Day prior to the expiration of an Interest Period applicable to such LIBO Rate Term LIBOR Loan (in the case of any subsequent Interest Period), the Lead Borrower shall have the right to elect the interest period (each, an “Interest Period”) applicable to such LIBO Rate Term LIBOR Loan, which Interest Period shall, at the option of the Lead Borrower Borrower, be (x) a one, two, three or three, six month period, or, if agreed to approved by all Lenderseach Lender with Loans and/or Commitments under the relevant Class, a nine or twelve month period, or, period or (y) if agreed to by the Administrative Agent a in its sole discretion, such other period less than one not to exceed one-month; provided that (in each case):
(i) all LIBO Rate Term LIBOR Loans comprising a Borrowing shall at all times have the same Interest Period;
(ii) the initial Interest Period for any LIBO Rate Term LIBOR Loan shall commence on the date of Borrowing of such LIBO Rate Term LIBOR Loan (including, in the case of LIBO Rate Term Loans, including the date of any conversion thereto from a Borrowing of Base Rate Term Loans Loan) and each Interest Period occurring thereafter in respect of such LIBO Rate Term LIBOR Loan shall commence on the day on which the next preceding Interest Period applicable thereto expires;
(iii) if any Interest Period for a LIBO Rate Term LIBOR Loan begins on a day for which there is no numerically corresponding day in the calendar month at the end of such Interest Period, such Interest Period shall end on the last Business Day of such calendar month;
(iv) if any Interest Period for a LIBO Rate Term LIBOR Loan would otherwise expire on a day which is not a Business Day, such Interest Period shall expire on the next succeeding Business Day; provided, however, that if any Interest Period for a LIBO Rate Term LIBOR Loan would otherwise expire on a day which is not a Business Day but is a day of the month after which no further Business Day occurs in such month, such Interest Period shall expire on the next preceding Business Day;
(v) unless the Required Lenders otherwise agree, no Interest Period for a LIBO Rate Term Loan may be selected at any time when a Default or an Event of Default is then in existence; and
(viv) no Interest Period in respect of any Borrowing of any Tranche Class of Term Loans shall be selected which extends beyond the Maturity Date therefor. With respect to any LIBO Rate Term for such Class of Loans, at the end of any Interest Period applicable to a Borrowing thereof, the Lead Borrower may elect to split the respective Borrowing of a single Type under a single Tranche into two or more Borrowings of different Types under such Tranche or combine two or more Borrowings under a single Tranche into a single Borrowing of the same Type under such Tranche, in each case, by having the Lead Borrower give notice thereof together with its election of one or more Interest Periods, in each case so long as each resulting Borrowing (x) has an Interest Period which complies with the foregoing requirements of this Section 2.09, (y) has a principal amount which is not less than the Minimum Borrowing Amount applicable to Borrowings of the respective Type and Tranche, and (z) does not cause a violation of the requirements of Section 2.02. If by 12:00 Noon (New York City time) 11:00 a.m. on the third Business Day prior to the expiration of any Interest Period applicable to a Borrowing of LIBO Rate Term LIBOR Loans, the Lead Borrower has failed to elect, or is not permitted to elect, a new Interest Period to be applicable to such LIBO RateLIBOR Loans as provided above, the Lead Borrower shall be deemed to have elected in to continue such LIBOR Loans as LIBOR Loans with an Interest Period of one (1) month effective as of the case expiration date of LIBO Rate Term Loanssuch current Interest Period; provided that if the Borrower is not permitted to elect a new Interest Period to be applicable to such LIBOR Loans as provided above, the Borrower shall be deemed to have elected to convert such LIBO Rate Term LIBOR Loans into Base Rate Term Loans with such conversion to be effective as of the expiration date of such current Interest Period.
Appears in 2 contracts
Sources: Credit Agreement (Dynegy Inc.), Credit Agreement (Dynegy Inc.)
Interest Periods. At Concurrently with the time the Lead Borrower gives any giving of a Notice of Borrowing of LIBOR Loans or Notice of Conversion/Continuation in respect of the making ofany Borrowing comprised of Base Rate Loans to be converted into, or conversion intoLIBOR Loans to be continued as, any LIBO Rate Term Loan (in the case of the initial Interest Period applicable thereto) or prior to 12:00 Noon (New York City time) on the third Business Day prior to the expiration of an Interest Period applicable to such LIBO Rate Term Loan (in the case of any subsequent Interest Period)LIBOR Loans, the Lead Borrower shall have the right to elect elect, pursuant to such notice, the interest period (each, an “Interest Period”) to be applicable to such LIBO Rate Term LoanLIBOR Loans, which Interest Period shall, at the option of the Lead Borrower Borrower, be a oneone-, twotwo-, three three- or six six-month period; provided, orhowever, if agreed to by all Lenders, a twelve month period, or, if agreed to by the Administrative Agent a period less than one month; provided that (in each case):that:
(i) all LIBO Rate Term LIBOR Loans comprising a single Borrowing shall at all times have the same Interest Period;
(ii) the initial Interest Period for any LIBO Rate Term LIBOR Loan shall commence on the date of the Borrowing of such LIBO Rate Term LIBOR Loan (including, in the case of LIBO Rate Term Loans, including the date of any continuation of, or conversion thereto from a Borrowing of Base Rate Term Loans into, such LIBOR Loan), and each successive Interest Period occurring thereafter in respect of applicable to such LIBO Rate Term LIBOR Loan shall commence on the day on which the next preceding Interest Period applicable thereto expires;
(iii) LIBOR Loans may not be outstanding under more than 10 separate Interest Periods at any one time (for which purpose Interest Periods shall be deemed to be separate even if they are coterminous);
(iv) if any Interest Period for otherwise would expire on a LIBO Rate Term Loan day that is not a Business Day, such Interest Period shall expire on the next succeeding Business Day unless such next succeeding Business Day falls in another calendar month, in which case such Interest Period shall expire on the next preceding Business Day;
(v) the Borrower may not select any Interest Period that expires after the Maturity Date;
(vi) if any Interest Period begins on a day for which there is no numerically corresponding day in the calendar month at the end of during which such Interest PeriodPeriod would otherwise expire, such Interest Period shall end expire on the last Business Day of such calendar month;; and
(ivvii) if the Borrower may not select any Interest Period for a LIBO Rate Term Loan would otherwise expire on a day which is not a Business Day, such Interest Period shall expire on the next succeeding Business Day; provided, however, that if any Interest Period for a LIBO Rate Term Loan would otherwise expire on a day which is not a Business Day but is a day of the month after which no further Business Day occurs in such month, such Interest Period shall expire on the next preceding Business Day;
(v) unless the Required Lenders otherwise agreeand consequently, no Interest Period for a LIBO Rate Term Loan may LIBOR Loans shall be selected at any time when a Default or made) if an Event of Default is then in existence; and
(vi) no Interest Period in respect shall have occurred and be continuing at the time of any such Notice of Borrowing or Notice of any Tranche of Term Loans shall be selected which extends beyond the Maturity Date therefor. With Conversion/Continuation with respect to any LIBO Rate Term Loans, at the end of any Interest Period applicable to a Borrowing thereof, the Lead Borrower may elect to split the respective Borrowing of a single Type under a single Tranche into two or more Borrowings of different Types under such Tranche or combine two or more Borrowings under a single Tranche into a single Borrowing of the same Type under such Tranche, in each case, by having the Lead Borrower give notice thereof together with its election of one or more Interest Periods, in each case so long as each resulting Borrowing (x) has an Interest Period which complies with the foregoing requirements of this Section 2.09, (y) has a principal amount which is not less than the Minimum Borrowing Amount applicable to Borrowings of the respective Type and Tranche, and (z) does not cause a violation of the requirements of Section 2.02. If by 12:00 Noon (New York City time) on the third Business Day prior to the expiration of any Interest Period applicable to a Borrowing of LIBO Rate Term Loans, the Lead Borrower has failed to elect, or is not permitted to elect, a new Interest Period to be applicable to such LIBO Rate, the Lead Borrower shall be deemed to have elected in the case of LIBO Rate Term Loans, to convert such LIBO Rate Term Loans into Base Rate Term Loans with such conversion to be effective as of the expiration date of such current Interest PeriodBorrowing.
Appears in 2 contracts
Sources: Term Loan Credit Agreement (Intercontinental Exchange, Inc.), 364 Day Credit Agreement (Intercontinental Exchange, Inc.)
Interest Periods. At Concurrently with the time the Lead Borrower gives any giving of a Notice of Borrowing or Notice of Conversion/Continuation in respect of the making ofany Borrowing comprised of Base Rate Loans to be converted into, or conversion intoLIBOR Loans to be continued as, any LIBO Rate Term Loan (in the case of the initial Interest Period applicable thereto) or prior to 12:00 Noon (New York City time) on the third Business Day prior to the expiration of an Interest Period applicable to such LIBO Rate Term Loan (in the case of any subsequent Interest Period)LIBOR Loans, the Lead Borrower shall have the right to elect elect, pursuant to such notice, the interest period (each, an “"Interest Period”") to be applicable to such LIBO Rate Term LoanLIBOR Loans, which Interest Period shall, at the option of the Lead Borrower Borrower, be a one, two, three two or six three-month period; provided, orhowever, if agreed to by all Lenders, a twelve month period, or, if agreed to by the Administrative Agent a period less than one month; provided that (in each case):that:
(i) all LIBO Rate Term LIBOR Loans comprising a single Borrowing shall at all times have the same Interest Period;
(ii) the initial Interest Period for any LIBO Rate Term LIBOR Loan shall commence on the date of the Borrowing of such LIBO Rate Term LIBOR Loan (including, in the case of LIBO Rate Term Loans, including the date of any continuation of, or conversion thereto from a Borrowing of Base Rate Term Loans into, such LIBOR Loan), and each successive Interest Period occurring thereafter in respect of applicable to such LIBO Rate Term LIBOR Loan shall commence on the day on which the next preceding Interest Period applicable thereto expires;
(iii) LIBOR Loans may not be outstanding under more than five (5) separate Interest Periods at any one time (for which purpose Interest Periods shall be deemed to be separate even if they are coterminous);
(iv) if any Interest Period for otherwise would expire on a LIBO Rate Term Loan day that is not a Business Day, such Interest Period shall expire on the next succeeding Business Day unless such next succeeding Business Day falls in another calendar month, in which case such Interest Period shall expire on the next preceding Business Day;
(v) the Borrower may not select any Interest Period that begins prior to the Closing Date or that expires after the Maturity Date, with respect to Loans that are to be maintained as LIBOR Loans;
(vi) if any Interest Period begins on a day for which there is no numerically corresponding day in the calendar month at the end of during which such Interest PeriodPeriod would otherwise expire, such Interest Period shall end expire on the last Business Day of such calendar month;
(iv) if any Interest Period for a LIBO Rate Term Loan would otherwise expire on a day which is not a Business Day, such Interest Period shall expire on the next succeeding Business Day; provided, however, that if any Interest Period for a LIBO Rate Term Loan would otherwise expire on a day which is not a Business Day but is a day of the month after which no further Business Day occurs in such month, such Interest Period shall expire on the next preceding Business Day;
(v) unless the Required Lenders otherwise agree, no Interest Period for a LIBO Rate Term Loan may be selected at any time when a Default or an Event of Default is then in existence; and
(vivii) no Interest Period in respect of any Borrowing of any Tranche of Term Loans shall be selected which extends beyond the Maturity Date therefor. With respect to any LIBO Rate Term Loansif, at the end of any Interest Period applicable to a Borrowing thereof, the Lead Borrower may elect to split the respective Borrowing of a single Type under a single Tranche into two or more Borrowings of different Types under such Tranche or combine two or more Borrowings under a single Tranche into a single Borrowing of the same Type under such Tranche, in each case, by having the Lead Borrower give notice thereof together with its election of one or more Interest Periods, in each case so long as each resulting Borrowing (x) has an Interest Period which complies with the foregoing requirements of this Section 2.09, (y) has a principal amount which is not less than the Minimum Borrowing Amount applicable to Borrowings of the respective Type and Tranche, and (z) does not cause a violation of the requirements of Section 2.02. If by 12:00 Noon (New York City time) on the third Business Day prior to upon the expiration of any Interest Period applicable to a Borrowing of LIBO Rate Term LIBOR Loans, the Lead Borrower has shall have failed to elect, or is not permitted to elect, elect a new Interest Period to be applicable to such LIBO RateLIBOR Loans, then the Lead Borrower shall be deemed to have elected in the case of LIBO Rate Term Loans, to convert such LIBO Rate Term LIBOR Loans into Base Rate Term Loans with such conversion to be effective as of the expiration date of such the then current Interest PeriodPeriod applicable thereto.
Appears in 2 contracts
Sources: Credit Agreement (Orthalliance Inc), Credit Agreement (Orthalliance Inc)
Interest Periods. At the time the Lead Borrower gives any Notice of Borrowing or Notice of Conversion/Continuation in respect of the making of, or conversion into, any LIBO Rate Loan, Term SOFR Loan or Alternative Currency Term Rate Loan (in the case of the initial Interest Period applicable thereto) or (x) with respect to LIBO Rate Loans and Alternative Currency Term Rate Loans, prior to 12:00 Noon (New York City time) on the third Business Day Day, and (y) with respect to Term SOFR Loans, prior to 11:00 a.m. (New York City time) on the second Business Day, prior to the expiration of an Interest Period applicable to such LIBO Rate Loan, Term SOFR Loan or Alternative Currency Term Rate Loan (in the case of any subsequent Interest Period), the Lead Borrower shall have the right to elect the interest period (each, an “Interest Period”) applicable to such LIBO Rate Loan, Term SOFR Loan or Alternative Currency Term Rate Loan, which Interest Period shall, at the option of the Lead Borrower be a one, two, three or six month period, or, if agreed to by all LendersLenders and, in the case of Term SOFR Loans, the Administrative Agent, a twelve month period or any other period, or, if agreed to by the Administrative Agent with respect to a LIBO Rate Loan, a period less than one monthmonth (in the case of each requested Interest Period with respect to Term SOFR Loans, subject to availability); provided that (in each case):
(i) all LIBO Rate Loans, Term SOFR Loans and all Alternative Currency Term Rate Loans comprising a Borrowing shall at all times have the same Interest Period;
(ii) the initial Interest Period for any LIBO Rate Loan, Term SOFR Loan or Alternative Currency Term Rate Loan shall commence on the date of Borrowing of such LIBO Rate Loan, Term SOFR Loan or Alternative Currency Term Rate Loan (including, in the case of LIBO Rate Loans or Term SOFR Loans, the date of any conversion thereto from a Borrowing of Base Rate Term Loans Loans) and each Interest Period occurring thereafter in respect of such LIBO Rate Loan, Term SOFR Loan or Alternative Currency Term Rate Loan shall commence on the day on which the next preceding Interest Period applicable thereto expires;
(iii) if any Interest Period for a LIBO Rate Loan, Term SOFR Loan or Alternative Currency Term Rate Loan begins on a day for which there is no numerically corresponding day in the calendar month at the end of such Interest Period, such Interest Period shall end on the last Business Day of such calendar month;
(iv) if any Interest Period for a LIBO Rate Loan, Term SOFR Loan or Alternative Currency Term Rate Loan would otherwise expire on a day which is not a Business Day, such Interest Period shall expire on the next succeeding Business Day; provided, however, that if any Interest Period for a LIBO Rate Loan, Term SOFR Loan or Alternative Currency Term Rate Loan would otherwise expire on a day which is not a Business Day but is a day of the month after which no further Business Day occurs in such month, such Interest Period shall expire on the next preceding Business Day;
(v) unless the Required Lenders otherwise agree, no Interest Period for a LIBO Rate Loan, Term SOFR Loan or Alternative Currency Term Rate Loan may be selected at any time when an Event of Default is then in existence;
(vi) with respect to Revolving Loans, unless the Required Revolving Lenders otherwise agree, no Interest Period for a Default Revolving Loan that is a Term SOFR Loan or Alternative Currency Term Rate Loan may be selected at any time when an Event of Default is then in existence; and
(vivii) no Interest Period in respect of any Borrowing of any Tranche of Term Loans shall be selected which extends beyond the Maturity Date therefor. With respect to any LIBO Rate Loans, Term SOFR Loans or Alternative Currency Term Rate Loans, at the end of any Interest Period applicable to a Borrowing thereof, the Lead Borrower may elect to split the respective Borrowing of a single Type under a single Tranche into two or more Borrowings of different Types under such Tranche or combine two or more Borrowings under a single Tranche into a single Borrowing of the same Type under such Tranche, in each case, by having the Lead Borrower give giving notice thereof together with its election of one or more Interest PeriodsPeriods applicable thereto, in each case so long as each resulting Borrowing (x) has an Interest Period which complies with the foregoing requirements of this Section 2.09, (y) has a principal amount which is not less than the Minimum Borrowing Amount applicable to Borrowings of the respective Type and Tranche, and (z) does not cause a violation of the requirements of Section 2.02. If (x) with respect to LIBO Rate Loans and Alternative Currency Term Rate Loans, by 12:00 Noon (New York City time) on the third Business Day Day, and (y) with respect to Term SOFR Loans, by 11:00 a.m. (New York City time) on the second Business Day, prior to the expiration of any Interest Period applicable to a Borrowing of LIBO Rate Loans or Term SOFR Loans, the Lead Borrower has failed to elect, or is not permitted to elect, a new Interest Period to be applicable to such LIBO RateRate or Term SOFR, the Lead respectively, Borrower shall be deemed to have elected in the case of LIBO Rate Term Loans, to convert such LIBO Rate Loans and Term SOFR Loans into Base Rate Term Loans with such conversion to be effective as of the expiration date of such current Interest Period.
Appears in 2 contracts
Sources: Credit Agreement (McGraw Hill, Inc.), Credit Agreement (McGraw Hill, Inc.)
Interest Periods. At the time the Lead Borrower gives any a Notice of Borrowing or Notice of Conversion/Conversion or Continuation in respect of the making of, or conversion intointo or continuation as, any LIBO Rate Term Loan a Borrowing of LIBOR Loans in accordance with Section 2.6(a), the Borrower shall give the Administrative Agent written notice (or telephonic notice promptly confirmed in the case writing) of the initial Interest Period applicable thereto) or prior to 12:00 Noon (New York City time) on the third Business Day prior to the expiration of an Interest Period applicable to such LIBO Rate Term Loan (in the case of any subsequent Interest Period), the Lead Borrower shall have the right to elect the interest period (each, an “Interest Period”) applicable to such LIBO Rate Term LoanBorrowing, which Interest Period shall, at the option of the Lead Borrower be a oneperiod of (i) one week or any other period between one week and one month if an Interpolated Rate may be determined with respect to such other period, (ii) one month or two, three or six month period, or, months or (iii) if agreed available to by all Lendersthe Lenders making such LIBOR Loans, a twelve 12-month period, or, if agreed to or any other period requested by the Administrative Agent a period less than one month; provided that (in each case):Borrower. Notwithstanding anything to the contrary contained above:
(i) all LIBO Rate Term Loans comprising a Borrowing shall at all times have the same Interest Period;
(iia) the initial Interest Period for any LIBO Rate Term Loan Borrowing of LIBOR Loans shall commence on the date of such Borrowing of such LIBO Rate Term Loan (including, in the case of LIBO Rate Term Loans, including the date of any conversion thereto from a Borrowing of Base Rate Term Loans ABR Loans) and each Interest Period occurring thereafter in respect of such LIBO Rate Term Loan Borrowing shall commence on the day on which the next preceding Interest Period applicable thereto expires;
(iiib) if any Interest Period for relating to a LIBO Rate Term Loan Borrowing of LIBOR Loans begins on the last Business Day of a calendar month or begins on a day for which there is no numerically corresponding day in the calendar month at the end of such Interest Period, such Interest Period shall end on the last Business Day of the calendar month at the end of such calendar monthInterest Period;
(ivc) if any Interest Period for a LIBO Rate Term Loan would otherwise expire on a day which that is not a Business Day, such Interest Period shall expire on the next succeeding Business Day; providedprovided that, however, that if any Interest Period for in respect of a LIBO Rate Term LIBOR Loan would otherwise expire on a day which that is not a Business Day Day, but is a day of the month after which no further Business Day occurs in such month, such Interest Period shall expire on the next preceding Business Day;
(v) unless the Required Lenders otherwise agree, no Interest Period for a LIBO Rate Term Loan may be selected at any time when a Default or an Event of Default is then in existence; and
(vid) no the Borrower shall not be entitled to elect any Interest Period in respect of any Borrowing of any Tranche of Term Loans shall be selected which extends LIBOR Loan if such Interest Period would extend beyond the Maturity Date therefor. With respect to any LIBO Rate Term Loans, at the end of any Interest Period applicable to a Borrowing thereof, the Lead Borrower may elect to split the respective Borrowing of a single Type under a single Tranche into two or more Borrowings of different Types under such Tranche or combine two or more Borrowings under a single Tranche into a single Borrowing of the same Type under such Tranche, in each case, by having the Lead Borrower give notice thereof together with its election of one or more Interest Periods, in each case so long as each resulting Borrowing (x) has an Interest Period which complies with the foregoing requirements of this Section 2.09, (y) has a principal amount which is not less than the Minimum Borrowing Amount applicable to Borrowings of the respective Type and Tranche, and (z) does not cause a violation of the requirements of Section 2.02. If by 12:00 Noon (New York City time) on the third Business Day prior to the expiration of any Interest Period applicable to a Borrowing of LIBO Rate Term Loans, the Lead Borrower has failed to elect, or is not permitted to elect, a new Interest Period to be applicable to such LIBO Rate, the Lead Borrower shall be deemed to have elected in the case of LIBO Rate Term Loans, to convert such LIBO Rate Term Loans into Base Rate Term Loans with such conversion to be effective as of the expiration date of such current Interest PeriodDate.
Appears in 2 contracts
Sources: Credit Agreement (Chesapeake Energy Corp), Credit Agreement (Chesapeake Energy Corp)
Interest Periods. (a) At the time the Lead Borrower gives any a Notice of Borrowing or Notice of Conversion/Continuation Conversion in respect of the making of, or conversion into, any LIBO Rate Term Loan a Borrowing of LIBOR Loans (in the case of the initial Interest Period applicable thereto) or prior to 12:00 Noon 11:00 A.M. (New York City time) on the third Business Day prior to the expiration of an Interest Period applicable to such LIBO Rate Term Loan (in the case a Borrowing of any subsequent Interest Period)LIBOR Loans, the Lead Borrower it shall have the right to elect by giving the interest period Administrative Agent written notice (each, an “or telephonic notice promptly confirmed in writing) of the Interest Period”) Period applicable to such LIBO Rate Term LoanBorrowing, which Interest Period shall, at the option of the Lead Borrower Borrower, be a one, twothree, three or six month period, or, if agreed to the extent available to all Lenders under the respective Facility (as determined by all Lendersthe Administrative Agent), a nine or twelve month period, or, if agreed . Notwithstanding anything to by the Administrative Agent a period less than one month; provided that (in each case):contrary contained above:
(i) all LIBO Rate Term Loans comprising a Borrowing shall at all times have the same Interest Period;
(ii) the initial Interest Period for any LIBO Rate Term Loan Borrowing of LIBOR Loans shall commence on the date of such Borrowing of such LIBO Rate Term Loan (including, in the case of LIBO Rate Term Loans, including the date of any conversion thereto from a Borrowing of Base Rate Term Loans Loans) and each Interest Period occurring thereafter in respect of such LIBO Rate Term Loan Borrowing shall commence on the day on which the next preceding Interest Period applicable thereto expires;
(iiiii) if any Interest Period for a LIBO Rate Term Loan begins on a day for which there is no numerically corresponding day in the calendar month at the end of such Interest Period, such Interest Period shall end on the last Business Day of such calendar month;
(iviii) if any Interest Period for a LIBO Rate Term Loan would otherwise expire on a day which is not a Business Day, such Interest Period shall expire on the next succeeding Business Day; provided, however, provided that if any Interest Period for a LIBO Rate Term Loan would otherwise expire on a day which is not a Business Day but is a day of the month after which no further Business Day occurs in such month, such Interest Period shall expire on the next preceding Business Day;
(viv) unless the Required Lenders otherwise agree, no Interest Period for with respect to a LIBO Rate Term Loan Borrowing of Revolving Loans may be selected at elected that would extend beyond the Final Maturity Date;
(v) no Interest Period with respect to any time when Borrowing of Term Loans may be elected that would extend beyond any date upon which a Default or an Event Scheduled Repayment is required to be made if, after giving effect to the selection of Default is then in existencesuch Interest Period, the aggregate principal amount of Term Loans maintained as LIBOR Loans with Interest Periods ending after such date would exceed the aggregate principal amount of Term Loans permitted to be outstanding after such Scheduled Repayment; and
(vi) no Interest Period may be elected if a Default under Section 9.01 or an Event of Default is then in respect of any Borrowing of any Tranche of Term Loans existence and the Administrative Agent or the Required Lenders shall be selected which extends beyond the Maturity Date therefor. With respect have determined in its or their sole discretion not to any LIBO Rate Term Loans, at the end of any Interest Period applicable to a Borrowing thereof, the Lead Borrower may elect to split the respective Borrowing of a single Type under a single Tranche into two or more Borrowings of different Types under permit such Tranche or combine two or more Borrowings under a single Tranche into a single Borrowing of the same Type under such Tranche, in each case, by having the Lead Borrower give notice thereof together with its election of one or more Interest Periods, in each case so long as each resulting Borrowing election.
(xb) has an Interest Period which complies with the foregoing requirements of this Section 2.09, (y) has a principal amount which is not less than the Minimum Borrowing Amount applicable to Borrowings of the respective Type and Tranche, and (z) does not cause a violation of the requirements of Section 2.02. If by 12:00 Noon (New York City time) on the third Business Day prior to upon the expiration of any Interest Period applicable to a Borrowing of LIBO Rate Term LoansPeriod, the Lead Borrower has failed to elect, or is not permitted to elect, elect a new Interest Period to be applicable to such LIBO Ratethe respective Borrowing of LIBOR Loans, or in the case of Revolving Loans, has failed to elect a new Interest Period to be applicable to the respective Borrowing of LIBOR Loans, the Lead Borrower shall be deemed to have elected in the case of LIBO Rate Term Loans, to convert such LIBO Rate Term Loans Borrowing into a Borrowing of Base Rate Term Loans with such conversion to be effective as of the expiration date of such current Interest Period. If upon the expiration of any Interest Period in respect of Term Loans, the Borrower has failed to elect a new Interest Period to be applicable to the respective Borrowing of LIBOR Loans as provided above, the Borrower shall be deemed to have elected a new Interest Period of (x) three months for such Borrowing (to the extent the expiring Interest Period was three months or longer) or (y) one month (to the extent the expiring Interest Period was one month), in each case effective as of the expiration date of such expiring Interest Period.
Appears in 2 contracts
Sources: Credit Agreement (National Tobacco Co Lp), Credit Agreement (National Tobacco Co Lp)
Interest Periods. At the time the Lead Parent Borrower gives any a Notice of Borrowing or Notice of Conversion/Conversion or Continuation in respect of the making of, or conversion intointo or continuation as, any LIBO Rate Term Loan (a Borrowing of LIBOR Loans in the case of the initial Interest Period applicable thereto) or prior to 12:00 Noon (New York City time) on the third Business Day prior to the expiration of an Interest Period applicable to such LIBO Rate Term Loan (in the case of any subsequent Interest Periodaccordance with Section 2.6(a), the Lead Parent Borrower shall have the right to elect by giving the interest period Administrative Agent written notice (each, an “or telephonic notice promptly confirmed in writing) the Interest Period”) Period applicable to such LIBO Rate Term LoanBorrowing, which Interest Period shall, at the option of the Lead Parent Borrower be a one, two, three three, six or six month period, or(in the case of New Revolving Credit Loans, if agreed available to all the Lenders making such loans as determined by all Lenders, such Lenders in good faith based on prevailing market conditions) a nine or twelve month period, or, if agreed period (or such other period of less than six months as to by which the Administrative Agent a period less than one month; provided that (in each case):may consent). Notwithstanding anything to the contrary contained above:
(i) all LIBO Rate Term Loans comprising a Borrowing shall at all times have the same Interest Period;
(iia) the initial Interest Period for any LIBO Rate Term Loan Borrowing of LIBOR Loans shall commence on the date of such Borrowing of such LIBO Rate Term Loan (including, in the case of LIBO Rate Term Loans, including the date of any conversion thereto from a Borrowing of Base Rate Term Loans ABR Loans) and each Interest Period occurring thereafter in respect of such LIBO Rate Term Loan Borrowing shall commence on the day on which the next preceding Interest Period applicable thereto expires;
(iiib) if any Interest Period for relating to a LIBO Rate Term Loan Borrowing of LIBOR Loans begins on the last Business Day of a calendar month or begins on a day for which there is no numerically corresponding day in the calendar month at the end of such Interest Period, such Interest Period shall end on the last Business Day of the calendar month at the end of such calendar monthInterest Period;
(ivc) if any Interest Period for a LIBO Rate Term Loan would otherwise expire on a day which that is not a Business Day, such Interest Period shall expire on the next succeeding Business Day; provided, however, provided that if any Interest Period for in respect of a LIBO Rate Term LIBOR Loan would otherwise expire on a day which that is not a Business Day but is a day of the month after which no further Business Day occurs in such month, such Interest Period shall expire on the next preceding Business Day;
(v) unless the Required Lenders otherwise agree, no Interest Period for a LIBO Rate Term Loan may be selected at any time when a Default or an Event of Default is then in existence; and
(vid) no Borrower shall be entitled to elect any Interest Period in respect of any Borrowing of any Tranche of Term Loans shall be selected which extends LIBOR Loan if such Interest Period would extend beyond the Final Maturity Date therefor. With respect to any LIBO Rate Term Loans, at the end of any Interest Period applicable to a Borrowing thereof, the Lead Borrower may elect to split the respective Borrowing of a single Type under a single Tranche into two or more Borrowings of different Types under such Tranche or combine two or more Borrowings under a single Tranche into a single Borrowing of the same Type under such Tranche, in each case, by having the Lead Borrower give notice thereof together with its election of one or more Interest Periods, in each case so long as each resulting Borrowing (x) has an Interest Period which complies with the foregoing requirements of this Section 2.09, (y) has a principal amount which is not less than the Minimum Borrowing Amount applicable to Borrowings of the respective Type and Tranche, and (z) does not cause a violation of the requirements of Section 2.02. If by 12:00 Noon (New York City time) on the third Business Day prior to the expiration of any Interest Period applicable to a Borrowing of LIBO Rate Term Loans, the Lead Borrower has failed to elect, or is not permitted to elect, a new Interest Period to be applicable to such LIBO Rate, the Lead Borrower shall be deemed to have elected in the case of LIBO Rate Term Loans, to convert such LIBO Rate Term Loans into Base Rate Term Loans with such conversion to be effective as of the expiration date of such current Interest PeriodDate.
Appears in 2 contracts
Sources: Credit Agreement (Hca Inc/Tn), Credit Agreement (Hca Inc/Tn)
Interest Periods. At Concurrently with the time the Lead Borrower gives any giving of a Notice of Borrowing in the case of a Borrowing of LIBOR Loans or a Notice of Conversion/Continuation in respect of the making ofany Borrowing comprised of Base Rate Loans to be converted into, or conversion intoLIBOR Loans to be continued as, any LIBO Rate Term Loan (in the case of the initial Interest Period applicable thereto) or prior to 12:00 Noon (New York City time) on the third Business Day prior to the expiration of an Interest Period applicable to such LIBO Rate Term Loan (in the case of any subsequent Interest Period)LIBOR Loans, the Lead Borrower shall have the right to elect elect, pursuant to such notice, the interest period (each, an “"Interest Period”") to be applicable to such LIBO Rate Term LoanLIBOR Loans, which Interest Period shall, at the option of the Lead Borrower Borrower, be a one, two, three or six six-month period; provided, orhowever, if agreed to by all Lenders, a twelve month period, or, if agreed to by the Administrative Agent a period less than one month; provided that (in each case):that:
(i) all LIBO Rate Term LIBOR Loans comprising a single Borrowing shall at all times have the same Interest Period;
(ii) the initial Interest Period for any LIBO Rate Term LIBOR Loan shall commence on the date of the Borrowing of such LIBO Rate Term LIBOR Loan (including, in the case of LIBO Rate Term Loans, including the date of any continuation of, or conversion thereto from a Borrowing of Base Rate Term Loans into, such LIBOR Loan), and each successive Interest Period occurring thereafter in respect of applicable to such LIBO Rate Term LIBOR Loan shall commence on the day on which the next preceding Interest Period applicable thereto expires;
(iii) LIBOR Loans may not be outstanding under more than seven (7) separate Interest Periods at any one time (for which purpose Interest Periods shall be deemed to be separate even if they are coterminous);
(iv) if any Interest Period for otherwise would expire on a LIBO Rate Term Loan day that is not a Business Day, such Interest Period shall expire on the next succeeding Business Day unless such next succeeding Business Day falls in another calendar month, in which case such Interest Period shall expire on the next preceding Business Day;
(v) the Borrower may not select any Interest Period that expires after the Maturity Date;
(vi) the Borrower may not select any Interest Period (and consequently, no LIBOR Loans shall be made) if a Default or Event of Default shall have occurred and be continuing at the time of such Notice of Borrowing or Notice of Conversion/Continuation with respect to any Borrowing; and
(vii) if any Interest Period begins on a day for which there is no numerically corresponding day in the calendar month at the end of during which such Interest PeriodPeriod would otherwise expire, such Interest Period shall end expire on the last Business Day of such calendar month;
(iv) if any Interest Period for a LIBO Rate Term Loan would otherwise expire on a day which is not a Business Day, such Interest Period shall expire on the next succeeding Business Day; provided, however, that if any Interest Period for a LIBO Rate Term Loan would otherwise expire on a day which is not a Business Day but is a day of the month after which no further Business Day occurs in such month, such Interest Period shall expire on the next preceding Business Day;
(v) unless the Required Lenders otherwise agree, no Interest Period for a LIBO Rate Term Loan may be selected at any time when a Default or an Event of Default is then in existence; and
(vi) no Interest Period in respect of any Borrowing of any Tranche of Term Loans shall be selected which extends beyond the Maturity Date therefor. With respect to any LIBO Rate Term Loans, at the end of any Interest Period applicable to a Borrowing thereof, the Lead Borrower may elect to split the respective Borrowing of a single Type under a single Tranche into two or more Borrowings of different Types under such Tranche or combine two or more Borrowings under a single Tranche into a single Borrowing of the same Type under such Tranche, in each case, by having the Lead Borrower give notice thereof together with its election of one or more Interest Periods, in each case so long as each resulting Borrowing (x) has an Interest Period which complies with the foregoing requirements of this Section 2.09, (y) has a principal amount which is not less than the Minimum Borrowing Amount applicable to Borrowings of the respective Type and Tranche, and (z) does not cause a violation of the requirements of Section 2.02. If by 12:00 Noon (New York City time) on the third Business Day prior to the expiration of any Interest Period applicable to a Borrowing of LIBO Rate Term Loans, the Lead Borrower has failed to elect, or is not permitted to elect, a new Interest Period to be applicable to such LIBO Rate, the Lead Borrower shall be deemed to have elected in the case of LIBO Rate Term Loans, to convert such LIBO Rate Term Loans into Base Rate Term Loans with such conversion to be effective as of the expiration date of such current Interest Period.
Appears in 2 contracts
Sources: Credit Agreement (Alleghany Corp /De), Credit Agreement (Alleghany Corp /De)
Interest Periods. At Concurrently with the time the Lead Borrower gives any giving of a Notice of Borrowing or Notice of Conversion/Continuation in respect of the making ofany Borrowing comprised of Base Rate Loans to be converted into, or conversion intoLIBOR Loans to be continued as, any LIBO Rate Term Loan (in the case of the initial Interest Period applicable thereto) or prior to 12:00 Noon (New York City time) on the third Business Day prior to the expiration of an Interest Period applicable to such LIBO Rate Term Loan (in the case of any subsequent Interest Period)LIBOR Loans, the Lead Borrower shall have the right to elect elect, pursuant to such notice, the interest period (each, an “"Interest Period”") to be applicable to such LIBO Rate Term LoanLIBOR Loans, which Interest Period shall, at the option of the Lead Borrower Borrower, be a one, two, three or six six-month period; provided, orhowever, if agreed to by all Lenders, a twelve month period, or, if agreed to by the Administrative Agent a period less than one month; provided that (in each case):that:
(i) all LIBO Rate Term LIBOR Loans comprising a single Borrowing shall at all times have the same Interest Period;
(ii) the initial Interest Period for any LIBO Rate Term LIBOR Loan shall commence on the date of the Borrowing of such LIBO Rate Term LIBOR Loan (including, in the case of LIBO Rate Term Loans, including the date of any continuation of, or conversion thereto from a Borrowing of Base Rate Term Loans into, such LIBOR Loan), and each successive Interest Period occurring thereafter in respect of applicable to such LIBO Rate Term LIBOR Loan shall commence on the day on which the next preceding Interest Period applicable thereto expires;
(iii) LIBOR Loans may not be outstanding under more than eight (8) separate Interest Periods at any one time (for which purpose Interest Periods shall be deemed to be separate even if they are coterminous);
(iv) if any Interest Period for otherwise would expire on a LIBO Rate Term Loan day that is not a Business Day, such Interest Period shall expire on the next succeeding Business Day unless such next succeeding Business Day falls in another calendar month, in which case such Interest Period shall expire on the next preceding Business Day;
(v) the Borrower may not select any Interest Period that expires after the Maturity Date; and
(vi) if any Interest Period begins on a day for which there is no numerically corresponding day in the calendar month at the end of during which such Interest PeriodPeriod would otherwise expire, such Interest Period shall end expire on the last Business Day of such calendar month;
(iv) if any Interest Period for a LIBO Rate Term Loan would otherwise expire on a day which is not a Business Day, such Interest Period shall expire on the next succeeding Business Day; provided, however, that if any Interest Period for a LIBO Rate Term Loan would otherwise expire on a day which is not a Business Day but is a day of the month after which no further Business Day occurs in such month, such Interest Period shall expire on the next preceding Business Day;
(v) unless the Required Lenders otherwise agree, no Interest Period for a LIBO Rate Term Loan may be selected at any time when a Default or an Event of Default is then in existence; and
(vi) no Interest Period in respect of any Borrowing of any Tranche of Term Loans shall be selected which extends beyond the Maturity Date therefor. With respect to any LIBO Rate Term Loans, at the end of any Interest Period applicable to a Borrowing thereof, the Lead Borrower may elect to split the respective Borrowing of a single Type under a single Tranche into two or more Borrowings of different Types under such Tranche or combine two or more Borrowings under a single Tranche into a single Borrowing of the same Type under such Tranche, in each case, by having the Lead Borrower give notice thereof together with its election of one or more Interest Periods, in each case so long as each resulting Borrowing (x) has an Interest Period which complies with the foregoing requirements of this Section 2.09, (y) has a principal amount which is not less than the Minimum Borrowing Amount applicable to Borrowings of the respective Type and Tranche, and (z) does not cause a violation of the requirements of Section 2.02. If by 12:00 Noon (New York City time) on the third Business Day prior to the expiration of any Interest Period applicable to a Borrowing of LIBO Rate Term Loans, the Lead Borrower has failed to elect, or is not permitted to elect, a new Interest Period to be applicable to such LIBO Rate, the Lead Borrower shall be deemed to have elected in the case of LIBO Rate Term Loans, to convert such LIBO Rate Term Loans into Base Rate Term Loans with such conversion to be effective as of the expiration date of such current Interest Period.
Appears in 2 contracts
Sources: Credit Agreement (Markel Corp), Credit Agreement (Markel Corp)
Interest Periods. At the time the Lead Borrower gives any a Notice of Borrowing or Notice of Conversion/Conversion or Continuation in respect of the making of, or conversion intointo or continuation as, any LIBO Rate Term Loan an Advance of LIBOR Loans in accordance with Section 2.1(b) or 2.5(a), the Borrower shall give the Administrative Agent written notice (or telephonic notice promptly confirmed in the case writing) of the initial Interest Period applicable thereto) or prior to 12:00 Noon (New York City time) on the third Business Day prior to the expiration of an Interest Period applicable to such LIBO Rate Term Loan (in the case of any subsequent Interest Period), the Lead Borrower shall have the right to elect the interest period (each, an “Interest Period”) applicable to such LIBO Rate Term LoanBorrowing, which Interest Period shall, at the option of the Lead Borrower be (i) a one, two, three or six six-month period, or, if agreed to by all Lenders, a twelve month period, or, if agreed to as requested by the Administrative Agent a period less than one month; provided that (in each case):Borrower. Notwithstanding anything to the contrary contained above:
(i) all LIBO Rate Term Loans comprising a Borrowing shall at all times have the same Interest Period;
(iia) the initial Interest Period for any LIBO Rate Term Loan Borrowing of LIBOR Loans shall commence on the date of such Borrowing of such LIBO Rate Term Loan (including, in the case of LIBO Rate Term Loans, including the date of any conversion thereto from a Borrowing of Base Rate Term Loans ABR Loans) and each Interest Period occurring thereafter in respect of such LIBO Rate Term Loan Borrowing shall commence on the day on which the next preceding Interest Period applicable thereto expires;
(iiib) if any Interest Period for relating to a LIBO Rate Term Loan Borrowing of LIBOR Loans begins on the last Business Day of a calendar month or begins on a day for which there is no numerically corresponding day in the calendar month at the end of such Interest Period, such Interest Period shall end on the last Business Day of the calendar month at the end of such calendar monthInterest Period;
(ivc) if any Interest Period for a LIBO Rate Term Loan would otherwise expire on a day which that is not a Business Day, such Interest Period shall expire on the next succeeding Business Day; providedprovided that, however, that if any Interest Period for in respect of a LIBO Rate Term LIBOR Loan would otherwise expire on a day which that is not a Business Day Day, but is a day of the month after which no further Business Day occurs in such month, such Interest Period shall expire on the next preceding Business Day;
(v) unless the Required Lenders otherwise agree, no Interest Period for a LIBO Rate Term Loan may be selected at any time when a Default or an Event of Default is then in existence; and
(vid) no the Borrower shall not be entitled to elect any Interest Period in respect of any Borrowing of any Tranche of Term Loans shall be selected which extends LIBOR Loan if such Interest Period would extend beyond the Maturity Date therefor. With respect to any LIBO Rate Term Loans, at the end of any Interest Period applicable to a Borrowing thereof, the Lead Borrower may elect to split the respective Borrowing of a single Type under a single Tranche into two or more Borrowings of different Types under such Tranche or combine two or more Borrowings under a single Tranche into a single Borrowing of the same Type under such Tranche, in each case, by having the Lead Borrower give notice thereof together with its election of one or more Interest Periods, in each case so long as each resulting Borrowing (x) has an Interest Period which complies with the foregoing requirements of this Section 2.09, (y) has a principal amount which is not less than the Minimum Borrowing Amount applicable to Borrowings of the respective Type and Tranche, and (z) does not cause a violation of the requirements of Section 2.02. If by 12:00 Noon (New York City time) on the third Business Day prior to the expiration of any Interest Period applicable to a Borrowing of LIBO Rate Term Loans, the Lead Borrower has failed to elect, or is not permitted to elect, a new Interest Period to be applicable to such LIBO Rate, the Lead Borrower shall be deemed to have elected in the case of LIBO Rate Term Loans, to convert such LIBO Rate Term Loans into Base Rate Term Loans with such conversion to be effective as of the expiration date of such current Interest PeriodDate.
Appears in 2 contracts
Sources: Credit Agreement (Kimbell Royalty Partners, LP), Credit Agreement (Kimbell Royalty Partners, LP)
Interest Periods. At the time the Lead any Borrower gives any Notice of Borrowing or Notice of Conversion/Continuation in respect of the making of, or conversion into, any LIBO Rate Term Interest Period Loan (in the case of the initial Interest Period applicable thereto) or prior to 12:00 Noon 11:00 A.M. (New York City time) on the third Business Day prior to the expiration of an Interest Period applicable to such LIBO Rate Term Interest Period Loan (in the case of any subsequent Interest Period), the Lead such Borrower shall have the right to elect the interest period (each, an “Interest Period”) applicable to such LIBO Rate Term Interest Period Loan, which Interest Period shall, at the option of the Lead Borrower Borrower, be a one, two, three or six month period, or, if agreed to by all Lenders, a twelve month period, or, if agreed to by the Administrative Agent a period less than one month; provided that (in each case):
(ia) all LIBO Rate Term Interest Period Loans comprising a Borrowing shall at all times have the same Interest Period;
(iib) the initial Interest Period for any LIBO Rate Term Interest Period Loan shall commence on the date of Borrowing of such LIBO Rate Term Interest Period Loan (including, in the case of LIBO Rate Term U.S. Borrower Revolving Loans, the date of any conversion thereto from a Borrowing of Base Rate Term Loans Loan) and each Interest Period occurring thereafter in respect of such LIBO Rate Term Interest Period Loan shall commence on the day on which the next preceding Interest Period applicable thereto expires;
(iiic) if any Interest Period for a LIBO Rate Term Interest Period Loan begins on a day for which there is no numerically corresponding day in the calendar month at the end of such Interest Period, such Interest Period shall end on the last Business Day of such calendar month;
(ivd) if any Interest Period for a LIBO Rate Term Interest Period Loan would otherwise expire on a day which is not a Business Day, such Interest Period shall expire on the next succeeding Business Day; provided, however, that if any Interest Period for a LIBO Rate Term Interest Period Loan would otherwise expire on a day which is not a Business Day but is a day of the month after which no further Business Day occurs in such month, such Interest Period shall expire on the next preceding Business Day;
(ve) unless if the Administrative Agent so determines or if the Required Lenders otherwise agreeso notify the Administrative Agent, no Interest Period for a LIBO Rate Term Loan may be selected at any time when a Default or an Event of Default is then in existence; and
(vif) no Interest Period in respect of any Borrowing of any Tranche of Term Loans shall be selected which extends beyond the Final Maturity Date therefor. With respect to any LIBO Rate Term Loans, at the end of any Interest Period applicable to a Borrowing thereof, the Lead Borrower may elect to split the respective Borrowing of a single Type under a single Tranche into two or more Borrowings of different Types under such Tranche or combine two or more Borrowings under a single Tranche into a single Borrowing of the same Type under such Tranche, in each case, by having the Lead Borrower give notice thereof together with its election of one or more Interest Periods, in each case so long as each resulting Borrowing (x) has an Interest Period which complies with the foregoing requirements of this Section 2.09, (y) has a principal amount which is not less than the Minimum Borrowing Amount applicable to Borrowings of the respective Type and Tranche, and (z) does not cause a violation of the requirements of Section 2.02Date. If by 12:00 Noon 11:00 A.M. (New York City time) on the third Business Day prior to the expiration of any Interest Period applicable to a Borrowing of LIBO Rate Term Interest Period Loans, the Lead applicable Borrower has or Borrowers have failed to elect, or is not permitted to elect, a new Interest Period to be applicable to such LIBO RateInterest Period Loans as provided above, the Lead such Borrower shall be deemed to have elected in the case of LIBO Rate Term Loans, to convert such LIBO Rate Term LIBOR Loans into Base Rate Term Loans with or such conversion to be Canadian BA Rate Loans into Canadian Prime Rate Loans, in each case, effective as of the expiration date of such current Interest Period.
Appears in 2 contracts
Sources: Abl Credit Agreement (Affinia Group Holdings Inc.), Abl Credit Agreement (Affinia Group Intermediate Holdings Inc.)
Interest Periods. At the time the Lead Borrower Company gives any Notice of Borrowing or Notice of Conversion/Continuation in respect of the making of, continuation as or conversion into, into any LIBO Rate Term Loan (in the case of the initial Interest Period applicable thereto) or prior to 12:00 Noon (New York City time) on the third Business Day prior to the expiration of an Interest Period applicable to such LIBO Rate Term Loan (in the case of any subsequent Interest Period)LIBORTerm SOFR Loan, the Lead Borrower Borrowers shall have the right to elect the interest period (each, an “Interest Period”) applicable to such LIBO Rate Term LIBORTerm SOFR Loan, which Interest Period shall, at the option of the Lead Borrower Borrowers, be (x) a one, two, three or six month period, or, if (y) to the extent agreed to by all Lenders, a twelve month period, or, period or (z) if agreed to by the Administrative Agent a in its discretion and each Lender, such other period less than one not to exceed one-month; provided provided, that (in each case):) in each case subject to subject to availability thereof:
(ia) all LIBO Rate Term LIBOR Loans comprising a Borrowing shall at all times have the same Interest Period;
(iib) the initial Interest Period for any LIBO Rate Term LIBOR Loan shall commence on the date of Borrowing of such LIBO Rate Term LIBOR Loan (including, in the case of LIBO Rate Term Loans, including the date of any conversion thereto from a Borrowing of Base Rate Term Loans Loan) and each Interest Period occurring thereafter in respect of such LIBO Rate Term LIBOR Loan shall commence on the day on which the next preceding Interest Period applicable thereto expires;
(iiic) if any Interest Period for a LIBO Rate Term LIBOR Loan begins on a day for which there is no numerically corresponding day in the calendar month at the end of such Interest Period, such Interest Period shall end on its end or if such corresponding day falls after the last Business Day of such calendar month;
; (ivd) if any Interest Period for a LIBO Rate Term LIBOR Loan would otherwise expire on a day which is not a Business Day, such suchmonth then the Interest Period shall expire on the next succeeding Business Day; provided, however, that if any Interest Period for a LIBO Rate Term LIBOR Loan would otherwise expire on a day which is not a Business Day but is a day of the month after which no further Business Day occurs in such month, such Interest Periodlast Business Day of such month; and if any Interest Period would otherwise expire on a day that is not a Business Day, the period shall expire on the next preceding Business Day;
(v) unless the Required Lenders otherwise agree, no Interest Period for a LIBO Rate Term Loan may be selected at any time when a Default or an Event of Default is then in existence; and
(vi) no Interest Period in respect of any Borrowing of any Tranche of Term Loans shall be selected which extends beyond the Maturity Date therefor. With respect to any LIBO Rate Term Loans, at the end of any Interest Period applicable to a Borrowing thereof, the Lead Borrower may elect to split the respective Borrowing of a single Type under a single Tranche into two or more Borrowings of different Types under such Tranche or combine two or more Borrowings under a single Tranche into a single Borrowing of the same Type under such Tranche, in each case, by having the Lead Borrower give notice thereof together with its election of one or more Interest Periods, in each case so long as each resulting Borrowing (x) has an Interest Period which complies with the foregoing requirements of this Section 2.09, (y) has a principal amount which is not less than the Minimum Borrowing Amount applicable to Borrowings of the respective Type and Tranche, and (z) does not cause a violation of the requirements of Section 2.02. If by 12:00 Noon (New York City time) on the third Business Day prior to the expiration of any Interest Period applicable to a Borrowing of LIBO Rate Term Loans, the Lead Borrower has failed to elect, or is not permitted to elect, a new Interest Period to be applicable to such LIBO Rate, the Lead Borrower shall be deemed to have elected in the case of LIBO Rate Term Loans, to convert such LIBO Rate Term Loans into Base Rate Term Loans with such conversion to be effective as of the expiration date of such current Interest Period.
Appears in 1 contract
Sources: Abl Credit Agreement (J.Jill, Inc.)
Interest Periods. At In connection with each LIBOR Rate Loan, Borrower may, pursuant to the time the Lead Borrower gives any applicable Notice of Borrowing or Notice of Conversion/Continuation in respect of the making ofContinuation, or conversion into, any LIBO Rate Term Loan (in as the case of the initial Interest Period applicable thereto) or prior to 12:00 Noon (New York City time) on the third Business Day prior to the expiration of may be, select an Interest Period applicable to such LIBO Rate Term Loan (in the case of any subsequent Interest Period), the Lead Borrower shall have the right to elect the interest period (each, each an “Interest Period”) to be applicable to such LIBO Rate Term LoanLoan (on a pro rata basis among the Term Loans of each Lender), which Interest Period shallshall be, at the option of the Lead Borrower be Borrower’s option, either a oneone-, twotwo-, three three- or six six- month period, period or, if agreed available to by all Lenders, a twelve nine- or twelve- month period, or, if agreed to by the Administrative Agent a period less than one month; provided that (in each case):that:
(i) all LIBO Rate Term Loans comprising a Borrowing shall at all times have the same Interest Period;
(ii) the initial Interest Period for any LIBO LIBOR Rate Term Loan shall commence on the date of Borrowing Funding Date in respect of such LIBO Rate Term Loan (includingLoan, in the case of LIBO a Term Loan initially made as a LIBOR Rate Term LoansLoan, or on the date specified in the applicable Notice of any conversion thereto from Conversion/Continuation, in the case of a Borrowing Term Loan converted to a LIBOR Rate Loan;
(ii) in the case of Base immediately successive Interest Periods applicable to a LIBOR Rate Term Loans and Loan continued as such pursuant to a Notice of Conversion/Continuation, each successive Interest Period occurring thereafter in respect of such LIBO Rate Term Loan shall commence on the day on which the next preceding Interest Period applicable thereto expires;
(iii) if any an Interest Period for a LIBO Rate Term Loan begins on a day for which there is no numerically corresponding day in the calendar month at the end of such Interest Period, such Interest Period shall end on the last Business Day of such calendar month;
(iv) if any Interest Period for a LIBO Rate Term Loan would otherwise expire on a day which that is not a Business Day, such Interest Period shall expire on the next succeeding Business Day; providedprovided that, however, that if any Interest Period for a LIBO Rate Term Loan would otherwise expire on a day which that is not a Business Day but is a day of the month after which no further Business Day occurs in such month, such Interest Period shall expire on the next preceding Business Day;
(iv) any Interest Period that begins on the last Business Day of a calendar month (or on a day for which there is no numerically corresponding day in the calendar month at the end of such Interest Period) shall, subject to clause (v) unless of this subsection 2.2B, end on the Required Lenders otherwise agree, last Business Day of a calendar month;
(v) no Interest Period for a LIBO Rate with respect to any portion of the Term Loans shall extend beyond the applicable Term Loan may be selected at any time when a Default or an Event of Default is then in existence; andMaturity Date;
(vi) no Interest Period in with respect of to any Borrowing of any Tranche of Term Loans shall be selected extend beyond a date on which extends beyond the Maturity Date therefor. With respect Borrower is required to any LIBO Rate make a scheduled payment of principal of such Term Loans, unless the sum of (a) the aggregate principal amount of such Term Loans that are Base Rate Loans plus (b) the aggregate principal amount of such Term Loans that are LIBOR Rate Loans with Interest Periods expiring on or before such date equals or exceeds the principal amount required to be paid on such Term Loans on such date;
(vii) there shall be no more than four (4) Interest Periods outstanding at any time; and
(viii) in the end of any Interest Period applicable event Borrower fails to a Borrowing thereof, the Lead Borrower may elect to split the respective Borrowing of a single Type under a single Tranche into two or more Borrowings of different Types under such Tranche or combine two or more Borrowings under a single Tranche into a single Borrowing of the same Type under such Tranche, in each case, by having the Lead Borrower give notice thereof together with its election of one or more Interest Periods, in each case so long as each resulting Borrowing (x) has specify an Interest Period which complies with for any LIBOR Rate Loan in the foregoing requirements applicable Notice of this Section 2.09Borrowing or Notice of Conversion/Continuation, (y) has a principal amount which is not less than the Minimum Borrowing Amount applicable to Borrowings of the respective Type and Tranche, and (z) does not cause a violation of the requirements of Section 2.02. If by 12:00 Noon (New York City time) on the third Business Day prior to the expiration of any Interest Period applicable to a Borrowing of LIBO Rate Term Loans, the Lead Borrower has failed to elect, or is not permitted to elect, a new Interest Period to be applicable to such LIBO Rate, the Lead Borrower shall be deemed to have elected in the case selected an Interest Period of LIBO Rate Term Loans, to convert such LIBO Rate Term Loans into Base Rate Term Loans with such conversion to be effective as of the expiration date of such current Interest Periodone month.
Appears in 1 contract
Sources: Second Lien Credit Agreement (Beasley Broadcast Group Inc)
Interest Periods. At the time the Lead Borrower gives any Notice of Borrowing or Notice of Conversion/Continuation in respect of the making of, or conversion into, any LIBO Rate Term Loan (in the case of the initial Interest Period applicable thereto) or prior to 12:00 Noon (New York City time) on the third Business Day prior to the expiration of an Interest Period applicable to such LIBO Rate Term Loan (in the case of any subsequent Interest Period), the Lead Borrower shall have the right to elect the interest period (each, an “Interest Period”) applicable to such LIBO Rate Term Loan, which Interest Period shall, at the option of the Lead Borrower be a one, two, two or three or six month period, or, if agreed to by all Lenders, a twelve month period, or, if agreed to by the Administrative Agent a period less than one month; provided that (in each case):
(i) all LIBO Rate Term Loans comprising a Borrowing shall at all times have the same Interest Period;
(ii) the initial Interest Period for any LIBO Rate Term Loan shall commence on the date of Borrowing of such LIBO Rate Term Loan (including, in the case of LIBO Rate Term Loans, the date of any conversion thereto from a Borrowing of Base Rate Term Loans Loans) and each Interest Period occurring thereafter in respect of such LIBO Rate Term Loan shall commence on the day on which the next preceding Interest Period applicable thereto expires;
(iii) if any Interest Period for a LIBO Rate Term Loan begins on a day for which there is no numerically corresponding day in the calendar month at the end of such Interest Period, such Interest Period shall end on the last Business Day of such calendar month;
(iv) if any Interest Period for a LIBO Rate Term Loan would otherwise expire on a day which is not a Business Day, such Interest Period shall expire on the next succeeding Business Day; provided, however, that if any Interest Period for a LIBO Rate Term Loan would otherwise expire on a day which is not a Business Day but is a day of the month after which no further Business Day occurs in such month, such Interest Period shall expire on the next preceding Business Day;
(v) unless the Required Lenders otherwise agree, no Interest Period for a LIBO Rate Term Loan may be selected at any time when a Default or an Event of Default is then in existence; and
(vi) no Interest Period in respect of any Borrowing of any Tranche of Term Loans shall be selected which extends beyond the Maturity Date therefor. With respect to any LIBO Rate Term Loans, at the end of any Interest Period applicable to a Borrowing thereof, the Lead Borrower may elect to split the respective Borrowing of a single Type under a single Tranche into two or more Borrowings of different Types under such Tranche or combine two or more Borrowings under a single Tranche into a single Borrowing of the same Type under such Tranche, in each case, by having the Lead Borrower give notice thereof together with its election of one or more Interest Periods, in each case so long as each resulting Borrowing (x) has an Interest Period which complies with the foregoing requirements of this Section 2.09, (y) has a principal amount which is not less than the Minimum Borrowing Amount applicable to Borrowings of the respective Type and Tranche, and (z) does not cause a violation of the requirements of Section 2.02. If by 12:00 Noon (New York City time) on the third Business Day prior to the expiration of any Interest Period applicable to a Borrowing of LIBO Rate Term Loans, the Lead Borrower has failed to elect, or is not permitted to elect, a new Interest Period to be applicable to such LIBO Rate, the Lead Borrower shall be deemed to have elected in the case of LIBO Rate Term Loans, to convert such LIBO Rate Term Loans into Base Rate Term Loans with such conversion to be effective as of the expiration date of such current Interest Period.
Appears in 1 contract
Sources: Revolving Credit Agreement
Interest Periods. At the time the Lead Borrower gives any Notice of Borrowing or Notice of Conversion/Continuation in respect of the making of, or conversion into, any LIBO Fixed Rate Term Loan (in the case of the initial Interest Period applicable thereto) at or prior to 12:00 Noon 11:00 A.M. (New York City time) on the third Business Day prior to the making of, or the expiration of an Interest Period applicable to to, such LIBO Fixed Rate Term Loan (in the case of any subsequent Interest Period)Loan, the Lead Borrower shall have the right to elect the interest period (each, an “Interest Period”) applicable to such LIBO Fixed Rate Term Loan, which Interest Period shall, at the option of the Lead Borrower Borrower, be a oneone (1), twotwo (2), three or (3), six month period, (6) or, if agreed to the extent approved by all Lenderseach Lender with Loans and/or Commitments under the relevant Tranche, a twelve (12) month period or any shorter period, or, if agreed to by the Administrative Agent a period less than one month; provided that (in each case):
(iA) all LIBO Fixed Rate Term Loans comprising a Borrowing shall at all times have the same Interest Period;
(iiB) the initial Interest Period for any LIBO Fixed Rate Term Loan shall commence on the date of Borrowing of such LIBO Fixed Rate Term Loan (including, in the case of LIBO Rate Term Loansa LIBOR Loan, the date of any conversion thereto from a Borrowing of Base Rate Term Loans Loan) and each Interest Period occurring thereafter in respect of such LIBO Fixed Rate Term Loan shall commence on the day on which the next preceding Interest Period applicable thereto expires;
(iiiC) if any Interest Period for a LIBO Fixed Rate Term Loan begins on a day for which there is no numerically corresponding day in the calendar month at the end of such Interest Period, such Interest Period shall end on the last Business Day of such calendar month;
(ivD) if any Interest Period for a LIBO Fixed Rate Term Loan would otherwise expire on a day which is not a Business Day, such Interest Period shall expire on the next succeeding Business Day; provided, however, provided that if any Interest Period for a LIBO Fixed Rate Term Loan would otherwise expire on a day which is not a Business Day but is a day of the month after which no further Business Day occurs in such month, such Interest Period shall expire on the next preceding Business Day;
(vE) unless the Required Lenders otherwise agree, no Interest Period for a LIBO Rate Term Loan may in respect of any Borrowing of any Tranche of Loans shall be selected at any time when a Default or an Event which extends beyond the Maturity Date for such Tranche of Default is then in existenceLoans; and
(viF) no Interest Period in respect of any Borrowing of any Tranche of Term Loans shall be selected which extends beyond any date upon which a mandatory repayment of such Tranche of Term Loans will be required to be made under Section 2.4(a), if the Maturity Date therefor. With respect to any LIBO Rate aggregate principal amount of such Tranche of Term Loans that has Interest Periods that will expire after such date will be in excess of the aggregate principal amount of such Tranche of Term Loans, at the end of any Interest Period applicable to a Borrowing thereof, the Lead Borrower may elect to split the respective Borrowing of a single Type under a single Tranche into two or more Borrowings of different Types under such Tranche or combine two or more Borrowings under a single Tranche into a single Borrowing of the same Type under such Tranche, in each case, by having the Lead Borrower give notice thereof together with its election of one or more Interest Periods, in each case so long as each resulting Borrowing (x) has an Interest Period which complies with the foregoing requirements of this Section 2.09, (y) has a principal amount which is not less than the Minimum Borrowing Amount applicable to Borrowings of the respective Type and Tranche, and (z) does not cause a violation of the requirements of Section 2.02. If by 12:00 Noon (New York City time) on the third Business Day prior to the expiration of any Interest Period applicable to a Borrowing of LIBO Rate Term Loans, the Lead Borrower has failed to elect, or is not permitted to elect, a new Interest Period to be applicable to such LIBO Rate, the Lead Borrower shall be deemed to have elected in the case of LIBO Rate Term Loansmay be, to convert such LIBO Rate Term Loans into Base Rate Term Loans with such conversion to be effective as of then outstanding less the expiration date aggregate amount of such current Interest Periodrequired repayment.
Appears in 1 contract
Sources: Amendment No. 3 (Informatica Inc.)
Interest Periods. At the time the Lead Borrower gives any Notice of Borrowing or Notice of Conversion/Continuation in respect of the making of, or conversion into, any LIBO Rate Term LIBOR Loan (in the case of the initial Interest Period applicable thereto) or prior to 12:00 Noon 11:00 A.M. (New York City time) on the third Business Day prior to the expiration of an Interest Period applicable to such LIBO Rate Term LIBOR Loan (in the case of any subsequent Interest Period), the Lead Borrower shall have the right to elect the interest period (each, an “Interest Period”) applicable to such LIBO Rate Term LIBOR Loan, which Interest Period shall, at the option of the Lead Borrower Borrower, be (x) a one, two, three or three, six month period, or, if agreed to approved by all Lenderseach Lender with Term Loans and/or Term Loan Commitments under the relevant Tranche, a nine or twelve month period, or, period or (y) if agreed to by the Administrative Agent a in its sole discretion, such other period less than one not to exceed one-month; , provided that (in each case):
(i) all LIBO Rate Term LIBOR Loans comprising a Borrowing shall at all times have the same Interest Period;
(ii) the initial Interest Period for any LIBO Rate Term LIBOR Loan shall commence on the date of Borrowing of such LIBO Rate Term LIBOR Loan (including, in the case of LIBO Rate Term Loans, including the date of any conversion thereto from a Borrowing of Base Rate Term Loans Loan) and each Interest Period occurring thereafter in respect of such LIBO Rate Term LIBOR Loan shall commence on the day on which the next preceding Interest Period applicable thereto expires;
(iii) if any Interest Period for a LIBO Rate Term LIBOR Loan begins on a day for which there is no numerically corresponding day in the calendar month at the end of such Interest Period, such Interest Period shall end on the last Business Day of such calendar month;
(iv) if any Interest Period for a LIBO Rate Term LIBOR Loan would otherwise expire on a day which is not a Business Day, such Interest Period shall expire on the next succeeding Business Day; provided, however, that if any Interest Period for a LIBO Rate Term LIBOR Loan would otherwise expire on a day which is not a Business Day but is a day of the month after which no further Business Day occurs in such month, such Interest Period shall expire on the next preceding Business Day;
(v) unless the Required Lenders otherwise agree, no Interest Period for a LIBO Rate Term Loan may be selected at any time when a Default or an Event of Default is then in existence; and
(vi) no Interest Period in respect of any Borrowing of any Tranche of Term Loans shall be selected which extends beyond the Maturity Date therefor. With respect to any LIBO Rate for such Tranche of Term Loans, at the end of any Interest Period applicable to a Borrowing thereof, the Lead Borrower may elect to split the respective Borrowing of a single Type under a single Tranche into two or more Borrowings of different Types under such Tranche or combine two or more Borrowings under a single Tranche into a single Borrowing of the same Type under such Tranche, in each case, by having the Lead Borrower give notice thereof together with its election of one or more Interest Periods, in each case so long as each resulting Borrowing (x) has an Interest Period which complies with the foregoing requirements of this Section 2.09, (y) has a principal amount which is not less than the Minimum Borrowing Amount applicable to Borrowings of the respective Type and Tranche, and (z) does not cause a violation of the requirements of Section 2.02. If by 12:00 Noon 11:00 A.M. (New York City time) on the third Business Day prior to the expiration of any Interest Period applicable to a Borrowing of LIBO Rate Term LIBOR Loans, the Lead Borrower has failed to elect, or is not permitted to elect, a new Interest Period to be applicable to such LIBO RateLIBOR Loans as provided above, the Lead Borrower shall be deemed to have elected in the case of LIBO Rate Term Loans, to convert such LIBO Rate Term LIBOR Loans into Base Rate Term Loans with such conversion to be effective as of the expiration date of such current Interest Period.
Appears in 1 contract
Sources: Credit Agreement (Semtech Corp)
Interest Periods. At In connection with each LIBOR Rate Loan and BA Loan, Borrower may, pursuant to the time the Lead Borrower gives any applicable Notice of Borrowing or Notice of Conversion/Continuation in respect of the making ofContinuation, or conversion into, any LIBO Rate Term Loan (in as the case of the initial may be, select an interest period (each an "Interest Period applicable theretoPeriod") or prior to 12:00 Noon (New York City time) on the third Business Day prior to the expiration of an Interest Period be applicable to such LIBO Rate Term Loan (in the case of any subsequent Interest Period), the Lead Borrower shall have the right to elect the interest period (each, an “Interest Period”) applicable to such LIBO Rate Term Loan, which Interest Period shallshall be, at the option Borrower’s option, (a) in respect of the Lead Borrower be LIBOR Rate Loans, either a one, two, three or six month period, or, if agreed to by all Lenders, period (or a nine or twelve month periodperiod if, orat the time of the relevant LIBOR Rate Loan, if agreed all Lenders participating therein agree to by the Administrative Agent make an interest period of such duration available) and (b) in respect of BA Loans, either a one, two, three or six month period less than one month; provided that (in each case):case subject to availability); provided that:
(i) all LIBO Rate Term Loans comprising a Borrowing shall at all times have the same Interest Period;
(ii) the initial Interest Period for any LIBO LIBOR Rate Term Loan or BA Loan shall commence on the date of Borrowing Funding Date in respect of such LIBO Rate Term Loan (includingLoan, in the case of LIBO a Loan initially made as a LIBOR Rate Term LoansLoan or BA Loan, as applicable, or on the date specified in the applicable Notice of any conversion thereto from Conversion/Continuation, in the case of a Borrowing Loan converted to a LIBOR Rate Loan or BA Loan, as applicable;
(ii) in the case of Base immediately successive Interest Periods applicable to a LIBOR Rate Term Loans and Loan or BA Loan continued as such pursuant to a Notice of Conversion/Continuation, each successive Interest Period occurring thereafter in respect of such LIBO Rate Term Loan shall commence on the day on which the next preceding Interest Period applicable thereto expires;
(iii) if any an Interest Period for a LIBO LIBOR Rate Term Loan begins on a day for which there is no numerically corresponding day in the calendar month at the end of such Interest Period, such Interest Period shall end on the last Business Day of such calendar month;
(iv) if any Interest Period for a LIBO Rate Term Loan would otherwise expire on a day which that is not a Business Day, such Interest Period shall expire on the next succeeding Business Day; providedprovided that, however, that if any Interest Period for a LIBO Rate Term Loan would otherwise expire on a day which that is not a Business Day but is a day of the month after which no further Business Day occurs in such month, such Interest Period shall expire on the next preceding Business Day;
(viv) unless the Required Lenders otherwise agree, no BA Loan shall mature on a day which is not a Business Day and if any Interest Period for a LIBO BA Loan would otherwise expire on a day that is not a Business Day, such Interest Period shall expire on the next succeeding Business Day;
(v) if Borrower fails to provide a Notice of Conversion/Continuation in respect of BA Loans within the time period required in subsection 2.2D, such BA Loans shall automatically be converted into Canadian Prime Rate Loans on the last day of the Interest Period applicable thereto;
(vi) any Interest Period for a LIBOR Rate Loan that begins on the last Business Day of a calendar month (or on a day for which there is no numerically corresponding day in the calendar month at the end of such Interest Period) shall, subject to clause (v) of this subsection 2.2B, end on the last Business Day of a calendar month;
(vii) no Interest Period with respect to any portion of the Term Loans shall extend beyond the Term Loan may Maturity Date and no Interest Period with respect to any portion of the Revolving Loans shall extend beyond the Revolving Loan Commitment Termination Date;
(viii) no Interest Period with respect to any type of Term Loans shall extend beyond a date on which Borrower is required to make a scheduled payment of principal of such type of Term Loans, unless the sum of (a) the aggregate principal amount of such type of Term Loans that are Base Rate Loans plus (b) the aggregate principal amount of such type of Term Loans that are LIBOR Rate Loans with Interest Periods expiring on or before such date equals or exceeds the principal amount required to be selected paid on such type of Term Loans on such date;
(ix) no Interest Period with respect to any portion of the Revolving Loans shall extend beyond the date on which a permanent reduction of the Revolving Loan Commitments is scheduled to occur unless the sum of (a) the aggregate principal amount of Revolving Loans that are Base Rate Loans plus (b) the aggregate principal amount of Revolving Loans that are LIBOR Rate Loans with Interest Periods expiring on or before such date plus (c) the excess of the Revolving Loan Commitments then in effect over the aggregate principal amount of Revolving Loans then outstanding equals or exceeds the permanent reduction of the Revolving Loan Commitments that is scheduled to occur on such date;
(x) there shall be no more than 12 Interest Periods outstanding at any time when a Default or an Event of Default is then in existencetime; and
(vixi) no Interest Period in respect of any Borrowing of any Tranche of Term Loans shall be selected which extends beyond the Maturity Date therefor. With respect event Borrower fails to any LIBO Rate Term Loans, at the end of any Interest Period applicable to a Borrowing thereof, the Lead Borrower may elect to split the respective Borrowing of a single Type under a single Tranche into two or more Borrowings of different Types under such Tranche or combine two or more Borrowings under a single Tranche into a single Borrowing of the same Type under such Tranche, in each case, by having the Lead Borrower give notice thereof together with its election of one or more Interest Periods, in each case so long as each resulting Borrowing (x) has specify an Interest Period which complies with for any LIBOR Rate Loan or BA Loan in the foregoing requirements applicable Notice of this Section 2.09Borrowing or Notice of Conversion/Continuation, (y) has a principal amount which is not less than the Minimum Borrowing Amount applicable to Borrowings of the respective Type and Tranche, and (z) does not cause a violation of the requirements of Section 2.02. If by 12:00 Noon (New York City time) on the third Business Day prior to the expiration of any Interest Period applicable to a Borrowing of LIBO Rate Term Loans, the Lead Borrower has failed to elect, or is not permitted to elect, a new Interest Period to be applicable to such LIBO Rate, the Lead Borrower shall be deemed to have elected in the case selected an Interest Period of LIBO Rate Term Loansone month or 30 days, to convert such LIBO Rate Term Loans into Base Rate Term Loans with such conversion to be effective as of the expiration date of such current Interest Periodapplicable.
Appears in 1 contract
Interest Periods. At In connection with each LIBOR Rate Loan, Borrower may, pursuant to the time the Lead Borrower gives any applicable Notice of Borrowing or Notice of Conversion/Continuation in respect of the making ofContinuation, or conversion into, any LIBO Rate Term Loan (in as the case of the initial Interest Period applicable theretomay be, select an interest period (each an "INTEREST PERIOD") or prior to 12:00 Noon (New York City time) on the third Business Day prior to the expiration of an Interest Period be applicable to such LIBO Rate Term Loan (in the case of any subsequent Interest Period), the Lead Borrower shall have the right to elect the interest period (each, an “Interest Period”) applicable to such LIBO Rate Term Loan, which Interest Period shallshall be, at the option of the Lead Borrower be Borrower's option, either a one, two, three or six month period, period or, (x) if agreed to deposits in the London interbank market are available for all Lenders for such period (as determined by all Administrative Agent) or (y) if such deposits are not available for certain Lenders, with the consent of each such Lender, a nine or twelve month period, or, if agreed to by the Administrative Agent a period less than one month; provided that (in each case):that:
(i) all LIBO Rate Term Loans comprising a Borrowing shall at all times have the same Interest Period;
(ii) the initial Interest Period for any LIBO LIBOR Rate Term Loan shall commence on the date of Borrowing Funding Date in respect of such LIBO Rate Term Loan (includingLoan, in the case of LIBO a Loan initially made as a LIBOR Rate Term LoansLoan, or on the date specified in the applicable Notice of any conversion thereto from Conversion/Continuation, in the case of a Borrowing Loan converted to a LIBOR Rate Loan;
(ii) in the case of Base immediately successive Interest Periods applicable to a LIBOR Rate Term Loans and Loan continued as such pursuant to a Notice of Conversion/Continuation, each successive Interest Period occurring thereafter in respect of such LIBO Rate Term Loan shall commence on the day on which the next preceding Interest Period applicable thereto expires;
(iii) if any an Interest Period for a LIBO Rate Term Loan begins on a day for which there is no numerically corresponding day in the calendar month at the end of such Interest Period, such Interest Period shall end on the last Business Day of such calendar month;
(iv) if any Interest Period for a LIBO Rate Term Loan would otherwise expire on a day which that is not a Business Day, such Interest Period shall expire on the next succeeding Business Day; providedprovided that, however, that if any Interest Period for a LIBO Rate Term Loan would otherwise expire on a day which that is not a Business Day but is a day of the month after which no further Business Day occurs in such month, such Interest Period shall expire on the next preceding Business Day;
(iv) any Interest Period that begins on the last Business Day of a calendar month (or on a day for which there is no numerically corresponding day in the calendar month at the end of such Interest Period) shall, subject to clause (v) unless of this subsection 2.2B, end on the Required Lenders otherwise agreelast Business Day of a calendar month;
(v) no Interest Period with respect to any portion of the Term B Loans shall extend beyond the Term B Loan Maturity Date, no Interest Period for a LIBO Rate with respect to any Supplemental Term Loan may be selected at shall extend beyond the Supplemental Term Loan Availability Expiration Date, and no Interest Period with respect to any time when a Default or an Event portion of Default is then in existence; andthe Revolving Loans shall extend beyond the Revolving Loan Commitment Termination Date;
(vi) no Interest Period in with respect to any type of Term B Loans shall extend beyond a date on which Borrower is required to make a scheduled payment of principal of such type of Term B Loans, unless the sum of (a) the aggregate principal amount of such type of Term B Loans that are Base Rate Loans plus (b) the aggregate principal amount of such type of Term B Loans that are LIBOR Rate Loans with Interest Periods expiring on or before such date equals or exceeds the principal amount required to be paid on such type of Term B Loans on such date;
(vii) no Interest Period with respect to any Borrowing type of any Tranche of Supplemental Term Loans shall extend beyond a date on which Borrower is required to make a scheduled payment of principal of such type of Supplemental Term Loans, unless the sum of (a) the aggregate principal amount of such type of Supplemental Term Loans that are Base Rate Loans plus (b) the aggregate principal amount of such type of Supplemental Term Loans that are LIBOR Rate Loans with Interest Periods expiring on or before such date equals or exceeds the principal amount required to be selected which extends beyond the Maturity Date therefor. With paid on such type of Supplemental Term Loans on such date;
(viii) no Interest Period with respect to any LIBO Rate Term Loans, at the end of any Interest Period applicable to a Borrowing thereof, the Lead Borrower may elect to split the respective Borrowing of a single Type under a single Tranche into two or more Borrowings of different Types under such Tranche or combine two or more Borrowings under a single Tranche into a single Borrowing portion of the same Type under Revolving Loans shall extend beyond the date on which a permanent reduction of the Revolving Loan Commitments is scheduled to occur unless the sum of (a) the aggregate principal amount of Revolving Loans that are Base Rate Loans plus (b) the aggregate principal amount of Revolving Loans that are LIBOR Rate Loans with Interest Periods expiring on or before such Tranche, date plus (c) the excess of the Revolving Loan Commitments then in each case, by having effect over the Lead Borrower give notice thereof together with its election aggregate principal amount of one Revolving Loans then outstanding equals or exceeds the permanent reduction of the Revolving Loan Commitments that is scheduled to occur on such date;
(ix) there shall be no more than 8 Interest Periods, in each case so long as each resulting Borrowing Periods outstanding at any time; and
(x) has in the event Borrower fails to specify an Interest Period which complies with for any LIBOR Rate Loan in the foregoing requirements applicable Notice of this Section 2.09Borrowing or Notice of Conversion/Continuation, (y) has a principal amount which is not less than the Minimum Borrowing Amount applicable to Borrowings of the respective Type and Tranche, and (z) does not cause a violation of the requirements of Section 2.02. If by 12:00 Noon (New York City time) on the third Business Day prior to the expiration of any Interest Period applicable to a Borrowing of LIBO Rate Term Loans, the Lead Borrower has failed to elect, or is not permitted to elect, a new Interest Period to be applicable to such LIBO Rate, the Lead Borrower shall be deemed to have elected in the case selected an Interest Period of LIBO Rate Term Loans, to convert such LIBO Rate Term Loans into Base Rate Term Loans with such conversion to be effective as of the expiration date of such current Interest Periodone month.
Appears in 1 contract
Sources: Credit Agreement (Brand Services)
Interest Periods. At the time the Lead Borrower gives any Notice of Borrowing or Notice of Conversion/Continuation in respect of the making of, or conversion into, any LIBO Rate Term LIBOR Loan (in the case of the initial Interest Period applicable thereto) or prior to 12:00 Noon 1:00 P.M. (New York City time) on the third Business Day prior to the expiration of an Interest Period applicable to such LIBO Rate Term LIBOR Loan (in the case of any subsequent Interest Period), the Lead Borrower shall have the right to elect the interest period (each, an “Interest Period”) applicable to such LIBO Rate Term LIBOR Loan, which Interest Period shall, at the option of the Lead Borrower Borrower, be (x) a one, two, three or three, six month period, or, if agreed to approved by all Lenderseach Lender with Loans and/or Commitments under the relevant Tranche, a nine or twelve month period, or, period or (y) if agreed to by the Administrative Agent a period less than in its sole discretion, such other periods not to exceed one month; , provided that (in each case):
(i) all LIBO Rate Term LIBOR Loans comprising a Borrowing shall at all times have the same Interest Period;
(ii) the initial Interest Period for any LIBO Rate Term LIBOR Loan shall commence on the date of Borrowing of such LIBO Rate Term LIBOR Loan (including, in the case of LIBO Rate Term Loans, including the date of any conversion thereto from a Borrowing of Base Rate Term Loans Loan) and each Interest Period occurring thereafter in respect of such LIBO Rate Term LIBOR Loan shall commence on the day on which the next preceding Interest Period applicable thereto expires;
(iii) if any Interest Period for a LIBO Rate Term LIBOR Loan begins on a day for which there is no numerically corresponding day in the calendar month at the end of such Interest Period, such Interest Period shall end on the last Business Day of such calendar month;
(iv) if any Interest Period for a LIBO Rate Term LIBOR Loan would otherwise expire on a day which is not a Business Day, such Interest Period shall expire on the next succeeding Business Day; provided, however, that if any Interest Period for a LIBO Rate Term LIBOR Loan would otherwise expire on a day which is not a Business Day but is a day of the month after which no further Business Day occurs in such month, such Interest Period shall expire on the next preceding Business Day;
(v) unless the Required Lenders otherwise agree, no Interest Period for a LIBO Rate Term Loan may be selected at any time when a Default or an Event of Default under Section 11.05 is then in existence; and;
(vi) if any Event of Default (other than as referred to in preceding clause (v)) is in existence, (x) no Interest Period may be selected if the Administrative Agent or the Required Lenders have notified the Borrower that the selection of new Interest Periods will not be permitted during the existence of such Event of Default and (y) in the absence of the notification referred to in preceding clause (x), no Interest Period with a duration in excess one (1) month may be selected;
(vii) no Interest Period in respect of any Borrowing of any Tranche of Term Loans shall be selected which extends beyond the Maturity Date therefor. With for such Tranche of Loans; and
(viii) no Interest Period in respect to any LIBO Rate Term Loans, at the end of any Interest Period applicable to a Borrowing thereof, the Lead Borrower may elect to split the respective Borrowing of Term Loans shall be selected which extends beyond any date upon which a single Type mandatory repayment of such Term Loans will be required to be made under a single Tranche into two or more Borrowings Section 5.02(b) if the aggregate principal amount of different Types under such Tranche or combine two or more Borrowings under a single Tranche into a single Borrowing Term Loans which have Interest Periods which will expire after such date will be in excess of the same Type under such Tranche, in each case, by having the Lead Borrower give notice thereof together with its election of one or more Interest Periods, in each case so long as each resulting Borrowing (x) has an Interest Period which complies with the foregoing requirements of this Section 2.09, (y) has a aggregate principal amount which is not of such Term Loans then outstanding less than the Minimum Borrowing Amount applicable to Borrowings aggregate amount of the respective Type and Tranche, and (z) does not cause a violation of the requirements of Section 2.02such required repayment. If by 12:00 Noon 1:00 P.M. (New York City time) on the third Business Day prior to the expiration of any Interest Period applicable to a Borrowing of LIBO Rate Term LIBOR Loans, the Lead Borrower has failed to elect, or is not permitted to elect, elect a new Interest Period to be applicable to such LIBO RateLIBOR Loans as provided above, the Lead Borrower shall be deemed to have elected in to continue such LIBOR Loans as LIBOR Loans with an Interest Period of one (1) month effective as of the case expiration date of LIBO Rate Term Loanssuch current Interest Period; provided that if the Borrower is not permitted to elect a new Interest Period to be applicable to such LIBOR Loans as provided above, the Borrower shall be deemed to have elected to convert such LIBO Rate Term LIBOR Loans into Base Rate Term Loans with such conversion to be effective as of the expiration date of such current Interest Period.
Appears in 1 contract
Sources: Credit Agreement (Radio One, Inc.)
Interest Periods. At the time the Lead Parent Borrower gives any a Notice of Borrowing or Notice of Conversion/Conversion or Continuation in respect of the making of, or conversion intointo or continuation as, any LIBO Rate Term Loan (a Borrowing of LIBOR Loans in the case of the initial Interest Period applicable thereto) or prior to 12:00 Noon (New York City time) on the third Business Day prior to the expiration of an Interest Period applicable to such LIBO Rate Term Loan (in the case of any subsequent Interest Periodaccordance with Section 2.6(a), the Lead Parent Borrower shall have the right to elect by giving the interest period Administrative Agent written notice (each, an “or telephonic notice promptly confirmed in writing) the Interest Period”) Period applicable to such LIBO Rate Term LoanBorrowing, which Interest Period shall, at the option of the Lead Parent Borrower be a one, two, three three, six or six month period, or(in the case of Revolving Credit Loans, if agreed available to all the Lenders making such loans as determined by all Lenders, such Lenders in good faith based on prevailing market conditions) a nine or twelve month period, or, if agreed period (or such other period of less than six months as to by which the Administrative Agent a period less than one month; provided that (in each case):may consent). Notwithstanding anything to the contrary contained above:
(i) all LIBO Rate Term Loans comprising a Borrowing shall at all times have the same Interest Period;
(iia) the initial Interest Period for any LIBO Rate Term Loan Borrowing of LIBOR Loans shall commence on the date of such Borrowing of such LIBO Rate Term Loan (including, in the case of LIBO Rate Term Loans, including the date of any conversion thereto from a Borrowing of Base Rate Term Loans ABR Loans) and each Interest Period occurring thereafter in respect of such LIBO Rate Term Loan Borrowing shall commence on the day on which the next preceding Interest Period applicable thereto expires;
(iiib) if any Interest Period for relating to a LIBO Rate Term Loan Borrowing of LIBOR Loans begins on the last Business Day of a calendar month or begins on a day for which there is no numerically corresponding day in the calendar month at the end of such Interest Period, such Interest Period shall end on the last Business Day of the calendar month at the end of such calendar monthInterest Period;
(ivc) if any Interest Period for a LIBO Rate Term Loan would otherwise expire on a day which that is not a Business Day, such Interest Period shall expire on the next succeeding Business Day; provided, however, provided that if any Interest Period for in respect of a LIBO Rate Term LIBOR Loan would otherwise expire on a day which that is not a Business Day but is a day of the month after which no further Business Day occurs in such month, such Interest Period shall expire on the next preceding Business Day;
(v) unless the Required Lenders otherwise agree, no Interest Period for a LIBO Rate Term Loan may be selected at any time when a Default or an Event of Default is then in existence; and
(vid) no Borrower shall be entitled to elect any Interest Period in respect of any Borrowing of any Tranche of Term Loans shall be selected which extends LIBOR Loan if such Interest Period would extend beyond the Final Maturity Date therefor. With respect to any LIBO Rate Term Loans, at the end of any Interest Period applicable to a Borrowing thereof, the Lead Borrower may elect to split the respective Borrowing of a single Type under a single Tranche into two or more Borrowings of different Types under such Tranche or combine two or more Borrowings under a single Tranche into a single Borrowing of the same Type under such Tranche, in each case, by having the Lead Borrower give notice thereof together with its election of one or more Interest Periods, in each case so long as each resulting Borrowing (x) has an Interest Period which complies with the foregoing requirements of this Section 2.09, (y) has a principal amount which is not less than the Minimum Borrowing Amount applicable to Borrowings of the respective Type and Tranche, and (z) does not cause a violation of the requirements of Section 2.02. If by 12:00 Noon (New York City time) on the third Business Day prior to the expiration of any Interest Period applicable to a Borrowing of LIBO Rate Term Loans, the Lead Borrower has failed to elect, or is not permitted to elect, a new Interest Period to be applicable to such LIBO Rate, the Lead Borrower shall be deemed to have elected in the case of LIBO Rate Term Loans, to convert such LIBO Rate Term Loans into Base Rate Term Loans with such conversion to be effective as of the expiration date of such current Interest PeriodDate.
Appears in 1 contract
Interest Periods. At the time the Lead (a) The Borrower gives any shall, in each Notice of Borrowing or Notice of Conversion/Conversion or Continuation in respect of the making of, conversion into or conversion intocontinuation of a LIBOR Rate Loan, any LIBO Rate Term Loan (in the case of the initial Interest Period applicable thereto) or prior to 12:00 Noon (New York City time) on the third Business Day prior to the expiration of an Interest Period applicable to such LIBO Rate Term Loan (in the case of any subsequent Interest Period), the Lead Borrower shall have the right to elect select the interest period (each, each an “"Interest Period”") applicable to such LIBO LIBOR Rate Term Loan, which Interest Period shall, at the option of the Lead Borrower Borrower, be either a one-month, two-month, three three-month or six six-month period; provided, or, if agreed to by all Lenders, a twelve month period, or, if agreed to by the Administrative Agent a period less than one month; provided that (in each case):that:
(i) all LIBO Rate Term Loans comprising a Borrowing shall at all times have the same Interest Period;
(ii) the initial Interest Period for any LIBO LIBOR Rate Term Loan shall commence on the date of Borrowing the making of such LIBO LIBOR Rate Term Loan (including, in the case of LIBO Rate Term Loans, including the date of any conversion thereto from a Borrowing of Base Rate Term Loans Loan) and each Interest Period occurring thereafter in respect of such LIBO LIBOR Rate Term Loan shall commence on the day date on which the immediately preceding Interest Period, if any, expires;
(ii) if any Interest Period would otherwise expire on a day which is not a Business Day, such Interest Period shall expire on the next preceding succeeding Business Day; provided, however, that if any Interest Period applicable thereto expiresto a Borrowing of LIBOR Rate Loans would otherwise expire on a day which is not a Business Day but is a day of the month after which no further Business Day occurs in such month, such Interest Period shall expire on the Business Day preceding the day of scheduled expiration;
(iii) if any Interest Period for applicable to a LIBO Borrowing of LIBOR Rate Term Loan Loans begins on a day for which there is no numerically corresponding day in the calendar month at the end of such Interest Period, such Interest Period shall end on the last Business Day of such calendar month;
(iv) if any Interest Period for a LIBO Rate Term Loan would otherwise expire on a day which is not a Business Day, such Interest Period shall expire on the next succeeding Business Day; provided, however, that if any Interest Period for a LIBO Rate Term Loan would otherwise expire on a day which is not a Business Day but is a day of the month after which no further Business Day occurs in such month, such Interest Period shall expire on the next preceding Business Day;
(v) unless the Required Lenders otherwise agree, no Interest Period for a LIBO Rate in respect of any Construction Loan or Term Loan may shall extend (A) in the case of any Construction Loan, beyond the Construction Loan Maturity Date to the extent that Construction Loans are not to be selected at converted on the Construction Loan Maturity Date to Term Loans, or (B) in the case of any time when a Default or an Event of Default is then in existenceTerm Loan, beyond the Final Maturity Date; and
(viv) no Interest Period in respect of a Term Loan shall extend beyond any Borrowing date upon which a repayment of any Tranche the Term Loans is required to be made pursuant to Section 2.13 unless the aggregate principal amount of Term Loans shall be selected which extends beyond the Maturity Date therefor. With respect are Base Rate Loans or which have Interest Periods which will expire on or before such date is equal to any LIBO Rate Term Loans, at the end of any Interest Period applicable to a Borrowing thereof, the Lead Borrower may elect to split the respective Borrowing of a single Type under a single Tranche into two or more Borrowings of different Types under such Tranche or combine two or more Borrowings under a single Tranche into a single Borrowing in excess of the same Type under such Tranche, in each case, by having the Lead Borrower give notice thereof together with its election of one or more Interest Periods, in each case so long as each resulting Borrowing (x) has an Interest Period which complies with the foregoing requirements of this Section 2.09, (y) has a principal amount which is not less than the Minimum Borrowing Amount applicable to Borrowings of the respective Type and Tranche, and Term Loan repayment required to be made on such date.
(zb) does not cause a violation of the requirements of Section 2.02. If by 12:00 Noon (New York City time) on the third Business Day prior to upon the expiration of any Interest Period applicable to a Borrowing of LIBO Rate Term LoansPeriod, the Lead Borrower has shall have failed to elect, or is not permitted to elect, elect a new Interest Period to be applicable to such LIBO Ratethe respective LIBOR Rate Loan as provided above, the Lead Borrower shall be deemed to have elected in the case of LIBO Rate Term Loans, to convert such LIBO LIBOR Rate Term Loans Loan into a Base Rate Term Loans with such conversion to be Loan effective as of the expiration date of such current Interest Period.
Appears in 1 contract
Sources: Construction and Term Loan Agreement (NRG Generating U S Inc)
Interest Periods. At In connection with each LIBOR Rate Loan, the time Borrower, by giving notice at the Lead Borrower gives any Notice of Borrowing or Notice of Conversion/Continuation times described in respect of the making of, or conversion into, any LIBO Rate Term Loan (in the case of the initial Interest Period applicable thereto) or prior to 12:00 Noon (New York City time) on the third Business Day prior to the expiration of an Interest Period applicable to such LIBO Rate Term Loan (in the case of any subsequent Interest PeriodSection 5.1(a), the Lead Borrower shall have the right to elect the an interest period (each, an “"Interest Period”") to be applicable to such LIBO LIBOR Rate Term Loan, which Interest Period shall, at the option of the Lead Borrower shall be a oneperiod of one (1), twotwo (2), three (3), or six month period, or, if agreed to by all Lenders, a twelve month period, or, if agreed to by the Administrative Agent a period less than one month(6) months; provided that (in each case):PROVIDED that:
(i) all LIBO Rate Term Loans comprising a Borrowing shall at all times have the same Interest Period;
(ii) the initial Interest Period for any LIBO Rate Term Loan shall commence on the date of Borrowing advance of such LIBO or conversion to any LIBOR Rate Term Loan (includingand, in the case of LIBO Rate Term Loansimmediately successive Interest Periods, the date of any conversion thereto from a Borrowing of Base Rate Term Loans and each successive Interest Period occurring thereafter in respect of such LIBO Rate Term Loan shall commence on the day date on which the next preceding Interest Period applicable thereto expires;
(iiiii) if any Interest Period for a LIBO Rate Term Loan begins on a day for which there is no numerically corresponding day in the calendar month at the end of such Interest Period, such Interest Period shall end on the last Business Day of such calendar month;
(iv) if any Interest Period for a LIBO Rate Term Loan would otherwise expire on a day which that is not a Business Day, such Interest Period shall expire on the next succeeding Business Day; provided, howeverPROVIDED, that if any Interest Period for with respect to a LIBO LIBOR Rate Term Loan would otherwise expire on a day which that is not a Business Day but is a day of the month after which no further Business Day occurs in such month, such Interest Period shall expire on the next preceding Business Day;
(viii) unless any Interest Period with respect to a LIBOR Rate Loan that begins on the Required Lenders otherwise agree, last Business Day of a calendar month (or on a day for which there is no numerically corresponding day in the calendar month at the end of such Interest Period) shall end on the last Business Day of the relevant calendar month at the end of such Interest Period;
(iv) no Interest Period for a LIBO Rate shall extend beyond the Revolving Credit Termination Date or the Term Loan may Maturity Date, as applicable, and no Interest Periods shall be selected at by the Borrower which would result in the repayment of any time when LIBOR Rate Loan as a Default or result of any repayment required pursuant to Section 4.3 prior to the end of an Event of Default is then in existenceInterest Period; and
(viv) no Interest Period in respect of any Borrowing of any Tranche of Term Loans there shall be selected which extends beyond the Maturity Date therefor. With respect to no more than eight (8) Interest Periods outstanding at any LIBO Rate Term Loans, at the end of any Interest Period applicable to a Borrowing thereof, the Lead Borrower may elect to split the respective Borrowing of a single Type under a single Tranche into two or more Borrowings of different Types under such Tranche or combine two or more Borrowings under a single Tranche into a single Borrowing of the same Type under such Tranche, in each case, by having the Lead Borrower give notice thereof together with its election of one or more Interest Periods, in each case so long as each resulting Borrowing (x) has an Interest Period which complies with the foregoing requirements of this Section 2.09, (y) has a principal amount which is not less than the Minimum Borrowing Amount applicable to Borrowings of the respective Type and Tranche, and (z) does not cause a violation of the requirements of Section 2.02. If by 12:00 Noon (New York City time) on the third Business Day prior to the expiration of any Interest Period applicable to a Borrowing of LIBO Rate Term Loans, the Lead Borrower has failed to elect, or is not permitted to elect, a new Interest Period to be applicable to such LIBO Rate, the Lead Borrower shall be deemed to have elected in the case of LIBO Rate Term Loans, to convert such LIBO Rate Term Loans into Base Rate Term Loans with such conversion to be effective as of the expiration date of such current Interest Period.
Appears in 1 contract
Interest Periods. At In connection with each LIBOR Rate Loan, the time the Lead Borrower gives any Notice of Borrowing or Notice of Conversion/Continuation in respect of the making of, or conversion into, any LIBO Rate Term Loan applicable interest period (in the case of the initial Interest Period applicable theretoeach an "INTEREST PERIOD") or prior to 12:00 Noon (New York City time) on the third Business Day prior to the expiration of an Interest Period be applicable to such LIBO Rate Term Loan (in the case of any subsequent Interest Period), the Lead Borrower shall have the right to elect the interest period (each, an “Interest Period”) applicable to such LIBO Rate Term Loan, which Interest Period shall, at the option of the Lead Borrower be a one, two, three or six month period, or, if agreed to by all Lenders, a twelve month period, or, if agreed to as selected by the Administrative Agent a period less than one monthBorrower in the applicable Notice of Borrowing or Conversion/Continuation Notice; provided that (in each case):that
(i) all LIBO Rate Term Loans comprising a Borrowing shall at all times have the same Interest Period;
(ii) the initial Interest Period for any LIBO Rate Term Loan shall commence on the date of Borrowing of such LIBO Rate Term Loan (including, in the case of LIBO Rate Term Loansimmediately successive Interest Periods applicable to a Loan, the date of any conversion thereto from a Borrowing of Base Rate Term Loans and each successive Interest Period occurring thereafter in respect of such LIBO Rate Term Loan shall commence on the day on which the next immediately preceding Interest Period applicable thereto expires;
(ii) if an Interest Period would otherwise expire on a day that is not a Business Day, such Interest Period shall expire on the next succeeding Business Day; provided that, if any Interest Period would otherwise expire on a day that is not a Business Day but is a day of the month after which no further Business Day occurs in $1,100,000,000 CREDIT AGREEMENT such month, such Interest Period shall expire on the immediately preceding Business Day;
(iii) if any Interest Period for that begins on the last Business Day of a LIBO Rate Term Loan begins calendar month (or on a day for which there is no numerically corresponding day in the calendar month at the end of such Interest Period) shall, such Interest Period shall subject to clause (iv) of this Section 2.2B, end on the last Business Day of such a calendar month;
(iv) if any no Interest Period for a LIBO Rate Term Loan would otherwise expire on a day which is not a Business Day, such Interest Period shall expire on the next succeeding Business Day; provided, however, that if with respect to any Interest Period for a LIBO Rate Term Loan would otherwise expire on a day which is not a Business Day but is a day portion of the month after which no further Business Day occurs in such month, such Interest Period Loans shall expire on extend beyond the next preceding Business Dayscheduled Maturity Date;
(v) unless the Required Lenders otherwise agree, there shall be no more than three (3) Interest Period for a LIBO Rate Term Loan may be selected Periods outstanding at any time when a Default or an Event of Default is then in existencetime; and
(vi) no Interest Period in respect of any Borrowing of any Tranche of Term Loans shall be selected which extends beyond the Maturity Date therefor. With respect event the Borrower fails to any LIBO Rate Term Loans, at the end of any Interest Period applicable to a Borrowing thereof, the Lead Borrower may elect to split the respective Borrowing of a single Type under a single Tranche into two or more Borrowings of different Types under such Tranche or combine two or more Borrowings under a single Tranche into a single Borrowing of the same Type under such Tranche, in each case, by having the Lead Borrower give notice thereof together with its election of one or more Interest Periods, in each case so long as each resulting Borrowing (x) has specify an Interest Period which complies with for any LIBOR Rate Loan in the foregoing requirements applicable Notice of this Section 2.09, (y) has a principal amount which is not less than the Minimum Borrowing Amount applicable to Borrowings of the respective Type and Tranche, and (z) does not cause a violation of the requirements of Section 2.02. If by 12:00 Noon (New York City time) on the third Business Day prior to the expiration of any Interest Period applicable to a Borrowing of LIBO Rate Term Loansor Conversion/Continuation Notice, the Lead Borrower has failed to elect, or is not permitted to elect, a new Interest Period to be applicable to such LIBO Rate, the Lead Borrower shall be deemed to have elected in the case selected an Interest Period of LIBO Rate Term Loans, to convert such LIBO Rate Term Loans into Base Rate Term Loans with such conversion to be effective as of the expiration date of such current Interest Periodone month.
Appears in 1 contract
Sources: Credit Agreement (Assurant Inc)
Interest Periods. At the time the Lead Borrower gives any Notice of Borrowing or Notice of Conversion/Continuation in respect of In connection with the making or continuation of, or conversion into, any LIBO Rate Term Loan (in the case each Borrowing of the initial Interest Period applicable thereto) or prior to 12:00 Noon (New York City time) on the third Business Day prior to the expiration of an Interest Period applicable to such LIBO Rate Term Loan (in the case of any subsequent Interest Period)LIBOR Advances, the Lead Borrower shall have the right to elect the select an interest period (each, each an “Interest Period”) to be applicable to such LIBO Rate Term LoanAdvances, which Interest Period shall, at shall in the option case of the Lead Borrower LIBOR Advances be either a one, two, three or six month period, or, if agreed to by all LendersLenders at such time, a twelve six month period, or, if agreed to by the Administrative Agent a period less than one month; provided that (in each case):that:
(ia) all LIBO Rate Term Loans comprising a Borrowing shall at all times have the same Interest Period;
(ii) the The initial Interest Period for any LIBO Rate Term Loan Borrowing consisting of any such Advance shall commence on the date of such Borrowing of such LIBO Rate Term Loan (including, in the case of LIBO Rate Term Loans, including the date of any conversion thereto from a Borrowing consisting of Base Rate Term Loans an Advance of another Type) and each Interest Period occurring thereafter in respect of such LIBO Rate Term Loan Borrowing shall commence on the day on which the next preceding Interest Period applicable thereto expires;
(iiib) if If any Interest Period for a LIBO Rate Term Loan begins on a day for which there is no numerically corresponding day in the calendar month at the end of such Interest Period, such Interest Period shall end on the last Business Day of such calendar month;
(iv) if any Interest Period for a LIBO Rate Term Loan would otherwise expire on a day which is not a Business Day, such Interest Period shall expire on the next succeeding Business Day; provided, however, provided that if any Interest Period for in respect of a LIBO Rate Term Loan LIBOR Advance would otherwise expire on a day which that is not a Business Day but is a day of the month after which no further Business Day occurs in such month, such Interest Period shall expire on the next preceding Business Day;
(vc) unless the Required Lenders otherwise agree, no Interest Period for a LIBO Rate Term Loan may be selected at any time when a Default or an Event of Default is then in existence; and
(vi) no Any Interest Period in respect of any Borrowing of any Tranche of Term Loans shall be selected a LIBOR Advance which extends beyond begins on a day for which there is no numerically corresponding day in the Maturity Date therefor. With respect to any LIBO Rate Term Loans, calendar month at the end of any such Interest Period applicable shall, subject to a Borrowing thereofpart (iv) below, expire on the Lead Borrower may elect to split the respective Borrowing last Business Day of a single Type under a single Tranche into two or more Borrowings of different Types under such Tranche or combine two or more Borrowings under a single Tranche into a single Borrowing of the same Type under such Tranche, in each case, by having the Lead Borrower give notice thereof together with its election of one or more Interest Periods, in each case so long as each resulting Borrowing calendar month;
(xd) has an No Interest Period shall extend beyond any date upon which complies with any prepayment is required to be made in the foregoing requirements of this Section 2.09Domestic Revolving Loans, (y) has a unless the aggregate principal amount of Domestic Revolving Loans, as the case may be, that are not LIBOR Advances, or that have Interest Periods which is not less than will expire on or before the Minimum Borrowing Amount applicable to Borrowings date of the respective Type and Tranchepayment or prepayment, and (z) does not cause a violation is equal to or in excess of the requirements amount of any such principal payments or prepayments to be made;
(e) The Interest Period for a LIBOR Advance which is converted pursuant to Section 2.02. If by 12:00 Noon (New York City time4.09(b) shall commence on the third Business Day prior to the expiration of any Interest Period applicable to a Borrowing of LIBO Rate Term Loans, the Lead Borrower has failed to elect, or is not permitted to elect, a new Interest Period to be applicable to such LIBO Rate, the Lead Borrower shall be deemed to have elected in the case of LIBO Rate Term Loans, to convert such LIBO Rate Term Loans into Base Rate Term Loans with such conversion to be effective as of the expiration date of such current conversion and shall expire on the date on which the Interest PeriodPeriods for the LIBOR Advances of the other Lenders which were not converted expires;
(f) No Interest Period with respect to the Loans shall extend beyond the Maturity Date; and
(g) No more than eight LIBOR Advances with different Interest Periods may exist at any one time.
Appears in 1 contract
Sources: Credit Agreement (Interface Inc)
Interest Periods. At the time the Lead Borrower gives any Notice of Borrowing or Notice of Conversion/Continuation in respect of the making of, or conversion into, any LIBO Rate Term LIBOR Loan (in the case of the initial Interest Period applicable thereto) or prior to 12:00 Noon 11:00 A.M. (New York City time) on the third Business Day prior to the expiration of an Interest Period applicable to such LIBO Rate Term LIBOR Loan (in the case of any subsequent Interest Period), the Lead Borrower shall have the right to elect the interest period (each, an “Interest Period”) applicable to such LIBO Rate Term LIBOR Loan, which Interest Period shall, at the option of the Lead Borrower Borrower, be (x) a oneone (1), twotwo (2), three (3) or six (6) month period, or, if (y) to the extent agreed to by all Lenders, a twelve nine (9) or 12 month period, or, if period or (z) to the extent agreed to by all Lenders and the Administrative Agent a in their sole discretion, such other period of less than one month; provided that (in each case):
(ia) all LIBO Rate Term LIBOR Loans comprising a Borrowing shall at all times have the same Interest Period;
(iib) the initial Interest Period for any LIBO Rate Term LIBOR Loan shall commence on the date of Borrowing of such LIBO Rate Term LIBOR Loan (including, in the case of LIBO Rate Term Loans, including the date of any conversion thereto from a Borrowing of Base Rate Term Loans Loan) and each Interest Period occurring thereafter in respect of such LIBO Rate Term LIBOR Loan shall commence on the day on which the next immediately preceding Interest Period applicable thereto expires;
(iiic) if any Interest Period for a LIBO Rate Term LIBOR Loan begins on a day for which there is no numerically corresponding day in the calendar month at the end of such Interest Period, such Interest Period shall end on the last Business Day of such calendar month;
(ivd) if any Interest Period for a LIBO Rate Term LIBOR Loan would otherwise expire on a day which is not a Business Day, such Interest Period shall expire on the next succeeding Business Day; provided, however, that if any Interest Period for a LIBO Rate Term LIBOR Loan would otherwise expire on a day which is not a Business Day but is a day of the month after which no further Business Day occurs in such month, such Interest Period shall expire on the next immediately preceding Business Day;
(ve) unless the Required Lenders otherwise agree, no Interest Period for a LIBO Rate Term Loan may be selected at any time when a Default or an Event of Default is then in existence; and
(vif) no Interest Period in respect of any Borrowing of any Tranche of Term Loans shall be selected which extends beyond the Final Maturity Date therefor. With respect to any LIBO Rate Term Loans, at the end of any Interest Period applicable to a Borrowing thereof, the Lead Borrower may elect to split the respective Borrowing of a single Type under a single Tranche into two or more Borrowings of different Types under such Tranche or combine two or more Borrowings under a single Tranche into a single Borrowing of the same Type under such Tranche, in each case, by having the Lead Borrower give notice thereof together with its election of one or more Interest Periods, in each case so long as each resulting Borrowing (x) has an Interest Period which complies with the foregoing requirements of this Section 2.09, (y) has a principal amount which is not less than the Minimum Borrowing Amount applicable to Borrowings of the respective Type and Tranche, and (z) does not cause a violation of the requirements of Section 2.02Date. If by 12:00 Noon 11:00 A.M. (New York City time) on the third Business Day prior to the expiration of any Interest Period applicable to a Borrowing of LIBO Rate Term LIBOR Loans, the Lead Borrower has failed to elect, or is not permitted to elect, a new Interest Period to be applicable to such LIBO RateLIBOR Loans as provided above, the Lead Borrower shall be deemed to have elected in the case of LIBO Rate Term Loans, to convert such LIBO Rate Term LIBOR Loans into Base Rate Term Loans with such conversion to be effective as of the expiration date of such current Interest Period.
Appears in 1 contract
Interest Periods. (a) At the time the Lead a Borrower gives any Notice of Borrowing or Notice of Conversion/Continuation in respect of the making of, or conversion into, any LIBO Rate Term LIBOR Loan (in the case of the initial Interest Period applicable thereto) or prior to 12:00 Noon (New York City time) 11:00 a.m. CST on the third Business Day prior to the expiration of an Interest Period applicable to such LIBO Rate Term LIBOR Loan (in the case of any subsequent Interest Period), the Lead Borrower shall have the right to elect the interest period (each, an “Interest Period”) applicable to such LIBO Rate Term LIBOR Loan, which Interest Period shall, at the option of the Lead Borrower Borrower, be (x) a one, two, three or six month periodperiod or (y) a seven, or, fourteen or twenty-one day period if agreed to by all Lenders, a twelve month period, or, if agreed to by the Administrative Agent a period less than one month; in its sole discretion, provided that (in each case):
(i) all LIBO Rate Term LIBOR Loans comprising a Borrowing shall at all times have the same Interest Period;
(ii) the initial Interest Period for any LIBO Rate Term LIBOR Loan shall commence on the date of Borrowing of such LIBO Rate Term LIBOR Loan (including, in the case of LIBO Rate Term Loans, including the date of any conversion thereto from a Borrowing of Base Rate Term Loans Loan) and each Interest Period occurring thereafter in respect of such LIBO Rate Term LIBOR Loan shall commence on the day on which the next preceding Interest Period applicable thereto expires;
(iii) if any Interest Period for a LIBO Rate Term LIBOR Loan begins on a day for which there is no numerically corresponding day in the calendar month at the end of such Interest Period, such Interest Period shall end on the last Business Day of such calendar month;
(iv) if any Interest Period for a LIBO Rate Term LIBOR Loan would otherwise expire on a day which that is not a Business Day, such Interest Period shall expire on the next succeeding Business Day; provided, however, that if any Interest Period for a LIBO Rate Term LIBOR Loan would otherwise expire on a day which that is not a Business Day but is a day of the month after which no further Business Day occurs in such month, such Interest Period shall expire on the next preceding Business Day;
(v) unless the Required Lenders otherwise agree, no Interest Period for a LIBO Rate Term Loan may be selected at any time when a Default or an Event of Default is then in existence; and
(vi) no Interest Period in respect of any Borrowing of any Tranche of Term Loans shall be selected which that extends beyond the Maturity Date therefor. With respect to any LIBO Rate Term Loans, at the end of any Interest Period applicable to a Borrowing thereof, the Lead Borrower may elect to split the respective Borrowing of a single Type under a single Tranche into two or more Borrowings of different Types under such Tranche or combine two or more Borrowings under a single Tranche into a single Borrowing of the same Type under such Tranche, in each case, by having the Lead Borrower give notice thereof together with its election of one or more Interest Periods, in each case so long as each resulting Borrowing (x) has an Interest Period which complies with the foregoing requirements of this Section 2.09, (y) has a principal amount which is not less than the Minimum Borrowing Amount applicable to Borrowings of the respective Type and Tranche, and (z) does not cause a violation of the requirements of Section 2.02Date. If by 12:00 Noon (New York City time) 11:00 a.m. CST on the third Business Day prior to the expiration of any Interest Period applicable to a Borrowing of LIBO Rate Term LIBOR Loans, the Lead Borrower has failed to elect, or is not permitted to elect, a new Interest Period to be applicable to such LIBO RateLIBOR Loans as provided above, the Lead Borrower shall be deemed to have elected in the case of LIBO Rate Term Loans, to convert continue such LIBO Rate Term LIBOR Loans into Base Rate Term LIBOR Loans with such conversion to be a same Interest Period, effective as of the expiration date of such current Interest Period.
Appears in 1 contract
Interest Periods. At the time the Lead Borrower gives any Notice of Borrowing or Notice of Conversion/Continuation in respect of the making of, or conversion into, any LIBO Rate Term Loan (in the case of the initial Interest Period applicable thereto) or prior to 12:00 Noon (New York City time) on the third Business Day prior to the expiration of an Interest Period applicable to such LIBO Rate Term Loan (in the case of any subsequent Interest Period), the Lead Borrower shall have the right to elect the interest period (each, an “Interest Period”) applicable to such LIBO Rate Term Loan, which Interest Period shall, at the option of the Lead Borrower be (x) a one, two, three or six month period, or, if agreed to by all Lenders, a twelve month period, or, (y) if agreed to by the Administrative Agent Agent, a period less than one monthmonth or (z) solely in the case of the initial Interest Period with respect to the Term B Loans, the period set forth therefor in Section 2.01(c); provided that (in each case):
(i) all LIBO Rate Term Loans comprising a Borrowing shall at all times have the same Interest Period;
(ii) the initial Interest Period for any LIBO Rate Term Loan shall commence on the date of Borrowing of such LIBO Rate Term Loan (including, in the case of LIBO Rate Term Loans, the date of any conversion thereto from a Borrowing of Base Rate Term Loans Loans) and each Interest Period occurring thereafter in respect of such LIBO Rate Term Loan shall commence on the day on which the next preceding Interest Period applicable thereto expires;
(iii) if any Interest Period for a LIBO Rate Term Loan begins on a day for which there is no numerically corresponding day in the calendar month at the end of such Interest Period, such Interest Period shall end on the last Business Day of such calendar month;
(iv) if any Interest Period for a LIBO Rate Term Loan would otherwise expire on a day which is not a Business Day, such Interest Period shall expire on the next succeeding Business Day; provided, however, that if any Interest Period for a LIBO Rate Term Loan would otherwise expire on a day which is not a Business Day but is a day of the month after which no further Business Day occurs in such month, such Interest Period shall expire on the next preceding Business Day;
(v) unless the Required Lenders otherwise agree, no Interest Period for a LIBO Rate Term Loan may be selected at any time when a Default or an Event of Default is then in existence; and
(vi) no Interest Period in respect of any Borrowing of any Tranche of Term Loans shall be selected which extends beyond the Maturity Date therefor. With respect to any LIBO Rate Term Loans, at the end of any Interest Period applicable to a Borrowing thereof, the Lead Borrower may elect to split the respective Borrowing of a single Type under a single Tranche into two or more Borrowings of different Types under such Tranche or combine two or more Borrowings under a single Tranche into a single Borrowing of the same Type under such Tranche, in each case, by having the Lead Borrower give notice thereof together with its election of one or more Interest Periods, in each case so long as each resulting Borrowing (x) has an Interest Period which complies with the foregoing requirements of this Section 2.09, (y) has a principal amount which is not less than the Minimum Borrowing Amount applicable to Borrowings of the respective Type and Tranche, and (z) does not cause a violation of the requirements of Section 2.02. If by 12:00 Noon (New York City time) on the third Business Day prior to the expiration of any Interest Period applicable to a Borrowing of LIBO Rate Term Loans, the Lead Borrower has failed to elect, or is not permitted to elect, a new Interest Period to be applicable to such LIBO Rate, the Lead Borrower shall be deemed to have elected in the case of LIBO Rate Term Loans, to convert such LIBO Rate Term Loans into Base Rate Term Loans with such conversion to be effective as of the expiration date of such current Interest Period.
Appears in 1 contract
Interest Periods. At the time the Lead Borrower gives any a Notice of Borrowing or Notice of Conversion/Conversion or Continuation in respect of the making of, or conversion intointo or continuation as, any LIBO Rate Term Loan a Borrowing of LIBOR DIP Loans in accordance with Section 2.6(a), the Borrower shall give the Administrative Agent written notice (or telephonic notice promptly confirmed in the case writing) of the initial Interest Period applicable thereto) or prior to 12:00 Noon (New York City time) on the third Business Day prior to the expiration of an Interest Period applicable to such LIBO Rate Term Loan (in the case of any subsequent Interest Period), the Lead Borrower shall have the right to elect the interest period (each, an “Interest Period”) applicable to such LIBO Rate Term LoanBorrowing, which Interest Period shall, at the option of the Lead Borrower be a one, two, three or six or (if available to all the Lenders making such LIBOR DIP Loans as determined by such Lenders in good faith based on prevailing market conditions) a 12-month period, or, if agreed to by all Lenders, a twelve month period, or, if agreed to period or any shorter period requested by the Administrative Agent a period less than one month; provided that Borrower (in each case):including 1-week and 2-week periods). Notwithstanding anything to the contrary contained above:
(i) all LIBO Rate Term Loans comprising a Borrowing shall at all times have the same Interest Period;
(iia) the initial Interest Period for any LIBO Rate Term Loan Borrowing of LIBOR DIP Loans shall commence on the date of such Borrowing of such LIBO Rate Term Loan (including, in the case of LIBO Rate Term Loans, including the date of any conversion thereto from a Borrowing of Base Rate Term Loans ABR DIP Loans) and each Interest Period occurring thereafter in respect of such LIBO Rate Term Loan Borrowing shall commence on the day on which the next preceding Interest Period applicable thereto expires;
(iiib) if any Interest Period for relating to a LIBO Rate Term Loan Borrowing of LIBOR DIP Loans begins on the last Business Day of a calendar month or begins on a day for which there is no numerically corresponding day in the calendar month at the end of such Interest Period, such Interest Period shall end on the last Business Day of the calendar month at the end of such calendar monthInterest Period;
(ivc) if any Interest Period for a LIBO Rate Term Loan would otherwise expire on a day which that is not a Business Day, such Interest Period shall expire on the next succeeding Business Day; providedprovided that, however, that if any Interest Period for in respect of a LIBO Rate Term LIBOR DIP Loan would otherwise expire on a day which that is not a Business Day Day, but is a day of the month after which no further Business Day occurs in such month, such Interest Period shall expire on the next preceding Business Day;
(v) unless the Required Lenders otherwise agree, no Interest Period for a LIBO Rate Term Loan may be selected at any time when a Default or an Event of Default is then in existence; and
(vid) no the Borrower shall not be entitled to elect any Interest Period in respect of any Borrowing of any Tranche of Term Loans shall be selected which extends LIBOR DIP Loan if such Interest Period would extend beyond the Maturity Date therefor. With respect to any LIBO Rate Term Loans, at the end of any Interest Period applicable to a Borrowing thereof, the Lead Borrower may elect to split the respective Borrowing of a single Type under a single Tranche into two or more Borrowings of different Types under such Tranche or combine two or more Borrowings under a single Tranche into a single Borrowing of the same Type under such Tranche, in each case, by having the Lead Borrower give notice thereof together with its election of one or more Interest Periods, in each case so long as each resulting Borrowing (x) has an Interest Period which complies with the foregoing requirements of this Section 2.09, (y) has a principal amount which is not less than the Minimum Borrowing Amount applicable to Borrowings of the respective Type and Tranche, and (z) does not cause a violation of the requirements of Section 2.02. If by 12:00 Noon (New York City time) on the third Business Day prior to the expiration of any Interest Period applicable to a Borrowing of LIBO Rate Term Loans, the Lead Borrower has failed to elect, or is not permitted to elect, a new Interest Period to be applicable to such LIBO Rate, the Lead Borrower shall be deemed to have elected in the case of LIBO Rate Term Loans, to convert such LIBO Rate Term Loans into Base Rate Term Loans with such conversion to be effective as of the expiration date of such current Interest PeriodDate.
Appears in 1 contract
Sources: Senior Secured Super Priority Debtor in Possession Credit Agreement (Denbury Resources Inc)
Interest Periods. At In connection with each LIBOR Rate Loan, Borrower may, pursuant to the time the Lead Borrower gives any applicable Notice of Borrowing or Notice of Conversion/Continuation in respect of the making ofContinuation, or conversion into, any LIBO Rate Term Loan (in as the case of the initial Interest Period applicable thereto) or prior to 12:00 Noon (New York City time) on the third Business Day prior to the expiration of may be, select an Interest Period applicable to such LIBO Rate Term Loan (in the case of any subsequent Interest Period), the Lead Borrower shall have the right to elect the interest period (each, each an “Interest Period”) to be applicable to such LIBO Rate Term LoanLoan (on a pro rata basis among the Loans of each Lender funding a Loan of such Class), which Interest Period shallshall be, at the option of the Lead Borrower be Borrower’s option, either a oneone-, twotwo-, three three- or six six- month period, period or, if agreed available to by all Lenders, a twelve nine- or twelve- month period, or, if agreed to by the Administrative Agent a period less than one month; provided that (in each case):that:
(i) all LIBO Rate Term Loans comprising a Borrowing shall at all times have the same Interest Period;
(ii) the initial Interest Period for any LIBO LIBOR Rate Term Loan shall commence on the date of Borrowing Funding Date in respect of such LIBO Rate Term Loan (includingLoan, in the case of LIBO a Loan initially made as a LIBOR Rate Term LoansLoan, or on the date specified in the applicable Notice of any conversion thereto from Conversion/Continuation, in the case of a Borrowing Loan converted to a LIBOR Rate Loan;
(ii) in the case of Base immediately successive Interest Periods applicable to a LIBOR Rate Term Loans and Loan continued as such pursuant to a Notice of Conversion/Continuation, each successive Interest Period occurring thereafter in respect of such LIBO Rate Term Loan shall commence on the day on which the next preceding Interest Period applicable thereto expires;
(iii) if any an Interest Period for a LIBO Rate Term Loan begins on a day for which there is no numerically corresponding day in the calendar month at the end of such Interest Period, such Interest Period shall end on the last Business Day of such calendar month;
(iv) if any Interest Period for a LIBO Rate Term Loan would otherwise expire on a day which that is not a Business Day, such Interest Period shall expire on the next succeeding Business Day; providedprovided that, however, that if any Interest Period for a LIBO Rate Term Loan would otherwise expire on a day which that is not a Business Day but is a day of the month after which no further Business Day occurs in such month, such Interest Period shall expire on the next preceding Business Day;
(iv) any Interest Period that begins on the last Business Day of a calendar month (or on a day for which there is no numerically corresponding day in the calendar month at the end of such Interest Period) shall, subject to clause (v) unless of this subsection 2.2B, end on the Required Lenders otherwise agree, last Business Day of a calendar month;
(v) no Interest Period for a LIBO Rate with respect to any portion of the Term Loans shall extend beyond the applicable Term Loan may be selected at Maturity Date, and no Interest Period with respect to any time when a Default or an Event portion of Default is then in existence; andthe Revolving Loans shall extend beyond the applicable Revolving Loan Commitment Termination Date;
(vi) no Interest Period in with respect of to any Borrowing of any Tranche of Term Loans shall be selected extend beyond a date on which extends beyond the Maturity Date therefor. With respect Borrower is required to any LIBO Rate make a scheduled payment of principal of such Term Loans, unless the sum of (a) the aggregate principal amount of such Term Loans that are Base Rate Loans plus (b) the aggregate principal amount of such Term Loans that are LIBOR Rate Loans with Interest Periods expiring on or before such date equals or exceeds the principal amount required to be paid on such Term Loans on such date;
(vii) there shall be no more than six (6) Interest Periods outstanding at any time; and
(viii) in the end of any Interest Period applicable event Borrower fails to a Borrowing thereof, the Lead Borrower may elect to split the respective Borrowing of a single Type under a single Tranche into two or more Borrowings of different Types under such Tranche or combine two or more Borrowings under a single Tranche into a single Borrowing of the same Type under such Tranche, in each case, by having the Lead Borrower give notice thereof together with its election of one or more Interest Periods, in each case so long as each resulting Borrowing (x) has specify an Interest Period which complies with for any LIBOR Rate Loan in the foregoing requirements applicable Notice of this Section 2.09Borrowing or Notice of Conversion/Continuation, (y) has a principal amount which is not less than the Minimum Borrowing Amount applicable to Borrowings of the respective Type and Tranche, and (z) does not cause a violation of the requirements of Section 2.02. If by 12:00 Noon (New York City time) on the third Business Day prior to the expiration of any Interest Period applicable to a Borrowing of LIBO Rate Term Loans, the Lead Borrower has failed to elect, or is not permitted to elect, a new Interest Period to be applicable to such LIBO Rate, the Lead Borrower shall be deemed to have elected in the case selected an Interest Period of LIBO Rate Term Loans, to convert such LIBO Rate Term Loans into Base Rate Term Loans with such conversion to be effective as of the expiration date of such current Interest Periodone month.
Appears in 1 contract
Interest Periods. At the time the Lead Borrower gives any Notice of Borrowing or Notice of Conversion/Continuation in respect of In connection with the making or continuation of, or conversion into, any LIBO Rate each Syndicate Revolving Loan comprised of LIBOR Advances, or each Multicurrency Loan or each Term Loan (in the case of the initial for each Interest Period applicable theretoduring which the LIBOR Option is selected, Borrower shall select an interest period (each an "Interest Period") or prior to 12:00 Noon (New York City time) on the third Business Day prior to the expiration of an Interest Period be applicable to such LIBO Rate Term LIBOR Advances, Multicurrency Loan (in the case of any subsequent Interest Period), the Lead Borrower shall have the right to elect the interest period (each, an “Interest Period”) applicable to such LIBO Rate or Term Loan, which Interest Period shallshall be either a 1, at 2, 3 or 6 month period with respect to LIBOR Advances and Term Loans for each Interest Period during which the option of the Lead Borrower be LIBOR Option is selected and either a one1, two, three 2 or six 3 month period, or, if agreed period with respect to by all Lenders, a twelve month period, or, if agreed to by the Administrative Agent a period less than one monthMulticurrency Loans; provided that (in each case):that:
(ia) all LIBO Rate Term Loans comprising a Borrowing shall at all times have the same Interest Period;
(ii) the The initial Interest Period for any LIBO Rate Borrowing of LIBOR Advances or any Multicurrency Loan or any Term Loan for which the LIBOR Option has been selected shall commence on the date of such Borrowing of such LIBO Rate Term Loan (including, in the case of LIBO Rate Term Loans, including the date of any conversion thereto from a Borrowing consisting of Base Rate Term Loans Advances of another Type) or Loan and each Interest Period occurring thereafter in respect of such LIBO Rate Term Borrowing or Loan shall commence on the day on which the next preceding Interest Period applicable thereto expires;
(iiib) if If any Interest Period for a LIBO Rate Term Loan begins on a day for which there is no numerically corresponding day in the calendar month at the end of such Interest Period, such Interest Period shall end on the last Business Day of such calendar month;
(iv) if any Interest Period for a LIBO Rate Term Loan would otherwise expire on a day which is not a Business Day, such Interest Period shall expire on the next succeeding Business Day; provided, however, provided that if any Interest Period for a LIBO Rate in respect of LIBOR Advances or any Term Loan for which the LIBOR Option has been selected would otherwise expire on a day which that is not a Business Day but is a day of the month after which no further Business Day occurs in such month, such Interest Period shall expire on the next preceding Business Day;
(vc) unless the Required Lenders otherwise agree, no Interest Period for a LIBO Rate Term Loan may be selected at any time when a Default or an Event of Default is then in existence; and
(vi) no Any Interest Period in respect of LIBOR Advances or any Borrowing of Multicurrency Loan or any Tranche of Term Loans shall be Loan for which the LIBOR Option has been selected which extends beyond begins on a day for which there is no numerically corresponding day in the Maturity Date therefor. With respect to any LIBO Rate Term Loans, calendar month at the end of any such Interest Period applicable shall, subject to a Borrowing thereofpart (d) below, expire on the Lead Borrower may elect to split the respective Borrowing last Business Day of a single Type under a single Tranche into two or more Borrowings of different Types under such Tranche or combine two or more Borrowings under a single Tranche into a single Borrowing of the same Type under such Tranche, in each case, by having the Lead Borrower give notice thereof together with its election of one or more Interest Periods, in each case so long as each resulting Borrowing calendar month;
(xd) has an No Interest Period shall extend beyond any date upon which complies any principal payment is due with the foregoing requirements of this Section 2.09, (y) has a principal amount which is not less than the Minimum Borrowing Amount applicable to Borrowings of the respective Type and Tranche, and (z) does not cause a violation of the requirements of Section 2.02. If by 12:00 Noon (New York City time) on the third Business Day prior respect to the expiration of any Interest Period applicable to a Borrowing of LIBO Rate Revolving Loans or, Term Loans, the Lead Borrower has failed to elect, or is not permitted to elect, a new Interest Period to be applicable to such LIBO Rate, the Lead Borrower shall be deemed to have elected in the case of LIBO Rate Term Loans, to convert such LIBO Rate Term Loans into Base Rate Term Loans with such conversion to be effective as of the expiration date of such current Interest Period.
Appears in 1 contract
Sources: Revolving Credit and Term Loan Agreement (Planet Hollywood International Inc)
Interest Periods. At Concurrently with the time the Lead Borrower gives any giving of a Notice of Borrowing or Notice of Conversion/Continuation in respect of the making ofany Borrowing (whether in respect of Term Loans or Revolving Loans) comprised of Base Rate Loans to be converted into, or conversion intoLIBOR Loans to be continued as, any LIBO Rate Term Loan (in the case of the initial Interest Period applicable thereto) or prior to 12:00 Noon (New York City time) on the third Business Day prior to the expiration of an Interest Period applicable to such LIBO Rate Term Loan (in the case of any subsequent Interest Period)LIBOR Loans, the Lead Borrower shall have the right to elect elect, pursuant to such notice, the interest period (each, an “Interest Period”) to be applicable to such LIBO Rate Term LoanLIBOR Loans, which Interest Period shall, at the option of the Lead Borrower Borrower, be a one, two, three or six six-month period; provided, orhowever, if agreed to by all Lenders, a twelve month period, or, if agreed to by the Administrative Agent a period less than one month; provided that (in each case):that:
(i) all LIBO Rate Term LIBOR Loans comprising a single Borrowing shall at all times have the same Interest Period;
(ii) the initial Interest Period for any LIBO Rate Term LIBOR Loan shall commence on the date of the Borrowing of such LIBO Rate Term LIBOR Loan (including, in the case of LIBO Rate Term Loans, including the date of any continuation of, or conversion thereto from a Borrowing of Base Rate Term Loans into, such LIBOR Loan), and each successive Interest Period occurring thereafter in respect of applicable to such LIBO Rate Term LIBOR Loan shall commence on the day on which the next preceding Interest Period applicable thereto expires;
(iii) LIBOR Loans may not be outstanding under more than ten (10) separate Interest Periods at any one time (for which purpose Interest Periods shall be deemed to be separate even if they are coterminous);
(iv) if any Interest Period otherwise would expire on a day that is not a Business Day, such Interest Period shall expire on the next succeeding Business Day unless such next succeeding Business Day falls in another calendar month, in which case such Interest Period shall expire on the next preceding Business Day;
(v) no Interest Period may be selected with respect to the Term Loans that would end after a scheduled date for a LIBO repayment of principal of the Term Loans occurring on or after the first day of such Interest Period unless, immediately after giving effect to such selection, the aggregate principal amount of Term Loans that are Base Rate Loans or that have Interest Periods expiring on or before such principal repayment date equals or exceeds the principal amount required to be paid on such principal repayment date;
(vi) the Borrower may not select any Interest Period that expires after the Maturity Date, with respect to Term Loan Loans or Revolving Loans that are to be maintained as LIBOR Loans;
(vii) if any Interest Period begins on a day for which there is no numerically corresponding day in the calendar month at the end of during which such Interest PeriodPeriod would otherwise expire, such Interest Period shall end expire on the last Business Day of such calendar month;
(iv) if any Interest Period for a LIBO Rate Term Loan would otherwise expire on a day which is not a Business Day, such Interest Period shall expire on the next succeeding Business Day; provided, however, that if any Interest Period for a LIBO Rate Term Loan would otherwise expire on a day which is not a Business Day but is a day of the month after which no further Business Day occurs in such month, such Interest Period shall expire on the next preceding Business Day;
(v) unless the Required Lenders otherwise agree, no Interest Period for a LIBO Rate Term Loan may be selected at any time when a Default or an Event of Default is then in existence; and
(viviii) no the Borrower may not select any Interest Period in respect of any Borrowing of any Tranche of Term (and consequently, no LIBOR Loans shall be selected which extends beyond made) if a Default or Event of Default shall have occurred and be continuing at the Maturity Date therefor. With time of such Notice of Borrowing or Notice of Conversion/Continuation with respect to any LIBO Rate Term Loans, at the end of any Interest Period applicable to a Borrowing thereof, the Lead Borrower may elect to split the respective Borrowing of a single Type under a single Tranche into two or more Borrowings of different Types under such Tranche or combine two or more Borrowings under a single Tranche into a single Borrowing of the same Type under such Tranche, in each case, by having the Lead Borrower give notice thereof together with its election of one or more Interest Periods, in each case so long as each resulting Borrowing (x) has an Interest Period which complies with the foregoing requirements of this Section 2.09, (y) has a principal amount which is not less than the Minimum Borrowing Amount applicable to Borrowings of the respective Type and Tranche, and (z) does not cause a violation of the requirements of Section 2.02. If by 12:00 Noon (New York City time) on the third Business Day prior to the expiration of any Interest Period applicable to a Borrowing of LIBO Rate Term Loans, the Lead Borrower has failed to elect, or is not permitted to elect, a new Interest Period to be applicable to such LIBO Rate, the Lead Borrower shall be deemed to have elected in the case of LIBO Rate Term Loans, to convert such LIBO Rate Term Loans into Base Rate Term Loans with such conversion to be effective as of the expiration date of such current Interest PeriodBorrowing.
Appears in 1 contract
Interest Periods. At the time the Lead Borrower gives any Notice of Borrowing or Notice of Conversion/Continuation in respect of (i) In connection with the making or continuation of, or conversion into, any LIBO Rate each Borrowing of Term Loan (in the case of the initial Interest Period applicable thereto) or prior to 12:00 Noon (New York City time) on the third Business Day prior to the expiration of SOFR Loans, Borrowers shall select an Interest Period applicable to such LIBO Rate Term Loan (in the case of any subsequent Interest Period), the Lead Borrower shall have the right to elect the interest period (each, each an “Interest Period”) to be applicable to such LIBO Rate Term SOFR Loan, which Interest Period shallinterest period shall commence on the date such Term SOFR Loan is made, at continued or converted and shall end on a numerically corresponding day in the option of first, third or sixth month after the Lead Borrower be a onedate such Term SOFR Loan was made, twocontinued or converted; provided, three or six month periodhowever, or, if agreed to by all Lenders, a twelve month period, or, if agreed to by the Administrative Agent a period less than one month; provided that (in each case):that:
(i) all LIBO Rate Term Loans comprising a Borrowing shall at all times have the same Interest Period;
(iia) the initial Interest Period for any LIBO Rate a Term SOFR Loan shall commence on the date of such Borrowing of such LIBO Rate Term Loan (including, in the case of LIBO Rate Term Loans, including the date of any conversion thereto from a Borrowing Loan of Base Rate Term Loans another Type) and each Interest Period occurring thereafter in respect of such LIBO Rate Term Revolver Loan shall commence on the day date on which the next preceding Interest Period applicable thereto expires;
(iiib) if any Interest Period for a LIBO Rate Term Loan begins on a day for which there is no numerically corresponding day in the calendar month at the end of such Interest Period, such Interest Period shall end on the last Business Day of such calendar month;
(iv) if any Interest Period for a LIBO Rate Term Loan would otherwise expire on a day which that is not a Business Day, such Interest Period shall expire on the next succeeding Business Day; provided, howeverprovided that, that if any Interest Period for a LIBO Rate in respect of Term Loan SOFR Loans would otherwise expire on a day which is not a Business Day but is a day of the month after which no further Business Day occurs in such month, such Interest Period shall expire on the next preceding Business Day;
(vc) unless the Required Lenders otherwise agree, no any Interest Period that begins on a day for a LIBO Rate Term Loan may be selected which there is no numerically corresponding day in the calendar month at any time when a Default or an Event the end of Default is then in existencesuch Interest Period shall expire on the last Business Day of such calendar month;
(d) [reserved]; and
(vie) no Interest Period shall extend beyond the last day of the Original Initial Revolver Term with respect to Term SOFR Loans made or continued prior to such date.
(ii) In connection with the making or continuation of, or conversion into, each Borrowing of Term ▇▇▇▇▇ Loans after the Term ▇▇▇▇▇ Activation Date, Borrowers shall select an interest period (each a “Term ▇▇▇▇▇ Interest Period”) to be applicable to such Term ▇▇▇▇▇ Loan, which interest period shall commence on the date such Term ▇▇▇▇▇ Loan is made, continued or converted and shall end on a numerically corresponding day in the first or third month thereafter; provided, however, that:
(a) the initial Term ▇▇▇▇▇ Interest Period for any Borrowing of a Term ▇▇▇▇▇ Loans shall commence on the date of such Borrowing and each Term ▇▇▇▇▇ Interest Period occurring thereafter in respect of such Borrowing shall commence on the day on which the next preceding Term ▇▇▇▇▇ Interest Period expires;
(b) if any Term ▇▇▇▇▇ Interest Period relating to a Borrowing of a Term ▇▇▇▇▇ Loan begins on the last Business Day of a calendar month or begins on a day for which there is no numerically corresponding day in the calendar month at the end of such Term ▇▇▇▇▇ Interest Period, such Term ▇▇▇▇▇ Interest Period shall end on the last Business Day of the calendar month at the end of such Term ▇▇▇▇▇ Interest Period;
(c) if any Term ▇▇▇▇▇ Interest Period would otherwise expire on a day that is not a Business Day, such Term ▇▇▇▇▇ Interest Period shall expire on the next succeeding Business Day, provided that if any Term ▇▇▇▇▇ Interest Period in respect of any Borrowing a Term ▇▇▇▇▇ Loan would otherwise expire on a day that is not a Business Day but is a day of any Tranche of the month after which no further Business Day occurs in such month, such Term Loans ▇▇▇▇▇ Interest Period shall be selected which extends expire on the next preceding Business Day; and
(d) no Term ▇▇▇▇▇ Interest Period shall extend beyond the Maturity Date therefor. With last day of the Original Initial Revolver Term with respect to any LIBO Rate Term Loans, at the end of any Interest Period applicable to a Borrowing thereof, the Lead Borrower may elect to split the respective Borrowing of a single Type under a single Tranche into two ▇▇▇▇▇ Loans made or more Borrowings of different Types under such Tranche or combine two or more Borrowings under a single Tranche into a single Borrowing of the same Type under such Tranche, in each case, by having the Lead Borrower give notice thereof together with its election of one or more Interest Periods, in each case so long as each resulting Borrowing (x) has an Interest Period which complies with the foregoing requirements of this Section 2.09, (y) has a principal amount which is not less than the Minimum Borrowing Amount applicable to Borrowings of the respective Type and Tranche, and (z) does not cause a violation of the requirements of Section 2.02. If by 12:00 Noon (New York City time) on the third Business Day continued prior to the expiration of any Interest Period applicable to a Borrowing of LIBO Rate Term Loans, the Lead Borrower has failed to elect, or is not permitted to elect, a new Interest Period to be applicable to such LIBO Rate, the Lead Borrower shall be deemed to have elected in the case of LIBO Rate Term Loans, to convert such LIBO Rate Term Loans into Base Rate Term Loans with such conversion to be effective as of the expiration date of such current Interest Perioddate.
Appears in 1 contract
Sources: Loan and Security Agreement (Sunbelt Rentals Holdings, Inc.)
Interest Periods. At (i) In connection with each LIBOR Rate Loan, the time Borrower, by giving notice at the Lead Borrower gives any Notice of Borrowing or Notice of Conversion/Continuation times described in respect of the making of, or conversion into, any LIBO Rate Term Loan (in the case of the initial Interest Period applicable thereto) or prior to 12:00 Noon (New York City time) on the third Business Day prior to the expiration of an Interest Period applicable to such LIBO Rate Term Loan (in the case of any subsequent Interest PeriodSection 3.1(a), the Lead Borrower shall have the right to elect the an interest period (each, an a “LIBOR Interest Period”) to be applicable to such LIBO Rate Term Loan, which LIBOR Interest Period shallshall be a period of one (1), at the option two (2), three (3), six (6) or, subject to approval of all of the Lead Borrower be a one, two, three or six month period, or, if agreed to by all Lenders, a nine (9) or twelve month period, or, if agreed (12) months with respect to by the Administrative Agent a period less than one montheach LIBOR Rate Loan; provided that that: (in A) each case):
(i) all LIBO Rate Term Loans comprising a Borrowing shall at all times have the same Interest Period;
(ii) the initial LIBOR Interest Period for any LIBO Rate Term Loan shall commence on the date of Borrowing advance of such LIBO or conversion to any LIBOR Rate Term Loan (includingand, in the case of LIBO Rate Term Loansimmediately successive LIBOR Interest Periods, the date of any conversion thereto from a Borrowing of Base Rate Term Loans and each successive LIBOR Interest Period occurring thereafter in respect of such LIBO Rate Term Loan shall commence on the day date on which the next immediately preceding LIBOR Interest Period applicable thereto expires;
; (iiiB) if any LIBOR Interest Period for a LIBO Rate Term Loan begins on a day for which there is no numerically corresponding day in the calendar month at the end of such Interest Period, such Interest Period shall end on the last Business Day of such calendar month;
(iv) if any Interest Period for a LIBO Rate Term Loan would otherwise expire on a day which that is not a Business Day, such LIBOR Interest Period shall expire on the next succeeding Business Day; provided, however, that if any LIBOR Interest Period for a LIBO Rate Term Loan would otherwise expire on a day which that is not a Business Day but is a day of the month after which no further Business Day occurs in such month, such LIBOR Interest Period shall expire on the next immediately preceding Business Day;
; (vC) unless the Required Lenders otherwise agree, no any LIBOR Interest Period that begins on the last Business Day of a calendar month (or on a day for a LIBO Rate Term Loan may be selected at any time when a Default or an Event of Default which there is then no numerically corresponding day in existence; and
(vi) no Interest Period in respect of any Borrowing of any Tranche of Term Loans shall be selected which extends beyond the Maturity Date therefor. With respect to any LIBO Rate Term Loans, calendar month at the end of any such LIBOR Interest Period) shall end on the last Business Day of the relevant calendar month at the end of such LIBOR Interest Period; and (D) no LIBOR Interest Period applicable to a Borrowing thereof, shall extend beyond the Lead Borrower may elect to split the respective Borrowing of a single Type under a single Tranche into two or more Borrowings of different Types under such Tranche or combine two or more Borrowings under a single Tranche into a single Borrowing of the same Type under such Tranche, in each case, by having the Lead Borrower give notice thereof together with its election of one or more Interest Periods, in each case so long as each resulting Borrowing Maturity Date.
(xii) has an Interest Period which complies with the foregoing requirements of this Section 2.09, (y) has a principal amount which is not less than the Minimum Borrowing Amount applicable to Borrowings of the respective Type and Tranche, and (z) does not cause a violation of the requirements of Section 2.02. If by 12:00 Noon (New York City time) on the third Business Day prior to the expiration of any Interest Period applicable to a Borrowing of LIBO Rate Term Loans, the Lead Borrower has failed to elect, or is not permitted to elect, a new Interest Period to be applicable to such LIBO Rate, the Lead Borrower There shall be deemed to have elected no more than six (6) LIBOR Interest Periods in the case of LIBO Rate Term Loans, to convert such LIBO Rate Term Loans into Base Rate Term Loans with such conversion to be effective as of the expiration date of such current Interest Periodeffect at any time.
Appears in 1 contract
Sources: Term Loan Agreement
Interest Periods. At Concurrently with the time the Lead Borrower gives any giving of a Notice of Borrowing of LIBOR Loans or Notice of Conversion/Continuation in respect of the making ofany Borrowing comprised of Base Rate Loans to be converted into, or conversion intoLIBOR Loans to be continued as, any LIBO Rate Term Loan (in the case of the initial Interest Period applicable thereto) or prior to 12:00 Noon (New York City time) on the third Business Day prior to the expiration of an Interest Period applicable to such LIBO Rate Term Loan (in the case of any subsequent Interest Period)LIBOR Loans, the Lead applicable Borrower shall have the right to elect elect, pursuant to such notice, the interest period (each, an “Interest Period”) to be applicable to such LIBO Rate Term LoanLIBOR Loans, which Interest Period shall, at the option of the Lead Borrower applicable Borrower, be a oneone-, twotwo-, three three- or six six-month period; provided, orhowever, if agreed to by all Lenders, a twelve month period, or, if agreed to by the Administrative Agent a period less than one month; provided that (in each case):that:
(i) all LIBO Rate Term LIBOR Loans comprising a single Borrowing shall at all times have the same Interest Period;
(ii) the initial Interest Period for any LIBO Rate Term LIBOR Loan shall commence on the date of the Borrowing of such LIBO Rate Term LIBOR Loan (including, in the case of LIBO Rate Term Loans, including the date of any continuation of, or conversion thereto from a Borrowing of Base Rate Term Loans into, such LIBOR Loan), and each successive Interest Period occurring thereafter in respect of applicable to such LIBO Rate Term LIBOR Loan shall commence on the day on which the next preceding Interest Period applicable thereto expires;
(iii) LIBOR Loans may not be outstanding under more than 10 separate Interest Periods at any one time (for which purpose Interest Periods shall be deemed to be separate even if they are coterminous);
(iv) if any Interest Period for otherwise would expire on a LIBO Rate Term Loan day that is not a Business Day, such Interest Period shall expire on the next succeeding Business Day unless such next succeeding Business Day falls in another calendar month, in which case such Interest Period shall expire on the next preceding Business Day;
(v) athe Borrower may not select any Interest Period that expires after the Final Maturity Date;
(vi) if any Interest Period begins on a day for which there is no numerically corresponding day in the calendar month at the end of during which such Interest PeriodPeriod would otherwise expire, such Interest Period shall end expire on the last Business Day of such calendar month;; and
(ivvii) if athe Borrower may not select any Interest Period for a LIBO Rate Term Loan would otherwise expire on a day which is not a Business Day, such Interest Period shall expire on the next succeeding Business Day; provided, however, that if any Interest Period for a LIBO Rate Term Loan would otherwise expire on a day which is not a Business Day but is a day of the month after which no further Business Day occurs in such month, such Interest Period shall expire on the next preceding Business Day;
(v) unless the Required Lenders otherwise agreeand consequently, no Interest Period for a LIBO Rate Term Loan may LIBOR Loans shall be selected at any time when a Default or made) if an Event of Default is then in existence; and
(vi) no Interest Period in respect shall have occurred and be continuing at the time of any such Notice of Borrowing or Notice of any Tranche of Term Loans shall be selected which extends beyond the Maturity Date therefor. With Conversion/Continuation with respect to any LIBO Rate Term Loans, at the end of any Interest Period applicable to a Borrowing thereof, the Lead Borrower may elect to split the respective Borrowing of a single Type under a single Tranche into two or more Borrowings of different Types under such Tranche or combine two or more Borrowings under a single Tranche into a single Borrowing of the same Type under such Tranche, in each case, by having the Lead Borrower give notice thereof together with its election of one or more Interest Periods, in each case so long as each resulting Borrowing (x) has an Interest Period which complies with the foregoing requirements of this Section 2.09, (y) has a principal amount which is not less than the Minimum Borrowing Amount applicable to Borrowings of the respective Type and Tranche, and (z) does not cause a violation of the requirements of Section 2.02. If by 12:00 Noon (New York City time) on the third Business Day prior to the expiration of any Interest Period applicable to a Borrowing of LIBO Rate Term Loans, the Lead Borrower has failed to elect, or is not permitted to elect, a new Interest Period to be applicable to such LIBO Rate, the Lead Borrower shall be deemed to have elected in the case of LIBO Rate Term Loans, to convert such LIBO Rate Term Loans into Base Rate Term Loans with such conversion to be effective as of the expiration date of such current Interest PeriodBorrowing.
Appears in 1 contract
Interest Periods. At Concurrently with the time the Lead Borrower gives giving of any Notice of Borrowing or Notice of Conversion/Continuation in respect of the making ofany Borrowing comprised of LIBOR Loans or LIBOR Loans or ABR Loans to be continued or converted into, or conversion intoto be continued as, any LIBO Rate Term Loan (in the case of the initial Interest Period applicable thereto) or prior to 12:00 Noon (New York City time) on the third Business Day prior to the expiration of an Interest Period applicable to such LIBO Rate Term Loan (in the case of any subsequent Interest Period)LIBOR Loans, the Lead Borrower shall have the right to elect elect, pursuant to such notice, the interest period (each, an “"Interest Period”") to be applicable to such LIBO Rate Term LoanLIBOR Loans, which Interest Period shall, at the option of the Lead Borrower Borrower, be a one, two, three or six month periodperiod (subject to SECTION 2.11); provided, orhowever, if agreed to by all Lenders, a twelve month period, or, if agreed to by the Administrative Agent a period less than one month; provided that (in each case):that:
(i) all LIBO Rate Term LIBOR Loans comprising a single Borrowing shall at all times have the same Interest Period;
(ii) the initial Interest Period for any LIBO Rate Term LIBOR Loan shall commence on the date of the Borrowing of such LIBO Rate Term Loan (including, in the case of LIBO Rate Term Loans, including the date of any continuation of, or conversion thereto from a Borrowing of Base Rate Term Loans into, such LIBOR Loan), and each successive Interest Period occurring thereafter in respect of applicable to such LIBO Rate Term LIBOR Loan shall commence on the day on which the next preceding Interest Period applicable thereto expires;
(iii) the Borrower may not select any Interest Period that begins prior to the third (3rd) Business Day after the Amendment Effective Date or that expires after the Revolving Credit Facility Maturity Date;
(iv) if any Interest Period otherwise would expire on a day that is not a Business Day, such Interest Period shall expire on the next succeeding Business Day unless such next succeeding Business Day falls in another calendar month, in which case such Interest Period shall expire on the next preceding Business Day;
(v) no Interest Period with respect to Revolving Credit Loans that are to be maintained as LIBOR Loans may be selected that would end after a scheduled date for a LIBO Rate Term Loan repayment of principal of the Revolving Credit Loans occurring on or after the first day of such Interest Period unless, immediately after giving effect to such selection, the sum of (y) the aggregate principal amount of Revolving Credit Loans that are ABR Loans or that have Interest Periods expiring on or before such principal repayment date, plus (z) the Total Unutilized Revolving Credit Commitment as of such date, equals or exceeds the principal amount required to be paid on such principal repayment date;
(vi) if any Interest Period begins on a day for which there is no numerically corresponding day in the calendar month at the end of during which such Interest PeriodPeriod would otherwise expire, such Interest Period shall end expire on the last Business Day of such calendar month;
(iv) if any Interest Period for a LIBO Rate Term Loan would otherwise expire on a day which is not a Business Day, such Interest Period shall expire on the next succeeding Business Day; provided, however, that if any Interest Period for a LIBO Rate Term Loan would otherwise expire on a day which is not a Business Day but is a day of the month after which no further Business Day occurs in such month, such Interest Period shall expire on the next preceding Business Day;
(v) unless the Required Lenders otherwise agree, no Interest Period for a LIBO Rate Term Loan may be selected at any time when a Default or an Event of Default is then in existence; and
(vivii) no Interest Period in respect of any Borrowing of any Tranche of Term Loans shall be selected which extends beyond the Maturity Date therefor. With respect to any LIBO Rate Term Loansif, at the end of any Interest Period applicable to a Borrowing thereof, the Lead Borrower may elect to split the respective Borrowing of a single Type under a single Tranche into two or more Borrowings of different Types under such Tranche or combine two or more Borrowings under a single Tranche into a single Borrowing of the same Type under such Tranche, in each case, by having the Lead Borrower give notice thereof together with its election of one or more Interest Periods, in each case so long as each resulting Borrowing (x) has an Interest Period which complies with the foregoing requirements of this Section 2.09, (y) has a principal amount which is not less than the Minimum Borrowing Amount applicable to Borrowings of the respective Type and Tranche, and (z) does not cause a violation of the requirements of Section 2.02. If by 12:00 Noon (New York City time) on the third Business Day prior to upon the expiration of any Interest Period applicable to a Borrowing of LIBO Rate Term LIBOR Loans, the Lead Borrower has shall have failed to elect, or is not permitted to elect, elect a new Interest Period to be applicable to such LIBO RateLIBOR Loans, then the Lead Borrower shall be deemed to have elected in the case of LIBO Rate Term Loans, to convert such LIBO Rate Term LIBOR Loans into Base Rate Term ABR Loans with such conversion to be effective as of the expiration date of such the then current Interest PeriodPeriod applicable thereto.
Appears in 1 contract
Interest Periods. At the time the Lead Parent Borrower gives any a Notice of Borrowing or Notice of Conversion/Conversion or Continuation in respect of the making of, or conversion intointo or continuation as, any LIBO Rate Term Loan (a Borrowing of LIBOR Loans in the case of the initial Interest Period applicable thereto) or prior to 12:00 Noon (New York City time) on the third Business Day prior to the expiration of an Interest Period applicable to such LIBO Rate Term Loan (in the case of any subsequent Interest Periodaccordance with Section 2.6(a), the Lead Parent Borrower shall have the right to elect by giving the interest period Administrative Agent written notice (each, an “or telephonic notice promptly confirmed in writing) the Interest Period”) Period applicable to such LIBO Rate Term LoanBorrowing, which Interest Period shall, at the option of the Lead Parent Borrower be a one, two, three three, six or six month period, or(in the case of Revolving Credit Loans, if agreed available to all the Lenders making such loans as determined by all Lenders, such Lenders in good faith based on prevailing market conditions) a nine or twelve month period, or, if agreed period (or such other period of less than six months as to by which the Administrative Agent a period less than one month; provided that (in each case):may consent). Notwithstanding anything to the contrary contained above:
(i) all LIBO Rate Term Loans comprising a Borrowing shall at all times have the same Interest Period;
(iia) the initial Interest Period for any LIBO Rate Term Loan Borrowing of LIBOR Loans shall commence on the date of such Borrowing of such LIBO Rate Term Loan (including, in the case of LIBO Rate Term Loans, including the date of any conversion thereto from a Borrowing of Base Rate Term Loans ABR Loans) and each Interest Period occurring thereafter in respect of such LIBO Rate Term Loan Borrowing shall commence on the day on which the next preceding Interest Period applicable thereto expires;
(iiib) if any Interest Period for relating to a LIBO Rate Term Loan Borrowing of LIBOR Loans begins on the last Business Day of a calendar month or begins on a day for which there is no numerically corresponding day in the calendar month at the end of such Interest Period, such Interest Period shall end on the last Business Day of the calendar month at the end of such calendar monthInterest Period;
(ivc) if any Interest Period for a LIBO Rate Term Loan would otherwise expire on a day which that is not a Business Day, such Interest Period shall expire on the next succeeding Business Day; provided, however, provided that if any Interest Period for in respect of a LIBO Rate Term LIBOR Loan would otherwise expire on a day which that is not a Business Day but is a day of the month after which no further Business Day occurs in such month, such Interest Period shall expire on the next preceding Business Day;
(v) unless the Required Lenders otherwise agree, no Interest Period for a LIBO Rate Term Loan may be selected at any time when a Default or an Event of Default is then in existence; and
(vid) no Borrower shall be entitled to elect any Interest Period in respect of any Borrowing of any Tranche of Term Loans shall be selected which extends LIBOR Loan if such Interest Period would extend beyond the Final Maturity Date therefor. With respect to any LIBO Rate Term Loans, at the end of any Interest Period applicable to a Borrowing thereof, the Lead Borrower may elect to split the respective Borrowing of a single Type under a single Tranche into two or more Borrowings of different Types under such Tranche or combine two or more Borrowings under a single Tranche into a single Borrowing of the same Type under such Tranche, in each case, by having the Lead Borrower give notice thereof together with its election of one or more Interest Periods, in each case so long as each resulting Borrowing (x) has an Interest Period which complies with the foregoing requirements of this Section 2.09, (y) has a principal amount which is not less than the Minimum Borrowing Amount applicable to Borrowings of the respective Type and Tranche, and (z) does not cause a violation of the requirements of Section 2.02. If by 12:00 Noon (New York City time) on the third Business Day prior to the expiration of any Interest Period applicable to a Borrowing of LIBO Rate Term Loans, the Lead Borrower has failed to elect, or is not permitted to elect, a new Interest Period to be applicable to such LIBO Rate, the Lead Borrower shall be deemed to have elected in the case of LIBO Rate Term Loans, to convert such LIBO Rate Term Loans into Base Rate Term Loans with such conversion to be effective as of the expiration date of such current Interest PeriodDate.
Appears in 1 contract
Sources: Credit Agreement (Hca Inc/Tn)
Interest Periods. At the time the Lead Borrower gives any the Notice of Borrowing or any Notice of Conversion/Continuation in respect of the making of, continuation as or conversion into, into any LIBO Rate Term Loan (in the case of the initial Interest Period applicable thereto) or prior to 12:00 Noon (New York City time) on the third Business Day prior to the expiration of an Interest Period applicable to such LIBO Rate Term Loan (in the case of any subsequent Interest Period)SOFR Loan, the Lead Borrower shall have the right to elect the interest period (each, an “Interest Period”) applicable to such LIBO Rate Term SOFR Loan, which Interest Period shall, at the option of the Lead Borrower Borrower, be a one, two, three or six month period, or, if agreed to by all Lenders, a twelve month period, or, if agreed to by the Administrative Agent a period less than one month; provided that (in each case)::
(ia) all LIBO Rate Term SOFR Loans comprising a Borrowing shall at all times have the same Interest Period;
(iib) the initial Interest Period for any LIBO Rate Term SOFR Loan shall commence on the date of Borrowing of such LIBO Rate Term SOFR Loan (including, in the case of LIBO Rate Term Loans, including the date of any conversion thereto from a Borrowing of Base Rate Term Loans Loan) and each Interest Period occurring thereafter in respect of such LIBO Rate Term SOFR Loan shall commence on the day on which the next preceding Interest Period applicable thereto expires;
(iiic) if any Interest Period for a LIBO Rate Term SOFR Loan begins on a day for which there is no numerically corresponding day in the calendar month at the end of such Interest Period, such Interest Period shall end on the last Business Day of such calendar month;
(ivd) if any Interest Period for a LIBO Rate Term SOFR Loan would otherwise expire on a day which is not a Business Day, such Interest Period shall expire on the next succeeding Business Day; provided, however, that if any Interest Period for a LIBO Rate Term SOFR Loan would otherwise expire on a day which is not a Business Day but is a day of the month after which no further Business Day occurs in such month, such Interest Period shall expire on the next preceding Business Day;
(ve) unless the Required Lenders otherwise agree, no Interest Period for a LIBO Rate Term Loan may be selected at any time when a Default or an Event of Default has occurred and is then in existencecontinuing; and
(vif) no Interest Period in respect of any Borrowing of any Tranche Class of Term Loans shall be selected which extends beyond the Maturity Date therefor. With respect to any LIBO Rate for such Class of Term Loans, at the end of any Interest Period applicable to a Borrowing thereof, the Lead Borrower may elect to split the respective Borrowing of a single Type under a single Tranche into two or more Borrowings of different Types under such Tranche or combine two or more Borrowings under a single Tranche into a single Borrowing of the same Type under such Tranche, in each case, by having the Lead Borrower give notice thereof together with its election of one or more Interest Periods, in each case so long as each resulting Borrowing (x) has an Interest Period which complies with the foregoing requirements of this Section 2.09, (y) has a principal amount which is not less than the Minimum Borrowing Amount applicable to Borrowings of the respective Type and Tranche, and (z) does not cause a violation of the requirements of Section 2.02. If by 12:00 Noon 2:30 P.M. (New York City time) on the third Business Day prior to the expiration of any Interest Period applicable to a Borrowing of LIBO Rate Term SOFR Loans, the Lead Borrower has failed to elect, or is not permitted to elect, a new Interest Period to be applicable to such LIBO RateSOFR Loans as provided above, the Lead Borrower shall be deemed to have elected in the case of LIBO Rate Term Loans, to convert such LIBO Rate Term SOFR Loans into Base Rate Term Loans with such conversion to be effective as of the expiration date of such current Interest Period.
Appears in 1 contract
Interest Periods. At In connection with each LIBOR Rate Loan, Borrower may, pursuant to the time the Lead Borrower gives any applicable Notice of Borrowing or Notice of Conversion/Continuation in respect of the making ofContinuation, or conversion into, any LIBO Rate Term Loan (in as the case of the initial Interest Period applicable thereto) or prior to 12:00 Noon (New York City time) on the third Business Day prior to the expiration of may be, select an Interest Period applicable to such LIBO Rate Term Loan (in the case of any subsequent Interest Period), the Lead Borrower shall have the right to elect the interest period (each, each an “Interest Period”) to be applicable to such LIBO Rate Term Loan, which Interest Period shallshall be, at the option of the Lead Borrower be Borrower’s option, either a one, two, three or six month period, or, period (or such other periods if agreed to by all Lenders, a twelve month period, or, if available and agreed to by the Administrative Agent a period less than one monthLenders for the type Loan requested in their sole and absolute discretion); provided that (in each case):that:
(i) all LIBO Rate Term Loans comprising a Borrowing shall at all times have the same Interest Period;
(ii) the initial Interest Period for any LIBO LIBOR Rate Term Loan shall commence on the date of Borrowing Funding Date in respect of such LIBO Rate Term Loan (includingLoan, in the case of LIBO a Loan initially made as a LIBOR Rate Term LoansLoan, or on the date specified in the applicable Notice of any conversion thereto from Conversion/Continuation, in the case of a Borrowing Loan converted to a LIBOR Rate Loan;
(ii) in the case of Base immediately successive Interest Periods applicable to a LIBOR Rate Term Loans and Loan continued as such pursuant to a Notice of Conversion/Continuation, each successive Interest Period occurring thereafter in respect of such LIBO Rate Term Loan shall commence on the day on which the next preceding Interest Period applicable thereto expires;
(iii) if any an Interest Period for a LIBO Rate Term Loan begins on a day for which there is no numerically corresponding day in the calendar month at the end of such Interest Period, such Interest Period shall end on the last Business Day of such calendar month;
(iv) if any Interest Period for a LIBO Rate Term Loan would otherwise expire on a day which that is not a Business Day, such Interest Period shall expire on the next succeeding Business Day; providedprovided that, however, that if any Interest Period for a LIBO Rate Term Loan would otherwise expire on a day which that is not a Business Day but is a day of the month after which no further Business Day occurs in such month, such Interest Period shall expire on the next preceding Business Day;
(iv) any Interest Period that begins on the last Business Day of a calendar month (or on a day for which there is no numerically corresponding day in the calendar month at the end of such Interest Period) shall, subject to clause (v) unless of this subsection 2.2B, end on the Required Lenders otherwise agree, last Business Day of a calendar month;
(v) no Interest Period for a LIBO Rate with respect to any portion of the Term Loan may be selected at Loans shall extend beyond the Final Maturity Date, and no Interest Period with respect to any time when a Default or an Event portion of Default is then in existence; andthe Revolving Loans shall extend beyond the Final Maturity Date;
(vi) no Interest Period in with respect of to any Borrowing of any Tranche of Term Loans shall extend beyond a date on which Borrower is required to make a scheduled payment of principal of such Term Loans, unless the sum of (a) the aggregate principal amount of such Term Loans that are Base Rate Loans plus (b) the aggregate principal amount of such Term Loans that are LIBOR Rate Loans with Interest Periods expiring on or before such date equals or exceeds the principal amount required to be selected which extends beyond the Maturity Date therefor. With paid on such Term Loans on such date;
(vii) no Interest Period with respect to any LIBO Rate Term Loans, at the end of any Interest Period applicable to a Borrowing thereof, the Lead Borrower may elect to split the respective Borrowing of a single Type under a single Tranche into two or more Borrowings of different Types under such Tranche or combine two or more Borrowings under a single Tranche into a single Borrowing portion of the same Type under Revolving Loans shall extend beyond the date on which a permanent reduction of the Revolving Loan Commitments is scheduled to occur unless the sum of (a) the aggregate principal amount of such Tranche, Revolving Loans that are Base Rate Loans plus (b) the aggregate principal amount of such Revolving Loans that are LIBOR Rate Loans with Interest Periods expiring on or before such date plus (c) the excess of the Revolving Loan Commitments then in each case, by having effect over the Lead aggregate principal amount of Revolving Loans then outstanding equals or exceeds the permanent reduction of the Revolving Loan Commitments that is scheduled to occur on such date;
(viii) there shall be no more than eight (8) Interest Periods outstanding at any time; and
(ix) in the event Borrower give notice thereof together with its election of one or more Interest Periods, in each case so long as each resulting Borrowing (x) has fails to specify an Interest Period which complies with for any LIBOR Rate Loan in the foregoing requirements applicable Notice of this Section 2.09Borrowing or Notice of Conversion/Continuation, (y) has a principal amount which is not less than the Minimum Borrowing Amount applicable to Borrowings of the respective Type and Tranche, and (z) does not cause a violation of the requirements of Section 2.02. If by 12:00 Noon (New York City time) on the third Business Day prior to the expiration of any Interest Period applicable to a Borrowing of LIBO Rate Term Loans, the Lead Borrower has failed to elect, or is not permitted to elect, a new Interest Period to be applicable to such LIBO Rate, the Lead Borrower shall be deemed to have elected in the case selected an Interest Period of LIBO Rate Term Loans, to convert such LIBO Rate Term Loans into Base Rate Term Loans with such conversion to be effective as of the expiration date of such current Interest Periodone month.
Appears in 1 contract
Interest Periods. At the time the Lead Borrower gives any a Notice of Borrowing or Notice of Conversion/Conversion or Continuation in respect of the making of, or conversion intointo or continuation as, any LIBO Rate Term Loan a Borrowing of LIBOR Loans in accordance with Section 2.6(a), the Borrower shall give the Administrative Agent written notice (or telephonic notice promptly confirmed in the case writing) of the initial Interest Period applicable thereto) or prior to 12:00 Noon (New York City time) on the third Business Day prior to the expiration of an Interest Period applicable to such LIBO Rate Term Loan (in the case of any subsequent Interest Period), the Lead Borrower shall have the right to elect the interest period (each, an “Interest Period”) applicable to such LIBO Rate Term LoanBorrowing, which Interest Period shall, at the option of the Lead Borrower be a one week or a one, two, three or six month period, or, or (if agreed available to by all Lenders, relevant Lenders participating in the relevant Term Loan Facility) a twelve month period, or, if agreed to by the Administrative Agent period or a period of less than one month; provided that (in each case):that, notwithstanding the foregoing, the initial Interest Period beginning on the Closing Date may be for a period of less than one month or such other period agreed by the Borrower and the Administrative Agent. Notwithstanding anything to the contrary contained above:
(i) all LIBO Rate Term Loans comprising a Borrowing shall at all times have the same Interest Period;
(iia) the initial Interest Period for any LIBO Rate Term Loan Borrowing of LIBOR Loans shall commence on the date of such Borrowing of such LIBO Rate Term Loan (including, in the case of LIBO Rate Term Loans, including the date of any conversion thereto from a Borrowing of Base Rate Term Loans ABR Loans) and each Interest Period occurring thereafter in respect of such LIBO Rate Term Loan Borrowing shall commence on the day on which the next preceding Interest Period applicable thereto expires;
(iiib) if any Interest Period for relating to a LIBO Rate Term Loan Borrowing of LIBOR Loans begins on the last Business Day of a calendar month or begins on a day for which there is no numerically corresponding day in the calendar month at the end of such Interest Period, such Interest Period shall end on the last Business Day of the calendar month at the end of such calendar monthInterest Period;
(ivc) if any Interest Period for a LIBO Rate Term Loan would otherwise expire on a day which that is not a Business Day, such Interest Period shall expire on the next succeeding Business Day; provided, however, provided that if any Interest Period for in respect of a LIBO Rate Term LIBOR Loan would otherwise expire on a day which that is not a Business Day but is a day of the month after which no further Business Day occurs in such month, such Interest Period shall expire on the next preceding Business Day;
(v) unless the Required Lenders otherwise agree, no Interest Period for a LIBO Rate Term Loan may be selected at any time when a Default or an Event of Default is then in existence; and
(vid) no the Borrower shall not be entitled to elect any Interest Period in respect of any Borrowing of any Tranche of Term Loans shall be selected which extends LIBOR Loan if such Interest Period would extend beyond the applicable Maturity Date therefor. With respect to any LIBO Rate Term Loans, at the end of any Interest Period applicable to a Borrowing thereof, the Lead Borrower may elect to split the respective Borrowing of a single Type under a single Tranche into two or more Borrowings of different Types under such Tranche or combine two or more Borrowings under a single Tranche into a single Borrowing of the same Type under such Tranche, in each case, by having the Lead Borrower give notice thereof together with its election of one or more Interest Periods, in each case so long as each resulting Borrowing (x) has an Interest Period which complies with the foregoing requirements of this Section 2.09, (y) has a principal amount which is not less than the Minimum Borrowing Amount applicable to Borrowings of the respective Type and Tranche, and (z) does not cause a violation of the requirements of Section 2.02. If by 12:00 Noon (New York City time) on the third Business Day prior to the expiration of any Interest Period applicable to a Borrowing of LIBO Rate Term Loans, the Lead Borrower has failed to elect, or is not permitted to elect, a new Interest Period to be applicable to such LIBO Rate, the Lead Borrower shall be deemed to have elected in the case of LIBO Rate Term Loans, to convert such LIBO Rate Term Loans into Base Rate Term Loans with such conversion to be effective as of the expiration date of such current Interest PeriodLoan.
Appears in 1 contract
Interest Periods. At In connection with each LIBOR Rate Loan, Company may, pursuant to the time the Lead Borrower gives any applicable Notice of Borrowing or Notice of Conversion/Continuation in respect of the making ofContinuation, or conversion into, any LIBO Rate Term Loan (in as the case of the initial Interest Period applicable theretomay be, select an interest period (each an "INTEREST PERIOD") or prior to 12:00 Noon (New York City time) on the third Business Day prior to the expiration of an Interest Period be applicable to such LIBO Rate Term Loan (in the case of any subsequent Interest Period), the Lead Borrower shall have the right to elect the interest period (each, an “Interest Period”) applicable to such LIBO Rate Term Loan, which Interest Period shallshall be, at the option of the Lead Borrower be Company's option, either a one, two, three or three, six month period, or, if agreed subject to by availability for all Lenders, a twelve nine month period, or, if agreed to by the Administrative Agent a period less than one month; provided that (in each case):PROVIDED that:
(i) all LIBO Rate Term Loans comprising a Borrowing shall at all times have the same Interest Period;
(ii) the initial Interest Period for any LIBO LIBOR Rate Term Loan shall commence on the date of Borrowing Funding Date in respect of such LIBO Rate Term Loan (includingLoan, in the case of LIBO a Loan initially made as a LIBOR Rate Term LoansLoan, or on the date specified in the applicable Notice of any conversion thereto from Conversion/Continuation, in the case of a Borrowing Loan converted to a LIBOR Rate Loan;
(ii) in the case of Base immediately successive Interest Periods applicable to a LIBOR Rate Term Loans and Loan continued as such pursuant to a Notice of Conversion/Continuation, each successive Interest Period occurring thereafter in respect of such LIBO Rate Term Loan shall commence on the day on which the next preceding Interest Period applicable thereto expires;
(iii) if any an Interest Period for a LIBO Rate Term Loan begins on a day for which there is no numerically corresponding day in the calendar month at the end of such Interest Period, such Interest Period shall end on the last Business Day of such calendar month;
(iv) if any Interest Period for a LIBO Rate Term Loan would otherwise expire on a day which that is not a Business Day, such Interest Period shall expire on the next succeeding Business Day; providedPROVIDED that, however, that if any Interest Period for a LIBO Rate Term Loan would otherwise expire on a day which that is not a Business Day but is a day of the month after which no further Business Day occurs in such month, such Interest Period shall expire on the next preceding Business Day;
(iv) any Interest Period that begins on the last Business Day of a calendar month (or on a day for which there is no numerically corresponding day in the calendar month at the end of such Interest Period) shall, subject to clause (v) unless of this subsection 2.2B, end on the Required Lenders otherwise agree, last Business Day of a calendar month;
(v) no Interest Period for a LIBO Rate Term Loan may be selected at with respect to any time when a Default or an Event portion of Default is then in existence; andthe Revolving Loans shall extend beyond the Commitment Termination Date;
(vi) no Interest Period in respect of any Borrowing of any Tranche of Term Loans shall be selected which extends beyond the Maturity Date therefor. With with respect to any LIBO Rate Term Loans, at the end of any Interest Period applicable to a Borrowing thereof, the Lead Borrower may elect to split the respective Borrowing of a single Type under a single Tranche into two or more Borrowings of different Types under such Tranche or combine two or more Borrowings under a single Tranche into a single Borrowing portion of the same Type under Revolving Loans shall extend beyond the date on which a permanent reduction of the Revolving Loan Commitments is scheduled to occur unless the sum of (a) the aggregate principal amount of Revolving Loans that are Base Rate Loans PLUS (b) the aggregate principal amount of Revolving Loans that are LIBOR Rate Loans with Interest Periods expiring on or before such Tranche, date PLUS (c) the excess of the Revolving Loan Commitments then in each case, by having effect over the Lead Borrower give notice thereof together with its election aggregate principal amount of one Revolving Loans then outstanding equals or exceeds the permanent reduction of the Revolving Loan Commitments that is scheduled to occur on such date;
(vii) there shall be no more than four (4) Interest Periods, Periods outstanding at any time; and
(viii) in each case so long as each resulting Borrowing (x) has the event Company fails to specify an Interest Period which complies with for any LIBOR Rate Loan in the foregoing requirements applicable Notice of this Section 2.09Borrowing or Notice of Conversion/Continuation, (y) has a principal amount which is not less than the Minimum Borrowing Amount applicable to Borrowings of the respective Type and Tranche, and (z) does not cause a violation of the requirements of Section 2.02. If by 12:00 Noon (New York City time) on the third Business Day prior to the expiration of any Interest Period applicable to a Borrowing of LIBO Rate Term Loans, the Lead Borrower has failed to elect, or is not permitted to elect, a new Interest Period to be applicable to such LIBO Rate, the Lead Borrower Company shall be deemed to have elected in the case selected an Interest Period of LIBO Rate Term Loans, to convert such LIBO Rate Term Loans into Base Rate Term Loans with such conversion to be effective as of the expiration date of such current Interest Periodone month.
Appears in 1 contract
Interest Periods. At In connection with each LIBO Rate Loan, Borrower may, pursuant to the time the Lead Borrower gives any applicable Notice of Borrowing or Notice of Conversion/Continuation in respect of the making ofContinuation, or conversion into, any LIBO Rate Term Loan (in as the case of the initial Interest Period applicable theretomay be, select an interest period (each an "INTEREST PERIOD") or prior to 12:00 Noon (New York City time) on the third Business Day prior to the expiration of an Interest Period be applicable to such LIBO Rate Term Loan (in the case of any subsequent Interest Period), the Lead Borrower shall have the right to elect the interest period (each, an “Interest Period”) applicable to such LIBO Rate Term Loan, which Interest Period shallshall be, at the option of the Lead Borrower be Borrower"s option, either a oneone-, twotwo-, three three- or six six-month period, or, if agreed to by all Lenders, a twelve month period, or, if agreed to by the Administrative Agent a period less than one month; provided that (in each case):PROVIDED that:
(i) all LIBO Rate Term Loans comprising a Borrowing shall at all times have the same Interest Period;
(ii) the initial Interest Period for any LIBO Rate Term Loan shall commence on the date of Borrowing Funding Date in respect of such LIBO Rate Term Loan (includingLoan, in the case of a Loan initially made as a LIBO Rate Term LoansLoan, or on the date specified in the applicable Notice of any conversion thereto from Conversion/Continuation, in the case of a Borrowing Loan converted to a LIBO Rate Loan;
(ii) in the case of Base immediately successive Interest Periods applicable to a LIBO Rate Term Loans and Loan continued as such pursuant to a Notice of Conversion/Continuation, each successive Interest Period occurring thereafter in respect of such LIBO Rate Term Loan shall commence on the day on which the next preceding Interest Period applicable thereto expires;
(iii) if an Interest Period would otherwise expire on a day that is not a Business Day, such Interest Period shall expire on the next succeeding Business Day; PROVIDED that, if any Interest Period for would otherwise expire on a LIBO Rate Term Loan day that is not a Business Day but is a day of a calendar month after which no further Business Day occurs in such calendar month, such Interest Period shall expire on the next preceding Business Day;
(iv) any Interest Period that begins on the last Business Day of a calendar month (or on a day for which there is no numerically corresponding day in the calendar month at the end of such Interest Period) shall, such Interest Period shall subject to clause (v) of this subsection 2.2B, end on the last Business Day of such a calendar month;
(iv) if any Interest Period for a LIBO Rate Term Loan would otherwise expire on a day which is not a Business Day, such Interest Period shall expire on the next succeeding Business Day; provided, however, that if any Interest Period for a LIBO Rate Term Loan would otherwise expire on a day which is not a Business Day but is a day of the month after which no further Business Day occurs in such month, such Interest Period shall expire on the next preceding Business Day;
(v) unless the Required Lenders otherwise agree, there shall be no more than five Interest Period for a LIBO Rate Term Loan may be selected Periods outstanding at any time when a Default or an Event of Default is then in existencetime; and
(vi) no in the event Borrower fails to specify an Interest Period in respect of any Borrowing of any Tranche of Term Loans shall be selected which extends beyond the Maturity Date therefor. With respect to for any LIBO Rate Term LoansLoan in the applicable Notice of Borrowing or Notice of Conversion/Continuation, at the end of any Interest Period applicable to a Borrowing thereof, the Lead Borrower may elect to split the respective Borrowing of a single Type under a single Tranche into two or more Borrowings of different Types under such Tranche or combine two or more Borrowings under a single Tranche into a single Borrowing of the same Type under such Tranche, in each case, by having the Lead Borrower give notice thereof together with its election of one or more Interest Periods, in each case so long as each resulting Borrowing (x) has an Interest Period which complies with the foregoing requirements of this Section 2.09, (y) has a principal amount which is not less than the Minimum Borrowing Amount applicable to Borrowings of the respective Type and Tranche, and (z) does not cause a violation of the requirements of Section 2.02. If by 12:00 Noon (New York City time) on the third Business Day prior to the expiration of any Interest Period applicable to a Borrowing of LIBO Rate Term Loans, the Lead Borrower has failed to elect, or is not permitted to elect, a new Interest Period to be applicable to such LIBO Rate, the Lead Borrower shall be deemed to have elected in the case selected an Interest Period of LIBO Rate Term Loans, to convert such LIBO Rate Term Loans into Base Rate Term Loans with such conversion to be effective as of the expiration date of such current Interest Periodone month.
Appears in 1 contract
Interest Periods. At the time the Lead Borrower gives any Notice of Borrowing or Notice of Conversion/Continuation in respect of the making of, or conversion into, any LIBO Rate Term LIBORSOFR Loan (in the case of the initial Interest Period applicable thereto) or prior to 12:00 Noon 1:00 p.m. (New York City time) on the third Business Day prior to the expiration of an Interest Period applicable to such LIBO Rate Term LIBORSOFR Loan (in the case of any subsequent Interest Period), the Lead Borrower shall have the right to elect the interest period (each, an “Interest Period”) applicable to such LIBO Rate Term LIBORSOFR Loan, which Interest Period shall, at the option of the Lead Borrower Borrower, be a one, twotwo (only until December 31, three or 2021), three, six month period, or, if agreed to approved by all Lenderseach Lender with Term Loans and/or Term Loan Commitments under the relevant Tranche, a twelve month period or any shorter period, or, if agreed to by the Administrative Agent a period less than one month; provided that (in each case):
): (ia) all LIBO Rate Term LIBORSOFR Loans comprising a Borrowing shall at all times have the same Interest Period;
; (iib) the initial Interest Period for any LIBO Rate Term LIBORSOFR Loan shall commence on the date of Borrowing of such LIBO Rate Term LIBORSOFR Loan (including, in the case of LIBO Rate Term Loans, including the date of any conversion thereto from a Borrowing of Base Rate Term Loans Loan) and each Interest Period occurring thereafter in respect of such LIBO Rate Term LIBORSOFR Loan shall commence on the day on which the next preceding Interest Period applicable thereto expires;
; (iiic) if any Interest Period for a LIBO Rate Term LIBORSOFR Loan begins on a day for which there is no numerically corresponding day in the calendar month at the end of such Interest Period, such Interest Period shall end on the last Business Day of such calendar month;
; (ivd) if any Interest Period for a LIBO Rate Term LIBORSOFR Loan would otherwise expire on a day which is not a Business Day, such Interest Period shall expire on the next succeeding Business Day; provided, however, that if any Interest Period for a LIBO Rate Term LIBORSOFR Loan would otherwise expire on a day which is not a Business Day but is a day of the month after which no further Business Day occurs in such month, such Interest Period shall expire on the next preceding Business Day;
; (ve) unless upon notice to the Borrower from the Administrative Agent given at the request of the Required Lenders otherwise agreeLenders, after the occurrence and during the continuance of any Significant Event of Default, no Interest Period for a LIBO Rate Term Loan may be selected at any time when a Default or an Event of Default is then in existenceselected; and
and (vif) no Interest Period in respect of any Borrowing of any Tranche of Term Loans shall be selected which extends beyond the Maturity Date therefor. With respect to any LIBO Rate Term Loans, at the end of any Interest Period applicable to a Borrowing thereof, the Lead Borrower may elect to split the respective Borrowing of a single Type under a single Tranche into two or more Borrowings of different Types under for such Tranche or combine two or more Borrowings under a single Tranche into a single Borrowing of the same Type under such Tranche, in each case, by having the Lead Borrower give notice thereof together with its election of one or more Interest Periods, in each case so long as each resulting Borrowing (x) has an Interest Period which complies with the foregoing requirements of this Section 2.09, (y) has a principal amount which is not less than the Minimum Borrowing Amount applicable to Borrowings of the respective Type and Tranche, and (z) does not cause a violation of the requirements of Section 2.02Loans. If by 12:00 Noon 1:00 p.m. (New York City time) on the third Business Day prior to the expiration of any Interest Period applicable to a Borrowing of LIBO Rate Term LIBORSOFR Loans, the Lead Borrower has failed to elect, or is not permitted to elect, a new Interest Period to be applicable to such LIBO RateLIBORSOFR Loans as provided above, the Lead Borrower shall be deemed to have elected in the case of LIBO Rate Term Loans, to convert continue such LIBO Rate Term LIBORSOFR Loans into Base Rate Term as LIBORSOFR Loans with such conversion to be an Interest Period of one month effective as of the expiration date of such current Interest Period.
Appears in 1 contract
Sources: First Lien Credit and Guarantee Agreement (Janus International Group, Inc.)
Interest Periods. At Concurrently with the time the Lead Borrower gives any giving of a Notice of Borrowing or Notice of Conversion/Continuation in respect of the making ofany Borrowing comprising Base Rate Loans to be converted into, or conversion intoLIBOR Loans to be continued as, any LIBO Rate Term Loan (in the case of the initial Interest Period applicable thereto) or prior to 12:00 Noon (New York City time) on the third Business Day prior to the expiration of an Interest Period applicable to such LIBO Rate Term Loan (in the case of any subsequent Interest Period)LIBOR Loans, the Lead applicable Borrower shall have the right to elect elect, pursuant to such notice, the interest period (each, an “Interest Period”) to be applicable to such LIBO Rate Term LoanLIBOR Loans, which Interest Period shall, at the option of the Lead Borrower such Borrower, be a one, two, three or six six-month period; provided, orhowever, if agreed to by all Lenders, a twelve month period, or, if agreed to by the Administrative Agent a period less than one month; provided that (in each case):that:
(i) all LIBO Rate Term LIBOR Loans comprising a single Borrowing shall at all times have the same Interest Period;
(ii) the initial Interest Period for any LIBO Rate Term LIBOR Loan shall commence on the date of the Borrowing of such LIBO Rate Term LIBOR Loan (including, in the case of LIBO Rate Term Loans, including the date of any continuation of, or conversion thereto from a Borrowing of Base Rate Term Loans into, such LIBOR Loan), and each successive Interest Period occurring thereafter in respect of applicable to such LIBO Rate Term LIBOR Loan shall commence on the day on which the next preceding Interest Period applicable thereto expires;
(iii) LIBOR Loans may not be outstanding under more than 20 separate Interest Periods at any one time (for which purpose Interest Periods of different durations shall be deemed to be separate even if they are coterminous);
(iv) if any Interest Period for otherwise would expire on a LIBO Rate Term Loan day that is not a Business Day, such Interest Period shall expire on the next succeeding Business Day unless such next succeeding Business Day falls in another calendar month, in which case such Interest Period shall expire on the next preceding Business Day;
(v) a Borrower may not select any Interest Period that expires after the Maturity Date;
(vi) if any Interest Period begins on a day for which there is no numerically corresponding day in the calendar month at the end of during which such Interest PeriodPeriod would otherwise expire, such Interest Period shall end expire on the last Business Day of such calendar month;
(iv) if any Interest Period for a LIBO Rate Term Loan would otherwise expire on a day which is not a Business Day, such Interest Period shall expire on the next succeeding Business Day; provided, however, that if any Interest Period for a LIBO Rate Term Loan would otherwise expire on a day which is not a Business Day but is a day of the month after which no further Business Day occurs in such month, such Interest Period shall expire on the next preceding Business Day;
(v) unless the Required Lenders otherwise agree, no Interest Period for a LIBO Rate Term Loan may be selected at any time when a Default or an Event of Default is then in existence; and
(vivii) no a Borrower may not select any Interest Period in respect of any Borrowing of any Tranche of Term (and consequently, no LIBOR Loans shall be selected which extends beyond made) if a Default or Event of Default shall have occurred and be continuing at the Maturity Date therefor. With time of such Notice of Borrowing or Notice of Conversion/Continuation with respect to any LIBO Rate Term Loans, at the end of any Interest Period applicable to a Borrowing thereof, the Lead Borrower may elect to split the respective Borrowing of a single Type under a single Tranche into two or more Borrowings of different Types under such Tranche or combine two or more Borrowings under a single Tranche into a single Borrowing of the same Type under such Tranche, in each case, by having the Lead Borrower give notice thereof together with its election of one or more Interest Periods, in each case so long as each resulting Borrowing (x) has an Interest Period which complies with the foregoing requirements of this Section 2.09, (y) has a principal amount which is not less than the Minimum Borrowing Amount applicable to Borrowings of the respective Type and Tranche, and (z) does not cause a violation of the requirements of Section 2.02. If by 12:00 Noon (New York City time) on the third Business Day prior to the expiration of any Interest Period applicable to a Borrowing of LIBO Rate Term Loans, the Lead Borrower has failed to elect, or is not permitted to elect, a new Interest Period to be applicable to such LIBO Rate, the Lead Borrower shall be deemed to have elected in the case of LIBO Rate Term Loans, to convert such LIBO Rate Term Loans into Base Rate Term Loans with such conversion to be effective as of the expiration date of such current Interest PeriodBorrowing.
Appears in 1 contract
Sources: Credit Agreement (Crawford & Co)
Interest Periods. At Concurrently with the time the Lead Borrower gives any giving of a Notice of Borrowing or Notice of Conversion/Continuation in respect of the making ofany Borrowing (whether in respect of Term Loans or Revolving Loans) comprised of Base Rate Loans to be converted into, or conversion intoLIBOR Loans to be continued as, any LIBO Rate Term Loan (in the case of the initial Interest Period applicable thereto) or prior to 12:00 Noon (New York City time) on the third Business Day prior to the expiration of an Interest Period applicable to such LIBO Rate Term Loan (in the case of any subsequent Interest Period)LIBOR Loans, the Lead Borrower shall have the right to elect elect, pursuant to such notice, the interest period (each, an “"Interest Period”") to be applicable to such LIBO Rate Term LoanLIBOR Loans, which Interest Period shall, at the option of the Lead Borrower Borrower, be a one, two, three or six six-month period; provided, orhowever, if agreed to by all Lenders, a twelve month period, or, if agreed to by the Administrative Agent a period less than one month; provided that (in each case):that:
(i) all LIBO Rate Term LIBOR Loans comprising a single Borrowing shall at all times have the same Interest Period;
(ii) the initial Interest Period for any LIBO Rate Term LIBOR Loan shall commence on the date of the Borrowing of such LIBO Rate Term LIBOR Loan (including, in the case of LIBO Rate Term Loans, including the date of any continuation of, or conversion thereto from a Borrowing of Base Rate Term Loans into, such LIBOR Loan), and each successive Interest Period occurring thereafter in respect of applicable to such LIBO Rate Term LIBOR Loan shall commence on the day on which the next preceding Interest Period applicable thereto expires;
(iii) LIBOR Loans may not be outstanding under more than seven (7) separate Interest Periods at any one time (for which purpose Interest Periods shall be deemed to be separate even if they are coterminous);
(iv) if any Interest Period for otherwise would expire on a LIBO Rate day that is not a Business Day, such Interest Period shall expire on the next succeeding Business Day unless such next succeeding Business Day falls in another calendar month, in which case such Interest Period shall expire on the next preceding Business Day;
(v) the Borrower may not select any Interest Period that begins prior to the Closing Date or that expires (y) after the Term Loan Maturity Date, with respect to Term Loans that are to be maintained as LIBOR Loans, or (z) after the Revolving Credit Maturity Date, with respect to Revolving Loans that are to be maintained as LIBOR Loans;
(vi) no Interest Period may be selected with respect to the Loans that would end after a scheduled date for repayment of principal of the Term Loans or reduction of the Revolving Credit Commitment occurring on or after the first day of such Interest Period unless, immediately after giving effect to such selection, the aggregate principal amount of Loans that are Base Rate Loans or that have Interest Periods expiring on or before such principal repayment date equals or exceeds the principal amount required to be paid on such principal repayment date;
(vii) if any Interest Period begins on a day for which there is no numerically corresponding day in the calendar month at the end of during which such Interest PeriodPeriod would otherwise expire, such Interest Period shall end expire on the last Business Day of such calendar month;
(iv) if any Interest Period for a LIBO Rate Term Loan would otherwise expire on a day which is not a Business Day, such Interest Period shall expire on the next succeeding Business Day; provided, however, that if any Interest Period for a LIBO Rate Term Loan would otherwise expire on a day which is not a Business Day but is a day of the month after which no further Business Day occurs in such month, such Interest Period shall expire on the next preceding Business Day;
(v) unless the Required Lenders otherwise agree, no Interest Period for a LIBO Rate Term Loan may be selected at any time when a Default or an Event of Default is then in existence; and
(viviii) no Interest Period in respect of any Borrowing of any Tranche of Term Loans shall be selected which extends beyond the Maturity Date therefor. With respect to any LIBO Rate Term Loansif, at the end of any Interest Period applicable to a Borrowing thereof, the Lead Borrower may elect to split the respective Borrowing of a single Type under a single Tranche into two or more Borrowings of different Types under such Tranche or combine two or more Borrowings under a single Tranche into a single Borrowing of the same Type under such Tranche, in each case, by having the Lead Borrower give notice thereof together with its election of one or more Interest Periods, in each case so long as each resulting Borrowing (x) has an Interest Period which complies with the foregoing requirements of this Section 2.09, (y) has a principal amount which is not less than the Minimum Borrowing Amount applicable to Borrowings of the respective Type and Tranche, and (z) does not cause a violation of the requirements of Section 2.02. If by 12:00 Noon (New York City time) on the third Business Day prior to upon the expiration of any Interest Period applicable to a Borrowing of LIBO Rate Term LIBOR Loans, the Lead Borrower has shall have failed to elect, or is not permitted to elect, elect a new Interest Period to be applicable to such LIBO RateLIBOR Loans, then the Lead Borrower shall be deemed to have elected in the case of LIBO Rate Term Loans, to convert such LIBO Rate Term LIBOR Loans into Base Rate Term Loans with such conversion to be effective as of the expiration date of such the then current Interest PeriodPeriod applicable thereto.
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Interest Periods. At the time the Lead Borrower gives any a Notice of Borrowing or Notice of Conversion/Conversion or Continuation in respect of the making of, or conversion intointo or continuation as, any LIBO Rate Term Loan a Borrowing of LIBOR Loans or SOFR Loans, as applicable, in accordance with Section 2.6(a) or (in c), as applicable, the case Borrower shall give the Administrative Agent written notice of the initial Interest Period applicable thereto) or prior to 12:00 Noon (New York City time) on the third Business Day prior to the expiration of an Interest Period applicable to such LIBO Rate Term Loan (in the case of any subsequent Interest Period), the Lead Borrower shall have the right to elect the interest period (each, an “Interest Period”) applicable to such LIBO Rate Term LoanBorrowing, which Interest Period shall, at the option of the Lead Borrower Borrower, be a one, two, three or six month period, or, period (or if agreed to approved by all Lendersthe Lenders making such LIBOR Loans as determined by such Lenders in good faith based on prevailing market conditions, a twelve 12 month or shorter period, or, if agreed ). Notwithstanding anything to by the Administrative Agent a period less than one month; provided that (in each case):contrary contained above:
(i) all LIBO Rate Term Loans comprising a Borrowing shall at all times have the same Interest Period;
(iia) the initial Interest Period for any LIBO Rate Term Loan Borrowing of LIBOR Loans or SOFR Loans, as applicable, shall commence on the date of such Borrowing of such LIBO Rate Term Loan (including, in the case of LIBO Rate Term Loans, including the date of any conversion thereto from a Borrowing of Base Rate Term Loans ABR Loans) and each Interest Period occurring thereafter in respect of such LIBO Rate Term Loan Borrowing shall commence on the day on which the next preceding Interest Period applicable thereto expires;
(iiib) if any Interest Period for relating to a LIBO Rate Term Loan Borrowing of LIBOR Loans or SOFR Loans, as applicable, begins on the last Business Day of a calendar month or begins on a day for which there is no numerically corresponding day in the calendar month at the end of such Interest Period, such Interest Period shall end on the last Business Day of the calendar month at the end of such calendar monthInterest Period;
(ivc) if any Interest Period for a LIBO Rate Term Loan would otherwise expire on a day which that is not a Business Day, such Interest Period shall expire on the next succeeding Business Day; provided, however, provided that if any Interest Period for in respect of a LIBO Rate Term LIBOR Loan or a SOFR Loan, as applicable, would otherwise expire on a day which that is not a Business Day but is a day of the month after which no further Business Day occurs in such month, such Interest Period shall expire on the next immediately preceding Business Day;
(v) unless the Required Lenders otherwise agree, no Interest Period for a LIBO Rate Term Loan may be selected at any time when a Default or an Event of Default is then in existence; and
(vid) no the Borrower shall not be entitled to elect any Interest Period in respect of any Borrowing of any Tranche of Term Loans shall be selected which extends LIBOR Loan or SOFR Loan, as applicable, if such Interest Period would extend beyond the Maturity Date therefor. With respect to any LIBO Rate Term Loans, at the end of any Interest Period applicable to a Borrowing thereof, the Lead Borrower may elect to split the respective Borrowing of a single Type under a single Tranche into two or more Borrowings of different Types under such Tranche or combine two or more Borrowings under a single Tranche into a single Borrowing of the same Type under such Tranche, in each case, by having the Lead Borrower give notice thereof together with its election of one or more Interest Periods, in each case so long as each resulting Borrowing (x) has an Interest Period which complies with the foregoing requirements of this Section 2.09, (y) has a principal amount which is not less than the Minimum Borrowing Amount applicable to Borrowings of the respective Type and Tranche, and (z) does not cause a violation of the requirements of Section 2.02. If by 12:00 Noon (New York City time) on the third Business Day prior to the expiration of any Interest Period applicable to a Borrowing of LIBO Rate Term Loans, the Lead Borrower has failed to elect, or is not permitted to elect, a new Interest Period to be applicable to such LIBO Rate, the Lead Borrower shall be deemed to have elected in the case of LIBO Rate Term Loans, to convert such LIBO Rate Term Loans into Base Rate Term Loans with such conversion to be effective as of the expiration date of such current Interest PeriodLoan.
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Sources: Joinder Agreement and Amendment No. 6 (BrightSpring Health Services, Inc.)
Interest Periods. At (i) In connection with each LIBOR Rate Loan, the time Borrower, by giving notice at the Lead Borrower gives any Notice of Borrowing or Notice of Conversion/Continuation times described in respect of the making of, or conversion into, any LIBO Rate Term Loan (in the case of the initial Interest Period applicable thereto) or prior to 12:00 Noon (New York City time) on the third Business Day prior to the expiration of an Interest Period applicable to such LIBO Rate Term Loan (in the case of any subsequent Interest PeriodSection 3.1(a), the Lead Borrower shall have the right to elect the an interest period (each, an a “LIBOR Interest Period”) to be applicable to such LIBO Rate Term Loan, which LIBOR Interest Period shallshall be a period of one (1), at the option two (2), three (3), six (6) or, subject to approval of all of the Lead Borrower be a one, two, three or six month period, or, if agreed to by all Lenders, a nine (9) or twelve month period, or, if agreed (12) months with respect to by the Administrative Agent a period less than one montheach LIBOR Rate Loan; provided that (in each case):that:
(iA) all LIBO Rate Term Loans comprising a Borrowing shall at all times have the same Interest Period;
(ii) the initial each LIBOR Interest Period for any LIBO Rate Term Loan shall commence on the date of Borrowing advance of such LIBO or conversion to any LIBOR Rate Term Loan (includingand, in the case of LIBO Rate Term Loansimmediately successive LIBOR Interest Periods, the date of any conversion thereto from a Borrowing of Base Rate Term Loans and each successive LIBOR Interest Period occurring thereafter in respect of such LIBO Rate Term Loan shall commence on the day date on which the next immediately preceding LIBOR Interest Period applicable thereto expires;
(iiiB) if any LIBOR Interest Period for a LIBO Rate Term Loan begins on a day for which there is no numerically corresponding day in the calendar month at the end of such Interest Period, such Interest Period shall end on the last Business Day of such calendar month;
(iv) if any Interest Period for a LIBO Rate Term Loan would otherwise expire on a day which that is not a Business Day, such LIBOR Interest Period shall expire on the next succeeding Business Day; provided, however, that if any LIBOR Interest Period for a LIBO Rate Term Loan would otherwise expire on a day which that is not a Business Day but is a day of the month after which no further Business Day occurs in such month, such LIBOR Interest Period shall expire on the next immediately preceding Business Day;
(vC) unless the Required Lenders otherwise agree, no any LIBOR Interest Period that begins on the last Business Day of a calendar month (or on a day for a LIBO Rate Term Loan may be selected which there is no numerically corresponding day in the calendar month at any time when a Default or an Event the end of Default is then in existencesuch LIBOR Interest Period) shall end on the last Business Day of the relevant calendar month at the end of such LIBOR Interest Period; and
(viD) no LIBOR Interest Period in respect of any Borrowing of any Tranche of Term Loans shall be selected which extends extend beyond the Maturity Date therefor. With respect to any LIBO Rate Term Loans, at the end of any Interest Period applicable to a Borrowing thereof, the Lead Borrower may elect to split the respective Borrowing of a single Type under a single Tranche into two or more Borrowings of different Types under such Tranche or combine two or more Borrowings under a single Tranche into a single Borrowing of the same Type under such Tranche, in each case, by having the Lead Borrower give notice thereof together with its election of one or more Interest Periods, in each case so long as each resulting Borrowing Date.
(xii) has an Interest Period which complies with the foregoing requirements of this Section 2.09, (y) has a principal amount which is not less than the Minimum Borrowing Amount applicable to Borrowings of the respective Type and Tranche, and (z) does not cause a violation of the requirements of Section 2.02. If by 12:00 Noon (New York City time) on the third Business Day prior to the expiration of any Interest Period applicable to a Borrowing of LIBO Rate Term Loans, the Lead Borrower has failed to elect, or is not permitted to elect, a new Interest Period to be applicable to such LIBO Rate, the Lead Borrower There shall be deemed to have elected no more than six (6) LIBOR Interest Periods in the case of LIBO Rate Term Loans, to convert such LIBO Rate Term Loans into Base Rate Term Loans with such conversion to be effective as of the expiration date of such current Interest Periodeffect at any time.
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Sources: Credit Agreement (Grainger W W Inc)
Interest Periods. At the time the Lead Borrower gives any the Notice of Borrowing or any Notice of Conversion/Continuation in respect of the making of, continuation as or conversion into, into any LIBO Rate Term Loan (in the case of the initial Interest Period applicable thereto) or prior to 12:00 Noon (New York City time) on the third Business Day prior to the expiration of an Interest Period applicable to such LIBO Rate Term Loan (in the case of any subsequent Interest Period)SOFR Loan, the Lead Borrower shall have the right to elect the interest period (each, an “Interest Period”) applicable to such LIBO Rate Term SOFR Loan, which Interest Period shall, at the option of the Lead Borrower Borrower, be a one, two, three or six month period, or, if agreed to by all Lenders, a twelve month period, or, if agreed to by the Administrative Agent a period less than one month; provided that (in each case)::
(ia) all LIBO Rate Term SOFR Loans comprising a Borrowing shall at all times have the same Interest Period;
(iib) the initial Interest Period for any LIBO Rate Term SOFR Loan shall commence on the date of Borrowing of such LIBO Rate Term SOFR Loan (including, in the case of LIBO Rate Term Loans, including the date of any conversion thereto from a Borrowing of Base Rate Term Loans Loan) and each Interest Period occurring thereafter in respect of such LIBO Rate Term SOFR Loan shall commence on the day on which the next preceding Interest Period applicable thereto expires;
(iiic) if any Interest Period for a LIBO Rate Term SOFR Loan begins on a day for which there is no numerically corresponding day in the calendar month at the end of such Interest Period, such Interest Period shall end on the last Business Day of such calendar month;
(ivd) if any Interest Period for a LIBO Rate Term SOFR Loan would otherwise expire on a day which is not a Business Day, such Interest Period shall expire on the next succeeding Business Day; provided, however, that if any Interest Period for a LIBO Rate Term SOFR Loan would otherwise expire on a day which is not a Business Day but is a day of the month after which no further Business Day occurs in such month, such Interest Period shall expire on the next preceding Business Day;
(ve) unless the Required Lenders otherwise agree, no Interest Period for a LIBO Rate Term Loan may be selected at any time when a Default or an Event of Default has occurred and is then in existencecontinuing; and
(vif) no Interest Period in respect of any Borrowing of any Tranche Class of Term Loans shall be selected which extends beyond the Maturity Date therefor. With respect to any LIBO Rate for such Class of Term Loans, at the end of any Interest Period applicable to a Borrowing thereof, the Lead Borrower may elect to split the respective Borrowing of a single Type under a single Tranche into two or more Borrowings of different Types under such Tranche or combine two or more Borrowings under a single Tranche into a single Borrowing of the same Type under such Tranche, in each case, by having the Lead Borrower give notice thereof together with its election of one or more Interest Periods, in each case so long as each resulting Borrowing (x) has an Interest Period which complies with the foregoing requirements of this Section 2.09, (y) has a principal amount which is not less than the Minimum Borrowing Amount applicable to Borrowings of the respective Type and Tranche, and (z) does not cause a violation of the requirements of Section 2.02. If by 12:00 Noon 2:30 P.M. (New York City time) on the third Business Day (or such later date as the Administrative Agent may agree) prior to the expiration of any Interest Period applicable to a Borrowing of LIBO Rate Term SOFR Loans, the Lead Borrower has failed to elect, or is not permitted to elect, a new Interest Period to be applicable to such LIBO RateSOFR Loans as provided above, the Lead Borrower shall be deemed to have elected in the case of LIBO Rate Term Loans, to convert such LIBO Rate Term SOFR Loans into Base Rate Term Loans with such conversion to be effective as of the expiration date of such current Interest Period.
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